Ethereum Price Continues to Slide After 5% Weekly Drop, But TG.Casino ($TGC) Continues Rising
The price of Ethereum has tumbled by a steep 5% this week as investors become increasingly bearish during the latest bout of global unrest.
The cryptocurrency is facing a turbulent time ahead as it approaches the September 2023 lows, with many analysts unfortunately predicting an end-of-year collapse for the asset.
Meanwhile, investors continue to turn their attention to lesser-known altcoins with great upside potential in an attempt to hedge the downside crypto narrative.
In particular, TG.Casino ($TGC) continues to rise this week while the market falls, causing it to cross the $730,000 milestone.
What you'll learn 👉
Ethereum Price Dips 5% As Analysts Predict End-of-Year Collapse
Ethereum has dropped by a steep 5% this week as it loses ground above $1,600 and heads toward the September 2023 lows.
Analysts take this as a bearish signal, expecting the asset to continue dropping to an end-of-year collapse.
Benjamin Cowen, an analyst with over 760,000 followers on X, recently expressed his bearish outlook for Ethereum in his latest YouTube video.
The analyst stated that Ethereum faces a possible collapse by the end of the year as the market looks weak in shorter time frames. He continued by saying that the market has attempted to defend the levels multiple times, which usually signals that it will break lower.
Furthermore, he cited that the ETH/BTC market continues to collapse, which could be a sign of the altcoin reckoning;
Just a continuous bleed by #ETH / #BTC.
— Benjamin Cowen (@intocryptoverse) October 10, 2023
Remember the collapse of the ETH/BTC ratio could also correspond to the end of the altcoin reckoning. pic.twitter.com/dhaNiBNz3B
Furthermore, additional analyst James V. Straten has a similar sentiment as he states that whales are offloading their $ETH this year. In an X post, the analyst pointed out that 12 million ETH have been offloaded since the start of the year;
The stark contrast between #Bitcoin and #Ethereum whales.
— James V. Straten (@jimmyvs24) October 10, 2023
ETH Whales: 1k ETH or greater, all in a massive downtrend. In the space of a year, we've seen 12M ETH offloaded, since 2020, its 20M ETH. #BTC Whales: 1K BTC or greater, all in an aggregate uptrend to flat.… pic.twitter.com/khc5njEbDp
Can Ethereum Protect the September Lows?
The latest price drop has pushed Ethereum lower as it heads toward the September 2023 lows;
A long-term .786 Fib Retracement marks the support at the September 2023 lows.
If the bears break beneath this support, added support lies at $1,510 (March 2021 lows), $1,500, $1,488, $1,455 (downside 1.414 Fib Extension), $1,400, and $1,395 (downside 1.618 Fib Extension).
Final support lies at $1,350 and $1,300.
Traders Rush to TG.Casino ($TGC) Pushing Presale Past $700,000
In the face of dwindling Ethereum prices, investors are rushing to lesser-known altcoins that have the potential to hedge the downside risk with smaller sums of capital.
In particular, TG.Casino ($TGC) is an option investors are flocking to as the fundraising crosses the $730,000 milestone this week.
Investors are rushing to this Telegram-based casino project as it has the potential to deliver sustainable rewards over the coming years through its revenue-based sharing model.
In addition, its deflationary mechanism has investors intrigued about its long-term prospects.
TG.Casino stands out from its traditional crypto-based casino competition as it’s a cutting-edge platform that leverages Telegram’s security, speed, and user base while offering a seamless gaming experience that integrates its own token.
The project intends to revolutionize the traditional casino space through its intuitive reward system, helping it create a value-driven component supported and stabilized by a share of the TG.Casino profits.
As the platform gains adoption, the rewards earned by $TGC investors continue to rise.
The project raised over $100,000 in its first few minutes from Web3 circles and blue-tick Twitter influencers – demonstrating the FOMO amongst high-profile investors.
Furthermore, the Curacao Gaming licensing entity already fully licensed the project, ensuring that the platform is compliant and fully regulated.
It’s also a fully-featured casino with a highly polished gaming experience as it’s connected to the major gaming providers that casino giants use, such as Evolution and AMATIC.
Through the platform, users can quickly start gambling on a crypto-based casino straight from their Telegram applications.
Essentially, the project takes advantage of two of the hottest trends in crypto: Telegram bots and crypto-based casinos.
The entire idea behind the project is to provide rewards for its users through staking rewards.
The team will use a portion of the daily casino profits to purchase $TGC on the open market through a DEX.
Of the $TGC bought, 60% is distributed to stakers, providing them with a consistent passive income.
At the same time, the token will experience deflation as the other 40% $TGC purchased from the DEX using casino profits will be sent to a burner wallet – removing it from supply.
As a result, the combination of a rising demand through buybacks and a falling supply through token burning has analysts believing that 50x returns are possible for this investment.
In addition, this reward system helps foster community loyalty while stakeholders earn a passive income.
Furthermore, the token contract has been fully audited by Coinsult – a well-respected security firm – providing peace of mind for investors.
The $TGC token is currently on sale for a discounted price of $0.125.
However, as the presale is already 73% to its minimum goal, the low prices aren’t expected to last too long before the cost increases.
Users can purchase $TGC on the project’s website using ETH, BNB, or USDT.
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