ETH has climbed above $4,000 once again despite last week’s volatile price action. Buyers’ interest in the token every time it dips below this level favors a bullish Ethereum price prediction that could set the stage for a new all-time high soon.
Last week, ETH-linked exchange-traded funds (ETFs) experienced a mild net outflow of $312 million. Compared to the total assets that these funds manage (around $14.6 billion), this is a relatively small figure.
Meanwhile, investors have been scooping up ETH frantically in the past 24 hours as trading volumes jumped by 42% to $36 billion, currently accounting for 7% of the token’s circulating market cap.
The price of ETH has gone up by 3% as a result, and this could be an early signal that the top altcoin is ready to make a comeback.
This will be an important week for the market as U.S. inflation data covering September will be released on Friday. If inflation comes in below analysts’ expectations, it could be interpreted as assurance that the Federal Reserve will cut interest rates next week.
Ethereum Price Prediction: ETH Bounces Off Key Trend Line as Momentum Turns Positive
Ethereum has been on an uptrend since April and has already made a new all-time high this year as the Pectra upgrade solved many of the network’s scalability and cost issues.
The token recently hit and bounced off a key trend line support that coincided with its 200-day exponential moving average (EMA). This favors a bullish outlook that could set things in motion for another push toward $4,900.
We could see ETH breaking past the $5,000 barrier this week if inflation data is favorable.
As ETH recovers, early crypto presales linked to its ecosystem get a strong boost. Pepenode ($PEPENODE), an Ethereum-based mine-to-earn (M2E) game, could be one of the cycle’s most precious hidden gems. This project raised nearly $2 million in a heartbeat to ‘gamify’ crypto mining.
Pepenode ($PEPENODE) Makes Mining Simple and Hardware-Free
Mining cryptos required thousands of dollars invested in equipment and some technical knowledge. Pepenode ($PEPENODE) has changed this paradigm by pioneering a new trend called mine-to-earn (M2E).
The project gamifies crypto mining by letting players launch virtual servers and fire up as many rigs as they want to mine $PEPENODE.
As users climb the leaderboard, they will also be eligible to receive surprising airdrops of their favorite meme coins like Pepe ($PEPE) and Bonk ($BONK).
The more rigs you launch, the more you earn, and you can even upgrade your current setup by investing $PEPENODE.
As the game’s popularity increases, the demand for $PEPENODE should explode. Early buyers who take advantage of the token’s presale price will reap the highest returns.
To buy $PEPENODE, simply head to the official Pepenode website and connect an Ethereum-compatible wallet like Best Wallet.
You can either swap USDT or ETH or use a bank card to invest.
Buy $PEPENODE here
The post Ethereum Price Prediction: ETH Goes Against the Trend, Price Jumps Above $4000 – Is a New ATH Coming This Week? appeared first on Cryptonews.
