Ethereum Fluctuates as Crypto Market Struggles With Bearish Sentiments

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Ethereum Fluctuates as Crypto Market Struggles With Bearish Sentiments
Blockonomics

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The general crypto market is still struggling to escape its bearish sentiments as the conventional financial crisis deepens.

Amidst this ongoing slump, there is growing interest from the U.S. government to close tax loopholes that benefit wealthy crypto investors in the upcoming budget for the fiscal year 2024.

However, while major crypto assets like Bitcoin and Ethereum have lost gains of 0.98% and 0.38% in the last day, they are already pushing back into the green zone in the last hour.

Binance

Ethereum (ETH) started the year with a good price of $1,568.65, despite ending 2022 poorly with $1,199.11 due to the crypto winter.

With the digital asset currently at $1,808.81, can this pioneering blockchain platform asset defy the odds and reach new price heights once the market recovers?

ETH Seeks a Foothold Despite Market Slump

At press time, the $ETH network token is trading at $1,808.81, indicating a decline of 0.38% in the last day, 1.2% in the last week, and 2.7% in the last month.

However, despite the losses, the second-largest cryptocurrency is pushing toward positive territory, showing a 0.29% increase in the last hour.

The trading volume of $ETH in the last 24 hours stands at $3.7 billion, which is lower than the $5 billion recorded a few days ago.

ETH_1D_graph_coinmarketcap (1)

Despite the recent decline in value, the asset’s technical chart still indicates bullish sentiment.

$ETH’s current price trails above its 50-day simple moving average (SMA) value of $1,772.50 for the short term and $1,788.22 for its 200-day SMA representing the long term.

Although the token is currently outperforming its moving average indicators, investors should expect price fluctuations due to market volatility.

ETH PRICE PREDICTION

Regarding technical analysis, $ETH has currently found support at the 61.8% Fibonacci retracement level of $1,817.95.

This serves as a good point for the asset to rebound in the direction of the 78.6% Fibonacci retracement level of $2,007.22, backed by consistent bullish momentum and a potential market rally.

However, if the market slump continues, the crypto asset might drop to the 50% Fib level of $1,685.03.

The relative strength index (RSI) metric of 44.83 signifies that $ETH is still underbought. On the flip side, the moving average convergence divergence (MACD) reflects neutrality.

This means the asset could fall into the buy zone or the sell zone at any time, depending on market movement.

Ethereum Purposes Fourth Cohort Fellowship to Onboard More Developers

The Ethereum Protocol Fellowship’s third cohort was completed in February 2023, and the fourth cohort is currently being prepared.

At the heart of the Ethereum ecosystem is core development, which focuses on the analysis and programming that power the network and includes client implementations, specifications, and other fundamental components.

The Ethereum Protocol Fellowship was created to make core contributions more approachable and to encourage developers to join the numerous teams working on the protocol.

For Ethereum to succeed moving forward, a steady supply of core developers must be maintained.

These programmers and researchers collaborate to shape Ethereum’s innovative future, address its many problems, and put the solutions into practice.

Their efforts ensure that the protocol remains current and capable of meeting the growing demands of its expanding user base. This, consequently, increases the value of the $ETH coin as it gains more utility.

Investors Should Consider AiDoge as $ETH Alternative

For investors seeking an alternative investment to $ETH, the AiDoge utility token, $AI, presents a value-driven investment to explore.

AiDoge is a cutting-edge meme-generation platform that leverages the power of artificial intelligence and the widespread appeal of memes to create engaging and relevant content.

As detailed in the project’s whitepaper, Cemploys advanced AI technology to generate memes based on text prompts provided by members.

This is incredible because the meme ecosystem uses similar generative artificial intelligence technology and has partnered with the renowned ChatGPT to mint memes for its platform users.

Trained on a vast database of images, phrases, and popular internet trends, the meme platform generates unique and personalized memes from text prompts in seconds.

Bringing in a new meme-to-earn (M2E) model to the crypto space, creators can post their memes on public walls, and the community can vote.

This innovative project has garnered huge interest from many in the crypto sphere, with the presale hitting a milestone of $11.2 million in just a few weeks of its debut.

At press time, the $AI token is priced at $0.000032, and early investors will have gained about 15% when the token gets listed on the DEX and CEX platforms for $0.0000336.

AI is anticipated to be highly popular due to its utilities, which include acquiring credits, staking, and rewards.

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