The Ethereum (ETH) struggles to break its critical support at $1,650, but the bears have not relented in their push for lower lows.
This move has prompted speculations about whether ETH has the strength to grow significantly in the remaining days of 2023. However, despite the present state of the coin, there’s potential for recovery in the coming days.
Ethereum Maintains a Bearish Outlook as the Bears Prevail
Over the past 24 hours, Ethereum’s price has decreased by almost 1%, bringing it to $1,642. This slight decline reflects a minimal bearish momentum in the market.
Furthermore, Ethereum’s value dipped by 3% over the past week, but it managed to maintain a 1.5% increase in the last two weeks. However, the latest market trend suggests a potential recovery is underway.
Ethereum Price Analysis – Can ETH Breach the $1,650 Resistance Level?
Even though ETH has recorded increased fluctuation recently, technical indicators show it’s likely to make a big comeback soon. Interestingly, Ethereum has formed a “Death Cross” as the 50-day SMA (yellow) remained below the 200-day SMA (red) for the past month.
This setup demonstrates a strong bearish pressure in the ETH market. However, signs of potential recovery exist as the bulls vie to break above the 50-day SMA. Importantly, if the bulls break above the SMA, it could signal a potential shift in momentum toward a bullish trend.
Furthermore, the Moving Average Convergence Divergence (MACD) is above its signal line, confirming the potential bullish movement. These indicators suggest a favourable outlook for the asset, indicating a potential uptrend soon.
The above chart shows that ETH broke above the previous trendline in the last days of September. Notably, this trendline has held the price of Ethereum down since July. Following the breakout, the price formed a new trendline, preventing ETH’s price from decreasing.
Considering this analysis, if ETH bulls could sustain the present momentum, ETH could breach the $1,650 support. However, investors should apply proper risk management before investing as the market is highly volatile.
Investors Move Over 60,000 ETH to Exchange – Time to Sell?
According to Whale Alert, a whale’s movement tracker, investors have moved a significant amount of Ethereum (ETH) from their wallets to exchanges. The first transaction involved over 22,000 ETH, the second involved 30,000 ETH, and the last involved 15,000 ETH.
This movement of ETH could be a sign that investors are preparing to sell their holdings, which could lead to a decrease in ETH’s price. However, it’s important to note that there could be other reasons for this movement of ETH, such as investors wanting to trade their holdings for other cryptocurrencies.
Also, investors should take advantage of arbitrage opportunities. Additionally, the movement of ETH from wallets to exchanges could indicate that investors are preparing to buy more ETH, which could lead to an increase in its price.
Nonetheless, while large transfers can impact market performance, they are just one of many factors influencing cryptocurrency prices. Therefore, investors should remain cautious while considering a comprehensive range of information before making any investment decisions.
Other Altcoins with Huge 10x Potential
Several emerging altcoins are in the market for investors and traders who want to diversify their portfolios. Most of them are in their presale stage, promising significant gains for early investors.
Among these, Meme Kombat emerges as a worthy contender. Meme Kombat ($MK) is the latest play-to-earn and staking platform that enables crypto enthusiasts to earn passive income. The new meme coin has been making headlines with its presale performance. In less than a month of launch, it has raised over $300,000.
This milestone demonstrates a massive investor’s attention to the project. With unique features like play-to-earn (P2E) and a staking mechanism, Meme Kombat could be a strong contender in the meme industry.
Based on this, many are speculating if Meme Kombat could mimic the price movement of the PEPE coin. Meanwhile, Meme Kombat offers 6 million MK tokens in this presale, half the total supply of $1.667 each.
Meme Kombat’s Potential and Roadmap
Famous figures in the crypto world, like YouTuber Michael Wrubel, have recognized Meme Kombat’s promise. Crypto Gains also praised the skilled team behind Meme Kombat, emphasizing their mix of knowledge and creativity.
Heading the team is Matt Whiteman, a founder with a track record at Phat Loot DeFi, a finance and gaming startup in the Netherlands. In addition, the meme kombat’s smart contract has been audited by a prominent blockchain security firm, Coinsult.
This boosted investor’s confidence and added a layer of credibility to the platform.
Meme Kombat aims to unveil its platform in late Q3 2023, coinciding with the kick-off of Season 1. The project roadmap indicates plans for consistent improvements, introducing fresh characters and game modes each season.
Meme Kombat dreams of reaching the same heights as previous successes like Pepe Coin and is dedicated to growing its community. If everything progresses as intended, Meme Kombat might become an exciting player in the meme coin space.
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