Ethereum Price Prediction As Bulls Defend $1,800 Level – Time To Buy? -TGN

The Ethereum price is down 1% over the past 24 hours to $1,851 amid a market-wide slip caused by fears of rate hikes.

ETH is now down 2.5% in the past seven days and 3% in the past month, even though the largest altcoin in the market is up 54% since the start of the year.

Today’s decline is likely to be short-lived as it appears to be driven by a combination of the market self-correcting after big gains and investor sentiment turning negative in the face of yet another Federal Reserve hike.

And as ETH remains one of the most fundamentally strong coins on the market, sooner or later it will grow again, aided by its increasingly deflationary tokenomics.

Ethereum Price Prediction As Bulls Defend $1,800 Level – Time To Buy?

Despite today’s declines, ETH’s chart suggests it could rebound sharply soon.

After falling to 30 overnight, the altcoin’s relative strength index (purple) has begun to rise again towards 40, a sign that the market may take the opportunity to buy it at a discount.

Similarly, ETH’s 30-day moving average (yellow) has dropped significantly below its 200-day moving average (blue), a move that will signal an uptick once it bottoms out.

But while a rebound is all but inevitable, the ETH (green) support level continues to slide downwards today, implying further price declines are likely before the coin corrects itself upwards.

It will therefore be interesting to see if ETH shields its $1,800 support, stepping lower than potentially an additional cascade of selling.

In any case, Ethereum’s fundamentals remain completely unchanged despite today’s market-wide dip, which was largely caused by the threat that the Federal Reserve will raise its base rate by another 0.25 basis points.

On the one hand, Ethereum remains the largest layer-one blockchain network by a wide margin the total value remained at $25 billionor 58% of the entire DeFi sector.

On the other hand, Ethereum tokenomics are increasingly bullish data now shows that approximately 24.6 million ETH – or 20% of the total circulating supply – is now locked up via strike.

At the same time, net ETH issuance has declined since it introduced staking and burning of base fees other data showing that supply has declined by approximately 330,000 ETH since September 2022.

This makes Ethereum bullish in terms of adoption And in terms of its growing status as hard money, something that points to long-term price increases.

As such, the market can expect ETH to return to $1,900 in the coming weeks before potentially reaching $2,500 by the end of the year.

Pre-sale tokens as promising alternatives

Since ETH may take some time to fully recover, some traders may prefer to look at newer alternatives that show more potential in terms of faster and stronger profits.

In fact, some traders are apparently already around, with a number of presale tokens proving successful in raising funding as they promise to go big once they list on exchanges.

One of the most successful presale tokens right now is Wall Street Memes (WSM), a new ERC-20 token that has already raised more than $17.5 million in presale.

Of his Twitter account now has more than 255,000 followersWall Street Memes has its roots in the meme stock movement responsible for the GameStop and AMC rallies in 2021.

The links to this community is one of the main reasons why it has been able to raise so much money so quickly, and it will probably also prove to be the main reason why it eventually becomes a successful meme token once it is listed on exchanges.

Helping to attract a strong online following is the fact that 50% of the offerings are allocated to pre-sale, with another 30% going to community rewards, encouraging greater community involvement.

New investors can participate in the presale by visiting the official Wall Street Memes website, where 1 WSM is now selling for $0.0322.

This will reach $0.0337 by the end of the sale, with WSM holders potentially sitting on big profits when the token appears on trading platforms.

Visit Wall Street Memes now

Disclaimer: Crypto is a high risk asset class. This article is for informational purposes only and does not constitute investment advice. You can lose all your capital.