Ethereum Price Prediction: ETH rises 5% as Franklin Templeton joins the Ethereum ETF race, and this new Solana Meme coin prepares for a huge airdrop.

Ethereum price jumped up It was trading at $2,630.13 (as of 9:20 a.m. ET), up more than 5% in the last 24 hours as investors bought the major altcoin.

Franklin Templeton Joins Ethereum ETF Race

Franklin Templeton, a $1.5 trillion asset management firm, is the latest to join. Spot Ethereum ETF (Exchange-traded fund) According to Gyeongju, filing Once approved, the fund will be listed on the Chicago Board Options Exchange as the ‘Franklin Ethereum ETF’.

According to the S-1 filing, Franklin also plans to stake some of the ETH in the ETF to generate additional income. This is similar to ARK 21 Shares’ amended S-1 filing last week.

Ethereum price attempts to challenge resistance

ETH/USDT daily chart (Source: TradingView)

that much Ethereum The price is attempting to challenge the $2,685 resistance level. Breaking this threshold and closing a daily candle above this threshold within the next 48 hours could provide the foundation needed to continue rising next week. This could push the value of the major altcoin up to $2,890 in the short term.

However, this bullish argument could be invalidated in the coming days if Ethereum price is rejected by the $2,685 resistance level. In this alternative scenario, ETH could retest the immediate support level of $2,440. If this level is not maintained, the cryptocurrency risks a correction to $2,295 within a few days. In an extremely bearish scenario, the Ethereum price could fall back within the negative mid-price channel, which could push the price down to $2,130.

Technical experts suggest that bulls will continue to push the price of Ethereum higher.

Technical indicators on the ETH daily chart suggest that the Ethereum price may continue to rise over the next 48 hours. The moving average convergence divergence (MACD) line is breaking above the MACD signal line. Traders can identify this as a sign that ETH’s bullish trend is getting stronger.

Buyers appear to have the upper hand as the relative strength index (RSI) is currently above the simple moving average (SMA) line. However, investors may want to keep an eye on this technical indicator. ETH It is in overbought territory. Traders generally see this as a signal to start taking profits, as ETH’s downside potential is greater than its upside potential.

While Ethereum price looks set to break through a major resistance level, many investors and analysts are turning their attention to smog and its massive airdrop.

New Solana Meme Coin

smog Solana is the latest altcoin to enter the meme coin space and looks set to repeat the success of its predecessors Honk, Bonk, Myro, and Dogwifhat. To strengthen the chances of replicating the success of these well-known meme coins, the team has planned a large airdrop that will take place soon.

#smog New ATH! @SMOGToken pic.twitter.com/774exPSCU8

– Geabz (@Geabs92) February 9, 2024

Although specific details regarding the airdrop event have not been revealed, the project’s token economics show that 35% of Smog’s total supply has been allocated for the airdrop event. This could be one of the biggest airdrop events to occur in the cryptocurrency space.

The road to word of mouth

Smog encourages token ownership and creates excitement in an engaging way. zeal work out. After being added to a secret group, early investors can earn points by completing interactive quests on platforms like Discord or X.

This should drive community engagement and reward loyal token holders. The goal of this group is to build a community for the project and help Solana meme coins go viral. By doing so, altcoin It will receive the support it needs to potentially become the next cryptocurrency to deliver significant profits to investors.

Visit the official website to find out more and purchase Smog here.

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