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The Ethereum price pumped more than 10% over the past 24 hours to trade at $2,633.61 as of 8:35 am EST.
Investor Interest May Shift To ETH
Economist Alex Krüger, who has 163k followers on X, predicted that investor interest could soon shift from Bitcoin to Ethereum after the approval in the US yesterday of spot Bitcoin ETFs.
Fake ETF news showed $BTC upside is clearly capped until we see actual ETF inflows.
Time for $ETH to take over.
— Alex Krüger (@krugermacro) January 9, 2024
The economist said he believes that Bitcoin has reached its peak for now. As a result, he believes Ethereum will start to outperform the leading cryptocurrency on the ETH/BTC trading pair.
Given the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission, and the market’s belief that an Ether ETF may be next, Krüger is of the opinion that the ETH/BTC pair has reached its market bottom.
Adding to his outlook towards the ETH/BTC pair is the underwhelming gain Bitcoin printed after the fake ETF announcement was posted on X earlier this week, which the economist believes is a sign that BTC’s “upside is clearly capped.”
The Ethereum Price Is Making A Go At Strong Resistance
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price is attempting to overcome the $2,685 resistance level. However, bears are currently able to fend off bulls, as the altcoin leader has not been able to surpass the mark in the last 24 hours. Despite this, there is still ample buy support present, which was evident by the wick present underneath the current 4-hour candle.
If bulls are able to break above the $2,685 threshold in the next 24 hours, ETH may have the support needed to continue rising in the following few days. This could then clear a path for the Ethereum price to rise to $2,840 in the short term.
However, a rejection from the $2,685 barrier may trigger a wave of sell pressure from traders. In this alternative scenario, the Ethereum price could correct to the immediate support level, which is situated at $2,440. Continued sell pressure once ETH potentially reaches this mark could then drag it down to as low as $2,295 in the following few days.
ETH May Undergo A Brief Correction
Technical indicators on the 4-hour chart suggest that the Ethereum price has entered into overbought territory. More specifically, the Relative Strength Index (RSI) was situated at 77.81. This technical flag may lead to a temporary pull back in the Ethereum price.
Buyers did, however, still have the upper hand against sellers, as the RSI was positioned above its Simple Moving Average (SMA) line. As a result, any dip in the Ethereum price within the coming 48 hours could be seen as a liquidity building maneuver before another push to the upside. This scenario of ETH entering into another leg up will remain in play as long as the RSI line stays positioned above the SMA line on the 4-hour chart.
Another technical indicator that supports a bullish thesis is the Moving Average Convergence Divergence (MACD). The MACD line was breaking away above the MACD Signal line, which may be identified as a sign that the Ethereum price will continue to rise in the next few days, as its positive trend is still strong. However, the negative slope of the MACD Histogram demands attention as it may be the early indication of a bearish trend reversal in the near future.
While Ethereum attempts to break resistance due to a shift in investor focus, the Bitcoin derivative, Bitcoin Minetrix, is raking in investors with its innovative platform.
Investors Rush To This Platform As Bitcoin Goes Mainstream
Big News Alert! 📣#BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
Bitcoin Minetrix is an innovative Bitcoin cloud mining project that aims to address the major challenges currently plaguing the cloud mining space. Through its decentralized platform, Bitcoin Minetrix eliminates the complexities that make getting started in cloud mining difficult and risky. The project has already raised almost $8.5 million in its presale.
To start earning a passive income that is paid in BTC, investors will just need to purchase BTCMTX here. Once purchased, these tokens will need to be staked, which will generate rewards in the form of “gas” tokens. By burning these rewards, investors will be able to claim a share of Bitcoin Minetrix’s cloud mining power.
Bitcoin Is Set To Become More Scarce Very Soon
With the upcoming halving event in April, BTC’s scarcity will intensify, most likely boosting BTC’s value and the price of BTCMTX.
BTCMTX can be purchased here.
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