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An anonymous millionaire has drawn attention to IntelMarkets after investing $300 million, coinciding with significant outflows from the Ethereum ETF and suggesting a promising rally for the trending $0.09 AI coin.
Despite the Ethereum ETF revitalizing interest and pushing ETH prices back into focus, current market sentiment surrounding the altcoin has caused it to retreat once more.
As speculation around Ethereum’s price continues, IntelMarkets (INTL) is gaining traction with its innovative AI-driven tools and impressive presale success of $11 million raised.
ETH forecast shows signs of decline amid significant Ethereum ETF outflows
Over the last six trading days, the ETH price has oscillated tightly between $1,820 and $1,960, indicating that the altcoin is finding it challenging to build momentum. As ETH consolidates, market players are assessing the implications of continued outflows from Ethereum ETFs. A critical support point around $1,886 is currently attracting substantial buying interest from investors.
The resolution of this consolidation phase could set the stage for the next move in ETH’s pricing. Ethereum ETFs have experienced three consecutive weeks of net outflows, with $189.9 million pulled out last week alone. This brings the cumulative total to $645.08 million, highlighting a lack of institutional interest.
Ethereum’s technical indicators suggest bearish trends
The RSI for Ethereum on both the 4-hour and daily charts is currently situated in bearish territory, indicating potential further declines in ETH prices. On the 4-hour chart, both the 50 and 100 EMA have created a resistance zone near the $2,000 psychological marker. In terms of support, on-chain data reveals that investor supply at $1,886 has increased to 1.9 million ETH.
This points to many investors seeing this level as vital and accumulating more ETH, resulting in a robust potential support area. If Ethereum’s consolidation is fueled by the accumulation of long positions, a breakout above $2,000 could signal a shift in the broader outlook towards bullishness. However, the substantial outflows in Ethereum ETFs could hinder ETH’s progress.
Breaking past this key resistance level could spark renewed buying momentum, possibly leading to a more sustained rally. The situation remains precarious, with ETF outflows putting pressure on prices while investor accumulation at $1,886 offers prospective support. If ETH fails to surpass $2,000, further declines may be on the horizon.
Outflows channel $750,000 into IntelMarkets’ presale
As many crypto traders transition towards AI-focused platforms, IntelMarkets is seeing an upsurge in interest for its AI token among investors. Recently, an anonymous wallet made a substantial investment of $750,000 into IntelMarkets’ ongoing presale surge. This high-value transaction propelled INTL’s presale total to $11 million, with expectations for additional inflows forthcoming.
The platform boasts a suite of AI-enhanced trading tools designed to optimize traders’ operations in a constantly evolving crypto market. It also features a leaderboard that provides a real-time ranking of top traders in the ecosystem. Participants can gain advantages by ranking high on the leaderboard with INTL, also benefiting from perks and reduced trading fees.
Analyst predicts IntelMarkets could soar to $0.42
The recent market shifts have positioned IntelMarkets as a formidable competitor to Ethereum amidst prevailing bearish trends. Numerous analysts believe this AI platform could surge to $0.42 in the near future. IntelMarkets integrates trading bots trained on over 100,000 data points.
IntelMarkets is dedicated to adapting to market trends and providing users with a competitive advantage over other traders. This advanced platform empowers users to confidently engage in high-stakes trades with AI-driven precision, unlocking new opportunities for portfolio enhancement.
To discover more about IntelMarkets, explore its website, Telegram, and Twitter.
Disclosure: This content was provided by a third party. Users should conduct their own research before engaging with the mentioned company.