Article 6ECXV Investors Worried As Ethereum ETH Slumps by 4% – $SONIK Could Be a Good Alternative

Investors Worried As Ethereum ETH Slumps by 4% – $SONIK Could Be a Good Alternative

by
Nick Dunn
from Techreport on (#6ECXV)
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Ethereum ETH relapsed on August 30, 2023, after a noticeable bullish momentum on the previous day, which resulted in a positive change of 6%. The short-lived bull run emerged as Grayscale won the United States Securities and Exchange Commission (SEC) in a court ruling on August 29.

Today, September 1, the asset market value is $1,641, representing a price decline of 4% in the last 24 hours.

Ethereum ETH Price Action Reveals a Market Down Turn Over the Past Week

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According to historical data from TradingView, the asset fully submerged the bearish trend on August 17 with an enormous negative change of 17% in market value.

Following the bearish trend, Ether sustained eleven-day market fluctuations, oscillating between the $1626 and $1708 price levels.

Again, TradingView shows that the bears maintained a 2-day consecutive selling pressure in Ethereum ETH's market between August 30 and 31, amounting to a 6% price decline. As a result, Ethereum sustained a 30-day price decline of 11%.

Moreover, ETH price reflects a 3% price drop from its value over the past two weeks and a decline of 1% in the last seven days.

Technical Charts Shows That ETH Nears a Death Cross, What's Next?

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Source: TradingView

The chart above shows that ETH could record a death cross as the 50-day Simple Moving Average (SMA) is about crossing below the 200-day SMA. Also, Ethereum (ETH) is trading below the 50-day and 200-day SMA, which indicates a strong bearish trend.

Furthermore, the Moving Average Convergence Divergence (MACD) is slightly above the signal line with faded green histogram bars, suggesting a dwindling buy pressure.

Moreover, ETH's Relative Strength Index (RSI) at 36.85 confirms the bears are still very active in the Ether market.If the bulls allow the death cross to occur, panic could spread across the market, forcing the coin's price to plummet further.

Ethereum ETH Support and Resistance Price Levels

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Source: TradingView

The chart above reveals that bears dominate the ETH market, and if the selling pressure persists, Ether's price could drop to the support region at $1,573. However, ETH could rebound toward the $1729 resistance if traders embark on massive accumulation around the $1,573 price level. The asset could breach the $1,729 resistance.

Meanwhile, positive news in the ETH ecosystem could excite buyers, leading to increased buying pressure. Their actions could push ETH's market value to the $1,927 resistance, yielding a remarkable return on investment to traders who placed buy orders at the $1,573 support region.

Ethereum Finally Launched the Much-Anticipated EELS

After conducting over a year of research, the Ethereum Foundation has officially unveiled the Ethereum Execution Layer Specification (EELS).This release aims to streamline the development process for developers and replace the complex Yellow Paper.

EELS offers a comprehensive protocol overview at every fork, including upcoming ones. This sets it apart from EIP, which primarily suggests alterations, and production clients, which often blend multiple branches into a single code pathway.

The Ethereum Foundation's goal for EELS is to become the standard method for outlining the Core EIP, the primary resource EIP authors turn to when creating their proposal prototypes, and the ultimate reference point for understanding Ethereum's functioning.

EELS eliminates the need to decipher the Yellow Paper and then layer EIP on top of it. This simplification is intended to streamline the work of Core Developers on the ETH network.

EELS integration can boost confidence among Ethereum developers, as it could enhance efficiency, scalability, and user-friendliness, attracting more DApps and smart contracts on the network.

This increased development activity can lead to a higher demand for ETH as gas fees are required to execute transactions and smart contracts, further increasing the price of ETH.

SONIK Aims for the $1m mark

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>>>Visit Sonik Coin Presale

The recently launched meme coin, Sonik Coin (SONIK), started its presale around mid-August and has already garnered over $900,000 in funding. This presale is scheduled to conclude in four days or when it reaches its maximum fundraising limit of $2.09 million.

Sonik Coin aspires to attain a market capitalization of $100 million in record time, drawing inspiration from the SEGA video game franchise, a multi-billion-dollar valuation.

Passive Income Generation Through Staking

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>>>Visit Sonik Coin Presale

Sonik Coin differentiates itself from other meme coins through its unique feature of offering staking rewards, with 40% of the total supply allocated for this purpose.

Additionally, the remaining 10% is allocated to its locked liquidity pool; this allocation is designed to minimize potential price fluctuations after the launch. Meanwhile, the remaining 10% is held securely to guarantee exchange liquidity.

The total supply of SONIK tokens is 299,792,458,000, symbolically matching the speed of light in meters per second, which is also rumored to be Sonic's top speed.

Staking SONIK offers an annual percentage yield (APY) of 73%. Approximately 32 billion tokens have already been committed to staking, which represents nearly 18% of the initial circulating supply of SONIK.

Can Sonik Be The Next 50x Asset?

Predicting the price performance of $SONIK is a complex task. Yet, there are positive signs, such as the rapid acquisition of over $900k worth of $SONIK tokens in its presale round, hinting at a promising future for this meme coin.

Similar meme coins have often generated significant returns, sometimes increasing value tenfold within a few weeks after launch. Insights from analysts like Jacob Crypto Bury suggest that $SONIK could follow in the footsteps of meme coins like $PEPE, $SPONGE, and $SHIB.

None of the mentioned coins had staking rewards, potentially setting $SONIK up for even greater success as investors lock up their tokens, reducing the available supply.

$SONIK tokens are currently priced at just $0.000014, offering meme coin enthusiasts a chance to engage with the project in its initial phases before it becomes available on a decentralized exchange (DEX) after the presale ends.

The project has successfully gathered more than $920,000 in its token sale. Interested users can acquire $SONIK by visiting the presale website.

The post Investors Worried As Ethereum ETH Slumps by 4% - $SONIK Could Be a Good Alternative appeared first on The Tech Report.

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