As Bitcoin (BTC) retests a lower price range of around $66.6K, Ethereum’s price dropped by over 2% to trade below its critical resistance level, around the $2,675 mark. On-chain data shows that Ethereum whales have been offloading, and as a result, its fully diluted valuation dropped to $315 billion and a daily average traded volume of around $16.57 billion.
Notably, Ethereum’s price must rally above its upper critical resistance level around the $2,800 mark to trigger bullish sentiments. Cutoshi (CUTO), a new project on the Ethereum blockchain, could be a game changer in tilting the momentum in favor of the second-largest cryptocurrency by market capitalization.
Cutoshi (CUTO) Set To Change Ethereum Bearish Trends
Whilst Bitcoin’s sudden crash took Ethereum and the rest of the cryptocurrency market down, Cutoshi’s presale could change the tides in its favor. Introducing a fully decentralized community based hybrid ecosystem that has drawn considerable interest to its presale. Users can explore DeFi functionalities, including a multichain DEX, which enables them to swap cryptocurrencies across multiple blockchains.
This innovative approach adopts Satoshi Nakamoto’s core principles of monetary freedom, privacy, and decentralization, creating an ecosystem where decision making lies in the hands of its users. It further integrates a farming protocol to allow users to earn more token rewards. Cutoshi will also introduce its merch and NFTs to add more vibrance to the community. These features, coupled with its learning academy to bridge the knowledge gaps in DeFi and cryptocurrency, have set the project apart.
What’s more interesting is its built in scarcity model, which will foster continuous demand for the native token through token burning. This aspect has cemented its position in long term value appreciation. Currently, the CUTO tokens are selling at a modest price of $0.022. This is after it secured a 46% ROI for its early backers who bought the token in the first presale stage at $0.015.
Ethereum Price Retraces Below Its Critical Resistance Level
Ethereum’s price has dropped over 2% to trade below its critical resistance around the $2,675 range. The recent downturn is due to Bitcoin’s sudden crash, which took the second-largest cryptocurrency and the rest of the crypto market down with it. Despite Ethereum’s declining performance and volatility, its market capitalization stands at $316.6 billion, maintaining its position as the second-largest cryptocurrency.
Source: TradingView
Notably, its technical indicators suggest that the price of Ethereum is retesting a critical neckline resistance around the $2,800 mark of an inverted head-and-shoulder pattern. Moreover, the divergence in the daily Relative Strength Index (RSI) is rising. Interestingly, if the price of ETH manages to close above the $2,800 mark in the coming week, it will trigger a rally towards the $3,000 mark.
The ETH token did not retest the rising trendline on the weekly scale. This could mean an impending correction on the horizon before the anticipated parabolic run. The next Ethereum price action could heavily depend on Bitcoin. Notably, the broader cryptocurrency market could follow the precious metal industry, with Gold rallying to a new all-time high.
Can Cutoshi Change Ethereum’s Bearish Trends?
With increasing investor interest during presale, Cutoshi continues building bullish momentum. Its diverse market appeal will trigger massive adoption, fostering a soaring potential that can tilt the momentum in favor of Ethereum.
For more information on the Cutoshi (CUTO) Presale:
https://cutoshi.com/
Join and become a community member:
https://twitter.com/CutoshiToken
https://t.me/cutoshi