Ethereum (ETH) Price Stalls but yPredict Stands as An Alternative
ETH has tried to maintain a stable position around the $1850 price level but has left investors uncertain about its future trends. Today, August 14, 2023, the coin's price was $1,847.3 at 05:16 EST, with a slight decline below 1% in the last 24 hours. However, insights into the token's ecosystem show ongoing developments that could influence price action.
ETH General Market OutlookThe fluctuations in the ETH market have been bearish, causing a price fall of nearly 5% in the past month and below 2% over two weeks. However, the asset's current market price marks a slim increment of less than 1% in the past seven days, but it is still down close to 8% over one year.
On a larger scale, since the middle of July, when ETH saw highs from $1935 to $2,003, it has experienced downward movement, trading below resistance levels. The asset is trying to find a balance, and key recovery factors are pointing to ongoing activities in the wallet addresses of ETH whales.
#Ethereum has been seeing its top 10 addresses expand and accumulate more and more of the total available coin supply. In 5 years, the top 10 largest addresses have gone from owning 11.2% to now 34.6% of $ETH. The 27.86M $ETH added is worth $51.6B.
https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K
- Santiment (@santimentfeed) August 9, 2023
The Santiment market data has also reflected in ETH's trading volume, up 87% at $3 billion in the last 24 hours, signifying activities in the buy zone.
Ethereum's developmental updates are also pushing to return the asset to its glory days. However, this may likely be a long-term goal predicted only by technical analysis.
ETH Is Above 200-Day SMA - How Long Could It Last?
The chart above shows ETH's price movement struggling to cross the resistance level of $1857.8 as the bulls attempt to gain market control. The red candle stick formation shows growing selling pressure, indicating the coin's price decline.
Also, the asset trades below the 50-Day Simple Moving Average (SMA) and above the 200-Day, indicating a short-term bearish.However, ETH's Moving Average Convergence/Divergence (MACD) indicator is slightly above the signal line with green emergent histogram bars.
This shows the bullish momentum of the coin and consolidates the signal from the 200-Day SMA. Moreover, ETH's Relative Strength Index (RSI) is at 47.36 in the neutral zone, moving upwards, suggesting a slim market value gain.
While the asset market shows a short-term negative trend, a closer observation suggests that ETH could rebound in the coming days.
ETH Support and Resistance Levels
ETH's price movement has attempted to break out at the $1860.6 resistance. A break above this level could signal a bullish move. So, if the bulls increase the buying pressure, ETH could conquer the $1860.6 resistance and target the next level at $1,907.9.
However, given that ETH has tested the bearish trendline multiple times, increased sell pressures may force the price to hit the $1,772.4 support in the coming days.
Crypto Experts Predict ETH's Short and Long-term Price RangesAccording to DigitalCoinPrice, the minimum price of ETH could fall to $1658 by the end of 2023, while the maximum price may likely hit a high of $4,064.70. Based on that, by 2026, the maximum price of ETH is estimated to trade at $8,385.51, with the lowest price selling at $7,126.
ETH could break newer ATH records by the end of 2030 when the asset is expected to sell at the lowest price of $18,062.75 and as high as $19,392.86. Changellyblog agrees that there are fluctuations in ETH's price, which could hinder its spikes in the short term.
It predicted that ETH would reach a maximum of $2074.51 in 2023, with an average price of $1938.04.
Possible Factors That Could Influence the Price Action of Ethereum (ETH)Analysis of on-chain data provides insights into an ongoing pattern where large addresses, often called whales, gather more Ethereum (ETH). Santiment, a company specializing in on-chain and market data analysis, has reported that the size of the top 10 largest ETH addresses has grown over the past five years.
These addresses now hold a larger share of the total ETH tokens circulating, ranging from 11.2% to 34.6%.
Addresses gained roughly 27.86 million ETH, worth about $51.6 billion at present rates, through this additional acquisition. This accumulation trend could catalyze recovery.
Developmental Updates in ETH EcosystemOne of the latest developmental updates to the ETH ecosystem is the announcement made by CoinBase to invest in Rocket Pool. Rocket Pool is a leading staking network on the Ethereum blockchain that allows users to retain liquidity while staking ETH.
Exciting news to share: Coinbase Ventures recently made a strategic investment into @Rocket_Pool by purchasing RPL tokens from the Rocket Pool team.
- Coinbase Ventures
(@cbventures) August 10, 2023
Invariably, this announcement is a good development for the ETH community, as investors would move to be part of the RPL system, increasing attraction to ETH.Furthermore, the Y00ts non-fungible token (NFT) collection has recently announced its intention to shift from the Polygon blockchain to Ethereum.
This transition of Y00ts from Polygon to Ethereum is expected to impact the Ethereum network positively.The move brings together two significant NFT communities. Additionally, it enhances the possibilities for heightened engagement and transactions within the Ethereum ecosystem.
AI Altcoin, yPredict (YPRED) Takes The Spot As ETH AlternativeyPredict has attracted attention in the blockchain and cryptocurrency due to its distinctive tokenomics and advanced tech approach.YPRED tokens incentivize community involvement, reflecting a larger mission.
These tokens also hold significance beyond typical assets. They are essential components that foster community cohesion, unite stakeholders, and facilitate decentralized governance.
However, the journey of yPredict goes beyond just tokens and connects with the larger cryptocurrency world. The AI-powered blockchain network has gained a lot of support, raising a significant amount of over $3.4 million in its ongoing presale campaign.
It achieves this feat by bringing together financial experts, data scientists, quantitative analysts, and traders. By combining their skills, the platform aims to provide accurate signals and predictions for cryptocurrency trading.
yPredict Leads Ongoing Presale Coins, Raising Over $3.4 Million
The ypredict presales are in a progressive seventh stage, with its countdown drawing closer to its next stage.The token trades at $0.1 and has attracted investors from all ends, raising over $3.4 million from a hard cap of $4.5 million.
With the listing price of the asset placed at $0.12, there is an active call for crypto enthusiasts and traders alike to partake in the ongoing campaign.
Meanwhile, interested individuals should be cautious of illegal platforms that may want to pose as the yPredict project. In a tweet, the project illustrates the changes to its support systems and the likelihood of scammers within the space.Potential investors can purchase yPredict tokens on the official site using ETH, MATIC, or bank card transactions.
Urgent Notice
Dear #YPRED community,
We want to bring a matter of concern to your attention. It has come to our notice that a number of unauthorized Twitter profiles are attempting to pass off as legitimate representatives of https://t.co/O3DpDatBLj. We wish to clarify... pic.twitter.com/Saez0rBEoG
- yPredict.ai (@yPredict_ai) August 8, 2023
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