The Ethereum price slumped 5% in the last 24 hours to trade at $2,294 as of 03:44 a.m. EST on trading volume that skyrocketed 93% to $14.2 billion.
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.
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.
Ethereum Price Could Rebound
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 GeckoTerminal.
However, the bears have invalidated the bullish stance to drop below the lower boundary of the rising channel pattern.
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.
The Ethereum price now seems to be rebounding from the $2,266 support zone, which could prompt a prolonged rally in the coming days.
This reversal is confirmed by the Relative Strength Index (RSI) trying to recover from the 30-oversold region, currently at 35.
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.
ETHUSD Chart Analysis Source: GeckoTerminal.com
However, if the Ethereum price sustains the bearish stance, ETH could plunge further to the $2,200 support zone.
Meanwhile, investors are betting big on the new Solana GameFi project Mega Dice (DICE), which has amassed over $1.85 million in early funding and has only about 13 days left until its presale ends.
Mega Dice Presale Garners Over $1.85 Million â Next 100X Crypto?
DICE is the native token for Mega Dice Casino, a crypto casino and gaming platform that has over 11,000 monthly users who lock in more than $50 million in bets every month.
WARNING: Time's Almost Up to Grab $DICE at the Lowest Price! đš
The $DICE presale is about to close its doors, with the last price increase happening this Tuesday! This is your absolute final chance to get in on the best #GameFi token on #Solana before the price skyrockets! âłâŠ pic.twitter.com/vzF1t77DsA
â Mega Dice Casino (@megadice) August 30, 2024
Users on the platform also enjoy over 4,000 casino games and have access to over 50 sports and eSports betting options.
Token holders can earn rewards through staking, receiving daily payouts based on the casinoâs profits.
According to the 99Bitcoins YouTube channel, which boasts over 706K subscribers, $DICE could potentially soar 100X after its launch.Â
To join the presale, you can buy $DICE on the official website here for $0.116056 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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