Ethereum (ETH) encountered a barrier at $2124 that has since seen the price of ETH experience a downturn stretching for several weeks.

Experiencing a 6% decline within the past 24 hours, Ethereum’s value is now trading at $1686 as of 5:47 a.m. EST. 

Nonetheless, amidst this downturn, a ray of optimism emerges from the daily trading volume, which has surged to $25 billion. This increase of 245% in trading volume holds the potential to offer a silver lining for prospective buyers.

Bulls Find More Opportunities as ETH Price Dips 

After reaching a low point of $1156 and finding support, the market sentiment shifted as buyers gained control. 

This pushed the price upwards, reaching the resistance level of $2124. A bullish pennant pattern emerged during this movement, indicating a potential bullish trend continuation. 

However, a shift in momentum shows that the bulls appear to have stepped back due to a resistance barrier at the upper boundary of the pennant at $2018.

Although the bullish pennant suggests continuing the upward trend, conflicting signals emerge from various price indicators. 

The price currently trades below the 50-day and 200-day moving averages. This aligns with a more bearish perspective, implying the potential for further downward movement in Ethereum’s price.

Adding to this bearish sentiment is the relative strength index (RSI), which currently stands at 23.09. This value is below the oversold region 30, indicating that the selling pressure might end.

This could pave the way for a reversal in the price trend as bullish traders prepare to regroup and drive the price higher at the lower boundary of the pennant.

The analysis presented strongly suggests a continuation of the bearish trajectory for the price of ETH. This downward momentum could potentially compel the bulls to withdraw, seeking refuge at critical support levels around $1550 and $1382.

However, it’s important to note that this dip in price creates a strategic opening for the bullish players to unite their efforts and initiate an upward surge. 

Should the bearish pressure begin to weaken, it could set the stage for a bullish resurgence, leading the price to exceed the upper boundary of the pennant formation. The next notable target is $2407 if this upward momentum gains traction.

Exploring the SONIK presale project is a promising avenue for investors seeking swift capital returns.. 

Sonik Alternative to Ethereum 

Introducing the latest sensation in the world of cryptocurrency, Sonik Coin.

With its sights set on rapidly achieving a remarkable $100 million market valuation, Sonik Coin is making waves as an entertaining meme coin inspired by the beloved Sonic the Hedgehog character.

But Sonik Coin is more than a playful concept; it’s a groundbreaking stake-to-earn cryptocurrency. By participating in the staking smart contract, investors contribute to the project’s success and reap the rewards of their commitment.

Trailblazing Stake-to-Speed Cryptocurrency

To propel the ambitious journey of $SONIK to new heights, the Sonik currency project ensures its investors receive an impressive annual percentage yield (APY). 

Sonik Coin pioneered the world’s first stake-to-speed cryptocurrency, promising unparalleled excitement and growth.

Investors can dive right in, engaging in betting and earning from the get-go. 

As a testament to its community-centric approach, the project allocates 40% of the total token supply over four years as staking incentives for the dedicated token community.

Currently, 299,792,458,000 $SONIK tokens are in supply, ready to fuel the meteoric rise of this captivating cryptocurrency.

So, fasten your seatbelts as Sonik Coin aims for the stars, embracing the spirit of Sonic the Hedgehog and propelling the world of crypto into uncharted territories!

Being an iconic and beloved video game character, Sonic’s influence extends beyond gaming into the realm of inventive meme art creations.

The website features highly meme-friendly characters, offering visitors a glimpse of the boundless joy Sonic and his friends can provide artists.

With a $1,000 investment, the growth potential is staggering, potentially escalating to figures like $50,000 or even $100,000 should $SONIK undergo a substantial revaluation, achieving remarkable returns of 50x or even 100x its initial value.

Sonik Presale Phase Achieves Rapid Success, Garnering $141,669

With 50% of the token supply committed to the presale funding, the Sonik Presale phase is selling out quickly, raising $141,669. 

A significant portion, 40%, has also been set aside for staking incentives, while the remaining 10% is allocated to bolster exchange liquidity.

At the time of writing, the token sells for $0.000014 per token. After the presale event, the coin will promptly debut on the Uniswap Decentralized Exchange (DEX). 

Prospective token buyers must possess either ETH or USDT to secure their desired tokens after connecting the digital wallets to the SONIK website for seamless transactions.

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• Source: https://insidebitcoins.com/news/ethereum-price-prediction-eth-dumps-6-will-bear-run-continue