The Ethereum price surged more than 6% in the past 24 hours to trade at $3,231.84 as of 8:25 a.m. EST as investors rush to accumulate the altcoin.
Investors’ heightened interest in ETH follows the conditional approval for asset managers to start trading spot Bitcoin ETFs (exchange-traded funds) and spot Ethereum ETFs in Hong Kong.
Harvest Global Investments, and a partnership between HashKey Capital and Bosera Asset Management (International), announced the initial approvals in separate statements today.
The Ethereum Price Forms A Bullish Channel
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price printed multiple higher highs and higher lows on the 4-hour chart over the past 24 hours. This bullish phase resulted in the formation of an ascending price channel and also led to the leading altcoin overcoming the $3,080.67 resistance level.
Now, buyers are attempting to push ETH above the $3,283.06 barrier as well to potentially flip the mark into support. Should the Ethereum price close a 4-hour candle above this threshold within the next 12 hours, it could have the foundation needed to keep rising in the following 24 hours.
With this potential continuation of the bullish trend, ETH might climb to as high as $3,471.42 in the short term.
Traders will want to note that sellers are currently exerting pressure on ETH. If bulls are unable to fend off this bearish force, then the Ethereum price could be at risk of dropping out of the aforementioned ascending channel.
As a result, the crypto might correct to the recently-breached level at $3,080.67 in the following 8-12 hours. Continued sell pressure at this point could then pull ETH down to as low as $2,900.33, which is the next major support.
Bulls May Drive The Ethereum Price Higher
Technical indicators on ETH’s 4-hour chart suggest the altcoin king might keep rising in the upcoming couple of days. This is after a major bullish technical flag was triggered by the Moving Average Convergence Divergence (MACD) indicator.
In the last 12 hours, the MACD line crossed above the MACD Signal line. Traders usually identify this specific technical occurrence as a sign that a crypto has entered a positive trend and could subsequently keep climbing in the short term.
Buyers also have an upper hand against sellers, as signaled by the Relative Strength Index (RSI) line that is positioned above its Simple Moving Average (SMA) line on the 4-hour chart. It might therefore be easier for bulls to push the Ethereum price higher in the coming 24 hours than it will be for bears to pull it down since the former is currently stronger than the latter.
With the approval of Bitcoin and Ethereum ETFs in Hong Kong, it might only be a matter of time before investors flock to smaller-cap derivatives of the market leaders that could yield much higher returns. 99Bitcoins, with its pioneering Learn-2-Earn platform, is one such project that has already managed to pull investors in.
An Established Brand
99Bitcoins is an educational platform that has established itself as one of the leading blockchain educators in the space. Through a simplified approach of incorporating diagrams and compiling interactive videos, the platform’s team has managed to make complex crypto and blockchain aspects more understandable for everyone.
99Bitcoins has more than 700k subscribers through its YouTube channel and 2 million registered users on its platform. Now, the team is looking to boost their efforts to educate the masses with the launch of their own crypto token.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
The token incorporates an innovative learn-2-earn model. This means that users can earn crypto by building up their knowledge in the Web3 domain – presenting investors with a win-win scenario.
By completing interactive learning modules, quizzes and tutorials, users will be able to increase their ranking on the 99Bitcoins leaderboard. The higher this ranking, the larger their payout will be.
What’s more, the completion of courses and tutorials will unlock more educational content. Investors will therefore have more opportunities to raise their rankings and earn crypto as they engage with the platform’s educational resources.
Investors Rush To Get In Early
Crypto investors are scrambling to buy into 99Bitcoins at this early stage. After recently achieving the $300k milestone, the project’s ICO looks on track to surpass the $1 million milestone soon as well.
Beyond the speculative trade opportunity of a new crypto, buyers might be flocking to the project’s ICO due to the very high APY being offered. Anyone who buys and stakes their tokens now will gain access to a lucrative 6,780% in annual rewards.
With the #BitcoinHalving event just 9 days away, speculation is mounting: Is $BTC's price set to skyrocket post-halving? 👀
Dive into our Analysis on the potential price impact of this pivotal supply shock.
Read more: https://t.co/zTA3n26nDl#99Bitcoins #Halving #BullMarket
— 99Bitcoins (@99BitcoinsHQ) April 11, 2024
To stand a chance to earn this APY, investors will need to purchase the project’s native 99BTC token on its official website. Selling for $0.001, the crypto can be bought using either ETH, USDT or bank card.
There will be a price increase in 19 hours though, so act soon if you are interested.
99BTC can be purchased here.
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