Ethereum price fell 5% in the last 24 hours, trading at $2,294 with trading volume surging 93% to $14.2 billion.
Ethereum Price Decline
The crypto market also faced a downturn 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. According to Polymarket bets, there is a 52% chance of a 50 basis points cut, a 47% chance of a 25 basis points cut, and only a 2% chance of no change.
Potential Ethereum Rebound
From September 7 to 15, the Ethereum price rose from the $2,214 support to the $2,435 resistance within a rising channel pattern. However, the bearish trend invalidated the bullish stance, pushing the price below the lower boundary of the channel. This drop led the price below the 50-day Simple Moving Average (SMA), with the 200-day SMA still being a resistance level. The current price seems to be rebounding from the $2,266 support zone, which could prompt a prolonged rally. The Relative Strength Index (RSI) is trying to recover from the 30-oversold region, currently at 35. If the bullish trend reversal is successful, the Ethereum price could soar above the 200-day SMA at $2,509.
Mega Dice Presale Garners Over $1.85 Million
Investors are betting big on the new Solana GameFi project Mega Dice (DICE), which has amassed over $1.85 million in its presale, set to end in 13 days. Mega Dice Casino is a gaming platform with over 11,000 monthly users and over $50 million in monthly bets. Users can enjoy over 4,000 casino games and access over 50 sports and eSports betting options. Token holders can earn rewards through staking, receiving daily payouts based on the casino’s profits.
The cryptocurrency market continues to show high volatility. Traders and investors are closely monitoring macroeconomic events and the development of new gaming projects like Mega Dice.
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