Ethereum Price Prediction: As ETH Giant Consensys Slashes Workforce By 20%, Traders Pivot To This Staking Meme Coin With 540% APY
Release: 2024/10/30 22:54 Reading: 502
Ethereum Price Surges Amidst Market Volatility
Ethereum's price has witnessed a significant 3% increase over the past 24 hours, reaching $2,665 as of 03:38 a.m. EST. Trading volume has also risen modestly by 1% to $21.46 billion.
Despite recent workforce reductions at Consensys, a company co-founded by Ethereum's Joseph Lubin, the cryptocurrency remains on track for a bullish reversal.
Technical Analysis Points to Potential Upswing
According to GeckoTerminal, Ethereum's price exhibited a downtrend in July, dropping from $3,538 to $2,200. However, bulls have since driven the price through an ascending triangle pattern, indicating a potential reversal.
ETH has surpassed its 50-day Simple Moving Average (SMA), with its immediate target being the 200-day SMA at $2,979. Furthermore, the Relative Strength Index (RSI) is recovering from the 50-midline level, currently at 58, suggesting buyer pressure.
If bulls maintain momentum, Ethereum's price could reach $3,250. Conversely, if bears regain control, the price may fall towards the $2,327 support level.
Alternative Investment Options
Investors seeking diversification may consider Crypto All-Stars (STARS), an innovative new ICO that has raised over $2.8 million. According to ClayBro, a crypto analyst with over 130K YouTube subscribers, STARS has the potential to experience a 10X increase after its official launch.
Crypto All-Stars: A Revolutionary Platform
Crypto All-Stars is designed to empower investors to stake multiple meme coins on a single platform through its MemeVault protocol. By integrating various meme coins, MemeVault addresses the fragmentation within the ecosystem, simplifying staking and enhancing liquidity.
Currently, Crypto All-Stars supports 11 meme coins, including Dogecoin and Shiba Inu, with plans to expand in the future. Investors can also earn passive income through the project's native staking mechanism, offering a substantial 540% annual percentage yield (APY) on staked STARS tokens.
STARS tokens can be purchased for $0.0015309 on the official website using BNB, USDT, or a bank card. However, the price is set to increase within 19 hours, so it is advisable to act quickly to secure the best deal.
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