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Ethereum is one of the most widely embraced crypto blockchains, hosting numerous projects spanning various sectors, including DeFi, NFT, Memecoins, and more.
Today, July 21, its native coin, ETH, the second-largest cryptocurrency by market capitalization, displays a slightly bullish trend. However, ETH’s market remains true to its usual volatile nature, causing its price to fluctuate between $1890 and $1902
In light of the prevailing gloomy market outlook, investors are curious if these current gains in ETH will initiate a bullish trend.
Recent Price Action of Ethereum
Data from CoiMarketCap show that ETH has grown by 10% over the previous 30 days and by 22% over the past months.
ETH witnessed a modest increase over the last 7 days, while it also experienced a modest loss over the last 14 days, both of which were below 1%.
On July 13, 2023, the ETH price rose due to Ripple’s partial victory over the US SEC. When Judge Torres determined that XRP was not a security, the whole cryptocurrency market saw a tremendous increase in interest and value.
This bullish attitude, however, began to dissipate when some coins, including ETH, lost their momentum and began to trend in the opposite direction. Investors must monitor ETH’s daily chart as it may provide insight into what to expect in the future.
ETH is Forming a Bullish Trend
The chart above shows that ETH is trading above its 50-Day and 200-Day Simple Moving Average (SMA), representing a short and long-term bullish market for the asset.
In contrast, ETH’s Moving Average Convergence Divergence (MACD) is below the signal line, followed by red bold histogram bars. This shows that the coin’s bearish momentum is still strong.
According to the chart above, a green candle stick forms, indicating increasing buying pressure. Also, the asset’s Relative Strength Index (RSI) is at 50.66, moving through the neutral region.
Ethereum’s Support and Resistance Levels
The market situation depicted in the chart shows that ETH’s market is prone to record a bullish market by the end of today. If the asset’s buying pressure prevails, ETH may reach the $1900 level.
This could trigger positive market sentiment, driving the asset to the $2045 resistance level in the long run.
However, considering the strong bearish momentum on the MACD and histogram bars, ETH may encounter market dips, plunging to $1800.
If this happens, fear could creep in, pushing the asset’s value further to the $1721 support.
Factors Affecting the Price Changes in Ethereum
Indeed, like many other crypto assets, ETH is influenced by a wide range of external and internal factors.
Positive and negative events, macroeconomic activities, regulatory developments, news, and overall investor sentiment all shape ETH’s price movements.
For example, on July 13, ETH’s price surged to $2,003 in response to the news of Ripple’s victory against the US SEC after a three-year legal battle. This event demonstrates how significant external developments, including ETH, can impact the cryptocurrency market.
Besides external factors, specific developments within the Ethereum network can profoundly affect its adoption and drive up demand and price for ETH.
These network-related events could be technological upgrades, introducing new features, or improvements to scalability and security. However, it’s important to note that not all network-specific events may result in positive price movements for ETH.
Certain developments or occurrences could also lead to a decline in ETH prices. Investors must carefully consider the overall market conditions and network-specific news when evaluating the potential impact on ETH’s price.
Market dynamics are complex and multifaceted, and price movements are subject to a wide array of influences.
Experts’ Short- and Long-term Prediction on Ethereum (ETH)
Experts at Bitnation suggest that the current time might not be the best moment to buy ETH. They advise investors to wait for another bearish trend before considering an investment.
Regarding the year-end prediction for 2023, the analysts forecast ETH to reach a high of $3421 and a low of $2281. In 2024, the prediction indicates a high of $5323, a low of $4182, and an average price of $4752.
According to Coincodex crypto analysts, the short-term outlook for ETH is bullish, with a projected price gain of 5% before the end of July. This positive forecast is based on ETH’s price movements in the last 30 days, which recorded 14 days of price increases.
For the long-term prediction of ETH in 2024, the analysts anticipate a yearly low price of $1880 and a high price of $6335. In 2025, the forecast indicates that ETH could reach a high of $7,554 and a low of $3812.
As with all financial predictions, it’s important to remember that these forecasts are based on available data and market analysis, and the actual price movements of ETH may vary due to unforeseen events.
Investors should exercise caution and conduct their research before making any investment decisions.
Evil Pepe as an Alternative to Ethereum (ETH)
A new meme coin, Evil Pepe Coin, is built to imitate the well-known Pepe meme. It has a hooded Pepe that symbolizes the inner evil voice of cryptocurrency investors and exhorts them to spend their whole portfolio in meme currencies like $EVILPEPE.
The project has an outstanding start. In the first 24 hours of its presale, it raised over 100,000 dollars. Additionally, Evil Pepe Coin has a Twitter account with 451 followers.
Evil Pepe Coin uses hype to build demand; it has no practical use. The roadmap for the project states that it should eventually reach a market cap of $100 million.
With the aspiration of mirroring the price movements of other Pepe derivatives, such as Pepe 2.0, Saudi Pepe, Proof of Pepe, and $PEPE itself, the coin aims to chart a unique path in the crypto landscape.
Since its initial release on Uniswap, $PEPE has experienced rapid growth, achieving an impressive market cap.
Even after undergoing a correction and subsequent recovery, the token’s market cap remained substantial at $600 million, proving its potential to thrive in the industry over the long term.
Pepe 2.0 swiftly followed suit, witnessing remarkable growth after Pepe’s initial success, achieving a market cap of approximately $100 million and yielding incredible returns of nearly 45,000%.
Emulating Pepe 2.0’s achievements, the Evil Pepe Coin sets its sights on reaching an ambitious market cap, aiming for a remarkable 50x increase in its IDO (Initial Dex Offering).
How to buy Evil Pepe
The project is available to purchase on presale currently. Here’re steps on how to buy $EVILPEPE.
- Sign in to create a Crypto wallet.
Create a crypto wallet using MetaMask (it’s safe, popular, and compatible with any gadget)
- Purchase ETH or Tether
Purchase ETH or tether to swap for $EVILPEPE with your fiat, which includes credit & debit card and bank transfers.
- Visit the project’s official presale site.
Visit the evil Pepe website and link your MetaMask wallet (this is done automatically once the investor authorizes it)
- Purchase the project’s token
You can choose any amount of USDT or ETH and click ‘buy now.’
- Claim tokens after the presale
At the end of the presale, all $EVILPEPE tokens bought by investors will be distributed before the token’s ICO.
Visit the presale website again, link your MetaMask wallet, and select “Claim Tokens.”
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