Ethereum fell again today, with its drop to $1,550 representing a 0.5% drop in 24 hours and a 5% drop in a week that has been largely negative for the cryptocurrency market.
This loss of momentum also means that the ETH price is down 8% over the fortnight and 2% over the last 30 days, although the market’s largest altcoin continues to rise 29.6% year-to-date.
So its picture remains quite mixed, but its oversold in recent weeks has probably set the asset up for a rally in the coming days and weeks, especially as its fundamentals remain as strong as ever.
Ethereum Price Prediction As ETH Takes 5% Weekly Decline: Will Downtrend Continue?
The price of Ethereum has been taking a beating for a couple of months now, and the currency’s indicators have been looking very weak since mid-August, when the global market suffered a big drop.
ETH’s relative strength index (purple) has fallen from nearly 70 at the start of the month to 35 this morning, and while it has picked up slightly in recent hours, it still looks weak, meaning the coin is is happening
It does well with ETH’s 30-day EMA (yellow), which continues to slide further below its 200-day EMA (blue), providing another indication of strong selling pressure.
Possibly the most discouraging signal at the moment is provided by the token’s support level (green), which has actually declined over the past few days, meaning that ETH will not be able to withstand further declines in the coming days.
However, while more minor dips may be possible in the very near future, the fact that ETH has sold off so strongly recently should mean that sooner or later traders will start buying the coin at an attractive discount .
In fact, ETH is so undervalued relative to its fundamentals that now is a very good time to buy the altcoin, which more than any other alternative can be expected to fully recover.
As we’ve reported repeatedly, Ethereum continues to dominate the crypto ecosystem in terms of TVL, with its own network and that of its main two layers (eg Arbitrum, Optimism, Polygon and Base). which represent around 63% of the total TVL in the sector.
And it continues to grow and develop, with this month launching the Holesky testnet, which will help Ethereum work towards the eventual release of proto-Danksharding (which will greatly improve scalability).
Ethereum also continues to attract larger adoption than its main rivals, as evidenced by PayPal’s recently announced stablecoin as well as Visa’s ongoing stablecoin pilot.
As such, ETH is expected to return to $1,700 in the coming weeks, with a bullish year-end that could push it past $1,800.
New High Yielding Altcoins
ETH should be included in almost every cryptocurrency wallet, but it is not the only altcoin with high growth potential right now.
There are also a number of newer alternatives emerging at the moment, with many of these pre-sales potentially ending up in successful exchange listings.
One of them is TG.Casino (TGC), a decentralized casino platform that works with the popular social messaging app Telegram.
TG.Casino has already brought in more than $850,000 in its presale, which was open for just three weeks, providing a good indication of how popular it is quickly becoming.
What has set TG.Casino apart from superficially similar platforms is that it is primarily Telegram-based, with games and bets being advertised and placed on the messaging app.
Using Telegram is enabling TG.Casino to cultivate a large and thriving community, which will not only provide the platform with users and holders, but also help recruit additional community members, etc.
It is because of its strong social element that it has been able to raise over $800,000, with its ongoing pre-sale to raise a total of $5 million.
Its native token, TGC, will have a total supply of 100 million, with the presale earmarked for 40% of that total.
20% will also go to staking rewards and 10% to gaming rewards, with the coin also providing users with 25% cashback on their losses.
This gives the coin real utility and will mean that TGC rises in price alongside the growth of TG.Casino as a platform.
Investors can purchase the coin by visiting the official TG.Casino website, where they can connect their wallets and join the presale.
1 TGC will cost $0.125 for the entire sale, although it is likely to increase much more when the sale ends and tokens list on trading platforms.
Visit TG.Casino now
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 your capital.