Ethereum Price Dips and Phishing Attack Shakes the Network
The price of Ethereum (ETH) has experienced a 3% drop, reaching an intraday low of $1,575. This movement may indicate a liquidity sweep, collecting funds below the critical resistance level of $1,621. As a result, a potential pullback is expected for ETH, which is known for pioneering smart contracts on its network.
Phishing Attack Exploits Ethereum Co-Founder’s Account
The Ethereum network recently faced a turbulent weekend when Vitalik Buterin’s X account was exploited. The attacker used Buterin’s large follower base to promote a phishing link. The deceptive post claimed to celebrate the arrival of “Proto-Danksharding” on Ethereum and encouraged victims to mint a fake free commemorative non-fungible token (NFT). The phishing post has been deleted, but some victims have lost significant amounts of crypto and NFTs. Buterin is facing criticism for not adequately protecting his account, with some calling for him to compensate the victims.
Ethereum Price Forecast: ETH Sweeps Liquidity
The price of Ethereum has fallen below the critical support level of $1,621, indicating a liquidity sweep before a potential upward movement. The Relative Strength Index (RSI) is approaching the oversold threshold, suggesting a possible correction in the future. If Ethereum’s price moves higher, it could flip the $1,621 resistance into support and fill the gap in fair value. Breaking the 50-day Exponential Moving Average (EMA) at $1,671 would invalidate the bearish outlook. The price could then rise to the 100- and 200-day EMAs at $1,724 and $1,766, respectively, with a target of $1,800 or even $2,000 in a highly bullish scenario. However, if momentum continues to decline, Ethereum’s price may test the $1,500 level.
Consider WSM as an Alternative to ETH
If you’re hesitant to invest in Ethereum during this uncertain market, you may want to consider Wall Street Memes (WSM). WSM is a meme coin that has gained significant attention, even from Elon Musk. The project is set to be listed on top-tier exchanges soon, and investors have opportunities to earn passive income through holding or staking WSM tokens. Staking offers attractive Annual Percentage Yields (APY) of up to 65%. WSM has already garnered over $25 million in presale sales and is considered one of the best cryptocurrencies to buy in September 2023.
Hot Take: Ethereum Faces Challenges While WSM Emerges as a Promising Alternative
Ethereum’s price drop and the phishing attack on Vitalik Buterin’s account have highlighted the challenges and vulnerabilities faced by the network. As investors weigh their options, Wall Street Memes (WSM) has emerged as a promising alternative. With its upcoming listing on major exchanges and the potential for passive income through staking, WSM offers an enticing opportunity. While Ethereum’s future remains uncertain, WSM’s growing community and successful presale sales indicate a positive outlook. As the crypto market evolves, it’s essential to consider alternatives like WSM that offer potential for growth and stability.
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