Ethereum (ETH) has seen a slight dip today, with its price dropping to $1,954. This is despite the wider crypto market being up by 0.5% in the last 24 hours. In the past week, ETH has risen by 4%, and over the past two weeks it has jumped by 13%. The altcoin is now 83% higher than it was 12 months ago.
ETH holders are now hoping for the price to break through the $2,000 mark, a milestone it hasn’t hit since April. Despite the bullish indicators, a short-term jump to this level is unlikely due to the current market instability. Instead, other events such as Wall Street Memes (WSM) presale reaching $12.5 million are more likely to happen first.
The technical indicators of ETH show that the rally of the past few days still has some momentum left. The relative strength index (purple) is pointing upwards again after a slight dip from 70, and the 30-day moving average (yellow) is still rising above the 200-day average (blue). Furthermore, the support level (green) has risen significantly in the last couple of weeks, meaning that even if the current rally loses steam, ETH is unlikely to take a big hit.
Although the signs are positive, it is possible that ETH will need to experience a correction before it can break through $2,000. Traders may therefore wish to look for other opportunities in the market, such as WSM’s presale. The meme coin has already raised more than $12.4 million since its launch, with its community of over 256,000 followers helping it to succeed.
The WSM presale is offering tokens at $0.031, which will rise to $0.0337 in the final stage. ETH, USDT and fiat currencies can be used to purchase tokens. It is expected that WSM will rise considerably when it lists on exchanges, potentially outperforming ETH and other established cryptos.
Investors should be aware that crypto is a high-risk asset class and should exercise caution when investing.
