Ethereum at the Crossroads: As Prices Dip, Can yPredict’s AI Platform Guide Investors to Timely Buys?

Ethereum shows volatility today in its price, with an increase of over 9% in its trading volume as it seeks to recover old price levels. 

Despite price fluctuations, ETH retains its number two rank in the crypto market and remains a hub of NFTs and developers. Although ETH has remained below the $2,000 price level for a while, another rally is possible. 

Notably, ETH traded at $1862.20 on June 1, moving to $1,907.26 on June 2. However, it returned to $1892.41 on June 3, declining till it dropped to $1,752.38 on June 10, 2023. 

By June 11, ETH traded at $1,753.42 before dropping to $1,742.53 on June 12. At the time of writing today, June 13, ETH trades at $1733.63, depicting a loss of 0.19% in 24 hours. 

The trend exhibits price volatility as the bears seek to force its price down.

Technical Indicators Suggest More Dips For ETH Price 

ETH is volatile on the daily chart as the bears seek to limit its recovery. It has formed a second consecutive red candle on the daily chart, a bearish sentiment. ETH is trading below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment for the asset.

Also, its Relative Strength Index (RSI) is 37.16, close to the oversold region of 30. However, the RSI is moving sideways, hinting at a sideways trend for the asset. ETH’s Moving Average Convergence/Divergence (MACD) is below its signal line and displaying negative values.

It also confirms the bearish trend for the asset on the chart. Also, the MACD’s Histogram bars are red and at full strength, implying that the asset might dip even further.

However, ETH still trades above its 200-day SMA despite the current bearish sentiments. It is a bullish sentiment indicating a long-term price recovery for the asset. 

ETH Support And Resistance Levels 

ETH is trading close to the $1716.8 support level as the bears continue to act on its price. It met stiff resistance at the $1845.3 resistance level on June 10, forming a long red candle on the daily chart. 

Since the ETH has formed lower lows on the price charts losing its price momentum. A drop below the $1716.8 price level will see the asset rest on the $1556.9 support level. However, if it breaks above the $1845.3 resistance, it will likely re-test the $1909.6 resistance level in the long term.

Notably, the Fear and Greed Index shows fear in the market today with a value of 45. It implies that FUD levels are high and traders are sluggish. ETH will likely experience further decline till the crypto market rallies again.

Factors Influencing ETH’s Price 

Several factors could combine to influence an asset’s price. Here are the top factors.

• Crypto Regulations: Regulatory pressure can influence a token’s price. For instance, the recent allegations by the U.S. Security and Exchange Commission (SEC) labeling some tokens as securities brought a downtrend in the general crypto market.
• Utility: Ethereum is a developers’ hub and NFT leader. These activities greatly influence its token’s price keeping it valuable in the market.
• Macroeconomic Factors: Factors such as inflation, recession, and market data can influence a token’s price either positively or otherwise.
• Investors’ Sentiments: Investors ultimately decide where to put their money. If FUD levels are high, it will hurt asset prices. 

However, if the Greed Index is high, market activity will also increase prices. 

Recent Trend On Ethereum’s Network That Might Influence Its Price

Ethereum Protocol Fellowship Fourth Cohort Applications Open

Ethereum announced in a blog post that applications for the Ethereum Protocol Fellowship (EPF) are officially open. The EPF aims to support the development of Ethereum’s core protocol aiding aspiring contributors to gain vital experience.

 The EPF application will run from June 1 – 16, 2023. The fourth cohort will resume from July to November 2023 with an in-person event at the Devconnect in Istanbul, the program climax.

Also, participants will have access to mentors from the Ethereum core development community, and selected participants will receive monthly stipends to aid them during the program.

This program is specifically for developers and researchers passionate about Ethereum, its communities, and decentralized technology. It is a fully permissionless program allowing anyone to participate equally. 

According to the developers, the past cohorts unveiled outstanding participants with significant contributions to Ethereum. This event highlights Ethereum Network’s commitment to building developers and giving back to the community. 

Ethereum Foundation Ecosystem Support Program Runs Node Grant 

Ethereum’s Ecosystem Support Program (ESP) is hosting a grant to encourage the diversification of Ethereum nodes and their use cases.

The Ethereum Foundation supports proposals with innovative use, development, and proper testing of Ethereum nodes. The application opened on June 7 and will run till June 20, 2023. Node operators contribute to security, access, and network control.

Also, the Foundation stated that they are open to applications from different geographical locations. Selected applicants will receive a Dappnode sent directly to their location or a fixed sum to replace hardware costs. 

According to the announcement, it is open to individuals, teams, and institutions worldwide, while remote regions will receive preference. Also, applicants must possess a fast and stable internet connection with high data thresholds. 

Additionally, they must demonstrate technical competency, willing to run the node for at least two years, and be mandated to submit Ethereum Node Records.

The Program highlights Ethereum’s efforts in running a decentralized system with several contributors in different geographical locations worldwide. Such innovations will likely increase investors’ interest in the network leading to a price boost in the long term. 

Ethereum Alternative yPredict

As Ethereum struggles with fluctuation and uncertainty, investors can earn rewards from yPredict, an innovative crypto platform with modern features. 

YPredict is an AI-powered crypto analysis and prediction platform that enables crypto trades and enthusiasts to access vital market data and statistics for making informed trading decisions. 

It offers services such as AI signals and technical and fundamental analysis. These features position the platform as a hub of development and innovation.

YPRED is the utility token of this AI-powered platform; its presale has shown outstanding success reflecting massive investor interest in the tokens. Currently, the presales campaign is at the $2.3 million benchmark and still rising.

Notably, the project is in its presale stage 6, with the price rising from $0.07 to $0.09. The price increase serves as an avenue of reward for early investors in the presales. Also, its listing price of $0.12 will attract more investors by the end of the presale due to the paper gains. 

Moreover, yPredict’s Artificial Intelligence powered platform and user-friendly interface are unique and will attract interest from the crypto community. 

The AI recognizes over 25 distinct chart patterns making it an ideal charting tool for traders and investors.  Also, new traders can study on the platform and utilize copy trading to make money even without much experience. 

yPredict runs a decentralized governance allowing users to vote for their interests using YPRED tokens. Also, it provides a well-equipped marketplace where traders can analyze and predict the progress of a coin. 

Furthermore, its technical analysis tool backed by AI eliminates human errors. Interestingly, yPredict has provisions to encourage crypto learning through its Learn-to-Earn (L2E) strategy. Participants receive YPRED tokens as rewards.

Additionally, the project allows staking, enabling proper control of YPRED’s circulating supply which will probably boost its value.