Ethereum Price Prediction as ETH Bulls Eye Possible Break Back Above $1,300

Ethereum Price Prediction as ETH Bulls Eye Possible Break Back Above $1,300


Join Our Telegram channel to stay up to date on breaking news coverage

ETH, the native token that powers the smart-contract-enabled Ethereum blockchain, is consolidating just below the weekly highs it printed on Friday in the $1,260s, down just under 0.5% on the day. The world’s second-largest cryptocurrency by market capitalization remains on course to have gained over 5.0% this week, with traders sighting soft US survey data and lower-than-expected US wage growth as boosting sentiment via an easing of Fed tightening bets.

Price Prediction – Where Next For ETH?

In terms of the cryptocurrency’s short-term technical outlook, further gains are looking likely. Bulls are targeting a retest of the $1,300 level, which happens to also coincide with the cryptocurrency’s 100-Day Moving Average and the 38% Fibonacci retracement back from the post-FTX collapse lows to the pre-FTX collapse November highs.

The psychologically important $1,300 area acted as an important zone of resistance for much of December prior to a false breakout triggered by softer-than-expected US November CPI figures that was ultimately reversed after a more hawkish-than-expected Fed policy meeting on the 14th of December.

Upcoming US CPI Data Could Be Next Major Catalyst

Traders are highlighting next week’s US CPI figures for December as another potentially bullish catalyst for crypto, if the report is in fitting with the recent trend of downside surprises. Lower-than-expected US inflation boosts crypto market sentiment because it reduces the pressure on the Fed to tighten monetary policy as aggressively, with this year’s rate hikes a key driver of the 2022 crypto bear market.

A break above $1,300 could open the door to a swift rally to the next resistance area around $1,350-90, where the December high, 50% retracement back from the November lows to November highs and ETH’s 200DMA all reside.

But traders also note that ETH remains in a longer-term downtrend that has been in play going all the way back to summer 2022. ETH bears may look at any rally above $1,400 as an opportunity to add to shorts, with a view to targeting a retest of the November lows under $1100.

But should this longer-term negative trend channel be broken, that could bring in significant technical buying that could quickly launch ETH back towards its August pre-Merge highs in the $2000 area, a more than 60% rally from current levels.

Altcoins to Consider

With cryptocurrency markets generally having performed poorly in recent weeks, investors might be looking to diversify their holdings with the discounted presale tokens of some promising, up-and-coming crypto projects. Here is a list of a few that analysts at InsideBitcoins think have the potential to perform well.

FightOut (FGHT) – Presale on Now

The young move-to-earn crypto niche has shown a lot of promise, but early success stories like STEPN have significant limitations that have, so far, prevented them from conquering the mainstream. FightOut, which touts itself as the future of move-to-earn, wants to change that in 2023. FightOut is a brand new web3 fitness application and gym chain that rewards its users for working out, completing challenges and competing within a first-of-its-kind fitness metaverse.

While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part. FightOut seeks to combine the physical and web3 worlds.

The project aims to eventually acquire gyms across all of the world’s major cities, whilst simultaneously promoting an integrated web3 fitness experience. At the center of FightOut’s digital ecosystem will be its smartphone application which, according to FightOut’s whitepaper, is scheduled for launch in Q2 2023.

The FightOut app will harness smartphone and wearable technology to measure and track physical performance. The app will have its own in-house tokenized economy, where users can earn rewards for completing M2E tasks, and can mint their own soul-bound token avatar, through which the user will be able to interact with the FightOut metaverse.

FGHT is the token that powers the FightOut metaverse ecosystem. Users will pay to enter competitions and leagues with FGHT, and winning will be paid out in FGHT.

FGHT can also be used in peer-to-peer fitness wagers. FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised over $2.74 million in just a few weeks. FGHT is the token that will power the FightOut crypto ecosystem.

Visit FightOut Now

Dash 2 Trade (D2T) – Over-funding Round About to End, CEX Listing Imminent

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with a host of unique features. These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool.

Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. Dash 2 Trade is currently conducting a token presale that was originally supposed to have ended a few days ago, but has been continued due to massive token demand.

The raise total recently surpassed a massive $14.2 million, with the token set to be listed on its first centralized cryptocurrency exchange in just 3 days. Investors should thus move quickly to secure tokens before the volatility begins. Tokens are currently selling for $0.0533 each.

Visit Dash 2 Trade here

C+Charge (CCHG) – Presale Now On

The carbon credit industry is projected to be worth $2.4 trillion by 2027. Democratizing access to accrue these benefits is going to massive business in the years ahead and this is something crypto start-up C+Charge hopes to achieve. C+Charge is currently building a blockchain-based Peer-to-Peer (P2P) payment system for EV charging stations that will allow the drivers of electric vehicles (EVs) to earn carbon credits.

C+Charge aims to boost the role of carbon credits as a key incentive for the adoption of EVs. At present, large manufacturers of EVs like Tesla earn millions from selling carbon credits to polluters. C+Charge wants to democratize the carbon credit market by allowing more of these rewards to find themselves in the hands of the EV owners, rather than just the big businesses.

C+Charge has just started its pre-sale of the CCHG token that its platform will use to pay at EV charging stations. Tokens are currently selling for $0.013 each, though by the end of the presale this will have risen by 80%. Thus, investors interested in getting in early on a promising environmentally friendly cryptocurrency project should move fast, with close to $100,000 worth of tokens having already been sold.

Visit C+Charge here

FightOut (FGHT) – Newest Move to Earn Project

FightOut token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses

FightOut token

Join Our Telegram channel to stay up to date on breaking news coverage


Source link

Leave a Reply