WETH Targeting $2,000 with Ethereum's Bullish Run?

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Wrapped Ether, commonly known as WETH, is a transformative token that mirrors the value of Ethereum (ETH). This tokenized version of Ethereum bridges the decentralized finance (DeFi) realm, allowing seamless interactions with various protocols. By sending Ethereum to specific smart contracts, users receive an equivalent amount of WETH, ensuring a 1:1 peg with Ethereum’s value. As the crypto landscape evolves, experts keenly observe WETH’s trajectory, predicting its potential rise in the coming years. With its pivotal role in DeFi, WETH’s future seems promising, making it a focal point of interest for many in the crypto community.

WETH Technical Analysis: WETH Continues Below $1,600, with a clear downtrend since October 2

The Wrapped Ethereum WETH price action in the past month shows a declining channel, making lower lows at $1,541.72 on October 2 and $1,551.20 on the 12th. The market has been trading in a clear downtrend since October 2nd, with no significant rallies or pullbacks.

The next significant support area would be around $1,500 if this level breaks. On the upside, the key resistance level is $1,600, which has been a solid psychological level for WETH in recent weeks. The Fib retracements levels to watch are at $1,541.72 (0%), $1,590.25 (23.6%), and $1,689.98 (38.2%).

Wrapped Ethereum WETH chart patterns

The current price action of WETH shows a descending channel pattern, with lower highs and lower lows forming over the past month. During today’s trading, WETH gave in the $1,570 level, indicating a potential bearish continuation toward the next support level. The key demand and supply zone to watch is between $1,541.72 and $1,600.

Based on historical price data and technical indicators, WETH will likely continue to trade in a downtrend for the next few months. The 50-day SMA is currently below the 200-day SMA, indicating a bearish trend in the short term. The 14-day RSI (Relative Strength Index) is 40.37, which is near the mid-point (50) between the overbought (above 70) and oversold (below 30) thresholds.

However, there may be occasional price spikes and pullbacks, but they are likely to be short-lived as the overall market sentiment remains bearish. The Fear & Greed Index also indicates extreme fear among traders, further supporting our short-term bearish outlook for WETH.

WETH is down 1.56%, trading at $1,551.15.The demand zone on the 4-hour chart is between $1,541.72 and $1,551.20, with a breakout below the support level leading to further price decline.

Ethereum’s bullish potential towards $2000 could help WETH recover

While WETH may be in a downtrend, its potential for recovery remains high. As the market sentiment surrounding Ethereum improves, and it continues to see bullish momentum towards $2000, we could see a positive knock-on effect on WETH.

While the current market sentiment for WETH is bearish, it’s worth noting that Ethereum (ETH), on which WETH is built, has shown strong bullish potential. If ETH manages to break above $2,000 and maintain its momentum, this could also positively impact WETH’s price.

Ali, a crypto analyst, has actively observed and commented on the Ethereum (ETH) market dynamics. Since February 2023, Ethereum whales have been capitalizing on the cryptocurrency’s surging prices, offloading or redistributing over 5 million ETH, equivalent to roughly $8.5 billion.

#Ethereum is moving within a steady range. Interestingly, the TD Sequential presented a buy signal at the lower end of this range, suggesting $ETH could rebound to $1,630.
But be cautious – if #ETH closes below $1,530, the bullish outlook will be invalidated. pic.twitter.com/hvwoyDy7AB
— Ali (@ali_charts) October 11, 2023

This significant movement of ETH out of the market, amounting to about $13 billion, has been noted to influence the market sentiment and price levels potentially. WETH could tap the $2000 price point if ETH continues its bullish trajectory.

Ethereum’s price change impacts Wrapped Ether (WETH), and its $2,000 barrier. Ethereum’s inflation rose slightly due to less activity. A recent shift from a deflationary to an inflationary model in Ethereum has been observed. A 0.178% uptick in inflation has been witnessed over the past 17 days due to a decline in on-chain activity. This decline in activity and decreased transaction fees (gas fees) have been notable, with Ethereum’s inflation rate at 0.270%.

Despite these inflationary pressures and reduced network revenue, which has plunged to a 9-month low, Standard Chartered‘s research predicts a potential surge in Ethereum’s price, suggesting it might reach $8,000 by 2026. This bullish long-term prediction for Ethereum could influence the price trajectory of WETH, given the direct correlation between Ethereum and Wrapped Ether.

Bitcoin Minetrix Takes Cryptocurrency Mining to New Heights

Bitcoin Minetrix (BTCMTX) has recently been thrust into the limelight for its impressive presale achievements and for introducing a novel approach to Bitcoin mining accessible to all. BTCMTX has introduced a revolutionary “stake-to-mine” model, enabling users to participate in Bitcoin mining without substantial investments in hardware and technical know-how.

#BitcoinMinetrix aims to transform the #Bitcoin Cloud Mining landscape by introducing a Stake-to-Mine mechanism automated by smart contracts.
Envisioning a safe and efficient ecosystem between #Blockchains that combats the drawbacks of conventional cloud mining. 🌐 pic.twitter.com/NtNlMWROmx
— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023

Users earn non-tradeable mining credits by staking $BTCMTX tokens, which can be utilized for Bitcoin cloud mining time. This model not only simplifies the process of Bitcoin mining but also provides a secure and transparent process, fully automated on the Ethereum blockchain through smart contracts.

A Resounding Presale Success

The project has successfully navigated its presale phase, raising over $1,000,000 and surpassing its initial target of $500,000. This achievement has demonstrated robust investor interest and garnered the attention of top influencers in the crypto space. These influencers are keenly monitoring its progress and potential impact on the industry. The presale is set to offer $BTCMTX tokens at a notably low price of $0.011.The price is expected to rise in the subsequent stages, making early participation particularly enticing.

In addition to the innovative mining model, Bitcoin Minetrix provides two passive income opportunities: staking $BTCMTX coins, yielding an annual return of 590%, and mining. This dual-income model presents an attractive proposition for investors looking for diversified earning mechanisms within a single platform. Bitcoin Minetrix has gained praise from crypto influencers, boosting investor interest and potentially improving market performance.