Ethereum Price Prediction as OnlyFans Parent Company Confirms ETH Holdings – Crypto Adoption on the Rise?
The Ethereum price has dropped by 1% in the past 24 hours, falling to $1,633 as the cryptocurrency market as a whole slips by 0.5% in the same amount of time.
ETH is now down by 2% in a week and by 12% in the last 30 days, with the coin remaining up by 36% since the beginning of the year.
Yet Ethereum could receive a boost in the next day or so, after it emerged yesterday that the parent company of adult content site OnlyFans has invested a chunk of its working capital in the altcoin.
And when combined with ETH's strong fundamentals, this news could help the coin recover from recent losses very soon.
With ETH falling 1% since Sunday night, its chart and indicators continue to look weakened, so weakened that it would be expected to rebound soon under normal circumstances.
For one, its relative strength index (purple) remains at 30, signalling continued overselling that has arguably undervalued ETH massively compared to its 'fair' price.
Secondly, the altcoin's 30-day moving average (yellow) has dropped significantly below its 200-day average (blue), a move which often indicates that a coin has been sold too heavily and is now at a considerable discount relative to recent levels.
As such, it can be expected that ETH should begin regaining momentum soon, although it remains to be seen whether its support level (green) will prevent further drops to new, lower floors.
Indeed, some analysts and experts have predicted in the past week that ETH could actually drop as low as $1,400 before seeing renewed growth.
Despite such pessimism, Ethereum's status as the market's biggest altcoin remains in tact, with its position boosted in the past day by the revelation that OnlyFans' parent company – Fenix International – has significant ETH
Read more on cryptonews.com
