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Ethereum price jumped 2.7% in the past 24 hours to trade at $3,240 as of 4:34 a.m. EST on trading volume that soared 170% to $40.5 billion. dollars.
On January 13, Ethereum briefly fell below $3,000, sparking investor concern. However, the cryptocurrency has since rebounded, regaining its position above this critical level.
Ethereum price aims for bullish trend reversal
THE ETH Price is trading in a downtrend after failing to hold above key support levels near $3,300 as seen in the purple zone.
This breakout was preceded by the formation of a “lower high,” where each price peak was lower than the previous one, indicating a decline in bullish momentum. Breaking horizontal support around $3,200 pushed the price to a recent low at $2,900, according to data from GeckoTerminal.
A recent bounce below $3,000 suggests some buying interest at this psychological level, although the overall trend remains weak as price consolidates near its previous support, now acting as resistance.
Due to the recent downtrend, ETH price has fallen below the 50-day and 200-day simple moving averages (SMA), which now act as long-term resistance levels at $3,336 and 3 $504, respectively.
The relative strength index (RSI) is currently at 51, slightly above the median level of 50. This suggests that ETH has room for further upward movement, but could attempt a consolidation or weak rebound in the short term. term.
ETH Price Prediction
The recent breakdown and lack of strong upside momentum suggests that Ethereum price may struggle to reclaim $3,300 in the near term. If the price fails to break above this level, it could retest $3,000 or even fall to the next support at $2,800.
Conversely, with the RSI now climbing above the mid-50 level and ETH breaking above the support level around $3,200, Ethereum price could continue to rally, the 3,504 level $ at the 200-day SMA acting as the next target.
Meanwhile, investors are also buying a new Solana coin called Solaxy (SOLX)which, according to popular YouTube channel 99Bitcoins, with over 721,000 subscribers, has the potential to grow 100x post-launch.
Solaxy raises over $10.1 million in less than a month
Less than a month after launching the presale, Solaxy’s presale has surpassed the $10 million mark as investor interest continues to grow.
Solaxy enhances Solana, a blockchain already known for its fast transaction speeds and low costs. It builds on these strengths while addressing some of Solana’s challenges, such as network congestion, transaction failures, and the persistent scalability issue.
The project’s solution relies on three key features: off-chain processing to handle heavy lifting, transaction aggregation to reduce costs, and secure settlement on the Solana mainchain.
🚨 Solaxy is now available in upcoming tokens! 🚨@SOLAXYTOKEN gives holders the opportunity to join the first-ever Solana Layer 2 blockchain.
Solaxy is poised to improve blockchain innovation by limiting congestion, reducing failed transactions, and improving scalability on SOL.… pic.twitter.com/satNF6zFNF
– Best Wallet (@BestWalletHQ) December 17, 2024
Additionally, once launched, Solaxy will provide a platform on which developers can build decentralized applications or launch new tokens without compromising (and perhaps even improving) Solana’s layer 1 capabilities.
Solaxy also offers holders who stake their SOLX tokens a whopping 344% annual return. Over 3.3 billion SOLX have been staked so far.
Investors interested in participating in the presale can visit the official Solaxy website to purchase SOLX tokens for $0.0016 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 27 hours to get the best deal.
Visit the SOLX website here.
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