Ethereum Price Prediction: ETH Defends $1650 Support – Bulls in Control?

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The Ethereum Price shows signs of a rebound, aiming to surpass the $1,650 resistance against the US Dollar. Ethereum must overcome hurdles at $1,660 and $1,700 for a sustained upward movement.

Ethereum finds itself locked in a battle to surpass the resistance hurdles at $1,660 and $1,670, with the current trading value hovering around $1,650, aligned closely with the 100-hourly Simple Moving Average. Encouragingly, the hourly chart for ETH/USD, sourced through Kraken’s data feed, shows a significant development – the breach of a bearish trend line connecting previous lows around the $1,650 mark.

This breach could mark the beginning of a more positive trend. However, Ethereum must clear the barrier at $1,660 for a substantial upward movement and pave the way for a potential ascent toward the $1,700 threshold.

Stagnant Waters: Ethereum Price Struggles to Find Momentum

Ethereum has established its position above the $1,640 mark, indicating a promising price trend. The current move suggests ETH’s intent to push for a revival, mirroring the pattern in Bitcoin, as both cryptocurrencies strive to breach the crucial resistance zone around $1,650. This synchronized effort underscores a potential resurgence in the broader cryptocurrency market.

In a noteworthy development, the hourly chart of ETH/USD revealed a significant breakthrough as it surpassed a previously constraining bearish trend line with a resistance of around $1,650.

This breakthrough sparked optimism among traders, yet the upward momentum encountered a hurdle in resistance at approximately $1,660. This level aligns closely with the 50% Fibonacci retracement level, calculated from the recent downtrend between the $1,698 peak and the $1,621 trough.

The cryptocurrency‘s bullish advance is now navigating the challenge of surmounting this resistance to extend its gains further.

Currently hovering around $1,650 and the 100-hourly Simple Moving Average, Ether is poised for potential movement. While aiming upwards, it could encounter a hurdle around the $1,660 mark, followed by more substantial resistance near $1,670, marked by the 61.8% Fib retracement level from its recent swing high at $1,698 to the low of $1,621.

If Ethereum surpasses the $1,670 resistance, its trajectory could aim for the pivotal $1,700 zone, potentially initiating a noteworthy uptick. However, ETH must establish itself above the $1,700 mark for a substantial upward momentum. In such a scenario, a further surge toward $1,780 becomes likely, with continued gains possibly propelling the price to test resistance at $1,850.

Analyzing the Potential for Another Decline in Ethereum (ETH) Prices

Ethereum is at a critical juncture as it faces a pivotal $1,660 resistance. Failure to overcome this barrier might trigger a fresh downturn. The initial support hovers around $1,640, but a breach below that could usher in a test of the $1,620 support. Should this level give way, the descent could gather momentum, potentially leading the price toward the $1,580 mark. In the near term, extended losses may expose the $1,540 threshold as Ethereum navigates a crucial phase.

Alternative to ETH

The final stages of the Wall Street Memes coin ($WSM) presale are underway, generating immense excitement in the cryptocurrency community. With an incredible accumulation of $26 million, surpassing the monumental $25 million just days ago, investor interest in $WSM has proven exceptional.

This achievement highlights the token’s popularity and solidifies its status as the standout cryptocurrency presale of the year, setting a remarkable precedent for the industry’s future endeavors.

In addition to the main event, attendees can join an airdrop giveaway, boasting 87,162 entries and a substantial prize pool of $50,000 in $WSM tokens, divided among five lucky winners.

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$WSM stands as a heartfelt homage to the anti-bank movement, embodying the enthusiasm of the Wall Street betting community. Its purpose is twofold: translating the anti-bank ethos into a tokenized manifestation and reshaping the perception of digital asset worth. Although in its inaugural token presale, the project boasts prior victories in enabling NFT mints, including the Wall St Bulls collection on OpenSea and even pioneering Bitcoin-related NFTs.

$WSM, an ERC-20 token on Ethereum, boasts a maximum cap of 2 billion tokens, ensuring controlled scarcity. Enthusiasts can partake in stakes, reaping the rewards proportionate to their stake and the Annual Percentage Yield (APY) – a dynamic incentive model empowering token holders to actively engage in the network’s growth.

Approximately 238 million $WSM tokens are staked, promising an anticipated annual percentage yield (APY) of 84%. Each block distributes 75 rewards from a pool of 1.6 billion $WSM tokens, adding a dynamic element to the token’s ecosystem. This unique program fosters both attractive stake rewards and a steady token circulation.

I just jumped in!! $WSM #WallStreetMemes @wallstmemes #presale #staking
This will be huge! Be ready! pic.twitter.com/m5LHbPs1WL

— Boolasama (@Boolasama) August 16, 2023

Countdown to the Premiere: Joining the Tier-1 Exchange Listing

In the cryptocurrency world, where innovation and potential collide, our journey as partners has taken an exciting turn. Each $WSM token has unveiled its value at approximately $0.0337, a promising start that hints at a world of possibilities.

The countdown resonates with anticipation as we await its debut on esteemed tier-1 exchanges in 29 days – a pivotal window that beckons potential investors to partake in the journey. The stability showcased during the presale phase speaks volumes about the unwavering commitment driving this project toward lasting triumph.

As we stand at the threshold of opportunity, I can’t help but feel a shared excitement for the road ahead, one paved with dedication and marked by the potential for our long-term success.

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