. 3 min read

Ethereum Price Prediction as $12 Billion Trading Volume Floods In – Where is ETH Heading Next?

Disclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. By using this website, you agree to our terms and conditions. We may utilise affiliate links within our content, and receive commission.
Source: TradingView

The Ethereum price has dropped by 3.5% in the past 24 hours, falling to $1,667 today as the cryptocurrency market loses 2.5% amid profit-taking from investors.

Despite today’s loss, ETH remains up by 5% in a week and by 2% in the last 30 days, with the market’s biggest altcoin also having gained by 39% since the beginning of the year.

And with the market as a whole still carrying momentum from its rally at the start of the week, ETH could easily post further gains in the next few days, with its long-term prospects remaining as good as ever.

Ethereum Price Prediction as $12 Billion Trading Volume Floods In – Where is ETH Heading Next?

ETH’s chart still looks good, even with today’s loss, given that the coin’s indicators continue to point towards further gains.

Source: TradingView

The altcoin’s relative strength index (purple) has resumed climbing towards 60 after dropping from 70 overnight, a sign that today’s profit-taking may not be enough to derail what could end up being a sustained period of rallying.

Another encouraging sign comes from ETH’s 30-day moving average (yellow), which continues to climbing steadily higher, potentially on course to climb over the coin’s 200-day average (blue).

What’s especially heartening about this is that the 30-day average remains substantially below the 200-day, so ETH has plenty of room left to rise before it becomes dangerously overbought.

It’s also positive that the coin did not fall back down to its medium-term support level (green), something which indicates that the asset may have entered an accumulating phase overall.

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This would suggest that ETH is likely to resume gaining in the coming days and/or weeks, with the altcoin potentially on course to reach $1,700 by the end of the week and possibly hit $1,800 by the end of the month.

There are good technical and fundamental reasons to suspect this, with ETH having been massively oversold for several weeks and months now, as indicated by just how low its RSI had been in September and August.

Likewise, Ethereum continues to dominate the cryptocurrency ecosystem, with the layer-one blockchain accounting for around 55% of the entire DeFi sector, and that’s without adding the TVLs of any ETH-based layer-two networks.

It also continues to attract major adoption and usage, with PayPal’s announcement of an Ethereum-based stablecoin being arguably the most noteworthy piece of news to hit the entire crypto industry in the past few months.

Based on all of this, ETH is still on course to return to $2,000 by the end of the year, with a fully fledged bull market in 2024 likely to help it return to $2,500, if not higher.

Newer Altcoins Can Rally Faster

Because ETH is an established altcoin, its gains from here on out may be fairly gradual, meaning that any traders looking for market-beating returns in a small amount of time may have to look elsewhere.

Fortunately, there are a number of newer altcoins in the market right now which are set up nicely for potentially large gains in the near future, with a handful of presale tokens looking particularly promising.

A prime example of such a coin is Meme Kombat (MK), a new gaming platform that will enable users to bet against each other on the outcome of AI-generated battles between well-known meme characters.

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Meme Kombat’s presale has already raised more than $230,000, which is impressive considering that the sale has been open for only a couple of weeks ago.

This suggests that investors are quickly being drawn in by the new platform’s features, which will see users rewarded in the form of Ethereum-based MK tokens whenever they win bets on the results of computer-controlled fights.

Another thing that makes MK attractive is that it will have a limited supply of only 12 million tokens, something which could make it considerably deflationary in the long run.

50% of this supply has been reserved for the sale, with another 30% going towards battle and staking rewards, meaning that holders can also earn a passive income from the token.

<oembed url="https://twitter.com/Meme_Kombat/status/1708962014658183276[/embed]

10% will go towards liquidity, while the last remaining 10% has been allocated to community rewards, a move that will help to incentivize greater engagement with Meme Kombat.

New buyers can join the sale by visiting the official Meme Kombat website, where 1 MK token will cost $1.667 for the entirety of the sale.

MK will list once the sale finishes 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 could lose all of your capital.