The Ethereum price has dipped by a very slight 0.2% in the past 24 hours, falling to $1,633 as the cryptocurrency market remains flat today.
ETH has retreated slightly after another failed attempt to breach the $1,665 resistance level, with the altcoin down by 3% in the past week but up by 2.5% in the last 14 days.
The token has also risen by 36.5% since the beginning of the year, and with the market recently showing signs that it may be moving towards a recovery, ETH remains one of the likeliest coins to bounce back soon enough.
Ethereum Price Prediction as ETH Faces Uphill Task in October 2023 – Can the $1,665 Threshold Be Breached?
While ETH has seesawed quite a bit in the past couple of weeks, its indicators are in a position that suggests it should rally substantially soon.
Indeed, it’s encouraging to note that its 30-day moving average (yellow) has been well below its 200-day average (blue) for over a month now, while its relative strength index (purple) is nearing 50 and pointing towards incoming gains.
Taken together, the position of these indicators would imply not only that ETH has been oversold for too long, but that it’s now due to rally strongly very soon.
It certainly doesn’t look as though it’s going to fall significantly any more in the near future, with its support level (green) rising steadily since the middle of September.
Of course, the question is whether it can breach its current near-term resistance level of around $1,665, something which it has failed to do in the past 24 hours.
Likewise, its medium-term resistance level (red) of roughly $1,730 is another big barrier, but if ETH can crack this level it increases the chances of a significant rally.
The arrival of such a rally may depend on an improving macroeconomic picture, with rising government bond yields hurting stock markets at the moment and correspondingly hurting crypto.
Still, when the picture does improve, ETH is well placed to rally strongly, with the coin having some of the strongest fundamentals in the cryptocurrency market.
Its total value locked in accounts for the vast bulk of the entire DeFi sector, particularly when you include its layer-two networks in the equation.
It also attracts plenty of outside interest, with PayPal launching a stablecoin based on Ethereum recently and Visa including its network in its own stablecoin trials.
As such, ETH remains highly undervalued and should be much higher in the longer run, with the coin likely to hit $2,000 by the end of the year.
Other Altcoins With High Potential
For traders who want to diversify beyond established tokens such as ETH, there are a number of promising new altcoins in the market right now, with several presale coins promising to rallying significantly once they list on trading platforms.
This includes Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that will enable ordinary investors to mine Bitcoin without specialized mining equipment.
The project has already raised over $500,000 in its sale, which has been open for only a couple of weeks, and is aiming to raise a total of $15.6 million.
It will likely hit this figure with time to spare, given that investors already seem drawn to its offer of enabling investors to mine actual Bitcoin by staking its native token, BTCMTX.
Its system works by converting staked BTCMTX into tokenized mining credits, which are then used to purchase hashpower on the Bitcoin blockchain, thereby enabling users to indirectly mine BTC.
Bitcoin Minetrix has arrived at a very opportune moment, given that Bitcoin is set for its next halving in 2024, meaning that demand for BTC is likely to increase even further enough.
And by extension, this should result in greater demand for BTCMTX, which investors can acquire at a discount now by visiting the official Bitcoin Minetrix website.
1 BTCMTX currently costs $0.011, yet this will rise with each stage of the presale, which will end with the token at $0.01190.
Such a price is likely to end up seeming very cheap once BTCMTX lists on exchanges, which is due to happen once the sale ends in the next couple of months.
Visit Bitcoin Minetrix Now
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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