The Ethereum price has broken through the $3,100 level and is looking to continue its bullish trajectory.
The ETH/BTC is also primed for a bullish reversal, signalling a massive altcoin rally in the coming weeks.
Indeed, experts are backing meme coins, AI cryptocurrencies and new altcoins such as Sealana and WienerAI to explode in the coming days.
Ethereum Price Hits $3,100
A significant crypto market rally was only a matter of time. Wednesday’s CPI data showed cooling inflation levels in the US economy, leading to an increase in the probability of interest rate cuts this year.
The Ethereum price responded today by rallying to $3,100, up 5% in the daily time frame. Data from CoinMarketCap reveals that the ETH market capitalization is now above $373 billion.
The ETH/BTC trading pair is also up by 2.5% today on Friday, signalling that Ethereum and altcoins are leading the current market rally.
More importantly, ETH/BTC successfully retested its crucial 99 Simple Moving Average support level and has bounced back up from it.
$ETH /BTC
— Nebraskangooner (@Nebraskangooner) May 17, 2024
Retesting 99sma on monthly.
Good spot as any to bounce pic.twitter.com/kMUS37Dppi
A successful weekly close above it could mark the start of an ETH/BTC reversal and an altcoin bull run.
ETH Price Prediction – Could Ethereum Close May Above $4000?
Experts believe that the Ethereum price rally is nowhere near over. With the open interest continuing to tick up, another explosive move is only a matter of time.
ETH is also creating a falling wedge, a decidedly bullish pattern that could catapult its price to over $4000 in the coming days.
$ETH seems to be breaking out from the falling wedge
— Honey (@honey_xbt) May 17, 2024
if the candle closes above it, $4ks next 🏌️♀️ pic.twitter.com/xYNgx0ppsz
However, all eyes now turn to May 23rd, the final deadline for SEC’s decision on VanEck’s spot Ethereum ETF. The market is currently pricing in a rejection from the SEC.
However, Coinbase recently claimed that the market may be severely underestimating the odds of a spot Ethereum ETF approval. This could result in a massive ETH rally, leading to ETH closing the month of May above $4000.
Meme Coins and AI Tokens Could Lead a Potential Altcoin Rally
Meme coins and AI cryptocurrencies continue to be two of the most in-demand asset classes during this bull market.
Meme tokens such as Dogecoin, Dogwifhat and Floki and AI tokens such as Fetch and Render could emerge as some of the top gainers during the oncoming altcoin rally.
New meme coins such as Sealana and WienerAI could also steal the show in the coming weeks.
The Sealana meme coin is currently in its presale phase, having already raised close to $1.5 million.
The token’s mascot – a hilarious representation of a stereotypical crypto trader – seems to have tickled the fancies of smart-money traders.
Some of them have even backed Sealana to potentially deliver up to 100x returns after its launch.
Similarly, YouTube trading experts are not dismissing the possibility of WienerAI offering up to 1000x ROI. This new meme coin is a combination of two of the most in-demand narratives – memes and AI.
The WienerAI presale has recently raised over $2 million in its ICO, thanks to its cutting-edge AI trading bot which offers significant benefits to token holders such as enabling seamless swaps and MEV protection.
