Best Altcoins To Buy As Jump Crypto Dumps Ethereum, Kamala Harris Rises In Polls

Ethereum Price Prediction: Experts Believe Local Bottom in Sight

Ethereum's price has plummeted nearly 32% since August 1st, dropping to a low of $2,170. ETH has underperformed Bitcoin in today's crypto crash, experiencing a decline of nearly 15% in the past 24 hours, primarily due to Jump Crypto's liquidation of its ETH holdings.

However, Ethereum price predictions from experts suggest that the largest altcoin may be nearing its local bottom. ETH has since rebounded by 4% and is currently trading at $2,400.

Jump Crypto Dumps ETH

Jump Crypto, a prominent trading firm, unstaked approximately $315 million worth of ETH and transferred $46 million to exchanges, triggering a significant decline in Ethereum's price.

Experts believe that the firm may be exiting the crypto space or facing margin calls on its equity positions, requiring liquidity. The former scenario could have bullish implications for ETH long-term, as Jump Crypto's trading practices have been a concern for the Ethereum market.

Global Financial Market Decline

The broader decline in global financial markets is also contributing to selling pressure on ETH. Japan's Nikkei suffered its worst two-day decline in history after the Bank of Japan raised interest rates in July, leading to a massive unwinding of Yen carry trades.

US stocks have also plummeted following weak jobs growth and a high unemployment rate in July, sparking fears of an impending recession.

Uncertainty in the Crypto Market

The risk of conflict in the Middle East and Kamala Harris's recent poll surge against pro-crypto candidate Donald Trump have further added to uncertainty in the crypto market.

Harris has not yet taken a clear stance on cryptocurrency, but has met with industry representatives.

Local Bottom in Sight

Despite the uncertainties, some experts believe that ETH could be near its local bottom. Andrew Kang, a popular crypto trader with nearly 300k followers, has stated that he will no longer bet on further downside for ETH and will seek buying opportunities instead.

If ETH has not yet reached its local bottom, it could form one above its 200-week Exponential Moving Average, currently at $2,050.

Altcoins to Consider

While Ethereum may experience range-bound price action until it regains $3,000, Ethereum meme coins such as Pepe and PlayDoge could present potential buying opportunities. They act as leveraged ETH and have gained traction among smart money traders.

PlayDoge, a play-to-earn meme coin, has raised nearly $6 million in its ICO, attracting the attention of popular traders like Cilinix Crypto. Its Tamagotchi-style gameplay offers rewards for gamers and attractive passive income for stakers.

Pepe Unchained, another new Ethereum meme coin, has also seen strong demand in its presale, raising over $7.3 million. It features its own Layer-2 blockchain, low trading costs, and high staking rewards.

Disclaimer: This is a sponsored article for informational purposes only and does not constitute financial advice.