Ethereum Price Forecast As $12 Billion Trade Volume Floods – Where Is ETH Heading Next?
Ethereum's price is down 3.5% in the past 24 hours, down to $1,667 today, as the cryptocurrency market loses 2.5% on gains from investors.
Despite today's losses, ETH is up 5% for the week and 2% over the last 30 days, making the market's largest altcoin up 39% year-to-date.
And with the overall market rallying at the start of the week, ETH could easily post more gains in the next few days, while its long-term prospects remain as good as ever.
Ethereum Price Forecast As $12 Billion Trade Volume Floods – Where Is ETH Heading Next?
The ETH chart still looks good, even with today's losses, as coin indicators continue to point to further gains.
The altcoin relative strength index (purple) has started to climb to 60 after falling from 70 overnight, a sign that today's gains may not be enough to derail what could be a sustained rally.
Another encouraging signal comes from ETH's 30-day moving average (yellow), which continues to climb steadily higher, on course to break above the coin's 200-day moving average (blue).
What's particularly encouraging about this is that the 30-day moving average is below the 200-day, so ETH has plenty of room to rise before becoming dangerously overbought.
It is also positive that the coin has not dropped to the medium-term support level (green), which indicates that the asset has generally entered the accumulation phase.
This suggests that ETH may continue to gain in the coming days and/or weeks, as the altcoin may reach $1,700 by the end of the week and $1,800 by the end of the month.
There are good technical and fundamental reasons to suspect this, given how low RSI was in September and August, ETH has been oversold for several weeks and months now.
As such, Ethereum continues to dominate the ecosystem, with its layer-one blockchain covering about 55% of the entire DeFi sector, and that's not including the TVL of any ETH-based layer-two networks.
Also continuing to gain mainstream adoption and usage, PayPal's announcement of an Ethereum-based stablecoin is arguably the most significant news to hit the entire crypto industry in the past few months.
Based on all of these, ETH is still poised to return to $2,000 by the end of the year, a full-blown bull market in 2024 could help it return to $2,500 if not higher.
New Altcoins can run fast.
Since ETH is an established altcoin, its subsequent gains are likely to be gradual, meaning any traders looking for market-beating returns in the short-term should look elsewhere.
Fortunately, there are many new altcoins in the market right now that are well-positioned for big gains in the near future, with a handful of presale tokens being particularly promising.
A prime example of this type of coin is Meme Kombat (MK), a new gaming platform that allows users to bet against each other on the outcome of AI-generated battles between popular meme characters.
Meme Kombat's pre-sale has raised over $230,000, which is impressive considering the sale only opened a few weeks ago.
This indicates that investors will quickly be attracted by the features of the new platform, which will reward users in the form of Ethereum-based MK tokens whenever they win bets on the results of computer-controlled matches.
Another thing that makes MK attractive is that it will have a limited supply of only 12 million tokens, which could eventually lead to a massive decline.
50% of this supply is reserved for sale, with another 30% going to war and earning rewards, which means holders can also earn income from the token.
10% goes to liquidation, and the remaining 10% is allocated to community rewards, a move that helps encourage more engagement with Meme Kombat.
New buyers can join the sale by visiting the official Meme Kombat website, 1 MK token costs $1.667 for the entire sale.
MK lists the sale as ending in the next few weeks, at which point it could rally strongly.
Visit Meme Kombat now
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.
