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The Ethereum price rose 4% in the last 24 hours to trade at $3,902 as of 02:00 a.m. EST on trading volume that skyrocketed 62% to $17.7 billion.
This comes days after eight Ether ETFs (exchange-traded funds) were approved by the U.S. Securities and Exchange Commission (SEC), causing a buzz for ERC-20 tokens in the last week.
According to Matt Hougan, Chief Investment Officer of Bitwise, investor inflows into these ETFs will drive ETH beyond its previous peak of about $4,900. However, he was clear to note that Ether ETFs may not match Bitcoin ETFs in terms of inflows. Nevertheless, they will still attract substantial investment.
LIVE NOW — Why the Ethereum ETF is Bullish
w/ @Matt_Hougan, CIO at @BitwiseInvest
Timestamps:
00:00 Intro
05:46 What Exactly Happened?
08:45 Was This Actually Political?
12:11 Who's Responsible For This
16:46 Next Steps For ETF
20:36 Matt's ETF Story
22:44 ETF Price Impact… pic.twitter.com/KUXiCzRxCJ— Bankless (@BanklessHQ) May 24, 2024
After the ETFs were approved, the Ethereum price finally breached the upper boundary of the falling wedge pattern, using the $2,896 support to push the price even higher, data from GeckoTerminal shows.
Ethereum Price Set To Sustain Its Rally Over The Falling Wedge Pattern
Major technical indicators also support the bullish prospects of the Ethereum price. ETH trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which form the major support levels at $3,226 and $2,816, respectively.
The Relative Strength Index (RSI) is also trading up above the 70-overbought region at 72, showing continued investor optimism leading to intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) is also bullish, with the MACD line (blue) crossing above the signal line (orange) and forming a bullish crossover around the neutral line. A bullish crossover could encourage optimistic investors to buy more, further cementing the bullish potential.
The green bars on the histogram also extend gracefully above the neutral line, showing that ETH is currently on a positive momentum.
Ethereum Price Prediction
Ethereum’s bullish rally is strong, with the bulls aiming to sustain the bullish stance over the falling wedge pattern. The bulls are targeting prices above the $4,084 resistance zone, with the long-term goal being to drive the Ethereum price above its previous ATH at $4,900.
However, with the RSI and MACD indicating that ETH is overbought, the bears may prompt a price correction, with the next support level set around the 50-day SMA at $3,226.
Meanwhile, as the Ethereum price soars, other investors are also betting big on a Bitcoin derivative, 99Bitcoins, which has already raised more than $1.6 million in presale.
99Bitcoins Presale Blasts Past $1.6 Million – Best Crypto To Buy Now?
99Bitcoins (99BTC) is an educational platform with over 2 million registered users for its courses and more than 700,000 subscribers on its YouTube channel. It mainly focuses on detailed guides for trading, wallets, and earning crypto.
The project aims to gamify crypto education by allowing users to successfully tackle challenges and complete lessons to earn higher ranking and $99BTC tokens as rewards, with the groundbreaking Learn-to-Earn (L2E) model.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
99Bitcoins has plans to also integrate its token into the Bitcoin network using the BRC-20 token standard. The stance aims to establish Bitcoin’s prominence and expand opportunities within blockchain technology.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
$99BTC holders can also stake their tokens for an impressive 1,016% annual percentage yield (APY).
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1k into $10K after its launch.
You can buy 99BTC tokens for $0.00106 each. With a price hike coming in less than five days, buy them soon to lock in the best deal if you are interested.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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99Bitcoins (99BTC) - New Learn To Earn Token
- Audited By Solid Proof
- Established Brand - Founded In 2013
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- Learn To Earn - Get Paid To Complete Trading Courses
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