The price of Ethereum (ETH) recorded minor variations over the past 24 hours. At its current level of $1,750, ETH has lost 3.5% in one week and 8% in the past fortnight.
However, ETH remains up 46% year-to-date. Analysts noted that the altcoin formed a golden cross on a weekly time scale : its short-term moving average has exceeded its long-term average for the first time since 2019.
This could mean that a surge in the price of ETH is possible in the coming months, despite the lawsuits of the Securities and Exchange Commission (SEC) versus Binance And Coinbase, among others. However, the market situation could remain uncertain in the near future.
ETH’s fundamentals, however, remain among the strongest in the market. A substantial rise in price should therefore only be a matter of time.
Ethereum Price Prediction: Does the Golden Cross Signal It’s Time to Buy ETH?
On a shorter time frame, ETH technical indicators continue to show signs of weakness : The cryptocurrency is still trying to recover from last week’s massive market-wide sell-off.
ETH’s 30-day average (yellow) recently fell below its 200-day average (blue) over the weekend. It continues to fall, which means that the current slowdown is not quite over yet.
Meanwhile, the token’s Relative Strength Index (purple) remains below 50 after spending the past few days near (or below) 30. This slowdown again signals a lack of positive momentum.
The indicators can however change depending on the timeframe used to create the price chart of an asset. On a longer timeframe, ETH’s position looks more bullish.
The graphic tweeted above shows that ETH’s short-term average surpassed its long-term average for the first time in several years. This suggests that the altcoin is at the very beginning of a new bullish cycle.
Of course, given the regulatory upheavals currently impacting the market, the actual triggering of this new cycle could take several months.
This means that investors currently have the option to buy ETH at a discount before the altcoin experiences a period of sustained gains.
And based on the fundamentals of ETH, a substantial rise in the price is foreseeable in the not too distant future.
On the one hand, it was interesting to see that unlike a lot of other altcoins, ETH did not qualify as a security in SEC complaints against Coinbase and Binance.
This potentially paves the way (and rules out any regulatory intrusion) for ETH to rise.
First of all, the introduction of staking withdrawals led to a sharp increase in ETH locked in smart contracts. These withdrawals from circulating supply increase demand.
Second, Ethereum continues attract more mainstream use and adoption compared to competing platforms. The attention of the SEC will only amplify in the future.
This includes Societe Generale using Ethereum for its own euro-based stablecoin. Visa also tests USDC payments on the Ethereum blockchain.
As such, ETH is in a strong position to recover lost ground once the dust settles regarding the latest SEC actions.
From its current price of $1,750, it could easily rise to $2,000 in the second half.
And if the altcoin is indeed at the start of a new bullish cycle, late 2023 and early 2024 could see it surge towards $3,000.
Buy Ethereum now
Pre-sale tokens for faster profit
As likely as Ethereum’s next bull run is, holders may be waiting a while before they find themselves with significant profits.
As such, traders may find it desirable to diversify their portfolios into new altcoins that have the potential to make quick gains. Pre-sale tokens, which can see a significant upside after listing on exchanges – are the most suitable for such a strategy.
A particularly popular pre-sale token right now is ecoterra, a platform “ recycle-to-earn based on Ethereum which has raised over $5 million.
Its launch is planned for the second half of this year.. The ecoterra platform will reward users for recycling their household waste at participating points.
Users will receive ECOTERRA tokens for recycling, which could greatly incentivize greener behaviors and lifestyles.
Additionally, ecoterra’s platform will reward users for producing their own green energy. It will also provide NFT-based carbon offsets.
These offsets will be tradable on ecoterra’s own NFT marketwhich will further promote eco-responsible behavior.
So, unlike some tokens that still have a bad environmental reputation, ecoterra aims to stand out by focusing more on green issues within the crypto.
This explains why an increasing number of people have joined the ECOTERRA presale. New investors can participate by going to the official ecoterra website and connecting their software wallets.
1 ECOTERRA currently costs $0.00925, although it will drop to $0.01 in just over 15 days. This gives investors a limited time to buy the token at the cheapest possible price.
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.