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Ethereum price has dropped 5% in the last 24 hours to negotiate at $2,401 at 3:43 a.m. EST on trading volume that jumped 33% to $15 billion.
This comes as Ethereum lending markets faced the second-largest wave of liquidations since the 2021 market correction. The liquidations came after the price of Ethereum fell 22% over the past month.
Over the past 24 hours, Ethereum has seen over $50.11 million in liquidations, according to data from CoinGlass.
Ethereum Price Prediction: Ethereum Price Prepares For A Breakout
Starting on August 25, Ethereum price bears took control of the price, capitalizing on the rounding top pattern. The token corrected towards the $2,406 support area and has been consolidating ever since, trading within the sideways pattern.
ETH bulls are currently struggling to push the price above the $2,578 resistance zone.
ETH/USDT pair chart analysis (Source: Tradingview)
Bears pushing the price from the upper boundary of the sideways pattern to the lower boundary forced ETH to trade below the 50-day and 200-day simple moving averages (SMAs).
Although the Relative Strength Index (RSI) is still in the oversold zone of 30, it is showing signs of rebounding, currently at 37 and rising.
If buying pressure gains momentum here, Ethereum price could rise on a bounce out of the sideways trend, with bulls targeting $2,800.
However, if the bears break the $2,350 support zone, ETH could fall further to the next support at $2,200.
Meanwhile, other investors are turning to the new Olympics-themed meme coin project, The Meme Games (MGMES), just four days before its pre-sale ends.
According to 99Bitcoins, a popular crypto YouTube channel, MGMES could increase 100x after its launch and could be the next PEPE or BRETT.
Meme Games: The Next Crypto 100X?
The new meme currency The Meme Games ends its pre-sale on September 8, coinciding with the last day of the Paris Paralympic Games, before the token is claimed and launched on DEXs on September 10.
There are still four days left to buy and earn a 25% token bonus as the fundraiser passes the $417,000 mark.
The project is inspired by the 2024 Olympic Games, which mix the excitement of cryptocurrencies with the spirit of sporting competition.
LATEST CRYPTOCURRENCY NEWS
Meme Games’ presale raised over $100,000 in its first 24 hours, drawing attention to the booming memecoin industry. #partnercontent Contact us @ pic.twitter.com/YwzyP2glE4— InnovatekMobile (@Neome_com) July 17, 2024
Participants can choose Dogecoin, Pepe, Dogwifhat, Brett, and Turbo and watch them compete for gold medals. Each token purchase allows buyers to choose a meme athlete who could win additional tokens.
The selection of a meme athlete is done randomly and is verified by blockchain technology, which ensures fairness.
Token holders can earn passively through the project’s staking mechanism by $MGMES purchase and staking for an yield percentage (APY) of 466%.
You can buy $MGMES tokens for $0.0094 each. But buy quickly to get the best deal, as a price hike is coming in less than 2 days.
To participate in the presale, buy $MGMES from the official website here using ETH, BNB, USDT or a bank card.
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