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The Ethereum price pumped over 5% in the last 24 hours to trade at $3,348 as of 05:59 a.m. EST on trading volume that surged 103% to $69 billion.
This rise in the ETH price comes as the cryptocurrency market edged up more than 1% to a $3.8 trillion market capitalization. The market has been on a positive trajectory, with just hours left until the inauguration of President-elect Donald Trump.
Ethereum Poised For A Bullish Move
The ETH price has been consolidating within a critical range as market participants anticipate the next directional move.
Ethereum is currently trading at $3,348 after facing rejection near the 200-period Simple Moving Average (SMA) on the 4-hour chart at $3,396. The Ethereum price has been oscillating within a tight range between $3,133 and $3,436, with the red-shaded area in the chart acting as a significant support zone.
The $3,286 level, which aligns with the 50-period SMA, has been tested multiple times, acting as a robust support zone.
Meanwhile, the Relative Strength Index (RSI) is at 51.74, indicating neutral momentum. It is neither overbought nor oversold, which aligns with the ongoing consolidation phase.
ETH/USDT Chart Analysis (Source: Tradingview)
ETH Price At A Crossroads
Ethereum’s price action is currently at a crossroads, and the next move will depend on whether ETH breaks out of its current range.
A break above the 200-period SMA ($3,396) would signal the resumption of bullish momentum. The next target would be $3,500, followed by the psychological level of $3,750.
A breakdown below the 50-period SMA ($3,286) and the support zone could push ETH toward $3,100. Further downside could target $2,900, a key psychological level.
As the Ethereum price surges, investors are also snapping up a new 2.0 Pepe ICO called Mind of Pepe (MIND), which 99Bitcoins, a popular crypto channel on YouTube with over 722K subscribers, says has the potential to soar 20X after its launch.
Mind Of Pepe Presale Garners Over $2.6 Million – Next 20X Crypto?
Mind of Pepe is a pioneering crypto project and the first major meme coin brand to utilize advanced AI. It offers AI-driven opportunities for its native token holders and engages with the crypto community in a new way.
The project has attracted a huge following, with its presale closing on the $3 million milestone in less than a week.
One outstanding feature is its ability to analyze the emerging trends in the Web3 space on social media platforms, especially ‘Crypto Twitter,’ before they gain traction and point them out to MIND holders.
🚨 $MIND is Now Live in Upcoming Tokens! 🚨@MINDofPepe leverages the power of AI to help users identify new trends and exciting opportunities. The self-evolving AI agent interacts across platforms to deliver real-time updates.
Built on Ethereum, $MIND offers holders exclusive… pic.twitter.com/uyXFpYka5p
— Best Wallet (@BestWalletHQ) January 14, 2025
Token holders also have the opportunity to stake their MIND tokens for a stratospheric 781% annual percentage yield (APY). Currently, MIND tokens are priced at $0.0031635.
Buy MIND here before a price hike in 37 hours.
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