The Ethereum price has suffered a 7% drop in the past 24 hours, with its current price of $3,283 also representing a 10% loss in a week.
ETH’s falls today come as the crypto market loses 6.5%, a dip which follows another apparent round of profit-taking among traders.
This caps off quite a disappointing period for Ethereum, which is also down by 3.5% in a month, while up by only 80% in a year (whereas rival SOL is up by over 700%).
However, optimists would contend that this means traders have oversold and undervalued ETH, which could be nearing a big rally sooner or later.
Ethereum Price Prediction as ETH Falls 10% in a Week – Here’s the Next Support to Watch
ETH’s indicators have pretty much hit rock bottom, implying that the coin should be coming back up very soon.
Its 30-day moving average (orange) has fallen steeply below the 200-day (blue), so far below that you would think, other things being normal, the coin is close to rebounding.
Source: TradingView
It’s a similar story with ETH’s relative strength index (purple), which fell below 30 this morning and is actually heading to 20.
This means the market has sold ETH heavily, too heavily, and that it needs to come up soon, if only because traders will probably be tempted enough by the discount it’s currently offering.
Of course, Ethereum’s support level (green) has taken a battering in recent weeks, and it’s very possible that it slips further amid market negativity and nerves.
It could potentially drop to $3,000 before stabilizing again, although there are signs that some whales have already begun accumulating the token.
25,000 #ETH (83,170,077 USD) transferred from #Bybit to unknown wallethttps://t.co/CpuCQC2hZF
— Whale Alert (@whale_alert) April 2, 2024
As such, today could represent the bottom of Ethereum’s recent declines, meaning that investors should move in quickly if they want to buy the dip.
It’s also worth remembering that the market has neglected ETH in recent months compared to other alts, such as Solana.
It could potentially outperform other coins in the coming weeks once the market returns to growth, with the possibility of spot-based Ethereum ETFs likely to propel its price massively.
Ethereum also remains one of the strongest coins in terms of fundamentals, with its TVL standing at $50.27 billion, which is more than half of the entire crypto sector.
As such, the Ethereum price will enjoy a big comeback in the next few months, potentially reaching $4,000 by the middle of the summer.
New High-Potential Altcoins for Market-Beating Rallies
Given that ETH has had a tendency to rise very steadily this year, some traders may prefer to switch to newer altcoins, of the kind that can rally big as they list on new platforms.
A good example of this is Sponge (SPONGE), an ERC-20 cryptocurrency that launched SPONGE V2, the second version of its token, in February.
SPONGE V2 runs on Polygon and has listed on Uniswap, where it doubled its value within a day upon listing.
Don’t forget, #SPONGERS! #SpongeV2 is bringing exciting utility through our upcoming #P2E game!
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! #MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
And despite the market’s recent correction, SPONGE V2 remains up by more than 250% since it became tradable.
This is a very bullish sign, seeing as how the vast bulk of new meme tokens tend to dump hard once they enjoy their initial flurry of activity.
There are various reasons for this, with SPONGE V2 offering two big improvements over its predecessor.
The first of these is an improved staking model that can offer yields of over 400% APY, and that provides a minimum yield of 40%.
Milestone alert, #SPONGERS!
There are now over 9.5 billion $SPONGE tokens staked with a value of $20,333,984.53!
Our holders are enjoying an impressive current APY of +150%.
Join us and absorb the damp!! #SpongeV2 #Crypto #Web3 #Alts pic.twitter.com/fIDwcuk26c
— $SPONGE (@spongeoneth) April 2, 2024
This rate varies according to how many tokens traders have staked and for how long, with the idea being to incentivize long-term holding.
Secondly, SPONGE V2 is the native token for a soon-to-be-released P2E racing game set in the Sponge universe.
The game will invite players to compete each against other, with the highest-ranking players receiving the biggest rewards in SPONGE.
SPONGE V2 will also list on centralized exchanges around the time the game launches, although investors can buy it now at Uniswap or at the official Sponge website.
And once both of these events occur, the coin’s price could enjoy a big surge.
Buy Sponge V2 Here
The post Ethereum Price Prediction as ETH Falls 10% in a Week – Here’s the Next Support to Watch appeared first on Cryptonews.