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The Ethereum price climbed 2% in the last 24 hours to trade at $3,249 as of 00:54 a.m. EST on trading volume that rose 5% to $21.7 billion.
The ETH price pump came after Ethereum ETFs recorded outflows of $151 million on their third day of trading on July 25 and as the Grayscale ETHE ETF racked up outflows of more than $1.1 billion in three days.
Another key development in the ETH ecosystem came when a wallet associated with the Ethereum Foundation transferred roughly $290 million in Ether after seven years of no movement, according to blockchain analytics platform Lookonchain.
An #EthereumFoundation-related wallet transferred 92,500 $ETH($294.9M) to a new wallet 9 hours ago after being dormant for 6.6 years.
Through on-chain tracking, it was found that these $ETH were received from the #EthereumFoundation on Sept 1, 2015.https://t.co/FKGsNCrBAT pic.twitter.com/vPOAMq4ccK
— Lookonchain (@lookonchain) July 26, 2024
The Ethereum prices has meanwhile invalidated the rounding top pattern to rebound from the $3,111 support level, according to data from GeckoTerminal.
Ethereum Price Set To Continue With The Bullish Trend Reversal
In the last five days, the Ethereum price has been on a downtrend, which completed the rounding top pattern, as it found support at $3,111. The bulls have since used this support to push the token up.
ETH price trades below both the 50-day and 200-day Simple Moving Averages (SMAs), coinciding with the current price retrace. The 200-day SMA acts as the immediate resistance level at $3,300.
Moreover, the Relative Strength Index (RSI) seems to be rebounding from below the 30-oversold level as it climbs up. This shows that buyers are currently exerting pressure, adding more to their positions.
If the buying pressure sustains, the Ethereum price will soar to breach the $3,300 resistance (200-day SMA) in a few hours. In the long-term, the bulls are targeting $3,700.
The RSI and the golden cross at $3,319 offer bullish prospects to optimistic investors.
However, if the bears still make use of the rounding top pattern, the price of Ethereum could retrace to the next support level at $3,058.
Meanwhile, as the Ethereum price climbs, many meme coin lovers are pivoting to the new Ethereum Layer 2 token Pepe Unchained (PEPU), which has seen funds raised roar past $5.5 million in its explosive presale.
99Bitcoins, a prominent crypto channel on YouTube with over 705,000 subscribers, is so impressed by the project that it says PEPU could soar 10X after its launch.
Pepe Unchained Presale Surges Past $5.5 Million – Best Meme Coin To Buy Now?
PEPU is Pepe’s latest and most badass version, complete with its own Layer 2 chain on Ethereum.
Pepe itself has maintained positive growth since launch and is still a top-three meme coin titan by market capitalization.
But it has many shortcomings. The token was originally built on the Ethereum blockchain and has long been confined by its Layer-1 technology, which is highly characterized by network delays and rising gas fees.
Pepe Unchained is a token that is based on PEPE devising a plan to break free from his clunky blockchain and embrace the future with Pepe Unchained.
The project is set to tackle the scalability, speed, and efficiency issues that often plague meme coins like PEPE that are built on Layer-1 blockchains like Ethereum. As a result, Pepe Unchained enables investors to seize market opportunities with greater efficiency.
PEPU token holders can earn passively through the platform’s staking system, which offers 352% in annual rewards.
You can buy $PEPU tokens now for $0.0086649 each. With a price hike coming in about a day, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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