Ethereum bulls defend $1,800 level, is it time to buy?

Ethereum bulls defend $1,800 level, is it time to buy?

The Rising and Falling Price of Ethereum in the Blockchain Industry

Source: TradingView

The blockchain industry is buzzing with excitement, but also experiencing its fair share of ups and downs. One of the most talked-about topics lately is the price of Ethereum (ETH), which has fallen by 1% in the past 24 hours, dropping to $1,851. While this may concern some investors, it’s important to understand the underlying factors causing these fluctuations.

The Market Correction and Investor Sentiment

ETH’s recent drop is not isolated but part of a market-wide slip triggered by rate-hike fears. In the last seven days, Ethereum is down by 2.5%, and in the past month, it has decreased by 3%. However, despite these short-term setbacks, ETH has still managed to maintain an impressive 54% growth since the beginning of the year.

Today’s drop can be attributed to the market correcting itself after significant gains and negative investor sentiment due to the unpredictability of Federal Reserve decisions. However, with its strong fundamentals, Ethereum is likely to bounce back and return to a growth trajectory, especially with its increasingly deflationary tokenomics.

Ethereum Price Prediction: A Bullish Future Ahead?

Source: TradingView

Despite the current price dip, ETH’s technical indicators suggest that it could soon experience a strong rebound. The altcoin’s relative strength index (RSI) has started to rise, indicating a potential buying opportunity as the market seizes the chance to acquire Ethereum at a discount. Additionally, ETH’s 30-day moving average has fallen significantly below its 200-day average, suggesting a rebound once it reaches its bottom.

However, it’s worth noting that while a rebound is expected, ETH’s support level continues to decline, indicating the possibility of further price falls before a correction occurs. The $1,800 support level will be a critical factor in determining Ethereum’s future price movements. A move below this level could trigger additional selling pressure.

Ethereum’s Strong Fundamentals

Despite the daily fluctuations in price, Ethereum’s fundamentals remain unchanged. It continues to be the leading layer-one blockchain network, with a total value locked (TVL) in the decentralized finance (DeFi) sector accounting for 58% of the entire market, amounting to $25 billion.

Moreover, Ethereum’s tokenomics, or the economic structure of its native currency, ETH, are becoming increasingly bullish. Approximately 24.6 million ETH, equivalent to 20% of its total circulating supply, is now locked up via staking. The introduction of staking and base fee burning has also resulted in a decline in net issuance, with Ethereum’s supply decreasing by approximately 330,000 ETH since September 2022.

These developments illustrate Ethereum’s growth and adoption as a hard money asset, indicating the potential for long-term price appreciation.

Presale Tokens: Exploring High-Potential Alternatives

As Ethereum may require some time to recover fully, traders and investors may seek out newer alternatives that offer the potential for quicker and stronger gains. One area gaining attention is presale tokens that hold promise for substantial rallies when listed on exchanges.

One such token is Wall Street Memes (WSM), an ERC-20 token that has already raised over $17.5 million in its presale. With its roots in the meme stocks movement responsible for the GameStop and AMC rallies in 2021, Wall Street Memes has attracted a significant following. This community support positions it favorably for success as a meme token once listed on exchanges.

Wall Street Memes has allocated 50% of its supply to its presale and an additional 30% for community rewards, stimulating community involvement. New investors can participate in the presale by visiting the official Wall Street Memes website, with current prices at $0.0322 per WSM token.


The blockchain industry, with its ever-evolving nature, presents both opportunities and challenges for investors. The recent price fluctuations in Ethereum serve as a reminder of the market’s volatility. However, Ethereum’s strong fundamentals, including its position as the leading layer-one blockchain network and its deflationary tokenomics, suggest a positive future outlook.

While Ethereum navigates its recovery, presale tokens like Wall Street Memes provide alternative investment opportunities that can potentially yield quicker gains. As always, it is important to conduct thorough research and exercise caution when investing in the crypto space.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.