Ethereum price recovered as this Solana L2 token ICO reached $10 million.

The price of Ethereum has surged 2.7% over the past 24 hours, trading at $3,240 as of 4:34 a.m. ET, while trading volume has surged 170% to $40.5 billion.

On January 13, Ethereum briefly fell below the $3,000 level, causing concern among investors. However, the cryptocurrency has since rebounded and regained its position above this critical level.

Ethereum price aims for bullish trend reversal

that ETH price As seen in the purple area, it has been trading within a bearish trend after failing to hold on to key support levels near $3,300.

This breakdown is preceded by the formation of “lower highs,” where each high in price is lower than the previous high, indicating that bullish momentum is waning. According to data from , the horizontal support around $3,200 was violated, sending the price down to a recent low of $2,900. gecko terminal.

The recent bounce below $3,000 suggests some buying interest at this psychological level, but the overall trend remains weak as the price consolidated near previous support, which now acts as resistance.

The recent decline has taken ETH price below the 50-day and 200-day simple moving averages (SMA), which are currently acting as long-term resistance levels at $3,336 and $3,504, respectively.

The Relative Strength Index (RSI) is currently at 51, slightly above the midline level of 50. This means that ETH has room for further upside, but could attempt a consolidation or weak bounce in the near term.

ETH price prediction

The recent collapse and lack of strong bullish momentum suggest that the Ethereum price may struggle to regain $3,300 in the near term. If the price fails to break above this level, it could retest $3,000 or even decline towards the next support at $2,800.

Conversely, with RSI now rising above the 50 midline level and ETH rising above the support level around $3,200, Ethereum price could continue to recover towards the $3,504 level, acting as the next target within the 200-day SMA.

Meanwhile, investors are also buying a new meme coin called ‘Solana’. SOLXPopular YouTube channel 99Bitcoins, which has over 721,000 subscribers, says it has the potential to rise 100x after launch.

Solaxy raised more than $10.1 million in less than a month.

Less than a month after presales began, Solaxy’s presales have surpassed $10 million as investor interest continues to grow.

Solaxy enhances Solana, a blockchain already known for its fast transaction speeds and low costs. It builds on these strengths while addressing some of Solana’s challenges, including network congestion, transaction failures, and ongoing scalability issues.

The project’s solution relies on three key features: off-chain processing to handle heavy lifting, transaction bundling to reduce costs, and secure settlement on the Solana main chain.

🚨 Solaxy is now available for upcoming tokens! 🚨@SOLAXYTOKEN It gives holders the opportunity to participate in the first Solana layer 2 blockchain.

Solaxy plans to power blockchain innovation by limiting congestion, reducing failed transactions, and improving the scalability of SOL… pic.twitter.com/satNF6zFNF

— Best Wallet (@BestWalletHQ) December 17, 2024

Additionally, once launched, Solaxy will provide a platform for developers to build decentralized applications or launch new tokens without breaking (and possibly even improving) Solana’s Layer-1 features.

Solaxy also offers holders who stake SOLX tokens a whopping 344% annualized return. Over 3.3 billion SOLX have been staked so far.

Investors interested in the pre-sale can visit the Solaxy official website and purchase SOLX tokens for $0.0016 each using BNB, ETH, USDT or bank cards.

To secure the best deal, buy before the price increases within about 27 hours.

Visit the SOLX website here..

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