- Summary:
- Cryptos have declined this week, but here's why I think ETH, Jasmy and PEPE price are primed for the upside on my top crypto prediction.
Table of Contents
The crypto market extended its stay below the $2 trillion market cap level, presenting a tag-of-war between opportunities to buy and time for a selloff. It is imperative to note that the crypto market downturn seen in the last two days is not market-specific, but a reflection of the broader investor sentiment originating from equities, but cutting across other assets.
September has historically been a sour month for equities, and this month has signaled a potential continuation of the tradition. However, with the Fed set to announce interest rate cuts, markets could start recovering in the next few days. That said, lower interest rates mean a weaker US dollar, which is good news for cryptos. Below, we look at how this could play out for Jasmy, PEPE, and Ethereum in today’s top crypto predictions.
Jasmy coin prediction
Jasmy coin price rose by 3 percent on Wednesday but was down by 3.4 percent and traded at $0.0186 as of this writing on Thursday, sending mixed signals. However, the coin’s fundamentals look promising, thanks to the project’s partnerships with major corporations like Sony, Panasonic and Toyota. In addition, the Jasmy blockchain has recently taken centre stage with the establishment of the NCCX Carbon Exchange, meant to bring transparency and integrity to the carbon credit market.
Looking at the 2-hour price chart, Jasmy has changed its trajectory near the long-term support level at $1.0180, signaling an impending reversal. However, it is still below the 20 and 50 SMA levels, showing an underlying bearish control.
The 4-hour chart below favours the sellers below 0.0180. With the sellers in control, we will likely see the first support at 0.0176, but that level could be broken if the downward momentum strengthens. The resulting bearishness could send the price lower to test the second support at 0.0171.
Alternatively, moving above 0.0180 will favour the buyers to take control, but the upside could encounter the first resistance at 0.0184. If the bulls break above that level, the resulting momentum will invalidate the downside view and will likely test 0.0187.
PEPE price today
PEPE price hit a one-month low price of $0.00000735 on Tuesday but rebounded to end the day up by 1.2 percent. However, PEPE has retreated and is down by 0.3 percent on the daily chart as of this writing. Nonetheless, the frog-themed meme token has an underlying bullishness, with its monthly gains standing at 4.1 percent.
PEPE has established itself as the third most valuable meme coin after Dogecoin and Shiba Inu, and its returns of 463 percent year-to-date means that many of its holders are still in profit. Furthermore, the coin offers periodic volatility that has since proven out of reach for Dogecoin and Shiba Inu. These factors give PEPE price a good risk-reward ratio that will likely help it keep attracting buyers.
PEPE price prediction today
The 2-hour chart below calls for further upside if PEPE price stays above the 0.00000723 pivot mark. This is supported by the price movement above the Volume Weighted Moving Average (VWMA), and the the Stochastic oscillator reading at 55. With that momentum, we are likely to see the first barrier at 0.00000734, but extended control by the buyers could enable them to clear that barrier and test 0.00000748.
On the lower side, a move below 0.00000723 will favour the sellers, with the first support likely to be at 0.00000714. However, further control by the sellers will likely breach that support, at which point the upside narrative will be invalid. Also, that could extend the decline to test 0.00000703.
Ethereum prediction
Ethereum has underperformed many crypto coins in 2024, with its gains this year at just 5.1 percent. In comparison, Bitcoin price has risen by 35 percent, Tron is at +39 percent, while Solana and BNB coin are up by 32 percent and 63 percent respectively over the same period.
The emergence of Solana and Tron as ecosystems for meme coin launches have taken a significant portion of Ethereum’s spotlight, thanks to Pump.fun and SunPump. Also, Solana and Tron BSC have eaten into Ethereum’s DeFi market, with 7.1 percent, 9.9 percent, and 3.0 percent growth rates, respectively, in the last month. In contrast, Ethereum’s DeFi TVL has declined by 3.3 percent.
Ethereum’s underperformance is largely attributable to its spot ETF. The crypto coin’s spot ETF was approved in late July, and it initially triggered an ETH price rally. However, the onset of negative investor sentiment in the stock markets precipitated a decline in interest for the ETF, as the initial hype cooled off.
Also, August came with a significant decline in Ethereum transaction fees, adding pressure to the coin’s price. However, the impending Fed interest rate cuts could potentially pump up investor confidence, which could help drive up demand for Ethereum ETFs. Also, the recent fall in the gas fees could attract investors back to the blockchain, especially in view of the notable decline in the returns generated by meme coins launched on Pump.fun and SunPump.
Ethereum price prediction
The momentum indicators on the 30-minute Ethereum price chart call for further upside. The price has recently crossed above the middle Bollinger Band level, signaling further gains above the 2,398 pivot mark. Also, the Stochastic Oscillator reading is at 60, adding support to the upside.
With the buyers in control, the first resistance will likely be at 2,415, but if the upward momentum strengthens at that level, it could enable a break above that mark and test 2,440. Alternatively, moving below 2,398 will signal control by the sellers, with initial support likely to be at 2,381. However, if the bears extend their control, they will breach that support and potentially take the price lower to tests 2,365.
