Ethereum

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&lt;figure class="image"&gt;&lt;img src="https://cimg.co/news/126271/333443/eth.jpg" srcset="" width="" class="content-img" alt=""&gt;&lt;figcaption&gt;ETH/USD Chart / Source: TradingView&lt;/figcaption&gt;&lt;/figure&gt;&lt;p&gt;Ether (ETH) is back to trading flat in the $1,550 area after seeing a sharp reversal lower from earlier session highs in the $1,630s.&lt;/p&gt;&lt;p&gt;The cryptocurrency&amp;rsquo;s sudden intra-day reversal comes after ETH/USD found strong resistance at its 21 and 50DMAs, though &lt;a href="https://cryptonews.com/guides/what-is-ether.htm"&gt;Ether&lt;/a&gt; is for now finding support above key long-term support around $1,550.&lt;/p&gt;&lt;p&gt;A bullish research report from Standard Chartered which forecasted a rise to a price of around $8,000 by 2026 has failed to lift sentiment.&lt;/p&gt;&lt;p&gt;Standard Chartered Bank&amp;rsquo;s head of Digital Assets Research Geoff Kendrick argued that &lt;a href="https://cryptonews.com/news/ethereum-news/"&gt;Ethereum&lt;/a&gt; is already dominant in &lt;a href="https://cryptonews.com/guides/nft/"&gt;NFTs&lt;/a&gt; and &lt;a href="https://cryptonews.com/news/defi-news/"&gt;DeFi&lt;/a&gt;, but should also become the dominant blockchain powering the fast-growing &lt;a href="https://cryptonews.com/guides/what-is-web3.htm"&gt;web3&lt;/a&gt; &lt;a href="https://cryptonews.com/news/best-gaming-cryptos.htm"&gt;gaming&lt;/a&gt; and &lt;a href="https://cryptonews.com/news/bank-of-america-forecasts-transformative-role-of-tokenization-finance.htm"&gt;tokenization&lt;/a&gt; industries, both of which should add &amp;ldquo;significant demand&amp;rdquo;.&lt;/p&gt;&lt;p&gt;&amp;ldquo;Importantly, this should provide &amp;lsquo;proof of concept&amp;rsquo; examples in which real-world industries come on-chain to exploit the benefits of Ethereum over their existing setups,&amp;rdquo; Kendrick argued, adding &amp;ldquo;we expect significant developments on these fronts by 2025-26&amp;rdquo;.&lt;/p&gt;&lt;p&gt;Kendrick added that the bank could rally back towards $4,000 by the end of 2024, with the &lt;a href="https://cryptonews.com/coins/bitcoin/"&gt;Bitcoin&lt;/a&gt; (BTC) &lt;a href="https://cryptonews.com/tags/bitcoin-halving/"&gt;halving&lt;/a&gt; helping to lift all boats in the crypto world.&lt;/p&gt;&lt;h2&gt;&lt;strong&gt;Price Prediction &amp;ndash; Will Ether (ETH) Break This Key Support Level?&lt;/strong&gt;&lt;/h2&gt;&lt;p&gt;Progress toward Standard Charters' $8,000 might have to wait, as &lt;a href="https://cryptonews.com/guides/ethereum/"&gt;Ether&lt;/a&gt; threatens a break of key long-term support at $1,550.&lt;/p&gt;&lt;p&gt;A break of this level could open the door to a swift move back to the March 2023 lows under $1,400, meaning a potential near-term price drop of as much as 12%.&lt;/p&gt;&lt;figure class="image"&gt;&lt;img src="https://cimg.co/news/126271/333444/eth.jpg" srcset="" width="" class="content-img" alt=""&gt;&lt;/figure&gt;&lt;p&gt;Risks are certainly tilted towards more downside.&lt;/p&gt;&lt;p&gt;Macro headwinds are high, with &lt;a href="https://www.reuters.com/world/middle-east/israel-hamas-war-latest-news-market-response-business-impact-2023-10-09/"&gt;the Israel/Palestine war&lt;/a&gt; escalating and its impact on global oil markets (and global inflation) still unclear, while the latest &lt;a href="https://www.reuters.com/markets/us/us-producer-prices-increase-september-higher-energy-costs-2023-10-11/"&gt;US PPI numbers&lt;/a&gt; came out hotter than expected, raising fears about higher for longer interest rates in the US.&lt;/p&gt;&lt;p&gt;Meanwhile, Ether market conditions have been weak recently &amp;ndash; &lt;a href="https://cryptonews.com/news/proshares-launches-six-ether-futures-etfs-expanding-crypto-etf-market.htm"&gt;Ether futures ETFs debuted in the US last week&lt;/a&gt;, but saw poor demand, while the &lt;a href="https://cryptonews.com/news/chain-expert-probes-the-ethereum-foundations-link-to-the-filecoin-ico.htm"&gt;Ethereum Foundation&lt;/a&gt; recently sold $2.7 million in tokens.&lt;/p&gt;&lt;p&gt;But a dip back towards the $1,300s would likely present a great opportunity for the longer-term bulls to add to their long positions, so those with spare powder and a willingness to secure a &amp;ldquo;bargain&amp;rdquo; on ETH should be ready to pounce.&lt;/p&gt;&lt;h2&gt;&lt;strong&gt;Crypto Alternatives to Consider&lt;/strong&gt;&lt;/h2&gt;&lt;p&gt;With the near-term outlook for Ether potentially bearish, investors may want to diversify their crypto holdings.&lt;/p&gt;&lt;p&gt;For those looking for an even better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.&lt;/p&gt;&lt;p&gt;This is where investors buy the tokens of up-start crypto projects to help fund their development.&lt;/p&gt;&lt;p&gt;These tokens are nearly always sold cheaply, and there is a long history of presales delivering huge exponential gains to early investors.&lt;/p&gt;&lt;p&gt;Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.&lt;/p&gt;&lt;p&gt;If an investor can identify such projects, the risk/reward of their presale investment is very good.&lt;/p&gt;&lt;p&gt;The team at Cryptonews spends a lot of time combing through presale projects to help investors out.&lt;/p&gt;&lt;p&gt;Here is a list of 15 of what the project deems as the best crypto presales of 2023.&lt;/p&gt;&lt;p&gt;&lt;a href="https://cryptonews.com/news/new-cryptocurrency.htm"&gt;See the 15 Cryptocurrencies&lt;/a&gt;&lt;/p&gt;&lt;p&gt;&lt;i&gt;&lt;sup&gt;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.&lt;/sup&gt;&lt;/i&gt;&lt;/p&gt;

Ethereum Price Prediction as Standard Chartered Forecasts $8K Price By 2026 – Will Ether (ETH) Break Below This Key Support Level?

Cryptonews.com

Other articles published on Oct 11, 2023

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