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The Ethereum price dropped by nearly 3% in the last 24 hours to trade at $2,473 as of 4:30 a.m., while its trading volume jumped almost 14% to $11.8 billion.
The ETH price is also down by 5% on a weekly basis, and it’s risen 10% in a month thanks to the gains seen around January 10.
While the coin’s price performance closely mirrors that of Bitcoin in the last 24 hours, there might be another reason why ETH is struggling — the fact that the US Securities and Exchange Commission delayed its decision on the Fidelity Ethereum ETF.
Only a week after approving multiple Bitcoin spot ETFs, a Thursday filing said that a decision on the ETH ETF is postponed, with the new deadline being March 5.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said.
Ethereum Price Prognosis
Ethereum’s price has been experiencing a decline in the last two days, which caused it to exit the previously positive price trajectory.
Instead, the coin revisited its support at $2,440. However, the support is still quite strong, and despite the bears’ efforts to break the support, it has not happened yet, as they failed to sustain a 4-hour candle closure under it.
On the other hand, the bulls have struggled to push the coin up as well, although many remain optimistic, expecting the price to recover to $2,685 in days to come. If they are successful, and the price manages to go beyond this level, experts believe that ETH might approach the resistance at $2,840.
Ethereum’s Bollinger bands are currently relatively narrow, although not as much as they used to be yesterday, January 18. In fact, there has been a widening that has allowed the price to start seeing a careful recovery, as mentioned.
Meanwhile, the coin’s RSI score sits at 54.02, currently in the neutral area. Its arrival to this level comes after the score went deep into the oversold territory, suggesting that the coin may either experience stability over the next few days, or that it may grow, depending on the buyers’ behavior.
If the coin starts seeing growth, as expected, there is plenty of room left — more than enough for ETH to climb up to the resistance at $2,840. But, with that said, the weekends are typically periods of stability, so it might be that ETH won’t make its move before Monday.
In any case, it appears that ETH might see a price surge over the next several days, so traders seeking opportunities might want to keep an eye on its short-term performance.
Promising Alternative to Ethereum
While Ethereum may soon see a strong price increase, an even greater one is expected from a new, upcoming project called Meme Kombat (MK).
This is a project that came up with a new, innovative platform dedicated to gaming and betting enthusiasts, where it organizes meme battles for its users to bet on.
However, the platform also offers staking for those who prefer a more passive approach with lower risk. Staking is available even now, while the project’s presale is still ongoing, with 133% APY.
Speaking of Meme Kombat’s presale, it’s raised over $7.11 million since it launched, with its MK token currently selling for $0.279 per token.
We've achieved an incredible milestone with $7 million raised in the $MK presale! 🎉
Congratulations, everyone! Now, let's rally together to reach $8 million and bring us even closer to our goal! 🚀🤩 pic.twitter.com/mh0yb8A0Pk
— Meme Kombat (@Meme_Kombat) January 18, 2024
Users can obtain MK in exchange for Ether (ETH) or Tether (USDT).
The demand for the platform’s betting and staking is massive, and meme coins have historically seen excellent performance in the last few years.
If you want to participate in the MK presale visit here.
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