While we announced worrying figures regarding Ethereum (ETH) last week, it is clear that the price of the largest altcoin by market capitalization in the world did not fool us. Then Qhile it was trading around $2472 last Sunday, its price is stuck at 2272 at present. However, more and more analysts and potential news aides are raising hopes for better days. So, when will crypto, created in 2015 by Vitalik Buterin, wake up? Explanations.
ETH appears to stabilize after price drop
It was not that long ago and yet it seems so long ago today. After a sudden increase initiated on January 8 (the price of the token jumped by 20% in less than a week) some saw the price of Ethereum soon to exceed 3000 dollars. The token will ultimately have experienced a drop of 8.73% over the last 7 days and 4.63% over the past monthproof of its current volatility.
The ETH price has been in an uptrend within a parallel ascending channel since October 2023. This resulted in positive momentum that peaked on January 12 with the token reaching $2,717. Although this peak initially appeared to mark a breakout from this channel, the price of the token then quickly regressed, confirming the resistance represented by the channel and generating a bearish candlestick. Since then, the value of the token has decreased.
Since December 2023, ETH holders are trying to keep the price of the token above $2,000. Since the price decline initiated on January 23, 2024, the largest altcoin has been trading above the $2,168 support level. A further price drop seems unlikely. Candlesticks with elongated tails point downward, indicating strong support. Ether is expected to range between $2,160 and $2,400 from now on if current support holds.
THE Ether price bars hover below moving average lines as altcoin reaches bearish exhaustion. On January 23 and 25, the token price rebounded above current support. On the daily chart, the moving average lines are always ascending.
On X, the analyst Crypto Tony says a bullish cycle could be initiated if the price of the token remains above $2,130. It turns out to be even more optimistic if the price of the token recovers the range of 2,500. All this bodes well, especially since the upcoming news and the mood of the markets also seem to encourage optimism.
Positive signs accumulate
Positive indicators are indeed accumulating on the markets. Who have attended, over the last two weeks, a drop in reserves held in exchanges. A factor which also seems to have been crucial in the recent increase in its price.
An increase in transaction volumes carried out by whales on the Ethereum network has also been observed. A trend that has coincided with a rapid decrease in the amount of ETH available on exchanges. On January 14, the amount of Ethereum on exchanges was 10.74 million ETH, while it dropped significantly to 10.41 million ETH today.
This suggests that Ethereum investors have moved around 330,000 ETH (which represents an estimated value of $750 million), from exchanges to long-term investments or staking. There marked tendency of ETH holders to favor the long term and to seek passive income is an indicator seen as positive for strategic investors.
An update and possible approval of ETH ETFs
In terms of news that could influence the price of the token, the ones to come are mainly good. Ethereum is preparing for a major update, called the Prague upgrade or Pectra. An update that has created a wave of excitement within the Ethereum community, as it announces significant improvements to the platform, particularly in terms of scalability, security and overall efficiency. The impact that this upgrade could have on the value of the token has been the center of much debate among analysts. Some seeing the price of the token skyrocket.
We must also not forget the probability of the approval by the SEC, the American financial watchdog, of ETH ETFs, after that of 11 Bitcoin Spot ETFs this month. Even though the decision regarding BlacRock’s request on the subject was officially postponed 2 days ago.
eTukTuk, a pre-sale for a greener world
eTuktuk is a most innovative and ambitious green crypto project. It consists of replace old tuk tuks, which emit a lot of pollution, with cleaner electric versions. As a reminder, tuk tuks are omnipresent in extremely populated countries like India, Thailand or Cambodia. In addition to replacing vehicles, eTuktuk also aims to install charging stations in cities to facilitate the transition to electric vehicles.
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Based on the Binance BNB (BSC) chain, eTuktuk adopts a sharing economic model to ensure scalability. Additionally, the project aims to facilitate digital transformation by digitizing identities and expanding access to financial services in regions where TukTuks are the primary mode of transportation.
The concept of “Power Staking” allows holders to stake them to generate passive income and contribute to the growth of the project. A project that has attracted investors with more than $588,000 already collected during the pre-sale. The native token, TUK, is still available for 3 days at a price of $0.026.
Sources: eTukTuk, Investing, Fxempire
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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.