Ethereum has since slipped from the briefly attained $2,003 price level amid several ups and downs. These fluctuations went on for weeks and are also evident in the last 24 hours, with a 6.4% decline in ETH’s price.
The asset curently trades at $1,668.71, critically affected by general crypto market sentiments.
However, while Ethereum’s price bleeds, its trading has increased significantly with a 183% 24-hour uptick. Could this uptick be due to high sell pressure or a sign of a bullish rebound? Let’s find out.
ETH’s Price at Risk as the Crypto Market Experiences Significant Dips
Ethereum’s market standing has been under pressure following its price performance. Over the past 30 days, the asset has experienced a decline of 12.8% and has found it considerably difficult to attain stability.
The last 7 and 14 days have also seen a 9.8% and 9.5% price decline, respectively. But, despite the bearish trend, there are possibilities of a rebound after the critical conditions in the crypto market fade off.
Technical Analysis of Ethereum (ETH)
The ETHUSD pair is trading below the Bollinger Bands Indicator from the above chart. This observation could mean the market pushed the price down more than it should be, suggesting an oversold situation.
Such times often see prices bounce back as people realize it’s a good time to buy. Also, the Moving Average Convergence/Divergence under the signal line shows short-term downward movement.
An RSI of 21 suggests the asset is oversold, possibly leading to a price rebound as it might be undervalued. This setup is a potential buying opportunity. These signs together mean a chance to buy, as the coin could be priced lower than it’s worth.
ETH/USD Key Price Levels
The chart shows that the ETH/USD pair oscillates between the key support and resistance level at $1,572 and $1,803.7. If the buyers build momentum, the market could rebound from the first support level of $1,572 and head toward the resistance level of $1,803.7.
A breakout above the first resistance zone could trigger a bullish signal, increasing the price massively. However, traders should be cautious as failure to bounce off from the key support could cause negative sentiment and drop prices.
Factors Influencing the Price Action of ETH
Being the second largest currency by market cap after Bitcoin, Ethereum faces much pressure from the slightest impact on the crypto space.
One of those notable impacts was on August 17, when news spread across different platforms that SpaceX was selling off its Bitcoin holdings.
Bitcoin immediately suffered a significant setback, experiencing a rapid drop of about 10%. This sudden decline occurred within ten minutes, causing a ripple effect throughout the cryptocurrency market.
During this decline, the value of Bitcoin fell below the $26,000 mark, marking the first time it has reached such a low point since June. As expected, the decline affected the price of ETH, recording a significant decrease as the coin closed trading at $1,675.86
Another significant reason for the decrease in Ethereum (ETH) price is the continuous high level of liquidations in the decentralized finance (DeFi) market.
According to the data, the total value of liquidations in DeFi protocols on the Ethereum blockchain has surpassed $75 million. The more the liquidation volume increases, the price of ETH will depreciate even further.
On the other hand, a revolutionary step that could redefine the cryptocurrency trading scene in the United States is the Securities and Exchange Commission’s (SEC) preparation to approve Ether (ETH) futures Exchange Traded Funds (ETFs).
These innovative Ether futures ETFs are different from conventional ETFs. While traditional ETFs directly hold assets like stocks or commodities, the proposed Ether futures ETFs will hold derivative contracts connected to Ethereum’s cryptocurrency, Ether.
US SEC’s potential approval of Ether (ETH) futures ETFs could revolutionize crypto trading for the asset. Investors might access Ethereum via stock exchanges, mirroring popular stock trading. Ultimately, Ethereum’s price could surge significantly if these ETFs get the green light.
Wall Street Memes ($WSM) As An Alternative Amid Market Unrest
The Wall Street Memes (WSM) token project is nearing its last presale phase and has successfully raised more than $25 million. This achievement positions it as one of the most rapidly growing cryptocurrency presales in 2023.
>>>Visit Wall Street Memes Presale
The project has also gained massive attention, like notable meme coin projects, and aims to boost investors’ wealth by offering significant returns. Cryptocurrency experts are projecting an astonishing growth rate of at least 10x for the project in the short term.
Even though it’s still relatively new, $WSM shows significant potential for future growth. The project’s well-defined roadmap and ambitious plans are contributing to the increasing interest it’s gaining.
It’s worth noting that $WSM does encounter challenges, particularly in managing the inherent volatility of the cryptocurrency market.
However, the experienced and proven team behind $WSM instils confidence in investors. An essential element of its success lies in the robust community it has established, with over 1 million members and counting.
This community support further strengthens the project’s positive prospects.
Wall Street Memes has structured its tokenomics on a balanced distribution model. Currently, 50% of the allocation goes to the community, 30% is set aside for community rewards, and 10% goes for centralized and decentralized exchange liquidity.
This distribution strategy has been carefully designed to encourage active participation from the community and ensure liquidity across different platforms.
WSM Presales Edging Closer to Its ShutDown Level
The Wall Street Memes token is in its second-to-last presale phase, at the 29th out of 30 stages. The presale has gathered an impressive amount of over $25 million, getting closer to the goal of $25.9 million.
>>>Visit Wall Street Memes Presale
This accomplishment has generated significant excitement for the upcoming launch, with high hopes for substantial gains in the initial phases. The attractive features of the Wall Street Memes token have captured the attention of investors.
Each token is currently priced at $0.0334 WSM, offering potential investors various options to get involved in the project. Visit the WSM presale website to secure a slot.
