The Ethereum price has dipped by 2% in the past 24 hours, falling down to $2,207 as the wider crypto market slips by 0.5% today.
Yet ETH has had a good week overall, with the altcoin remaining up by 9% in the last seven days and also by 17% in the last 30.
These gains provide it with enough ongoing momentum to produce further rallies in the next few days and weeks, with ETH likely to be one of the main beneficiaries of an expected end-of-year rally.
And when combined with its enviable fundamentals, ETH could potentially reach new highs in 2024.
Ethereum Price Prediction as Bull Run Continues Beyond $2,200 – Is a $10,000 ETH Possible in 2024?
Atheneum’s chart continues to look bullish, even with today’s little misstep.
Its 30-day average (yellow) is still racing further above its 200-day (blue), implying that the altcoin remains in the middle of a medium-term uptrend.
Similarly, its relative strength index (purple) remains close to 70, a level which indicates ongoing buying pressure that’s likely to keep pushing up the coin’s price.
Just as bullishly, ETH’s support level (green) has been climbing steadily ever since the middle of October, meaning that if the coin is to lose ground at any point during the current rally, any dips are likely to be small.
And compared to September and early October, ETH’s trading volume is extraordinarily healthy, standing at about $30 billion, in contrast to levels as low as $3 billion.
This makes ETH the most-traded non-stablecoin alt in the market, implying that it’s likely to benefit from an expected end-of-year rally more than most other altcoins.
Someone has to say it.
ETH price at $2.2k is hilarious.
Everyone out here trading "what ifs" this cycle when Ethereum has fundamentals.
Let my tell you why $2.2k ETH is stooopid.
Ethereum now makes $2.7 billion in annualized profits – the only profitable chain – a P/E ratio…
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) December 4, 2023
Indeed, ETH’s fundamentals remain unparalleled among the vast majority of tokens, with the Ethereum blockchain accounting for 56% of the entire sector’s total value locked in.
On top of this, Ethereum has enjoyed some highly significant adoption news this year, with PayPal launching its own Ethereum-based stablecoin and with Coinbase releasing its own Ethereum layer-two.
This all points to a steadily rising Ethereum price over time, with the altcoin set to hit $3,000 in the next couple of months.
Other Altcoins With High Growth Potential
As reliable as ETH remains as a major token in the market, it isn’t the only coin with potential right now, with some traders even likely to prefer newer coins set to enjoy early growth spurts.
Such coins include presale tokens, which can often generate enough momentum during their sales to enjoy big listings on exchanges.
One new coin likely to do this is Bitcoin ETF Token (BTCETF), an ERC-20 cryptocurrency that has raised $2.5 million in its presale.
What's the aim of the #BTCETF #Token?
This #BitcoinETF token, operating as an ERC-20 token, commemorates the anticipated introduction of #Bitcoin ETFs into the American financial markets.
pic.twitter.com/nybwFgMwwH
— BTCETF_Token (@BTCETF_Token) December 5, 2023
As the tweet above indicates, Bitcoin ETF Token has distinguished itself with some novel tokenomics, which are linked to the progress of Bitcoin ETFs.
In particular, the coin will burn 25% of its total supply over time, with 5% tranches being burned whenever Bitcoin or Bitcoin ETFs reach certain milestones.
Accordingly, Bitcoin ETF Token will process its first 5% burn when an SEC-approved Bitcoin ETF reaches a volume of $100 million.
Its final burn will come when the BTC price reaches $100,000, with the token also featuring a transaction burn tax that will decline over time.
To join the coin’s presale, investors can simply go to the official Bitcoin ETF Token website and connect their software wallets, such as MetaMask.
They can currently buy BTCETF at a price of $0.0062 per token, although the sale will up this price in just under a day.
And it’s likely to rise even higher once the token lists on trading platforms, especially when its deflationary mechanisms kick in.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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