Is Ethereum Following The S&P 500 Fractal? Expert Gives Surprising ETH Price Prediction
Is Ethereum set for a bullish turn of fortune?
ETH has been one of the most underwhelming cryptocurrencies during this bull cycle. It is up by only 7% year-to-date, compared to the 62% growth in Bitcoin and Solana.
However, the latest Ethereum price prediction from prominent crypto expert Ali Martinez has the largest altcoin skyrocketing to $10,000.
This is also an extremely bullish scenario for Ethereum meme coins like Mog Coin, Moo Deng and Crypto All-Stars.
Bullish Ethereum Price Prediction – Is ETH Following The S&P 500 Fractal?
The S&P 500 index (SPX) has recorded an impressive 20% growth this year, behind the falling inflation level and the Federal Reserve’s quantitative easing.
Surprisingly, Ali Martinez – who has 77k X followers – finds surprising similarities between ETH and SPX’s price charts. Similar to the S&P 500, the Ethereum price is continuing to trade above an ascending trendline.
While ETH is currently lagging behind SPX, it could be gearing up for a parabolic rally to $10,000 if the trend continues to hold.
#Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I
— Ali (@ali_charts) November 4, 2024
There are a plethora of bullish narratives for Ethereum to rally on. For instance, a Donald Trump victory is expected to be extremely bullish for crypto prices and could trigger the next bull run.
Meanwhile, the US Federal Reserve is set to continue its quantitative easing, with CME FedWatch currently pricing in another 25 bps rate cut in the November 7th FOMC meeting.
Finally, experts believe that the Bitcoin Dominance is close to its cycle top after hitting 60% last week. With BTC.D expected to trend downwards, Ethereum could lead the next leg of the crypto bull market.
However, ETH still needs to clear key resistance levels. For instance, it has been trading in between an ascending triangle since August. A bullish breakout above the upper trendline could trigger a strong upside move to a new all-time high.
On the contrary, a breakdown below the lower trendline could push the Ethereum price below $2000.
#Ethereum is in some serious danger! IF #Bitcoin continues to retrace, #ETH might break the support and dump! 🥶 pic.twitter.com/KtSSIIFqrz
— The Moon (@TheMoonCarl) November 3, 2024
Most importantly, Ethereum needs to flip and hold above its 21-week Exponential Moving Average, which it has failed to do since June of this year. A sustained close above this level could mean that ETH is set for a strong bullish continuation and follows the aforementioned S&P 500 fractal.
Ethereum Meme Coins Set To Explode
Smart money investors view ERC-20 meme coins as a beta bet on Ethereum. If ETH is gearing up for a bullish breakout, Ethereum meme coins could front-run the move and show outsized returns.
For instance, Mog Coin is up by 10% on Tuesday, despite a broad-based decline in the crypto market.
Similarly, prominent crypto analyst Bluntz highlights that the corrective A-B-C wave is done in Moo Deng and the new Binance meme coin could be ready for the next upside move.
$moodeng looks appealing here after its retraced a good chunk of the binance listing pump, nice 4h bull div aswell after a 53% pullback. pic.twitter.com/w5lvGQYWJz
— Bluntz (@Bluntz_Capital) November 5, 2024
Meanwhile, a new meme coin – Crypto All-Stars (STARS) – is also in high demand and has raised over $3 million in its presale funding.
WHAT A JOURNEY!And there’s still a lot to do! But Crypto All-Stars just hit $3M in Presale! pic.twitter.com/inuhJG5BOX
— Crypto All-Stars (@all_stars_coin) November 3, 2024
STARS is a utility-driven meme coin, which has increased its appeal among smart money investors. For instance, it is launching the first-ever multi-chain, multi-token staking protocol called MemeVault, which will accept 11 meme coins and offer attractive passive income.
Meanwhile, presale STARS buyers can take advantage of the secondary staking platform, which is currently offering a reward rate of over 500%.
Aside from the attractive monetary perks, Crypto All-Stars boasts strong fundamentals, including community-centric tokenomics and multiple security audits.
Unsurprisingly, prominent crypto influencers are bullish on STARS’ upside potential, especially in light of the coming meme coin supercycle. Some experts are even calling it the next 100x meme coin.
Visit Crypto All-Stars Presale
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
