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Ethereum price has dropped slightly in the last 24 hours. Trading at $3442 As of 00:41 AM ET, trading volume was up 25% to $24 billion.
ETH’s value has fallen despite the launch of Ethereum ETF (exchange-traded fund) products in the US which recorded net inflows of $107 million on its first day of trading.
ETH exchange-traded funds launched by BlackRock and Bitwise topped the list with $266 million and $204 million in net inflows, respectively.
With Ethereum ETFs set to launch, the price of Ethereum has surged 10% in the past two weeks, rising during the pricing phase to the resistance level of $3,531, according to data from Gecko Terminal.
Ethereum price may rise above the bullish flag
After reaching the resistance area, ETH price entered a consolidation phase, forming a bullish flag pattern. Bulls are aiming to take advantage of the flag to break above it.
ETH is trading slightly below the 50-day simple moving average (SMA), which is now acting as the next resistance at $3,454. As the token is still trading above the 200-day SMA, ETH price is set to rise above the upper bound of the flag.
Moreover, the Relative Strength Index (RSI) is falling towards the oversold level, which is currently at 46, indicating that sellers are exerting pressure.
If investors continue to sell, the price of ETH may return to the $3,315 support level, which coincides with the 200-day simple moving average.
according to CoinGecko Q2 2024 ReportThe number of ETH burned was less than the number of ETH emitted, making the Ethereum network inflationary with a low burn rate. As an inflationary token, ETH allowed the number of tokens in circulation to increase, leading to a steady increase in the supply of the currency.
Since prices are inflationary, purchasing power may be declining, adding to bearish sentiment in the short term.
However, the 50-day SMA is trading above the 200-day SMA, creating a golden cross at $3,318, supporting the bullish sentiment to the upside. If bulls exploit the bullish flag to push the coin higher, investors are currently targeting $3,628.
Meanwhile, as Ethereum aims to rise, the new Base meme coin DAWGZ Base It has sold over $2.6 million in pre-sales.
🪂 2.6 million 🚀
Well done, big guy. Dogs! pic.twitter.com/DZQ3unZS8K
— BaseDawgz (@BaseDawgz) July 20, 2024
Base Dawgz Presale Raises $2.6 Million – Is It the Best Meme Coin to Buy Now?
While DAWGZ calls Base its home, it offers a unique cross-chain experience that provides seamless interoperability within different blockchains, which include Ethereum, Solana, Binance Smart Chain, and AVAX.
As a way to ensure that holders can easily soar across the decentralized world without borders, Base Dawgz leverages the latest technologies in Web3, including Wormhole and Portal Bridge. This allows holders to seamlessly transact across multiple blockchains and gain unparalleled cross-chain functionality.
The token also offers multiple incentives. Token holders Investors can bet on the tokens to earn an annual return of 1160%. The team has allocated 20% of the total token supply to staking.
betting Dogs It’s the best way to earn some extra cash while waiting for the pre-sale to end 🤑
If you are looking for happiness or looking for excitement, this is the place for you. pic.twitter.com/ggM1ibSgZd
— BaseDawgz (@BaseDawgz) July 22, 2024
The project is also launching a “Be Social for Airdrop” campaign to reward users with points that can later be exchanged for $DAWGZ. All you have to do is interact with social networks on X.
According to Jacob Perry, an influential cryptocurrency analyst and YouTuber, the price of $DAWGZ could surge 100x after its launch.
If you are interested in participating in the presale, you can buy DAWGZ tokens for $0.006725 each. But don’t wait too long because the price will rise in less than six days.
You can buy DAWGZ tokens on the official website here Using ETH, USDT, BUSD, or USDC.
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