Ethereum is down by a steep 12% since losing ground at $2,000 in mid-April. The cryptocurrency recently dropped as low as $1,800 after Bitcoin fell beneath $28,000 in light of a renewed banking crisis and higher interest rates.
The break beneath $2,000 and the repeated failure to reclaim $1,900 has many analysts believing that Ethereum is heading to $1,500 in the next few days. Meanwhile, it seems that AI tokens are making a comeback after newly-launched presales such as yPredict and AiDoge start to gain significant traction. With AI continuing to be the talk of the town, keep reading to learn why AiDoge and yPredict are the next big AI crypto coins in 2023.
Ethereum Loses Ground Above $2,000
Although it’s still up over 50% from the 2023 opening price, Ethereum has struggled over the past fortnight after losing ground above $2,000 and falling by 12% to reach the current $1,800 level. The cryptocurrency performed well during March, reaching as high as $2,140 in April. Unfortunately, the bullish momentum stalled at this high, and ETH has since plummeted back beneath $2,000 – reaching as low as $1,800 so far in the process.
Many analysts are considering a liquidation cascade as the culprit to the recent price drop. Open Interest is a fantastic metric to understand what futures traders are doing in the market. Over the past few weeks, Open Interest has been climbing, which usually indicates that traders are bullish and the volatility is increasing;
However, in recent days, the Open Interest dropped significantly, which is likely a result of long positions being liquidated – adding further to the selling pressure and pushing prices lower.
Furthermore, on-chain data is starting to point to weak network fundamentals and reduced network utilization – as pointed out by crypto analyst Ali. The analyst states that there are increased active users, transaction volume, and block space demand – indicating a healthy Ethereum adoption. Unfortunately, the monthly average active addresses figure is being rejected by the yearly average – indicating the weak fundamentals and reduced utilization on the network;
#Ethereum | Increased active users, transaction volume, and blockspace demand indicate healthy $ETH network adoption.
However, the monthly average of active #ETH addresses has been rejected by the yearly average, suggesting weak network fundamentals and reduced utilization. pic.twitter.com/c5Lsl7hhmf
— Ali (@ali_charts) May 1, 2023
Popular Analysts Predict Target to $1,500
As a result of the falling prices, reduced open interest, and meager network utilization, analysts have predicted a further breakdown of ETH prices, with many targeting $1,500 as the next support.
One analyst sharing this sentiment is Moon Carl, a popular armchair analyst with a very large following. Carl pointed out that Ethereum is currently trading inside a head and shoulders pattern – a bearish reversal pattern that signals the uptrend has stalled and a reversal is in motion – in which a break of the neckline could result in an extended push lower toward $1,570;
CHART: #Ethereum Head & Shoulders Pattern. pic.twitter.com/59aOspi7gv
— The Moon (@TheMoonCarl) May 1, 2023
With that being said, let us take a look at the charts and highlight the important areas of support on the way down.
Ethereum Price Prediction: ETH Heading Beneath $1,500?
The chart above shows Ethereum on the daily chart since the start of 2023. We can clearly see a solid uptrend forming during the period, allowing Ethereum to rise as much as 55% from the yearly opening price. However, we can also see that Ethereum struggled to hold ground above $2,100 during mid-April, causing it to break beneath a short-term rising trend line and head as low as $1,790 last week.
The mid-April spike has created the head and shoulders pattern highlighted by Moon Carl, and if ETH were to break beneath the support at $1,790, then his prediction toward $1,500 would start to play out.
Looking ahead, the first significant support level lies at $1,790 – provided by the September 2022 highs. After that, the following levels of support are located at $1,750 (.5 Fib Retracement), $1,700 (July 2021 lows), $1,652 (June 2021 lows), and $1,560. This is followed by support at $1,500 – where analysts expect ETH to end up.
If ETH continues to fall beneath $1,500, added support lies expected at $1,490, $1,420, $1,350, and $1,280 (Feb 2021 lows).
On the other side, if ETH can hold the support at $1,790, the first level of higher resistance lies at $1,910. This is then followed by added resistance at $2,000, $2,100, and $2,165.
Unfortunately, the RSI is showing that the momentum is fully in the control of the bears right now, as it sits beneath the mid-level. With the bearish momentum, it’s highly likely that the head and shoulders pattern will play out and push ETH down to $1,500.
Meanwhile, AI Coins Make a Comeback as AiDoge and yPredict Gain Traction.
While the market starts to take a retracement, AI tokens seem to be re-appearing as the talk of the town. After a brief lull toward the end of Q1 2023, AI tokens are back in action as some of the hottest trending tokens on the market. In particular, two tokens are gaining significant traction during their fundraising stages.
One of the AI tokens is a groundbreaking meme content generation platform called AiDoge, and the other is an AI-based research and analysis platform called yPredict.
AiDoge – A Revolutionary AI-Powered Meme Platform
AiDoge is the greatest meme generation platform and the first cryptocurrency project that uses AI technology for meme generation. The project aims to merge meme culture with AI to create a groundbreaking AI-based meme rewards platform to create a novel meme-to-earn GameFi mechanism.
AiDoge is currently hosting a presale for its native token, $AI, and has already raised over $750,000 – in less than a week. The presale is currently in the second stage of fundraising, selling the token for a price of $0.0000264. However, it’s important to note that the presale uses a rising pricing strategy, meaning that the price for the $AI token will increase during each subsequent stage. So, for example, in the third stage of the presale, the price will rise to $0.0000268 and will continue to rise through the 20 scheduled stages.
🚨 Calling all #Meme lovers 🚨
The AiDoge #Presale is now live! Ready to unleash the power of AI and take your meme game to the next level?
Join the $Ai presale now and become a part of the #AiDoge community!
👉 https://t.co/ijyyM15dky#Blockchain #Memecoin #MemeRevolution pic.twitter.com/P4cpFhOykJ
— aidogecrypto (@aidogecrypto) April 26, 2023
As a result of the rising pricing strategy, those that invest during the earlier stages will have higher unrealized gains when they leave the fundraising and the token launches on top-tier exchanges at a price of $0.0000336.
AiDoge enables users to harness the power of AI technology to create timely and topical memes to receive rewards in $AI. In addition, the platform allows users to take advantage of AI technology to open up meme creation to a wider range of users in the crypto space, regardless of their previous artistic experience.
How Does AiDoge Work?
The AiDoge user interface is extremely user-friendly, allowing users to easily create their memes using text-based prompts. As a result, it only takes a few seconds to go from an idea to a ready-to-publish meme that can spread across the internet.
The text-based prompt allows users to write a short description of the type of meme they’d like to create, and the AI will use this information to instantly create the image. The best thing about the platform is that the AiDoge algorithm has been specifically trained on an extensive dataset of memes and crypto news, meaning it knows exactly what its users want to create. Furthermore, the data will constantly be updated to keep the memes it generates up-to-date.
To provide utility to the native token, users must purchase credits using $AI to generate memes. This feature helps to secure ongoing development and sustainability within the ecosystem. Once a meme has been generated, it’s sent straight to the Public Wall – a virtual space where users can share memes and upvote and downvote their favorites.
Memes that get regularly upvoted on the Public Wall receive rewards in $AI tokens to provide an incentive for engagement. As the AiDoge community grows, so will the monthly rewards for the top creators.
Overall, AiDoge is harnessing newly birthed AI generation technology to provide real-world utility to its memecoin token, which should help the value of the token skyrocket as the platform grows in adoption.
yPredict – AI-Based Trading Research & Analytics Platform
The next project that’s generating some serious traction in its presale is yPredict, a next-generation AI-based trading research and analytics platform that provides users with data-driven insights into the market to make better trading decisions and become consistently profitable.
The yPredict ecosystem is filled with Artificial Intelligence and Machine Learning experts, financial quants, and traders, who have come together to build cutting-edge trading research and analytical tools for the community.
The yPredict presale is currently underway as it approaches the $500,000 milestone. The presale is currently in the fourth stage and is selling the native token, YPRED, for a price of $0.05. Again, this presale will use an increasing pricing strategy, so it’s best to get in earlier rather than later to leave the fundraising with higher unrealized gains.
The YPRED token is integral to the ecosystem and will be used by users to purchase monthly subscriptions to high-performing AI-based price prediction models on the platform – making it an attractive investment opportunity for those looking for rich utility coins with room for exceptional price growth.
The price prediction models on the platform have been built using state-of-the-art financial prediction methods and metrics using live data – helping traders to strengthen their trading decision. Furthermore, data scientists can come to the platform to offer their results-based predictive models as a monthly subscription service – creating a research-as-a-service economy.
The primary features of the yPredict platform are:
- The price prediction marketplace.
- The suite of trading tools.
- The token trading terminal.
- The high APY staking pool.
The yPredict Trading Analysis Suite
📈 https://t.co/O3DpDatBLj offers AI signals, real-time alerts from 100+ chart patterns, technical analysis, sentiment analysis, & a trading terminal. Make informed decisions with powerful insights! #YPRED #yPredict #Investing #TradingTools pic.twitter.com/QxocgfgUyz
— yPredict.ai (@yPredict_ai) April 18, 2023
yPredict has a suite of trading and analytical tools that form the entire ecosystem. These include;
- Market Predictions
- yPredict Analytics
- yPredict Marketplace
- yPredict Terminal
The market predictions section serves as an open platform that requires no login. It allows users to check the latest asset price predictions generated through in-house developed predictive models and select developer models from the marketplace. The entire idea of this section is to provide an overview of the latest market predictions and attract a wide audience through its free access.
The yPredict Analytics section is the bread and butter of the analytical platform. It allows users to get an edge in the financial markets through a suite of analysis tools specifically designed for crypto. All YPRED holders will have free access to this section of the platform, adding further to the token’s utility. The suite of tools includes indicators such as pattern recognition, sentiment analysis, indicator analysis, and transaction analysis – providing an in-depth alert system for traders to enter into trends before they start to move.
The yPredict Marketplace is where AI/ML developers can use their financing skills to create their own results-as-a-service price-prediction models. The section is designed to connect traders with skilled developers, allowing traders to subscribe to the prediction models on a monthly basis. 70% of the revenue generated from subscriptions goes back to the developers, with the rest of the funds being injected back into the ecosystem.
Finally, the yPredict Terminal is a professional-grade trading platform that lets traders execute orders directly from the dashboard, removing the need for them to connect to a wide range of different exchanges.
Overall, this suite of tools is designed to help traders make better decisions and earn more profit when they place trades. The best thing about investing in the YPRED token itself is that it has a strong utility base that will continue to flourish as more traders subscribe to the prediction models on the platform.
