The Ethereum price has dropped by 2% in the past 24 hours, falling to $1,792 as the cryptocurrency market as a whole drops by the same percentage.
ETH’s fall comes as the market reacts to the news of Sam Bankman-Fried’s conviction for fraud, with the altcoin now flat in the past week.
Yet its price remains very close to a three-month high, having risen by 11% in a fortnight and by 9% in a month.
And with its fundamentals remaining among the strongest in the market, it’s only a matter of time before it rallies again.
Ethereum Price Prediction as ETH Hits Three-Month High: Time to Buy?
ETH has dipped in the past day, yet its indicators still look promising, signalling that medium-term momentum is still with the coin.
Its relative strength index (purple) has dipped from over 70 in the past few days to nearly 60 today, suggesting a loss of buying pressure.
Source: TradingView
Yet ETH’s 30-day average (yellow) continues to rise towards its 200-day (blue), a positive sign which suggests that, once the shorter term average crosses its longer term counterpart, a breakout could happen.
It’s also encouraging to note that ETH’s support level (green) has been rising in recent days, implying that the current dip won’t be too severe.
It seems that dip has followed yesterday’s news of Sam Bankman-Fried’s conviction for fraud.
A New York jury has found the FTX founder guilty on all seven charges he faced, including wire fraud, securities fraud, commodities fraud, and also conspiracy to commit money laundering.
This news has seemingly weakened investor confidence, dragging down the cryptocurrency market by association, with all major coins affected.
Sam Bankman-Fried has been found guilty on all charges.
— Molly White (@molly0xFFF) November 2, 2023
Nonetheless, Ethereum remains in a strong position, with the altcoin still close to $1,800.
And given that its fundamentals remain very strong, it is very likely to rebound as soon as confidence returns.
It has plenty going for it as a token, from Ethereum’s dominant position in the DeFi sector and recent adoption news to its deflationary tokenomics.
It is well known that $ETH has been net deflationary since the merge.
Ethereum has seen a negative supply growth of 0.19%, with an issuance of 697K ETH per year and a burn rate of 924K ETH per year.
However, a notable shift has been observed since September.
In the last 30… pic.twitter.com/NP3M0cXMHg
— TheBit Research (@TheBitResearch) November 2, 2023
For such reasons, the Ethereum price is likely to return to $1,800 in the next couple of weeks, before reaching $1,900 or $2,000 by the end of the year.
And if 2024 brings Bitcoin ETF approvals, ETH is likely to surge in the following months.
New Alts With Strong Fundamentals
While Ethereum remains one of the strongest alts in the market, it’s always a good idea to diversify, with traders advised to devote a segment of their portfolios to newer tokens with big upside potential.
This includes presale coins, which can often rally big when listing on trading platforms for the first time.
And probably the highest potential presale token right now is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised more than $3.1 million in around a month.
Exciting Announcement #BitcoinMinetrix has raised over $3,000,000! pic.twitter.com/Hs2063y9tJ
— Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
This figure indicates how enthusiastically investors have taken to Bitcoin Minetrix, which will provide the opportunity to mine Bitcoin (BTC) by staking its native token, BTCMTX.
Such a stake-to-mine system is likely to open Bitcoin mining up to a wider demographic, with users who stake enough BTCMTX receiving actual BTC in return.
Stakers also receive freshly issued BTCMTX, making the token potentially highly profitable, especially if it experiences big price rises.
It will have a total cap of 4 billion BTCMTX, with buyers able to join its sale at the official Bitcoin Minetrix website.
1 BTCMTX presently costs $0.01140, although this will rise to $0.01190 by the tenth and final stage of the sale.
This gives investors a limited amount of time in which to buy the coin at the lowest prices, with BTCMTX set to rally once it lists on exchanges in the next few weeks.
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.
The post Ethereum Price Prediction as ETH Hits Three-Month High: Time to Buy? appeared first on Cryptonews.
