In the last day, the price of Ethereum has decreased by 2% to $1,792, matching the 2% decline in the cryptocurrency market as a whole.
ETH has been flat over the last week as the market responds to the news of Sam Bankman-Fried’s fraud conviction.
However, despite rising by 11% in the past two weeks and 9% in the past month, its price is still extremely near to a three-month high.
Ethereum’s Bullish Run: ETH Hits Three-Month High – Is It Time to Buy?,Ethereum’s Bullish Run: ETH Hits Three-Month High – Is It Time to Buy?
It will eventually rally once again since its fundamentals are still among the best in the market.
As Ethereum reaches a three-month high, what is the expected price? Should I buy?
Even if ETH has dropped over the last day, its indications remain positive and suggest that the currency still has medium-term potential.
Its purple relative strength indicator dropped from above 70 in the previous three days to about 60 today, indicating a reduction in purchasing pressure.
However, ETH’s 30-day average (yellow) is still rising in the direction of its 200-day average (blue). This is encouraging since it means a breakout may occur once the shorter term average passes the longer term average.
The fact that ETH’s support level (green) has been increasing recently is also promising since it suggests that the current decline won’t be too bad.
It appears that the decline coincided with yesterday’s announcement of Sam Bankman-Fried’s fraud conviction.
The creator of FTX was found guilty by a jury in New York of all seven counts against him, including conspiracy to conduct money laundering, securities fraud, commodities fraud, and wire fraud.
This revelation appears to have undermined investor confidence, which has a knock-on effect on the cryptocurrency market that affects all of the main coins.
Ethereum, meanwhile, is still in a good position; the cryptocurrency is now trading near $1,800.
Furthermore, since its foundations are still quite solid, it will probably rise as soon as confidence comes back.
As a token, Ethereum has several advantages, including its deflationary tokenomics, current acceptance news, and its leading position in the DeFi industry.
Fresh Alternatives with Robust Bases
Even if Ethereum is still one of the most powerful alternatives available, traders are recommended to diversify their holdings by allocating a portion of their portfolios to more recent tokens that have significant upside potential.
This includes presale coins, which frequently see significant price increases upon first listing on trading platforms.
Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has collected more than $3.1 million in less than a month, is perhaps the most promising presale token at the moment.
Ethereum’s Bullish Run: ETH Hits Three-Month High – Is It Time to Buy?,Ethereum’s Bullish Run: ETH Hits Three-Month High – Is It Time to Buy?,Ethereum’s Bullish Run: ETH Hits Three-Month High – Is It Time to Buy? , Ethereum coin Crypto news, Ethereum coin News