Ethereum (ETH) is surging by 9.65% on Thursday, nearing its range high of $3,449 after Bitcoin reached a record $98,973.
This upward momentum in Bitcoin has spilled over to altcoins, creating a bullish environment for Ethereum, which analysts believe could soon break through the $4,000 mark.
The cryptocurrency market has been buoyed by favorable news, including the resignation of SEC Chair Gary Gensler and record-breaking performance of Bitcoin ETFs.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread— Gary Gensler (@GaryGensler) November 21, 2024
These events have heightened bullish sentiment, positioning Ethereum for a potential breakout after consolidating for several days.
Ethereum’s Price Action Signals Continued Growth
Ethereum has been consolidating between $3,000 and $3,250 over the past week, establishing a solid foundation for potential upward movement.
Recent price action indicates the possibility of a breakout, especially as Ethereum has recovered above the 50-day exponential moving average (EMA) on the 4-hour chart, signaling increasing bullish sentiment among investors.
Over the past 24 hours, Ethereum has risen by 9.65%, seeking to retest resistance at $3,449.
Analysts point to a triple-bottom pattern aligning with a daily order block as evidence of strong buyer activity at key support levels, further strengthening the case for continued price increases.
Additionally, on-chain data from IntoTheBlock highlights a substantial demand zone near $3,000, where over 4.45 million addresses have moved approximately 5.4 million ETH.
This accumulation demonstrates investor confidence in Ethereum’s long-term potential.
Whale activity has also contributed to Ethereum’s bullish outlook. A prominent wallet recently purchased 18,000 ETH and added 9,000 more, totaling 27,000 ETH valued at over $88.9 million.
Such transactions often indicate heightened confidence in future price appreciation, potentially driving further buying pressure.
From a technical perspective, Ethereum is approaching a “golden cross,” where the short-term moving average crosses above the long-term moving average—a signal historically associated with major rallies.
Analysts note that previous golden crosses in Ethereum’s history have led to gains exceeding 100% in subsequent cycles.
ETH will form a new ATH between Dec 21-Jan7.
I don't make the rules. pic.twitter.com/NVgVdQ8Bsj— Ben Lilly (@MrBenLilly) November 20, 2024
To sustain its bullish momentum, Ethereum needs to break through the range resistance at $3,449 and secure support above $3,500, setting the stage for a potential test of the $4,000 level.
CatSlap ($SLAP): A Viral Meme Coin Gains Momentum
While Ethereum commands attention with its strong performance, CatSlap ($SLAP), a new meme coin, is quickly establishing its presence in the cryptocurrency space.
This new meme coin has skyrocketed by an astonishing 1,590%, quickly becoming a viral sensation with its unique gameplay mechanics and strong investor interest.
Unlike other meme coins that rely solely on hype, CatSlap introduces an engaging gamified experience where players can compete in a fun “slapping” game.
The token was launched at 2 PM UTC on Thursday using a fair-launch, straight-to-DEX model.
CatSlap has already captured the attention of top trading sites like DexTools, which quickly climbed to the No. 2 position shortly after launch.
With a market cap soaring past $16 million within minutes of launching and trading volume reaching $500,000 in just half an hour, CatSlap is set to draw considerable interest from investors seeking the next big opportunity in meme coins.
The CatSlap ecosystem encourages community engagement and competition through its one-of-a-kind Slapometer feature.
Players can earn rewards based on their performance in the game while competing globally—this competitive element adds an exciting layer to traditional meme coin dynamics.
Additionally, CatSlap benefits from strategic partnerships with influential figures and platforms within the crypto space.
While specific details remain speculative, its rumored association with projects like Dogwifhat ($WIF) and Peanut the Squirrel ($PNUT) lends credibility to its future prospects.
Investors who missed out on previous meme coin successes may find CatSlap an intriguing opportunity.
As Bitcoin continues to dominate headlines and draw mainstream attention to cryptocurrencies, tokens like $SLAP could see increased demand.
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