Ethereum (ETH) price has recently experienced a 13% decline, with prices dipping towards the end of September. Despite this drop, Ethereum is currently holding strong above its bear market support floor, suggesting that the cryptocurrency may be poised for a recovery. 

Investors are now looking for bullish signals that could push ETH beyond the six-week barrier, bringing new opportunities for price growth.

Ethereum Investors Are Resilient

Ethereum’s long-term holders (LTHs) are showing renewed strength, as indicated by the Liveliness metric. This indicator tracks LTHs’ behavior, declining when they accumulate and increasing when they liquidate their holdings. Currently, the LTHs are in accumulation mode, a positive sign for Ethereum’s price trajectory. 

As more holders choose to HODL, the potential for a bullish breakout increases, signaling long-term confidence in the cryptocurrency. This stability could be the foundation Ethereum needs to break through its current resistance levels.

Read more: How to Invest in Ethereum ETFs?

From a technical perspective, Ethereum is also showing signs of macro-bullish momentum. The Relative Strength Index (RSI) has been trending positively since the beginning of August, hovering near the neutral line at 50.0. Once this line is flipped into support, Ethereum’s bullish momentum will likely gain further strength, pushing prices higher. 

The macro momentum, supported by technical indicators like the RSI, suggests that Ethereum is building a solid foundation for further gains. If the broader cryptocurrency market remains stable, Ethereum could capitalize on this momentum and target higher price levels in the coming weeks. 

ETH Price Prediction: Old Barriers, New Highs

Ethereum is currently trading at $2,431, holding above the critical 23.6% Fibonacci Retracement level at $2,401, also known as the bear market support floor. As long as ETH remains above this level, it is likely to continue consolidating while awaiting a bullish trigger that could drive its price higher.

Should the anticipated bullish signals arrive, Ethereum could surge towards $2,591. This level coincides with the 38.2% Fibonacci line, and flipping it into support could allow ETH to rise towards $2,745. Notably, this price point has remained unbreached for the past six weeks, making it a key target for Ethereum’s next breakout.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

However, if Ethereum fails to gather enough momentum to surpass $2,591, the price may consolidate within this range, remaining above $2,401. This lack of movement would invalidate the bullish outlook, leading to a prolonged period of sideways trading.

Tron founder Justin Sun rescued American singer, songwriter, and record producer Ty Dolla Sign from losing his Sundog (SUNDOG) meme coin bag.

SUNDOG is one of the Tron network’s leading meme coins, boasting a market capitalization above $265 million. It is fueled by large investments and vocal support from the controversial Tron executive.

Justin Sun Bails Out Ty Dolla Sign’s $409,000 SUNDOG Mishap

The American celebrity Ty Dolla Sign mistakenly sent 1.66 million SUNDOG tokens, valued at $409,000, to a contract address instead of his TRX account. To assist him, Justin Sun, founder of Tron, stepped in by sending 3,194,887 TRX tokens (worth $500,000) from his HTX4 wallet to Ty Dolla Sign, stating that this would help him “get back in the game.”

Ty Dolla Sign then used the TRX tokens to re-invest in the SUNDOG meme coin. According to data on Tronscan, the artist swapped the 3,194,887 TRX tokens for 1,635 SUNDOG coins on SunSwap V3, effectively channeling the funds back into the meme coin market.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Lookonchain data supports the report on Ty Dolla Sign’s token recovery. However, the incident sparked conversations around token recovery after such massive losses. 

“You are telling me that if I’m dumb enough to burn my $400k I’ll get $500k back? Where do I sign?” Dead Cat Bounce, a pseudonymous user on X commented.

It remains unclear whether Ty Dolla Sign’s celebrity profile played a role in attracting Justin Sun’s attention. Nevertheless, it is worth noting that the behavior and outcome when one sends tokens to a contract address varies. Specifically, it depends on the contract’s design, with one of five outcomes possible:

• Rejection. Some contracts’ designs are such that they reject incoming token transfers. In this case, the tokens sent to the contract address are not accepted, and the transaction may fail.
• Fallback Function Execution. If the contract has a fallback function or a receive function defined, it may execute certain code logic when one sends tokens to the address. This function could handle the incoming tokens in a specific way defined by the contract creator.
• Token lockup. The contract’s programming may be such that it locks up or stores the tokens sent to it for specific purposes outlined in its code. These tokens could be held in escrow or used for certain functionalities within the contract.
• Token Swap/Exchange. Some contracts allow for token swaps or exchanges. One can then exchange the tokens sent for other tokens or assets, depending on the contract’s rules.
• Loss of Tokens. In some cases, sending tokens to a contract address may result in the loss of those tokens if the contract does not handle incoming tokens properly or if the contract code has vulnerabilities.

Ty Dolla Sign’s incident highlights the need for caution when performing crypto transactions. It also stresses the importance of reviewing a contract’s code and functionality before sending tokens to a contract address, to avoid potential losses.

Read more: 7 Best Tron Wallets for Storing TRX

Against this backdrop, however, SUNDOG’s price is up by 5.45%. It has effectively outperformed leading meme coins like DOGE, SHIB, and PEPE, which are down between 6% and 10%. As of this writing, the Tron-based meme coin is trading for $0.2588.

Tomorrow, October 9, Dogs (DOGS) and Notcoin (NOT) will jointly burn $4 million worth of tokens that have remained unclaimed since both projects distributed tokens in Telegram airdrops.

This event has sparked speculation about the potential impact on their respective prices. As the community awaits this moment, BeInCrypto examines how the dynamics of demand and supply could affect NOT and DOGS.

Both Notcoin and Dogs have decided to burn their tokens after receiving the green light from the community. To encourage participation, the official channels of these Telegram-native projects announced that the event will be streamed live on X (formerly Twitter) at 1 p.m. UTC.

For context, projects engage in token burning by permanently removing tokens from circulation to enhance scarcity and potentially increase the long-term value of their cryptocurrencies. In total, DOGS will burn 4.8 billion tokens, while Notcoin will contribute the remainder, bringing the total burn to approximately $4 million

However, it is important to mention that Dogs and Notcoin did not launch around the same period. While Notcoin distributed over 80 billion tokens in Telegram airdrop in June, Dogs gave out about 400 billion tokens to eligible users. 

Currently, DOGS changes hand at $0.00072, 55% down from its launch price. Notcoin’s price is down 46% from its all-time high. Despite this, the Weighted Sentiment around the projects has jumped, suggesting that the broader community is bullish about the event.  

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

Meanwhile, a DOGS representative spoke to BeInCrypto regarding the recent decision surrounding their event. The representative clarified that the decision-making process was transparent, with every token holder given the opportunity to participate.

However, they noted that there was a collective decision not to burn all unclaimed airdrops, indicating that this choice was made with input from the community and based on a majority consensus.

“Instead of opting for a short-term gain by burning all (or at least a higher proportion of) unclaimed tokens — which would have likely boosted immediate value — our community voted to allocate a significant portion of these tokens to charitable causes,” the spokesperson told BeInCrypto.

DOGS and NOT Prices Target Breakout

A look at the 4-hour chart shows that DOGS’ price is attempting to rise above the descending triangle, characterized by a flatter horizontal trendline and a descending one. When the price falls below the horizontal trendline, the token in question could undergo another correction.

On the other hand, if the price breaks above the descending trendline, a rally occurs. As seen below, DOGS’s price is far above the horizontal part and could rise past the triangle. The Relative Strength Index (RSI), which measures momentum, also backs this prediction as it is above the zero signal line.

Should this remain the same after the token burn, DOGS could jump toward $0.00088 and likely hit $0.0010 afterward. The prediction might, however, be invalidated if the token drops back to the horizontal line at $0.00068.

Meanwhile, Notcoin’s market structure on the daily chart is similar to DOGS’ technical setup. From the chart below, NOT’s price is looking to break the $0.0085 resistance. If successful, Notcoin’s price could jump toward $0.11 and eventually $0.014. However, if the token fails to rise above the overhead resistance, a decline to $0.0072 could be possible. 

Read more: Top 9 Telegram Channels for Crypto Signals in October 2024

In the meantime, the Dogs team noted that it would donate the remaining 6 billion unclaimed Telegram airdrop tokens to charitable causes related to children and animals.

“All the donations made have always been and will always be clearly presented to the community ensuring accountability. The most active community members will in the future be able to take part in real-life charity initiatives,” the project’s representative added.