Surge in Ethereum Prices: Ethereum Increases by 35% in a Week Due to Significant Purchases from Fidelity and Abraxas Capital, While a Similar Platform in the Adult Content Industry Approaches Nearly $400k in ICO Funding
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Ethereum's price skyrocketed a whopping 35% in the last week, surging to $2,549. This impressive rise occurred despite a minor 2% dip in the previous 24 hours, with trading volume taking a nose dive by 35% to $24.5 billion.
The substantial price surge follows Abraxas Capital's acquisition of an eye-popping $477.6 million worth of Ethereum in the past six days, making them one of the biggest whales in the game. Abraxas added another 33,482 ETH, worth $84.7M, to their impressive portfolio within the last 12 hours.
Not to be outdone, Fidelity purchased a hefty sum of ETH worth $5.9 million, signaling a growing interest from major market players, while publicly traded BTCS has announced a $57.8 million financing agreement led by investment firm ATW Partners to further expand its blockchain infrastructure strategy by buying ETH.
BTCS Inc. CEO, Charles Allen, explains that the massive ETH purchase strategy mirrors MicroStrategy's Bitcoin accumulation blueprint and will significantly contribute to Ethereum's long-term growth.
Ethereum Set for More Gains - Could Skyrocket 52%
The Ethereum price chart recently made a dramatic reversal after navigating a prolonged downfall in a bearish channel. This bearish structure was ultimately broken to the upside, leading to the formation of a rounded bottom pattern. This classic bullish reversal was confirmed with a powerful breakout rally that propelled Ethereum prices beyond both its 50-day and 200-day Simple Moving Averages, suggesting a decisive shift in the trend.
Currently, the Relative Strength Index (RSI) stands at 72.14, indicating overbought conditions. This could potentially lead to a short-term consolidation or a minor pullback. Meanwhile, the Moving Average Convergence Divergence (MACD) indicates bullish momentum, with the MACD line well above the signal line and expanding histogram bars. The Ethereum price has also successfully reclaimed the 200-day SMA at $2,702.23, a significant technical milestone that now acts as resistance-turned-support.
With a confirmed breakout from a rounded bottom and strong momentum, Ethereum appears prepared for further upside. Analysts predict a potential price target of around $4,000, equating to a hefty 52% increase from the breakout level. However, given the overbought RSI, a temporary cool-down period could precede the continuation of the rally. In this scenario, $1,853 (50-day SMA level) acts as a robust and notable support.
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SUBBD token holders also have the opportunity to earn passive income through the project's staking platform, which offers an impressive 20% annual percentage yield (APY). interested investors can visit the official SUBBD website to obtain SUBBD tokens for $0.0554 each using crypto or a bank card.
In the rapidly evolving world of cryptocurrencies, it pays to keep an eye on promising projects like SUBBD. With institutional purchases driving up the prices of established cryptocurrencies like Ethereum, it might be an exciting time to explore new horizons in the world of crypto. Join us on our Telegram channel to stay ahead of the curve and embrace the wave of innovation that's reshaping the future of finance and entertainment!
- The impressive surge in Ethereum's price could inspire opportunities to invest in other high-growth sectors, such as technology in sports.
- Stay connected with us on our Telegram channel as we delve into the potential of emerging projects like SUBBD, which could be the next big thing in the world of technology, much like the rise of cryptocurrencies in the sports industry.
