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The Ethereum price plunged over 8% in the last 24 hours to trade at $1,918.04 as of 6:02 a.m. EST as investors offload their holdings in the altcoin.
The slump in the ETH price helped make it the top-trending crypto on CoinMarketCap.
Ethereum Price Trying To Overcome A Technical Obstacle
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price bounced off of the support at $1,751.72 in the last few hours, and is now attempting a challenge at a resistance level at $1,997.50. Should the altcoin leader overcome this technical barrier, which is confluent with a negative trend line, it will clear the room for the Ethereum price to potentially rise to as high as $2,317.75 in the short term.
However, a rejection from the $1,997.50 resistance in the coming hours could result in a more bearish scenario playing out. The Ethereum price might then continue to trade beneath the aforementioned descending trend line.
Technicals Suggest The Ethereum Price Might Rise Soon
Technical indicators on ETH’s 4-hour chart suggest the Ethereum price could start to rise soon, with both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) showing early bullish signs.
The MACD line has started to rise towards the MACD Signal line in the last couple of hours. This could be an indication of ETH’s bearish cycle nearing its end. Should the gap between the two lines keep shrinking, a bullish crossover might happen.
Traders could then end up reacting positively to this technical development and start pushing the Ethereum price up.
Meanwhile, a major bullish technical flag is on the verge of being triggered by the RSI, which is attempting to cross above its Simple Moving Average (SMA) on the 4-hour chart.
The RSI breaking above the SMA line in the short term might signal that buyers have gained an upper hand on ETH’s charts.
As the Ethereum price tries to recover, traders are piling into a new meme coin called BTC Bull Token (BTCBULL).
99Bitcoins, a popular YouTube channel with over 725K subscribers, predicts BTCBULL could surge 10X after launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin project that wants to support the largest crypto by market cap on its journey to $1 million per coin and beyond.
As Bitcoin soars to new heights, BTC Bull Token will reward its token holders with free BTC via airdrops.
These rewards will be distributed at certain price milestones. Investors who hold BTCBULL in Best Wallet will receive free Bitcoin when the crypto hits $150K for the first time, and for every $50k price rise thereafter.
There will also be a massive BTCBULL airdrop when Bitcoin reaches $250K.
Along with the airdrops, there will be BTCBULL token burns at certain price milestones as well. This will make the meme coin more scarce, which, coupled with the demand from investors who want free Bitcoin, could lead to a price surge.
Bitcoin and the broader crypto market underwent a correction in the last 24 hours as fears of a global recession rise.
Many investors have already seen BTC’s drop to a 4-month low as an opportunity to buy the dip, and others could soon follow.
BTCBULL Presale Charges Toward $4 Million
Investors are rushing to buy BTCBULL, pushing the project’s total raise to over $3.4 million. This buying frenzy is likely to continue given the 123% APY on offer to anyone who buys and stakes the meme coin during this ICO phase.
Investors interested in getting in on these rewards will first need to acquire BTCBULL via the buy widget embedded on the project’s website. Selling for $0.002405, BTCBULL can be bought with either crypto or bank card.
Investors looking to lock in the best rate will want to act fast because BTCBULL will undergo a price hike in less than 2 days. Thereafter, there will be a series of price increases as the ICO progresses.
Visit the BTC Bull Token website.
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