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The Ethereum price surged 8% in the last 24 hours to trade at $3,404 as of 4.30 a.m. EST on trading volume that soared 42% to $64.01 billion.
The crypto industry’s second-largest cryptocurrency skyrocketed 40% in the last week, with its price going from $2,440 just before the US election triggered a rally to the current $3,404.
The biggest altcoin’s impressive rally led Tron founder Justin Sun to cash out a chunk of his ETH holdings. Reports say that Sun transferred 19,000 ETH, which was worth around $60.83 million at the time, to the crypto exchange HTX.
At the time, the transfer caused Ethereum’s price to see a slight rejection from a resistance at $3,250, which stopped its progression briefly, but ETH quickly bounced back as the bulls were not discouraged by Sun’s move.
Instead, the coin kept going up today, November 12, which led it to its current price. Still, ETH has quite a way to go to reach even its previous records from earlier this year, as it climbed beyond the $4k mark in March.
Meanwhile, its ATH is still at $4,891, unchallenged from November 2021, leaving ETH quite a lot of potential for further growth.
Ethereum Price Prediction
Ethereum price is still battling the resistance at $2,400 at the time of writing, as this level ended up being quite difficult for it to break.
The project’s technical indicators reflect this struggle, but maybe they can also show what might happen next. For example, the coin’s Bollinger bands are seeing another widening, but the price has separated itself from the upper band, and is now balancing between it and the middle point between the two lines.
This suggests that the overall sentiment is still bullish, but there is some hesitance among the buyers, who are unsure how far the price will go before it starts correcting.
The project’s Relative Strength Index (RSI) suggests this too, with the metric dropping as soon as it touched the value of 70, only for it to slow down as it started approaching the neutral zone at 50.
This suggests that the traders believe a correction is coming, and are following technical indicators very closely to ensure they won’t suffer losses when the drop begins. With the RSI now at the neutral zone, traders could push it in either direction. FOMO could kick in and push the price further down, which is a high possibility, given the fact that even Bitcoin’s price is correcting right now, and it is suffering a rejection from the value of $90k.
Still a dominant coin, BTC will likely dictate even Ethereum’s behavior in the hours to come. Fortunately, there are alternatives that are currently resistant to market volatility.
Promising Alternative To Ethereum
With the market riding a frothy high and some investors already taking profits, this might be a good time to look toward alternatives options like Crypto All-Stars (STARS), an innovative new meme coin staking platform that is still in presale and thus has all its potential upside ahead.
This is a new meme coin project that’s created a new type of smart contract for staking, known as MemeVault.
Unlike regular staking contracts, MemeVault lets you stake 11 major meme coins, which are Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi The Cat, Coq Inu, and Bonk. More options are to be added in the months ahead.
Some analysts even say STARS has the potential to become the heart of meme coin staking.
ClayBro, a crypto YouTuber with over 131k subscribers, says Crypto All-Stars has the potential to 20x after launch.
STARS tokens are on sale for $0.0015618 and can be bought with ETH, USDT, BNB, DOGE, PEPE, FLOKI, SHIB, or credit/debit cards.
If you plan to join a project that’s already raised more than $3.45 million, buy before a price hike in less than 3 days.
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