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The Ethereum price jumped 3% in the last 24 hours to trade at $2,727 as of 03:25 a.m. EST on trading volume that fell 30% to $15 billion.
Bitcoin and Ethereum surged in the last 24 hours, ahead of key U.S. economic data releases that are set to influence the Federal Reserve’s policy.
The main piece of information, the U.S. consumer price index (CPI) data for July, is expected today and is anticipated to show a month-on-month inflation increase of 0.2%. The CPI report will likely have a significant impact on short-term price volatility for BTC and ETH.
Ethereum Price Could Still Rally
The Ethereum price has been trading within a rising channel since Aug. 5, as the bulls struggle to propel the token above the $3,000 resistance, according to data from GeckoTerminal.
ETH eventually crossed above the 50 Simple Moving Average (SMA) on the 4-hour chart, a sign of an uptrend in the short term.
Moreover, the Relative Strength Index (RSI) trades up, now at 59, closing in on the 70-overbought region, which is a sign that the buys are intensifying.
The Moving Average Convergence Divergence (MACD) is also bullish, as it soars over the neutral line. The green bars on the histogram also extend above the neutral line, which shows that the price of Ethereum is in positive momentum.
The Ethereum price analysis on the 4-hour chart shows ETH bulls aim to push the price above a rising channel, with a target at $3,000.
However, if the bears take control, the price of Ethereum could plunge back to the $2,400 support zone.
Meanwhile, as the Ethereum prepares for a potential rally, investors are buying the new meme token, Crypto All-Stars ($STARS), as analysts say the token could soar 10X.
According to Jacob Bury, a prominent crypto YouTuber, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Raises Over $350K – The First Ever MemeVault
The Crypto All-Stars presale is rapidly gaining attention in the meme coin community, having raised over $350,000 in just under 48 hours. This innovative platform goes beyond being just another token; it’s pioneering a new era in meme coin staking through its unique MemeVault protocol.
MemeVault allows investors to stake popular meme coins like Dogecoin ($DOGE), PepeCoin ($PEPE), and Shiba Inu ($SHIB) to earn substantial rewards in $STARS, the platform’s native token.
Currently, 11 top meme coins are supported, with plans to expand this list as the project progresses.
In addition to staking other meme coins, users can also stake their $STARS tokens, enjoying an impressive annual percentage yield (APY) of 4,973%.
This setup offers a lucrative opportunity for both large and small investors to generate passive income from their holdings.
You can buy $STARS tokens for $0.00138 each. However, with a price increase coming in about an hour, you should act fast to get the meme coin at the best possible price.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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