Ethereum price has rebounded from the support near $1,074 with a 7.4% mid-week rally. The leading smart contracts platform traded at $1,167 during Wednesday’s European session. It has two green candles and technically looks strong to close the gap to $2,000.
Investors remain cautious about potential FTX contagion
Ethereum and Bitcoin are back in the green despite traders remaining cautious on fears of potential FTX fallout. According to Vijay Ayyar, the vice president of Luno’s corporate and international development division, the bullish rise in the crypto market may be due to the extreme oversold conditions seen in recent weeks.
However, a remarkable recovery may be a long way off, as confidence in the market is still lacking. Ayyar believes “we could see a bearish recovery” with resistance slowing the move towards $2,000.
Markets in the crypto industry are still wary since the FTX crisis started in the first week of November. According to the latest bankruptcy filings, the once $32 billion crypto empire has a paltry $1.24 billion in its reserves. To make matters worse, the FTX group has $3.1 billion in debt and just over 1 million creditors.
“In general, post-FTX markets are nervous as they expect further contagion from FTX-related parties,” Ayyar said.
Ethereum Price Prediction: Which Direction Is ETH Heading Amid FTX Crisis
Ethereum price is heading into rocking ground after FTX thief converted finances he stole from FTX to ETH. The hacker started by consolidating the funds into a single wallet before exchanging more than $72 million from ETH to BTC via the renBTC Gateway. This platform allows Bitcoin to be spent on the Etherum blockchain. If the sell-off continues, the pressure will hinder the recovery.
The daily chart reveals a buy signal presented by the TD Sequential indicator. This signal manifests in a red 9 candle, which means sellers are tired and it’s time for buyers to take control.
If Ethereum maintains its bullish look in the current and hopefully the next session, then the Moving Average Converging Divergence (MACD) indicator will send another buy signal to establish the return of the bulls.
However, traders should wait for the 12-day exponential moving average (EMA) (blue) to move above the 26-day EMA (brown) before confirming their buy. Movement of the MACD in the positive region (above the average at 0.00) would be another indication of a sustained recovery.
Ethereum price is looking for a 61.8% gain above the key support at USD 1,074. Traders can start taking profits above the 23.6% Fibonacci level, as marked around $1,298 and at the 100-day EMA (blue), which currently stands at $1,427.
The presence of many sellers between $1,199 and $1,232 may inhibit a move towards $2,000. Insights from IntoTheBlock’s IOMAP model show that 1.45 million addresses recently bought 8.33 million ETH within that interval. As the crypto recovers, some investors may close their positions at their respective break-even points, increasing overhead pressure.
Promising pre-sale to consider for portfolio diversification
The FTX contagion has left the crypto market on a limb. Ethereum price is showing a bullish outlook targeting $2,000, but traders are nervous and wonder if the rally will continue.
Interested investors can therefore look at new projects that can deliver an above-average return in the short term. Many of these tokens have a pre-sale where they boast strong fundamentals before being listed on exchanges.
Dash 2 Trade (D2T)
Dash 2 Trade is a new cryptocurrency project that provides investors with premium crypto analysis that makes it easy to navigate the market. These analytics allow traders to build and test strategies on a simple platform. Furthermore, Dash 2 Trade offers trading signals with accurate buy/sell odds for anyone who wants to get the most out of the market.
D2T is an ERC-20 token on the Ethereum network dedicated to powering the Dash 2 Trade platform. This token provides access to crypto analysis, signals and social trading features needed to excel in the market.
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Robot Era (TARO)
RobotEra is the best metaverse crypto project to buy today because it is similar to the well-known Sandbox crypto project. The protocol will bring a metaverse with various resources that are part of the digital world.
The RobotEra team has started selling their initial token TARO, which will power the economy of the ecosystem. In successive steps, the best metaverse crypto project will allow users to buy land and robot characters as NFTs.
TARO is currently on presale and TARO is selling for $0.020. In the first weeks of the pre-sale, the team has already collected more than €176,000. However, the price will increase to $0.025 in the next phase.
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RIA supports the Calvaria card game, which is formally called Calvaria: Duels of Eternity and is another project currently holding a presale.
RIA could become the next big cryptocurrency to buy for blockchain gaming enthusiasts. This digital asset offers several promising opportunities that have attracted interest among investors.
The game, which takes place in an afterlife-themed metaverse, aims to help traders purchase non-fungible token (NFT) trading cards.
Players are tasked with building strategies to help them win the matches. RIA is the token that powers the NFT purchases through the in-app NFT marketplace. Staking is also supported, meaning users get rewards for owning the RIA.
Visit the Calvaria Presale now