Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who seem to be increasing their holdings. Notably, on-chain data from multiple analytics platform points to an uptick in activity from Ethereum whales in the past few days. Particularly, Glassnode data suggests large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week. Ethereum Whales Spend Big On ETH The interesting Ethereum whale activity noted above is revealed through on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has experienced a rise in the last 24 hours, increasing to 925 wallets. This marks a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, up from the 918 wallets recorded on September 18. Related Reading: Bitcoin Prediction: Crypto Pundit Reveals Why $100,000 Is The Nominal Price Level For 2025 Supporting this trend, additional data from IntoTheBlock (ITB) indicates a surge in activity from addresses holding substantial amounts of Ethereum. ITB tracks these movements through a specific metric that monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has reached over $29 billion in the past seven days. While this figure accounts for both inflows and outflows from whale wallets, the sheer scale of these transactions is notable. Historically, such high levels of activity from large holders tend to be a bullish indicator for cryptocurrencies. This heightened activity is further reflected in the inflows of ETH into large holder wallets. On September 23, these inflows soared to 515,520 ETH, representing an impressive 440% spike compared to the 95,820 ETH recorded during the previous 24-hour period. Time To Buy ETH? At the time of writing, Ethereum is trading at $2,626. As noted earlier, this is on the back of a 13% increase in the past seven days, prompting Ethereum’s overperformance over Bitcoin for the first time since the beginning of the year. The leading altcoin has mirrored Bitcoin’s movements so consistently that some analysts have questioned its potential for decoupling anytime soon. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Ethereum’s importance in the crypto industry means there’s never a bad time to accumulate more ETH. Ethereum just broke over $2,600 for the first time in September, which is the first step in a sustained move to the upside. The next key target is to break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October. Featured image created with Dall.E, chart from Tradingview.com
Ethereum holders are definitely being tested by some tough times, with recent price action failing to create a bullish perspective for the digital asset. One of the major disappointments has been the performance of spot Ethereum exchange-traded funds (ETFs), which were launched in the U.S. with great fanfare. These ETFs were seen by numerous market participants as the key that could unlock significant upward movement for Ethereum. Since their introduction, they have not delivered the expected results, leaving investors frustrated. Matt Hougan, Chief Investment Officer of Bitwise, a popular crypto index fund manager, continues to maintain a positive ETH outlook. According to him, Ethereum is still at the forefront of blockchain applications that are seeing breakthrough success. This Is Not The End For Ethereum The lack of positive momentum in the Ethereum market has been enough to shake the confidence of seasoned investors. The combination of uncertain macroeconomic factors, rising competition from Solana and other blockchains, and the unmet expectations surrounding the Ethereum ETFs has contributed to the pessimistic outlook for the digital asset. Related Reading: Crypto Analyst Says Bitcoin All-Time High Only A Month Away After Breaking $60,000 Among the optimists is Matt Hougan, who shared his views in a recent memo. Hougan has maintained a bullish outlook on Ethereum, standing firm in his belief that the current challenges are only temporary and that the asset still has the potential to rebound. Hougan argues that although Ethereum has fallen behind Bitcoin and Solana’s year-to-date growth of 38% and 31%, respectively, the cryptocurrency’s long-term prospects remain strong. In his memo, Hougan highlighted ETH’s continued dominance as the leading blockchain for decentralized applications (dApps), stating that it retains the lion’s share of activity among developers building on blockchain technology. He went as far as to liken Ethereum to the “Microsoft of blockchains.” To support his claim, Hougan pointed to notable examples of Ethereum’s adoption by major companies. One such example is BlackRock’s tokenized money market fund, which launched in March 2024 and now has more than $500 million in assets under management. Another example is Nike’s Web3 gear platform called .Swoosh. Ethereum has the most active developers and users. As such, Hougan believes the blockchain will be first on the radar of the next large traditional company wanting to do a blockchain product. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 What’s Next For ETH? According to Hougan, Ethereum is a contrarian bet for the rest of the year. What this basically means is that he expects Ethereum to go against the ongoing market sentiment and surprise many investors with a bullish run by the end of the year. At the time of writing, ETH is trading at $2,440 and is up by 5.2% in the past 24 hours. This recent uptick brings Ethereum close to testing a key resistance level at $2,450 once again. Featured image created with Dall.E, chart from Tradingview.com
Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up. Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021. Ethereum Fractal Suggests Rally In Q4 According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021. Related Reading: Analyst Identifies $0.75 As Most Crucial Target For XRP Price In The Campaign For $1 During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift. Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation. Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level. What’s Next For ETH? At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150. Related Reading: Shiba Inu Competitor FLOKI Forms Falling Wedge That Could Trigger 54% Breakout This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum. Featured image created with Dall.E, chart from Tradingview.com
Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereum’s price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom. Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereum’s price movements, highlighting a potential correlation between ETH’s price declines with the rising United States (US) unemployment rates. Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum. For the past few months, the price of Ethereum has been on an unusual downward trend, crashing by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoin’s price declines, bleeding red almost immediately after the broader market turned bearish. Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrency’s extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon. Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruem’s price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value. While drawing parallels between Etheruem’s price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery. As of writing, CoinMarketCap’s data reveals that Ethereum’s price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours. Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures. On September 10, Lookonchain reported that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here’s When Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem recently sold another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH. Featured image created with Dall.E, chart from Tradingview.com
Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000. ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X (formerly Twitter) post that Ethereum is ready for liftoff, having entered oversold territory. He noted that historically, ETH sees a rally or a short-term pump whenever the relative strength index (RSI) is in or near oversold territory on the 3-day chart. Related Reading: Shiba Inu Recovery To $0.000081 ATH Levels Still In Play While it remains to be seen whether it will be a rally or just a short-term pump, Titan of Crypto added that an upward movement looks to be around the corner for Ethereum either way. The accompanying chart the crypto analyst shared showed that ETH could reach $6,000 if it is a price rally, while the crypto will at least reach $3,000 if it is just a short-term pump. Crypto analyst Crypto Wolf also recently shared an Ethereum update and noted that sentiment is at rock bottom and herd interest in ETH is fading. He added that according to his updated chart, TH is likely approaching a bottom. In line with this, he called for patience as Ethereum will experience a bullish reversal once it finds a bottom. His accompanying chart showed that Ethereum could rise to $2,900 following a price recovery and will set its sights on $5,600 if it breaks the resistance at $3,900. Crypto analyst Poisedon also hinted at an imminent price recovery for ETH, asserting that manipulation is done and that it is time for expansion. Poseidon’s accompanying chart indicated that ETH must reclaim $2,600 if the market structure is to shift to the upside. Based on the crypto analyst’s analysis, this shift to the upside could send Ethereum as high as $3,200 in the short term. Spot Ethereum ETFs Have A Role To Play The Spot Ethereum ETFs undoubtedly play a role in any potential price recovery for ETH. According to data from SoSo Value, these funds have witnessed a cumulative total net outflow of $562.31 million since launching on July 23, thereby putting significant selling pressure on ETH’s price. Related Reading: Dogecoin Moving Averages Say Accumulation Has Ended, Here’s Where Price Is Headed Next These outflows have been largely due to selling pressure from Grasyacle’s Ethereum Trust (ETHE), similar to what happened with Grasyacle’s Bitcoin Trust (GBTC) after the Spot Bitcoin ETFs launched. Bitcoin dropped to as low as $38,00 back then before climbing to its current all-time high (ATH) of $73,000 after the selling pressure from Grayscale eased. Therefore, ETH could also enjoy a parabolic rally if the same situation occurs again, with selling pressure from Graysale’s ETHE easing and other Spot Ethereum ETFs witnessing impressive inflows. At the time of writing, Ethereum is trading at around $2,320, down over 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower. The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum. Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJ’s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines. US Stock Market Crash Contributes To Bitcoin And Ethereum’s Fall Furthermore, Bitcoin and Ethereum’s correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum. Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively. With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum. At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
So far in 2024, the Ethereum price performance has fallen short of market expectations. Instead of rallying alongside Bitcoin to new all-time highs as expected, it stalled and failed to claim $4,000 even at the height of its rally. Now, with the third quarter in full gear, the Ethereum price may still be far from […]
Ethereum and Solana registered net inflows last week despite a price correction among most cryptocurrencies. According to the most recent Digital Asset Fund Flows Weekly Report published by CoinShares, the cumulative inflows into these investment products reached an impressive $176 million over the week. This positive trend was consistent across all regions, with each registering […]
A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition. Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and analyst, Peter Brandt drew a comparison between Solana and Ethereum, spotlighting their fundamental characteristics, strengths and weaknesses. Based on his analysis, Brandt suggests that it was inevitable that one will be recognized as the clear winner or superior blockchain and cryptocurrency. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The ‘Clear Winner’ Sharing a price chart of Solana/Ethereum, the analyst offered a critical view of Ethereum, highlighting several vulnerabilities that are plaguing the blockchain. Despite being the second largest cryptocurrency by market capitalization, Brandt has described ETH as a difficult network to use, likely attributing this to its slow transaction speeds. He stated that Ethereum was expensive, cumbersome, and flawed. Moreover, the analyst has cast doubts on Ethereum’s claim to decentralization, suggesting that the blockchain was not as decentralized as it presents itself to be. On the other hand, Brandt praised Solana for its numerous strengths and noteworthy characteristics. The analyst points out that Solana’s ability to offer high speed transactions at a fraction of the cost of Ethereum was impressive. Brandt also disclosed that Solana’s network was easier to use, making it more accessible to developers and users. Additionally, the analyst highlights that Solana maintains a strong technical base, possibly referring to the blockchain’s unique Proof Of History (PoH) consensus mechanism. From the analyst’s perspective, Solana’s strong fundamentals and superior functionalities gives it a significant edge over Ethereum. He concluded his analysis with a bold prediction, stating that Solana could gain 100% in value relative to Ethereum in the months ahead. This underscores the analyst’s belief that Solana could potentially outperform Ethereum in the market. While Brandt’s comparison of Ethereum and Solana may suggest a bias against Ethereum, the analyst has clarified that he actually does not dislike ETH. ETH Forms Death Cross While SOL Surges To $160 A crypto analyst identified as ‘KickEx’ revealed in an X post that Ethereum and Bitcoin are forming a death cross on their respective price charts. The analyst notes that ETH’s recent market crash has led to the formation of a worrisome technical pattern. Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level KickEx has disclosed that if the death cross pattern plays out, Ethereum may experience a massive price decline in the liquidity range of around $2,000 per coin. At the time of writing, the cryptocurrency is trading at $2,682, reflecting a 10.84% increase, according to CoinMarketCap. While Ethereum’s price faces a potentially bleak future outlook, Solana has been performing relatively well in the market. The cryptocurrency recently hit the $160 price level, marking a rise of over 10%. Although the cryptocurrency has since retreated to $157, Solana continues to show strong bullish signals amidst market downtrends. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst CrediBULL Crypto provided a market analysis on Pepe (PEPE), Ethereum (ETH), and XRP. Based on his analysis, PEPE could hit a new high soon enough, seeing how it has ranged since hitting a new all-time high (ATH) in May. A Price Rally For PEPE On The Horizon CrediBULL Crypto mentioned in an X […]
Two market experts recently revised their predictions for Ethereum, with one claiming that the second-largest crypto token could rise to as high as $100,000. Interestingly, these ultra-bullish predictions align with some predictions made by financial institutions. Ethereum To Rise To $50,000 Ethereum maximalist Adriano Feria predicted in an X (formerly Twitter) post that Ethereum could reach $50,000 in this market cycle. He made this bold prediction in response to Ethereum developer Eric Conner’s prediction that ETH will reach $35,000 this cycle. Conner had initially predicted that ETH would rise above $20,000 in this bull run but eventually revised his price target because of the “ETH hate” he was receiving following his prediction. Related Reading: This PEPE Holder Cohort Is The Reason Price Is Struggling To Reclaim $0.00002 Meanwhile, Feria followed Conner’s footsteps and upped his ETH price target, predicting the crypto token to reach $100,000. He explained that the hate ETH was getting made him realize that “99% of the people in the world are completely sidelined, and institutions have barely gotten their feet wet.” Feria added that those holding ETH are truly the “world’s elite” because ETH’s bull case should send the crypto token to $100,000. The analyst suggested that Ethereum has yet to enjoy mainstream adoption, and it could send its price to the $100,000 target when that happens. This includes the entry of institutional investors into the Ethereum ecosystem, which is already happening thanks to the Spot Ethereum ETFs. Feria is also confident in his prediction and remarked that he wasn’t joking. He noted that some financial institutions have come up with bull targets close to his price target of $100,000. One of the financial institutions that the analyst might have been referring to includes VanEck, which gave a bull case price target of $154,000 for ETH by 2030. Why ETH Rising To $50,000 Is Possible Crypto investor Jesse Eckel recently made a bullish case for Ethereum, explaining why Ethereum will not only reach but surpass the $50,000 price target. He alluded to VanEck’s prediction that Bitcoin can reach $52 million by 2050. He claimed that ETH is “objectively better money than BTC, ” meaning that the former could easily attain unprecedented heights since VanEck predicts that the flagship crypto will be worth millions of dollars. Related Reading: Hedge Fund Manager Says Bitcoin Price Will Reach $428,000 If This Happens Eckel further remarked that Ethereum is currently the “backbone” of onchain finance. He claimed that ETH would “continue to grow as a legitimate form of money” as everything becomes tokenized and trillions of dollars move onchain. The investors also noted how almost every layer-2 network launches under the Ethereum ecosystem. With such massive adoption on the horizon for ETH, Eckel predicts that Ethereum can even rise to as high as $23 million based on VanEck’s prediction for Bitcoin. At the time of writing, Ethereum is trading at around $3,170, down over 4%, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum whales have been busy in the market, as on-chain data shows that these investors have been heavily accumulating the second-largest crypto token by market cap. This comes amid a price decline in ETH’s price, with history suggesting that the crypto token might suffer more price declines in the short term. Whales Accumulate More ETH Data from the market intelligence platform IntoTheBlock shows that Ethereum Whales bought 297,670 ETH ($1 billion) on July 24. The previous day, these whales also bought almost 400,000 ETH. Further data shows an increase of over 28% in the inflows into these whales’ addresses in the last seven days. Related Reading: Machine Learning Algorithm Predicts Shiba Inu Price Will Rise 119% In 5 Days The decline in outflows from these addresses further highlights these investors’ bullish sentiment towards Ethereum despite its underperformance. Outflows from these accounts have declined by over 14% in the last seven days and down by over 16% in the last 30 days. The large holders’ netflow metric on IntoTheBlock also highlights this wave of accumulation among Ethereum whales, as net flows have increased by over 313%. This means that these investors are heavily accumulating rather than opting to sell their ETH holdings. On-chain analytics platform Santiment noted that this significant increase in ETH’s whale activity is due to the Spot Ethereum ETFs, which began trading on July 23. The platform made this observation while revealing that since July 17, the amount of ETH transfers has exceeded over $100,000 in value, which is over 64% higher than the number of BTC transfers and over 126% higher than the USDT transfers on the Ethereum network. The Spot Ethereum ETFs had undoubtedly presented a bullish outlook for Ethereum even before they launched, as crypto analysts like RLinda predicted that ETH could rise to $4,000 thanks to these funds. As such, it is no surprise that Ethereum whales continue to accumulate the crypto token in anticipation of higher prices from ETH. The Spot Ethereum ETFs Launch Might Be A Headwind At First The Spot Ethereum ETFs were projected to be the catalyst that would spark a massive rally in ETH’s price, and that is likely to happen at some point. However, history suggests these funds may act as a headwind for Ethereum at first, similar to the fate that Bitcoin suffered immediately after the Spot Bitcoin ETFs launched earlier this year. Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When Bitcoin experienced significant price declines, largely thanks to the outflows from Grayscale’s Bitcoin Trust (GBTC). A similar situation is already playing out for ETH with Grayscale’s Ethereum Trust (ETHE). Interestingly, Grayscale’s ETHE experienced a net outflow of $484.1 million on day 1 of trading, much larger than the net outflows GBTC experienced on day 1, and GBTC is bigger. Considering this, Ethereum could face significant selling pressure from Grayscale’s ETHE. Data from Farside Investors shows that the Spot Ethereum ETF experienced a net outflow of $326.9 million on July 24 (day 2), likely just the start of the massive outflows that could eventually pour out from the fund. Featured image created with Dall.E, chart from Tradingview.com
Crypto analyst Crypto Kaleo has explained why he believes Bitcoin will continue outperforming Ethereum in the short term. He made this assertion based on his belief that the Spot Ethereum ETFs will not instantly have the impact that many expect it to have on ETH’s price. Bitcoin Will Continue To Outperform Ethereum For Now Crypto […]
Crypto analyst Linda has made a bullish case for Ethereum (ETH), predicting that the second-largest crypto token by market cap could rise to $4,000. The analyst also explained what could lead to such a price surge. Why Ethereum Could Reach $4,000 In a post shared on TradingView, Linda highlighted the potential approval of the Spot Ethereum ETFs as one factor that could trigger a move to $4,000 for Ethereum. She noted that the sentiment around these funds is positive, with traders waiting for news from the US Securities and Exchange Commission (SEC). Related Reading: Bitcoin Accumulation: Who’s Been Buying Up All The BTC Dumped By The German Government? These Spot Ethereum ETFs are expected to be approved anytime soon based on predictions made by market experts, including Bloomberg analyst James Seyffart. Similarly to Linda’s prediction, other crypto analysts like Michael van de Poppe have predicted that the Spot Ethereum ETFs will spark a massive rally for Ethereum. Meanwhile, from a technical perspective, Linda noted that Ethereum’s outlook is bullish and supports the crypto token’s potential rise to $4,000. She claimed that the trigger area for buyers was at $3,200. In line with this, she believes that further final consolidation of the price above the 200-day moving average and a breakout above $3,200 will “become the reason for strengthening,” with a potential price target between $4,000 and $4,800 in sight. On local timeframes, Linda also stated that there are “prerequisites for a bullish mood,” especially on the daily timeframe, where the analyst noted that a rebound from strong support is forming. Based on her analysis, Linda claimed that the overall outlook for Ethereum points to a further rise to $4,000. Ethereum’s Chart Identical To Bitcoin’s Before ETF Launch Crypto analyst Crypto Rover recently mentioned that Ethereum’s chart is identical to Bitcoin’s before the Spot Bitcoin ETFs launched. Based on this, the crypto analyst was suggesting that Ethereum could make a similar run to the one the flagship crypto enjoyed after the Bitcoin ETFs were approved. In another X post, the analyst stated that the Spot Ethereum ETFs would be approved, meaning that Ethereum’s price rally could already be on the horizon. ETH’s price surge is expected to happen thanks to the inflows the Spot Ethereum ETFs will record. Crypto research firm K33 predicts these funds could attract as much as $4.8 billion in their first five months of trading. Related Reading: Why Did The Cardano Price Surge 17% Amid The Crypto Market Crash? Crypto analyst Leon Waidmann also highlighted how these Spot Ethereum ETFs will spark a massive rally for Ethereum, stating that institutional investors will likely take a huge chunk of Ethereum’s dwindling supply once these funds begin trading. At the time of writing, Ethereum is trading at around $3,300, up almost 5% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
An Ethereum whale has caused panic among community members following a recent transaction suggesting they might be looking to offload their holdings. This comes amid a recent prediction by research firm Matrixport that Ethereum’s price could significantly rebound from its current price level. Ethereum Whales Transfers 11,215 ETH Onchain data shows that the Ethereum whale transferred 11,215 ETH ($34.3 million) to the crypto exchange Coinbase. A trader usually makes such a move when selling these tokens, and considering the amount of tokens involved, such a sale could significantly impact ETH’s price. However, data from the market intelligence platform IntoTheBlock shows that there might be a demand for these tokens if, indeed, this whale is looking to offload their tokens. Related Reading: 83% Of All Bitcoin Holders Still In Profit Despite Drop Below $60,000 There has been an increase of 132% in the large holders’ netflow to exchange netflow ratio in the last seven days, which suggests that Ethereum whales are actively accumulating more ETH. The flow metrics also paint an accumulation trend among Ethereum holders, with inflow volume into exchanges down by over 11% in the last seven days. During this period, the outflow volume from these exchanges has increased by 3%, further confirming that Ethereum investors are looking to hold their positions and accumulate more ETH at this point. This is undoubtedly a positive development for Ethereum’s price, which could witness a significant rebound thanks to this wave of accumulation. Research firm Matrixport also predicted that ETH’s price would rebound from its current price level thanks to the Spot Ethereum ETFs, which they claimed could launch as early as this week. While that remains uncertain, market experts like Bloomberg analyst James Seyffart have suggested that it shouldn’t be long before these Spot Ethereum ETFs begin trading. This is because fund issuers have implemented most of the comments that the Securities and Exchange Commission (SEC) had on their S-1 filings. ETH Is Primed For A Rally Crypto analyst Leon Waidmann mentioned in an X (formerly Twitter) post that Ethereum is primed for a rally. He made this assertion based on Ethereum’s dwindling supply. He noted that 40% of Ethereum’s supply is locked up, with 28% staked and the other 12% in smart contracts and bridges. Additionally, Waidmann expects this supply to continue to reduce once the Spot Ethereum ETFs begin trading, with institutional investors taking a huge chunk of the supply off exchanges. Based on this, Ethereum could rally on the back of the supply and demand dynamics since demand is bound to outpace supply at some point. Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip Crypto analyst Follis mentioned that Ethereum’s chart looks identical to Bitcoin’s just before it pumped over 200% last year. He suggested that the Spot Ethereum ETFs could be the catalyst that sparks a similar rally for ETH. Featured image created with Dall.E, chart from Tradingview.com
Crypto investment products tracking Ethereum and others registered another week of outflows last week, albeit at a lesser amount, to extend the run of outflows to three consecutive weeks. Digital investment products witnessed $30 million worth of outflows last week. However, this outflow deviated from the trend we normally observe, with Bitcoin taking a step […]
On-chain data recently showed that the Ethereum staking has experienced significant growth over the last month. This undoubtedly presents a bullish outlook for the Ethereum ecosystem, which is already oozing with a lot of bullish sentiment heading into July. Almost 60,000 Unique Depositors Join Ethereum Network Data from the on-chain analytics platform CryptoQuant shows that […]
Crypto trader Duncan has explained why he is “extremely long” on Ethereum (ETH) despite the crypto token’s recent drop to around $3,400. He emphasized the Spot Ethereum ETFs, which he believes could spark a significant rally for ETH. A ‘Significant Upside Repricing’ Could Be On The Horizon ForTHEEthereum Duncan mentioned in an X (formerly Twitter) post that he believes that the market is way too bearish at the moment and that there could be a “significant upside repricing” for Ethereum if the Spot Ethereum ETF inflows are “anything but horrible.” He further explained why he thinks the Spot Ethereum ETFs will be a huge success, contrary to what some might think. Related Reading: Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery First, he noted that asset managers view the crypto ETF space as a “new frontier” that could generate billions in management fees for them over the next ten years. He highlighted how BlackRock has had its most successful product launch ever with its Spot Bitcoin ETF, which he claims is already generating $45 million in fees yearly, just six months after its launch. Based on this, Duncan stated that the Spot Ethereum ETFs provide these asset managers another “massive opportunity” to launch a product that could bring them similar success to the Spot Bitcoin ETFs, generating hundreds of millions in fees. Duncan remarked that the Spot Ethereum ETFs are “almost as big as the Bitcoin ETF given the base management fees and the future ability to clip a fee off the staking yield.” Duncan further alluded to an interview Scott Melker (aka Wolf Of All Streets) had with VanEck’s Head of Digital Asset Research, Matthew Sigel, to emphasize how these asset managers feel about the Spot Ethereum ETFs. From what was said during the interview, Duncan noted how VanEck is betting on the Spot Ethereum ETFs to spark a “reflexive rally” in ETH, which Sigel claimed could make them more money. Spot Ethereum ETF Issuers Could Provide A Narrative For ETH Duncan tried to counter the argument made by crypto figures like Andrew Kang, who argued that Ethereum had no narrative and that the Spot Ethereum ETFs might not succeed because of that. Duncan stated that asset managers like BlackRock and VanEck can “literally start the narratives themselves.” He added that this narrative could be about BlackRock’s Real World Assets (RWA) on-chain, VanEck’s new stablecoin, or the asset managers’ “open app store” thesis. Dunan said the market could witness a “massive ETH rally” when these narratives are mixed with some “good flows and ETH’s extremely reflexive characteristics.” Related Reading: Why Is The Bitcoin Price Down Today? The crypto trader admitted that this could take time but opined that it is naive to think that these asset managers won’t deploy significant resources to attract inflows to their Spot Ethereum ETFs. Crypto analyst and trader Tyler Durden shared a similar sentiment when he mentioned that Ethereum reaching $10,000 was the “most asymmetric bet” in crypto today. He claimed that Wall Street had put so much effort into ensuring that the Spot Ethereum ETFs were approved, and now, they will make as much money from it while pumping ETH. Featured image created with Dall.E, chart from Tradingview.com
With the Bitcoin price drop from the $70,000 level to below $64,000, meme coins have understandably suffered as a direct result of this. During this time, meme coins, both large and small, have seen their prices drop significantly, raising concerns about whether the meme coin summer is over. However, going by previous crashes, there may […]
The Ethereum Foundation is again in the news following its recent transaction involving millions of Ethereum (ETH) tokens. The non-profit organization’s Ethereum transactions are always significant, considering the impact they usually have on the second-largest crypto token. Ethereum Foundation Transfers $64.4 Million Worth Of ETH Crypto journalist Colin Wu revealed in an X (formerly Twitter) post that a wallet (0x8e…D052) linked to the Ethereum Foundation transferred 18,089 ETH ($64.4 million) to a new address (0x87…D812). On-chain data shows that the new address has yet to transfer these funds and that the ETH holdings have yet to be offloaded on the market. Related Reading: Solana Whale Shakes Market With $372 Million Transfer, Where Are The Coins Headed? Transactions involving the Ethereum Foundations are always concerning because the non-profit organization has a reputation for selling at the top. As such, the transaction of these funds is one to keep an eye on, considering that the potential sale of these tokens could mean that the Ethereum Foundation is again looking to catch ETH at the top. It is worth mentioning that the Ethereum Foundation has already sold over 1,700 ETH since the start of 2024 with on-chain analytics platform SpotOnChain, noting that these transactions have always occurred ahead of a price drop. Therefore, a potential price drop if these 18,089 ETH are eventually sold is a huge possibility. Despite this development, Ethereum’s outlook is very bullish, especially with Bloomberg analyst Eric Balchunas stating that the Spot Ethereum ETFs could begin trading by July 2. These funds are expected to spark a significant rally for the second-largest crypto by market cap, with crypto experts like Ash Crypto predicting that Ethereum could rise to $10,000 thanks to these Spot Ethereum ETFs. ETH To $10,000 Is The Most “Asymmetric Bet” Crypto analyst and trader Tyler Durden mentioned that the most asymmetric bet in crypto today is ETH reaching $10,000. He also highlighted Ethereum’s chart against Bitcoin and suggested that ETH was ready for that big move, considering it has traded sideways for eight months. The analyst also suggested that the Spot Ethereum ETFs will play a massive role in Ethereum’s rise to this price level. He stated that Wall Street went through a lot of effort to get the Spot Ethereum ETFs approved and that they would ensure that they make money from ETH while pumping its price. Related Reading: Bernstein Analysts Revise Bitcoin Target, $200,000 And $1 Million Become Main Focus Meanwhile, Durden boldly asserted that money would exit the Solana ecosystem and rotate to Ethereum. He claimed that Solana has lost its “main character and driver of liquidity”, which is why the money will flow into ETH. Interestingly, he mentioned that celebrities have “cannibalised,” which is why he believes that the capital rotation cannot happen the other way around with money moving from Ethereum to Solana. At the time of writing, ETH is trading at around $3,500, down in the last 24 hours, according to data from CoinMarketCap. Featured image from The Crypto Times, chart from Tradingview.com
Ethereum has seen a number of notable withdrawals that suggests that crypto whales are expecting a recovery in price. These large withdrawals has caused the ETH balances on centralized exchanges to fall to their lowest level since 2016. 336,000 ETH Withdrawn From Exchanges Crypto analyst Ash Crypto took to X (formerly Twitter) to reveal a notable change in the amount of ETH that is being held on centralized exchanges currently. Notably, there has been a marked increase in the withdrawals of small and large investors alike, leading to the highest withdrawal trend of 2024 so far. Related Reading: DOGE To The Moon: This Dogecoin Metric Just Turned Bullish For The First Time Since 2020 The report focuses on the withdrawals from the Coinbase exchange, which is the largest crypto exchange in the United States. The uptick in the withdrawal trend saw a whopping 336,000 ETH withdrawn from the exchange’s wallets in just 48 hours. This translates to the highest withdrawal trend from the exchange so far this year. However, Coinbase wasn’t the only crypto exchange hit hard by the Ethereum withdrawals as the cumulative exchange addresses saw their ETH balances fall drastically. As the on-chain tracker Santiment revealed in a report, the total ETH held on centralized exchange wallets has fallen 8.6% in the last two weeks alone. These withdrawals have greatly impacted the exchange balances, causing them to fall to their lowest point in 8 years. This means that the last time that the exchange balances were this low was back in 2016, which is three bull markets ago. Will This Propel Ethereum Price To $10,000? Naturally, the withdrawal of Ethereum from exchanges is bullish given that this is a trend that suggests investors are choosing to hold their Ethereum coins rather than sell them. If coins were moving the other direction and being deposited on exchanges instead, it would’ve been bearish for the price as it meant that investors were looking to offload their holdings for profit. Related Reading: XRP Continues To Struggle Below $0.5, Ex-Ripple Director Reveals Why Price Action Remains Muted Crypto analyst Ash Crypto shares the sentiment that the withdrawals are bullish for the price. According to the analyst, with Spot Ethereum ETFs set to start trading in 2024 in addition to this, it means that the ETH price trading above $10,000 is just a matter of time. Presently, the ETH price is still closely following the Bitcoin trend. It has recovered above $3,500 once more after initially falling below this support level on Thursday. Nonetheless, it continues to nurse losses on the weekly chart, with CoinMarketCap data showing a decline of 7.88%. Featured image created with Dall.E, chart from Tradingview.com
Despite the relative tepid movement in the crypto market since Bitcoin hit a new all-time high (ATH) in March, Bitcoin, Ethereum, and Solana have continued to top traditional assets, including Gold. This was highlighted in a recent report that showed how crypto assets have provided the best returns for a while now. Bitcoin, Ethereum, And Solana Outperform Traditional Assets Raoul Pal, Co-Founder of Exponential Age Asset Management (EXPAAM), shared the crypto investment firm’s latest monthly update, showing annualized returns on all major assets. Related Reading: Dogecoin Social Sentiment Turns Bearish And Drops To March Levels, What This Means For Price Bitcoin, Ethereum, and Solana have topped traditional assets with annualized returns of 141%, 152%, and 224%, respectively. For context, NDX, the best major traditional asset, boasts an annualized return of 17%. Thanks to this, these crypto assets have been the best-performing assets in 11 of the last 14 years. These digital assets also look on course to outperform traditional assets again this year, as they boast higher year-to-date (YTD) gains. Data from CoinMarketCap shows that Bitcoin, Ethereum, and Solana currently have YTD gains of over 67%, 66% and 70%, respectively. On the other hand, Gold, the best-performing non-crypto asset this year, has a YTD gain of 13%. The NDX boasts a YTD gain of 10%, while the SPY has recorded a YTD gain of 11%. Interestingly, while the volatility of crypto assets has been criticized at times, this has largely contributed to why they have continued outperforming traditional assets. The Director of Global Macro at Fidelity Investments, Jurrien Timmer, previously highlighted how Bitcoin has continued to record the best risk-reward since 2020. He also alluded to Bitcoin’s high volatility, stating that Bitcoin’s huge drawdowns have also come with large gains. The same can also said about crypto tokens, especially considering that a token like Solana, which dropped to as low as $10 in late 2022, is now trading above $170. More Gains Ahead For BTC, ETH, SOL Bitcoin, Ethereum, and Solana are expected to record more YTD gains as the year progresses, given that the crypto market is currently in a bull run. Recent developments in the crypto market also paint a bullish outlook for these crypto tokens. One is the increased demand for the Spot Bitcoin ETFs. Data from Farside Investors showed that these funds recorded net inflows of $886.6 million on June 4, their best day since March. Related Reading: Crypto Pundit Shares “Inevitable” Prices For Bitcoin And 5 Altcoins Meanwhile, the Spot Ethereum ETFs are expected to begin trading by July. Crypto analysts like Michael van de Poppe predict these funds could spark a significant rally for Ethereum and other altcoins. ‘Solana Summer’ also looks to be on the horizon, with the crypto token showing signs of imminent parabolic upward trend. At the time of writing, Bitcoin has broken above the $70,000 resistance level and is trading at around $71,000, up almost 3% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Ethereum’s (ETH) price has failed to make any significant rally following the Securities and Exchange Commission’s (SEC) approval of the Spot Ethereum ETFs. This is undoubtedly surprising, given that the approval was expected to spark a massive price surge for the second-largest crypto token. Why ETH’s Price Has Failed To Rally Ethereum’s price may have […]
The Ethereum Foundation, a non-profit organization that supports the Ethereum ecosystem, recently transferred a significant amount of ETH. Given what this transaction could imply, it has drawn the crypto community’s attention, which is already speculating about whether the market top might be in. Ethereum Foundation Moves 1,000 ETH On-chain analytics platform SpotOnChain revealed in an X (formerly Twitter) post that the Ethereum Foundation transferred 1,000 ETH ($3 million) to a middle multi-signature wallet (0xbc9) on May 8. This development is more concerning as SpotOnChain revealed that the Foundation has made other transactions since the start of 2024. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? According to the platform, the Ethereum Foundation has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 for each ETH. These transactions are said to have occurred in “several small batches via the same multi-signature wallet. Interestingly, SpotOnChain noted that these transactions often occur ahead of a price drop. It is worth mentioning that the Ethereum Foundation already has a reputation for selling at the top, suggesting that their selling ahead of a drop might not be a coincidence. In 2022, NewsBTC reported that Ethereum dropped by 40% after the Foundation sold off 20,000 ETH. Meanwhile, in 2021, ETH experienced a downtrend for months after the organization sold off 35,000 ETH. ETH’s price action after the Ethereum Foundation sold 20,000 ETH in 2022 | Source: Tradingview.com Journalist Colin Wu also revealed back then that Ethereum’s founder, Vitalik Buterin, had persuaded the foundation to “sell 70,000 ETH at the top of 2018 to support the work of developers.” Wu further claimed that the Foundation’s sell-off is a “normal operation, but it also means that the Foundation thought that bear market was coming.” Therefore, from Wu’s revelation, one can deduce that the Ethereum Foundation could have an idea of when the market top is, which prompts them to always make these sales before ETH makes a significant decline. An ETH Decline May Already Be On The Horizon A crypto analyst known as Shin Forex recently predicted that Ethereum could soon drop to as low as $2,500. The analyst explained that there has been a slowdown in liquidity flowing into the Ethereum ecosystem. This could affect ETH’s price since it suggests a lack of interest in the token among investors. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? From a technical analysis perspective, Shin Forex also revealed that the ETH/BTC pair has now broken below its support of 0.05. Ethereum is said to have experienced a significant crash when this happened in the market cycles in 2016 and 2019. As such, the analyst does not doubt that ETH will likely spiral down again, with the crypto token dropping to as low as $2,500. At the time of writing, Ethereum is trading at around $3,000, according to data from CoinMarketCap. ETH price looking to establish support above $3,000 | Source: ETHUSD on Tradingview.com Featured image from The Motley Fool, chart from Tradingview.com
An Ethereum whale was recently revealed to have made $16 million from a single trade involving the second-largest crypto token by market cap. This whale’s story again highlights how conviction in an investment can be very rewarding in the crypto space. How This Ethereum Whale Made $16 Million In A Single Trade On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that the whale withdrew 12,906 ETH ($24.39 million) from Binance when the crypto token was still trading at $1,890 a year ago. With Ethereum currently trading at around $3,100, the whale’s ETH investment is now worth over $40 million, signifying a profit of about $16 million. Related Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target Interestingly, his profits from this trade will likely be more than $16 million, as the trader deposited those tokens in the staking platform Lido when he withdrew them from Binance last year. That means he also earned significant staking rewards to go alongside his $16 million profit. On-chain data shows the whale recently withdrew 7,000 ETH ($21 million) from Lido back to Binance but has yet to offload these tokens. However, that is something to keep an eye on as the whale offloading those tokens could have a negative impact on Ethereum’s price. Tron’s founder, Justin Sun, looks to be another Ethereum whale that could make such significant returns on their ETH investment. Two wallets believed to belong to Sun are reported to have accumulated 295,757 ETH ($891M) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could be profitable for him. One such move is that the Tron founder recently deposited 120,000 eETH into Swell L2, a liquid restaking protocol. Although Sun claims that this move isn’t profit-motivated, he could still make huge profits from his venture, considering that restaking is one of the leading narratives at the moment. The Bull Run Presenting A Lot Of Opportunities There have been a lot of reports highlighting how crypto investors and traders have been making life-changing, which suggests that the bull run is already in full force despite Bitcoin’s unimpressive price action lately. One opportunity that these traders have taken advantage of in this market cycle is meme coins. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Before the bull run began, there was the belief that memes would be one of the leading narratives, and that has been the case. Bitcoinist recently reported two Solana meme coin traders turned $6,400 into $8 million. Meanwhile, Lookonchain revealed a Solana trader who turned 60 SOL ($8,673) into $1.26 million in 2 months, making a 144x return on his investment. ETH price sees sharp drop | Source: ETHUSD on Tradingview.com Featured image from Reddit, chart from Tradingview.com
A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions. Analyst Predicts ETH/BTC Bottom Timeline In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle. Sharing insights on the market conditions, Cowen noted striking similarities between the present market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two months before the Federal Reserve (FED) cut down rates. Cowen predicts that the ETH/BTC ratio will reach the lowest point in its price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot.” The crypto expert expects this pivot to occur in a few months, ultimately suggesting that Ethereum would bottom against Bitcoin in the coming months. His analysis is also based on the assumption that macroeconomic conditions and the FED’s monetary policies can significantly impact the cryptocurrency market. Sharing a price chart of Ethereum against Bitcoin in another post, Cowen projected that the ETH/BTC ratio will head towards a range of 0.03 and 0.04 by summer. Commenting on his prediction of ETH/BTC’s bottom, a crypto community member expressed skepticism about the FED’s likelihood of cutting down rates while inflation was still high. Cowen responded that the absence of a rate cut further reinforced his beliefs that the ETH/BTC ratio has not yet reached its lowest point. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue on its downward trend. Crypto Expert Calls Ethereum A Higher Risk Asset In another post, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum against Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk assets typically depreciate relative to lower-risk assets. He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054. While acknowledging his past successes in predicting ETH/BTC price movements, Cowen highlighted that his predictions remain speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.” ETH bulls fail to hold $3,000 | Source: ETHUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com
The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. Sun Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading Source: Etherscan Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. Ethereum Whales Are Bullish Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token. Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap. ETH price moves toward $3,200 | Source: ETHUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com
Crypto analyst CrediBULL Crypto has laid out a bullish narrative for Ethereum (ETH) and XRP. He claimed that both tokens could rise to as high as $20,000 and $20, respectively. Additionally, he stipulated when this parabolic price surge is likely to happen. Ethereum Could Hit A Market Top Near $20,000 CrediBULL Crypto mentioned in an X (formerly Twitter) post that there is a chance that Ethereum could hit a market peak near $20,000. He further explained that ETH could attain this price level based on his belief that BTC can “realistically” see a 2x in this market cycle from its last high of $69,000 in the 2021 bull run. As such, altcoins like ETH will do “multiples of that.” Related Reading: Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm? Specifically, he foresees ETH doing a 3x to 4x of its prior all-time high (ATH) of $4,800, which puts the second largest crypto token by market cap in a price range between $15,000 and $20,000. Meanwhile, CrediBULL asserted that Ethereum will surely rise to $10,000 at the minimum. Following CrediBULL’s prediction, another X user questioned how possible it was for ETH to rise to a market cap of $2 trillion, stating that it seems “crazy.” However, the crypto analyst responded that ETH rising to such levels is a “blow off top, ” so the market cap will look “outrageous.” He jokingly added that there is a problem if the market caps don’t look outrageous. XRP Is Another Altcoin That Could Experience Exponential Growth In a different X post, CrediBULL also made a case for XRP, stating that XRP could also rise between $10 and $12 if ETH were to hit $10,000. He suggested that XRP wasn’t to be underrated despite its current underperformance, noting that XRP actually flipped ETH in terms of market cap at some point in the last cycle. Related Reading: Crypto Expert Releases List Of Top 10 Altcoins To Buy For Maximum Profit In The Bull Market Therefore, the crypto analyst added that anyone who thinks ETH hitting $10,000 is “realistic” should also believe that XRP rising to $10 is possible. In a subsequent X post, CrediBULL claimed that XRP could even rise to as high as $20 based on ETH hitting $10,000 at its current circulating supply. Again, he noted that XRP is very capable of attaining such price levels, seeing as it is a top 10 coin, which means that the market demand for it is evidently there. CrediBULL’s sentiment echoes that of Nick, the founder of Web3Alert, who previously predicted that XRP could rise to $10 since there were predictions that Bitcoin and Ethereum would rise to as high as $150,000 and $10,000, respectively. At the time of writing, ETH and XRP are trading at around $3,290 and $0.58, according to data from CoinMarketCap. XRP price at $0.57 | Source: XRPUSDT on Tradingview.com Featured image from Bitcoin Sistemi, chart from Tradingview.com
Leading international cross-border bank, Standard Chartered has made another bullish prediction for Ethereum. According to analysts from the bank, ETH could see a rise to new all-time highs, driven by the potential introduction of Spot ETH Exchange Traded Funds (ETFs). ETH Price Set To Rise To $14,000 Analysts at Standard Chartered Bank have maintained an […]