Crypto Daily - The Ethereum price is down nearly 32% since the start of August, trading as low as $2,170 today.
ETH has fared even worse than Bitcoin in today’s crypto crash, declining by nearly 15% in the past 24 hours. This is largely due to Jump Crypto liquidating much of its ETH holdings.
However, according to the Ethereum price predictions from experts, the largest altcoin could be very near its local bottom. Indeed, the ETH price has bounced back up by 4% and is now trading at $2,400 at press time.
Despite the uncertainty in Ethereum, smart money investors believe that new ETH meme coins such as PlayDoge and Pepe Unchained could be amongst the best altcoins to buy going forward.
Ethereum Price Prediction - Jump Crypto Dumps ETH
Popular trading firm Jump Crypto unstaked nearly $315 million worth of ETH and sent $46 million worth to exchanges, triggering a much steeper decline in the Ethereum price.Experts believe that the company could be exiting the crypto space or simply getting margin-called on their equities positions and require liquidity. The former scenario could be bullish for ETH in the long term, considering that Jump Trading’s practices have been a major cause of concern for Ethereum and the rest of the crypto market.
Notably, the US CFTC is also investigating Jump’s crypto investments.
The broader-based decline in global financial markets is also adding to the selling pressure on ETH. Japan’s Nikkei had the worst 2-day drop in its history after the Bank of Japan hiked interest rates late last month, resulting in a massive unwinding on Yen carry-trades.
The US stocks have also crashed after weak jobs growth and a high unemployment rate in July sparked concerns of an upcoming recession. The Sahm indicator being triggered has further fueled these fears.
Kamala Harris Rises In Polls The risk of an all-out war in the Middle East and Kamala Harris’s recent surge in the polls against pro-crypto Donald Trump has made matters more uncertain for the crypto market and Ethereum.
Kamala Harris is yet to take any clear stance on cryptocurrency but has met with crypto representatives in recent weeks.
However, some experts believe that ETH could now be near its local bottom. According to the Ethereum price prediction from Andrew Kang - a popular crypto trader with nearly 300k X followers - he will no longer be betting on further downside for ETH and would rather scour for buying opportunities.
If the local bottom isn’t already in for ETH, it could form one above its 200-week Exponential Moving Average, which is currently hovering at $2,050.
Best Altcoins To Buy Now
Even if Ethereum bounces back, it will likely show range-bound price action until it reaches $3000 again.However, Ethereum meme coins such as Pepe and Floki - which act as leveraged ETH - could be excellent buys. As previously mentioned, smart money traders consider new ERC-20 meme coins as some of the best altcoins to buy right now.
For instance, a play-to-earn meme coin - PlayDoge (PLAY) - has raised nearly $6 million in its ICO. Popular trader Cilinix Crypto - who has over 66k subscribers on YouTube - recently revealed that he has made a sizable investment into $PLAY.
The strong demand for PLAY isn’t exactly surprising. Meme coins with GameFi utility can end up being major successes, as seen in the case of Floki, Notcoin and Hamster Kombat.
Indeed, PlayDoge’s Tamagotchi-style gameplay offers exciting rewards for gamers, who can earn free crypto simply by completing a series of 2-D classic adventures. Investors can also earn attractive passive income simply by staking their PLAY hodings.
Owing to its unique value proposition, analysts believe that early buyers can earn up to 10x returns with PlayDoge.
Similarly, another new Ethereum meme coin Pepe Unchained (PEPU) is in high demand during its presale, having already raised over $7.3 million.
Thanks to its own Layer-2 blockchain, low trading costs and high staking rewards, smart money investors believe that PEPU could follow in the footsteps of Pepe and is one of the best altcoins to buy now.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
This content was originally published on Crypto Daily
