The Ethereum price has risen to $1,885 today, marking a 1% gain in 24 hours and a 4.6% increase in the past week.
ETH’s trajectory has been upwards for several weeks now, with the altcoin also up by 18% in the last 30 days, helped by increasing market-wide bullishness.
Yet as the market moves into a possible bull market next year, what’s especially encouraging about ETH is that it remains 61% down from its all-time high, meaning it has plenty of space for further gains.
Ethereum Price Prediction as $2,000 Level Comes into Play – Best Time to Buy?
Ethererum’s indicators continue to suggest that the altcoin could rise further in the coming days and weeks.
Most bullishly, its 30-day average (yellow) is rising rapidly towards its 200-day average (blue), and when it overtakes the longer term average it could signal another breakout.
Source: TradingView
Likewise, ETH’s RSI (purple) remains at 70, which suggests that the coin is enjoying good buying pressure yet hasn’t moved into overbought territory.
The coin’s support level (green) provides another bullish sign, in that it has reached higher levels in the past couple of weeks, each of which have held up against dips.
As such, ETH is likely to continue rising over the short- and medium-term, and even if it wobbles a little here and there it’s likely to continue climbing for the next few months.
This is partly because the entire market is due a more bullish phase, with the next Bitcoin halving likely to increase positivity when it arrives in 2024.
Historically, #Bitcoin bear & bull markets have all taken a similar amount of time.
This time around though, it seems that we’re ahead of the curve, breaking key levels long before the halving event.
Will we top out earlier too? pic.twitter.com/edcNJ2GKma
— Jelle (@CryptoJelleNL) November 8, 2023
It’s also because ETH itself remains one of the strongest altcoins in the market in terms of fundamentals.
Most of the cryptocurrency industry and ecosystem revolves around the Ethereum blockchain, which accounts for more than half of the sector’s entire total value locked in, and close to two thirds of this total if you include layer-two networks.
On top of this, it seems that big companies tend to go for Ethereum when using or trialling blockchain technology, as evidenced by the likes of Visa and PayPal.
This would imply that Ethereum is only likely to strengthen its position in the next few years, especially when it has transitioned to a proof-of-stake mechanism and is working on new scalability updates.
And in turn, this is only likely to increase demand for ETH, which could reach $2,000 in the next few weeks.
Promising New Altcoins
The only issue with ETH is that, as a well-established token, it may not experience massive surges during the next bull market.
For that, traders will probably need to look towards newer coins, with a variety of promising new presale tokens currently available.
One of the most promising of these is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised more than $3.6 million in its sale.
Recognising a significant accomplishment for #BitcoinMinetrix!
Exceeding the $3,600,000 milestone! pic.twitter.com/jC0RxzqnTu
— Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
Due for launch in the next few weeks, Bitcoin Minetrix is a stake-to-mine platform.
What this means is that users can mine actual Bitcoin by staking the platform’s native token, BTCMTX.
By staking BTCMTX, users receive tokenized mining credits in return, which they can use to pay for cloud-based miners to mine BTC on their behalf.
Staking more BTCMTX increases the amount of BTC users are likely to receive, and given that stakers will also receive fresh BTCMTX, Bitcoin Minetrix could be a very profitable platform.
Delving into $BTC mining alongside #BitcoinMinetrix! #Cloudmining opens the door to the world of #Crypto:
Simple start for novices.
Economical without hardware costs.
No concerns about space, noise, or overheating.
Hassle-free upgrades. pic.twitter.com/N3zwTDRYjq
— Bitcoinminetrix (@bitcoinminetrix) November 7, 2023
This possibility largely explains why its presale is doing so well, with new investors able to join proceedings by going to the official Bitcoin Minetrix website.
1 BTCMTX currently costs $0.01150, yet this will rise to $0.01190 by the sale’s final stage.
Of course, once the token lists on exchanges, it could rise much higher than this, making its early investors a good profit.
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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