Bullish pattern signals Ethereum price rebound

The road has been rather rough for the bulls since Ethereum hit a fresh three-year high in mid-December last year. Since then, it has declined by over 20% as the gains recorded in the past two weeks were reversed in the current week.  

Even so, the bulls remain in control as the support level along $3,200 remains steady. Indeed, a look at its weekly chart signals a rebound. To start with, Ethereum price continues to trade above the 20 and 50-day EMAs. 

Besides, the formation of the bullish inverted head and shoulder pattern indicates that ETH/USD may have completed its short-term bottom. In the near term, the altcoin will likely trade within a range of between $3,200 and $3,850 as the bulls gather enough momentum to retest and surpass the psychologically crucial zone of $4,000. 

Ethereum price chart : Source: TradingView

The creators of iDEGEN were keen on coming up with a project that is for the community, by the community. However, not even them could imagine the extent of its reach. 

Since its launch in late November 2024, this one-of-a-kind social experiment has relied on degens on Crypto Twitter to learn, adapt, and generate tweets every 60 minutes. It is this aggressive and active community that has resulted in the project’s virality with over 1.3 billion $IDGN tokens already sold. 

Indeed, no one could have imagined the extent of iDEGEN’s reach less than 7 weeks into its launch. Its growth has been so aggressive that X recently banned it from the platform on the basis of “violence speech”. 

However, with the huge active crowd that has embraced the project as its own, not even the ban could curb this AI evolution. In fact, it has further fueled its virality; enabling the project to raise over $16 million as at writing.

Savvy investors understand that they cannot afford to be locked out of this one-of-a-kind money-making opportunity. In less than 7 weeks, the returns are at over 72,000%. This means that the early adopters are already sitting on huge gains as the token prepares to hit the public shelves. Besides, with AI meme coins like ai16z and Fartcoin having set the stage, iDEGEN is set to bloom into a top token with a market cap of over $1 billion.  You can buy the iDEGEN token here.

In a span of one month, Shiba Inu price has dropped by about 35% as savvy investors shift their focus to budding meme coins. Besides, the neutral market sentiment has eased the Bitcoin-led rallying that had the altcoin surge to a 9-month high in December 2024. 

On the one hand, Shiba Inu remains one of the top meme coins with a market cap of over $12 billion. However, it has a long way to go in retesting its all-time high hit in October 2021 at $0.00008616. 

On its daily chart, the bollinger bands point to short-term range-bound trading of between $0.00002000 and $0.00002244. To further support this thesis, the meme coin is trading below the 20 and 50-day EMAs with the two MAs having formed a bearish death cross pattern in late December 2024. Besides, with an RSI of 43, its price movements may be rather subtle. 

Shiba Inu price chart by TradingView

The post Ethereum to rebound as iDEGEN remains on track to a billion-dollar valuation appeared first on CoinJournal.

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