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The Ethereum price rose over 1% in the last 24 hours to trade at $3,240 as of 02:28 a.m. EST on trading volume that jumped 2% to $27.4 billion.
ETH currently finds itself in a tug-of-war between bulls and bears, hovering below the critical $3,572 threshold.
Ethereum Price Indicators Suggest A Consolidation Phase With Signs Of A Breakout
Over the past year, the ETH price showed strong bullish momentum, rallying to a peak above $4,000 in mid-2024 before facing significant resistance and retracing.
The price has since entered a consolidation phase, oscillating between the $3,023 support level and the $3,542 resistance level. These levels are now acting as key zones of interest for traders, according to data from GeckoTerminal.
The 200-day Simple Moving Average (SMA) at $2,979.69 has provided solid support during recent pullbacks, confirming it as a critical long-term support level. Meanwhile, the 50-day SMA at $3,555.82 is acting as resistance, keeping Ethereum in a tight trading range.
Meanwhile, the Relative Strength Index (RSI) is currently at 49.01, indicating neutral conditions. This suggests a balance between buying and selling pressure, with no clear overbought or oversold signals.
The Moving Average Convergence Divergence (MACD) line (blue) is slightly below the signal line (orange), with a negative histogram. This indicates mild bearish momentum in the short term, though the MACD lines might cross soon to indicate that there has been a shift in momentum back in bulls’ favor.
ETH Price Gearing Up Towards A Breakout
Given the current technical setup, Ethereum is in a decisive zone where it could either resume its uptrend or face further consolidation.
A breakout above the $3,555.82 resistance (50-day SMA) could lead to a retest of the $4,000 psychological level. Sustained buying pressure and increased volume would support this move.
If Ethereum fails to hold the $3,200 support level, it may revisit the 200-day SMA at $2,979.69. A break below this critical support could signal a deeper correction toward $2,800.
While traders closely monitor this key level for signs of a breakout, investors’ attention is shifting to an intriguing new player in the market, a world-first meme coin index offering an eye-catching 929% staking APY called Meme Index (MEMEX).
According to crypto analyst and YouTuber Jacob Bury, who has over 53.9k subscribers, MEMEX has the potential to be the next 10x crypto.
Meme Index Raises Over $2.4 Million In Less Than A Month—Next Crypto To Explode?
The Meme Index presale continues to gain traction in the meme coins sector, with the project now garnering over $2.4 million.
By offering exposure to multiple meme coin indexes, the Meme Index allows investors to spread risk while maximizing potential meme coin returns. Its native token, MEMEX, serves as the gateway to these indexes, catering to various risk appetites—from moderate to high risk.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
Meme Index offers investors four indexes tailored to their risk profiles and investment strategies: Meme Titan, Moonshot, Midcap, and Meme Frenzy.
Each basket caters to varying risk appetites, from relatively safer options like the Meme Titan basket to the highest-risk Meme Frenzy basket, which features emerging and highly volatile meme coins for those seeking a thrilling investment experience with potentially huge rewards.
MEMEX holders can also participate in its presale staking pool, which currently provides a stratospheric annual yield of 929%.
To participate in the presale, you can purchase MEMEX tokens on the official website for just $0.0152852.
Buy MEMEX here and lock in the best deal before the meme coin’s price increases in 19 hours.
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