Ethereum rejected at crucial resistance level, NuggetRush meme coin presale generates demand


As Ethereum was fighting to break the crucial $3,000 resistance level yesterday, investors were watching closely to see if it could finally break above and sustain those levels. While ETH did trade above $3,000 for a brief moment, the price eventually faced rejection there and has been trading below that key psychological level ever since. 

ETH investors are now patiently waiting to see where the price goes from here, with potential Ethereum ETF approvals from the SEC as well as the upcoming Ethereum Dencun upgrade providing potential catalysts over the next months.

On the other hand, the meme coin NuggetRush continues to gain traction and appeal to socially conscious investors as it enters the final stages of its presale ahead of the official launch of its entertainment-focused gaming platform and NFT marketplace later this year. Let’s take a deeper look at the recent Ethereum price action and development as well as NuggetRush’s progress and vision.

Ethereum Price Analysis

As mentioned in the intro, Ethereum was fighting to break the $3,000 resistance level yesterday but faced rejection there after trading above it briefly. To be precise, ETH is currently trading at around $2,950 at the time of writing. Looking at the ETH/USD chart, we can see that Ethereum has been trading within an ascending channel marked by the blue lines since late September. The only exception was a brief break below the channel in early January when ETH dipped to around $2,200, but it quickly bounced back and resumed its upward trajectory.

Another bullish indicator is that the 200-day moving average is currently near $2,016 – this provides strong support since ETH hasn’t closed a daily candle below this average since 2023. The 200-MA works as a long-term trend indicator, and the fact that ETH is trading well above it implies the long-term trend remains firmly bullish.

However, on the daily chart, the Relative Strength Index (RSI) is showing a reading of 38 currently. The RSI is a momentum indicator that measures the speed and change of price movements – values below 30 are considered oversold while above 70 is seen as overbought. A current level of 38 implies that Ethereum may be due for a minor cool-off or consolidation in the short term before it resumes its upward movement.

TradingView analyst KlejdiCuni, who has over 45k followers, posted a relatively bearish take today, noting that “$3,000 is a strong psychological price zone” that ETH tested after a long time. 

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He says the initial reaction was bearish and expects a “bigger bearish correction during the coming days.” KlejdiCuni added: The stochastic indicator reached the overbought zone and now it is pointing down. It can be the time for a possible release of liquidity and it is in line with the price zone we already defined it as a possible reversal zone.this now points down as raising the chances of a down move to $2,830, $2,700 and possibly as low as $2,500 based on his analysis.

Ethereum Development Progress

Potential approvals of Ethereum ETFs from the SEC could provide upside for ETH, with current deadlines in May 2024. 

As a reminder, Bitcoin ETFs gained approval by the SEC earlier this year. On the development front, the upcoming Dencun upgrade being tested on the Goerli testnet aims to drastically reduce gas fees on layer 2 networks through improvements like “proto-danksharding.” 

Other planned upgrades like EIP-5656 and EIP-4788 are also aimed at boosting scalability and efficiency. If testing goes smoothly, mainnet activation is projected for Q1 2024.

NuggetRush Meme Coin Gains Traction in Presale

NuggetRush is developing a blockchain-based play-to-earn gaming platform and NFT marketplace focused on entertainment and social goals. Players can team up to operate virtual mining facilities within the game or partner with artisanal miners in real life. This socially oriented vision around supporting miners has attracted investors. 

NuggetRush has plans to launch its own NFT marketplace where users can trade digital collectibles associated with the gaming world. Some of the unique NFTs offered include RUSHGEMS, which are tokenized virtual gems that can be found while playing the games. More impressively, certain RUSHGEMS can actually be redeemed for physical gold, directly linking the digital assets to real-world value. 

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The project is currently conducting an ICO presale for its NUGX token ahead of the larger platform launch, having already raised over $2.2 million. With prices starting at $0.01 and the current Stage 5 price at $0.018, holders have seen an 80% gain already. Over 187 million tokens have been sold in the presale so far. 

The listing price is fixed at $0.02, still slightly below current presale rates. While ambitious in its gaming and community goals, NuggetRush presents a relatively early opportunity for blockchain adoption and token upside if successful.

Conclusion

Ethereum investors are closely watching key resistance at $3,000 while larger developments like upgrades and potential ETF approvals could provide upside catalysts in the quarters ahead. Meanwhile, projects like NuggetRush are demonstrating solid demand from investors seeking utility and social alignment in their crypto holdings. 

The ICO presale round ahead offers participation at a discount to the listing price if the platform proves able to deliver on its vision when launched. 

Visit Nugget Rush Presale

Disclaimer: This is a paid post and should not be treated as news/advice.  

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