Ethereum ETH Future Gaze: Prepares to Propel 80% Upward

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Despite today’s price downtime triggered by the general market decline, Ethereum (ETH) has created excitement with strong indications for a potential 80% price surge.

This potential surge has captured the interest of investors and is fueling a sense of optimism for Ethereum’s future price trajectory.

Ethereum Price Trends

Since reaching the $2,143 price mark in April, its highest value in 2023, Ether has plunged about 16%. At 4:53 am EST on August 17, the price of ETH is down by over 1% and is trading at $1.792.61.

The price has dropped by 3% in the last seven days and is down 5% in the previous 30 days. Despite the bearish price outlook for ETH today, trading activity witnessed a significant surge as the trading volume increased by over 15% in the last 24 hours.

Technical indicators on ETH Daily chart

As illustrated on the chart, the price of ETH is trading below both the 200-Day and 50-Day simple moving averages SMA, indicating prevailing bearish momentum. The 50-Day SMA is acting as a resistance to the price of ETH, a possible flip above it could mean that buyers would temporarily dominate the marketplace.

The Moving Average Convergence/Divergence is below the signal line with red histogram bars, denoting a bearish market sentiment.

The Relative Strength Index of 33.72 suggests that ETH is heading to the oversold zone. A possible rebound could occur if the price crosses this level, indicating the seller’s exhaustion to push the asset’s price much lower.

A combination of the following indicators points towards a short-bearing market outlook. But market experts and observers are bullish on ETH’s long-term price trajectory.

However, investors and traders should exercise caution as depending solely on these indicators before making trade decisions is not advisable.

Factors That Could Affect ETH Price Performance

In a recent development, Valkyrie, an asset management company, has formally requested approval from the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) based on Ethereum (ETH) futures.

The submission, made on August 16, demonstrates Valkyrie’s ambition to broaden its investment options, extending beyond its existing Bitcoin (BTC) futures ETF.

The ETF’s plan involves not investing directly in ETH but acquiring various ETH futures contracts. In the decentralized network of Ethereum, individuals commonly utilize ETH, the native digital currency, for facilitating person-to-person transactions.

Significantly, Valkyrie is part of a group of prominent asset management firms vying for SEC approval on an Ethereum futures ETF accessible to U.S. investors. This consortium includes names like Grayscale, VanEck, Bitwise, Volatility Shares, ProShares, and Round Hill Capital.

Valkyrie’s Ethereum futures ETF filing with the SEC introduces a new dimension to the market. It could attract institutional and retail investors seeking exposure to Ethereum if approved.

This heightened demand may positively impact Ethereum’s price by increasing trading volume and market interest.

Sonik, the Next Crypto Moonshot

Sonik Coin ($SONIK) is a fresh meme token driven by its community that aims to swiftly rise as a leading player in its category within the meme coin realm.

With an ongoing equitable presale and attractive staking incentives, Sonik Coin $SONIK adds a lively and humorous dimension to the meme coin landscape.

Inspired by the achievements of similar cryptocurrencies with modest market caps, many initial presale contributors believe that Sonik Coin has the potential to follow a similar trajectory.

Tokenomics and Features

Sonik Coin (SONIK) boasts a complete token supply of 299,792,458,000 units, a nod to the velocity of light in meters per second.

Half of these tokens are designated for the presale, while 40% are reserved for staking incentives. The remaining 10% is allocated to sustain exchange liquidity, with its Initial DEX Offering (IDO) scheduled on Uniswap once the presale wraps up.

Sonik Coin has dedicated 40% of its token supply to staking incentives aimed at $SONIK holders. This staking mechanism provides the meme coin with a practical purpose beyond speculative trading.

By staking their $SONIK tokens, owners can gain significant APY returns. As indicated on Sonik Coin’s official site, the current staking APY exceeds 4,300%, with around 555 million $SONIK tokens already in staking.

More than a mere source of passive earnings, Sonik Coin’s staking framework is designed to encourage extended retention of $SONIK tokens, consequently fostering stability in its value. This distinctive staking model stands out within the meme coin realm, typically inundated with tokens needing more practical applications.

By engaging in $SONIK staking, holders actively contribute to the development team’s objectives, granting them a tangible role beyond mere token transactions. This approach underscores the project’s strong emphasis on community involvement and empowerment.

Sonik Presale Garners Massive Investor Attention

The public presale stage of Sonik Coin has commenced, with 150 billion $SONIK tokens, constituting 50% of the total 300 billion supply, set aside for initial investors.

Priced at a modest $0.000014, these $SONIK tokens offer meme coin enthusiasts the opportunity to participate in the project’s development before its debut on a decentralized exchange (DEX) post-presale.

Right from the start, the founders of Sonik Coin have prioritized a community-focused approach, opting out of private funding rounds.

The team so far has raised an impressive $73.9K with a limited cap of $2 million; interested investors can acquire $SONIK by visiting the official token site using either $ETH or $USDT.

Once the presale hard cap is achieved, the $SONIK token will debut on Uniswap, the global leader among decentralized exchanges.

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