In the last 24 hours, Ethereum's price rose 2.7%, reaching $3,240, with trading volume surging 170% to $40.5 billion.
Ethereum Price Movement
On January 13, Ethereum briefly dipped below $3,000, causing investor concerns. However, it has since rebounded, maintaining above this critical level. Recently, ETH breached the horizontal support at $3,200, hitting a low of $2,900 amidst a 'lower high' formation, suggesting weakening bullish momentum. Currently, the price trades below both the 50-day and 200-day SMAs.
Ethereum Price Prediction
The current breakdown and lack of strong bullish momentum suggest potential challenges in reclaiming $3,300 short-term. However, with the RSI climb and ETH rising above the $3,200 support, further recovery towards $3,504 is possible. Meanwhile, investors are also keen on a new Solana-based meme coin, Solaxy.
Solaxy Attracts Investor Interest
Solaxy's presale crossed the $10 million mark in under a month. Built on Solana, it aims to improve scalability and reduce network congestion. Solaxy allows developers to build decentralized apps without compromising Solana's performance. The project also garners attention for its high staking yield of 344% using SOLX tokens.
Ethereum's recent price movements and Solaxy's innovative approach continue to draw attention in the crypto market. Ethereum may reach new support levels, while Solaxy attracts investors with its technological improvements.
