{"id":624857,"date":"2025-02-07T13:13:58","date_gmt":"2025-02-07T13:13:58","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=624857"},"modified":"2025-02-07T13:13:58","modified_gmt":"2025-02-07T13:13:58","slug":"ethereum-price-prediction-eth-plunges-4-amid-market-crash-as-a-fomo-frenzy-erupts-around-this-pepe-rival-as-time-runs-out","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-eth-plunges-4-amid-market-crash-as-a-fomo-frenzy-erupts-around-this-pepe-rival-as-time-runs-out","title":{"rendered":"Ethereum Price Prediction: ETH Plunges 4% Amid A Crypto Market Crash As A FOMO Frenzy Erupts Around This PEPE Rival With Time Running Out"},"content":{"rendered":"

The Ethereum price plunged 4% in the last 24 hours to trade at $2,722 as of 03:21 p.m. EST on trading volume that rose 4% to $31.3 billion.<\/span><\/p>\n

This drop in the ETH price comes as the crypto market cap crashed 3% to $3.27 trillion, according to <\/span>Coingecko<\/span><\/a>. <\/span><\/p>\n

Ethereum Price On A Decline<\/h2>\n

The <\/span>ETH price<\/span> is currently<\/a> on a decline, capitalizing on a rounding top pattern.<\/span><\/p>\n

Before this breakdown, the Ethereum price consolidated in a sideways range for several months, forming a base before its bullish breakout.<\/span><\/p>\n

However, after reaching a peak near $4,000, ETH reversed sharply, failing to sustain higher levels., according to <\/span>GeckoTerminal<\/span><\/a> data.<\/span><\/p>\n

Currently, ETH is trading below both the 50-day ($3,271.42) and 200-day ($2,964.68) Simple Moving Averages (SMAs), indicating bearish sentiment.<\/span><\/p>\n

The Relative Strength Index (RSI) is at 34.13, approaching oversold conditions. This suggests that while sentiment for ETH is bearish, it could soon experience a short-term relief bounce if buyers step in at lower levels.<\/span><\/p>\n

\"Ethereum
Ethereum Price Chart Analysis. Source: GeckoTerminal<\/figcaption><\/figure>\n

ETH Price Still Bearish<\/h2>\n

The ETH price remains bearish, with the breakdown of a key reversal pattern signaling more downside ahead. While an oversold bounce is possible, the larger trend favors sellers unless ETH reclaims $3,000. Traders should watch volume and RSI for signs of exhaustion before considering any counter-trend moves.<\/span><\/p>\n

The next major support zone is near $2,500, followed by $2,200 if selling pressure continues.<\/span><\/p>\n

If buyers defend the $2,500-$2,600 region, ETH may bounce towards $2,964 (200-day SMA) before facing resistance. A sustained recovery would require ETH to reclaim $3,000, which seems unlikely without a fundamental catalyst.<\/span><\/p>\n

As the ETH price plunges, investors are also piling into the presale for a Pepe derivative called <\/span>Wall Street Pepe (WEPE)<\/span><\/a>. 99Bitcoins, a popular YouTube channel with over 724k subscribers, says WEPE could be the next 100X meme coin.<\/span><\/p>\n