Here’s Why Ethereum Is Falling To $1K, Traders Flock to AiDoge & Ecoterra
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May 13, 2023 01:08 PM Eastern Daylight Time
The Ethereum price continues to drop with no sign of slowing down. The coin is currently down over 5% in the past week, firmly rejecting its $2K resistance. Meanwhile, newer coins like AiDoge and Ecoterra have stood out as some of the best-performing assets.
Ethereum is currently trading at the top of a nine-month range but has recently made a lower low, signifying it could be headed back towards the range lows.
Moreover, with the Bitcoin halving expected in April 2024, a leg down towards the $1K mark would create an inverse head and shoulders pattern, giving it fuel to begin climbing in 2024.
One of the factors contributing to the recent Ethereum sell-off is the Ethereum Foundation selling around $30 million worth of Ether earlier this week.
Prominent crypto influencers and experts took to Twitter with concern, with @econoar stating this was a bearish move.
A trending price prediction on the Tradingview site by trader Tolberti identifies a bearish flag forming on the weekly time frame on Ethereum, forecasting the price could plummet to $618 in the coming months.
The analysis has received 120 “boosts” and is trending on the TradingView site.
Tolberti’s forecast used the Fibonacci projection indicator to estimate a final ETH price of $618 before the capitulation ends.
According to LunarCrush, Ethereum's bearish sentiment has increased by 50.4% in the past week, while its bullish sentiment has decreased by 9.7%. Considering Ethereum is currently making lower highs at the top of its nine-month range, this is a big indication that Ethereum could be facing another leg down.
Another recent Telegram prediction by well-known Crypto Twitter trader @trader1sz targets Ethereum to continue its downward trajectory to the $1600 mark before continuing towards $1200.
As Ethereum has recently rejected the $2K resistance, many crypto analysts expect it to dump much further before reversing.
However, while Ethereum and other major tokens have been dumping, AiDoge and Ecoterra have been pumping, with AiDoge experiencing its most successful presale week thus far.
AiDoge Pumps Past $6m While Major Tokens Struggle
New AI meme-generation platform AiDoge darted past the $6 million total raise milestone in its presale this week, with many pundits predicting it could reach its hard cap much earlier than expected.
There are 20 presale rounds, and 5% of the $AI tokens will be available in each one, totalling a presale hard cap of $14.9 million. AiDoge has currently raised over $6.3 million and is in stage ten of its presale. The price will increase when the presale hits $6.95 million or in three days (whichever comes first).
Following the end of the presale round, the price will increase to $0.00003000 and then continue incrementally increasing each round.
The project will have its initial exchange offering (IEO) at the end of the presale, with a price of $0.0000336. The IEO price will result in a 13.51% increase from its current price. However, it seems many investors feel it could go much higher, considering the recent demand for the presale.
AiDoge.com is an AI-powered meme generator that users require the $Ai token to pay for. One of the reasons the presale has been in high demand is that it provides exposure to three trending narratives at once: AI, memes and crypto. This means any of the three narratives performing well could positively impact the AiDoge price.
It is plausible that the recent interest in AiDoge has been caused by investors wanting exposure to meme coins without buying a highly volatile and speculative asset like Pepe. Instead, AiDoge provides real utility and could prove a sustainable long-term project.
Ecoterra Also Bullish with Over $3.5m Raised
One of the most prominent issues relating to climate and sustainability is the lack of transparency among businesses. However, the Ecoterra project aims to solve this by moving positive climate action to the blockchain, which will be transparent and immutable.
Ecoterra is a new presale coin that will have multiple various use cases. In simple terms, it is a Recycle2Earn platform which integrates the “circular economy”, ranging from recycling to distributing recycled goods back to consumers.
The central part of the Ecoterra platform is its Recycle2Earn mechanism, which rewards users with the $ECOTERRA coin for recycling waste in Ecoterra’s “reverse vending machines” (RVMs). Ecoterra has partnered with international supermarkets to place RVMs in stores globally.
The project also has developments in the pipeline to facilitate the distribution of recycled materials between recycling plants and wholesalers via its Recycled Goods Marketplace.
Finally, Ecoterra enables companies to purchase carbon credits on the blockchain to offset their carbon footprint.
Until now, one of the main issues with climate change is that consumers are not incentivised to act sustainably. However, Ecoterra streamlines the circular economy while incentivising all participants.
Ecoterra is currently in its stage six presale, priced at $0.007750. Following this, there will be three more stages where the price will incrementally increase. Its IEO is set at $0.01, resulting in a 29% increase from its current price.
The presale has recently surpassed the $3.5 million total raised mark, with many industry pundits recently taking interest and covering the coin more. This seems to be due to attention shifting from larger coins like Ethereum to those with higher upside potential, like AiDoge and Ecoterra.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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