After posting high trading volume yesterday of $8.3 billion, ETH’s trading volume has fallen as the cryptocurrency continues to pull back from highs hit on Wednesday before the meeting. Federal Reserve (FED), in the $1,350 area.
At current levels of $1,280, ETH/USD is now down ~5% from those highs, and according to CoinMarketCap, down ~3.2% in the last 24 hours. The price forecasts are therefore more pessimistic.
The latest news that PayPal has entered into a collaboration with MetaMask reducing barriers to its users buying ETH, which could increase demand and adoption, does not appear to have had a significant impact on the price.
The second-largest cryptocurrency on the market by market capitalization is still up about 20% from its low start in November below $1,100.
Price development for ETH
The recent drop in ETH price means the cryptocurrency failed to hold above its 50-day moving average and the 38.2% Fibonacci retracement level between the November lows and November highs, a bad sign for near-term momentum.
For now, Ethereum’s medium-term uptrend remains intact, but bears will watch for a near-term retest of the 21DMA around the $1,250 area. A break below this zone could signal a break in the uptrend and could cause sentiment to worsen and fall towards $1,200.
The latest price action is in line with ETH’s long-term downtrend that has been underway since the summer.
The downtrend suggests that a decline towards $1000 in the coming months is likely and any gains may be limited to the $1500 area.
The lack of a pivot in Fed policy, which many had hoped for after Tuesday’s weaker-than-expected US CPI data came out, means that the much-hoped-for “Christmas rally” will not have happened. It probably won’t happen this year.
Altcoins offer faster returns
Cryptocurrencies have continued to trade sideways for a few weeks now, prompting some traders to look for alternatives with more short-term potential. Here are some of the pre-sales currently on the market.
FightOut (FGHT): launch of the pre-sale
FightOut, a brand new move-to-earn (M2E) fitness app and fitness chain looking to bring fitness to Web3, has launched its pre-sale, and investors believe the project could transform the existing M2E landscape in Web3.
While existing M2E applications, such as Step Nrequires the purchase of expensive non-fungible tokens (NFTs), FightOut takes a different, more holistic approach to rewarding its users and requires no purchase.
FGHT tokens are currently selling at 60.06 for 1 USDT and interested investors are encouraged to participate as soon as possible to acquire tokens as the pre-sale has already raised over $1.8 million in a few days. FGHT is the token that will power the FightOut ecosystem.
Dash 2 Trade (D2T): the pre-sale in its final phase
Those looking to invest in a crypto trading platform should consider Dash 2 Trade. This social analysis and trading platform could establish itself as a reference in the crypto trading space thanks to its many unique features.
These include trading signals, social and on-chain sentiment indicators, pre-sale token rating system, token quote alert system and strategy back-testing tool. The Dash 2 Trade ecosystem will be powered by the D2T token, which users must purchase and hold to access platform functionality.
Dash 2 Trade is currently conducting a token presale at deeply discounted prices, and the sale recently topped $9.82 million. The pre-sale dashboard will be released on Friday, with the development team currently ahead of schedule. Tokens are currently selling at $0.0533 each and will be listed on multiple centralized exchanges in about a month.
Calvaria (RIA): pre-sale in its final phase
Major blockchain-based games like Axie Infinity have lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative titles. Calvaria, a battle card game, could be one of them. Calvaria seeks to drive crypto adoption by bridging the real world and crypto through fun and accessible gameplay.
Calvaria has now raised $2.45 million and a whale (whale) bought $97,500 worth of tokens in a single purchase last week. The presale is in its final stages, with only 21% tokens remaining.