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Staking rewards and meme coin craze drive ETH bullishness

Gary Flanders by Gary Flanders
2 years ago
Staking rewards and meme coin craze drive ETH bullishness

Over the past day, Ethereum (ETH) has been under the sway of bullish activity, with prices fluctuating between a support level of $1836.77 and a resistance level of $1860.67. Despite their best efforts, the bulls could not surpass the resistance level, leading to a slight 0.58% dip to $1839.07 at the time of writing.

The Ethereum market may experience a surge in bullish sentiment due to the recent increase in staking rewards and validator income fueled by the meme coin frenzy. As investors become aware of the platform’s earning potential, it could attract new buyers and drive up demand for ETH, potentially leading to a price rise shortly.

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During the downturn, ETH’s market capitalization and 24-hour trading volume experienced a slight decline of 0.46% and 30.25%, respectively, resulting in figures of $221,244,568,110 and $5,842,359,111.

ETH/USD 24-hour price chart (source: CoinMarketCap)
ETH/USD 24-hour price chart (source: CoinMarketCap)

The RSI of the 3-hour ETH/USD chart currently stands at 37.08, positioned below its signal line, which suggests a growing bearish trend. Although it has yet to breach the “30” threshold, traders are advised to exercise caution and implement stop-loss orders, as there remains a possibility of a continued bearish rally.

The current state of the ETH market is experiencing a bearish downturn, as evidenced by the Know Sure Thing (KST) index plummeting to a frigid -18.5032 and falling below its signal line. This unfavorable KST reading and its position below the signal line indicate that the bearish trend in the ETH market is intensifying.

ETH/USD chart (source: TradingView)
ETH/USD chart (source: TradingView)

The ETH price chart shows a convergence of Bollinger bands, signaling the possibility of a noteworthy price shift in the ETH market. This convergence suggests that the market is currently experiencing a period of low volatility, often followed by a surge in price activity. This is further supported by the upper band reaching $1882.43 and the lower band touching $1831.51. As such, investors should closely monitor the market and be prepared for potential price movements.

According to the Money Flow Index rating of 38.08, the ETH market is experiencing a surge in negative momentum. This MFI level is a clear indicator of the market’s selling pressure, highlighting the dominance of the bears in the current ETH landscape.

As a result, traders must exercise prudence and implement appropriate risk management tactics to safeguard their assets against any potential downturns.

ETH/USD chart (source: TradingView)
ETH/USD chart (source: TradingView)

Although ETH’s recent downturn may pose certain hazards, the platform’s capacity for staking incentives and widespread adoption of smart contracts could generate optimistic market sentiment and stimulate demand.

Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.

Tags: EthereumMeme Coin
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Gary Flanders

Gary Flanders

Passionate writer who is keenly exploring crypto and Blockchain loves to know about new things and explore what is happening in the world. Cherishes writing, primarily about cryptocurrency and Blockchain.

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Ethereum (ETH)
6.99%
$ 2,961.86
$ 207.03
⇣ 2,763.98
10 Jul
⇡ 2,961.86
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