ETH has remained mostly flat today, with the Ethereum price sticking close to $3,800 and posting a very slight 0.2% gain in 24 hours.
The market’s biggest altcoin is also actually down by 2.5% in the past week, with analysts at JPMorgan predicting on Thursday that the initial market reaction to the launch of Ethereum ETFs could be negative, with the new ETFs attracting less volume than their Bitcoin counterparts.
Still, ETH remains up by 22% in a week and by 100% in a year, while the medium- and long-term effect of Ethereum ETFs will undoubtedly be to drive demand for the altcoin.
We could therefore see it make big gains in the coming months, potentially breaking its current ATH by the end of the year.
Ethereum Price Prediction as Experts Predict Lower ETF Inflows Than Bitcoin – Here’s Why
ETH’s chart looks very bullish today, despite the coin’s failure to really do anything significant over the past 24 hours.
Probably the most salient feature is the fact that the resistance (red) and support (green) levels have almost converged on each other, suggesting that a breakout is imminent.
Supporting this hopefulness is ETH’s relative strength index (purple), which has risen from 40 yesterday evening and looks ready to pass 60 in the next few hours and possibly touch 70 in the next day or so.
This would imply some decent short-term gains, something which is probable insofar as the coin’s volume is very shallow today, making it vulnerable to big moves.
Given that volume is low for ETH, a big purchase from a whale could send it shooting upwards, although the latest indications are that whales are still more inclined to sell at the moment.
🚨 🚨 12,752 #ETH (48,107,176 USD) transferred from unknown wallet to #Coinbasehttps://t.co/erIr6gse07
— Whale Alert (@whale_alert) June 2, 2024
Nonetheless, the recently approved spot-based Ethereum ETFs are great news for the altcoin, which could see a surge when the ETFs launch later in the month.
JPMorgan has warned of a post-launch dip, while also suggesting that ETH’s status as a smaller coin (relative to BTC) will result in smaller inflows.
Yet the ultimate effect of the ETFs will be to enable more mainstream institutions to buy the token.
This can only push the Ethereum price upwards over longer time frames, while it’s also worth remembering that Bitcoin surged following an initial quiet period after its ETFs gained approval.
And when combined with Ethereum’s enviable fundamentals, the ETFs’ arrival will bring some exciting price action for ETH sooner or later.
It could reach $4,000 in the next few weeks, and $5,000 by the close of 2024.
Diversification into New Meme Coins
The second half of 2024 looks very promising for ETH, although traders looking to diversify their portfolios would also do well to investigate newer alts, including some of the better meme tokens.
And one of the best right now is WienerAI (WAI), a new Ethereum-based cryptocurrency that has raised a very impressive $4 million in its ongoing token sale.
This is getting WILD
SO happy to be on this journey with you all
SO MUCH MORE AHEAD 🌭🤖 pic.twitter.com/kWq22xWfSw
— WienerAI (@WienerDogAI) June 3, 2024
What’s particularly bullish about WienerAI is that, aside from being a potentially viral meme token, it also boasts some stealer fundamentals.
In particular, it will be the native coin for an AI-based chatbot, which traders will be able to ask questions related to promising tokens and trade timings.
The app will also house an atomic swap feature, meaning that investors will be able to directly and quickly trade any token it recommends.
What’s also interesting is that it comes with an MEV protection feature, so as to help users avoid losing out to front-running bots.
Given such utility, it’s no surprise that WienerAI’s presale is already doing very well, with the coin looking ready to rally big when it lists.
As a token, it will have a capped supply of 69 billion WAI, with 30% of this supply going to the sale.
This will make it a deflationary and decentralized token, while holders will also be able to stake it.
Interested investors can join its sale at the official WienerAI website, where 1 WAI currently costs $0.000713.
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.
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