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The Ethereum price dropped by a fraction of a percent in the last 24 hours to trade at $3,442 as of 00:41 a.m. EST on trading volume that surged 25% to $24 billion.
ETH fell despite the launch of Ethereum ETF (exchange-traded fund) products in the US that posted a net inflow of $107 million on their first day of trading.
ETH ETFs launched by BlackRock and Bitwise led the pack with $266 million and $204 million in net inflows, respectively.
With the anticipation of Ether ETFs launching, the Ethereum price has surged 10% in the last two weeks, soaring through a markup phase to the $3,531 resistance, according to data from GeckoTerminal.
Ethereum Price May Surge Over The Bullish Flag
After hitting the resistance zone, the ETH price then went into consolidation, forming a bullish flag pattern. The bulls are aiming to capitalize on the flag to stage a breakout above.
ETH trades slightly below the 50-day Simple Moving Average (SMA), which now acts as the next resistance at $3,454. As the token still trades above the 200-day SMA, the ETH price is set to surge above the upper boundary of the flag.
Moreover, the Relative Strength Index (RSI) is falling towards the oversold level, currently at 46, which indicates sellers are exerting pressure.
If investors continue selling, the ETH price may retrace back to the $3,315 support level, coinciding with the 200-day SMA.
According to CoinGecko’s 2024 Q2 report, the number of ETH burned was less than the ones emitted, making the Ethereum network inflationary as the burn rate fell. As an inflationary token, ETH allowed an increasing number of tokens in circulation, leading to a steady increase in coin supply.
Being inflationary, purchasing power may be declining, adding to the bearish sentiment in the short term.
However, the 50-day SMA trades above the 200-day SMA, creating a golden cross at $3,318, which further supports the bullish stance to the upside. If the bulls then capitalize on the bullish flag to propel the token, investors are currently targeting $3,628.
Meanwhile, as Ethereum aims for a rally, the new Base meme coin Base Dawgz (DAWGZ) has rocketed past $2.6 million in its presale.
🪂 2.6 MILLION 🚀
Well done big $DAWGZ! pic.twitter.com/DZQ3unZS8K
— Base Dawgz (@BaseDawgz) July 20, 2024
Base Dawgz Presale Amasses $2.6 Million – Best Meme Coin To Buy Now?
While DAWGZ calls Base its home, it brings a unique multi-chain experience that offers seamless interoperability within different blockchains, spanning Ethereum, Solana, Binance Smart Chain, and AVAX.
As a means to ensure that holders can easily soar through the decentralized world without limits, Base Dawgz leverages the latest technology in Web3, including Wormhole and Portal Bridge. This allows holders to transact seamlessly across multiple blockchain ecosystems and have unparalleled multi-chain functionality.
The token offers multiple incentives, too. Holders can stake tokens for an annual percentage yield (APY) of 1,160%. The team has set aside 20% of the total token supply for staking.
Staking $DAWGZ is the best way to make some extra cash while you wait for the presale to end 🤑
If you're chasing nirvana or an active thrill-seeker, this is for you. pic.twitter.com/ggM1ibSgZd
— Base Dawgz (@BaseDawgz) July 22, 2024
The project is also launching the “Be Social for Airdrop” campaign to reward users with points that can later be redeemed for $DAWGZ. All you have to do is engage with social media networks on X.
According to Jacob Bury, an influential crypto analyst and YouTuber, $DAWGZ can potentially surge 100X after its launch.
If you are interested in participating in the presale, you can buy DAWGZ tokens for $0.006725 each. But don’t wait too long because the price will increase in less than six days.
You can buy DAWGZ tokens on the official website here using ETH, USDT, BUSD, or USDC.
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