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The Ethereum price has dropped 1% in the last 24 hours to trade at $3,332 as of 4.30 a.m. EST on trading volume that plunged 20% to $13.7 billion.
Despite this being an important moment for the project, which celebrates its 9th birthday today, Ethereum succumbed to the bearish influence even as it shows signs of recovery.
The hype surrounding the anniversary of its launch has inspired crypto users to start buying, but the world’s largest altcoin is finding it difficult to trade against the market, which currently is suffering a bearish wave.
Ethereum Price Prediction
The Ethereum price has struggled to grow lately, and in fact, it even saw major drops following the weekend surge. However, whether it is Ethereum’s birthday or the start of the next minor rally, it appears that ETH could see another surge very soon. The project previously encountered a strong resistance at $3,400, which sent it down to a support at $3,250. However, the project has started a recovery, and several technical indicators suggest that its growth could continue.
For example, Ethereum’s Bollinger bands have started to widen once again, and while the upper band was initially pushed up by the price, ETH seemingly encountered another resistance at $3,325. Right now, its price remains below this level, but the upper band has continued to go up, which is still a positive sign.
Meanwhile, Ethereum’s Relative Strength Index (RSI) value has managed to climb from the oversold zone to neutral, and then continue its climb toward the overbought area. Right now, it is not yet there, and there remains room for further growth, which is why many might yet join and help push the price beyond its current resistance.
The coin’s birthday could also act as a positive factor to be included in the fundamental analysis, meaning that ETH will almost certainly see its price go further up before the next correction hits. Just how far it can go still remains to be seen, especially if the rally expands to include the rest of the crypto market.
Of course, traders should still keep in mind that crypto volatility remains as strong as ever and that there are no certainties. The market could easily turn around at any moment, so keep a close eye to its performance and technical indicators to avoid losses.
Promising Alternative to Ethereum
While Ethereum’s birthday could be the catalyst the coin needs to recover, there are cryptos around with stronger momentum behind them. One to consider is Pepe Unchained (PEPU), a presale that’s just stormed past $6.5 million in funds raised.
PEPU is a new meme coin inspired by the the original Pepe (PEPE), which is currently the third-largest meme coin by market cap.
But Pepe Unchained has an important advantage over Pepe, as well as every other Pepe clone in the industry, and that is the fact that it has its own blockchain.
The project’s developers have launched a Layer-2 chain on top of Ethereum’s network, which gives PEPU all the benefits of ETH, without any of its downsides.
The project still enjoys Ethereum’s security, but it managed to “unchain” itself from the limitations, such as slow transaction speeds, high fees, and the lack of scalability.
In fact, speed and low cost of transactions are its greatest strengths, which is what makes it different and better than the alternatives.
Chain after chain is broken! 🐸⛓️
Pepe has raised $6M! The revolution continues! pic.twitter.com/555bPCkWdE
— Pepe Unchained (@pepe_unchained) July 28, 2024
Popular crypto YouTube channel 99Bitcoins, which has over 706k subscribers, recently reported that even whales are rushing to get into Pepe Unchained. One whale recently gobbled up PEPU tokens worth $200k, it noted.
Right now, the project is selling its PEPU token for $0.0088044. That price will remain in place for less than another 2 days, so buy soon if you are interested.
Visit the official PEPU website here.
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