Ethereum Price Prediction: ETH Maintains $1,670 Support

Ethereum Price Prediction: ETH Maintains $1,670 Support – Should You Hold Tight?

Updated: 24 August 2023

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Despite the prevailing bearish signals, Ethereum (ETH) has managed to exceed the crucial $1670 support level, garnering the interest of investors and traders eager to identify the next critical level.

As of 1:41 a.m. EST, ETH is trading at $1675, displaying a 2.6% increase over the past 24 hours. This uptick could indicate that bullish traders are considering entering additional trades.

ETH/USD Chart Analysis. Source: Tradingview.com — ETHUSD Chart Analysis. Source: Tradingview.com

For the past week, the price of ETH has been confined within a bullish pennant pattern, indicating potential upward momentum.

After a rebound from the lower pennant boundary, the bulls took charge, propelling the price beyond the critical support level of $1670.

However, a significant challenge remains for the bulls. They are breaching the upper boundary of the pennant.

This positive outlook is supported by the relative strength index (RSI), which suggests a rebound from an oversold region.

Currently, at a value of 31, the RSI implies anticipated buying pressure for ETH. A potential target could be around the 50 mark, aligning with the 200-day moving average.

Contrarily, insights from the price-moving averages offer a different perspective. The 50-day and 200-day moving averages are positioned above the current price at $1836 and $1799, respectively.

This configuration indicates that bears can still apply downward pressure on the price.

As a result, the bulls must muster substantial buying power to surpass these moving averages and break out of the bullish pennant pattern.

The ETH price shows a bullish outlook, supported by a bullish pennant pattern and the relative strength index rebound.

This favorable setup increases the likelihood of a price breakout, with key resistance levels at $1973 and $2405.

However, an alternative scenario might occur, forcing the bulls to face rejection as they approach the 200-day moving average.

This could trigger a brief downward correction, finding crucial support around $1670. Such a support level might serve as a platform for the bullish momentum to regather, potentially pushing the price again.

Investors seeking higher returns might find the Sonik coin attractive. Currently in its presale stage, the coin rapidly accumulates funds as it moves closer to being listed on various exchanges.

Alternative to Ethereum – Sonik Coin

Meme coin prices for various popular options have been experiencing a decline. However, a newcomer named Sonik Coin has distinguished itself by rapidly amassing $300,000 in investments, propelling it to achieve a remarkable $100 million market capitalization faster than any other cryptocurrency in history.

add speed to your portfolio 💨https://t.co/s1fTdXDQCK pic.twitter.com/FHR1Vrl2bT

— SONIK COIN (@Sonikcoin) August 23, 2023

Despite not having any official ties to Sonic the Hedgehog, Sonik Coin draws inspiration from the well-known meme and its iconic status within the cultural intersection of gaming and the internet.

The coin’s presale phase has proven highly successful, gathering an impressive $398,675 at the most recent tally.

The momentum continues to build, with less than 12 days remaining before the presale concludes.

In line with the overarching strategy of meme coins, Sonik Coin aims to harness its inherent viral potential.

In this aspect, $SONIK exhibits the essential qualities to thrive, a sentiment affirmed by its website’s captivating visuals and content.

$SONIK offers token holders the concrete assurance of earning staking rewards by depositing into the staking smart contract.

Numerous early buyers are actively using their funds by opting to ‘buy and stake’ the newly acquired tokens, even before the conclusion of the presale.

As per the data displayed on Sonik’s website’s staking dashboard, 14,343,944,336 tokens have already been staked out of the overall token supply of 299,792,458,000.

Must complete list pic.twitter.com/rWC3mcChwQ

— SONIK COIN (@Sonikcoin) August 17, 2023

The seemingly arbitrary total token supply of $SONIK gains significance on closer examination, as 299,792,458,000 meters per second represents the speed of light. 50% of the total supply is allotted to the presale, 40% to staking, and 10% to exchange liquidity.

By performing the calculations, we ascertain that 7.6% of the entire token allocation for the presale has already been staked.

The project aims to secure $2,098,547 with a token price of $0.000014.

You wanna see real speed? pic.twitter.com/TDn7DT8J5X

— SONIK COIN (@Sonikcoin) August 21, 2023

$SONIK Potential Yield, Price Growth

Due to its low market capitalization of $2,098,547, the Sonik Coin presents a considerable potential upside. Moving from $2 million to $100 million would necessitate a gain of 4,665%, a possibility well within reach for a meme coin like $SONIK.

In comparison, the meme coin sensation PEPE has delivered a remarkable 3,825% return, increasing 38 times from its all-time low to its current price of $0.000001084.

Investing $1,000 in $SONIK could yield substantial returns, reaching $50,000 or even $100,000 if Sonik experiences a 50x or 100x pump for its presale buyers.

Once the presale concludes, Sonik Coin will become available for trading on the decentralized exchange Uniswap.

To secure the presale price of $0.000014, link your wallet to the Sonik website and complete your purchase, but act swiftly to avoid missing out. Ensure you have ETH or USDT for the token purchase.