Ethereum Price Surges 2.7% Amidst Bullish Trend Reversal Hopes

The Ethereum price has experienced a significant surge of 2.7% in the last 24 hours, reaching $3,240 as of 04:34 a.m. EST on trading volume that skyrocketed 170% to $40.5 billion. This recent uptick has sparked hopes of a bullish trend reversal among investors.

Ethereum’s Recent Price Movement

On January 13, Ethereum briefly dipped below the $3,000 mark, causing concern among investors. However, the cryptocurrency has since rebounded, regaining its position above this critical level. The ETH price has been trading within a downtrend after failing to hold above key support levels near $3,300. This breakdown was preceded by a “lower high” formation, where each peak in price was lower than the previous one—indicative of waning bullish momentum.

Key Levels to Watch

* The price of ETH has fallen below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as long-term resistance levels at $3,336 and $3,504, respectively.
* The Relative Strength Index (RSI) is currently at 51, slightly above the 50-midline level, suggesting ETH has room for further upside movement.
* A recent bounce from below $3,000 suggests some buying interest at this psychological level, although the overall trend remains weak as the price consolidates near its previous support, now acting as resistance.

ETH Price Prediction

The recent breakdown and lack of strong bullish momentum suggest that the Ethereum price may struggle to reclaim $3,300 in the short term. If the price fails to break above this level, it could retest $3,000 or even fall lower toward the next support at $2,800. Conversely, with the RSI now climbing up above the 50-midline level and ETH rising above the support level around $3,200, the price of Ethereum may continue to recover, with the $3,504 level, within the 200-day SMA acting as the next target.

Investors Turn to Solaxy, a New Solana Meme Coin

Meanwhile, investors are also buying a new Solana meme coin called Solaxy (SOLX), which has the potential to soar 100X post-launch. Solaxy enhances Solana, a blockchain already known for its fast transaction speeds and low costs. It builds on these strengths while addressing some of Solana’s challenges, such as network congestion, failed transactions, and the persistent scalability issue.

Solaxy’s Key Features

* Off-chain processing to handle the heavy work
* Transaction bundling to cut costs
* Secure settlement back on the main Solana chain
* A platform for developers to build decentralized applications or launch new tokens without compromising Solana’s Layer-1 capabilities
* A huge annual yield of 344% for holders who stake their SOLX tokens

Investing in Solaxy

Investors interested in participating in the presale can visit the official Solaxy website to buy SOLX tokens for $0.0016 each using BNB, ETH, USDT, or a bank card. With over $10.1 million raised in less than a month, Solaxy’s presale has surged past the $10 million milestone as investor interest continues to grow.

Conclusion

The Ethereum price surge has sparked hopes of a bullish trend reversal, but the cryptocurrency still faces significant resistance levels. Meanwhile, investors are turning to Solaxy, a new Solana meme coin with the potential to soar 100X post-launch. With its innovative features and huge annual yield, Solaxy is an attractive investment opportunity for those looking to diversify their portfolio.

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Source: Insidebitcoins.com

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