Ethereum Price Prediction: As ETH Rises, Will Chimpzee Token Offer More Stability?

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Ethereum (ETH) price has maintained a relatively steady position around the $1,850 range, displaying a lack of significant movement. The second largest crypto by market capitalization rallied 2.76% on Tuesday to highs of $1,876.

At the time of writing, ETH was trading at $1,849, down $0.52% on the day and it remained basically unchanged over the last seven days. Nonetheless, insights from on-chain data reveal an ongoing trend of whale addresses accumulating ETH, which is a potential recovery trigger.

According to data from Santiment, an on-chain and market data analysis firm, Ether has experienced an increase in the size of the top 10 largest addresses over the last 5 years. These addresses now hold 11.2% to now 34.6% of all ETH tokens currently in circulation. The added amount of 27.86 million ETH is worth about $51.6 billion, at current rates.

📈 #Ethereum has been seeing its top 10 addresses expand and accumulate more and more of the total available coin supply. In 5 years, the top 10 largest addresses have gone from owning 11.2% to now 34.6% of $ETH. The 27.86M $ETH added is worth $51.6B. 😮 https://t.co/utI8W6DkRX pic.twitter.com/klgb7pus7K

— Santiment (@santimentfeed) August 9, 2023

Ethereum Price Needs To Reclaim the 50-day SMA to Secure the Uptrend

After setting a swing high at $2,028 in mid-July, ETH price embarked on a downtrend that saw its price drop 11.2% to $1,800. This downturn saw Ethereum lose key support levels including the 50-day and 100-day Simple Moving Averages (SMAs) flipping them into resistance.

At press time, the bulls were fighting to keep the price above the 100-day SMA at $1,852. If they succeed, Ethereum price will be bolstered to move higher with the first barrier arising from the 50-day SMA at $1,880.

Additional hurdles arise from the 61.8% Fibonacci retracement level at $1,887, the 50% level at $1,914, and the 23.6% extension level at $1,974. Above that, supply zones to watch are the $2,000 psychological level and the $2,028.

ETH/USD Daily Chart

Ethereum Price Chart - August 10 — TradingView Chart: ETH/USD

This bullish outlook for Ethereum was supported by the upward trajectory displayed by the Stochastic RSI. The price strength at 78 suggested that the ETH price was firmly in the hands of the buyers.

In addition, the bullish SuperTrend indicator added credence to the smart contracts token’s positive outlook. Note that this trend-following indicator had reversed from red to green and moved below the price on Jun 21. Since the SuperTrend indicator was still trailing the price, it was an indication that the market conditions still favored the upside.

On the downside, the Stochastic RSI painted near overbought conditions meaning the ongoing trend reversal could continue as profit-booking sets in. If this happens, Ethereum price could produce a clear daily candlestick close below the 100-day SMA with the first line of defense emerging from the $1,800 support floor.

Other key levels to watch on the downside are the 200-day SMA at $1,790, the SuperTrend’s green line at $1,769, and the 123.6% Fibonacci retracement level at $1,747.

Investors seeking to buy Ethereum have to wait for a decisive close above the 50-day SMA at $1,880. Before this happens, they may turn to new cryptocurrency in presale such as Chimpzee (CHMPZ) which are offering better opportunities for investors to make good returns on their investments.

ETH Alternatives

Since the launch of its presale, the CHMPZ token has encountered remarkable triumph, rapidly hitting important milestones.

Now entering its 9th presale stage, the project has garnered an outstanding $1.143 million in funds, exceeding its original projections.

The Chimpzee team is elated by attaining the ambitious $1 million goal. They have organized an enjoyable event, allowing participants to acquire complementary CHMPZ tokens. By participating, you could potentially receive up to 10 million tokens.

🥳👏Congratulations to everyone that took advantage of the free airdrop tokens to celebrate us reaching the 1 million milestone!

Now you can work together to burn an extra 10 BILLION tokens from the supply!

Find out more here⬇️https://t.co/kkiKbvzV94 pic.twitter.com/KvQoJuFC9B

— Official Chimpzee Project (@RealChimpzee) August 9, 2023

CHMPZ tokens are available for purchase at a rate of $0.00085, a prospect that holds promise for potential investors. With just 9 days remaining until the end of stage 9, the value is anticipated to rise to $0.00095, and this upward trajectory is projected to continue until it reaches its apex price of $0.00185 when it will be listed on major exchanges.

Participating in Chimpzee and obtaining CHMPZ tokens is a straightforward process. Visit the Chimpzee website and connect your wallet to effortlessly exchange your USDT or ETH for CHMPZ tokens, or conveniently make direct purchases using your bank card.