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The Ethereum price plunged over 5% in the last 24 hours to trade at $3,110.97 as of 7:40 a.m. EST as investors sell some of their holdings in the leading altcoin.
ETH’s drop comes after an April 24 Reuters report that said U.S. issuers and other firms expect the Securities and Exchange Commission (SEC) to reject spot ETH ETF (exchange-traded fund) applications next month following meetings with the regulator in recent weeks.
The Ethereum Price Falls Out Of A Bullish Channel
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price slipped out below an ascending price channel that formed on its charts in the last couple of days. As a result, the leading altcoin is currently at risk of retesting the $2,989.11 support level in the next 24 hours.
Should sellers keep exerting pressure on the Ethereum price if it reaches this point, it might drop to as low as $2,834.54 in the short term. A 4-hour candle close above $3,177.58 within the coming 12 hours could invalidate this bearish thesis.
Traders might identify a close above $3,177.58 as a long entry. This potential buy pressure could then lead to the Ethereum price flipping the $3,318.66 barrier into support. In an extremely bullish scenario, ETH could climb to $3,471.59.
The Ethereum Price Enters A Bearish Cycle As Sellers Take Charge
Short-term technical indicators suggest the Ethereum price might drop further in the upcoming 24 hours. Two major bearish technical flags were triggered by the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) in the last 24 hours.
During this period, the RSI line broke below the Simple Moving Average (SMA) line on the 4-hour chart. This is generally seen as a signal that sellers have gained the upper hand against buyers.
With this advantage in hand, bears were able to pull the Ethereum price out of the aforementioned price channel. In doing so, the crypto has also exited its short-term bullish cycle and entered a bearish phase. This is evident by the MACD line’s cross below the MACD Signal line.
As traders attempt to force the Ethereum price lower in the upcoming days, experts remain bullish on the pioneering learn-to-earn project 99Bitcoins.
Letting Users Earn While They Learn
99Bitcoins has become one of the best educational resources in the Web3 space. Through a variety of interactive tutorials and courses, the platform has helped many across the globe understand complicated aspects of the digital asset sector.
99Bitcoins is now looking to elevate its educational offering to the next level with the launch of its own crypto token, 99BTC. This crypto will be used to reward users who actively engage with the educational content on the platform.
In addition to earning by learning, users can also unlock access to extra courses by completing more tasks and tutorials – giving them the ability to earn even more crypto.
Access To A Big Community Of Investors
99Bitcoins boasts a community of over 700k members across all of its social accounts. Around 2 million people are also registered on its platform. Unlike other new cryptos that have to fight for investors’ attention, 99BTC already has access to a wide pool of potential investors given its vast user base and growing community.
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Over 1,500 entries in just 6 days! Don't miss out on this opportunity to be one of the 99 lucky winners.
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— 99Bitcoins (@99BitcoinsHQ) April 16, 2024
The token is already gaining traction at a rapid pace, with its presale recently powering past $800K in funds raised.
One other major attraction is an eye-watering 2,319% annual staking yield that’s available to those who buy and stake 99BTC tokens.
Investors who want to take advantage of this APY can purchase 99BTC on its official website using either USDT, ETH, BNB or bank card. Selling for $0.00102, the crypto’s price is set to increase in less than five days.
Purchase soon and stake 99BTC here for 2,319% in annual rewards.
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