The recent 1.4% surge in Ethereum (ETH) to $1,669 may appear promising, but the prediction of millionaire trader KBM leaves room for speculation.
ETH’s current status remains a bundle of contradictions. Despite a decent 39.5% rise since the start of the year, the past 30 days saw a 10% drop, and a 7% fall occurred within the last week. Several economic uncertainties loom, which may cause ETH’s failure to rebound immediately.
An inspection of ETH’s technical indicators indicates it is close to bottoming out. Nevertheless, its 30-day moving average has just slipped beneath the 200-day average – a ‘death cross’ which might signal impending losses. These predictions assume further weight observing ETH’s relative strength index battling to exceed 30 and the medium-term support level descent in the last week.
KBM’s predictions further the skepticism. His forecast suggests Bitcoin (BTC) may slump to around $21,000 and ETH to $1,400. But, as in any gamble, nothing can guarantee these forecast will prove accurate. However, there hardly lies doubt that ETH will ascend beyond its current price. This climb has been amplified by the approaching Holesky testnet and EIP-4844 upgrade.
Another point to notch up ETH’s potential is its dominance in terms of total value locked in and the news of PayPal launching its Ethereum-based stablecoin. This development can trigger a surge in traffic and adoption for ETH. Keeping this in mind, ETH’s return to $2,000 by end of the year should not be a surprise.
However, its stature as the second-biggest cryptocurrency in the market may lead to steady, modest gains rather than sudden dramatic ones. This may lead traders seeking high returns to venture towards presale tokens such as Launchpad.xyz (LPX).
This all-in-one Web3 trading platform raised over $1.3 million after its recent commencement. With diverse features like Web3 wallet addresses, a gaming hub, a launchpad for Web3 presales, and automated trading bots, it appeals to both novice and experienced traders. Moreover, LPX is used to pay fees, subscriptions and is available for staking, giving its token ample utility.
With the currenct low presale prices, there seems to be reason to believe in the promise of returns once the coin lists on trading platforms.
A note of caution: while the presented potential of ETH and LPX might look promising, always remember that the crypto world is a high-risk asset class.
Source: Cryptonews
