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The Ethereum price rose 2.5% in the last 24 hours to trade at $3,350 as of 04:50 a.m. EST on trading volume that plunged 12.41% to $19 billion.
This comes as former Goldman Sachs executive Raoul Pal says that ETH is gearing up for a huge breakout against Bitcoin.
The ETH/BTC chart is an absolute stunner…and ready for the next big move the break of the mega wedge…lets see how is pans out… pic.twitter.com/5x4tJLjtJy
— Raoul Pal (@RaoulGMI) February 25, 2024
In his analysis on X, Pal says that ETH/BTC has already broken out of a descending channel, which is a signal for an imminent bullish trend reversal.
As many analysts turn bullish on Ethereum, can it soar enough to challenge Bitcoin?
Ethereum Price Bullish, Riding The Rising Channel
At the beginning of February, the Ethereum price was in a consolidation phase, trading within the $2,300 range. However, the bulls showed some strength, pushing the price to trade within the boundaries of the rising channel pattern.
ETH is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish momentum.
Additionally, the Relative Strength Index (RSI) is also bullish, as it trades upwards to the overbought region at 80. This is a testimony of investor’s optimism evidenced by the intense buying pressure.
Furthermore, the Moving Average Convergence Divergence (MACD) is also bullish, as the moving average line (blue) crosses above the signal line (orange), representing a bullish crossover. Investors usually use a bullish crossover as a signal to buy more.
The green bars on the histogram further support the bullish sentiment, as they extend above the zero line. Additionally, the Average Directional Index (ADX) is moving north at 49, indicating that the current trend is very strong.
Ethereum Price Prediction
The Ethereum price analysis shows a bullish bias, evident with the price trading within the rising channel pattern. Additionally, the 50-day SMA is crossing above the 200-day SMA, which forms a golden cross at $2,409. The bulls are looking to capitalize on these factors to push the price even higher, as they aim for $4,000.
However, the RSI has already crossed the overbought region, which may indicate an incoming price correction. In such a scenario, the bears may take charge of the price, driving it down to $2,842, within the lower boundary of the rising channel.
Meanwhile, as the Ethereum price climbs, investors looking to diversify their investments with more upside potential might consider Sponge V2, a project that aims to emulate the 100X gains of its predecessor, Sponge V1.
Sponge V2: A Promising Opportunity For Explosive Returns
If you did not benefit from Sponge’s quick success last year, you can still seize the opportunity to invest in Sponge V2, as its launch on major exchanges draws near. Sponge V2 is building on the success of Sponge V1, offering greater utility and rewards, all while retaining the core elements of a meme token.
You're not ready for $SPONGE 🧽🚀🧽#Web3 #Crypto #MemeCoin #Alts pic.twitter.com/RA9AKTddyg
— $SPONGE (@spongeoneth) February 27, 2024
The project is set to innovate the market with unique strategies for transaction fees, liquidity, and staking.
The team discontinued Sponge V1 on Feb. 5, paving the way for the transition of over 13,000 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
Buy And Stake $SPONGE V2, 778% Annual Rewards
You can buy and stake your $SPONGE V2 tokens on the Polygon Network, earning an impressive 778% annual percentage yield (APY). Moreover, the team is set to launch a play-to-earn (P2E) game, Sponge Racer, which will earn token rewards while expanding the token’s utility.
According to crypto analyst and YouTuber Jacob Bury, Sponge V2 has the potential to surge 10X on 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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