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The Ethereum price dropped 2% in the last 24 hours to trade at $2,428 as of 03:23 a.m. EST on trading volume that fell 2% to $23.2 billion.
At a time when the cryptocurrency market has been experiencing a downturn, Ethereum staking has been gaining, with the last two weeks recording massive advances.
This shows growing investor confidence in Ethereum’s long-term potential, as staking is viewed as a way to earn rewards and contribute to network security.
Since the beginning of 2024, Ethereum staking has seen a significant 1,200% increase in its Total value Locked (TVL).
Can this investor confidence boost the Ethereum price?
Ethereum Price Prediction
The Ethereum price dropped from the $3,500 resistance to the $2,200 support at the beginning of August, according to data from GeckoTerminal.
The bulls then took control of the price, propelling the token to the $2,500 support. ETH has been trading within this range on a sideways pattern, as the bulls aim for a breakout above the pattern.
Moreover, the Relative Strength Index (RSI) is climbing up, currently within the 50-midline level. This shows that buyers are currently gaining buying ground for the asset, which could push the price of Ethereum towards a bullish rally.
The Moving Average Convergence Divergence (MACD) is also closing in on the neutral line, an indication of an uptrend.
The Ethereum price analysis shows a bullish bias, as the main indicators, including the RSI and MACD, show that investors are now buying the asset, which could push ETH back to the $3,200 resistance level.
However, the price of Ethereum still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which could prompt the bears to push the asset through a correction down back to the $2,000 support zone.
As Ethereum investors stall on pumping more into the biggest altcoin, they’re still directing funds to Mega Dice (DICE), a new crypto project that is poised to become the first GambleFi token on Solana.
Crypto analysts at the 99Bitcoins YouTube channel believe DICE could be the next 100X crypto.
Mega Dice Surpasses $1.68 Million In Presale – Next Crypto To Explode?
As the native currency of the Mega Dice Casino, DICE will be integral to a platform that boasts over 11,000 active users and processes more than $50 million in monthly bets.
Offering a diverse range of over 4,000 casino games and more than 50 sports and eSports betting options, the platform caters to a wide array of gaming preferences.
Additionally, Mega Dice Casino has integrated support for the popular Telegram Wallet, TON, making it easier for users to manage their funds directly within the Telegram app.
Mega Dice casino now supports the best Telegram wallet! #TON💳
Easily use your TON by choosing it as your deposit method and connecting your wallet in just a few steps. Start playing and winning today! 🔥
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— Mega Dice Casino (@megadice) August 7, 2024
Another key feature driving interest in DICE is its innovative staking model, which allows token holders to earn daily rewards based on the casino’s profits.
If you want to join investors who have already pumped more than $1.68 million into DICE, you can buy its tokens on the official website here for $0.105266 per token.
You can use BNB, ETH, or SOL, and you can also earn 10% on any purchases made by investors you refer.
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