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Ethereum (ETH) price is practically unchanged with a mere 0.08% increase over the last 24 hours. The prospect of the approval of the first Ethereum ETF as more filers head to the SEC has done little to spark hope among ETH investors.
Big time news.
More than 10 #Ethereum ETF Futures have been applied in the past days.#Bitcoin spot ETF were also applied by the big guys.
Markets are heating up for a big bull run fueled by institutions. 🔥
— Michaël van de Poppe (@CryptoMichNL) August 4, 2023
The smart contracts token is at risk of more losses as it drops below a bearish chart pattern. Could XRP20 provide better returns for investors in 2023?
Ethereum Price Stares into Abyss As Losses To $1,700 Loom
ETH price action between July 14 and August 2 has painted a descending triangle on the daily chart. This was characterized by a series of lower highs and relatively equal lows. This showed that the market sentiment was negative, indicating a continued downtrend if Ether closed below the triangle’s horizontal line.
This happened on Wednesday when the price of the largest altcoin by market capitalization produced a daily candlestick close below the chart pattern’s x-axis at $1,845. The following support line now lies at the $1,800 psychological level.
An additional line of defense would emerge from the 200-day Simple Moving Average (SMA) at $1,785 before the price tags the technical target of the prevailing chart pattern at $1,750. This would bring the total losses to 4.3% from the current price.
ETH/USD Daily Chart
Supporting this gloomy outlook for the Ethereum price was the downward movement of both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI). The price strength at 41 suggested that the bears had taken control of the ETH price.
On the upside, bulls would have to lift Ether’s price back into the descending triangle by producing a daily candlestick close above the horizontal line at $1,845. Above that, the stiffest barrier lies within the $1,853 and $1,873 price range, embraced by the 100-day SMA and 50-day SMA, respectively.
Overcoming this barrier would confirm a bullish breakout from the triangle, with the bulls setting their eyes on the $1,945 major resistance level and, later the $2,000 psychological level.
However, investors seeking to buy Ethereum would have to wait for the altcoin to rise above the prevailing chart pattern. Meanwhile, they could turn to new cryptocurrency in presale, such as XRP20, with the potential to make 10x returns in 2023.
ETH Alternatives
The XRP20 presale has begun, providing an exclusive chance to be an early participant in this venture. It is currently among the top cryptocurrency presales offering the potential to provide handsome returns on investments in 2023. It is essential to note that this token is not associated with XRP or any Ripple Labs products, as it aims to offer an experimental and entertainment-focused experience.
In less than 20 hours after its launch, the token had amassed an impressive sum of $89,000. The presale stage aims to reach a target of $1,850,000. Presently, investors can purchase 1 XRP20 token for $0.000092.
Unlike the original XRP, which had limited utility for retail investors, XRP20 introduces on-chain staking capabilities. XRP20 is structured as a deflationary token, incorporating a buy and burn mechanism wherein 0.1% of every buy and sell transaction is directed to a burn address. Moreover, a portion of 10% of the total supply is allocated for burning, gradually reducing the token supply and enhancing its scarcity.
Visit XRP20 here for more details on how to participate in the presale.
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