The crypto bull market is back! Okay, that might be a bit hasty, but we have seen very positive price action throughout the market over recent days. As the Ethereum price attempts to storm us into a more positive market, is this a bull trap, or have we bottomed out in this market?
Is the Ethereum price finally factoring in the successful merge?
ETH has led the bullish price action seen in the crypto market of late. Breaking out from its multi-week-long resistance of around $1350, the Ethereum price is currently trading at circa $1550.
Following what ended up being a lackluster merge, ETH fell into a relatively stagnant market. Price action was extremely flat around the market. Quite contrarily, the last couple of days have seen a huge injection of volatility and liquidity into Ethereum, making many questions about whether or not we are coming out of a bear market.
From a technical analysis standpoint, Ethereum is looking very strong going forwards. The resistance zone of $1250 back in June/July has now become a region of very strong support. From this level, the ETH price has bounced up to its current level, and it looks to have found some stability.
This price action comes when the S&P 500 index has also been showing strength, up roughly 5% over the last 5 days. Could this signal a general bullish sentiment in the tech market? Ethereum and the S&P 500 are possibly good indicators of wider market sentiments.
Does Avalanche have hope in the next bull market?
One of the notable performers of the previous bull market, Avalanche, has been a forgotten project during this bear market. Being outperformed by Solana, AVAX has suffered drastically, just trading inside the top 20 cryptocurrencies by market capitalization.
Boasting a strong community of fans and developers in the previous bull cycle, the bear market has left doubts about whether developers are still as keen on AVAX technology as previously.
However, this is likely a classic case of the crypto winter shivers, as many projects use the bear market to ramp and scale up their technologies, only to announce their updates at a favorable time, such as an altcoin season.
With transaction speeds and costs rivaling Solana’s, Avalanche has all the tools required to stand out in the altcoin bull market without sacrificing decentralization. The AVAX price is trading at $17, a very discounted price compared to its all-time high of $149. A very strong case can be made to start accumulating this DeFi Layer-1 platform now. For more information on Avalanche, check the link attached.
Big Eyes presale takes advantage of a return to bullish conditions
If you’ve never heard of Big Eyes Coin, you must check out its website now! It has redefined what it means to be successful in a presale. Raising $9 million in a matter of months during a bear market should be noted, is truly an incredulous achievement that should not go under your radar.
With multiple stages left of its presale, buying now still puts you at an advantage for its highly anticipated launch date. The chosen CEX (Centralized Exchange) is yet to be announced, but the partnership has been confirmed, as advertised on their website.
The CEX itself could dramatically impact the coin’s immediate success, and this may be something the developers are purposefully stalling the announcement for. The hype surrounding this cat-themed meme coin is already extremely high, and the project’s community is extremely active already, considering the token, BIG, is yet to launch. If you don’t want to miss out on Big Eyes highly anticipated launch date, you best start hodling some tokens! Check out the button below for more information on Big Eyes Coin!
Published at Sun, 30 Oct 2022 12:47:17 +0100