Ethereum Price Prediction: ETH's Ethereal Journey Towards $1,800 or $2,000?

Ethereum Price Prediction: ETH’s Ethereal Journey Towards $1,800 or $2,000?

Updated: 11 September 2023

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Ethereum (ETH) price has broken consolidation after a 3% slump on September 11 to record an intra-day low of $1,575. The move was a possible sweep, collecting the liquidity below the critical resistance at $1,621. Accordingly, a likely pullback may be impending for ETH, with the network reputed as the smart contract pioneer.

https://twitter.com/bitskwela/status/1701189421037732202

The Ethereum network is recovering from a rather turbulent weekend. As reported, Ethereum co-founder Vitalik Buterin’s X account was exploited, with the bad actor levering Buterin’s huge follower base to advertise a phishing link.

$700K in crypto and NFTs lost in phishing attack through Vitalik Buterin’s hacked X account

The phishing post, which has since been deleted, lured victims by claiming to celebrate “Proto-Danksharding coming to Ethereum.“ The hacker posted a malicious link to mint a fake free… pic.twitter.com/np027Eiz92

— FanBe_web3 (@FanBe_web3) September 11, 2023

The phishing post, now deleted, enticed unsuspecting victims who thought Buterin was leading the community to celebrate “Proto-Danksharding coming to Ethereum.” The malicious link lured victims to “mint a fake free commemorative non-fungible tokens (NFT).”

For urgency, it specified a 24-hour deadline, with Ethereum developer Bok Khoo’s CryptoPunk NFT worth 153 ETH ($250,000 at current rates) featuring among the loot. Notably, most of these digital collectibles have already been sold. This attack mode was also executed against Uniswap founder and Ethereum foundation member Hayden Adams. Some want Buterin to compensate victims for the loss.

Ethereum Co-Founder Vitalik Buterin’s account on X was attacked — hackers posted a phishing link and stole almost $700,000. The crypto community accused Vitalik of not taking enough measures to protect his account. People claim he should compensate for the damage.

— CoinsPaid Media (@CoinsPaid_Media) September 11, 2023

Ethereum Price Prognosis As ETH Sweeps Liquidity

Ethereum price has slipped below the critical support at $1,621 in what appears to be a liquidity sweep before a run-up. The Relative Strength Index (RSI) is about to cross below the 30 level, meaning the Proof-of-Stake (PoS) token could soon be oversold. When this happens, a correction could follow after that.

A move north could see the Ethereum price flip the $1,621 resistance level back to a support floor before ascending to fill the inefficiency of the Fair Value gap (FVG). A decisive move above the consequential encroachment (CE) represented by the 50-day Exponential Moving Average (EMA) at $1,671 would invalidate the current bearish outlook. For the layperson, the CE represents the midline of the FVG, just as a mean threshold (MT) represents the midline of an order block (supply or demand zone). A decisive move above or below a CE or an MT confirms the continuation of a trend.

Passed the CE, Ethereum price could extend to overcome the 100- and 200-day EMAs at $1,724 and $1,766 levels, respectively, before hitting the $1,800 target. Such a move would represent a 13% climb from current levels. In a highly bullish case, Ethereum’s price could extend 11% higher to tag the psychological $2,000 level.

Conversely, momentum is fading with the Relative Strength Index (RSI) moving south and the Awesome Oscillator still in the negative with red-hot histogram bars. This could see Ethereum price continue south, potentially testing the $1,500 low. This would represent a 6% breakdown.

Instead of risking your investment on ETH while the market continues to endure the brunt of uncertainty and the allure of caution, consider WSM, a token set for listing in just over two weeks.

ETH Alternative

WSM is the new mania in the meme coin ecosystem. It is the native asset for the Wall Street Memes project, bringing investors a remarkable token for a vibrant community followed and engaged with by even Elon Musk.

Literally

— Elon Musk (@elonmusk) March 18, 2023

Wall Street Memes will soon feature on tier-one exchanges once the presale phase ends. Even as the countdown continues, investors still have multiple opportunities to earn passive income. Among them is holding in anticipation of price hikes. Another means is staking, which is the most lucrative, with Annual Percentage Yields (APY) as high as 65%. Based on the latest update on the WSM website, up to $306.193 million is already staked, with rewards going up as high as 75 per block.

It is worth mentioning that WSM qualifies among expert analyst Jacob Bury’s list of top three meme coins with high staking APY.

Staking is part of the project’s commitment to stability, intended to help mitigate potential market dips due to selling pressure. Noteworthy, sudden sell-offs are the biggest threat to projects. With staked tokens rapidly accumulating, they form a significant part of the Wall Street Memes project’s circulating supply. This powerfully illustrates the WSM community’s ecstasy for staking, an incentive-oriented mechanism.

Watch his video below for more details about staking WSM tokens.

The Wall Street Memes project has already breached the $25 million mark in presale sales. This accomplishment record underscores why it earned its position as the best crypto to buy in September 2023.