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The Ethereum price surged 11% in the last 24 hours to trade at $2,689 as of 3 a.m. EST on trading volume that dropped 3% to $22.9 billion.
This surge in the ETH price comes at a time when the crypto sector started recovering from the recent losses, but the second-largest coin is still down 14% on a weekly basis. For the moment, most among the top 10 largest cryptos by market cap are trading in the green on a 24-hour basis, while still seeing losses on the 7-day chart.
Bitcoin itself led the recovery, managing to go above $61K as of the time of writing, while ETH encountered a strong resistance at $2.7K, trading just below it. While the coin is pushing towards the resistance at $3K, there are some signs that suggest that the recovery is already losing its strength and that another correction might start in the hours to come.
Ethereum Price Prediction
While Ethereum saw quite a strong performance in the last 24 hours, there are multiple indicators suggesting that a strong correction should be expected in the hours to come. First, the coin’s Bollinger Bands once again narrowed, which is already a bearish sign in and of itself.
The fact that the price has dropped to the lower band and is currently pushing it further down makes the situation even more bearish, as the coin’s value is already distancing itself from the resistance at $2.7K.
An even more bearish signal comes from Ethereum’s Relative Strength Index (RSI), which dropped from the overbought zone, spiraling past the neutral area. As a result, it is currently heading further down to the oversold sector.
This suggests that traders have rushed in to take profit, and that their goal right now is to make as much money as they can from the current volatility.
Of course, the RSI value approaching the oversold zone also represents an opportunity, as reaching this level might cause traders to move in and buy the dip. In that case, they might stop the price drop and cause another recovery, if the demand ends up being strong enough to counter the correction and push the Ethereum price back up.
The only thing that can be said with certainty is that the price will likely stay volatile for some time, although it may stabilize over the weekend when the activity in the crypto market typically drops somewhat. For now, however, traders are advised to remain cautious and consider their decisions carefully.
Promising Alternative To Ethereum
While Ethereum seems like it will once again start spiraling down, investors looking for major gains might want to consider different opportunities. During such volatile periods, it pays to go for a cryptocurrency that is not affected by the shifting prices, such as cryptos that are still in presale.
The Meme Games (MGMES) is a good example of this — a new meme coin that recently started its ICO, and was inspired by the 2024 Olympics.
However, the project brought a unique twist by organizing its own meme Olympics, introducing iconic meme coins as its athletes. There are five of them — Dogecoin, Brett, Pepe, Dogwifhat, and Turbo — and each of them will participate in a variety of disciplines.
ICO investors will be able to pick their champion and place their bets on their favorite winning the gold. If they are correct, they will win major rewards. However, in order to participate, joining the presale is necessary, which is why the project’s presale raised over $350k as of Aug. 9.
69 people have won a 25% bonus by picking $PEPE at the #MemeGames!
Coincidence or destiny? 🏆
Choose from 5 meme icons and you could score a 25% bonus on your $MGMES purchase if they win the race! 🔥
Join now! 👉 https://t.co/lbYNWg8iXr#Paris2024 #Presale #Crypto #Alts pic.twitter.com/q4Tdbzkpo5
— The Meme Games (@MemeGames2024) August 2, 2024
You can buy as many MGMES tokens as you wish, and join the ICO as many time as you want before it ends. The tokens are currently available at a price of $0.0092 apiece, and you can buy them with ETH, USDT, BNB, or credit/debit cards.
Given that the 2024 Olympics are the main attraction this summer, the project is expected to do quite well, which is why an analyst from the crypto YouTube channel Cryptonews has been quite excited to see its presale go live.
Purchase MGMES on its official website here.
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