Ethereum Price Prediction: ETH Plunges 20% As Jump Crypto Unstakes $315M Ethereum And Analysts Say Consider This Olympic Games Meme Coin For...

Ethereum Price Plummets 20% in 24 Hours Amid Sell-Off Rumors

Ethereum's price has experienced a significant decline of 20% within the last 24 hours, currently trading at $2,326 as of 05:04 a.m. EST. This sharp drop has been accompanied by a surge in trading volume, reaching $54 billion, representing an increase of 238%.

Jump Crypto's Activity Sparks Speculation

The price drop has coincided with a transfer of 120,000 staked Ether tokens, valued at approximately $314 million, by Jump Crypto, the crypto division of Jump Trading. The firm has recently moved hundreds of millions of dollars worth of crypto to exchanges, leading to speculation that it may be preparing to sell its holdings.

Ethereum Price Analysis

Since early August, Ethereum's price has been on a downtrend, breaking below the $3,250 resistance level. Currently, it is trading within a falling channel pattern.

Today, ETH breached the channel's lower boundary, falling to the $2,250 support zone, as per data from GeckoTerminal. The price currently trades below both the 50-day and 200-day Simple Moving Averages (SMAs), indicating a continued bearish trend.

The Relative Strength Index (RSI) on the 1-hour chart stands at 25, signaling intense selling pressure and potential undervaluation. This undervaluation could present a buying opportunity, potentially driving the price back towards the channel with a long-term target of $3,300.

Conversely, if bearish pressure intensifies, ETH could drop further to $2,200, which has served as a buffer against downward pressure in the past.

Olympic-Themed Meme Coin Gains Traction

Despite Ethereum's price decline, the Olympic Games-themed meme coin, The Meme Games ($MGMES), has been gaining momentum. The coin allows users to bet on meme characters in competitive events inspired by the Olympics.

The Meme Games has garnered attention and raised over $338,000 in its presale. It is slated for a DEX listing on September 10 and offers a 639% annual percentage yield (APY) to stakers.

Influential crypto analyst Austin Hilton has predicted significant growth potential for $MGMES. The project offers a unique and engaging investment opportunity, with the potential for a 25% token bonus upon joining.

Investors can purchase $MGMES tokens for $0.00915 each through the official website using ETH, BNB, USDT, or a bank card. A price increase is expected to occur in less than two days.