Ethereum ($ETH) is showing signs of recovery after spending the week below the $3,420 mark. Although it has not yet reached the December high of $4,077, there is hope that $ETH can surpass the resistance at $3,500. This increase is driven by a 16.29% spike in trading volume of Ethereum ecosystem tokens in the last 24 hours. The combined market capitalization of all projects on the Ethereum network has now exceeded $495 billion. Is this surge enough to bring $ETH back to a positive trend? Let’s take a closer look at the price movement of $ETH.
Mixed Signals for $ETH, But Long-Term Trend Remains Bullish
Indicators like the Average Directional Index (ADX) and Stochastic RSI suggest that the $ETH trend is still weak, indicating that while $ETH is starting to recover, reaching its peak will take some time. However, the Moving Average Convergence Divergence (MACD) indicator is giving strong bullish signals, as are its moving averages. Yesterday, bulls briefly pushed the price of $ETH to $3,499, but the token corrected back to $3,440. Currently, the $3,500 level is a crucial psychological resistance zone that $ETH needs to break through to strengthen its bullish path. If $ETH fails to break through the $3,500 zone, it is likely to find support at $3,420, with the next support line at the Fibonacci 50% retracement level of $3,310.
Fortunately for the Ethereum community, various tokens on the network continue to show positive performance. Department Of Government Efficiency (DOGE), Hoppy ($HOPPY), Apu Apustaja ($APU), Neiro Ethereum ($NEIRO), and Pikaboss ($PIKA) are among the meme coins with the highest gains today. Ethereum’s popularity as a meme coin network is driving consistent demand for $ETH, indicating that $ETH’s recovery is only a matter of time, not possibility.
Two Sides of the Same Meme Coin?
In this bull run, meme coins are divided into two different categories: pump-and-dump tokens (often referred to as shitcoins) and utility tokens that use the meme concept as a facade. Tokens like Fartcoin ($FARTCOIN), SPX6900 ($SPX), and Gigachad ($GIG) fall into the first category. These tokens receive a lot of hype and quickly surge, but the big question is how long they can sustain that momentum. Shiba Inu ($SHIB), Pudgy Penguins ($PENGU), and Floki Inu ($FLOKI) are now leading the second category. However, their position may soon be overtaken as the Ethereum-based project, Meme Index, introduces the world’s first meme coin index. Through one of the four Meme Index baskets designed for various risk levels, you can diversify your meme coin investments to spread risk. Whether you choose to invest in big names like $DOGE or pump-and-dump tokens like $FARTCOIN, the potential returns could be higher by balancing losses.
Presale of Meme Index ($MEMEX)
The presale of $MEMEX has just begun, with the current token price at $0.0148639. So far, early adopters have invested $1.5 million, and this presale is gaining more attention. $MEMEX holders will have voting rights in major development proposals when the Meme Index platform is launched. Additionally, they can stake tokens with an annual return rate (APY) of 1,500%. There will be no other opportunity to increase your ownership with such a high return rate. You can visit the official presale website of Meme Index here.
In conclusion, while the short-term price trend of $ETH is still uncertain, its long-term prospects remain strong. The growing application ecosystem and innovative projects like Meme Index are likely to continue driving demand for $ETH. However, we always remind you to do your own research (DYOR) before investing in any project. There are no guarantees in the crypto market, so you should only invest what you are willing to lose.