The Ethereum price has fallen by 1% today, slipping to $3,764 as the crypto market as a whole falls by the same percentage in 24 hours.
ETH has dropped by nearly 4% in a week, yet the market’s biggest altcoin remains up by a healthy 26% in a fortnight and in a month, as well as by 100% in a year.
Its moves today also come as major investment firm BlackRock files an amended application for its spot-based Ethereum ETF, which the SEC had approved in an earlier form.
This re-filing paves the way for the ETF to receive the green light for launching, which it when comes – potentially next month – is likely to result in ETH surging.
As BlackRock Amends ETF Application – Will ETH See a Surge?
After spending several days dropping away, it now seems that ETH is ready for a rebound.
This is particularly evident from its relative strength index (purple), which declined from 70 on Monday and has touched 30 a couple of times in the past 24 hours.
It has since bounced towards 50 in the past few hours, with the Ethereum price actually up by nearly 1% in the past hour.
Source: TradingView
As such, we may be looking at the start of a short-term rally for ETH, helped by the news that BlackRock has moved a step closer to launching its much-ballyhooed Ethereum ETF.
And even though the coin has seen a relative decline in the past week or so, its volume still remains fairly healthy, at around $15 billion.
This dwarves even the volume for ETH’s next-biggest rival, Solana, and suggests that interest remains solid.
56,969 #ETH (212,030,717 USD) transferred from #Kraken to unknown wallethttps://t.co/nTXHu2p98Z
— Whale Alert (@whale_alert) May 30, 2024
Indeed, ETH continues to be one of the most popular coins among whales, with recent alerts showing several big buys in the past day.
And assuming that BlackRock’s aforementioned re-filing gains approval, we could see its ETF launch in the next two or three weeks.
In turn, it may bring about an explosion in ETH demand and volume, propelling the Ethereum price upwards.
This will combine with medium- and long-term headwinds to make things even more bullish, given that inflation has been calming in much of the developed world, with rate cuts now on the horizon.
This will boost demand for risk-on assets such as cryptocurrencies, with Ethereum likely to benefit more than many other alts.
Its price could reach $4,000 in the next few weeks, before breaking its current ATH – $4,878 – by the end of Q3.
New Meme Tokens May Provide Quicker Market-Beating Returns
While ETH should probably feature in any investor’s portfolio, traders can widen their exposure to potential upside by looking to newer and smaller cap coins.
This includes new meme coins, with many promising such coins holding their presales at the moment and building up some good momentum.
One of the most exciting of these is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised over $3 million in its ongoing presale.
3 Million raised!
As holder count grows, so does the anticipation for launch and the AI trading bot release!!
— WienerAI (@WienerDogAI) May 26, 2024
WienerAI may seem like yet another meme token at first sight, yet it also comes with some very sound fundamentals, which is why its presale has been attracting so many investors.
Its token will serve as the native coin for an AI-based chatbot, which will answer queries from traders and recommended particular coins before they trend.
It will also help traders stay ahead of the curve, partly through its atomic swap feature, which will enable users to buy and sell directly through its app.
Yet it will also partly come from its MEV protection feature, which helps users to complete trades ahead of front-running bots.
This all provides WienerAI with plenty of utility and potential, with WAI having a max supply of 69 billion tokens.
This could make it deflationary over time, while the ability to stake WAI will also take much of its supply out of circulation.
WAI’s presale won’t run for much longer, yet latecomers can join by going to the official WienerAI website, where 1 WAI currently costs $0.000712.
Investors who lock in such a price may find themselves making a sizeable profit once the token lists in the next few weeks.
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