Ethereum price dropped to $1,835which represents a loss of 1% over the last 24 hoursas the crypto market retreats by a roughly similar percentage. ETH is now down 2% in a week and 6% in the last month, dragged lower by rampant market negativity. This comes in part from investor concerns over US government debt downgrade this week.
However, with ETH still up 53% year-to-date, and with still solid fundamentalsthere is no doubt that this crypto will recover soon and maybe it is time to buy it at a discount.
Ethereum Price Prediction: Downside Buying Opportunity?
Ethereum’s chart reveals that the token is close to its lowest price in a long time, and that it is should recover very soon, assuming no more negative news in the next few days or weeks. For example, the ETH’s 30-day moving average (yellow) falls significantly below its 200-day averageindicating that the coin has lost a huge amount of momentum and is decidedly oversold.
In the same order of ideas, ETH Relative Strength Index fell below 30 at the beginning of this week and remains low, which means that it really has no choice but to increase in the near future. But traders should keep in mind that the coin’s support level has declined significantly since mid-July, which highlights just how further price dips are still possible before the coin recovers.
As noted above, ETH and much of the cryptocurrency market have been affected by the US debt downgrade this week, which has also seen stock markets around the world struggling, a sign that the global economy continues to provide an uncertain climate for investors. Such uncertainty has obviously hurt ETH and other currencies, which means that the crypto bear market we’ve seen for the past year and a half is still in play, despite the rallies since the start of the crisis. ‘year.
That said, ETH is poised to rise healthily once the market returns to bullish sentiment and growth. And, this is due largely because of its enviable fundamentals, Ethereum remaining the largest layer-1 blockchain network in terms of total locked value. This signifies how widely used and adopted Ethereum is compared to the vast majority of its rivals, but also that ETH tokenomics is also very bullish.
The introduction of staking last year now means that some 25 million ETH (or 20% of total Ethereum supply) has now been withdrawn from circulation, which makes cryptocurrency rarer and more in demand. If we add to this the introduction of the combustion of expenses, we arrive at a situation where the overall supply of ETH (staked and unstaked) has actually decreased by around 350,000 ETH since September 2022.
This is very positive data when it comes to the future price of Ethereum, as greater adoption will lead to more ETH staking and more burning, which will help lower relative supply and mechanically drive up the price of the token. The market could thus expect that Ethereum price hits $1,900 in next few weeksbefore potentially increasing up to $2,500 by the end of the yearassuming an overall more bullish sentiment in the market.
Presale Tokens Can Generate Profits in Bear Markets
Although it will take some time for ETH and other major cryptocurrencies to fully recover, there are currently some newer tokens that could offer higher payouts to market in the near future. This is particularly the case with the presale tokens which can often offer big profits once they are listed on the stock exchange for the first time.
One of the best presale tokens on the market right now is Shibie (SHIBIE), one piece ERC-20 which inventively mixes Shiba Inu and Barbie memes. With a maximum total supply of 2,107,202,300 tokens, SHIBIE started its presale a few days ago, offering 60% of the coin’s overall supply.
The main attraction of SHIBIE is its unusual and playful mix of characters and memes, which can help attract more potential investors. And this already seems to be the case, since the sale raised over $90,000 in just a few days, a sign that it should develop rapidly. What this rapid growth suggests is that SHIBIE could prove to be very effective in building a sizeable community that will help boost the price of the token once it goes public.
New investors can join the presale by visiting Shibie’s official website and connecting their digital wallets, SHIBIE currently costing $0.000167. The sale is expected to complete in the coming weeks, at which time SHIBIE will be listed on decentralized exchanges, which could offer a generous profit to its early investors.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.