Ethereum Price Prediction as Recovery May Emerge From $1,500 – Is the Bearish Trend Reversing?
The Ethereum price has risen by 1.5% in the past 24 hours, with its move to $1,579 coming as the cryptocurrency market as a whole recovers by nearly 2% today.
Despite today’s rise, ETH remains down by 2% in the past week and by 9% in the past fortnight, although the altcoin has risen by 32% since the beginning of the year.
And given that it has bounced today after nearly a week of negativity, it would seem that the coin is potentially on the brink of a sustained, especially when its fundamentals remain so strong, and especially when the end of the year is often positive for financial markets.
Ethereum Price Prediction as Recovery May Emerge From $1,500 – Is the Bearish Trend Reversing?
Ethereum’s chart is beginning to look a little more bullish, with the coin having sustained losses pretty much consistently since the middle of August.
Most notably, its relative strength index (purple, below) has begun climbing towards 50, indicating rising momentum while also leaving plenty of room for further rises before the coin ever risks becoming overbought.
At the same time, ETH’s 30-day exponential moving average (yellow) has now fallen so far below is 200-day average (blue) that it can normally be expected that the coin will rebound in the near future.
Bolstering this view is the fact that the coin’s support level (green) is now rising precipitously, forming a pennant with its resistance level (red) that may ultimately lead to a breakout.
It’s highly arguable that ETH has been due a breakout for several months now, given that it has probably the best fundamentals of any altcoin in the market, and given that it has so severely suffered from 2023’s largely stagnant market.
However, it’s hard to say whether any overdue breakout will come sooner rather than later, given that whales still appear to be sending ETH to exchanges at the moment.
Yet in the medium- and long-term, there’s really only one way for ETH to go: up.
It continues to dominate the altcoin market and crypto ecosystem, with Ethereum’s total value locked in accounting for 54% of the entire sector, and that’s not including Ethereum-based layer-two networks.
On top of this, the past few months have seen positive adoption news coming from the likes of PayPal and Visa, underlining why Ethereum is likely to remain the smart contract blockchain for the foreseeable.
In other words, anyone wanting to maintain a diversified cryptocurrency portfolio would be unwise to neglect ETH, with now being a very good time to buy the altcoin.
It’s likely to return to $1,600 in the next few weeks, before closing the year at around $1,800.
New Altcoins With High-Return Potential
And speaking of diversified portfolios, one other promising way of widening the possible upside of a typical crypto portfolio is to include some newer altcoins, with presale tokens in particular proving lucrative this year.
One of the newest and most exciting presales happening right now belongs to Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised more than $1.5 million from interest investors.
Given that its sale has been running for only a few weeks, this total makes Bitcoin Minetrix one of the leading presales at the moment, while it also offers a strong indication of the growing confidence investors have in the new project.
What’s most interesting about Bitcoin Minetrix is that it will enable users to mine Bitcoin (BTC) simply by staking the platform’s native BTCMTX token.
Users receive tokenized mining credits when they stake BTCMTX, which credits they can then use to purchase mining power on the Bitcoin blockchain.
As such, users who stake enough BTCMTX will be in line to receive mined BTC as their rewards, while staking will also provide new BTCMTX too.
This means that BTCMTX could end up being a very profitable token to hold, with the coin having a total capped supply of four billion.
1.4 billion of this supply is being made available via the Bitcoin Minetrix presale, which new participants can join by heading over to the official Bitcoin Minetrix website.
The sale has now entered stage two, with 1 BTCMTX costing $0.01110, although this will rise to $0.01190 by the time of the tenth and final stage.
Of course, Bitcoin Minetrix’s interesting fundamentals could mean that this price rises much higher once the promising new token lists on exchanges towards the end of the year.
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.
