The Ethereum price has dropped by 1% in the past hour and by 2% in the past 24 hours, as the market’s biggest altcoin continues to be affected by the delay of the Holesky testnet launch.
And while the market as a whole is down today, ETH seems to be more affected than many other major cryptocurrencies, with the altcoin also down by 1.7% in a week and by 4% in a month, at $1,591.
However, ETH also remains up by 33% since the beginning of the year, and with its fundamentals remaining as strong as ever, it’s likely to rebound in the coming days and weeks.
Ethereum Price Prediction: ETH Falls 1% Overnight – When is the Next Bounce?
It’s very arguable that ETH’s weakness right now only makes it more of a bargain, given how oversold it has been in recent weeks and months.
Its indicators continue to suggest that it’s due a rebound very soon, with its 30-day moving average (yellow) having been substantially below its 200-day average (blue) since the end of August.
Again, this signals that the coin is oversold, as does ETH’s relative strength index (purple), which is laboring around the 40 level and which has been well below 50 since the middle of August.
A more positive sign is provided by the coin’s support level (green), which has noticeably risen in the past week or so, implying that ETH has hit a bottom and should now come back up strongly soon enough.
As noted above, ETH has taken a disproportionate hit in the past few days due to the delayed launch of the Holesky testnet, which will provide improved testing capabilities and which will be instrumental in paving the way for proto-Danksharding to emerge in the more distant future.
However, Holesky is due to be up and running by September 28, a date which could easily see a recovery rally for ETH, assuming that the launch does finally go ahead.
If it does, it’s likely that ETH will return to $1,650 or higher in a matter of days.
As for the longer term, Ethereum’s fundamentals remain supremely strong, with the platform accounting for most of crypto’s total value locked in, particularly when Ethereum-based layer-two networks are included in the picture.
The Ethereum blockchain also attracts a healthy quantity of real-world adoption, as attested by PayPal’s recent foray into stablecoins, as well as Visa’s settlement trials.
For this reason, ETH can be expected to reach $1,800 by the end of the year, while a return to more bullish conditions in 2024 could see it pass $2,000 again.
Beating The Market With New Altcoins
Because ETH is an established token it may not rise as quickly as some traders would prefer, while it’s also largely reliant on overarching market sentiment and conditions.
However, traders hoping to beat the market may want to consider investing in presale tokens, which can often do very well when they list on trading platforms for the first time.
And probably the biggest presale token of the year is Wall Street Memes (WSM), an ERC-20 meme token that has raised over $25 million since opening its sale in the summer.
Wall Street Memes has its roots in the meme stocks movement that was responsible for the 2021 GameStop rally, a fact which means that it already has a large community of supporters around it.
This is a big part of the reason why its presale has outperformed the sales of most other new tokens this year, with its 276,000 Twitter followers clearly playing a big part in its growth.
As a cryptocurrency, WSM will have a total maximum supply of 2 billion, of which 50% has been reserved for the presale, with another 30% going to community rewards.
The existence of such rewards is another clear factor in WSM’s popularity, and it’s definitely something that will incentivize greater involvement and support on the part of its followers.
Yet anyone interest in joining the sale will have to act quickly, since the token offering ends in just under five days.
Investors can still buy some WSM early by checking out the official Wall Street Memes website and connecting their software wallets.
Once there, they can buy 1 WSM at $0.0337, a price which will almost certainly start looking very cheap in the not-too distant future.
Visit Wall Street Memes Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.