Ethereum may retest $2,500, investors dig into Meme Moguls presale
Significant developments for Ethereum (ETH) holders unfolded this month with the submission of official Ethereum ETFs to the U.S. SEC for consideration.
If approved, it could reshape Ethereum’s landscape by facilitating institutional investment.
Meanwhile, investors are actively participating in the Meme Mogul (MGLS) presale, a project aspiring to become a meme-backed stock market/exchange.
Ethereum remains bullish
Ethereum has been underperforming compared to other top cryptos like Bitcoin (BTC) and Solana (SOL). However, the recent surge of ETF filings has rekindled interest in the second-largest coin.
Analysts predict that Ethereum could finally break above the $2,100 resistance level and reach $2,500 this November, representing a 22% increase from its current price of $2,045.
The approval of the first spot Bitcoin ETF would signal a growing consensus that an Ethereum ETF is also likely to be approved, potentially triggering a bull market.
However, surpassing the $2,500 mark will be challenging, as Ethereum has faced strong resistance at this level since May 2022. Even so, a breach of this resistance could pave the way for a significant rally, with some analysts predicting a potential all-time high of $5,000 by the end of 2024.
Another bullish factor for Ethereum is the upcoming EIP-4844 upgrade, which will further reduce gas fees. While layer-2 protocols have already improved transaction costs, EIP-4844 is expected to take this to the next level. For instance, Optimism gas fees might drop from $0.38 to $0.040 once this proposal goes live.
With an ETF on the horizon, a favorable technical setup, and fundamental developments, Ethereum could reach $2,500 this month.
Investors looking at Meme Mogul presale
Amid Ethereum’s potential price surge, Meme Mogul, a meme-backed stock market, has garnered investor attention with its recent presale launch.
The platform facilitates meme trading akin to traditional stock markets, aiming to tap into the rising influence of memes in society.Â
Meme Moguls has sold millions of MGLS in the ongoing presale. With MGLS trading for $0.0019, traders expect more gains in the months ahead.
The Meme Moguls ecosystem includes Moguls Casino, Meme Moguls Fantasy Trader, and Mogul Land, offering rewards and entertainment.
Additionally, MGLS holders have access to staking, voting rights and can participate in presale giveaways.
With a memecoin market cap at $17 billion, some analysts expect MGLS to rise in tandem.
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