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Ethereum is retracing today as its recent rally fades. Its price has declined by 4% in the last 24 hours. Although its trading volume is up by 31.41% at press time, most traders are likely in short positions today.
Ethereum remains one of the most advanced blockchain networks in crypto, hosting other projects using smart contracts.
ETH Whale Transfers Over 25,000 ETH To Crypto Exchange, Triggering A Potential Dip
According to a report from Whale Alert, 25,264 ETH, with an estimated value of $48 million, moved from an anonymous crypto wallet to Coinbase.
Also, another whale transferred 30,000 ETH anonymously to the OKEX crypto exchange. These sizeable transfers can influence ETH’s price, with the current drop a likely effect of the whale movement.
However, there are no certainties in the crypto market, and the asset’s price could also gain based on other factors. ETH’s recent rally began on June 30 when it traded at $1,933.19, increasing from its former price of $1,852.23 on June 29.
It maintained most of its price gains, moving to $1,924.57 on July 1, 2023. ETH traded at the $1900 price level with slight fluctuations until its eventual decline to $1,848 on July 6.
Currently, it is trading at the $1,859 price level, and its 7-day high is $1,974. The price drop today indicates an increase in sell pressure on ETH tokens.
ETH Price Outlook: Bears Force Retreat Despite Early Rally
ETH is in a downtrend today. Despite forming a green candle on the daily chart, the lower wick of the candle has dropped below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment.
Also, its Relative Strength Index (RSI) value is 50.09 in the neutral zone between the overbought region of 70 and the oversold region of 30. The RSI points upwards slightly, hinting at a possible recovery despite the bearish sentiment.
ETH’s Moving Average Convergence/Divergence (MACD) is below its signal line, confirming today’s prevalent bearish trend.
Also, a red bar has formed on the MACD’s Histogram bar today due to ETH’s bearish price outlook.
Although ETH is under bearish pressure, it trades above its 200-day SMA, hinting at a long-term rally.
ETH Support And Resistance Levels
ETH is trading above the $1827.4 support level; the bearish pressure in the last few days could likely force a retracement to the $1778.1 support.
However, the $12827.4 support held the price, and a retest of the $1908.5 resistance level remains possible. ETH will likely continue its downtrend in the short term before the bulls rally again for a long-term recovery.
Several factors could influence the price of a crypto asset. These factors might act independently or combine to affect the asset’s price pattern. Some of these factors are,
- Laws of supply and demand: Scarcity increases a token’s value due to increased demand, while excess supply often leads to a price drop.
- Macroeconomic factors: Inflation, recession, and economic policies in different regions also affect crypto prices. Some cryptocurrencies, such as Bitcoin, partially correlate to stocks like the S&P 500. Therefore, the price action of these stocks also influences the crypto market.
- Crypto regulations and regional restrictions: Regulatory pressure could affect the coin’s or token’s progress in the crypto market.
- Investors’ sentiment and adoption of tokens: Investors play a vital role in token adoption. The more investors, the greater the chances of a token succeeding in the market since it will have high liquidity.
- Whale movement and market manipulation: Whales control the crypto market due to the large size of their investment portfolio.
For instance, a whale shorting many tokens could deflate the overall value due to excess circulating supply.
- A project or token’s utility: Users prefer to invest in tokens offering amazing utility, such as seamless cross-border payments or vital purposes within the ecosystem.
- A thriving community: A crypto community is vital for the long-term survival of a project. Ethereum, as a case study, is regarded as a developers’ hub and actively participates in their community, providing grants and education across several regions.
- Recent developments and upgrades in a crypto network or ecosystem: Upgrades and recent developments are vital to the success of a cryptocurrency and often boost its price.
Recent Trends In Ethereum’s Ecosystem
Ethereum Foundation announced its plans for its developer’s conference (Devcon) in 2024. According to the blog post, the event will occur in Southeast Asia, engaging regions such as Indonesia, Thailand, Malaysia, and Singapore.
The application deadline for the event is October 31, 2023. Road to Devcon Grants is available to encourage users to learn and contribute to Ethereum’s ecosystem.
This event is open to the general public. However, the applicants must be Ethereum-focused and in the Southeast Asian region.
Such events help attract investors’ attention to Ethereum and eventually boost its price with increased adoption.
KZG Summoning Ceremony Harnesses Ethereum Team Spirit
Ethereum developers, on July 3, announced the final round of contributions to the KSG summoning ceremony.
The KSG Summoning Ceremony is a community event to improve privacy on the Ethereum protocol. Each contributor creates a secret and computes it to mix with previous contributions.
The output goes to the next participant, who repeats the process. The secrecy of the process makes it impossible for a hacker to reverse-engineer and discover the initial secrets. This community-based approach engages more community members and fosters growth and adoption, likely positively affecting its price.
Ethereum Co-founder Believes Ordinals Revived Bitcoin’s Builder Culture
Ethereum’s co-founder Vitalik Buterin stated on a Twitter Space that Bitcoin Ordinals confirmed the organic return of the builder culture to the Bitcoin network. Buterin spoke to Eric Wall and Udi Wertheimer about what Bitcoin developers could learn from their Ethereum counterparts.
He praised the Ordinals innovation and the BRC-20 token standard he believes is a rejection of politics in the Bitcoin ecosystem.
Eric Wall noted that Bitcoin Lightning Network cannot scale for future users and faces challenges with medium-sized transactions.
Buterin suggested that the best approach is to focus on implementing several types of layer-2 solutions. Also, he suggests that Bitcoin developers should look for ways to make the Bitcoin base layer more efficient.
Ethereum is part of the ordinal trend, with Ethscriptions described as a new way of creating and sharing digital artefacts and transactional call data.
This innovation could potentially boost ETH’s value in the future as more investors adopt the new technology.
Ethereum Alternative
While Ethereum retraces in the market today, an eco-friendly crypto project is rapidly gaining relevance among investors.
Chimpzee (CHMPZ)
Chimpzee is an eco-friendly project hoping to preserve forests, trees, and endangered wildlife species. Its harnesses Web3 innovations powered by blockchain technology to engage its users.
The $CHMPZ powers all activities in the Chimpzee ecosystem, and judging from its presales, it is already a top investor’s choice. |
Users can employ these tokens to acquire exclusive merchandise from the platform.
Back Story
According to the developers, the story began in the depths of the African jungle, where a legend was born. His name is Max Chimpzeeski, an outstanding scientist with a large heart dedicated to saving the planet.
With determination and passion, he created a weapon to counter the forces of illegal poachers and deforestation.
Chimpzee is the product of those efforts, depicted as part man, ape, and machine. This exciting storyline is embedded in the ecosystem’s gameplay.
Three Cardinal Pillars
The Chimpzee gives its users three earning opportunities. These include:
- The Chimpzee Shop: It promotes the Shop-to-Earn (S2E) model, where users receive CHMPZ tokens for shopping in the online store.
- Unique NFT Marketplace: The NFT marketplace promotes the Trade-to-Earn (T2E) earning model. Here users can earn a part of the project’s trading fees from the NFT marketplace. Also, they get access to acquire an NFT passport to increase their trading rewards.
- Zero Tolerance Game: An exciting play-to-earn (P2E) model rewards users with CHMPZ tokens for participating in the captivating Chimpzee game.
Chimpzee Presale A Resounding Success
CHMPZ presale is potentially one of the top presales 2023 due to the project’s immediate impact in the real world.
Recently, Chimpzee planted 20,000 trees in Guatemala as part of its efforts to combat deforestation. This action has drawn more investors to acquire these eco-friendly tokens.
The presale is in stage 6, and each token is worth $0.00067. It implies that 1 USDT will acquire 1493 CHMPZ tokens for investors. However, a price increase will occur in a few hours, where each token will go for $0.00007.
The Chimpzee presale has attained the $742,000 milestone out of its goal of $864,500 for this stage. Investors must act quickly before the subsequent price increase.
CHMPZ will officially list at $0.00185 on exchanges resulting in paper gains of over 176% for initial investors.
The Chimpzee NFT passports will be available once the presales end. Early investors have privileged access to Chimpzee Diamond NFT passports. Interestingly, only Diamond and Gold NFTs holders have the exclusive right to create a free avatar.
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