Ethereum Price Trying To Form A Technical Foundation To Rise From

The Ethereum price climbed over 2% in the last 24 hours to trade at $3,221.22 as of 6:19 a.m. EST as investors slowly start to increase their exposure to the crypto.

The price of Ethereum rose by over 2% in the last 24 hours to reach $3,221.22 as of 6:19 a.m. EST as investors slowly begin to increase their exposure to the cryptocurrency.

This uptick in the ETH price comes ahead of Ethereum’s much-anticipated “Pectra” upgrade, which is scheduled for March. The upgrade will introduce an array of speed and efficiency improvements to the network.

4-hour chart for ETH/USDT (Source: TradingView)

The price of Ethereum is attempting to flip the resistance level at $3,193.58 into support. Should the leading altcoin establish a position above this technical barrier within the next few hours, traders might start to enter into long positions for ETH. With this potential buy pressure, the crypto could end up attempting a challenge at the $3,357.52 mark and even rise to $3,504.01.

On the other hand, the Ethereum price failing to form a foundation above the $3,193.58 level might lead to the altcoin’s value plunging to as low as $2,998.24. An extremely bearish scenario could see ETH fall to as low as $2,897.09 in the short term.

Looking at indicators on ETH’s 4-hour chart, there are technical signs that suggest the Ethereum price might keep rising through the course of the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bullish.

The RSI rebounded off of its Simple Moving Average (SMA) line in recent hours. RSI readings have since been on the rise, which suggests increasing buyer strength. If sellers don’t intervene in the coming couple of hours, this growing strength might result in a rise in the Ethereum price.

Meanwhile, a major bullish technical flag was triggered by the MACD in the last 24 hours, with the MACD line crossing above the MACD Signal line during this period. Traders often see this technical event as an indication that an asset has entered a positive cycle. With the growing gap between the two MACD lines, it appears ETH’s bullish momentum is intensifying as well.

Should the technical signs presented by the MACD and RSI indicators on the 4-hour chart influence traders’ decision making, the Ethereum price could soon end up testing the major resistance at $3,357.52.

As ETH tries to comfortably clear a major level, investors are piling into the presale for Solana layer 2 meme coin Solaxy (SOLX). According to the popular YouTube channel 99Bitcoins, which has more than 723K subscribers, SOLX has the potential to soar 100X after its launch.

An investor frenzy has erupted around meme coins over the past few months, and hype around these lighthearted tokens continues to grow. Developers looking to capitalize on the high levels of interest around meme coins have rushed to deploy their own cryptos, and chose to deploy their tokens on Solana due to its high speeds and low fees.

As new meme coins enter the crypto market on a daily basis, the Solana network is starting to face congestion issues. With talks of a 2025 meme coin supercycle making the rounds, the situation could soon worsen and possibly lead to another Solana network outage if something doesn’t change quickly.

This is where Solaxy, with its own layer-2 side chain and scaling technology, comes in. The project’s resources will run in parallel to the Solana mainnet, providing some much-needed additional computational power to the blockchain. In doing so, the project will reduce the congestion on Solana while also increasing speeds and slashing network costs.

Solaxy will also bridge the Solana and Ethereum networks to leverage the strengths of each blockchain and create a super Web3 ecosystem that meets the growing needs of decentralized application and meme coin developers.

Solaxy has been a hit among investors during its presale stage, and has already managed to raise more than $16.3 million in early-stage funding.

Anyone that wants to participate in the ICO phase can do so by purchasing SOLX via the widget embedded on the project’s website. Selling for $0.00162 per token, SOLX can be bought with either crypto or bank card. Investors can then also stake their newly-acquired SOLX for a huge 243% APY.