The price of Ethereum (ETH), the market’s leading altcoin, experienced a 1% fall in the last hour and a 2% drop in the past day. The delay in the launch of the Holesky testnet appears to be fuelling the recent ETH vacillations, causing a stronger hit to the currency than most major cryptocurrencies. Over the past week and month, ETH has dipped 1.7% and 4% respectively, establishing its price at $1,591.
Nonetheless, ETH has leapt 33% from this year’s inception, standing strong on its sturdy fundamentals. Market indicators suggest that the altcoin is ‘oversold’, implying that the recent weakness could present a prime buying opportunity.
Prominent indicators include the 30-day moving average (significantly below its 200-day average) and the relative strength index (languishing around the 40 level), both pointing to a likely rebound soon. Furthermore, a rising support level signifies a bottom hit by ETH, indicating its price might surge in the near future.
The delayed arrival of the Holesky testnet, set to provide advanced testing capabilities, has admittedly slowed down ETH’s market progress. Nevertheless, the testnet is anticipated to be live by September 28 – a date crucial for an ETH recovery rally. If all goes according to plan, the price could climb to $1,650 or more within days. By year-end, robust Ethereum fundamentals point towards ETH reaching $1,800.
Despite its robust market position, ETH may not surge at the pace some traders prefer due to its dependency on the overall market sentiment. Seeking fresher market opportunities, traders may find presale tokens appealing, like the Wall Street Memes (WSM) token. Positioned as an ERC-20 meme token, WSM has raised over $25 million since the beginning of its sale this summer.
WSM boasts an already-earned community from its root in the meme stocks movement, primarily responsible for GameStop’s rally during 2021. A strong community engagement, supported by its impressive Twitter following, is one of the major reasons for WSM’s successful presale. With a maximum supply of 2 billion tokens, the WSM presale has allocated 50% of tokens, offering attractive community rewards to entice potential investors.
Would-be investors are reminded that this high-risk asset class calls for discretion— the WSM presale will close in five days. The sale details can be accessed on the official Wall Street Memes website. Early-joining investors can obtain 1 WSM at a price of $0.0337, a steal that may soon seem underrated.
Source: Cryptonews
