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The Ethereum price rose 3.6% in the last 24 hours to trade at $2,914 as of 05:52 a.m. EST on trading volume that dropped 34% to $12.8 billion.
The price increase represents a 17% surge in a week, coinciding with a recent bullish run in the markets. This comes as stock broker Bernstein estimates that there is a 50% likelihood of an Ethereum spot ETF gaining regulatory approval by May, and a near-certain probability of approval within 12 months.
https://twitter.com/QuantumPioneerX/status/1759516367886098881
Firms that have already applied for an Ether ETF include Franklin Templeton, BlackRock, and Fidelity.
Ethereum Price On An Uptrend Within A Rising Channel
The Ethereum price indicates an uptrend to trade within a rising channel as it moves to cross the upper boundary of the channel.
The ETH price formed a double bottom, with $2,169 being the major support. This has allowed the bulls to take control, driving the price on an upward trajectory.
ETH is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which affirms the current bullish rally. Additionally, the 50-day SMA trades above the 200-day SMA, creating a golden cross at $2,400, which signals a continuation of the bullish momentum.
The Relative Strength Index (RSI) is trading above the 70-overbought region at 71, showing intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) indicator reveals that the MACD line (blue) is trading above the signal line (orange), showing a bullish crossover. This suggests a chance for more entry points, probably rallying the price even higher.
The green bars also seem to be rebounding above the zero line, indicating positive momentum. In addition, the Average Directional Index (ADX) stands at 31, showing a strong trend as the indicator moves north. This could signal the start of a stronger bullish trend.
Ethereum Price Prediction
The current analysis of Ethereum’s price indicates signs of bullish momentum, with bulls looking to sustain this momentum within the ascending channel. They are also aiming to break out, breaching the closest resistance at $3,000.
However, a downside scenario might allow the bears to influence a price retrace toward the support zones at $2,721, coinciding with the 50-day SMA.
As the bulls aim for a continued rally for the ETH price, many investors are turning to new meme coin Sponge V2 as analysts predict a repeat of its 100X gains on launch last year.
Buy Sponge V2, Big Exchange Listings Incoming
If you missed last year’s surge, there is still an opportunity to earn big with its sequel, Sponge V2, that’s set to launch soon on major exchanges.
If you missed out on $SPONGE V1, don't miss out on #SpongeV2!
Time to stake your $SPONGE! 🚀🧽#MemeCoin #Web3 #Altcoins #BullMarket #Bullish #Trade pic.twitter.com/oNwatR7ihw
— $SPONGE (@spongeoneth) February 10, 2024
Upon its launch, Sponge V1 rapidly accumulated a following of more than 13,000 investors and saw its market capitalization soar to $100 million. The token was also listed on more than ten major exchanges, including Toobit, BitMart, and LBank.
Earlier this month, the development team phased out Sponge V1, transitioning its holders to the more secure and cost-efficient V2 on the Polygon Network.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Stake $SPONGE V2, 191% Annual Rewards
You also have an opportunity to earn passively with Sponge V2, where you can stake your Sponge V2 tokens, earning an impressive 191% annual percentage yield (APY).
Additionally, Sponge V2 also comes with a new set of features aimed at drawing in a bigger investor base, one of which is play-to-earn (P2E) gaming. The team is set to launch Sponge Racer, a game that will feature both a free version and a paid version. In the game, you will have the opportunity to race and accumulate token rewards.
According to Jacob Bury, a crypto analyst and YouTuber, Sponge V2 has the potential to 100X at launch.
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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