Ethereum Price Prediction as Daily Trading Volume Reaches Bitcoin Level – What’s Going On
The Ethereum price has fallen by 2% in the past 24 hours, with its drop to $1,831 following a hack on Curve that resulted in the theft of around 2,800 ETH.
However, the hacker(s) responsible for the exploit was frontrun by a bot, with the deployer of this bot returning the funds back to the DeFi platform.
This means that ETH’s fall today is not entirely the result of the Curve hack, with the altcoin also being brought down by market-wide negativity, which has affected most coins.
ETH can therefore be expected to recover again soon enough, with the coin’s fundamentals putting it in a strong position to lead future market rallies.
Ethereum Price Prediction as Daily Trading Volume Reaches Bitcoin Level – What’s Going On
ETH’s chart makes it clear that the altcoin should be due to rebound anytime soon, with its indicators in oversold positions that need correction.
Its relative strength index (purple) fell below 30 yesterday, meaning that the coin has been oversold to the point where new buyers may arrive in order to buy it at a discount.
ETH’s 30-day average (yellow) has also fallen a long way below its 200-day average (blue), which again suggests that the coin should be rising back up in the near future.
On the other hand, ETH’s support level (green) has fallen consistently in the past three weeks, so it’s hard to rule out the possibility that the altcoin may fall a little further before recovering.
As noted above, the main thing that triggered ETH’s noticeable drop yesterday was the aforementioned Curve hack, with the DeFi platform tweeting over the weekend to confirm that it was the result of a vulnerability affecting pools using the Vyper programming language.
This disclosure certainly caused ETH to drop, given that Vyper is a coding language used largely for Ethereum, yet the fullest extent of the impact was likely softened by the fact that a bot was quickly used to steal back the exploited funds.
ETH has therefore been able to recover some of its lost value, although with the market as a whole also down, its price still remains subdued.
In the medium- and long-term, ETH is likely to recover strongly, given its fundamentals and Ethereum’s ongoing development.
It comfortably remains the biggest layer-one platform in terms of total value locked in, while it also continues to attract more adoption and usage than most of its rivals, with a number of prominent institutions – including Deutsche Bank – beginning trials using Ethereum this year.
And combined with the platform’s now-deflationary tokenomics, ETH is likely to return to growth soon, with the coin on course to return to $1,900 in the next few weeks.
New Altcoins for Diversification
While ETH’s position remains fundamentally strong, it may exhibit mostly gradual growth over the next few months, leaving traders after quicker gains having to look elsewhere.
Despite this, there are a number of new altcoins in the market that look set to enjoy strong rallies in the very near future, with a number of promising presale tokens being among them.
The strongest such coin at the moment is Wall Street Memes (WSM), a new ERC-20 token that has already raised in excess of $19 million since launching its presale in June.
Wall Street Memes has emerged out of the meme stocks movement that gave rise to the 2021 GameStop rally, and it’s thanks to its roots in this sub-culture that it has been able to grow a significant community around it.
This is one of the main reasons why it has been able to raise nearly $20 million in such a short space of time, with its Twitter profile now boasting more than 256,000 followers.
In a market typified by flash-in-the-pan meme tokens, such a strong following is hugely significant, since it indicates that Wall Street Memes will have a big enough community to support its price long past the end of its presale and its listing on exchanges.
WSM will have a capped supply of 2 billion, with 50% of this going to its sale and 30% being reserved for community rewards, something which should help grow its community even further.
And new investors can join this expanding community by going to the official Wall Street Memes website and connecting their crypto wallets, with 1 WSM currently being sold at $0.0325.
WSM’s final presale price will be $0.0337, but given its success in attracting investors so far, it could very possibly rise far beyond this level once it’s added to trading platforms in the next few weeks.
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.
