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The massive price fluctuations of Ethereum (ETH) have trapped traders in weak positions. Traders are looking for opportunities that offer excellent returns and help them recover. The new hybrid token Cutoshi (CUTO) has caught the attention of many with its explosive potential for quick profits.
Cutoshi (CUTO) has successfully raised over $600,000 just in the second presale stage and is quickly rising in popularity due to its fun community and practical utility.
Ethereum (ETH): Sharp Price Reversals Trapping Traders
Ethereum has seen some wild price swings this month. The Ethereum (ETH) price took sharp turns, creating a triangular consolidation pattern in the past few months. The monthly candlesticks have concise bodies for September and October compared to the wick size, with Ethereum’s price moving just 5% in these two months.
Since the massive crash in August, Ethereum has been trading below its 200-day Simple Moving Average (SMA), slowly reducing the gap between its current price and the SMA. The price is currently above the 50-day SMA.
Ethereum (ETH) trades at $2,633.43 at press time, dropping 1.2% in the last 24 hours. The daily trading volume has also declined slightly by 8%. Yesterday’s candle had a small body with large wicks, indicating indecision in the Ethereum price. After five consecutive green candles, Ethereum sees a small red candle, and the price is entering a tight consolidation.
Ethereum faces immediate resistance from the $2729 price level. Another strong resistance level lies near $2769. The price is likely to reverse from these levels as it approaches the upper trendline of the triangular consolidation. If Ethereum drops further, bulls may enter near the support levels at $2572 and $2507 to keep the price from falling further.
Cutoshi (CUTO): Ethereum Based Utility Memecoin
Troubled by the ongoing uncertainty in the price of Ethereum (ETH), traders flock to Cutoshi (CUTO), an Ethereum ERC-20 hybrid token. Cutoshi is called a hybrid token as it combines the fun of meme coins with the practicality of utility tokens.
Cutoshi is a cat-based meme coin inspired by the Chinese lucky cat, which is known for its powers of luck in Chinese and Japanese folklore. The lucky cat has come to the blockchain with Cutoshi (CUTO), bringing wealth and prosperity to your digital assets.
Cutoshi has developed a robust ecosystem that hosts its very own Decentralized Exchange (DEX). Users can access the Cutoshi DEX, which offers fast digital asset swapping across different blockchains. Being completely decentralized, it provides far superior security and privacy to users with lower fees. Part of the minimal fee it charges also goes toward the development and maintenance of the ecosystem.
Early community members will also get rare NFTs with different functionalities. Only 8,000 will be minted, and they will be divided into five categories based on rarity. Users can hold them to use the platform’s special features or trade them for profits.
CUTO is the native token that powers the entire ecosystem. Over $600,000 worth of CUTO has been sold in presale so far. CUTO is currently in stage two of the presale and selling for $0.022.
For more information on the Cutoshi (CUTO) Presale:
https://cutoshi.com
Join and become a community member:
https://t.me/cutoshi
*This article was paid for. Cryptonomist did not write the article or test the platform.