Can Ethereum Break $1600 This October? Best Altcoins For Short-Term Boosts

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• Ethereum (ETH) remains volatile, currently below the $1,600 resistance level

• Traders are optimistic about NuggetRush (NUGX) and Avalanche (AVAX) as short-term alternatives

• NuggetRush combines gaming, NFTs, DeFi, and meme coins, and is deflationary, making it an attractive investment opportunity

• Avalanche is a high throughput, low-fee alternative for protocols building on Ethereum

Ethereum (ETH) prices can be volatile, despite being a recommended cryptocurrency for beginners. As it is, ETH prices are volatile, swinging above $1,500 but remain below the psychological $1,600 resistance level.

Whether buyers will create enough momentum and push above this level is yet to be seen. However, it is clear that traders are optimistic about other top altcoins and specifically train their eyes on Nugget (NUGX) and Avalanche (AVAX) as short-term alternatives as they boost their gains.

NuggetRush (NUGX) is on investor’s radar because of the team’s approach to gaming. At the same time, the protocol looks to tie in non-fungible tokens (NFTs) and interesting aspects of decentralized finance (DeFi) while also striving to add utility to meme coins. 

Meanwhile, after sharp losses, Avalanche and AVAX are on focus because of the on-chain revival following the success of Stars Arena. Still, Avalanche is also an alternative for protocols looking to build on high throughput platforms away from the high gas fees in Ethereum.

Doubts on ETH’s Upside Momentum

In late 2022, ETH prices dropped to as low as $1,080 following the collapse of FTX and the bankruptcy of several CeFi protocols. However, it was only months before prices doubled to around $2,100 by March 2023. Since then, prices have been fluctuating, dropping by approximately 30% to spot rates.

Thus far, ETH prices are at H2 2023 lows and might drop even lower if bulls don’t flow back, supporting prices above $1,500. Of note, the collapse of ETH follows the approval of the first Ethereum Futures Exchange-Traded Fund (ETF).

This complex derivatives product allows institutions to get exposure to a regulated product. Though activity remains low, Ethereum Futures ETFs are expected to allow billions into ETH products in the medium to long term. 

Still, how this will unfold in the coming days is yet to be seen. Because ETH prices are volatile and unexpectedly turning lower, investors are looking at other alternatives for short-term boosts.

NuggetRush Innovation Attracts Investors

NuggetRush, the issuer of NUGX, a utility and governance token, is being examined.

The protocol on Ethereum aims to bridge gaming and crypto so that ordinary users can receive rewards when they play. At the same time, NuggetRush will dedicate some of its revenue to support artisanal miners in underdeveloped countries.

NUGX is used to distribute rewards and is also deflationary. This means that a portion of the ERC-20 coin will be burned gradually, which could support prices in the long term. It is the exact mechanism that Ethereum employs. 

However, what’s different is that NUGX is a low market cap but one of the best altcoins to invest in 2023. The coin can quickly explode in the coming bull run. Unlike ETH, whose liquidity is relatively higher, prices won’t jump (or dump) as fast as NUGX. 

Accordingly, investors looking for quick gains are exploring NUGX, with some looking to add the token, diversifying their portfolios.

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Is AVAX Undervalued?

On the other hand, Avalanche is shaking off weakness after dumping by over 90% in the last bear run.

AVAX might be near 2023 lows, but its underlying blockchain remains secure and performant as designed. It is a high throughput, low-fee network that protocols building on Ethereum can consider.

Following the success of Stars Arena–a decentralized social media platform and a fork of Friend.tech, AVAX prices rose but have since peeled back gains; a potential opportunity for aggressive investors. 

The retracement of AVAX prices is primarily because of the Stars Arena hack, which saw the protocol lose over $3 million.

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*This article was paid for Cryptonomist did not write the article or test the platform.