{"id":577068,"date":"2024-09-16T11:43:49","date_gmt":"2024-09-16T11:43:49","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=577068"},"modified":"2024-09-16T11:43:49","modified_gmt":"2024-09-16T11:43:49","slug":"ethereum-price-prediction-eth-plummets-5-as-fomc-rate-decision-nears-and-this-gamblefi-ico-closes-on-2-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-eth-plummets-5-as-fomc-rate-decision-nears-and-this-gamblefi-ico-closes-on-2-million","title":{"rendered":"Ethereum Price Prediction: ETH Plummets 5% As FOMC Rate Decision Nears, And This GambleFI ICO Closes On $2 Million"},"content":{"rendered":"
The Ethereum price slumped 5% in the last 24 hours <\/span>to trade at $2,294<\/span><\/a> as of 03:44 a.m. EST on trading volume that skyrocketed 93% to $14.2 billion.<\/span><\/p>\n The crypto market also slumped as Asian exchanges opened for trading ahead of a key week where traders expect the Federal Reserve to make its first interest rate cut in over four years.<\/span><\/p>\n According to bets on Polymarket, bettors are giving it a 52% chance of a 50 basis points cut and a 47% chance of a 25% point cut, while only a 2% chance of no change.<\/span><\/p>\n <\/p>\n The Ethereum price soared from September 7 to September 15, from the $2,214 support to the $2,435 resistance, within a rising channel pattern, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n However, the bears have invalidated the bullish stance to drop below the lower boundary of the rising channel pattern.<\/span><\/p>\n The drop pushed the price of Ethereum below the 50-day Simple Moving Average (SMA), with the 200-day SMA still remaining a resistance that the bulls need to overcome for the price to soar even higher.<\/span><\/p>\n The Ethereum price now seems to be rebounding from the $2,266 support zone, which could prompt a prolonged rally in the coming days.<\/span><\/p>\n This reversal is confirmed by the Relative Strength Index (RSI) trying to recover from the 30-oversold region, currently at 35.<\/span><\/p>\n If the bulls successfully stage a bullish trend reversal, the Ethereum price could soar as they target prices above the 200-day SMA at $2,509.<\/span><\/p>\nEthereum Price Could Rebound<\/h2>\n