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The Ethereum price has dropped a fraction over the last 24 hours to trade for $2,915 as of 6:00 a.m. EST time.
Trading volume has soared almost 40% as ETH holders, hobbyists, and enthusiasts are buoyed by the Ethereum price bursting through the $3,000 milestone briefly, a level last tested on April 26, 2022.
Sentiment is boosted further by hopes that an Ether exchange-traded fund (ETF) investment product is likely to be launched soon.
Ethereum is entering the optimism phase of the crypto rally.
In the coming months, #ETH has a lot of major upgrades, like EIP-4844, along with spot ETF filings.
ETH is currently down 𝟑𝟗% from its ATH, while BTC is only down 25%.
For ETH to catch up to #BTC, it needs to… pic.twitter.com/8w5amzr6l7— Ted (@TedPillows) February 21, 2024
Ethereum Price Prognosis Amid Spot ETH ETF Speculation
The Ethereum price suffered a rejection from the $3,000 psychological level on Tuesday, after recording an intra-day high of $3,033. Wednesday’s intra-day high is $3,017, but all signs point to a fall as ETH is overbought and ripe for selling. This is seen with the position of the Relative Strength Index (RSI) that has just crossed below the 70 threshold.
Traders heeding the sell signal could send the Ethereum price below the immediate support at $2,874. Below this level, Ether could spiral all the way to the midline of the channel at $2,689. In a dire case, the load-shedding exercise could send the Proof-of-Stake (PoS) token to the depths of $2,388, nearly 20% below current levels.
To confirm the continuation of the downtrend, however, the Ethereum price must drop into the supply zone turned bullish breaker between $2,059 and $2,118, and close below its midline at $2,087, otherwise termed mean threshold.
TradingView: ETH/USDT 1-day chart
Converse Case
On the other hand, if the bulls have their way, the Ethereum price could push north, reclaiming above the $3,000 psychological level. Such a move would clear the expanse for a continuation of the trend, bringing $3,500 into focus. In a highly bullish case, the gains could see Ether market value reach $4,000, roughly 36% above current levels.
While the market anticipates a possible spot Ethereum ETF, many investors are considering the TUK token, which features among the best crypto ICOs of 2024.
A Promising Alternative To Ethereum
TUK is the ticker for eTuktuk, the AI-integrated, eco-friendly future of transportation, which allows you to invest and earn right away.
"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
The project provides entry into a sustainable transportation revolution with its green $TUK token presale that is committed to helping Tuk Tuk drivers in less developed countries in South Asia and Africa use less energy. It is also ranked among the best best penny cryptos for explosive potential in 2024.
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
eTukTuk recently moved into stage 12 with sales going above $1.278 million. With less than $100k till the next stage is reached, now is the time to buy into the project before the price increases.
"Breakout crypto eTukTuk is working on improving urban transportation in developing nations with electric vehicles and blockchain technology." – @cryptonews
Read more here: https://t.co/7hr62WePzm
— eTukTuk (@eTukTukio) February 8, 2024
As governments in Asia and Africa embark on ambitious electric vehicle adoption goals over the next two decades, eTukTuk could be well-positioned to play a crucial role in driving this transition.
Do you have eco-friendly transport options in your city?#greenmobility #SustainableFuture
— eTukTuk (@eTukTukio) February 6, 2024
Investors can also capitalize on eTukTuk’s staking mechanism, with an impressive 182% annual percentage yields (APY). Users will get 4.75 $TUK for each BSC block in $TUK Token incentives.
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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