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The Ethereum price dropped over 2% in the past 24 hours to trade at $3,423.87 at press time.
Ethereum Trader Sees 750-Fold Gain Investing in Memecoin
A trader dealing in Ethereum has witnessed an astronomical surge in wealth, seeing a 750-fold increase in riches after investing $8,300 in a frog-themed memecoin just a month ago. This remarkable turn of events unfolded as the price of the memecoin, named Apu Apustaja (APU), experienced a substantial surge on April 11, propelling its market capitalization to nearly $200 million.
Is #MEME season on #Ethereum coming again? This trader turned $9K into $6.27M on #Ethereum in only 1 month, a gain of 693x! He spent 2.385 $ETH($9K) to buy 8.36B $APU from Mar 11 to Mar 24. The 8.36B $APU is now worth $6.27M!https://t.co/hcpCnTWxL1 pic.twitter.com/LXlB5dVSWY — Lookonchain (@lookonchain) April 11, 2024
The blockchain analytics firm Lookonchain brought attention to a trader’s decision to invest in APU a month prior to its recent price surge.
Ethereum Price Resting Near Support
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price has showcased a slight downturn in the last 8 hours. A detailed technical analysis reveals potential movements and entry/exit points for traders eyeing both long and short positions.
Key resistance levels stand at $3,513.87, $3,531.18, and $3,560.00, while crucial support is noted at $3,392.76, $3,376.46, and $3,340.09. These levels are pivotal in understanding the potential direction of Ethereum’s price action in the coming sessions.
Analyzing the Moving Average Convergence Divergence (MACD), the indicator presents a mixed picture. While the MACD line has shown a slight increase, the histogram reflects a declining trend, signaling potential weakness in bullish momentum. Additionally, the Relative Strength Index (RSI) hovers around the neutral zone, indicating a balanced market sentiment with neither overbought nor oversold conditions.
Possible Trade Strategies
In a bullish scenario, a sustained break above the resistance levels could trigger a bullish trend continuation, with potential entry points at the breakout level or on a retest of the resistance turned support. Traders may consider placing stop-loss orders below key support levels to manage risk.
Conversely, a bearish scenario may unfold if Ethereum fails to surpass the resistance levels and experiences a breakdown below crucial support. Short positions could be initiated upon confirmation of the breakdown, with potential exit points at the next support level or upon a bullish reversal signal.
Disclaimer: The information presented in this article is for informational and educational purposes only. It does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution and conduct their own research before making any financial decisions.
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