Despite the heightened price volatility in the cryptocurrency industry, the price of Ethereum, the leader of altcoins, continues to show bearish price sentiment following the SEC’s delay in approving an Ethereum ETF. This has resulted in weaker buying and selling pressure for this altcoin in the crypto market.
Furthermore, ETH prices have risen by 2% in the past 7 days but have corrected by about 9% in the past 30 days. Moreover, the year-to-date (YTD) return of Ethereum tokens is +35.86%, indicating the industry’s long-term bullish sentiment on Ethereum tokens.
ETH tokens formed a symmetrical triangle pattern:
The second-largest cryptocurrency by market cap, Ethereum token continues to show weak price action, indicating a growing lack of investor interest in it. Moreover, ETH price has formed a symmetrical triangle pattern on the 4-hour timeframe and continues to trade within it.
On the other hand, the crossover EMA 50/200-days shows bearish sentiment, indicating a pessimistic outlook for the altcoin leader Ethereum token this week.
The Moving Average Convergence Divergence (MACD) shows a continued decline in the red histogram, highlighting the increase in buying pressure within the cryptocurrency space. Furthermore, the averages show a neutral trend, indicating uncertainty about future price movements.
Will the Ethereum price go up?
If the market sustains the price above the $3,022 support, the bulls will regain momentum to test the resistance trendline of the symmetrical triangle. Moreover, if the bulls continue to dominate the market, the price will continue to rise and be ready to test the $3,203.50 high in the future.
On the downside, if the bears overwhelm the bulls, the price will lose momentum and test the $3,022 support. Moreover, if the bulls fail to regain strength at this level, the price of gold will fall towards the critical support of $2,864 this month.
Which cottages are worth deploying at present?
1.（RNDR）
Rendering (RNDR) is responsible for transforming the way digital content is created by leveraging a GPU-based distributed rendering network. The platform uses OctaneRender to connect individuals who need rendering services with GPU owners who have excess capacity.
The model utilizes unused computing resources, creating new revenue streams for GPU owners. Currently, Render is ranked 24th on CoinMarketCap with a market cap of approximately $4.15 billion. This massive valuation highlights the significant impact and adoption of decentralized technologies in the creative industries.
RNDR has recently surged in price, rising 10% to $10.79 today. This growth reflects the broader interest in AI-centric cryptocurrencies, which are currently outperforming major players in the market such as Bitcoin, Ethereum, and XRP.
2.（AGIX）
SingularityNET is a decentralized AI-as-a-service platform that advocates an open source model to democratize the benefits of AI. Through a network of smart contracts, it supports a global AI marketplace designed for broad access and collective contribution.
The platform’s cryptocurrency, SingularityNET (AGIX), recently saw a 5% surge, which analysts attributed to increased on-chain activity.
Last year, AGIX’s price surged by a massive 263% amid growing interest in AI-centric digital currencies. Currently, AGIX is priced at $1.01, maintaining a bullish pattern on the investment chart. This growth coincides with wider excitement in the AI industry, particularly driven by impressive earnings from AI chip giant Nvidia.
3. (HUMAN)
Bittensor (TAO) is pioneering a transformative approach that combines blockchain technology with artificial intelligence to reshape the future of machine learning. The initiative aims to democratize AI development and promote a collaborative and accessible environment.
Recently, Bittensor’s price has surged 17% in the past week, reflecting a surge in investor confidence. Its current share price of $437 has brought its market capitalization to $2.93 billion, highlighting its expanding position in the industry.
4. (DONE)
Fetch.ai (FET) is revolutionizing the blockchain scene with its innovative machine learning network. The platform focuses on decentralizing and optimizing online transactions and enhancing user experience.
Fetch.ai’s development has attracted the attention of investors, especially those interested in artificial intelligence projects. As a result, Fetch.ai is making artificial intelligence technology more widely used.
Currently, Fetch.ai is priced at $2.43, up 2.49%, indicating a bullish market trend. In the past week, FET's market value has risen by more than 24%, reaching a market value of $2.9 billion, ranking 51st in the world. Last year, FET rose by as much as 540%, and by 2024 it will surpass major cryptocurrencies such as Bitcoin, Ethereum, and XRP.
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