Ethereum Price To $2800, Bitcoin To $47,000 As Crypto Presales Surge In Demand

The Ethereum price is currently trading at $3,100, up nearly 2% over the past day. However, popular crypto analyst Johnny (@CryptoGodJohn) – who has nearly

The US stock market continues to show signs of weakness, with the NASDAQ 100 dropping nearly 2.5% over the past 24 hours and the S&P 500 decreasing by 1%. This market sell-off is putting pressure on crypto prices as well.

Despite the broader market sell-off, the cryptocurrency market has shown surprising resilience. While there is some correlation between crypto and equities, especially in extreme market conditions, it appears that crypto prices are largely holding up.

However, several crypto analysts believe that BTC and large-cap altcoins are unlikely to continue rising sharply while the stock market is crashing. Additionally, several entities are selling their BTC holdings, which is adding to the selling pressure on the crypto market.

As a result, some experts believe that the ETH price could crash to $2800, while BTC might correct to $47,000. Unsurprisingly, investors are pivoting to stablecoins and crypto presales, considering they are not impacted by short-term market sentiment.

ETH Price To $2800, BTC To $47,000

The ETH price is currently trading at $3,100, up nearly 2% over the past day. However, popular crypto analyst Johnny (@CryptoGodJohn) – who has nearly 700k subscribers – projects that ETH would likely grab the liquidity at $2800 before resuming its uptrend.

The bearish ETH price prediction is surprising, considering that the spot ETH ETFs are set to start trading by mid-July. However, the inflows in the first few days are expected to be low, as also seen in the case of spot Ethereum ETFs.

Moreover, ETH is still showing a correlation with BTC, indicating that the “altseason” has not yet started. As a result, the ETH price could correct to $2800, owing to the tremendous selling pressure on Bitcoin.

Speaking of selling pressure, the German government has sold over $600 million worth of BTC today on Thursday. While the Germans are nearly done with their BTC holdings, Genesis has started offloading their $2 billion worth of Bitcoin.

Meanwhile, the Mt. Gox repayments are yet to start hitting the market.

Essentially, it appears unlikely that the BTC price will secure a weekly close above its 200-day simple and exponential moving averages, both of which are currently hovering between $58k and $59k.

In such a scenario, the BTC price could correct to $47k. Crypto expert Digital Nomad Woman – who has over 12k X followers – revealed that BTC typically retests its 40-week moving average in every major correction since 2012.

All eyes are now on the daily inflow trend of spot Bitcoin ETFs. Healthy inflows often act as a risk proxy for BTC. However, today’s ETF data is not one to boost confidence, with only $95 million in inflows recorded.

Crypto Presales In High Demand

Crypto presales are in high demand, considering they are not impacted by short-term price action. Instead, investors can buy high-upside tokens at a discounted price.

For instance, a new meme coin – Base Dawgz – has raised nearly $2.5 million in its ICO. Smart money traders have been quick to recognize its potential, with some even hinting at 100x potential returns.

As the name suggests, DAWGZ is a dog-themed token on the Base chain, Coinbase's L2 venture. Base meme coins are in extremely high demand, especially after the meteoric ascent of Brett. Notably, the largest dog-themed token on Base – Basenji – has a market cap of just $40 million.

Owing to innovative concepts like share-to-earn and staking rewards, Base Dawgz is touted to be the next big meme coin on the Base chain.

Similarly, PlayDoge is another new meme coin in high demand, thanks to its play-to-earn utility. The GameFi sector is in the limelight, following the success of Notcoin and Hamster Kombat.

Experts believe that PlayDoge can be the next big crypto game, thanks to its combination of the beloved Doge character and the nostalgia of Tamagotchi.

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