The Ethereum price mid-week bear rally pushed to highs around $1,215. A bullish relief move was overdue this week following the FTX collapse. Bitcoin gained more ground and reclaimed support at $16,000 before inching closer to $17,000.
The second-largest cryptocurrency appears to have tapped into a fresh bullish momentum that could propel it to $2,000 in the coming weeks, if not days.
Ethereum Foundation Chimes in On Staked ETH
According to CoinDesk, investors have been concerned about a rumor on Twitter implying that the Ethereum Foundation deliberately wanted to push back the timeline for the withdrawal of staked ETH.
Stakers are likely jittery following many undesirable events in the market, which affected investors on FTX, BlockFi and Genesis. However, developers say they are working with timelines agreed upon earlier – where withdrawals were to be enabled during the upcoming “Shanghai” upgrade.
Ethereum Price Prediction Ahead of 18% Bullish Move
Ethereum price sustained a 10% price increase on Wednesday as crypto markets generally rebounded. From support at $1,080, ETH traded at a weekly high of $1,215. The pioneer smart contracts token now teeters at $1,201 while considering an 18.71% breakout to $1,406.
This recovery completed the formation of a double-bottom pattern, opening the door to the much-anticipated rally. Traders scanning for long positions must wait for ETH to print another bullish candle above the neckline resistance before activating their buy orders.
The odds are likely to favor the bulls, especially with a buy signal from the Moving Average Convergence Divergence (MACD) indicator positively influencing the price. Traders will probably consider the 50-day Simple Moving Average (EMA) (in red) at $1,241 as the first take-profit position.
If the MACD crosses above the mean line and moves into the positive region, the uptrend in Ethereum price will allow investors to book more profits at the 100-day EMA (in blue), holding the ground at $1,306. Stubbornly bullish traders could wait until Ethereum price tags the 200-day EMA (in purple) at $1,393.
ETH/USD eight-hour chart
The bullish outlook in Ethereum should be considered with a pinch of salt due to a robust resistance highlighted by IntoTheBlock’s IOMAP on-chain model between $1,199 and $1,232.
Approximately 1.43 million addresses previously purchased 8.30 million ETH in that range. As ETH recovers, some investors may liquidate at respective breakeven points, building more overhead pressure to stifle movement to the upside.
Ethereum IOMAP model
On the flip side, Ethereum sits on top of relatively weak support areas. Therefore, selling activities could escalate if the price slides and holds below the double-bottom pattern’s neckline. Short positions placed marginally below the neckline support at $1,184 will turn profitable toward the primary support at $1,080.
Ethereum Alternatives Promising Massive Gains
Ethereum price presents a rare buy opportunity with a double-bottom in the eight-hour timeframe. However, the market is still ailing from the FTX crisis that left millions of investors counting losses. Due to such uncertainties in the crypto market, many investors have been looking at presales for shorter-term profits.
Below are some of the projects with the biggest potential allowing investors to get involved early on.
Dash 2 Trade
Dash 2 Trade is a new cryptocurrency ecosystem where users can access a crypto on-chain analytics platform, signals and other premium trading features. Dash 2 Trader encourages progressive investment by enabling the creation and testing of trading strategies.
Dash 2 Trade uses real-time data and on-chain analytics to provide trading signals with accurate buy/sell opportunities for users of all experience levels.
D2T tokens are currently selling for 0.0513 USDT, but this will rise to 0.0533 USDT in the next stage of the sale.
RobotEra is one of the best metaverse crypto projects to buy today because of its close similarities to the well-known Sandbox crypto project. Gamers can play as robots and participate in creating the virtual world.
In-world transactions will be made possible via TARO, where the platform users will pay for services and participate in activities like games and community events.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which is due to begin soon.
Also running on Ethereum is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers.
IMPT’s tokenization of carbon credits as NFTs ensures that such credits can be tracked more transparently, helping to solve many of the problems that have undermined carbon markets up until now.
IMPT presale has raised over $13 million, which means the team is halfway through completing its second presale target of $25 million. Investors are buying 1 IMPT for $0.023.