Ethereum Price Prediction as ETH Spikes Up 6% – New Rally Starting?
ETH has jumped by 6% today, with the Ethereum price rising to $3,659 as the cryptocurrency market gains by 5.5% in 24 hours.
The altcoin has now gained by 12% in a week, with it also marking a 21% gain in the last 30 days and a 104% rise in the past year.
ETH’s strong rebound comes as Bitcoin ETF inflows turned positive yesterday for the first time in almost a week, with this transition potentially signalling the start of another rally.
And with Ethereum comfortably remaining the strongest altcoin in the market, it’s likely to see further gains soon.
Ethereum Price Prediction as ETH Spikes Up 6% – New Rally Starting?
ETH’s chart looks very positive at the moment, with the coin certainly capable of continuing its streak before it enters an overbought space.
Its RSI (purple) has touched 70 again after sinking to 30 at the end of last week, a sign that buying momentum is just ramping up and could stay for a while yet.
Similarly, its 30-day average (yellow) climbed over its 200-day (blue) last night, a sign that it may have begun a breakout.
It’s also encouraging that its 24-hour trading volume has risen in the past day, up from $13 billion yesterday to nearly $23 billion today.
This is a strong signal of accelerating interest, with the past day witnessing a number of large transfers off exchanges.
🚨 🚨 11,029 #ETH (40,372,039 USD) transferred from #Bitfinex to unknown wallethttps://t.co/Qme55PCfM2
— Whale Alert (@whale_alert) March 26, 2024
It seems clear that many traders expect the Ethereum price to continue rising for the foreseeable future, with Bitcoin ETF volumes and excitement surrounding the next BTC halving helping boost enthusiasm.
As noted above, the market seems to have risen because Bitcoin ETF inflows have turned positive again for the first time in nearly week, with many traders taking this as a signal that another bullish period could be kicking off.
If so, Ethereum is as well-placed as pretty much any other altoin the market to benefit from rising positivity.
In fact, if the SEC does end up approving spot Ethereum ETFs in the near future, then ETH will clearly surge.
It continues to boast some of the best fundamentals in the market, with the Ethereum blockchain accounting for $53.4 billion in total value locked in, or 53.6% of the entire sector.
Based on all this, the Ethereum price may reach $4,000 again in the next few weeks, before breaking its current ATH of $4,878 by the summer.
New Small-Cap Meme Tokens for Diversification
There’s little doubt that ETH is one of the safest bets in crypto, yet it isn’t the only alt with potential when it comes to rallying in coming weeks.
There are also various newer coins that combine viral appeal with solid fundamentals, with some of these gathering momentum as they hold their presales.
A great example of this is Dogecoin20 (DOGE20), an ERC-20 cryptocurrency that has raised a very impressive $10 million so far.
What a way to start the day! 🌟🐶#DOGE20 raises over $10 Million! 💰
Now that is a spectacular milestone! 🎉
Last chance to get it! 🚀 pic.twitter.com/pgPhpSWq14
— Dogecoin20 (@DOGE_COIN20) March 26, 2024
This figure comes despite the fact that the DOGE20 sale launched only a couple of weeks ago, with investors clearly attracted to the coin’s unique take on the meme token formula.
On the one hand, Dogecoin20 is an Ethereum-based version of the original Dogecoin, with its use of Ethereum’s staking mechanism making it more environmentally friendly than the proof-of-work DOGE.
On the other hand, it also provides stronger fundamentals and tokenomics than the original Dogecoin, with the coin having a hard cap of 140 billion tokens.
Combined with its staking system – which will provide greater rewards to longer term stakers – this hard cap will make DOGE20 a deflationary coin, something which will boost its price in the long run.
On top of this, Dogecoin20 has committed to ‘Do Only Good Everyday’, with the crypto providing regular support to charitable causes and community projects.
This support for more meaningful projects should help Dogecoin20 find more supporters and a wider community, and judging by the early success of its presale, this strategy seems to be working.
Its sale doesn’t have much more time before closing, but new investors can join by visiting the official Dogecoin20 website.
They can buy the coin at $0.000222 per token, although this price is likely to rocket big once the token lists.
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.
