Ethereum (ETH) Falls Below $3,000 Support Level – Will It Recover Soon?

The broader crypto market has been on a steady downward trend since May 6, with the price of most assets dropping significantly. Ethereum fell from a high of $3217 to $2936 on May 8, 2024, marking an 8% price decline.

Ethereum is hovering around $2,984, down by 1% in the last 24 hours, its trading volume is $10.9 billion. 

The prevailing downtrend has cast doubts and uncertainty about Ethereum’s trajectory in the coming days. Will the bulls return to trigger a rebound? Read on to find out.

Ethereum Price Analysis: Bearish Momentum Strengthens, Investors Urged to Exercise Caution

Ethereum is currently in a bearish trend, with several technical indicators signaling further downward pressure. 

Ether has slipped to the lower band of the Bollinger Bands indicator, suggesting oversold conditions and further price declines. This could deter investors and traders from buying in until clearer signals emerge.

The Moving Average Convergence Divergence (MACD) is below the signal line, indicating a bearish trend continuation. This reinforces Ethereum’s negative sentiment and may prompt cautious behavior among investors.

Furthermore, the SuperTrend indicator displays a sell signal, indicating that sellers are in control and may remain so in the near term. 

The Relative Strength Index (RSI) is 38, signaling that Ethereum is currently oversold. However, this does not necessarily indicate an immediate reversal in price, and investors should exercise caution when considering entry points.

Overall, Ethereum’s technical indicators paint a highly bearish picture, with multiple signals pointing to further downside potential. 

Investors looking to enter the market may wait for the price to break above the previous $3,059 support level, which has now become a resistance. A break above this level will confirm a strong bullish momentum. 

However, given the unpredictable nature of the crypto market, traders should trade with caution and implement risk management strategies to protect their investments.

Grayscale’s Withdraw ETF Fillings: What It Means for Ethereum Investors?

Grayscale, a major crypto asset manager, has pulled back its filing for an Ethereum futures exchange-traded fund (ETF). These moves surprised analysts like James Seyffart, who called it a “Trojan horse” tactic. 

UPDATE This is interesting. @Grayscale just withdrew their 19b-4 filing for an #Ethereum futures ETF. This was essentially a trojan horse filing in my view, in order to create the same circumstances that allowed Grayscale to win the $GBTC lawsuit (approve futures deny spot) pic.twitter.com/Kihj2dlQx1

— James Seyffart (@JSeyff) May 7, 2024

In the analyst’s words: “In my mind, might as well make the SEC write up an approval or denial for an ETH futures ETF and go from there?” He suggests a discussion between the SEC and Grayscale must have prompted the withdrawal.

Nate Geraci, another analyst, said last month that there’s a possibility that the SEC will not approve the ETH ETF. He predicted that if the SEC rejects Grayscale’s Ethereum ETF application, they might take legal action again. 

However, in a recent X thread, Bloomberg’s senior ETF analyst, Eric Balchunas, sees this withdrawal as a positive sign. He thinks Grayscale might not sue the SEC again.

Grayscale’s latest move could positively affect Ethereum’s price, as it shows its commitment to working with regulators rather than engaging in legal battles.

While the price of Ethereum is still down, investors might want to consider this low-cap project, which is trending in the market.

Dogeverse ($DOGEVERSE) At Over $13 Million – Ape In Early For Massive Gains

The Doge-inspired meme coin, Dogeverse, has seen remarkable success since its inception, echoing the enthusiasm once ignited by Dogecoin. Dogeverse aims to unite the crypto meme community and pioneer multichain utility development. 

From its presale phase, Dogeverse quickly captivated the attention of the meme coin industry, garnering significant interest with its reasonable pricing point. The presale has raised over $13 million and is rapidly winding down as May progresses, reflecting the project’s appeal among investors.

The presale’s concluding discount price of $0.00031 shows that the project is affordable. Interestingly, this low rate could attract even more investors in its final stages.

Why DOGEVERSE Looks Promising to Investors and Enthusiasts

Dogeverse stands at the forefront of the cryptocurrency market, poised to revolutionize the meme coin landscape with its multichain capabilities. Its allure lies in the adoption of multichain technology facilitated by Wormhole and Portal Bridge technologies.

By transcending the limitations of a single blockchain, Dogeverse offers unparalleled speed and convenience. The project also empowers users to navigate across chains seamlessly. This strategic move not only enhances user experience but also expands Dogeverse’s potential user base exponentially.

The decision to commence on Ethereum is a solid foundation for the project’s multichain growth strategy. Ethereum’s widespread adoption and robust security features make it the ideal platform for such an ambitious endeavor.

Raising over $13 million in a matter of weeks, it has captured the attention of both seasoned investors and newcomers. This remarkable achievement attests to the widespread anticipation surrounding Dogeverse.

Moreover, as the Bitcoin Halving concludes, meme coins are poised for exponential growth, making Dogeverse’s arrival timely and strategic.

By integrating features from top-performing meme coins across various chains, such as DEGEN and BRETT, Dogeverse ensures its relevance and competitiveness in a rapidly evolving market landscape.

Secure a Spot – Buy Dogeverse Today

1. Visit the website and connect your preferred wallet using the options provided.
2. Choose the network you want to participate in the presale on – options include Ethereum, Solana, BNB Chain, Polygon, Avalanche, or Base.
3. Type the amount of ETH, SOL, BNB, MATIC, AVAX, USDT, or USDC you want to exchange for $DOGEVERSE.
4. After the presale ends, use the same wallet and network you used to buy to claim your $DOGEVERSE tokens.