2024-04-02 18:33:28
Ethereum has fallen 7% in the last 24 hours, trading around $3,283 at the time of writing. He had to suffer a loss of 10% on a weekly basis.
Today’s drop in the ETH price coincides with the with the crypto market falling by 6.5%which is the result of another wave of profit realization among traders.
This marks the end of a disappointing period for Ethereum, which has also fallen 3.5% month-to-month, while only gaining 80% year-to-date (while rival SOL is up more than 700%).
However, optimists would argue that this means traders have oversold and undervalued ETH, which could expect a big rally soon.
Ethereum Price Analysis As ETH Falls 10% In One Week – Here’s The Next Support To Watch
ETH’s indicators are practically at the bottom, which suggests that the coin may bounce back soon.
The 30-day moving average (orange) has fallen sharply below the 200-day (blue), so much so that under normal circumstances we would think the coin is close to a bounce.
Similar is the case with ETH’s relative strength index (purple), which fell below 30 this morning and is actually heading towards 20.
This means that the market has sold too much ETH and the coin should bounce back soon, if only because traders are likely to be tempted by the current discounted price.
Of course, Ethereum’s support level (green) has taken a major hit in recent weeks and is very likely to slide further amid market negativity and nervousness.
It may fall to $3,000 before stabilizing again, although there are signs that some big investors have already started to accumulate the token.
25,000 #ETH (83,170,077 USD) transferred from #Bybit to unknown wallet
— Whale Alert (@whale_alert) April 2, 2024
Thus, today may represent the bottom of Ethereum’s recent period of decline, which means that investors need to move quickly if they want to “buy” the bottom.
It is also worth remembering that the market has neglected ETH in recent months with altcoinfor example against Solana.
It may outperform other coins in the coming weeks as the market starts to grow again. And the possibility of spot ETFs for Ethereum can boost its price enormously.
Ethereum remains one of the strongest coins in terms of fundamentals, with a TVL of $50.27 billion, accounting for more than half of the entire crypto sector.
The price of Ethereum could thus enjoy a big comeback in the coming months, potentially reaching the $4,000 level by mid-summer.
This new altcoin has huge potential to beat the market rally
Since Ethereum has seen a very steady rise this year, some traders are hunting for newer altcoins that could rally big when they list.
A good example of this is a Sponge (SPONGE)an ERC-20 cryptocurrency, launched SPONGE V2, the second version of its token, in February.
SPONGE V2 runs on Polygon and was listed on Uniswap where it doubled in value the day it was listed.
And despite the recent market correction, SPONGE V2 is still up more than 250% since it became tradable.
Don’t forget, #SPONGERS! #SpongeV2 is bringing exciting utility through our upcoming #P2E game!
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! #MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
This is a very bullish signal given that most new meme tokens tend to crash hard after enjoying their initial wave of activity.
There are many reasons for this, a SPONGE V2 and offers two major improvements compared to its predecessor.
The first is an improved staking model that can offer up to 400% APY. This rate depends on the amount of tokens staked by traders and their duration, the idea being to encourage long-term holding.
Milestone alert, #SPONGERS!
There are now over 9.5 billion $SPONGE tokens staked with a value of $20,333,984.53!
Our holders are enjoying an impressive current APY of +150%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts pic.twitter.com/fIDwcuk26c
— $SPONGE (@spongeoneth) April 2, 2024
Second, SPONGE V2 will be the native token for an upcoming P2E game set in the Sponge universe.
The game allows players to compete against each other and the highest ranked players will receive the biggest rewards.
SPONGE V2 will also be listed on centralized exchanges when the game is released, although investors can purchase it now on Uniswap or the official Sponge website.
And once these events occur, the price of the coin is likely to enjoy quite a jump.
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I’ll check out the Sponge V2 page
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**Attention! Our article above is guest content and does not constitute investment advice. The editors of BitcoinBázis do not take responsibility for what has been described and urge all readers to exercise caution in relation to cryptocurrency, CFD, token, cryptocasino, metaverse, DeFi, play-to-earn and ICO/STO/SAFT investments. Individual research and thorough verification of claims is highly recommended. Trade and play responsibly.**
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#Ethereum #weakening #reason #panic