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The Ethereum price plunged over 4% in the last 24 hours to trade at $3,293.13 as of 7:30 a.m. EST.
Despite this recent drop in the ETH price, analysts at K33 Research believe that the altcoin king could still outperform Bitcoin (BTC) in the weeks after a spot Ethereum ETF (exchange-traded fund) goes live.
These investment products are expected to launch on July 8, and are a “golden egg” for Ethereum, analysts Vetle Lunde and David Zimmerman said in a July 2 report.
The Ethereum Price Loses A Key Support
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price lost the key support at $3,362.72 in the last couple of hours. As a result, the altcoin is now at risk of plunging to the subsequent mark at $3,239.60 in the coming 24 hours. Continued sell pressure should ETH fall to this price point could then lead to the crypto falling to as low as $3,055.05 in the short term.
However, a 4-hour candle close above the recently-lost $3,362.72 price point within the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the Ethereum price might attempt to overcome a medium-term negative price channel that has emerged on its charts.
ETH breaking above this threshold might be seen as a long entry by traders. With this potential buy volume, the Ethereum price could have the backing needed to flip the $3,499.55 resistance level into support. In an extremely bullish scenario, the Ethereum price might climb to as high as $3,629.50.
Technicals Suggest The Ethereum Price Could Keep Falling
Technical indicators on ETH’s 4-hour chart suggest the crypto’s price might continue falling in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bearish signs.
The MACD line crossed below the MACD Signal line during the last 24 hours. Traders usually see this technical occurrence as a sign that a crypto has entered a negative cycle. What’s more, the gap between the two lines is growing as well, which warns that ETH’s bearish momentum is intensifying.
Meanwhile, the RSI line broke below its Simple Moving Average (SMA) line in the last 48 hours. Since this intersection between the two lines, the RSI has plummeted to 30, signaling that the Ethereum price is in oversold territory.
Although an RSI reading of 30 could be seen as a buy signal, it is not unusual for the RSI to remain this low during periods when investors are dumping a crypto.
While traders dump ETH, investors are rushing to buy Shiba Shootout (SHIBASHOOT) for potential 100x gains.
Potential To Outperform Shiba Inu
The legacy Shiba Inu (SHIB) token has generated a 20,800,000% return on investment for investors who bought the token at its all-time low, according to CoinMarketCap data.
But experts predict that Shiba Shootout (SHIBASHOOT) has the potential to outperform the older canine-themed altcoin.
Some of the main factors that have analysts excited about Shiba Shootout is the impending launch of its P2E game, as well as its high levels of utility at this early stage. Already approved on Google Play and the Apple App Store, the project’s game is expected to have a major impact on the token’s adoption and price.
There is also the Lucky Lasso Lottery, which is expected to pull in investors and crypto community members. Players will be able to use the meme coin to win big crypto prices, with a portion of the prize pool set aside for charitable initiatives as well.
In addition to the upcoming game launch and the Lucky Lasso Lottery, there is also an incredible 2,264% annual staking yield on offer to presale buyers.
With all of this combined, it is no surprise that YouTube crypto expert Michael Wrubel told his 312,000 subscribers in a recent review of the project that he has “found the next 100x Shiba Inu.”
Investors Are Rushing To Purchase SHIBASHOOT
SHIBASHOOT’s presale is off to a strong start, and has already raised more than $480,000.
Selling for $0.0194, the meme coin can be acquired via the simple buy widget embedded on the project’s website using either ETH, USDT, or bank card. Once purchased, the tokens can be staked for the 2,264% APY.
Get connected and stay informed! Join our community for the freshest updates. 🤩💯
Jump in the fun! 🚀 https://t.co/jCeu7XN9gp pic.twitter.com/UhcIS4rCBo
— shibashootout (@shibashootout) July 3, 2024
Interested investors will want to hurry because the token’s price is set to increase in about 18 hours.
Purchase and stake SHIBASHOOT here before its price increases.
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