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Ethereum Price Prediction: ETH Slumps 4% As ETH ETF Launches Loom And Experts Say This GameFi Token Is The Best Crypto To Buy Now

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Ethereum price
Ethereum price

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The Ethereum price is down 4% in the past 24 hours to trade for $3,370 as of 02:20 a.m. EST.

Renowned trader and investor Andrew Kang explored the potential implication of the launch of spot ETH ETFs (exchange-traded funds) on the Ethereum price, and concluded, “The impact of ETH ETFs is a lot less clear-cut.”

Kang observes that the relative lack of interest in spot ETH ETFs, as compared to Bitcoin ETFs, is reflective of broader TradFi disinterest.

Elsewhere, a report by a financial research institution in South Korea says spot crypto ETFs do more harm than good for the local economy.

”Allowing [such] products can lead to side effects such as increased inefficiency in resource allocation, increased exposure to crypto-related risks in the financial market, and weakened financial stability,” said the Korea Institute of Finance.

Ethereum Price Prediction

The Ethereum price is trading with a bearish bias, displaying lower lows as it remains confined within a descending parallel channel. The lower highs on the Relative Strength Index (RSI) show momentum continues to fall.

The prospects for more losses are high, seeing as the RSI is plunged below the mean level of 50. In the same way, the Moving Average Convergence Divergence (MACD) is below the signal line (orange band), suggesting the bears currently lead the ETH market.

The current support area is critical for the Ethereum price, defended multiple times before after three retests. In a dire case, the dump could see the Ethereum price to drop and test the $3,301 support level, earmarked by the 38.2% Fibonacci retracement level.

Ethereum price

GeckoTerminal: ETH/USD 1-day chart

On the other hand, a recovery by ETH bulls could happen at current levels as the centerline of the descending parallel channel fights to hold as support. However, the potential for a U-turn for the Ethereum price is contingent on the Bitcoin (BTC) price and whether it can resist against further losses.

If BTC recovers, altcoins could rally on the renewed optimism, with capital overflows from the BTC market expected to drive prices.

Meanwhile, crypto YouTuber Michael Wrubel, with over 312K subscribers, ranks the new presale Mega Dice (DICE) among cryptos he’s most bullish on right now.

Promising Alternatives To Ethereum

Mega Dice is a crypto casino that launched last year that is now launching its own token, DICE. It’s the first GambleFi token on the Solana blockchain and aims to take on sector titan Rollbit Coin.

The casino has a massive user base of 50k registered users, and over 11k active users who wager $50 million each month. This points to a vast community waiting to pick up the token once it goes live.

Owning DICE brings many benefits. Holders can win rewards based on the daily performance of the casino operation, while early presale participants have a chance to receive bonus $DICE tokens.

There’s also a $2.25 million airdrop spread over three seasons, with giveaways of $250,000 now in play during season two.

Moreover, Mega Dice has outlined plans to integrate the token into the casino’s loyalty program. This offers rewards that are more generous to gamers who use DICE tokens in their play. It will also unlock access to exclusive competitions and VIP experiences.

Additionally, the casino has a buyback and burn program that will reduce the supply. This will increase scarcity and potentially pump the value of the DICE token.

The success of the presale continues to grow, with the website showing upwards of $1.53 million already in the bag.

Right now, each DICE token costs $0.0825, but a price hike is coming in a little less than a week.

Visit and buy DICE tokens here using SOL, ETH, or BNB.

Also Read:

Mega Dice - Newest GambleFi Token

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Mega Dice
  • Established Crypto Betting Brand
  • Featured In Cointelegraph - First Licensed Telegram Casino
  • Presale Live Now - megadicetoken.com
Mega Dice

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