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The Ethereum price slumped 5% in the last 24 hours to trade at $2,401 as of 03:43 a.m. EST on trading volume that soared 33% to $15 billion.
This comes as Ethereum lending markets faced the second-largest wave of liquidations after the 2021 market correction. The liquidations came after the Ethereum price dropped 22% in the past month.
In the last 24 hours, Ethereum has recorded over $50.11 million in liquidations, according to data from CoinGlass.
Ethereum Price Prediction: Ethereum Price Gearing Up Towards A Breakout
From August 25, the Ethereum price bears took control of the price, capitalizing on the rounding top pattern. The token went through a correction to the $2,406 support zone, and has since been in consolidation, trading within the sideways pattern.
ETH bulls are currently struggling to push the price above the $2,578 resistance zone.
ETHUSDT Chart Analysis (Source: Tradingview)
The bears pushing the price from the upper boundary of the sideway pattern to the lower boundary has forced ETH to trade below both the 50-day and 200-day Simple Moving Averages (SMAs).
Even though the Relative Strength Index (RSI) still trades within the 30-oversold region, it shows signs of a rebound, currently at 37 and climbing.
If the buying pressure picks momentum here, the price of Ethereum could rise through a rebound to break out of the sideways pattern, as the bulls target $2,800.
However, if the bears breach the $2,350 support zone, ETH could drop further to the next support at $2,200.
Meanwhile, other investors are shifting to the new Olympics-themed meme coin project The Meme Games (MGMES), with only four days left until its presale ends.
According to 99Bitcoins, a popular crypto channel on YouTube, MGMES could soar 100x after its launch and might be the next PEPE or BRETT.
The Meme Games: Next 100X Crypto?
New meme coin The Meme Games ends its presale on September 8, coinciding with the last day of the Paralympics in Paris, before token claim and launch on DEXs on 10 September.
There are still four days left to buy and win a 25% token bonus as the fundraising passes the $417k mark.
The project draws inspiration from the 2024 Olympics, which blends crypto meme coin enthusiasm with the spirit of athletic competition.
CRYPTO BREAKING NEWS
The Meme Games raises over $100K on opening day of presale. The Meme Games presale raises over $100K in its first 24 hours, capturing attention in the booming memecoin sector. #partnercontent check us out @ https://t.co/8dh137buUp pic.twitter.com/YwzyP2glE4— InnovatekMobile (@Neome_com) July 17, 2024
Participants can choose Dogecoin, Pepe, Dogwifhat, Brett, and Turbo, and watch them compete for gold medals. Each token purchase lets buyers choose a meme athlete who might win additional tokens.
Selecting a meme athlete takes place randomly and is verified by blockchain technology, which ensures fairness.
Token holders can earn passively from the project’s staking mechanism by buying and staking $MGMES for a percentage yield (APY) of 466%.
You can buy $MGMES tokens for $0.0094 each. But buy soon to lock in the best deal as a price hike will come in less than 2 days.
To join the presale, buy $MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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