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The price of ethereum ethereum/”>sunken more than 4% in the last 24 hours to trade at $3,293.13 as of 7:30 a.m. EST.
Despite this recent drop in eth price, analysts at K33 Research believe that the altcoin king could still outperform bitcoin (btc) in the weeks following the launch of an ethereum spot ETF (exchange-traded fund).
These investment products are expected to launch on July 8 and are a “golden egg” for ethereum, analysts Vetle Lunde and David Zimmerman said in a July 2 statement. eth-oi”>report.
ethereum price loses key support
eth/USDT 4-hour chart (Source: x/hBo7owUy/”>TradingView)
ethereum price lost the key support of $3,362.72 in the past few hours. As a result, the altcoin is now at risk of falling to the next mark of $3,239.60 in the next 24 hours. Continued selling pressure if eth drops to this price point could lead the cryptocurrency to drop as low as $3,055.05 in the near term.
However, a 4-hour candle close above the recently lost price of $3,362.72 in the next 12 hours could invalidate the bearish thesis. In this alternative scenario, ethereum price could attempt to break out of a medium-term negative price channel that has emerged on its charts.
If eth breaks this threshold, traders could consider it a long entry. With this potential buying volume, ethereum price could have the support needed to flip the $3,499.55 resistance level into support. In an extremely bullish scenario, ethereum price could rally as high as $3,629.50.
Technical data suggests ethereum price could continue to fall
Technical indicators on the eth 4-hour chart suggest that the cryptocurrency’s price could continue to fall in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) indicator and the Relative Strength Index (RSI) indicator are showing bearish signals.
The MACD line crossed below the MACD signal line over the past 24 hours. Traders often view this technical event as a sign that a cryptocurrency has entered a negative cycle. Moreover, the gap between the two lines is also growing, which warns that eth’s bearish momentum is intensifying.
Meanwhile, the RSI line broke below its simple moving average (SMA) line over the past 48 hours. Since this intersection between the two lines, the RSI has plummeted to 30, indicating that ethereum price is in oversold territory.
Although an RSI reading of 30 could be seen as a buy signal, it is not unusual for the RSI to remain this low during periods when investors are abandoning a cryptocurrency.
As traders dump eth, investors rush to buy Shiba vs. Shiba Shootout (SHIBASHOOT) for potential 100x profits.
Potential to outperform the Shiba Inu
The Shiba Inu (SHIB) legacy token has generated a 20,800,000% return on investment for investors who purchased the token at its all-time low, according to data from CoinMarketCap.
But experts predict that Shiba Shootout (SHIBASHOOT) has the potential to surpass the former canine-themed altcoin.
Some of the main factors that have analysts excited about Shiba Shootout are the imminent launch of its P2E game, as well as its high levels of utility at this early stage. Already approved on Google Play and the Apple App Store, the project’s game is expected to have a major impact on the token’s adoption and price.
There is also the Lucky Lasso lottery, which is expected to attract investors and members of the cryptocurrency community. Players will be able to use the meme coin to win big prizes in cryptocurrencies, and a portion of the prize pool will also go to charitable initiatives.
In addition to the upcoming launch of the Lucky Lasso game and lottery, an incredible 2,264% annual staking yield is also on offer to pre-sale buyers.
With all of this combined, it's no surprise that YouTube crypto expert Michael Wrubel told his 312,000 subscribers in a recent review of the project that he has “found the next 100x Shiba Inu.”
Investors rush to buy SHIBASHOOT
SHIBASHOOT’s pre-sale is off to a strong start and has already raised over $480,000.
The meme coin, which is selling for $0.0194, can be purchased via the simple purchase widget integrated into the project’s website, using eth, USDT, or bank card. Once purchased, the tokens can be staked for an APY of 2264%.
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Dive into the fun! https://t.co/jCeu7XN9gp image.twitter.com/UhcIS4rCBo
— Shiba Shootout (@shibashootout) twitter.com/shibashootout/status/1808455642400879094?ref_src=twsrc%5Etfw”>July 3, 2024
Interested investors should hurry as the token price will increase in approximately 18 hours.
Buy and place your bets on SHIBASHOOT here before its price increases.
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