The price of Ethereum (ETH) fell by 0.61% over the past 24 hours, falling to the low point of $1,671in a context of downward movement for the entire crypto ecosystem for several days already.
Now the price of ETH is showing a decline of 9.53% over the past week and 6% over the monthly period, the second largest cryptocurrency in terms of market capitalization, however, recorded an increase of 49% since the beginning of the year 2023.
Today’s move for Ethereum comes as Vitalik Buterin published an article on his blog in which he praises the recent function Community Notes from Twitter (now X), which uses a complex algorithm to rank comments based on their usefulness.
It is interesting to note that Vitalik Buterin believes that the Community Notes constitute one of the best examples to date of the use of transparency values so important to the crypto ecosystem. The developer adds that he thinks this phenomenon will pave the way for other similar uses in the near future.
Price prediction for Ethereum: Vitalik compares Twitter’s algorithm with the crypto ecosystem
Ethereum has started a downward move akin to a sizable drop, with its technical indicators currently suggesting that there is still some room for the altcoin to continue falling before it recovers.
Its relative strength index (in purple) is about to break below the 30 mark, which would indicate that the token is in an oversold situation and should undergo an upward correction.
However, this might not happen for a few days, as ETH’s 30-day moving average (in yellow) is still some distance above its 200-day moving average (in blue), even though it is started to slide down.
At the same time, the altcoin’s support level (in green) has been falling for several weeks already, and could potentially drop back to its mid-June level of around $1,640 before things turn around. begins to improve.
As gloomy as it may seem for Ethereum, it must be said that today’s fall has little to do with the cryptocurrency itself and its fundamental characteristics. It is more exactly of an overall downward movement that hits the entire crypto market.
Indeed, today’s drop is largely the product of global investor fears caused by the slowing Chinese economy, as well as the current pessimism surrounding recent demands for Bitcoin ETF.
As mentioned earlier, Vitalik Buterin recently blogged about Twitter’s community features, citing its algorithm as an example of “crypto values” in action.
While such a feature does not directly impact the Ethereum ecosystem or the price of ETH, it does indirectly echo a future where transparent algorithms could play a bigger role in the life of every day.
Even if this scenario is still far from complete, Ethereum could one day be part of this future. Due to Elon Musk’s history with the ecosystem, it seems perfectly legitimate to expect a potential integration of one or more cryptocurrencies on Twitter / X in the more or less near future.
Regarding the price of ETH, it will most certainly register an upward movement in the coming weeks, however it will be necessary to wait for an overall recovery of the market in order to go back above the threshold of $1,800.
New altcoins with explosive growth potential on a short-term horizon
Even though ETH still commands a dominant position on the crypto landscape, its rise will almost always be relatively gradual, given the extent of its entrenchment in the market. Thus, savvy investors will not hesitate to position part of their funds in cryptocurrencies that are currently conducting pre-sale campaigns.
Historically, pre-sale projects show particularly strong returns when listing their native tokens on the ecosystem’s major trading platforms. This is precisely why we are now going to study in detail the case of Launchpad XYZ (LPX)a platform that managed to raise a record sum of $1.3 million in the space of a few weeks.
Launchpad XYZ aims to rmake the Web3 sector more accessible to all users and tradersits platform to provide them with a multitude of features such as a Web3 wallet address, a “play-to-earn” game center, a launch hub for presales, a trading terminal, information on the market sentiment, as well as an AI-powered search engine optimized for crypto trading.
It is crucial to point out that Launchpad XYZ is also developing its own DEX and its own NFT marketplace, both of which come on top of the ability to trade on a multitude of blockchains.
Launchpad XYZ has quickly positioned itself in the eyes of investors as a portal for the emerging Web3 economy, and that’s why its pre-sale campaign has been so successful in such a short period of time.
As a native token of the platform, the LPX will have real utility, giving its holders the ability to pay fees, earn rebates, and generate passive income streams through a staking mechanism.
Note that at the time of writing this article, the price of the LPX is fixed at $0.0445. If you are interested in the potential of Launchpad XYZ, feel free to visit the official project website or join the community on Twitter And Telegram.
Click here to buy LPX tokens
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice.