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Junior Content Creator
Harvey Hunter
Junior Content Creator
Harvey Hunter
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Despite its recent downside, the Ethereum price seems to have found some stability today, up just 0.1%.
This slight uptick comes after a week of significant volatility, where a false reversal ultimately led to a 2.24% decline.
While ‘Uptober’ sentiment caught hold towards the end of the month, November seems to be reining Ethereum back in.
However, amidst this potential final entry spot, traders appear to be more engaged with Ethereum. The altcoin’s trading volume is up 19%, reaching $14.5 billion.
Ethereum Price Amidst ‘Final Dip’ – Is an All-Time High Next?
In a recent string of X posts, influential pseudonymous trader Poseidon urged his followers “not to hesitate” as Ethereum broke below the $2500 threshold, citing it to be a bear trap.
The trader views the dip as a buying opportunity and a slight deviation from Ethereum’s path to “ultimately break to the upside.”
Notably, this aligns with technical indicators pointing to an impending breakout from the multi-month downtrend Ethereum has suffered under.
As the Ethereum price currently battles to hold the bottom support of a bullish ascending triangle pattern, Poseidon’s anticipation of a bottom seems credible.
If this is indeed the final dip, a successful bounce would lead to a retest of its upper resistance, a bullish breakout, and an escape from the consolidation Ethereum has been bound in since August.
This seems all the more likely as the MACD line appears to be approaching a crossover above the signal line, a move that typically coincides with significant upticks in the Ethereum price.
However, challenges remain, most notably the upper resistance of the descending channel that has held Ethereum in a downtrend since March.
While the 200SMA has provided strong support throughout the recent consolidation, the 50SMA remains a stubborn resistance level. Overcoming it around $2,930 will likely prove critical for solidifying a breakout from the triangle.
Given that the pattern materializes, a conservative price target of $3,400 seems credible by the year’s end. However, Poseidon notes a much higher target, eyeing $10,000 running into 2025.
This Low Cap Gem Has Higher Gains Potential
Although technical indicators ring bullish for the world’s leading altcoin, fortune favors the bold – emerging opportunities hold the potential for truly substantial gains.
As “meme coin supercycle” sentiment takes hold and coins like $GOAT and $MOODENG experience sudden rises to prominence, strategic investors may find it beneficial to diversify into newer low-cap meme coins with exponential growth potential.
One such coin is Flockerz ($FLOCK), the vote-to-earn meme joining the push toward decentralized governance, addressing the common criticism of meme coins being overly centralized.
Behind every strong meme coin is a stronger community intrinsic to its value. So why do these communities get sidelined in decision-making?
Flocktopia, the DAO of Flockerz, aims to correct this imbalance, and the meme coin community has already shown its support, raising over $1.25 million in its presale so far!
With this decentralized structure, members of “The Flock” can influence key aspects of the project, including new features, development, token burns, marketing strategies, and growth initiatives.
Under Flocker’s vote-to-earn system contributions do not go unnoticed, those who participate in decision-making earn rewards in $FLOCK tokens.
But the rewards don’t stop there! Investors are currently enjoying one of the biggest passive income opportunities right now, boasting a lucrative 1340%% APY. While some coins wane amidst recent volatility, The Flock continues to rake in consistent gains!
Join The Flock on X and Telegram to stay up to date on the latest announcements.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
