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The Ethereum price has plunged 1.1% in the last 24 hours to trade at $2,275 as of 04:29 a.m. EST on trading volume that jumped 22% to $6.7 billion.
This slight drop in the ETH price comes as crypto analyst Benjamin Cowen warns that it will plummet to below the $1,000 mark.
In a recent video, Cowen mentioned that he believes Ethereum could experience a significant drop in value before entering a new bullish phase.
He points to the historical patterns of Ethereum’s price movements and the importance of the ETH/BTC pair in determining its future trajectory.
Cowen highlights the retests of cycle lows in 2015, 2016, and 2020, emphasizing that a similar retest for 2022 is yet to occur.
He further predicts that Ethereum will experience a decline first in its Bitcoin pair (ETH/BTC), followed by a subsequent drop in ETH/USD, likely to happen within this year.
The Ethereum Price: Bulls Rebound Within A Falling Wedge Pattern
The Ethereum price indicates a rebound from the lower boundary of the falling wedge pattern at $2175, which signals a bullish trend reversal.
A little push above the upper boundary of the wedge coincides with the 50 Simple Moving Average (SMA), which could see the bulls initiate a bull rally. The 200 SMA, however, still poses a challenge for the bulls.
The Relative Strength Index (RSI) shows a rebound from the 30 oversold region, surging to the 50 midline level, suggesting potential buying pressure. A push above this level could see the RSI enter the overbought threshold of 70.
The Ethereum Price Prediction
Bullish investors are riding a sustained upward trend within the falling wedge triangle, anticipating movements above its boundaries. A successful breach could see bulls aiming for a peak of $2700
However, a downside scenario might allow bears to influence a price decline. We could see the value drop towards the support zone at $2135 at the wedge’s lower boundary.
eTukTuk Presale Almost Reaching $680,000 Goal, Buy Fast
While Ethereum traders await a suitable entry point, investors are eyeing the potential for a 10X return from the new eTukTuk presale, which has surged past $625k and is closing on its $680k target.
$TUK tokens are priced $0.026 each, but a price hike is coming in less than two days.
Explore the full potential of our project and discover how to join our token sale in this insightful article by @cryptonews https://t.co/rJ48D2J48p
— eTukTuk (@eTukTukio) January 29, 2024
Why ETukTuk?
The eTukTuk project plans to transform the transportation industry in developing countries by bringing in three-wheel electric Tuk Tuks, and setting up a network of charging stations.
The goal is to reduce pollution, make people healthier, and give them more opportunity.
1/ Ready for a game-changer?
Let's talk about how shifting to renewable energy isn't just crucial for our planet, but it might just pay for itself within six years. 🔄🧵 pic.twitter.com/TZXK8dse5M
— eTukTuk (@eTukTukio) October 6, 2023
eTuktuk operates on the Binance Smart Chain, employing a decentralized sharing economy model for scalability, security, and efficiency. At its core, the project focuses on eco-friendly electric vehicle charging station infrastructure (EVSE) and introduces affordable electric Tuk Tuks.
Switching from the old, noisy, and polluting ICE tuktuks to the sleek, quiet, and eco-friendly eTukTuk – because progress is not just about moving, it's about moving forward responsibly 🌿🚗#ElectricVehicles #Memes pic.twitter.com/BWkoU3T09D
— eTukTuk (@eTukTukio) January 7, 2024
Earn Rewards While Staking TUK Tokens And P2E
You can stake your $TUK tokens on the eTukTuk platform for an annual yield of 347%, on top of presale price increases. The more you stake, the higher your rewards.
The project team is launching a play-to-earn game, Crazy Taxi, where you can earn $TUK tokens by completing missions and ferrying passengers to various locations.
Crypto analyst Jacob Bury says projects like these are the future of crypto, and predicts a 10X growth potential for $TUK on launch.
You can buy $TUK tokens today by visiting the official eTukTuk website. Swap BNB or USDT for $TUK tokens or buy directly using your bank card.
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