The Ethereum Price Surges by 4% as Investors Show Confidence in the Altcoin
The price of Ethereum (ETH) has increased by over 4% in the past 24 hours, reaching $2,260 as of 8:45 am EST. This surge in price could be an indication that the prediction made by Macro guru and Real Vision CEO Raoul Pal is coming true. Pal suggested that traditional finance firms entering the digital asset space would lead to a new bull market for cryptocurrencies, boosting the Ethereum economy as a whole.
— Raoul Pal (@RaoulGMI) December 2, 2023
Ethereum Price Expected to Continue its Upward Trend
The price of Ethereum has broken above a positive price channel on its daily chart, suggesting that it may have the support needed to rise to the next major resistance level. If the daily candle closes outside of this channel, the altcoin could attempt to turn the $2,300 resistance level into support and continue its upward trajectory. However, if the price closes within the positive price channel, it may return to the immediate support level at $2,145. This correction is expected to be brief, and the price is likely to resume its climb.
If traders decide to sell their Ethereum holdings while the price rests on the key level of $2.145, the cryptocurrency might drop below this support, increasing the risk of a subsequent correction to $1,985 in the short term.
Favorable Technical Indicators Support the Ethereum Price
Technical indicators suggest that the upward trend of the Ethereum price will continue for the next 48 hours. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators support a bullish outlook. The RSI line is positioned above the RSI Simple Moving Average (SMA) line, indicating that buyers currently have the upper hand. Additionally, the MACD line is above the MACD Signal line, further confirming the short-term continuation of the bullish trend.
While waiting for the Ethereum price to rise, two projects that show promising returns are the ETHETF Token and BTCMTX. The ETHETF Token rewards holders as ETH ETFs become more popular in the United States, while BTCMTX offers investors a way to earn passive income through Bitcoin cloud mining.
Rewarding Holders with the ETHETF Token
The ETHETF Token is designed to reward holders of its native token as ETH ETFs gain traction in the United States. With BlackRock, one of the leading asset managers, filing for a spot ETH ETF, the project has the potential to deliver significant returns for investors.
Earn Passive Income through BTC with BTCMTX
BTCMTX is a cloud mining platform that allows anyone to easily get started with Bitcoin cloud mining. By purchasing and staking BTCMTX tokens, investors can earn a passive income paid in Bitcoin.
Investors Rush to Participate in the BTCMTX Presale
The BTCMTX project has raised over $4.6 million in its presale as more and more investors seek to build their BTC passive income through the project’s cloud mining ecosystem. With the expected approval of spot Bitcoin ETFs by January, both Bitcoin and BTCMTX are likely to receive a major boost.
For more information on the best cryptocurrencies to buy now and the top crypto gainers, visit the links below:
- Best Crypto to Buy Now December 4 – Quant, Terra, Flare
- Top Crypto Gainers Today Dec 4 – Terra Classic, Pepe, Pendle, Floki Inu
- Law Firm Calls Australia’s New Crypto Tax Guidance “Toilet Paper”
Hot Take: Confidence in Ethereum Grows as Price Continues to Soar
The recent surge in the price of Ethereum and the positive outlook provided by technical indicators have instilled confidence in investors. With the entry of traditional finance firms into the digital asset space, Ethereum is expected to experience a new bull market. Additionally, projects like the ETHETF Token and BTCMTX offer opportunities for investors to earn passive income. As the popularity of Ethereum ETFs grows and Bitcoin ETFs gain approval, both Ethereum and Bitcoin are likely to see further price increases. This presents an exciting time for crypto investors as they navigate the evolving landscape of the cryptocurrency market.
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