Ethereum Price Prediction: ETH Plummets 5% As This Learn-2-Earn Crypto Powers Past $800K

Ethereum Price Drops Amidst ETF Rejection Concerns

The Ethereum price plunged over 5% within the past 24 hours, reaching $3,110.97 as of 7:40 a.m. EST. This decline follows reports that the Securities and Exchange Commission (SEC) is likely to reject spot ETH ETF applications next month.

Ethereum Breaks Out of Bullish Channel

4-hour chart for ETH/USDT (Source: TradingView)

Ethereum has fallen below an ascending price channel that had formed on its charts in recent days. This puts the altcoin at risk of retesting the $2,989.11 support level within the next 24 hours.

If sellers continue to exert pressure, ETH could drop to $2,834.54 in the short term. Conversely, a 4-hour candle close above $3,177.58 within the next 12 hours could invalidate this bearish scenario.

Technical Indicators Suggest Further Decline

Short-term technical indicators suggest that Ethereum's price may continue to fall. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) have triggered bearish signals in the past 24 hours.

The RSI line has broken below the Simple Moving Average (SMA) line, indicating that sellers have gained an advantage. This has allowed bears to pull Ethereum out of its bullish price channel and into a bearish phase.

99Bitcoins: Bullish on Education and Crypto

Despite Ethereum's short-term bearishness, experts remain bullish on 99Bitcoins, a pioneering learn-to-earn project.

Earning While Learning

99Bitcoins provides educational resources on Web3 through interactive tutorials and courses. It now plans to enhance its offerings with the launch of its crypto token, 99BTC. Users can earn this token by engaging with educational content.

Additional Rewards and Community

Completing tasks and tutorials unlocks access to additional courses, allowing users to earn more crypto. 99Bitcoins has a large community of over 700k members, providing 99BTC with a substantial potential investor base.

Presale Success and High Staking Yield

The 99BTC presale has raised over $800K, and the token is already gaining traction. It offers an attractive 2,319% annual staking yield for holders. Investors can purchase 99BTC on the official website using USDT, ETH, BNB, or bank card. The price is set to increase in less than five days.

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Source: https://thebittimes.com/ethereum-price-prediction-eth-plummets-5-as-this-learn-2-earn-crypto-powers-past-800k-tbt86568.html