Ethereum prices have fallen by 1% in the past hour and 2% in the past 24 hours, as the largest counterfeit coin in the market continues to be affected by the delayed release of the Holesky testing website.Despite the overall market decline today, ETH seems to have been more affected than many other major cryptocurrencies, with counterfeit currencies also falling 1
Ethereum prices have fallen by 1% in the past hour and 2% in the past 24 hours, as the largest counterfeit coin in the market continues to be affected by the delayed release of the Holesky testing website.
Despite the overall market decline today, ETH seems to have been more affected than many other major cryptocurrencies, with counterfeit currencies also falling 1.7% in the week and 4% in the month to $1591.
However, since the beginning of this year, ETH has still risen by 33%, and its fundamentals remain as strong as ever, and it may rebound in the coming days and weeks.
Ethereum price forecast: ETH will fall by 1% overnight - when will the next rebound be?
Considering the oversold level of ETH in recent weeks and months, the current weakness of ETH will only make it cheaper, which is highly controversial.
Its indicators continue to indicate that it will rebound soon, with its 30-day moving average (yellow) significantly lower than its 200-day moving average (blue) since the end of August.
This once again indicates that the token has been oversold, and so has the relative strength index (purple) of ETH, which has been operating near the 40 level and has been far below 50 since mid August.
The token's support level (green) provides a more positive signal, as it has significantly increased in the past week or so, indicating that ETH has bottomed out and should rebound strongly soon.
As mentioned above, due to the delayed start of the Holesky testing network, ETH has suffered disproportionate damage in the past few days. This testing network will provide improved testing capabilities and help pave the way for the emergence of the original Danksharding in more distant fields. Future.
However, Holesky is expected to start and operate on September 28th, assuming that the issuance ultimately proceeds smoothly, ETH is likely to recover on that day.
If so, ETH is likely to return to $1650 or higher within a few days.
In the long run, the fundamentals of Ethereum remain very strong, with the platform accounting for the majority of the total value of cryptocurrencies, especially when Ethereum based second layer networks are included in the graph.
The Ethereum blockchain has also attracted a large number of real-world adoption, as evidenced by PayPal's recent foray into stable currency and Visa's settlement experiments.
Therefore, it is expected that ETH will reach $1800 by the end of this year, and the return to a more bullish situation by 2024 may once again exceed $2000.
Defeat the market with new counterfeit coins
Due to ETH being a mature token, its growth rate may not be as fast as some traders hope, and it also largely depends on overall market sentiment and conditions.
However, traders hoping to beat the market may consider investing in pre-sale tokens, which typically perform well when first listed on trading platforms.
The largest pre-sale token this year may be the WallStreetMemes (WSM), an ERC-20 Meme token that has raised over $25 million since its summer release.
Wall Street memes originated from the meme stock movement, which led to the rise of GameStop in 2021, which means it already has a large community of supporters.
This is an important reason why its pre-sale performance has outperformed most other new token sales this year, with its 276000 Twitter followers clearly playing a significant role in its growth.
As a cryptocurrency, the total issuance limit of WSM is 2 billion, of which 50% is reserved for pre-sale and the other 30% is used for community rewards.
The existence of such rewards is another obvious factor in WSM's popularity, which will definitely motivate its followers to participate and support more.
However, anyone interested in participating in sales must take swift action, as token issuance will end in less than five days.
Once they arrive there, they can purchase one WSM for $0.0337, which is almost certain to start appearing very cheap in the near future.
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