The Ethereum price surged over 14% in the past week to trade at $3,376.06 as of 2:35 a.m. EST as investors scoop up the leading altcoin.
Ethereum (ETH) is the largest altcoin in terms of market cap, and is the first blockchain project to allow developers to deploy decentralized applications on a blockchain. Investors are currently bullish on the crypto amid hopes that an ETH ETF (exchange-traded fund) will gain regulatory approval in the US, and as its Dencun upgrade nears.
The Ethereum Price Attempts To Flip Resistance
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price is attempting to establish a position above the $3,415 resistance level. It managed to break above the barrier during yesterday’s trading session but was not able to close yesterday’s daily candle above this point. The leading altcoin has also printed a series of higher highs and higher lows over the past two weeks, resulting in the formation of a bullish medium-term price channel.
If the Ethereum price is rejected by the $3,415 mark again through the course of today’s trading session, then the crypto may retrace to the immediate support level at $3,140 in the following 24 hours. A bullish scenario may still be in play despite ETH dropping to this level, however, as it will still trade within its medium-term ascending channel.
A rebound from this support could then lead to ETH attempting another challenge at the $3,415 threshold. If traders do not take profit at this point, then the Ethereum price may continue to rise to the subsequent resistance level at $3,700 in the next 48 hours.
This bullish thesis could be invalidated if the Ethereum price breaks below $3,140 in the coming two days. In this alternative scenario, the crypto may correct down to as low as $2,890 in the short term.
Buyers May Boost The Ethereum Price In The Coming Days
Technical indicators on ETH’s 4-hour chart are sending mixed signals, but do favor a more bearish outlook for the upcoming days. The Moving Average Convergence Divergence (MACD) line crossed below the MACD Signal line in the past 24 hours. Traders normally identify this technical flag as a confirmation that a crypto has entered a bearish cycle and its price may keep falling.
The Relative Strength Index (RSI), on the other hand, shows that bulls are starting to gain strength. Although the RSI line is positioned bearishly below its Simple Moving Average (SMA) line, signaling that sellers have the advantage, the technical indicator’s positive slope suggests buyers are attempting a comeback. Bulls may have identified ETH’s current price as a buy opportunity, and are therefore re-entering the altcoin’s charts.
Before traders decide to go long on the altcoin, they may want to wait for confirmation that the Ethereum price has entered a bullish phase. This could either be the MACD Histogram gradient turning positive, the RSI crossing above the SMA line on the 4-hour chart, or a 4-hour candle close above the $3,415 resistance level. A rebound from the lower boundary of the aforementioned price channel could also be a potential long entry for traders with a higher risk appetite.
While traders try to determine the future direction of ETH, experts are saying eTukTuk could see explosive gains on launch.
Transforming The Transport Sector With Green AI-Powered Blockchain Technology
eTukTuk is a green AI project that aims to slash global carbon emissions through its eco-friendly transportation infrastructure, which is powered by blockchain technology.
At the heart of this innovative project is an electric version of the three-wheeler mini taxi known as a Tuk Tuk – a popular mode of transport in highly-populated third-world countries. Crypto analyst and YouTuber Jacob Bury says it has the potential to 10X on launch.
eTukTuk’s electric version of the vehicle has a substantially lower impact on the environment. What’s more, the project is able to boost profit margins for mini taxi drivers in developing countries.
To achieve this, eTukTuk has formed, and will continue to form, strategic partnerships with local manufacturers to build its eTukTuk vehicle, which can be built with around 200 parts. In addition to helping mini taxi drivers earn more, the low cost electric vehicle reduces the adoption cost for governments, making the project’s offering more appealing.
Investors Bet Big On eTukTuk
eTukTuk’s appeal to third-world countries with bigger populations and a higher need for cost-effective solutions gives it access to an expansive user base. With its native TUK token acting as a utility token within the project’s ecosystem, the widespread adoption of eTukTuk could launch TUK’s price into the stratosphere.
What makes our eTukTuks so special?
⚙ Streamlined design with under 200 components
🫡 Patented roll cage design for enhanced safety
🤑 Up to 85% domestic sourcing means no import duties and increased driver earningsExperience the difference with eTukTuk!#ElectricVehicles pic.twitter.com/6P19GWFzDa
— eTukTuk (@eTukTukio) May 12, 2023
Investors are mindful of the project’s potential and are betting big on TUK during its presale phase, with the project’s ICO already sucking in more than $1.5 million.
There’s still time for investors to buy into this promising project before TUK’s price increases in a little over a week. Selling for $0.0275, TUK can be bought using BNB, USDT or bank card on the project’s official website.
TUK can be purchased here.
Related Articles:
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
- Morgan Stanley Considers Offering Bitcoin ETF Products To Clients, Signaling Opening Of Huge Institutional Market, CoinDesk Says
- NFT Sales Nose Dived 3% In Feb 2024 – Will March Bring Back An Upward Trend?
