{"id":624139,"date":"2025-02-05T06:52:34","date_gmt":"2025-02-05T06:52:34","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=624139"},"modified":"2025-02-05T06:52:34","modified_gmt":"2025-02-05T06:52:34","slug":"ethereum-price-prediction-eth-drops-2-as-investors-flock-to-this-69-million-pepe-derivative-presale-offering-last-chance-to-buy","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-eth-drops-2-as-investors-flock-to-this-69-million-pepe-derivative-presale-offering-last-chance-to-buy","title":{"rendered":"Ethereum Price Prediction: ETH Drops 2% As Investors Flock To This $69 Million PEPE Derivative Presale Offering Last Chance To Buy"},"content":{"rendered":"

The Ethereum price dropped over 2% in the last 24 hours to trade at $2,742.59 as of 9:59 p.m. EST as investors decrease their exposure to the altcoin.<\/span><\/p>\n

The recent pullback in the ETH price was a continuation of the crypto’s negative weekly streak. Ethereum is subsequently over 11% in the red on the 7-day time frame.<\/span><\/p>\n

Ethereum Price Hovering Above The $2,683.55 Support<\/span><\/h2>\n

\"BINANCE:ETHUSDT<\/p>\n

4-hour chart for ETH\/USDT (Source: TradingView)<\/span><\/p>\n

The <\/span>Ethereum<\/span><\/a> price is <\/span>hovering<\/span><\/a> above the key support at $2,683.55. Should it fall below this technical crutch, the leading altcoin might plunge to the subsequent mark at $2,411.54 in the short term.<\/span><\/p>\n

However, traders identifying ETH’s current price as a long opportunity could mark the end of the crypto’s bearish move. In this more bullish scenario, the <\/span>Ethereum<\/span><\/a> price might attempt a challenge at the $2,929.23 resistance. Should it flip this level into support, ETH could end up rising to as high as $3,218.78 if the bullish pressure persists.<\/span><\/p>\n

Technicals Suggest Bulls Might Push The Ethereum Price Higher<\/span><\/h2>\n

From a technical perspective, indicators on ETH’s 4-hour chart suggest buyers have the upper hand against sellers. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signs.<\/span><\/p>\n

That’s after a major bullish technical flag was triggered by the MACD in the last 24 hours, when the MACD line crossed above the MACD Signal line during this period to signal that ETH has entered a positive trend. Now, the gap between the two lines is starting to grow as well, which might be seen as an indication that the crypto’s bullish momentum is picking up steam.<\/span><\/p>\n

Meanwhile, RSI readings have risen from deep oversold territory below 30 to just below 40, which suggests an increase in buyer strength. Additionally, the RSI crossed above its SImple Moving Average (SMA) line in the last 48 hours. Traders might see this as a confirmation of a bullish shift in strength on ETH’s 4-hour chart.<\/span><\/p>\n

As the Ethereum price tries to stay above the $2,683.55 support, investors rush to buy a new PEPE derivative called <\/span>Wall Street Pepe (WEPE)<\/span><\/a>, which is offering a last chance to buy during its presale phase.<\/span><\/p>\n

ClayBro, a popular crypto analyst and YouTuber with over 134K subscribers, says he is bullish on WEPE and predicts the meme coin could surge 100X at launch.<\/span><\/p>\n