Ethereum Price Prediction as ETH Sees $8.3 Billion Trading Volume Come In – Here’s Where It’s Heading Next
ETH trading volumes remain elevated, with $8.3 billion worth of tokens changing hands in the last 24 hours as the cryptocurrency continues to pull back from Wednesday’s pre-hawkish Fed meeting highs in the $1,350 area.
At current levels in the $1,280s, ETH/USD has now pulled around 5.0% back from these highs and, according to CoinMarketCap, is around 3.2% lower in the last 24 hours. Price predictions have thus become more pessimistic.
ETH, otherwise known as Ether, is the native cryptocurrency that powers the smart-contract-enabled Ethereum blockchain. Recent news that PayPal has teamed up with MetaMask to lower the barrier to its users being able to purchase ETH, potentially boosting demand/adoption, doesn’t seem to have had a significant impact on the price.
The world’s second-largest cryptocurrency by market capitalization is still about 20% higher versus its early November lows under $1,100 but has now erased its December gains.
Price Prediction – Where Next For ETH?
ETH’s latest drop means that the cryptocurrency has failed to hold above its 50-Day Moving Average and the 38.2% Fibonacci retracement level back from the November lows to the November highs, a bad sign for short-term momentum.
For now, Ethereum’s medium-term uptrend from the November lows remains intact, but bears will be eyeing a near-term retest of the 21DMA in the $1,250s. A break below here could signify a breakdown of the uptrend from November and could trigger a worsening of ETH sentiment and a drop towards $1,200.
Recent price action (i.e. the recent rally being sold) is very much in fitting with Ether’s longer-term downtrend that has been in play since the summer.
The downtrend suggests that a move lower towards $1,000 in the coming months is likely and that any gains may be capped to the $1,500 area.
The absence of a dovish Fed pivot, which many in the market had been hoping for after Tuesday’s softer-than-expected US CPI data, means that the much hoped-for “Santa rally” probably won’t come this year.
Altcoins Offering Quicker Returns
Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into Web3, has opened its presale and investors think the project could transform the existing Web3 M2E landscape.
While existing M2E applications such as StepN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity and doesn’t require any expensive buy-ins to take part.
FightOuts FGHT tokens are currently selling for 60.06 per 1 USDT and interested investors are encouraged to move fast to secure their tokens, with the presale having already raised over $1.8 million in just a few days. FGHT is the token that will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $9.82 million. The pre-sale dashboard is going to be released on Friday, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in around one month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria's RIA token pre-sale. Calvaria has now raised $2.45 million, with a crypto whale scooping up $97.5K in one purchase last week. The presale is in the final stage, with only 21% of tokens left.