ETH price drops 1% overnight, when will it rebound?

ETH price drops 1% overnight, when will it rebound?

The Resilience of Ethereum: Weathering the Storm and Bouncing Back

Source: TradingView

The recent fluctuation in the price of Ethereum (ETH) has left many investors wondering about its future prospects. In the past hour alone, ETH has dropped by 1%, and over the past 24 hours, it has seen a decline of 2%. These price movements are likely a result of the delay in the launch of the Holesky testnet, a setback that has impacted ETH more severely than other major cryptocurrencies. Despite this short-term volatility, Ethereum’s fundamentals remain strong, and it is poised to rebound in the coming days and weeks.

The Bargain of Oversold ETH

Some may argue that the current weakness in ETH only adds to its appeal as an investment opportunity. In recent weeks and months, ETH has been oversold, making it more attractive for investors looking to capitalize on its potential rebound. Indicators such as the 30-day moving average, which has been consistently below the 200-day average since the end of August, suggest that ETH is due for a turnaround. Furthermore, the relative strength index, which has been below 50 since mid-August, indicates oversold conditions. Additionally, the rising support level implies that ETH has reached a bottom and is poised for a strong upward movement.

The delayed launch of the Holesky testnet has played a significant role in the recent decline in ETH’s price. This testnet is crucial for improving testing capabilities and sets the stage for the emergence of proto-Danksharding in the future. Fortunately, the launch is scheduled for September 28, which could spark a recovery rally for ETH, pushing its price back to $1,650 or higher in a matter of days.

• Crypto Whale loses $4.5M in phishing scam
• TON Price surges 30% as AI Crypto Trading Tool LPX secures $1.7M funding. Is it too late to buy Toncoin?
• PayPal introduces PYUSD stablecoin for Venmo users.

Ethereum’s Strong Fundamentals

Looking beyond the short-term price fluctuations, Ethereum’s solid fundamentals remain unchanged. The platform continues to account for a significant portion of the total value locked in the crypto market, particularly when considering Ethereum-based layer-two networks. Real-world adoption of the Ethereum blockchain is also evident, with notable examples like PayPal’s venture into stablecoins and Visa’s settlement trials. These developments demonstrate the widespread acceptance and utility of Ethereum in various industries.

Given these positive factors, it is reasonable to expect ETH to reach $1,800 by the end of this year. Moreover, if market conditions turn bullish in 2024, it is not unlikely for ETH to surpass the $2,000 mark again.

Beating The Market with New Altcoins

While ETH may not experience rapid price increases due to its established nature and reliance on market sentiment, traders seeking to outperform the market should consider investing in presale tokens. These tokens often perform well upon listing on trading platforms, presenting lucrative opportunities for early investors.

One such presale token gaining significant attention is Wall Street Memes (WSM), an ERC-20 meme token that has already raised over $25 million since its summer sale. Originating from the meme stocks movement that drove the GameStop rally in 2021, WSM has garnered a large community of supporters. The token’s presale has outperformed many others due to factors such as its 276,000 Twitter followers and the existence of community rewards. These rewards incentivize greater involvement and support, making WSM an attractive investment for those looking to participate in the sale.

Investors interested in buying WSM can visit the official Wall Street Memes website and connect their software wallets. Currently priced at $0.0337 per token, this offering is due to end in less than five days. Acting swiftly could ensure the acquisition of WSM at a price that may soon be regarded as a bargain.

Disclaimer: Crypto assets carry a high level of risk. This article is for informational purposes only and should not be considered as investment advice. The possibility of losing all capital exists.

By examining Ethereum’s recent price movements, its positive long-term outlook, and the potential opportunities presented by new altcoins like Wall Street Memes, it becomes clear that the blockchain industry continues to offer exciting prospects for investors. While short-term volatility is inevitable, those who understand the underlying fundamentals and seize opportunities may find themselves at the forefront of this rapidly evolving landscape.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!