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The Ethereum price has surged by 6% in the past 24 hours to trade at $1,794 as of 12:32 a.m. EST.
This resurgence coincides with a double-bottom pattern at the crucial support level of $1,530, typically associated with a shift toward bullish market sentiment, signaling the onset of a bullish trend.
As a result of this technical phenomenon, the ETH price has surged, increasing by 12.1% over the past week.
ETH Bulls Determined to Reclaim Previous High at $2146
The current trading situation for ETH implies a potential upward movement. This potential rise comes after a price decline, evident from a series of red daily candlesticks from the $1,772 supply zone.
Before this, there was a bounce from the $1,530 support area, and the price is now forming a double-bottom pattern. This pattern, characterized by two low points on the price chart, often signals a potential trend reversal. In this case, Ethereum touched the $1,530 support level twice, indicating significant buying interest.
However, ETH is facing a rejection at $1870, which has allowed the bears to make a slight correction in the price. If they capitalize on this resistance, they could drive the price to a $1662 support zone.
The Relative Strength Index (RSI) reinforces the positive outlook. Currently, it shows a reading of 71, placing it in the overbought zone, which signifies intense buying pressure for the price of ETH.
The price of ETH has surpassed the 50-day and 200-day moving averages, currently trading at $1,632 and $1,783, respectively. However, despite signs of a bullish recovery, the bulls still face the obstacle presented by the 200-day SMA.
Read our guide to discover why you need to buy Ethereum now.
Can ETH Price Reach $2,000?
ETH’s price has the potential to reach $2,000 by the end of Q4 in 2023. A double-bottom pattern has established a strong foundation for a generally optimistic perspective on ETH.
If the bulls successfully surpass the $1,873 resistance level, they could gain the momentum needed to propel the price upward toward significant levels at $2,022 and $2,146.
Should the bulls encounter resistance at the $1,873 mark, corresponding with the 200-day SMA, they could pull back to the $1,662 support level. If the price breaches this level, it might decline further to the $1,530 support zone.
The potential for a retreat highlights the significance of exploring alternative options, and Meme Kombat’s distinctive presale approach has attracted considerable interest through its S2E and P2E features.
Meme Kombat (MK): Less Than $200k Before Price Hike
Meme Kombat is positioned for substantial growth after its successful presale. It’s a platform that combines the worlds of memes and artificial intelligence to create a competitive arena on the Ethereum Network.
During its presale, Meme Kombat offers automatic staking benefits and a wide range of betting options. It also follows a well-structured tokenomics plan to ensure sustainable development.
Being compared to $PEPE and #PEPE2 is a huge honor, but we need to know who wins between the two in Kombat⚔️
Find out in Season 1💪
And catch the rest of the video here👇 https://t.co/xDVbCTeSCw pic.twitter.com/4g5ZtbyMeh
— Meme Kombat (@Meme_Kombat) October 27, 2023
The MK platform enables you to use your tokens for betting in competitions that showcase popular memes. If the meme you select wins, you’ll be entitled to a portion of the prize pool. Additionally, you can team up with others to make bets and divide the following winnings.
We are not biased. Whoever wins in kombat becomes our favourite💪 pic.twitter.com/97RQ9wfCLY
— Meme Kombat (@Meme_Kombat) October 27, 2023
Final Call For Meme Kombat Presale: Buy Now
Meme Kombat’s presale, which commenced a few weeks ago, has already accumulated $803,144 in funds, edging closer to its fundraising target of $1 million.
Each token is presently available for $0.1667 per token.
However, there are only 5 days left in the current presale phase, and the price will rise to $0.1833 in the upcoming stage.
🔥 #MemeKombat UPDATE 🔥
Staged Presale = ON
▪️ NOW: 0.1667 USD
▪️ Nov 2nd: JUMPS to 0.1833 USDThe timer is set! Secure your $MK before the rise! ⏰ pic.twitter.com/LMreT8M2Ce
— Meme Kombat (@Meme_Kombat) October 23, 2023
Investors looking for passive income opportunities can utilize $MK on the Meme Kombat Platform. This platform offers automatic staking advantages throughout the presale, provides a diverse range of betting choices, and employs a carefully designed tokenomics model to ensure long-term and sustainable growth.
Meme Kombat’s staking features, which include S2E and P2E, offer appealing opportunities for investors. During the presale, you can buy Meme Kombat tokens, stake them, and generate a substantial Annual Percentage Yield (APY) of 112%.
Cilinix Crypto, a YouTube personality with 34.7K subscribers, explains how Meme Kombat operates and provides a guide on using its staking feature.
To buy MK tokens, visit the MK website and connect your Web3 wallet to purchase tokens using ETH, BNB, or USDT (ERC-20 and BEP-20).
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