Ethereum price went parabolic on Friday as the second-biggest cryptocurrency in the world soared to the highest level since May last year. It soared to a high of $2,137, which was ~143% above its lowest level in 2022. This is a sign that the raging bull in the crypto industry has returned considering that Bitcoin has also jumped above $30,500. So, what does this mean for AltSignals (ASI)?
Ethereum gains after Shapella upgrade
The biggest crypto news of the week was the activation of Ethereum’s Shapella upgrade. This upgrade was the biggest event in Ethereum’s history since the merge happened in September last year. It simply allowed Ethereum stakers to withdraw their coins.
Before the upgrade happened, the consensus view among analysts was that Ethereum price would pull back sharply as more coins came to the market. This, however, was not the case, as Ethereum price has continued soaring in the past few days.
This rally happened mostly because of the ongoing macro events. Data published on Wednesday showed that America’s inflation dropped from 6% in February to 5.0% in March this year, the lowest it has been since 2021. It has dropped in the past 8 months consecutively.
Therefore, analysts believe that the Federal Reserve will start pivoting in the coming months considering that the economy is slowing. Last week, data from both S&P Global and ISM showed that the country’s manufacturing and non-manufacturing PMIs declined in March.
Additional data revealed that wages in the US continued slipping even as the unemployment rate dropped to the lowest level in more than 50 years. Therefore, there is a likelihood that the economy is losing momentum.
Fed minutes published this week showed that some members favored pausing interest rate hikes in March. The bank also signaled that the economy would likely move into a recession later this year because of the recent banking crisis.
In crypto and stocks, bad news tend to be good news because it means that the Fed will be supportive. As you recall, the crypto rally in 2021 happened at a time when the Fed was easing aggressively,
Ethereum price prediction
The daily chart shows that the ETH price has been in a strong bullish trend in the past few days. Along the way, it moved above the important resistance point at $2,040, the highest point in August last year. It formed a golden cross pattern in March when the 200-day and 50-day moving averages made a crossover.
The coin has also jumped above the 23.6% Fibonacci Retracement level. Therefore, there is a likelihood that the coin will continue rising as buyers target the next psychological level at $3,000.
Implications for Altsignals (ASI)
The return of the raging bull in the crypto market is good news for new and upcoming altcoins like Altcoins. Established in 2017, AltCoins is a leading company that provides cryptocurrencies, Binance futures, and forex signals. It has a great reputation, as evidenced by its TrustPilot reviews.
The developers are now seeking to grow the platform by integrating artificial intelligence technology. As part of this development, they are offering a token sale that will leverage technologies like machine learning, predictive modeling, and natural language processing, The new AI stack in the platform is known as ActualizeAI.
The ASI token presale is doing well as the developers have already sold tokens worth over $545k. In my last article on AltSignals, they had just raised about $400k of their target of $1.08 million tokens.
Therefore, with each token selling for $0.015, ASI seems like a cheap way to ride the artificial intelligence wave and the crypto rally.
There are several reasons for investing in AltSignal. First, cryptocurrencies are in a bull run that could see them reach their all-time highs. If this happens, most tokens will likely bounce back as well. Second, AltSignals is already a profitable company with a vibrant community that receives the platform’s signals.
Third, it incorporates the concept of AI, which is growing rapidly following the success of ChatGPT. Finally, ASI is too cheap and there is a possibility that the price will go vertical when it is listed in exchanges. You can take part in AltSignals presale here.
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