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The Ethereum price is up 5% in the last 24 hours to trade for $3,490 as of 3:30 a.m. EST time.
Trading volume is also up almost 120% pointing to increased interest in the ETH token. This comes on the back of a budding bull market, with the Bitcoin price also on a tear after nicking the $64,000 milestone on Wednesday.
The Ethereum price has followed BTC in the explosion, breaking above the upper boundary of the ascending parallel channel. Interestingly, while BTC retracted, the Ethereum price is still northbound and is now at par with BTC at 5% gains on the day.
Similar to Bitcoin just a few weeks ago, #ETH is now testing the last major resistance zone before all time highs: pic.twitter.com/TDiipEUx8n
— Matthew Hyland (@MatthewHyland_) February 29, 2024
Ethereum Price Outlook As ETH Holds Above $3,400
The Ethereum price is trading with a bullish bias, with the potential for more gains. This is seen with the northbound trajectory of the Relative Strength Index (RSI), pointing to rising momentum. Increased buying pressure could see ETH fill the market range at $3,587, levels last tested on April 5, 2022. In a highly bullish case, the gains could see the Ethereum price extrapolate the gains to the $3,500 milestone.
The histogram bars of the Moving Average Convergence Divergence (MACD) and the Awesome Oscillator (AO) are also green-soaked. This suggests a strong presence of the bulls in the ETH market. The position of the MACD indicator above its signal line (orange band) also strengthens the bullish case.
TradingView: ETH/USDT 10day chart
On the flip side, profit booking could cut the rally short, causing the Ethereum price to fall back below the 78.6% Fibonacci retracement level of $3,010. An extended fall could see it lose the $2,905 support, or in a dire case, extrapolate to the most important Fibonacci level of 61.8% retracement level of $2,557. For the bullish thesis to be invalidated, however, the Ethereum price must descend to the 50% Fibonacci level of $2,238 and flip it into a resistance.
It is worth noting that ETH is already massively overbought, seen with the position of the RSI above 70, at 86. With this, the price is at high risk of a correction. Investors should exercise caution and not succumb to greed inspired by the fear of missing out (FOMO).
Meanwhile, investors looking for exponential upside potential who have the stomach for greater risk are considering presales such as that for the TUK token, the native crypto of the eTukTuk ecosystem. According to analysts, TUK is among the best crypto ICOs of 2024.
Promising Alternative To Ethereum
eTuktuk is the AI-integrated, eco-friendly future of transportation, which allows you to invest and earn right away. The project provides entry into a sustainable transportation revolution with its green $TUK token presale. It also ranks among the most recommended choices for the best penny cryptos in 2024.
"eTukTuk is one of the most creatively revolutionary projects to enter the EV sector in a long while. Although there are many EV projects, few align with the reality of people living in developing economies." – @CoinGapeMedia
Read more here:https://t.co/ZfqdSLkbG7
— eTukTuk (@eTukTukio) February 6, 2024
eTukTuk is an innovative cryptocurrency project committed to helping Tuk-Tuk drivers in less developed countries in South Asia and Africa use less energy. Governments in Asia and Africa are embarking on ambitious electric vehicle adoption goals over the next two decades and eTukTuk could be well-positioned to play a crucial role in driving this transition.
1/ Witness the groundbreaking transformation of Jammu's public transport!@TataMotors, India's vehicle giant, has just rolled out a fleet of Ultra EV air-conditioned electric buses for Jammu Smart City 🧵⚡ pic.twitter.com/TUAwJHlMaz
— eTukTuk (@eTukTukio) February 1, 2024
Developing economies are the project’s main target, where it will leverage the $TUK token to networks of Electric Vehicle Charging Stations (EVSEs).
Investors can capitalize on eTukTuk’s staking mechanism, which offers a 154% annual percentage yields (APY). Users will get 4.75 $TUK for each BSC block in $TUK token incentives. Rewards will be payable over three years and are determined by your share of the staking pool and annual returns percentage.
Funds raised for TUK just soared past past $1.527 million as it races towards its $1.655 million target. TUK is selling for $0.0275 with a price increase coming in about eight days. So, if you are interested, act soon to secure the best price.
Also Read:
- Green AI Revolution in Web3 – Here’s How You Can Seize the 100X Opportunity With eTukTuk
- eTukTuk (TUK) Storming Into 2024 With Massive Funding, Learn Why Here
- eTukTuk Strives to Bring Sustainable Transport to Developing Nations With Its Innovative Three-Wheeler EV and Charging Infrastructure
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