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The Ethereum price dropped more than 1% in the last 24 hours to trade at $3,983.78 as of 3:10 a.m. EST as some investors took profits after ETH’s recent rally.
ETH’s drop comes after the successful launch of the Dencun upgrade on the Ethereum mainnet. The upgrade was deployed on Mar. 13 at 1:55 pm UTC, and is the biggest hard fork since the Merge.
The Ethereum Price Falls Below Its Positive Channel
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price has been oscillating around the $4k resistance for the past 48 hours. However, it broke out below a medium-term positive price channel for the first time since Mar. 5 in the last 8 hours. If the altcoin leader fails to close a 4-hour candle back within the ascending channel in the next 24 hours, then it may be at risk of a correction.
Should this bearish thesis be validated, the Ethereum price may fall to the next support level at $3,700 in the following 48 hours. It could even drop to as low as $3,415 in the short term if the sell pressure persists.
A 4-hour candle close inside the positive price channel within the next 24 hours, on the other hand, could see ETH continue its ascent. In this more bullish scenario, ETH could soon attempt a challenge at the $4,372.62 resistance level.
The Ethereum Price May Continue To Drop
Technical indicators on ETH’s 4-hour chart are flagging slightly bearish, suggesting the Ethereum price may drop slightly in the coming 24 hours. The Moving Average Convergence Divergence (MACD) line is positioned below the MACD Signal line. Traders tend to identify this orientation of the two lines as a sign that a crypto is in a negative cycle. The MACD Histogram is also turning more negative after a period of consolidation, which could indicate that ETH’s negative trend is starting to intensify.
ETH’s Relative Strength Index (RSI) indicator on the 4-hour chart also indicates that sellers have the upper hand against buyers, as the RSI is positioned below its Simple Moving Average (SMA) line. However, traders could identify the RSI’s current level as a buy opportunity given the fact that ETH’s upside potential is currently greater than its downside potential. Although, this is not a guarantee. Traders and investors are most likely waiting for the Ethereum price to establish a position above $4k before making their next move.
While the Ethereum price battles it out with the $4k threshold, experts are turning their attention to eTukTuk for potential 10X gains.
Reducing Global Carbon Emissions And Transport Costs
eTukTuk is an eco-friendly AI blockchain project that aims to reduce global carbon emission through its electric vehicle (EV) infrastructure.
At the core of this initiative is the project’s electric version of the three-wheeler taxi known as a TukTuk. These mini vehicles are popular modes of transport in developing countries such as Bangladesh and Pakistan, potentially opening up an expansive user base for eTukTuk.
We are doing our part by building a sustainable transport infrastructure to combat air pollution and carbon emissions https://t.co/IUEpVEWMKd
— eTukTuk (@eTukTukio) March 13, 2024
Up until now, many innovative technologies have not made their way into third-world countries due to budget restraints. As such, eTukTuk has put an emphasis on reducing the adoption, rollout and operational costs of its infrastructure.
One of the ways it does this is by forming partnerships with local manufacturers. This localizes the production of the project’s mini EV taxis, which can also be built using no more than 200 parts – contributing to each eclectic TukTuk’s affordability.
Buckle up and brace yourselves! 🚀
Something electrifying is on the horizon, and it's going to take your tuk-tuk adventures to a whole new level!
Stay tuned for a thrilling journey ahead. pic.twitter.com/CGsh0Ve3Qu
— eTukTuk (@eTukTukio) March 11, 2024
The reduced cost to manufacture each vehicle subsequently leads to a lowered purchasing cost as well. This makes it easier for citizens, who rely on these modes of transport to generate a living. The partnerships with local manufactures also makes it cheaper to repair vehicles in the event of an issue.
TUK’s Price Could Break Out Soon
Transferring value within eTukTuk’s ecosystem is its TUK token. The crypto is currently in its ICO phase, and has already raised more than $2 million. Given eTukTuk’s appeal to developing countries, with large populations that are in need of a cheaper and more eco-friendly transportation solution, TUK’s price looks primed to explode after launch.
As eTukTuk gets adopted in third-world countries, its crypto token TUK will be the primary method of transacting within the ecosystem. Not only will this lead to an uptick in the token’s utility, but may also boost its price as more people begin to buy TUK to transact.
Anyone looking to buy TUK can do so on the project’s official website. The token is selling for $0.028 and can be purchased with BNB, USDT, ETH, or a bank card.
TUK can be purchased here.
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