Ethereum Price Struggles As Traders Look For Stronger Alternatives

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Ethereum (ETH) is a decentralized blockchain platform that supports various digital assets across the crypto space.

It was created by Vitalik Buterin and launched in 2015 with its native token, Ether which serves as the facilitator for the platform and is used to pay for transaction fees and incentivize network participants.

Also, as an open-source platform, Ethereum allows developers to build decentralized applications on top of its blockchain.

This flexibility and programmability have contributed to the rapid growth of the ETH ecosystem, attracting developers, entrepreneurs, and organizations worldwide.

Ethereum’s Recent Price Action

Regarding its recent price movements, Ethereum experienced a surge in trading volume, leading to a rise in price yesterday. However, despite briefly surpassing the $1,900 mark, it struggled to go significantly beyond it.

As of today, July 11, Ethereum has remained below that mark, and over the past few weeks, it has been trading in the $1,800 and $1,900 ranges. On July 1, Ethereum started the month at $1,933 and reached its peak price of $1,942 on the same day.

Over the next five days, it mostly remained in this range. However, on July 7, it settled in the $1,800 range, which has remained since. At the time of writing, the token is trading at $1,880.

While Ethereum’s price has experienced a slight increase of 1.38% in the past 24 hours, its seven-day price change is down by 3.66%.

The slight appreciation in its price today is evident in its trading volume, which has also risen by 23.41% over the last day and currently stands at $6,067,866,003.

Ethereum Battles Major Resistance On Daily Price Chart

Ethereum (ETH) has recently indicated that it could be gearing up for a potential sell move, despite its current price being above the 50-day and 200-day moving averages.

While these moving averages suggest a generally positive trend in the medium to long term, it is also essential to consider other factors.

One such factor is the MACD indicator, a popular technical tool used to gauge momentum in the market. The creation of partial red bars on the MACD histogram indicates a potential bearish divergence.

Furthermore, the fact that the MACD line is below the signal line adds to the bearish sentiment, suggesting a potential downward movement in price. Regarding momentum, the Relative Strength Index (RSI) is currently reading 52.54 for Ethereum. This places the RSI in neutral territory, indicating a lack of strong overbought or oversold conditions.

However, one significant development that cannot be overlooked is the primary resistance level at $1,895 that Ethereum recently encountered. Despite multiple attempts, the token has struggled to break past this resistance level over several days.

Resistance levels often act as barriers to further price growth and can signal a potential price reversal or consolidation. The combination of the MACD indicator, the RSI reading, and the strong resistance level suggest that Ethereum might face selling pressure soon.

Factors That Could Influence An Ethereum Rally

Multiple factors and developments on the Ethereum network play vital roles in its price trajectory. Some of these factors could be the status of the overall crypto market, the government’s stance, regulatory system, including updates on and demand for the token.

Here are some factors that may affect the price of Ethereum in the long- and short-term:

Tron Co-founder Withdraws a Large Amount of Ethereum Through Lido

Recently, Justin Sun, Tron’s co-founder, took out 30,000 ETH worth about $56,000,000 from Lido, a known liquidity staking service provider. The move has resulted in Sun’s Ethereum stake through Lido decreasing to 263,294 ETH, valued at $491.6 million at current rates.

The reasons behind Sun’s decision to withdraw such a substantial amount of Ethereum remain unclear, leaving room for speculation within the crypto community.

Although Sun’s unstaking has raised concerns among market participants, it is noteworthy that he remains one of the largest stakers at Lido, accounting for over 9% of the total ETH staked on the platform.

As the news of Sun’s unstaking emerges, market observers are keen to understand the potential impact on Ethereum’s price. However, as of the latest reports, ETH prices have been holding steady and approaching the $1,900 mark.

ERC-20 tokens

Ethereum’s programmable blockchain and the ability to create smart contracts have made it a preferred platform for developers.

These developers create ERC-20 tokens on the Ethereum blockchain to power their dApps or as a means of fundraising through Initial Coin Offerings (ICOs) or Initial DEX Offerings (IDOs).

On that note, as the demand for these ERC-20 tokens increases, so does the demand for Ethereum, given that ETH is often required for transactions and interacting with these tokens and dApps.

An Alternative For Ethereum Investors – Launchpad XYZ (LPX)

Introducing Launchpad XYZ, a cutting-edge crypto project built on the Ethereum blockchain, aiming to empower individuals and businesses in their transition to Web3. Launchpad XYZ offers a seamless experience for users to understand and leverage the latest technology by providing a range of innovative features and tools.

Among the diverse features offered by Launchpad XYZ are the Launchpad custom-built DEX, a fractionalized asset marketplace, a trading terminal, the Metaverse experience library, a Web3-compatible wallet, and a P2E game hub.

These features enable investors to easily access available assets and select those with the highest growth potential.

Additionally, the trading terminal, NFT DEX, and presale marketplace simplify the process of purchasing chosen assets, eliminating unnecessary complexities. A crucial aspect of Launchpad XYZ is its native token, LPX, which serves as the medium of exchange within the ecosystem.

LPX allows users to participate in various activities, such as fee payments, token staking, and earning rewards.

Launchpad XYZ (LPX) Raises Over $1.13 Million In Presale

Currently, LPX is in the presale phase, attracting significant investor interest since its inception. During the presale, LPX tokens are available at a remarkably low price of $0.0445, with the next stage anticipated to offer the tokens at $0.046.

Meanwhile, the project has already raised $1,136,397 USDT, which is close to the target of $1,550,000, reflecting the unwavering interest of investors in the project.

Intending investors are encouraged to secure LPX tokens at the current low price before the next stage or the anticipated listing in Q3. The LPX tokens can be purchased using USDT, ETH, or bank cards.

Investors position themselves for potential gains by making an early investment once the token is listed on exchanges at $0.0565.

How to Buy $LPX Tokens

Ensure you have a compatible crypto wallet

The first step in participating in the Launchpad XYZ token presale is to acquire a crypto wallet that supports the token.

MetaMask is a popular and widely used option compatible with Launchpad XYZ.

Set up and secure your wallet

Once you have installed your chosen wallet, follow the instructions to create a new wallet or import an existing one.

Ensure that you follow best practices for wallet security, such as setting a strong password and enabling additional security features.

Add ETH or USDT to your wallet

To participate in the Launchpad XYZ token presale, you must have Ethereum (ETH) or Tether (USDT) tokens in your wallet.

If you do not already possess these tokens, you can purchase them from a reputable cryptocurrency exchange and transfer them to your wallet’s address.

Connect your wallet

Visit the Launchpad XYZ presale’s official website, locate the option to connect your wallet, and click on the option.

Complete the LPX presale order

Once your wallet is connected, you will receive a presale order box or something similar.

In this box, enter the amount of ETH or USDT tokens you wish to exchange for Launchpad XYZ and double-check the details for accuracy.

Confirm your order

Take a moment to review the details of your presale order, ensuring that the amount and token selection are correct before clicking the Buy or Confirm button.