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The Ethereum price has plunged 1.8% in the last 24 hours to trade at $3004 as of 6:55 a.m. EST on a 24% surge in trading volume to $19.6 billion.
Despite the drop, Ryan Berckmans, a prominent member of the Ethereum community and experienced investor, describes a draft bill on stablecoins in the US as “extremely bullish” for Ethereum.
🚨New stablecoin bill draft🚨
My initial read is that the bill is extremely bullish and legitimizes Ethereum.
Disclaimer: I'm not a lawyer or regulatory expert. I read through chunks of the new bill[1] and analyzed it with GPT4. Analyze it yourself[2]
TL;DR
– Ethereum wins big…— Ryan Berckmans ryanb.eth (@ryanberckmans) April 17, 2024
Berckmans said the bill could help legitimize Ethereum because some stablecoins are minted on its platform.
The Ethereum Price Signals A Rebound On A Support Zone
Ethereum’s price has fallen from its peak at $3718 to a support level of $2956, where it’s holding steady now. Although the bulls have been trying to push the price back up, the bears have shown strength, pushing the price down again. This has created a pattern that looks like a double bottom, suggesting a potential turnaround toward a bullish trend.
ETHUSDT Analysis. Source:Tradingview.com
The Ethereum price is on the rise, bouncing back from the double bottom pattern. Right now, it’s trading below the 50 and 200 simple moving averages (SMAs), but the bulls are trying to push it past these levels to start a rally.
The relative strength index (RSI) is also showing positive signs, trending upwards from the oversold level of 30 towards the midline level of 50. If this momentum continues, the RSI could enter the overbought territory, indicating that buyers are exerting significant pressure.
Ethereum Price Bullish Targets To Reclaim $3800 High
The double-bottom pattern has given the bulls a chance to initiate a rally. The fact that the price is holding steady around the support trendline of the pattern shows that the bulls are hanging tough, giving them a chance to gather momentum and push the price back up to reach the April 9 high of $3800.
On the flip side, if the support zone starts to falter, the bears could seize control, causing the price to drop to the $2700 support level.
Investors Flock To 99Bitcoins Token: Is This The Next 100X Gem?
As the Ethereum price tries to find a solid footing, investors are turning to the 99Bitcoins presale, which has garnered almost $500k in just over a week since its launch.
🚀 $99BTC Milestone Alert! 🎉
We’ve crossed $400K in our #Presale and are thrilled to announce our entry into Stage 2. 🔥
Don’t miss out—join now before the #Token price increases in the next stage!
🔗 https://t.co/NXD7DAamqr#99Bitcoins #Crypto #Halving #BTC pic.twitter.com/ADMOlDcQZ0
— 99Bitcoins (@99BitcoinsHQ) April 17, 2024
99Bitcoins is one of the leading crypto and blockchain education platforms that is known for its ability to simplify complex Web3 issues so that even laypeople can understand them.
The platform has amassed a YouTube subscriber base of over 700,000 and now the team behind the successful project is looking to expand its offering via the launch of the 99BTC crypto token.
Through its learn-to-earn model, the 99Bitcoins platform enables users to earn crypto while building their knowledge of new and exciting concepts within the burgeoning digital asset space.
What’s more, by completing the interactive educational resources on offer, users will gain access to more content. This means that the more users learn, the more opportunities to earn they will have.
Investors can also earn an impressive passive income by staking their tokens for a 4,268% annual return.
🌟 Over 252 million $99BTC tokens are currently staked on our platform!
Don't miss out on our impressive APY of over 4000%. Stake now and earn passive rewards! 🚀
Start staking: https://t.co/NXD7DAamqr#99Bitcoins #Presale #BTC #Bitcoin pic.twitter.com/0eGEN5lgTs
— 99Bitcoins (@99BitcoinsHQ) April 18, 2024
$99BTC is priced at $0.00101 per token, but a price increase is due in less than five days.
You can buy the $99BTC token via the project’s official website here using ETH, USDT, BNB, or a bank card.
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