Following weeks of bearish sentiment, the Ethereum price has pushed to highs of $1,215 today after a mid-week rally. This recent price action comes as Bitcoin also gains more ground and reclaims support at $16,000 before inching closer to $17,000.
The second-largest cryptocurrency appears to have tapped into a fresh bullish momentum that could propel it to $2,000 in the coming weeks, if not days.
Ethereum Foundation Chimes in On Staked ETH
The Ethereum Foundation has announced an update about the status of staked ETH tokens following the transition to the proof-of-stake (PoS) consensus algorithm. According to the team, the process of enabling withdrawals on the Beacon Chain is underway.
Some investors have been concerned about rumors online that the Ethereum Foundation deliberately wanted to push back the timeline for the withdrawal of staked ETH.
Stakers are likely jittery following many undesirable events in the market, which affected investors in FTX, BlockFi and Genesis. However, developers say they are working with timelines agreed upon earlier – where withdrawals were to be enabled during the upcoming “Shanghai” upgrade.
Ethereum Price Prediction Ahead of 18% Bullish Move
Ethereum’s price has experienced a 10% rally from its most recent bottom as crypto markets generally rebounded. From support at $1,080, ETH traded at a weekly high of $1,215. The pioneer smart contracts token now teeters at $1,201 while considering an 18.71% breakout to $1,406.
This recovery completed the formation of a double-bottom pattern, opening the door to a much-anticipated rally. Traders scanning for long positions must wait for ETH to print another bullish candle above the neckline resistance at around $1,200 before activating their buy orders.
The odds are likely to favor the bulls, especially with a buy signal from the Moving Average Convergence Divergence (MACD) indicator positively influencing the price. Traders will probably consider the 50-day Simple Moving Average (EMA) (in red) at $1,241 as the first take-profit position.
Stubbornly bullish traders could wait until the Ethereum price tags the 200-day EMA (in purple) at $1,393 to take some money off the table.
The bullish outlook in Ethereum should be considered with a pinch of salt due to a major resistance between $1,199 and $1,232 as highlighted by IntoTheBlock’s IOMAP on-chain model.
Approximately 1.43 million addresses previously purchased 8.30 million ETH in that range. As ETH recovers, some investors may liquidate at respective breakeven points, building more overhead pressure to stifle movement to the upside.
On the flip side, Ethereum sits on top of relatively weak support areas. Therefore, selling activities could escalate if the price slides and holds $1,100. Short positions placed marginally below the neckline support at $1,184 will turn profitable toward the primary support at $1,080.
Ethereum Alternatives Promising Massive Gains
Ethereum price presents a rare buy opportunity with a double-bottom in the eight-hour timeframe. However, the market is still ailing from the FTX crisis that left millions of investors counting losses. Due to such uncertainties in the crypto market, many investors have been looking at presales for shorter-term profits.
Below are some of the projects with the biggest potential allowing investors to get involved early on.
Dash 2 Trade (D2T)
Dash 2 Trade is a new cryptocurrency ecosystem where users can access crypto on-chain analytics, signals, and other precise trading data. Dash 2 Trade enables users to create and test various trading strategies in real-time.
Due to launch in the first quarter of 2023, the sale of its native D2T token has nearly raised $7 million. It has also announced listings on BitMart and LBANK Exchange for early 2023, confirming that investors will indeed have the opportunity to enjoy some returns soon enough.
RobotEra (TARO) is a Sandbox-style Metaverse due to launch its alpha version in Q1 2023. Within its platform, gamers will be able to play as robots and participate in creating its virtual world, including NFT-based land, buildings, and other in-game items.
1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.
Also running on Ethereum is IMPT, a carbon credit marketplace where users can earn and trade NFT-based carbon offsets, which can also be obtained by shopping with a wide range of eco-friendly retailers.
IMPT’s tokenization of carbon credits as NFTs ensures that such credits can be tracked more transparently, helping to solve many of the problems that have undermined carbon markets up until now.
IMPT presale has raised over $13 million, with IMPT tokens selling for $0.023 before increasing to $0.028 in the next and final stage.