The Ethereum price has dipped by 0.5% in the past 24 hours, sliding to $2,895 as the wider crypto market suffers a similar pullback today.
Today’s slip allows ETH to cool off a little as it pushes towards $3,000, with the market’s biggest altcoin sitting on a 9% gain in a week and a 24% gain in a fortnight.
Such momentum is likely to return in the coming weeks, particularly as the market becomes more bullish in the approach to April’s Bitcoin halving.
And with Ethereum continuing to dominate the crypto ecosystem in terms of usage and transactions, ETH can only rise higher in the medium- and long-term.
Ethereum Price Prediction as Bulls Push ETH Toward $3,000 Level – Time to Buy?
ETH’s indicators are really hot at the moment, with the implication being that the altcoin may have to endure a brief correction before rising again.
Its relative strength index (purple) has risen to 80 in the past few days, and while it’s sticking to the same level for now, logic dictates that it needs to come down soon.
Source: TradingView
Its 30-day average (yellow) is also entering overbought territory, having begun rising steeply over a week ago now.
It has been well above the 200-day average (blue) since mid-November, something which again would suggest that the Ethereum price may have to take a haircut in the shorter term.
However, given that 2022 and much of 2023 were very bearish, ETH can more than afford to rise substantially across 2024 as a whole.
Not only have rising Bitcoin ETF volumes buoyed ETH along with the rest of the market, but recent news of applications to launch spot-based Ethereum ETFs is also likely to boost the coin’s price.
Franklin Templeton just joined the spot #Ethereum ETF race. pic.twitter.com/zJvk9seXe3
— James Seyffart (@JSeyff) February 12, 2024
Assuming that spot ETH exchange-traded funds receive approval and launch, the altcoin will experience a comparable boost to that enjoyed by Bitcoin.
Combined with Ethereum’s commanding position as the most popular layer-one network, ETH could reach new record highs this year.
Its blockchain accounts for $45.6 billion in total value locked in, or 60% of the entire market.
Last year it attracted adoption from the likes of PayPal and Coinbase, and given its ongoing rise, it’s likely that it will witness a few more similar events this year.
As such, the ETH price could reach $4,000 by the summer, before breaking its current ATH by the end of 2024.
Diversification with High-Potential Small-Cap Alts
Because ETH looks like it may correct in the near term, many traders may opt to diversify into alternatives at the moment.
One of the best strategies for diversification is to invest into small-cap tokens that are likely to gain new exchange listings, which can boost their prices.
One new alt in line to enjoy such a process is Smog (SMOG), a Solana- and Ethereum-based coin that listed on Jupiter a couple of weeks ago.
It has gained by well over 3,000% since its initial listing, and what’s especially encouraging is that it has held onto most of its early gains.
Source: Birdeye/TradingView
SMOG’s chart stands in stark contrast to the charts of most Solana-based meme tokens, which can tend to crash almost completely a few days after pumping.
Yet there’s a fairly simple reason as to why SMOG has been able to maintain its early lead, with the meme coin boasting an interesting and bullish airdrop system.
It will hold a series of airdrops over the coming weeks and months, with its drops providing more coins to holders who hold more SMOG tokens and have held them for longer.
By using such a mechanism, Smog is incentivizing longer term holding of its token, which in turn will help boost its price.
#SMOG #Dragons don’t forget about the Special #Meme Quest on #Zealy!
Create your best $SMOG Meme!
And remember the rules:
Has to feature $SMOG!
Has to show we have completed over 100K Quests! https://t.co/FdRKZQ0Tuh
— SMOG (@SMOGToken) February 17, 2024
There are other reasons to be bullish about Smog, with the token also recently launching ‘quests’ for followers and holders to complete.
Participants who complete quests – which include tasks such as joining the Smog Telegram and following the coin on X – receive rewards in SMOG.
This is another clever mechanism intended to grow Smog’s community, with the token already having over 25,000 followers on X.
Investors can buy the token now by going to the official Smog website, while it’s also tradeable via Jupiter.
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