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The Ethereum price has surged 16% in a week to trade at $2,644 as of 1:20 a.m. EST time on trading volume that dropped 13%.
It comes amid reports that billionaire Peter Thiel’s venture capital firm Founders Fund injected $200 million into ETH and BTC in 2023 with a 50/50 split.
📈 Founders Fund, led by former PayPal CEO Peter Thiel, invested $200M in $BTC & $ETH, splitting $100M each in late summer 2023 when #Bitcoin was below $30K.
— Satoshi Club (@esatoshiclub) February 13, 2024
Reuters says the investment suggests renewed interest in crypto markets by Silicon Valley investors and may also signal the return of institutional players into the altcoin investments space.
Meanwhile, the Ethereum price is trading within the confines of an ascending parallel channel. While there are multiple prospects for more gains, the chances of a correction are also increasing.
Ethereum Price Prognosis As ETH Trades Within An Ascending Parallel Channel
The Ethereum price is confronting resistance due to the midline of the parallel channel. However, with the price testing the upper boundary of the Bollinger indicator at $2,657, the asset is already overbought. This is underscored by the position of the Relative Strength Index (RSI) at 71 and teasing with a cross below the 70 level. This suggests ETH is ripe for selling.
Additionally, the current Spent Output Profit Ratio (SOPR) for the Ethereum price indicates a possible correction. This comes as it has risen above 1 as a 30-day moving average (MA). The reading as of press time is 2.30. For the layperson, this ratio shows that ETH holders who are in profit at current Ether prices may soon cash in on their gains.
With these, it is possible that the Ethereum price could pull back at this point. It is therefore imperative that investors fight off the urge to succumb to the fear of missing out (FOMO). Instead, they should consider waiting for the SOPR rate to fall below 1 before making another entry into the Ether market.
If the bears have their way, the Ethereum price could drop below the lower boundary of the channel. In a dire case, it could extend the fall to breach the support confluence between the centerline of the Bollinger indicator and the horizontal line at around $2,394.
For the bullish outlook to be invalidated, however, the Ethereum price must break and close below the $2,280 support.
TradingView: ETH/USDT 1-day chart
Converse Case
On the other hand, if the bulls tighen their grip and traders shelve their profit appetite, the Ethereum price could overcome the resistance due to the midline of the channel. In a highly bullish case, the gains could see the Ethereum price reclaim the range high of $2,717. A strong move above this barricade could set the pace for a new local top.
Meanwhile, some investors are diversifying their portfolios via Meme Kombat, a GameFi ICO that is taking the meme coin sector by storm.
Promising Alternative To Ethereum
Meme Kombat has ranked on analysts’ list of the best crypto ICOs to buy in 2024. Its native token, MK, is a new meme coin sensation that aims to challenge the likes of PEPE, BONK, and MYRO.
GM❤️
Happy Valentine’s Day, Fighters! We hope you take this day and maybe find love in kombat. pic.twitter.com/U8r0lPLKa5
— Meme Kombat (@Meme_Kombat) February 14, 2024
Meriting analysts’ top picks for projects with the potential for exponential gains, the Meme Kombat project brings forth an innovative new gaming platform designed for gaming enthusiasts.
A bit of luck. A bit of skill.
That’s what it takes to get in on the next big memecoin according to @BuryCrypto, but we say you need that too if you want to win Meme Kombat⚔️ pic.twitter.com/x6gMy9LvPu
— Meme Kombat (@Meme_Kombat) February 12, 2024
The project offers community members a chance to battle their favorite meme characters in the arena. Character selection is based on the betting odds or you can simply choose your favorite character. Choose your winner!
Which #memecoin do you want to see added to Meme Kombat?
Maybe a Solana one like $BONK 👀 be creative! pic.twitter.com/BeT0717kaA
— Meme Kombat (@Meme_Kombat) February 13, 2024
Meme Kombat’s presale has surged past $8.7 million in funds raised as it closes on its target of $10 million.
Whoop whoop🙌 We reached $8.7 million raised🔥
Comment “LFG” if you can’t wait for $MK‘s future⚔️ pic.twitter.com/jhQZeuysjr
— Meme Kombat (@Meme_Kombat) February 13, 2024
Investors can buy MK tokens for $0.279, with the option to stake your holdings for rewards as high as 108% APY, but make sure to take advantage of first mover advantage as these rates reduce with time.
So far, 80% of the entire MK token bucket has already been staked by 11,941 stakers. More stakers are coming in so do not be left out.
Visit Meme Kombat website to buy MK and stake your holdings here.
Also Read:
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 50% APY
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