Ethereum price staged a bearish rally midway through the week to a high of $1,215. A bullish relief was overdue this week after the collapse of FTX. Bitcoin gained more ground at $16,000 and regained support before moving closer to $17,000.
The second-largest cryptocurrency appears to have tapped into a new bullish momentum that could propel it to $2,000 in the coming weeks, if not days.
Ethereum Foundation pushes staked ETH
According to CoinDesk, investors are concerned about a rumor on Twitter claiming that the Ethereum Foundation is deliberately trying to push back the timeline for ETH’s withdrawal.
Stakers are likely to panic following several adverse market events that have hit investors on FTX, BlockFi, and Genesis. However, the developers say they are working according to the previously agreed timelines – where the inclusion would potentially be made during the upcoming “Shanghai” upgrade.
Ethereum Price Prediction Ahead of an 18% Bullish Move
Ethereum price rose 10% on Wednesday as crypto markets generally recovered. With support at $1,080, ETH traded for a weekly high of $1,215. The leading smart contract token now stands at $1,201, given the breakout of 18.71% to $1,406.
This recovery completed the formation of a double-bottomed pattern, opening the doors to the much-anticipated rally. Traders scanning for long positions should wait for ETH to push another bullish candle above neckline resistance before triggering their buy orders.
The odds are likely in favor of the bulls, especially with a buy signal from the Moving Average Convergence Divergence (MACD) indicator positively impacting the price. Traders would likely view the 50-day simple moving average (EMA) (in red) at $1,241 as the first take-profit position.
If the MACD breaks above the average line and moves into the positive zone, further increases in the Ethereum price will allow investors to gain more profit at the 100-day EMA (in blue), which stands at $1,306. . Stubborn bullish traders can wait for Ethereum price to surpass the 200-day EMA (in purple), tagged at $1,393.
ETH/USD eight hour chart
The bullish outlook for Ethereum should be taken with a grain of salt due to the strong resistance highlighted by IntoTheBlock’s IOMAP on-chain model between $1,199 and $1,232.
About 1.43 million addresses previously bought 8.30 million ETH in that range. As ETH recovers, some investors may liquidate at the respective breakeven points, creating more overhead pressure to halt the upside momentum.
ethereum iomap model
On the other hand, Ethereum sits atop relatively weak support areas. Therefore, if the price breaks out and stays below the neckline of the double bottom pattern, selling activity is likely to increase. Short positions placed slightly below the neckline support at $1,184 become profitable towards the primary support at $1,080.
Ethereum options promise huge profits
Ethereum price presented a rare buying opportunity with a double bottom in the eight-hour time frame. However, the market is still suffering from the FTX crisis that has inflicted losses on millions of investors. Due to such uncertainties in the crypto market, many investors are looking to pre-sell for short-term gains.
Below are some of the projects that have the greatest potential, allowing investors to get in early.
dash 2 things
Dash 2 Trade is a new cryptocurrency ecosystem where users can access a crypto-on-chain analysis platform, signals and other premium trading features. Dash 2 Trader encourages progressive investing by facilitating the creation and testing of trading strategies.
Dash 2 Trade uses real-time data and on-chain analytics to provide trading signals with accurate buy/sell opportunities for users of all experience levels.
D2T tokens are currently selling for 0.0513 USDT but will increase to 0.0533 USDT in the next phase of the sale.
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RobotEra is one of the best Metaverse crypto projects to buy today due to its strong resemblance to the famous sandbox crypto project. Gamers can play as robots and participate in the creation of virtual worlds.
Through Taro, transactions will be possible in the world, where platform users will pay for services and participate in activities such as sports and community events.
1 TARO is currently selling for 0.020 USDT (it can be bought with USDT or ETH), but this price will increase to $0.025 in the second phase of the presale, which will start soon.
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Ethereum also runs IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be earned by making purchases from a wide variety of eco-friendly retailers.
IMPT’s tokenization of carbon credits in the form of NFTs allows such credits to be tracked in a more transparent manner, helping to solve many of the problems that have plagued carbon markets to date.
The IMPT presale has raised more than $13 million, meaning the team is halfway to meeting its second $25 million presale goal. Investors buy 1 IMPT for $0.023.
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