{"id":572780,"date":"2024-09-04T10:32:02","date_gmt":"2024-09-04T10:32:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=572780"},"modified":"2024-09-04T10:32:02","modified_gmt":"2024-09-04T10:32:02","slug":"ethereum-price-slumps-5-amid-second-largest-lending-liquidation-in-history-as-experts-say-consider-this-new-ico-for-100x-gains","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-slumps-5-amid-second-largest-lending-liquidation-in-history-as-experts-say-consider-this-new-ico-for-100x-gains","title":{"rendered":"Ethereum Price Slumps 5% Amid Second-Largest Lending Liquidation In History As Experts Say Consider This New ICO For 100x Gains"},"content":{"rendered":"

The Ethereum price slumped 5% in the last 24 hours <\/span>to trade at $2,401<\/span><\/a> as of 03:43 a.m. EST on trading volume that soared 33% to $15 billion.<\/span><\/p>\n

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.<\/span><\/p>\n

In the last 24 hours, Ethereum has recorded over $50.11 million in liquidations, according to data from <\/span>CoinGlass<\/span><\/a>.<\/span><\/p>\n

Ethereum Price Prediction: Ethereum Price Gearing Up Towards A Breakout<\/b><\/h2>\n

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.<\/span><\/p>\n

ETH bulls are currently struggling to push the price above the $2,578 resistance zone.<\/span><\/p>\n

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ETHUSDT Chart Analysis (Source: Tradingview)<\/p>\n

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).<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

However, if the bears breach the $2,350 support zone, ETH could drop further to the next support at $2,200. <\/span><\/p>\n

Meanwhile, other investors are shifting to the new Olympics-themed meme coin project The Meme Games (MGMES)<\/a>, with only four days left until its presale ends. <\/span><\/p>\n

According to 99Bitcoins, a popular crypto channel on YouTube, MGMES could soar 100x after its launch and might be the next PEPE or BRETT. <\/span><\/p>\n