Ethereum Price Prediction as Bulls Hold $2,000 Level – Where is ETH Heading Next?
Ethereum’s price has experienced a slight drop of 0.5% in the last 24 hours, with the altcoin maintaining its position at the $2,051 level while the overall cryptocurrency market has fallen by 1% today. However, despite this minor setback, ETH remains up by 8.5% in a week and by 31% in the last 30 months. The optimism surrounding ETF-related activities is contributing to the altcoin’s and the wider market’s performance. Since the beginning of the year, ETH has risen by 71%, and with the possibility of ETF approvals set to usher in a bull market next year, it may resume its strong upward trajectory once the current dip is over.
Ethereum’s indicators continue to look strong, with the coin’s RSI remaining above 70, indicating significant buying pressure that could facilitate a rapid rise in the next few days. Additionally, ETH’s 30-day average recently climbed over its 200-day average, forming a ‘golden cross’ that often signals breakouts. It may still be the case that ETH is on the verge of much bigger rises than it has enjoyed in the past couple of weeks. The 24-hour trading volume also remains high, indicating that investors are still very much interested in ETH.
Optimism for the Future
Based on ongoing optimism surrounding Bitcoin and Ethereum ETFs, the Ethereum price is likely to continue rising in the coming weeks. Medium- and long-term, ETH’s fundamentals also point towards a positive direction. Ethereum remains the leading layer-one blockchain in terms of usage and adoption, accounting for more than half of the total value locked in the entire sector. With big names such as PayPal launching its own Ethereum-based stablecoin and Coinbase opening its Ethereum layer-two, Ethereum’s continued dominance is more or less assured, implying a rising Ethereum price.
From $2,000 now, it could reach $2,500 by the end of the year, with a fully-fledged bull market in 2024 helping it to retest its all-time high.
Presale Coins and Diversification
It is never ideal to have a portfolio mostly in a single cryptocurrency, and traders looking for diversification are advised to buy into newer tokens for more positive upside. One of the likeliest tokens to enjoy a big exchange listing is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $3.9 million in around a month. Bitcoin Minetrix will enable users to mine Bitcoin simply by staking its native token, BTCMTX. By staking enough BTCMTX, users receive tokenized mining credits that they can use to buy Bitcoin mining power, earning them newly minted BTC in the process. Such a system could potentially make Bitcoin Minetrix profitable for users, who will also receive issued BTCMTX in exchange for staking.
Crypto is a high-risk asset class, and investors should be cautious. The information provided in this article is for informational purposes only and does not constitute investment advice. It is important to do thorough research and seek professional advice before making any investment decisions.