{"id":42244,"date":"2023-11-05T02:16:57","date_gmt":"2023-11-05T02:16:57","guid":{"rendered":"https:\/\/innodebt.com\/markets\/crypto\/ethereum-price-prediction-as-eth-hits-three-month-high-time-to-buy\/"},"modified":"2023-11-05T02:17:03","modified_gmt":"2023-11-05T02:17:03","slug":"ethereum-price-prediction-as-eth-hits-three-month-high-time-to-buy","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=42244","title":{"rendered":"Ethereum Price Prediction as ETH Hits Three-Month High: Time to Buy?"},"content":{"rendered":"
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The Ethereum price has dropped by 2% in the past 24 hours, falling to $1,792 as the cryptocurrency market as a whole drops by the same percentage.<\/p>\n

ETH\u2019s fall comes as the market reacts to the news of Sam Bankman-Fried\u2019s conviction for fraud, with the altcoin now flat in the past week.<\/p>\n

Yet its price remains very close to a three-month high, having risen by 11% in a fortnight and by 9% in a month.<\/p>\n

And with its fundamentals remaining among the strongest in the market, it\u2019s only a matter of time before it rallies again.\n<\/p>\n

Ethereum Price Prediction as ETH Hits Three-Month High: Time to Buy?<\/h2>\n

\nETH has dipped in the past day, yet its indicators still look promising, signalling that medium-term momentum is still with the coin.<\/p>\n

Its relative strength index (purple) has dipped from over 70 in the past few days to nearly 60 today, suggesting a loss of buying pressure.<\/p>\n

Source: TradingView<\/figcaption><\/figure>\n

Yet ETH\u2019s 30-day average (yellow) continues to rise towards its 200-day (blue), a positive sign which suggests that, once the shorter term average crosses its longer term counterpart, a breakout could happen.<\/p>\n

It\u2019s also encouraging to note that ETH\u2019s support level (green) has been rising in recent days, implying that the current dip won\u2019t be too severe.<\/p>\n

It seems that dip has followed yesterday\u2019s news of Sam Bankman-Fried\u2019s conviction for fraud.<\/p>\n

A New York jury has found the FTX founder guilty on all seven charges he faced, including wire fraud, securities fraud, commodities fraud, and also conspiracy to commit money laundering.<\/p>\n

This news has seemingly weakened investor confidence, dragging down the cryptocurrency market by association, with all major coins affected.<\/p>\n

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Sam Bankman-Fried has been found guilty on all charges.<\/p>\n

\u2014 Molly White (@molly0xFFF) November 2, 2023<\/a><\/p>\n<\/blockquote>\n

Nonetheless, Ethereum remains in a strong position, with the altcoin still close to $1,800.<\/p>\n

And given that its fundamentals remain very strong, it is very likely to rebound as soon as confidence returns.<\/p>\n

It has plenty going for it as a token, from Ethereum\u2019s dominant position in the DeFi sector and recent adoption news to its deflationary tokenomics.<\/p>\n

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It is well known that $ETH<\/a> has been net deflationary since the merge.<\/p>\n

Ethereum has seen a negative supply growth of 0.19%, with an issuance of 697K ETH per year and a burn rate of 924K ETH per year.<\/p>\n

However, a notable shift has been observed since September.<\/p>\n

In the last 30\u2026 pic.twitter.com\/NP3M0cXMHg<\/a><\/p>\n

\u2014 TheBit Research (@TheBitResearch) November 2, 2023<\/a><\/p>\n<\/blockquote>\n

For such reasons, the Ethereum price is likely to return to $1,800 in the next couple of weeks, before reaching $1,900 or $2,000 by the end of the year.<\/p>\n

And if 2024 brings Bitcoin ETF approvals, ETH is likely to surge in the following months.\n<\/p>\n

New Alts With Strong Fundamentals<\/h2>\n

\nWhile Ethereum remains one of the strongest alts in the market, it\u2019s always a good idea to diversify, with traders advised to devote a segment of their portfolios to newer tokens with big upside potential.<\/p>\n

This includes presale coins, which can often rally big when listing on trading platforms for the first time.<\/p>\n

And probably the highest potential presale token right now is Bitcoin Minetrix (BTCMTX), a tokenized cloud mining platform that has raised more than $3.1 million in around a month.<\/p>\n

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Exciting Announcement \ud83d\ude80#BitcoinMinetrix<\/a> has raised over $3,000,000! pic.twitter.com\/Hs2063y9tJ<\/a><\/p>\n

\u2014 Bitcoinminetrix (@bitcoinminetrix) November 1, 2023<\/a><\/p>\n<\/blockquote>\n

This figure indicates how enthusiastically investors have taken to Bitcoin Minetrix, which will provide the opportunity to mine Bitcoin (BTC) by staking its native token, BTCMTX.<\/p>\n

Such a stake-to-mine system is likely to open Bitcoin mining up to a wider demographic, with users who stake enough BTCMTX receiving actual BTC in return.<\/p>\n

Stakers also receive freshly issued BTCMTX, making the token potentially highly profitable, especially if it experiences big price rises.<\/p>\n

It will have a total cap of 4 billion BTCMTX, with buyers able to join its sale at\u00a0the official Bitcoin Minetrix website.<\/p>\n

1 BTCMTX presently costs $0.01140, although this will rise to $0.01190 by the tenth and final stage of the sale.<\/p>\n

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