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Ethereum price has broken through the $3,100 level and is looking to continue its bullish trajectory.
ETH/BTC is also poised for a bullish reversal, hinting at a massive rally for the altcoin in the coming weeks.
In fact, experts support meme coins, AI cryptocurrencies, and new altcoins such as Sheerana and Wiener AI to explode in the coming days.
Ethereum price reaches $3,100
It was only a matter of time before the cryptocurrency market rose significantly. Wednesday's CPI data showed falling inflation levels in the U.S. economy, increasing the likelihood of interest rate cuts this year.
Ethereum price reacted today by rising 5% in the daily time frame to $3,100. According to CoinMarketCap data, ETH's market capitalization is currently over $373 billion.
The ETH/BTC trading pair is also up 2.5% today on Friday, indicating that Ethereum and altcoins are leading the current market rally.
More importantly, ETH/BTC successfully retested the important 99 Simple Moving Average support level and bounced back from there.
$ETH /BTC
I am retesting 99sma every month.
Great spot to bounce pic.twitter.com/kMUS37Dppi
— Nebraska Gooner (@Nebraskangooner) May 17, 2024
A weekly close above this could signal a reversal for ETH/BTC and the beginning of a bull market for altcoins.
ETH Price Prediction – Is it possible for Ethereum to close above $4,000?
Experts believe that Ethereum’s price rise is not over yet. With open interest continuing to rise, it's only a matter of time before another explosive move occurs.
ETH has also formed a falling wedge, a clearly bullish pattern that could push the price above $4000 in the coming days.
$ETH Looks like he's getting out of a falling wedge.
If the candle closes on top, then $4ks next 🏌️♀️ pic.twitter.com/xYNgx0ppsz
— Honey (@honey_xbt) May 17, 2024
But now all eyes are on May 23, the final deadline for the SEC's decision on VanEck's Spot Ethereum ETF. The market is currently pricing in a rejection from the SEC.
However, Coinbase recently claimed that the market may have significantly underestimated the probability of spot approval for the Ethereum ETF. This could lead to a massive rally in ETH and allow ETH to end May above $4,000.
Meme coins and AI tokens could lead to potential altcoin rally
Memecoins and AI cryptocurrencies continue to be two of the most sought-after asset classes in this bull market.
Meme tokens such as Dogecoin, Dogwifhat, and Floki, as well as AI tokens such as Fetch and Render, are likely to rise to the top in the upcoming altcoin rally.
New meme coins such as Sealana and WienerAI are also likely to gain traction in the coming weeks.
The Sealana meme coin is currently in the presale stage and has already raised nearly $1.5 million.
The token's mascot, a cheerful depiction of a typical crypto trader, seems to have tickled the fancy of savvy money traders.
Some of them are backing Sealana with the potential to deliver up to 100x returns post-launch.
Similarly, YouTube trading experts do not deny the potential of WienerAI to provide up to 1000x ROI. This new meme coin combines two of the most in-demand narratives: memes and AI.
WienerAI presale recently raised over $2 million in its ICO thanks to its cutting-edge AI trading bot that offers significant benefits to token holders, including enabling seamless swaps and MEV protection.
