ETH Price Falls 1.68% Over Weekend Correction

Ethereum (ETH) price fell 1.68% over the last 24 hours, testing the local support of $2,932. The hourly chart suggests a potential breakout to the $2,900 zone if support is broken. On the bigger time frame, the rate is within yesterday's candle, with ongoing sideways trading around current prices more likely. From a midterm perspective, a bullish picture is emerging, with growth potentially continuing to the $3,000-$3,100 range by the end of the month. ETH is currently trading at $2,937.

Ethereum (ETH) price experienced a slight decline of 1.68% over the last 24 hours, testing the local support at $2,932. This drop comes as Bit Digital, a Nasdaq-listed company, sold approximately 280 Bitcoin to purchase around 100,063 ETH, making it one of the largest institutional Ethereum holders globally [1].

The hourly chart suggests a potential breakout to the $2,900 zone if the support level is breached. On a larger time frame, the rate remains within yesterday's candle, indicating ongoing sideways trading around current prices. From a midterm perspective, a bullish picture is emerging, with growth potentially continuing to the $3,000-$3,100 range by the end of the month. ETH is currently trading at $2,937 [2].

Technical indicators support the bullish trend. The Ethereum price has surpassed both the 50-day and 200-day Simple Moving Averages (SMAs), which is a positive signal. Additionally, the 50-day SMA has crossed above the 200-day SMA, forming a golden cross at $2,528, further supporting the upward movement [1].

The Relative Strength Index (RSI) is currently at 53.7, indicating a neutral-to-slightly bullish reading. This suggests that momentum is shifting upward, providing room for further upside movement before any significant correction [1].

The Ethereum price appears to be moving towards the resistance around the 0.236 Fibonacci level at $2,571, which could enable a sustained bullish rally to the upside. If the breakout sustains and momentum continues, a potential target lies at the 0.618 Fibonacci extension, aligning near the $3,684 level, implying a projected upside of approximately 37.17% from the current Ethereum price [1].

However, should ETH fall back below the $2,500 level and invalidate the rounded bottom neckline, $2,227 and $2,073 (0.5 and 0.618 Fibonacci levels, respectively) will serve as key supports to watch [1].

Investors are also keeping an eye on a new meme coin called TOKEN6900 (T6900), which could soar 100X after launch. Positioned as a playful rival to SPX6900, TOKEN6900 seeks to tap into the same enthusiasm that fuels meme coin trading today. The token is built on the Ethereum blockchain and is designed to turn collective brain-rot into a tradable ticker, adding an extra token for flexibility. It is the first NCT (Non-Corrupt Token) on the market, making it clear that it has no utility. Despite this, investors are piling in, with the presale amassing over $243,000 in early funding [2].

References:
[1] https://insidebitcoins.com/sponsored/ethereum-price-prediction-as-bit-digital-dumps-280-bitcoin-for-100k-eth-experts-say-consider-this-degen-ico-for-100x-gains
[2] https://coingape.com/price-predictions/ethereum-eth-price-prediction/