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For the first time in two months, the Ethereum token has crossed $1,400. What are the chances of ETH gaining another $100 as the market continues to show signs of recovery?
ETH Price Action
At press time, ETH is trading at $1,401, indicating an uptrend of 4.75% in the past 24 hours. ETH is rallying along with the market, which is also up by a healthy 3.36% in the same period.
On the technical front, ETH is showing signs of improvement. The digital asset is trading close to most of its moving average (MA) indicators, from the 10-day MA of $1,399 to the 100-day MA of 1,398. However, as it handily beats the 20-day MA ($1,369), ETH’s ability to surge significantly should help its technicals even better.
Elsewhere, a sell signal has flipped on ETH thanks to its positive moving average convergence divergence (MACD). And, with a relative strength index (RSI) of 44.84, the leading token isn’t overbought yet.
Market Sentiment Cools ETH
For the past year, the price of cryptocurrencies has continued to be highly correlated to the prevailing market conditions. So, as the markets start to expect some relief, it is no wonder that crypto prices are rising. ETH’s status as a leading cryptocurrency means it will be one of the biggest beneficiaries.
Last week, the United States Labor Department shared monthly data on nonfarm payrolls. As the report showed, wage increases slowed in December – a sign market watchers took to interpret success regarding the Federal Reserve’s hawkish monetary policies in response to rising inflation.
Now, the market will be looking forward to the release of Consumer Price Index data, due in the later hours of today, January 12. The figures should set the tone for the two-day meeting of the Federal Open Market Committee (FOMC), which should start on January 31.
According to CME Data, the market expects the Fed to raise rates between 50 and 75 basis points going into February. A drop in interest rates by the Federal Reserve should bolster the prices of risky assets like ETH even more, leading to more market relief.
Best Presales to Invest In
Investors hoping for quicker profits in 2023 may consider investing in some selected altcoins with good fundamentals. Some of these tokens are still in the presale stage, allowing investors to be early adopters.
FIGHT OUT (FGHT)
A great presale to consider is Fight Out’s native FGHT token. Fight Out is a move-to-earn platform that is transforming the health and fitness space by providing an incentive for players to get fit.
The platform allows players to get their fitness goals, choose what they’re looking to achieve, and keep track of their progress via their exercises.
Stay motivated on your fitness journey with Fight Out!
Earn rewards for completing workouts and challenges as your progress on your journey, there’s always something to work towards.
Be sure to join our presale before stage 1 sells out! 🔥⬇️https://t.co/z34Nkx3ffi pic.twitter.com/ew3vRyNOLW
— Fight Out (@FightOut_) January 11, 2023
In the Fight Out ecosystem, users can track their progress and earn as they keep fit. The platform tracks body fitness and other critical metrics, allowing players to achieve holistic fitness while also earning.
The FGHT token acts as Fight Out’s native coin, powering all transactions and payments within Fight Out. The digital asset is presently trading for 60.06 USDT for 1 USDT, with the presale already raising $2.86 million in just a few weeks.
Meta Masters Guild (MEMAG)
The MEMAG coin was created by the Meta Masters Guild – a platform looking to create a community of games and gamers who can contribute to projects and earn.
The MMG is looking to aggregate different games into a single community. Each of these games will function independently and be open to all players. Each game will use the MEMAG token as its native asset, rewarding players and developers for their contributions.
Three games are already available within the MMG ecosystem. The developers will be looking to expand this number over time, giving more value to players within the ecosystem.
The $MEMAG Presale is now LIVE! Ⓜ️
Invest in the future of blockchain gaming with Meta Masters Guild. 👾
Buy $MEMAG now ⬇️https://t.co/SBqVjX5mWn now! pic.twitter.com/MaNEPxgYtk
— Meta Masters Guild (@MEMAGgames) January 11, 2023
MEMAG is currently available on presale at the low value of 0.0007 USDT per token, but the price will go up to 0.01 USDT in nine days.
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