Ethereum Price Prediction: As Coinbase Urges Approval Of Graycale’s Ethereum ETF And Kraken Sees A Potential New ETH Breakout, Experts Say This Solana Meme Coin Is Among The Best Cryptos To Buy Now

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Ethereum price
Ethereum price

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The Ethereum price is up almost 3% in the last 24 hours to trade for $2,992 as of 6:30 a.m. EST time.

However, trading volume has dropped 10%, coming on the back of the uncertainty seen in the Bitcoin price. With this, the market is in a state of caution as investors await the next directional bias.

Meanwhile, US-based cryptocurrency exchange Coinbase is calling for the approval of Grayscale’s proposed Ethereum ETF (exchange-traded fund).

The news follows a report by Coinbase Chief Legal Officer Paul Grewal, revealing that the trading platform had responded to the U.S. Securities and Exchange Commission (SEC), requesting approval of Grayscale’s Ethereum spot ETF listing application.

Elsewhere, a technical analysis by Kraken OTC says it sees a potential new breakout in the Ethereum price. The analysis is based on the fact that the second-largest cryptocurrency by market capitalization has broken out of an “ascending triangle” price pattern. With this, the analyst forecasts a path to a new record high of $5,200.

Ethereum Price Prediction As Kraken OTC Forecasts A New All-Time High

The Ethereum price is testing a formidable roadblock, the $3,000 psychological level. An extended push north could see the Proof-of-Stake (PoS) token reclaim the Tuesday intra-day high of $3,033. Clearing this peak could open the expanse for the largest altcoin on market cap metrics to extend north.

To reach Kraken’s $5,200 target, however, the Ethereum price must make a 75% climb above current levels.

It is worth mentioning that the Relative Strength Index (RSI) is deviating to the north, and in so doing, sidestepping a sell signal that that would have otherwise been executed had it crossed below the signal line (yellow band). Its inclination to the north points to rising momentum.

In addition, the Moving Average Convergence Divergence (MACD) is also moving above its signal line, with green histogram bars in positive territory. This adds credence to the bullish thesis.

Ethereum price

TradingView: ETH/USDT 1-day chart

However, the Ethereum price is at high risk of a correction, seeing as the RSI is above the 70 threshold. The histogram bars of the MACD are also fading, steadily losing their green feel as they progressively edge toward negative territory.

If the bulls give in, the bears could take control of the ETH market, sending the Ethereum price south. Such a directional bias could send Ether below the $2,874 support level. Below this buyer congestion level, the PoS token’s price could slip below the centerline of the ascending parallel channel at $2,770, or in a dire case, extend a leg south to flip the $2,689 support into a resistance.

While Ethereum is in a high-risk state, consider diversifying your portfolio with Smog, which experts say is among the best cryptos to buy now.

https://www.youtube.com/watch?v=D6AAKJqb3FU&pp=ygUEc21vZw%3D%3D

Smog is a Solana meme coin that’s competing with heavyweights like Bonk, WIF and Myro and is ranked among the best penny cryptos to invest in 2024.

Promising Alternative To Ethereum

Since its debut, Smog has garnered a substantial amount of interest from investors. This has not only led to its price soaring but has also elevated its market cap of over $50 million. This has earned it a place among the top 20 list of the biggest meme coins in terms of market cap. Now, it stands alongside Dogecoin (DOGE), Shiba Inu (SHIB), Pepe the Frog (PEPE), and Bonk (BONK).

Among the key drivers for the success of the project is the upcoming airdrop. According to Smog, the airdrop will be the biggest event of its kind the crypto market has ever seen.  Although no specific details regarding the event have been released, the project’s tokenomics shows that 35% of the token’s supply has been set aside for airdrop events.

The two-week-old token boasts a value surge of more than 4,000% since launch.

Smog brings forth a different kind of airdrop, featuring a gaming element in the mix. As opposed to a typical token distribution, investors will also have the opportunity to earn their share of the distributed tokens.

To do this, investors will need to complete quests listed on Smog’s Zealy campaign, which will reward participants with points. The more points one is able to earn, the bigger their share of the airdrop will be.

The Smog token is currently available for a 10% discount on the market price, so if you are interested, act quickly to lock in the lower price before the offer ends. Token holders can also stake their SMOG for annual rewards as high as 42% APY.

Visit and buy Smog here.

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