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The Ethereum price has dropped 4.1% in the last 24 hours to trade at $2,574 as of 4:40 a.m. EST on trading volume that skyrocketed 76% to $15.9 billion.
The second-largest cryptocurrency is still in the green on the weekly timeframe, currently sitting about 10% higher compared to last Monday. However, its price dropped after trying to go beyond $2.7K over the weekend, as the resistance proved to be too strong.
Another important development for the project concerns its transaction fees, which were recently recorded at a five-year low. The fees plummeted amidst layer-2 network growth, according to recent reports.
What this means is that L2 networks are seeing increased activity, thus reducing the burden on the main Ethereum blockchain, and as a result, the chain is not as overclogged as before. Since the high fees are the result of too much traffic and long waiting times, reducing the amount of transactions going through the main blockchain automatically reduces the fees.
Meanwhile, layer-2 networks are typically faster, cheaper, and more scalable, so developers have a good reason to opt to launch their new projects on L2 networks rather than Ethereum’s L1 chain.
Ethereum Price Prediction
The Ethereum price dropped in the last 24 hours, but a Bitcoin-led recovery has seemingly started. ETH surged by about 2% in the last few hours, only to encounter a new resistance at $2,600.
According to the coin’s Bollinger Bands, this may have been a very short-lived rally, as the bands have quickly widened at the start of the surge, only to narrow as soon as the coin hit the resistance without managing to breach it. Its price dropped nearly to the lower band before recovering and stabilizing between the two, which suggests that bulls and bears might be equally matched in the market right now.
Something similar was seen in the behavior of the project’s Relative Strength Index (RSI) metric, which initially skyrocketed to the overbought zone only to correct to the neutral area as traders started selling ETH to take profit.
Right now, the RSI value is still seeing slight volatility, but its oscillations are not as large as they were in the past few hours. Currently, the RSI value sits at around 55, once again hinting at a balance between the bulls and bears.
This might suggest that ETH is ready to stabilize, although its future behavior will likely depend on the larger market sentiment, and possibly Bitcoin’s own performance.
Promising Alternatives to Ethereum
While Ethereum is likely to surge back up in the hours to come, the increased volatility seen earlier today makes it a risky investment right now. Instead, investors might want to consider buying one of the new high-potential cryptos, such as PlayDoge (PLAY), which is currently one of the most highly-anticipated meme coin ICOs.
PlayDoge is a project that mixes memes, gaming, the Play-To-Earn (P2E) model, and even 90s nostalgia. The project is working on a new game that was inspired by the Tamagotchi game, a 90s classic that allowed users to have their own virtual pet. Players could interact with their digital companions, feed them, play with them, or train them, all to keep their virtual pets happy and healthy.
PlayDoge is taking things to the next level by allowing players to do all that, but also rewarding regular interactions with its native crypto, the PLAY token. Players can maximize their earnings by completing mini-games, or collecting XP and claiming the top spot on the leaderboard. Once players get their tokens, then can use them to purchase in-app upgrades, or they can stake them to start earning staking rewards, and have their money make more money.
All of this has made PLAY a highly anticipated token, with crypto experts, such as the ones running the crypto YouTube channel 99Bitcoins, predicting that its potential could be anywhere between 50X and 100X.
The project’s ICO has been a major success so far, raising over $6 million while selling PLAY tokens for only $0.00528. You can join the presale now by buying PLAY with ETH, BNB, USDT, or credit/debit cards. The project also lets you stake the tokens immediately, so you can start increasing your earnings even during the ICO.
Related Articles:
- How to Buy PlayDoge – $PLAY Presale Review
- Meme Coins Soar As PlayDoge ICO Zooms Past $5.7M
- PlayDoge Presale Surges Past $5.5M Despite Market Slump
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