• Ethereum (ETH) started the year with a significant bullish presence but has since been displaying bearish signals.
• This has caused traders and investors to look for other investment opportunities, with one such option being Sparklo (SPRK), a token that allows people to invest in gold.
• Sparklo (SPRK) is a blockchain-based Web3 platform that aims to make precious metals more accessible, especially for retail investors.
Ethereum (ETH) Displays Bearish Signals
Ethereum (ETH), the leading altcoin and second-largest cryptocurrency began showing strong bearish signals after a stellar start to the year. This has made traders and investors to look elsewhere for promising investment opportunities.
Investment Opportunities In The Crypto Industry
There is no shortage of investment opportunities in the crypto industry, but one cryptocurrency that has caught their attention is Sparklo (SPRK), a token which presents a chance for people to invest in gold.
Ethereum (ETH) sparked calls for the start of an altseason as it outperformed Bitcoin (BTC) in the aftermath of the Shapella launch. However, due to regulatory pressure and debate on ETH’s status, bears took hold of the market causing Ethereum’s price to drop below $1,820 forming a new weekly low around $1,807. Currently, Ethereum’s price is consolidating losses below $1,900 and the 100-hourly Simple Moving Average with immediate resistance at $1,845 near the 50% Fib retracement level of its recent drop from $1,889 to $1,807. If Ethereum manages to break above this level it could rise towards $2,000 resistance.
What Is Sparklo?
Sparklo (SPRK) is a blockchain-based Web3 platform that aims to enable trading of precious metals like silver, gold, and platinum by using non-fungible tokens (NFTs). The precious metals industry is worth over 14 trillion dollars so this presents an opportunity for retail investors who can fractionalize investments into small amounts that fit their budget.
The current bearish signals from Ethereum have caused traders and investors alike to search elsewhere for potential investments including Sparklo which offers an interesting opportunity for people looking into investing in gold through fractionalized tokens backed by NFTs.