Join our Telegram channel to stay up to date on breaking news coverage
ethereum (eth) price remains bearish, trapped inside a descending parallel channel. But there is still room for improvement.
After bouncing off the lower boundary of the technical formation at $1,552 on the chart below, the second-largest cryptocurrency by market capitalization may be poised for a sharp rise.
That said, while the Relative Strength Index (RSI) moves north to show increasing momentum, the Awesome Oscillators (AO) remain negative with hot red bearish histograms. This explains why eth was closely tied for the past three days.
However, the RSI is about to execute a bullish crossover, moving above the signal line (yellow band), which could cause the Proof-of-Stake (PoS) token to rally from below the support point of the bearish channel.
<img decoding="async" class="wp-image-442027 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="ethereum price” width=”1198″ height=”553″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24.jpg 1198w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-300×138.jpg 300w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-1024×473.jpg 1024w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-768×355.jpg 768w” data-lazy-sizes=”(max-width: 1198px) 100vw, 1198px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24.jpg”/>eth-Sep-24.jpg” alt=”ethereum price” width=”1198″ height=”553″ srcset=”https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24.jpg 1198w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-300×138.jpg 300w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-1024×473.jpg 1024w, https://technicalterrence.com/wp-content/uploads/2023/09/Ethereum-Price-Prediction-Whats-Next-for-ETH-as-It-Tests”https://technicalterrence.com/crypto/ethereum/”>eth-Sep-24-768×355.jpg 768w” sizes=”(max-width: 1198px) 100vw, 1198px”/>
TradingView: eth/USDT 1-day chartConversely, lower buyer momentum could see the bears prevail, sending ethereum below the immediate and crucial support level of $1,552. This level is critical as it coincides with the midline of the chart pattern. In the most severe case, eth could land at the bottom of the downtrend at $1,416. Such a measure would constitute a drop of 12%.
Influence of bitcoin on the price of ethereum
Meanwhile, ethereum price appears to be breaking its correlation with bitcoin. Just two weeks ago, the btc–eth correlation was 0.94.
Ten days later, the correlation fell to 0.41, representing a 56% drop in correlation. This gives eth holders the opportunity to decide their own fate, depending on whether the bears show the greatest determination.
Since the direction of eth is uncertain, why not consider an alternative that has strong growth potential? A force in the meme coin field, WSM is creating waves throughout the meme coin market and is set to close its pre-sale window within 24 hours. Will you miss out on early entry benefits?
btc Alternative
WSM is the native asset of the Wall Street Memes project, an exciting ecosystem and the physical manifestation of the Internet’s triumph over unbridled capitalism.
Trudeau gets it from all angles, huh? pic.twitter.com/s7gFLWBEVU
– Bay Street Memes (@baystmemes) September 21, 2023
It is an initiative that represents the tokenization of the retail movement against the monopoly of the financial markets orchestrated by Wall Street.
Brother, they have the whole game fixed. pic.twitter.com/PZeDcrN3V8
– Wall Street Memes (@wallstmemes) September 23, 2023
Wall Street Memes has an expanding community of over a million owners, among whom, by the way, you should be. This community support has translated into more than 40 million daily impressions, featuring technology innovator and renowned billionaire Elon Musk.
– Elon Musk (@elonmusk) April 22, 2023
Once the pre-sale window closes, the WSM token will appear on several tier one exchanges. This is expected to cause an increase in value, giving early entrants plenty of profit. Be one of them, buy WSM using this guide.
The countdown is fast approaching, which means now is the time to act if you want to enjoy the 20x growth potential that analysts anticipate in 2023. This is your last chance before the Initial Exchange Offering (IEO).
WSM holders can also stake their Wall Street Memes tokens to earn high annual percentage yields (APY). Did you know that this project is in the top three in APY metrics in the meme coin ecosystem? Currently, the APY is 52% with almost 385 million WSM tokens staked so far.
Visit Wall Street Memes here, be part of the revolution.
Also read:
Ends Soon – Wall Street Memes
- Early Access Presale Live Now
- Established community of stock and cryptocurrency traders
- Featured on Cointelegraph, CoinMarketCap, Yahoo Finance
- Rated the best cryptocurrency to buy now in the Meme coin sector
- Team behind the OpenSea nft Collection – Wall St Bulls
- Tier One Exchange Listings on September 27
- Tweets answered by Elon Musk
Join our Telegram channel to stay up to date on breaking news coverage
