Ethereum Price Prediction as ETH Consolidates at $1,640 While WSW Gains More Traction
After a sharp fall from $1,840 to $1,578 on August 15, the Ethereum price appeared to settle during the weekend.By early Friday, ETH rose to $1,700 before gradually descending to the $1,500 region. Over the weekend, Bitcoin saw a modest recovery, allowing it to return to $1,600 and maintain its position above this level.
Despite considerable pressure to break below the $1600 level, ETH still holds above this region. Ever since, the price has been consolidating at this $1,600 region. Ethereum ETH trades at $1,656, according to CoinGecko, an increase of almost 4%.
This increase is positive compared to last week's data, where the coin is down by over 9%. In addition, the coin's monthly performance is negative, recording a downslide of more than 10%.
Dormant Pre-Mine ETH Whale Wakes Up After Years of SilenceIn a shocking development, Whale Alert revealed on August 19 that an Ethereum address that hadn't been used for a remarkable 8.1 years is now active again.
A dormant pre-mine address containing 191 #ETH (317,724 USD) has just been activated after 8.1 years!https://t.co/VJ7RgTzxz3
- Whale Alert (@whale_alert) August 19, 2023
This address, which once held 191 Ethereum tokens valued at about $317,724, has suddenly become active, sparking curiosity in the cryptocurrency community. Pre-mining involves generating and distributing cryptocurrencies before they are officially introduced.
The awakening of this inactive whale address is rare, with the last instance happening almost three weeks ago in late July.
For instance, an individual who had been quiet for eight years since participating in an Ethereum ICO suddenly moved a significant amount of 641 ETH, currently worth approximately $1.07 million.
CEO Vitalik Buterin Sends 600 ETH to Coinbase - Time to Sell Off?An Ethereum ICO participant woke up after 8 years of dormancy, transferred 641 $ETH out, and started staking.
He received 2K $ETH($3.7M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/hGoCb22LVr pic.twitter.com/ZO09r9uFMd
- Lookonchain (@lookonchain) July 31, 2023
On August 21, there was a noteworthy development as Vitalik Buterin, the founder of Ethereum, moved 600 ETH, worth over $1 million.
vitalik.eth repaid 251K $RAI on #Maker and withdrew 1,000 $ETH($1.67M) yesterday.
Then deposited 600 $ETH($1M) to #Coinbase 5 hrs ago.https://t.co/pw8ekIYSs1 pic.twitter.com/rkJo42OSlq
- Lookonchain (@lookonchain) August 21, 2023
According to sources, Vitalik Buterin transferred 600 to a well-known crypto exchange, Coinbase.This move, exposed by the crypto analytics platform PeckShieldAlert, has sparked a reaction within the cryptocurrency community.
The recent transfer of 600 ETH to Coinbase is a step in this series of financial actions. Despite being a top pioneer in the cryptocurrency space, this transaction has cast a shadow of uncertainty on Ethereum's price.
Can Ethereum Bounce Back?
Source: TradingViewThe current trading situation of ETH indicates that it is positioned below the Simple Moving Average (SMA) indicator, suggesting a potential bearish sentiment.
Based on previous price action, traders often observe this configuration as an indicator of potential downward momentum.However, with a value of 33, the coin could be oversold.
An RSI below 30 indicates that the coin might have experienced a rapid price decline and could see a price rebound or correction shortly.
Source: TradingViewETH's price recently reached a high of $2100, forming a bullish pennant pattern with two lower lows and one lower high.Although the bullish pennant suggests a possible upward trend, other indicators show a different story, supporting the idea of a potential downturn.
However, there is an opportunity for the price trend to change as bullish traders prepare to push the price up from the lower part of the pennant. Overall, the analysis points to a short-term continuation of the price going down for ETH. This downward movement might lead the bulls to find support around $1552.
If the price breaks above the upper part of the pennant, the next target could be $2407, assuming the upward movement continues to gain momentum.
Additionally, the Moving Average Convergence/Divergence is below the signal line, suggesting that the bears are in control. However, the fading red histogram bars indicate that the bearish momentum decreases, suggesting a potential rebound.
Best Ethereum Alternative to ConsiderThe Wall Street Memes token has become popular for traders amid high market volatility. In only two months, the token has gathered a whopping $25 million during its presale.
>>>Visit Wall Street Memes Presale
Even the big investors are paying close attention to the presale. Reports say that one investor injected over $1 million into $WSM.
Source: EtherscanNow, $WSM aims to have a big impact in the crypto world, targeting a market value of $1 billion right after it starts. Strong community support is among the factors boosting the presale success.
Popular YouTube Crypto Analyst Endorsed Wall Street Memes CoinThe popularity of Wall Street Memes and its successful presale have positioned it as a prominent coin even before entering the regular market.
Prominent YouTubers have endorsed the coin for potential substantial gains, with crypto analyst Zach Humphries investing $1,000 and Michael Wrubel backing the project since the presale's beginning.
With a sizable YouTube following, Joe Parys believes Wall Street Memes could multiply in value by 100 times. Influential YouTube channel CryptoDexWorld predicted Wall Street Memes as the next Pepe coin due to its engaged community of informed retail investors.
The coin's reach extends to major crypto websites, including Analytics Insight, Outlook India, Finbold, and Insidebitcoins. Due to the robust Wall Street Memes community and impressive presale performance, industry analysts and observers predict $WSM as the next breakout meme coin sensation.
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