Ethereum Price Drops 5% Amid Second-Largest Lending Liquidation in History, Experts Say Consider This ICO for 100x Gains

Ethereum price has dropped by 5% in the last 24 hours. Trading at $2401 As of 03:43 AM ET, trading volume was up 33% to $15 billion.

This comes as Ethereum lending markets faced their second-largest wave of liquidations after the market correction in 2021. The liquidations came after Ethereum’s price dropped by 22% in the past month.

In the last 24 hours, Ethereum has seen over $50.11 million in liquidations, according to data from Queenglass.

Ethereum Price Prediction: Ethereum Price Set to Take Off

Since August 25, bears have been controlling Ethereum price, taking advantage of the rounding top pattern. The coin corrected to the support area at $2,406, and since then it has been in a consolidation, trading in a sideways pattern.

ETH bulls are currently struggling to push the price above the $2,578 resistance area.

ETHUSDT Chart Analysis (Source: Tradingview)

Bears pushing the price from the upper bound of the sideways pattern to the lower bound forced ETH to trade below the 50-day and 200-day simple moving averages (SMA).

Although the Relative Strength Index (RSI) is still trading within the oversold 30 zone, it is showing signs of recovery, as it is currently at 37 and continues to rise.

If the buying pressure gains momentum here, Ethereum price could rally by bouncing out of the sideways pattern, with bulls targeting the $2,800 level.

However, if the bears break the support zone at $2,350, the price of ETH could decline further to the next support at $2,200.

Meanwhile, other investors are turning to the new Olympic-themed coin project. Meme Games (MGMES)With only four days left until the pre-sale period ends.

According to 99Bitcoins, a popular crypto YouTube channel, MGMES could surge 100x after its launch and could be the next PEPE or BRETT.

Meme Games: The Next 100X Crypto?

The presale for the new Meme Games coin ends on September 8, coinciding with the final day of the Paris Paralympics, before the token is claimed and launched on decentralized exchanges on September 10.

There are still four days left to buy and win a 25% token reward as the fundraising crosses the $417K mark.

The project draws inspiration from the 2024 Olympic Games, which blend the excitement of cryptocurrencies with the spirit of sports competition.

Breaking news about cryptocurrencies
Meme Games raised over $100,000 in the first 24 hours of its presale, drawing attention in the booming memecoin sector. #Partner Content Visit us @ https://t.co/8dh137buUp pic.twitter.com/YwzyP2glE4

— InnovatekMobile (@Neome_com) July 17, 2024

Participants can choose Dogecoin, Pepé, Dogwifhat, Brett, and Turbo and watch them compete for gold medals. Each token purchase allows buyers to choose a meme athlete who could win additional tokens.

The meme athlete is randomly selected and verified by blockchain technology, ensuring fairness.

Token holders can earn passively from the project participation mechanism through: Buy and Deposit $MGMES To get an APY of 466%.

You can buy $MGMES tokens for $0.0094 each. But buy soon to get the best deal as prices will rise in less than 2 days.

To join the pre-sale, Buy $MGMES from the official website here Using ETH, BNB, USDT, or bank card.

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