Diverse Crypto Updates – The first notable crypto update focuses on Ethereum (ETH). As of Friday evening, ETH’s price has faced a 2.25% correction over the last 24 hours, settling at approximately $3,071. This follows a week-long green run with a 5.47% increase, peaking locally at $3,186.
From a technical perspective on the daily time frame, ETH continues to push against the resistance of the 200-day EMA ($3,088.27). This follows a dip below this zone, hitting lows of $2,831 on July 5 and July 9, 2024.
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Momentum signals based on the MACD suggest a potential bullish crossover in the coming days, highlighting an important aspect of the current crypto landscape.
ATH Prediction Due to ETF
In a recent interview with Cointelegraph, Tom Dunleavy, Managing Partner at MV Global, predicted that the launch of the Ethereum Spot ETF on U.S. stock exchanges could attract up to $10 billion in new funds within a few months of its debut.
This influx of capital is expected to drive ETH prices to unprecedented levels by the end of the year. Dunleavy’s prediction comes as the crypto market anticipates regulatory approval for eight crypto ETF proposals, which could begin trading soon.
Dunleavy underscored the significant impact of Bitcoin ETFs since their introduction, drawing parallels to the potential of ETH ETFs.
“We projected $15 billion flows for Bitcoin. I think we might see $5 billion to $10 billion for Ethereum,” he said. He expects this surge in investment to push Ethereum to new all-time highs by early Q4 2024.
Dogecoin’s Potential Downfall
The next significant crypto update concerns Dogecoin (DOGE). According to an analysis by Coingape, there is a Bear Pennant pattern indicating an 18% drop for DOGE. This analysis emerged before DOGE entered the red zone again, dropping 3.55% in the last 24 hours on Friday evening to $0.1057.
According to Coingape, DOGE’s price action has been within a broader downtrend channel for 106 days. The asset broke below a crucial support level on June 17, establishing a lower price range. Returning above this support, now resistance, will likely be a challenging task for Dogecoin.
Currently, DOGE is trading below its 21-day, 50-day, and 200-day SMAs, which are non-bullish indicators for this asset. Furthermore, Dogecoin’s price prediction suggests a further decline due to the bear pennant pattern on the daily time frame, potentially resulting in an 18% drop to $0.085.
Based on the Chaikin Money Flow (CMF), DOGE is at -0.04 and trending downwards, indicating diminishing buying pressure. The Relative Strength Index (RSI 14) also supports this bearish sentiment, standing at approximately 36.14 and tending downwards, suggesting increasing bearish momentum for Dogecoin.
Key support levels to watch if DOGE’s price declines include $0.103 and $0.091. Conversely, if bulls regain control, DOGE’s price could rise to a target of $0.13, with occasional resistance around $0.116 and $0.125.
Furrever Token’s Imminent Launch on Pancakeswap
Complementing the ETH and DOGE updates, Furrever Token (FURR) is set to begin trading on Pancakeswap on July 16, 2024, at around $0.0009.
Developers have also announced that the 150% bonus program is still available until July 15, 2024, using the special code: LAUNCHFURR150.
Currently, the final presale is ongoing, with FURR claiming to have raised $1.6 million and a Telegram community of 4.8 thousand members.
Furrever Token is a new crypto project focusing on the meme coin sector. FURR features cute cat themes and a variety of NFT collections.
These diverse updates highlight the dynamic nature of the cryptocurrency market. Ethereum’s potential bullish crossover and ATH prediction due to ETF launch, Dogecoin’s predicted decline, and Furrever Token’s imminent launch on Pancakeswap demonstrate the ever-changing landscape and opportunities within the crypto space.