Ethereum’s recent rejection within its critical resistance region of the 100-day MA level indicates a false breakout and a potential short-term correction. Moreover, a break past this threshold might trigger a bullish trend towards $3K. This comes following weeks of Ethereum uptrend momentum, which saw the token outshine Bitcoin’s price performance.
Despite Ethereum’s recent price performance, its ecosystem continues to expand with the likes of Cutoshi, an Ethereum-based meme-utility token that has showcased impressive presale performance. NEAR Protocol (NEAR) has also displayed potential for a breakout.
Cutoshi Brings Utility To Meme Coins
Most meme coins are normally ill-equipped for long-term sustainability, mainly relying on hype. However, this is not the case with Cutoshi, as it leverages a unique community-backed DEX platform that supports various blockchains while allowing seamless swaps across a wider range of assets at an affordable price.
Moreover, to keep its community engaged, Cutoshi will also implement a unique system named Cutoshi Farming. This system allows its community members to earn additional tokens by completing quests and claiming rewards. It will also offer NFTs, which will act as a complimentary reward to the community and will be distributed to early token holders and Cutoshi challenge winners.
Currently in stage 2 of its presale at $0.022, Cutoshi is set to record an impressive surge owing to its capped token supply of just 440M. This is backed by the recent CMC listing and the anticipation of strong gains, which is being driven by growing interest in meme-based tokens.
Ethereum Price Rejection At $2,700 Might Spell More Troubles
Ethereum (ETH) has seen notable demand and upward trends over the month, causing the asset to test key resistance regions formed by the 100-day moving average at $2,700 and the head-and-shoulders neckline at $2,600. However, despite this impressive breach, the price of ETH quickly faced rejection owing to significant supply at this level, leading to a price dip below the 100-day MA.
This false breakout signals a potential short-term period of descending correction. Ethereum’s price, which is at $2,630, has been trading below the 100-day MA and the $2,500 support region. A potential breakout above this resistance is likely to signal sustained upward momentum.
On the four-hour chart, the Ethereum token has surged towards its critical resistance level bounded by the 0.5 and 0.618 Fibonacci retracement levels, representing a significant barrier for buyers. However, a breakout above this range might lead to massive short liquidations with further Ethereum price rallies. Nonetheless, recent ETH price actions suggest intense selling pressure near this region, resulting in rejection and a halt in bullish trends.
NEAR Protocol Eyes $7 With Bitcoin Integration
The NEAR Protocol technical indicators, including the symmetrical triangle formation, have pointed to a possible significant surge from its current price of $4.6. This pattern occurs when the price of an asset makes an unusual move within the converging lines of resistance and support. If the NEAR Protocol price breaks up from the triangle on the upside, it might initiate a price rally toward the $7 mark.
However, a descending move below $4.6 will justify the end of the NEAR price bullish pattern, further indicating that the price might dip to test the $3.5 support area. Nonetheless, recent developments, including the NEAR Protocol merging Bitcoin’s decentralized security with its blockchain programmability, position NEAR as a leader in improving Bitcoin’s utility within the crypto ecosystem.
This move has led to significant growth in NEAR Protocol’s open interest, a sign of growing confidence in NEAR’s long-term potential. This growth has also been recorded in NEAR Protocol’s Total Value Locked, which is $234M. Such significant growth in TVL suggests more capital in the NEAR ecosystem. It also shows high market interest as more assets are staked and invested.
Will Cutoshi Emulate Ethereum’s Price Performance?
While Ethereum’s recent price performance hasn’t been the best, it’s still one of the top-performing tokens within the crypto market.
Cutoshi is set to mirror its impressive performance, backed by its outstanding features and utility. On the other hand, NEAR Protocol is set to continue with an upward trend in October, backed by its recent events and developments in Q4.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
