The Ethereum price has dipped by nearly 0.5% in the past 24 hours, with the altcoin holding to the $2,051 level as the cryptocurrency market as a whole falls by 1% today.
Despite this loss, ETH remains up by 8.5% in a week and by 31% in the last 30 months, as ETF-related enthusiasm carries the altcoin and the wider market further.
ETH has also risen by 71% since the beginning of the year, and with the possibility of ETF approvals set to user in a bull market next year, it may resume rising strongly once its current dip is over.
Ethereum Price Prediction as Bulls Hold $2,000 Level – Where is ETH Heading Next?
Ethereum’s indicators continue to look strong, even with today’s little misstep.
The coin’s RSI (purple) remains above 70, indicating considerable buying pressure that could help it rise again quickly in the next few days.
More bullishly, ETH’s 30-day average (yellow) recently climbed over its 200-day average (blue), forming a ‘golden cross’ that often signals breakouts.
As such, it may still be the case that ETH is on the brink of much bigger rises than it has enjoyed in the past couple of weeks.
Indeed, its 24-hour trading volume remains comfortably above $21 billion, having stood at around $3 billion in the middle of October.
This indicates that investors are still very much interested in ETH, with a number of large transfers in the past couple of days showing that some whales are still moving the altcoin off exchanges.
10,000 #ETH (20,584,873 USD) transferred from #Bybit to unknown wallethttps://t.co/JXm6qBxnIQ
— Whale Alert (@whale_alert) November 14, 2023
So based on ongoing optimism surrounding Bitcoin – and Ethereum – ETFs, it’s likely that the Ethereum price will continue to rise in the coming weeks.
And turning to the medium- and long-term, ETH’s fundamentals will also be pushing in this direction.
Ethereum continues to be the biggest layer-one blockchain in terms of usage and adoption, with its network accounting for more than half of the total value locked in of the entire sector.
It has also been attracting big names this year, with PayPal launching its own Ethereum-based stablecoin and with Coinbase opening its own Ethereum layer-two.
In other words, Ethereum’s continued dominance for the foreseeable future is more or less assured, which would imply a rising Ethereum price.
From $2,000 now, it could reach $2,500 by the end of the year, with a fully fledged bull market in 2024 helping it to retest its all-time high.
Fundamentally Strong Altcoins
It’s never ideal to have a portfolio mostly in a single cryptocurrency, so traders looking for diversification are also advised to buy into newer tokens, exposing themselves to more positive upside.
Newer tokens can also include presale coins, with the best and biggest presales often translating into big exchange listings.
One of the likeliest tokens to enjoy such a listing is Bitcoin Minetrix (BTCMTX), a stake-to-mine platform that has raised over $3.9 million in around a month.
Experiencing the world of #BitcoinMinetrix, a tokenized cloud mining platform that enables everyday individuals to participate in decentralized $BTC mining.
Saying goodbye to concerns about third-party cloud mining scams and gaining full control over your operations.
pic.twitter.com/Oa9A9y74SO
— Bitcoinminetrix (@bitcoinminetrix) November 14, 2023
Due for launch in the next few weeks, Bitcoin Minetrix will enable users to mine Bitcoin (BTC) simply by staking its native token, BTCMTX.
By staking enough BTCMTX, users receive tokenized mining credits that they can then use to buying Bitcoin mining power, earning them newly minted BTC in the process.
Such a system will potentially make Bitcoin Minetrix profitable for users, who will also receive issued BTCMTX in exchange for staking.
Investors can join its presale at the official Bitcoin Minetrix website, where 1 BTCMTX currently costs $0.0116.
#BitcoinMinetrix Stage 7 is ending in 4 days!
pic.twitter.com/LXsl2fPhzS
— Bitcoinminetrix (@bitcoinminetrix) November 13, 2023
This price rises with each successive stage of the sale, ending at $0.01190 once the offering reaches its final stage.
And given just how promising Bitcoin Minetrix’s fundamentals are, it could rally much higher once it lists towards the end of the year.
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.
The post Ethereum Price Prediction as Bulls Hold $2,000 Level – Where is ETH Heading Next? appeared first on Cryptonews.
#PricePredictions #Altcoins #Ethereum #EthereumPrice #EthereumPricePrediction #TechnicalAnalysis [Source: CryptoNews]