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The Ethereum price has jumped 2% in the last 24 hours to trade at $1,894 as of 3:30 a.m. EST on a 16% plunge in trading volume to $16.9 billion.
The jump in the ETH price comes despite analyst Ali Martinez warning of a potential sharp decline to $800.
Martinez pointed out that Ethereum has formed an ascending triangle pattern since December 2021, with $4,000 acting as a key resistance level.
#Ethereum $ETH is breaking out, and if momentum holds, it could be on track for a move toward $800! pic.twitter.com/rCtDDAKq8r
— Ali (@ali_charts) March 13, 2025
Ethereum Shows Signs Of Potential Reversal After Prolonged Downtrend
Ethereum (ETH) is currently trading at $1,894, with a daily open of $1,864.59, a high of $1,905.42, and a low of $1,861.31. The cryptocurrency has been moving within a bearish channel since early January 2025, experiencing consistent downward pressure. However, recent price action indicates that ETH is approaching a critical support level, which could trigger a potential reversal.
The major support level lies between $1,600 and $1,800, an area where the Ethereum price previously consolidated before its rally toward $4,000 in late 2024. Historically, this zone has provided strong demand, making it a key area to watch.
Additionally, another support level exists between $2,000 and $2,200, aligning with the 0.943 Fibonacci retracement level, further strengthening the possibility of a rebound. Ethereum must break out of the descending channel to confirm a bullish shift and surpass the $2,400 resistance level.
ETHUSDT Analysis Source: Tradingview
The Relative Strength Index (RSI) currently stands at 34.84, indicating that ETH is nearing oversold conditions. An RSI reversal above 40–50 would strengthen the case for a trend reversal. If ETH breaks above $2,200–$2,400, it could gain momentum toward $3,000 and potentially $3,800.
However, failure to hold the $1,600 support could lead to further downside, with a possible decline toward $1,500 or even $1,200. At this stage, traders should closely monitor volume, RSI movement, and price action around key levels to confirm the next move.
If ETH reclaims critical resistance levels, a bullish reversal may occur. Conversely, if support fails, the Ethereum price could continue its downward trend.
Meme Index Crashes Past $4 Million As Its Presale Nears Its End
Meanwhile, as Ethereum traders gear up for a potential bullish rally, investors are now focusing on a new meme coin called Meme Index (MEMEX), which has already raised over $4 million in its presale.
MEMEX is the first-ever meme coin index designed to help users diversify their meme coin investments. The project’s team has announced that its presale will officially end on March 31, giving investors a final chance to buy in before its highly anticipated launch.
Memex Token Presale — Miss It, Wait a Year! 🚨
Memex: Invest with Humor, Disrupt the Financial World! 😂💰
Memex Token ($MEMEX) isn’t just a meme coin; it’s your secret weapon to join the global meme community and challenge Wall Street elites 💥. We use humor to disrupt… pic.twitter.com/G9SgGW3YYd
— $MEMEX (@MEMEconsensus) February 13, 2025
The project offers four unique investment options, they are the Meme Titan, Moonshot, Midcap, and Meme Frenzy indexes.
The Meme Titan Index focuses on relatively stable meme coins, while the Meme Moonshot Index includes a mix of promising projects. The Meme Midcap Index targets mid-tier meme coins, and the Meme Frenzy Index is designed for high-risk, high-reward tokens.
Popular YouTube channel 99Bitcoins, with over 726K subscribers, predicts that MEMEX could soar 100x after launch.
Get A 569% APY Staking Reward! Only 17 Days Left
Investors are also drawn to the project’s presale staking pool, which currently offers an impressive 569% APY, making it one of the most attractive opportunities in the meme coin space.
Right now, MEMEX tokens are available for just $0.0166883, and investors have only 17 days left to participate before the presale ends.
To buy, connect a wallet like Best Wallet and make a purchase using either USDT, ETH, BNB, or even a bank card.
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