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The Ethereum price surged 5% in the last 24 hours to trade at $2,616 as of 03:45 a.m. EST on trading volume that skyrocketed 77% to $21.51 billion.
This comes as Ethereum’s co-founder Vitalik Buterin shared a detailed blog post outlining key initiatives to optimize the Ethereum Virtual Machine (EVM) and account security as part of the ‘The Splurge’ roadmap.
The Splurge roadmap from the Ethereum development team focuses on refining the Ethereum protocol to ensure its long-term success.
Ethereum Price Aims For A Breakout
The Ethereum price has been in a downtrend since reaching the $4,000 resistance in March but appears to be forming a consolidation pattern in recent months.
Specifically, it’s in an ascending triangle pattern, which is typically a bullish continuation pattern, as the bulls capitalize on the $2,250 support level, according to data from GeckoTerminal.
The price of Ethereum now trades above the 50-day Simple Moving Average (SMA), which acts as a dynamic support level at $2,510. If ETH continues to soar, the 200-day SMA, at $2,981, will act as immediate resistance.
Moreover, the Relative Strength Index (RSI) is at 55.16, which is in neutral territory, slightly above 50. This level shows mild bullish momentum but is not yet overbought. A rising RSI with a breakout above 60-70 would signal stronger bullish momentum.
If the momentum picks up and the bulls succeed in pushing the price of Ethereum up above the ascending triangle, ETH could breach the 200-day SMA resistance, as they target $3,300.
Meanwhile, the $2,250 level is still a possible support zone for the price of Ethereum in case the bears take control.
As the Ethereum price bulls aim to sustain the bullish rally, investors looking for new opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK), which has surpassed $1.1 million in funds raised in its presale.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Heads For $1.5 Million In Blockbuster Presale
Flockerz is bringing real decentralization to the meme coin ecoystem via an innovative vote-to-earn (V2E) model that rewards holders with FLOCK tokens when they vote on key decisions.
This empowers the community and rewards members for their involvement, creating a more engaged and dynamic ecosystem.
The underlying framework of Flockerz is anchored in a decentralized autonomous organization (DAO) called Flocktopia, where every holder’s voice matters.
Flockerz thus addresses the common challenge of voter apathy in meme coin governance.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, with a sky-high annual yield of 1,497%.
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0058862 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in less than 2 days to secure the best deal.
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