The Ethereum price has risen slightly to $2,447 today, making this move as the crypto market as a whole loses 3% in the past 24 hours.
Ongoing instability in the Middle East has put the market on a shaky foundation this week, while today’s news regarding Judge Torres’ rejection of a final settlement between the SEC and Ripple has also weighed on prices.
ETH therefore remains down by 2% in a week and by 8% in a month, with its two-week chart forming a very bearish death cross that could indicate further losses.
However, such crosses precede a clearing out of weaker hands, and with Ethereum’s fundamentals remaining as strong as ever, the long-term ETH price prediction remains bullish.
Ethereum Price Prediction – ETH Forms Rare ‘Death Cross’ Pattern Last Seen in 2022 – What’s Going On?
Looking at ETH’s two-week chart, we can see that its 20-period average (orange) has just dropped below the 50-period (blue), following the coin’s declines since the start of the year.
And if you scan back in time, you can see that the last time these two averages formed a death cross was in September 2022, when the Ethereum price went from around $1,750 to $1,150 by December.
Source: TradingView
This is a 34% decline, implying that we may be about to see a similarly steep drop in the coming weeks and months.
There are other parallels with the second half of 2022, such as the fact that Ethereum’s moving average convergence divergence (orange, blue) has recently turned negative.
And after turning negative in the middle of 2022, it remained below the baseline for more or less a year, as ETH struggled to regain the highs it had enjoyed in late 2021.
Of course, past patterns are no guarantee of the future, and it’s possible to argue that circumstances are different this time, what with a pro-crypto White House.
But we can also argue that, with the situation tense in the Middle East, the crypto market could encounter shocks that drag down the Ethereum price.
On a more positive note, we could also suggest that a death cross on ETH’s two-week chart was the beginning of a consolidating period which eventually resulted in new growth.
And because Ethereum remains the biggest layer-one network in terms of TVL, it’s a prime position to grow again once conditions are more favorable.
Based on this, we can expect that, after dipping in the coming weeks, the Ethereum price will return to $3,000 by Q4, and to $3,500 by the end of the year.
Solaxy Continues to Rally After Big Launch and $58 Million Presale: Best New Coin?
For those traders worried that history may repeat itself for Ethereum, there are newer tokens that are showing more positive momentum in the near term.
A strong example of this is Solaxy (SOLX), a new layer-two platform that has recently listed after raising a massive $58 million in its presale.
Its native token SOLX has now listed on Uniswap and Raydium, and it’s up by 5% in the past 24 hours, as of writing.
In fact, it had a massive opening earlier this week, reaching its current record high of $0.001284 on Tuesday, which made for a 108% gain over its lowest price on the day (Monday) it listed.
Investors have been flocking to Solaxy because of its interesting fundamentals, with the project launching Solana’s first proper layer-two network.
As such, it offers ultra-low transaction fees and very fast confirmation times, helping users to avoid the congestion that can still impact Solana.
It enables instant bridging between itself and Solana, while in the future its team plans to expand its compatibility to other chains.
The next few weeks will see the arrival of its own token launchpad, Igniter, through which anyone will be able to issue their own coins.
Its own DEX is also on the way, helping to make Solaxy one of the most exciting new platforms in crypto.
Holders of its native token, SOLX, will be able to stake the coin for passive income, something which should boost demand for the token over time.
And with more exchange listings rumored, now could be a very time to buy the token, while it remains relatively cheap.
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