Following weeks of range-bound movement, Ethereum (ETH) is finally poised for a breakout, with technical analysts predicting a 20% rally fueled by strong buying pressure from ETF investors. Data by CoinShares shows that Ethereum ETFs globally have experienced a net inflow of $155 million over the past week as traditional investors took advantage of the dip to buy at a discount. While Ethereum shines as a ray of hope for investors, the new meme coin MoonTaurus (MNTR) continues to build strong momentum in its presale. The meme coin recently completed its first phase, raising $300,000, and has now progressed to phase two with a 100% price hike. The current presale token price stands at $0.01.
Traditional Investors to Ignite ETH Rally
Last week, while Ethereum faced bearish pressure, ETF investors took advantage of the dip. According to CoinShares, BlackRock’s iShares Ethereum ETF (ETHA) crossed the $900 million mark and is now on track to reach $1 billion. In addition, Grayscale’s ETHE has seen a slowdown in its outflows, indicating improving sentiment among Ethereum ETF investors. Analysts are pointing to this recovery as a potential catalyst for a new upward leg for Ethereum.
Ethereum is hovering around $2,660, up 1.7% in the last 24 hours. However, the asset has encountered strong resistance around the $3,723 level, following two rejections in the past week. This resistance level intersects with a trendline that suggests ETH could sink to a swing low of around $2,020 if the resistance holds.
However, several indicators suggest ETH may be gearing up for a breakout. The Relative Strength Index (RSI) is currently at 41, indicating increased bullish momentum as it crosses above its moving averages. In addition, on Sunday, the Stochastic Oscillator showed a bullish crossover, with the %K line crossing above the %D.
Futures data also supports this bullish outlook. Ethereum’s futures open interest (OI) has increased by over 4% toward $11 billion, while the ETH Long/Short Ratio has risen to 1.01. Rising OI during a price recovery often signals the potential for more gains, as more traders are willing to take long positions.
If Ethereum sustains its current momentum, it could rally over 20% to reach the $3,368 resistance level. However, traders should watch the 100-day Simple Moving Average (SMA), which could act as a resistance point. The bearish scenario, where ETH falls below the support level around $2,020, could invalidate this bullish thesis.
MoonTaurus (MNTR) Gains Momentum in Presale
While Ethereum gears up for an ETF-induced rally, MoonTaurus (MNTR) has taken the meme coin by storm. The meme coin, which is still in presale, has been making headlines for its rapid progress and potential to become one of the top meme coins in the market.
MoonTaurus has already completed the first phase of its presale, raising $300,000 in just under two weeks, and has now entered the second phase. The presale has attracted over 1,000 unique investors, amidst growing market interest.
Several factors contribute to the bullish outlook for MoonTaurus. One of the most significant is its capped token supply of 3 billion MNTR tokens. Unlike many meme coins with a massive or inflationary token supply, MoonTaurus has implemented a deflationary model. This means no additional tokens will be minted beyond the initial supply, creating scarcity as demand increases. This limited supply model is expected to drive up the token’s price as more investors flock to the project.
In addition to its strong tokenomics, MoonTaurus also benefits from an aggressive marketing strategy. The project has assembled an in-house team of marketing experts actively driving engagement across social media and top digital content platforms. This effort is complemented by planned partnerships with top influencers and artists, which will further boost the project’s reach and attract a broader audience.
The team’s core aim is to see the project achieve a market cap of $1 billion and rank among the top meme coins in the market. Given the current pace of its presale and the strong community backing, this target appears achievable. In addition, the project’s roadmap includes several key milestones, such as listings on top-tier centralized exchanges, which are expected to drive further adoption and increase the token’s value.
Analysts are bullish on MoonTaurus, with some predicting that the meme coin could reach as high as $1 by Q4 2024. This price target represents a 100x return for investors buying in during the current presale phase. This has made MoonTaurus a popular choice among investors seeking huge returns in the upcoming bull run.
August is gearing up to be a positive month for Ethereum, as analysts predict a 20% gain. This comes as the asset sees positive momentum in its recently launched ETFs. Meanwhile, MoonTaurus has progressed to the second phase of its presale, following strong success in phase one. The meme coin’s current price offers the potential for up to 100x returns if it reaches the $1 price target. Join the presale now to ensure you do not miss out on this bull move.
Website: https://moontaurus.com/Linktree: https://linktr.ee/moontaurus
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