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The Ethereum price edged down a fraction of a percentage in the last 24 hours to trade at $1,806 as of 4:33 a.m. EST on trading volume that plunged 4% to $10 billion.
This drop in the ETH price comes as Grayscale Investments urged the US Securities and Exchange Commission (SEC) to approve staking for Ethereum ETFs (exchange-traded funds), which will likely unlock millions in rewards, and also strengthen the Ethereum network.
In a memo summarizing a meeting held between Grayscale and members of the US SEC on April 21, the firm detailed its request to amend the Form 19b-4 filings for the Grayscale Ethereum Trust ETF (ETHE) and the Grayscale Ethereum Mini trust ETF, aiming to permit staking activities.
Ethereum Price Breakout Signals A Bullish Trend Continuation
For several months, the ETH price has been trading within a well-defined falling channel, characterized by consistent lower highs and lower lows.
This bearish pattern generally suggests ongoing downward pressure. However, a notable shift has occurred. The Ethereum price has broken out above the upper resistance line of this falling channel, closing above it for consecutive days.
This breakout signals a potential end to the prior downtrend and the possibility of a trend reversal toward the upside.
The price of Ethereum is currently trading around $1,806.06, slightly above the 50-day Simple Moving Average (SMA) at $1,793.13. However, it remains substantially below the 200-day SMA positioned at $2,738.85, as GeckoTerminal data shows.
The Relative Strength Index (RSI), is currently at 55.50. This reading places it comfortably above the neutral 50 mark but still well below the overbought threshold of 70.
A value above 50 generally supports bullish momentum, indicating that buyers are gaining strength but without the asset being overbought yet, a positive sign for sustainable growth.
Moreover, the Moving Average Convergence Divergence (MACD) indicator also supports the bullish outlook. The MACD line (blue) has crossed above the signal line (orange), and the histogram is turning positive.
ETH Price Prediction
Given the breakout from the falling channel, the bullish crossover on the MACD, and the RSI moving into more bullish territory, the Ethereum price appears poised for a potential upward move in the coming weeks.
Immediate resistance lies around the psychological level of $2,000, and beyond that, a stronger resistance is at the 200-day SMA near $2,738.85.
If ETH can sustain its position above the 50-day SMA and gather more volume and momentum, a move toward $2,000–$2,200 could happen in the long-term.
However, without a breakthrough past the 200-day SMA, the larger trend could still technically be considered bearish. Should ETH fail to hold above the 50-day SMA, it may retest previous support levels around $1,476.
Meanwhile, crypto investors are turning to BTC Bull Token (BTCBULL), a promising Bitcoin-themed meme coin.
YouTube channel 99Bitcoins, which boasts over 725K subscribers, predicts 10X gains for BTCBULL holders after the token launches.
BTC Bull Token Presale Racing Toward The $5.5 Million Milestone
Although Bitcoin has been in constant decline since it peaked at $109,487 in late January, BTC Bull Token investors are confident the leading cryptocurrency is on track to soar to $250,000.
BTC Bull Token is a meme coin representation of Bitcoin but with levels of utility not often seen with meme coins. Every time Bitcoin hits a new milestone, starting at $150,000, BTCBULL holders receive real Bitcoin via airdrops, distributed based on the number of tokens they own.
The airdrops don’t stop there, as the reward mechanism resets with every $50,000 jump in Bitcoin’s price, which means more airdrops at $200,000, $250,000, and so on.
The project has already raised over $5.09 million as investors seek an alternative way to gain BTC exposure.
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Additionally, at every $25k increase in the BTC price, starting at $125k, the project will buyback and burn BTCBULL tokens.
BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 81% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL tokens for $0.002485 each using BNB, ETH, USDT, or a bank card.
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