Ethereum Price Prediction: ETH Pumps 5% as Franklin Templeton Joins Ethereum ETF Race, And This New Solana Meme Coin Sensation Readies a Humongous Airdrop

The Ethereum price jumped more than 5% over the past 24 hours to trade at $2,630.13 as of 9:20 am EST as investors go long on the leading altcoin.

Franklin Templeton Joins The Ethereum ETF Race

Franklin Templeton, a $1.5 trillion asset management firm, has become the latest to join the spot Ethereum ETF (exchange-traded fund) race, according to a filing with the U.S. Securities and Exchange Commission (SEC) on Feb. 12. If approved, the fund will be listed as “Franklin Ethereum ETF” on the Chicago Board Option Exchange.

The S-1 filing shows that Franklin also plans on staking a portion of the ETF’s ETH to produce an additional income. This is similar to ARK 21 Shares’ revised S-1 filing last week.

Ethereum Price Attempts To Challenge Resistance

Daily chart for ETH/USDT (Source: TradingView)

The Ethereum price is attempting a challenge at the $2,685 resistance level. Should it break above this threshold and close a daily candle above this mark within the next 48 hours, it may have the foundation needed to continue rising in the following week. This may lead to the leading altcoin’s value climbing to as high as $2,890 in the short term.

However, this bullish thesis may be invalidated if the Ethereum price is rejected by the $2,685 resistance level in the coming days. In this alternative scenario, ETH could retest the immediate support level at $2,440. If this level fails to hold, the crypto may be at risk of correcting to $2,295 in the following few days. In an extremely bearish scenario, the Ethereum price may drop to back within a negative medium-price channel, which could lead to it falling to as low as $2,130.

Technicals Suggest Bulls Will Continue To Boost The Ethereum Price

Technical indicators on ETH’s daily chart suggest that the Ethereum price may continue to rise in the next 48 hours. The Moving Average Convergence Divergence (MACD) line is breaking away above the MACD Signal line. Traders may identify this as a signal that ETH’s bullish trend is growing stronger. 

Buyers also seem to have the upper hand, as the Relative Strength Index (RSI) is currently positioned above its Simple Moving Average (SMA) line. However, investors may want to keep an eye on this technical indicator, as it also signals that ETH is in overbought territory. Traders normally see this as a signal to start taking profit, as ETH’s downside potential is greater than its upside potential.

While the Ethereum price looks to break past a major resistance level, many investors and analysts are turning their attention to Smog and its gigantic airdrop.

A New Solana Meme Coin

Smog is the latest Solana altcoin to enter the meme coin space, and looks to repeat the success of its predecessors Honk, Bonk, Myro and Dogwifhat. To strengthen its chances of replicating the success of these well-known meme coins, the team has planned a gigantic airdrop that is set to take place soon.

#SMOG New ATH! @SMOGToken pic.twitter.com/774exPSCU8

— 🇳🇴 Geabz (@Geabs92) February 9, 2024

Although no specific details regarding the airdrop event have been revealed, the project’s tokenomics show that 35% of Smog’s total supply has been set aside for airdrop events. This could make it one of the biggest airdrop events to take place in the crypto space.

Road To Virality

Smog encourages token ownership and generates excitement through a captivating Zealy campaign. Early investors will be added to a secret group and will then be able to earn points by completing interactive quests on platforms such as Discord or X.

This should foster community participation and reward loyal token holders. The goal of this group is to build the project’s community and help the Solana meme coin achieve virality. By doing so, the altcoin will have the support needed to potentially become the next crypto to print substantial gains for investors.

Visit the official website to learn more and buy Smog here.

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