Dogecoin saw a brief rally after news of a spot DOGE ETF application from Grayscale emerged. However, the hype around the memecoin has quickly faded, with the Dogecoin price now down by more than 5%. The Ethereum price is also facing similar bearish action.
The Ethereum price has plunged by more than 7% as the amount of $ETH lined up to be unstaked has surged to a new peak. While other coins are facing bearish pressure, there has been a surge in demand for the new AI investment project, Unilabs (UNIL).
Ethereum (ETH) Faces Massive Selling Pressure
After attempting to crack the $4,800 level for the first time since November 2021, the price of Ethereum has faced a sharp correction. As a result of this price drop, the Ethereum price has plunged from a weekly high of $4,795 back to the $4,250 range.
The price drop comes at a time when selling pressure is high for Ethereum. According to data from Validatorqueue.Com, 861,211 ETH is on queue to be unstaked. At current prices, this represents more than $3.67 billion, showing that many investors are already taking profits.
The technical outlook has also added to the Ethereum price correction. ETH breached the 23.6% Fibonacci retracement ($4,450) and pivot point at $4,483, eliminating recent bullish structure. On August 18, spot Ethereum ETFs showed $152 million in redemptions, pointing to a dip in the appetite of investors.
The Ethereum price trajectory in the near term hinges on the performance around the $4,200 and $4,000 resistance levels. If the Ethereum price can hold above this level, then a rebound can happen, but losing these support levels will lead to further breakdown.
Dogecoin (DOGE) Hype Fails After ETF Announcement
Last week, it was announced that Grayscale had filed for a spot Dogecoin ETF. After a brief period of excitement where the Dogecoin price pumped by 3.6%, things have cooled off and the memecoin is now facing decline.
According to data made available by CoinMarketCap, the Dogecoin price has recorded a 5% drop today, leading to a retracement back to the $0.220 range. Despite the poor performance of the Dogecoin price following a monumental announcement, several top crypto analysts have remained bullish about DOGE.
According to Ali Charts, the TD Sequential just flashed buy on the Dogecoin price chart. This suggests that DOGE could record an increase as early as this week.
DeltA said that the Dogecoin price is forming a Head and Shoulders pattern, with the $0.220 support zone acting as the pattern’s neckline. If the Dogecoin price breaks hold, we may see the meme coin rally to the $0.250 range next.
All Eyes on Unilabs (UNIL) As It Transforms the DeFi Investment Space
While many top crypto coins are facing a decrease in investor interest, investors have been rushing to Unilabs (UNIL). A major reason for this is that Unilabs is one of the new DeFi projects designed to transform the DeFi investment space with artificial intelligence.
Unilabs is not based on hype like the memecoin market, but on utility, helping investors to make better investments. Unilabs utilized the Early Access Scoring System (EASS) to help its users find the best crypto investment opportunities early to make the most out of each project they back.
That is what drew the interest of Crypto Show, a YouTuber who has 113k followers and described Unilabs as the opportunity that a regular investor could gain access to tools that were only accessible to hedge funds. The Unilabs platform already manages more than $30 million, highlighting how much trust investors are building in its ability to make them profitable.
Unilabs also uses AI to manage four different funds, AI Fund, BTC Fund, RWA Fund, and Mining Fund, splitting the investments to maximize the returns of its users.
Unilabs is already gaining a lot of popularity in its crypto ICO, with more than $13.7 million already raised, and the token price as of yet only reaching $0.0097. Its market cap could jump to above $500 million, which analysts believe could bring a 10x upside in the next 18 months.
Why Investors Are More Interested in Unilabs Than Top Altcoins
The recent surge of demand shows that Unilabs could be the future of investment ahead of the likes of Ethereum and Dogecoin. While the Ethereum price could still increase, it does not compare to the future potential that Unilabs possesses, as it not only has massive room to grow, but also helps investors pinpoint projects that could be the best cryptos to buy early on.
Find out more about the Unilabs (UNIL) Presale Today:
Website: https://unilabs.finance/
Telegram: https://t.me/unilabsofficial
