The price of Ethereum (ETH) has dropped by 6.5% in the past 24 hours, with its fall to $1,637 coming as the cryptocurrency market continues to suffer losses amid regulatory uncertainty.
ETH is now down by 11% in the past week, although it does remain up by 52% in the last 12 months, with the coin having recovered relatively well since the start of the year.
But with the SEC’s recent enforcement actions causing a mix of investor panic and liquidity loss, ETH has plunged below a couple of important support levels in the past few hours, raising the possibility of further falls to come.
However, Ethereum’s fundamentals remain strong, and with the coin escaping the SEC’s mention in the regulator’s recent complaints, it’s better placed to recover in the coming months than many of its rivals.
Ethereum Price Prediction as Market Sell-Off Sends ETH Below $1,800 Level – Where is the Next ETH Support?
If there’s anything positive that can be said about ETH’s fall today, it’s that its indicators now suggest that it can really fall much lower and should rebound sooner or later.
For one, ETH’s relative strength index (purple) is now below 30, signaling that the altcoin is very undersold and should (all other things being equal) recover in the near future.
Likewise, its 30-day moving average (yellow) has dropped very far below its 200-day average (blue), something which, in normal circumstances, would indicate a recovery in price.
But with ETH’s support level (green) plunging to new depths, it can’t be predicted with any real conviction that the coin has quite finished falling.
It fell through the long-term support of $1,800 overnight, and then quickly fell through $1,700 as well.
There’s nothing to suggest that it won’t fall through $1,600 either, given how badly affected alts have been as a result of the ongoing SEC drama.
On the other hand, ETH won’t as likely be as badly affected by the actions against Binance and Coinbase (and other platforms) as other altcoins, with numerous of its rivals (including Solana, Cardano and Cosmos) being named as ‘securities’ in the SEC’s filings.
The SEC’s classification here has already led to certain alts being taken off trading platforms, yet ETH remains unscathed, even if there are some question marks about the ETH staking services offered by exchanges.
Assuming the SEC doesn’t change its mind (which cannot be ruled out), ETH is in a relatively superior position to recover in the next few months.
And there are plenty of fundamental reasons to be bullish about ETH, including its successful introduction of staking withdrawals in April.
This implementation has actually led to an increase in ETH staking, with some 22.8 million ETH now staked, up from around 18 million prior to withdrawals.
If this figure continues to increase, more ETH will be taken out of circulation, something which will support its price in the longer term.
Also supporting its price is the fact that Ethereum has a tendency to become deflationary during periods of peak activity, which again can reduce its supply relative to demand.
As such, ETH isn’t likely to be depressed for long, with the altcoin potentially looking at a recovery back up to $2,000 by the end of the year.
Buy Ethereum Now
Presale Tokens for Quicker Profit
But while ETH holders wait patiently for the next major ETH rally, other investors and traders may prefer to look at newer altcoins that have the potential to grow sooner and faster, given their younger ages.
Among the most promising altcoins right now are presale tokens, with the best of these potentially set for big rallies when they list on exchanges.
This includes ecoterra, an Ethereum-based recycle-to-earn platform that has raised more than $5.1 million since beginning the presale for its ECOTERRA token last month.
Due for launch in H2 2023, ecoterra’s platform aims to provide a decentralized and crypto-based ecosystem for supporting more sustainable living.
To this end, it will reward users for recycling their household waste at participating recycling points, with users being rewarded in ECOTERRA.
The platform will also reward users for generating their own green energy, with these rewards coming in the form of NFT-based carbon offsets.
Such offsets will be tradeable on ecoterra’s own NFT marketplace, providing yet more incentive for leading greener lifestyles.
This focus on the environment sets ecoterra in stark contrast to most other cryptocurrencies in the market, and should help it attract ESG-minded investors.
They can join its presale by visiting the official ecoterra website and connecting their software wallets.
1 ECOTERRA currently costs $0.00925, although this will rise to $0.01 in just over 13 days.
Needless to say, such prices may end up seeming extraordinarily cheap when ECOTERRA lists in the next few months.
Visit ecoterra Here
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