Ethereum (ETH) has been on a downward slide over the past ten days, losing 10% of its value since the beginning of October.
This prolonged decline has led many traders to shift their attention to alternative coins with better price potential than ETH.
One coin gaining attention in this regard is Bitcoin Minetrix (BTCMTX) which recently crossed the $1 million mark in its ongoing presale.
Ethereum Price Struggles as Technicals Weaken
ETH has struggled to maintain its footing above the key support at $1,550, tapping the level several times over the past few days.
After reaching highs of around $1,750 at the beginning of October, ETH has since lost substantial value amid a broader risk-off environment in the crypto market.
The technical picture looks weak for Ethereum, with price trading below the 50-day and 200-day Exponential Moving Averages (EMAs) on the daily time frame.
Even if ETH were to rebound from its current level, the token would likely encounter resistance around $1,600, which has previously acted as support.
On the other hand, if ETH closed below the crucial $1,550 zone, this could trigger a steep sell-off to the wick around $1,530 or even lower.
With ETH trading volume also falling 9% in the past day, this indicates reduced interest from traders potentially making the token more vulnerable to sharp declines.
Prominent Figures Liquidating ETH Adds to Selling Pressure
A key factor weighing on Ethereum lately has been selling pressure from prominent figures in the networks ecosystem.
On-chain data shows that addresses associated with Vitalik Buterin and the Ethereum Foundation have recently liquidated millions worth of ETH into fiat, sparking speculation around their motives.
Much attention has been paid to Buterins transactions specifically, given that they could be viewed as questionable considering his influence over Ethereum.
This selling pressure comes amid other challenges for ETH, like increased regulatory scrutiny on the crypto market as a whole.
Moreover, the newly launched ETH futures ETFs saw poor demand last week, raising concerns that institutional investors aren't as bullish on Ethereum as previously thought.
With this confluence of negative factors, it's no surprise that the ETH price has struggled recently.
Which Tokens Are Traders Pivoting to Instead of ETH?
With Ethereum faltering, traders are shifting funds into alternative coins that are showing more momentum.
One example is the new presale token Bitcoin Minetrix, which offers an innovative way for everyday investors to mine BTC through the cloud.
Bitcoin Minetrix Seeks to Reshape Bitcoin Mining with Groundbreaking Stake-to-Mine Model
Bitcoin Minetrix (BTCMTX) is a promising new cryptocurrency that seeks to change how Bitcoin mining works through its revolutionary Stake-to-Mine mechanism.
This mechanism allows users to stake BTCMTX, Bitcoin Minetrixs native token, to earn "mining credits."
These mining credits can then be burned to access cloud mining power, allowing users to generate recurring BTC rewards.
Staking BTCMTX tokens also produces rewards, with an impressive 571% APY on offer for those who decide to pledge.
Ultimately, by simplifying the process of crypto mining, BTCMTX makes the process more democratic, flexible, and accessible.
This novel concept has already led to substantial presale success, with over $1 million raised and almost 2,000 people following Bitcoin Minetrixs Twitter account.
The project's presale will have ten stages, each with a gradually increasing price point, meaning those who invest during Stage 1 will be rewarded with the lowest entry price, set at $0.011.
Major influencers have also discussed Bitcoin Minetrixs passive income potential, with Michael Wrubel highlighting the planned exchange listings as a reason to be bullish on BTCMTX.
Looking ahead, Bitcoin Minetrixs team has bold plans to continue expanding, aiming to launch a mobile app and foster strategic partnerships to boost cloud mining capacity.
With Ethereums prospects looking increasingly bleak, BTCMTX is positioning itself as a viable alternative in the final months of 2023.
DISCLAIMER: This is not to be taken as investment advice. Crypto is a volatile asset, do your own research before investing and only invest money you can afford to lose. We may receive commission for clicking links in this article.
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