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The Ethereum price plunged 4% in the last 24 hours to trade at $2,722 as of 03:21 p.m. EST on trading volume that rose 4% to $31.3 billion.
This drop in the ETH price comes as the crypto market cap crashed 3% to $3.27 trillion, according to Coingecko.
Ethereum Price On A Decline
The ETH price is currently on a decline, capitalizing on a rounding top pattern.
Before this breakdown, the Ethereum price consolidated in a sideways range for several months, forming a base before its bullish breakout.
However, after reaching a peak near $4,000, ETH reversed sharply, failing to sustain higher levels., according to GeckoTerminal data.
Currently, ETH is trading below both the 50-day ($3,271.42) and 200-day ($2,964.68) Simple Moving Averages (SMAs), indicating bearish sentiment.
The Relative Strength Index (RSI) is at 34.13, approaching oversold conditions. This suggests that while sentiment for ETH is bearish, it could soon experience a short-term relief bounce if buyers step in at lower levels.
ETH Price Still Bearish
The ETH price remains bearish, with the breakdown of a key reversal pattern signaling more downside ahead. While an oversold bounce is possible, the larger trend favors sellers unless ETH reclaims $3,000. Traders should watch volume and RSI for signs of exhaustion before considering any counter-trend moves.
The next major support zone is near $2,500, followed by $2,200 if selling pressure continues.
If buyers defend the $2,500-$2,600 region, ETH may bounce towards $2,964 (200-day SMA) before facing resistance. A sustained recovery would require ETH to reclaim $3,000, which seems unlikely without a fundamental catalyst.
As the ETH price plunges, investors are also piling into the presale for a Pepe derivative called Wall Street Pepe (WEPE). 99Bitcoins, a popular YouTube channel with over 724k subscribers, says WEPE could be the next 100X meme coin.
Wall Street Pepe Presale Has Garnered Over $71 Million – Last Chance To Buy
Wall Street Pepe’s presale has rocketed past $71.06 million in early-stage funding, and surging demand suggests it may sell out before its presale ends in nine days.
The frog-themed anti-whale token is retail investors’ best friend as it embarks on a journey to build a trading army to undermine the manipulators in the crypto market.
Wall Street Pepe’s “WEPE Army” is an exclusive group where top traders share market insights. Retail traders can subsequently access data and strategies that are typically out of reach, potentially giving them a better chance against crypto whales.
There's only 1 king of the jungle. 🐸⚔️ pic.twitter.com/vU16TZH8yu
— Wall Street Pepe (@WEPEToken) February 5, 2025
The bottom line: WEPE hates insider whale investors, and he aims to ensure his WEPE Army can “out-trade the hedge fund fraudsters.”
Wall Street Pepe prioritizes making its group open and easy to join, allowing everyone to get involved early.
The WEPE token also comes with a passive income opportunity through its staking feature, which offers an 18% annual percentage yield (APY).
You can buy WEPE tokens from the official website for $0.0003665 using ETH, USDT, or a bank card.
Buy WEPE before the presale ends in 9 days.
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