Ethereum price extended its increase above the $3,900 resistance. ETH is now consolidating near $3,880 and might continue to grind higher in the near term. Ethereum started another increase above the $3,850 resistance. The price is trading above $3,850 and the 100-hourly Simple Moving Average. There is a major bullish trend line forming with support at $3,860 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move up and test the $4,000 resistance zone in the near term. Ethereum Price Eyes $4,000 Ethereum price remained supported above the $3,650 support zone. ETH started another increase, outperformed Bitcoin, and climbed above the $3,750 level. There was a move above the $3,850 resistance. The bulls pushed the price above the $3,940 resistance. It traded close to the $4,000 resistance. A high was formed near $3,973 and the price is now correcting gains. There was a minor decline below the $3,920 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. Ethereum price is trading above $3,850 and the 100-hourly Simple Moving Average. There is also a major bullish trend line forming with support at $3,860 on the hourly chart of ETH/USD. Immediate resistance is near the $3,940 level. The first major resistance is near the $3,970 level. An upside break above the $3,970 resistance might send the price higher. The next key resistance sits at $4,000, above which the price might gain traction and rise toward the $4,080 level. If there is a clear move above the $4,080 level, the price might rise and test the $4,220 resistance. Any more gains could send Ether toward the $4,350 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,940 resistance, it could continue to move down. Initial support on the downside is near the $3,860 level and the trend line. The next major support is near the $3,800 zone or the 50% Fib retracement level of the upward move from the $3,630 swing low to the $3,973 high. A clear move below the $3,800 support might push the price toward $3,720. Any more losses might send the price toward the $3,630 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 zone. Major Support Level – $3,800 Major Resistance Level – $3,940
As the US Securities and Exchange Commission (SEC) approved all the spot Ethereum ETF applications, despite increased regulatory uncertainty surrounding the cryptocurrency, investors are becoming more optimistic about the potential for ETH’s price to reach new heights. Bullish Sentiment Surrounds Ethereum ETF Approval DeFiance Capital Founder and CIO Arthur Cheong predicts that ETH could reach an annual high of $4,500 before the newly approved index funds begin trading, surpassing its mid-March high of $4,096. This projection falls just short of ETH’s all-time high of $4,878 during the 2021 bull run. In addition, a survey conducted by WuBlockchain in the Chinese community revealed that 58% of respondents believe that ETH has the potential to rise to $10,000 or even higher in this market cycle. Related Reading: Kickstarting The Bitcoin Bull Run: Expert Says $70,000 Is The Level To Beat The recent regulatory pivot by the SEC towards approving Ether ETFs has intensified bets on further price gains. In the seven days following the announcement, ETH experienced a 26% surge, marking the largest weekly advance since the 2021 crypto bull market. This development brings hope to speculators, considering the success of US spot Bitcoin ETFs, which have amassed $59 billion in assets since their record-breaking debut in January. However, spot Ethereum ETFs will not participate in staking, earning rewards by pledging tokens to maintain the Ethereum blockchain. This omission could potentially dampen interest in these funds in comparison to holding the tokens directly. Although additional SEC approvals are required before issuers such as BlackRock and Fidelity Investments can launch their products, the timeline for these releases remains uncertain. As of now, ETH is trading around $3,900, with expectations of further upside potential. Options Bets Signal Potential Climb To $5,000 According to a Bloomberg report, analysts such as Pepperstone Group Head of Research Chris Weston believe that pullbacks in ETH are buying opportunities as the risk remains skewed to the upside. Interestingly, as seen in the chart below, some traders are placing bullish options bets, with concentrations signaling a potential climb to $5,000 or more. Furthermore, ETH’s volatility, as indicated by the T3 Ether Volatility Index, is expected to be greater than that of Bitcoin, highlighting the potential for larger price swings in the second-largest digital asset. Related Reading: Ripple CTO Addresses Curious Price Link Between XRP And XLM Insights from the futures market, particularly the level of open interest in Chicago Mercantile Exchange (CME) Ethereum futures, provide evidence of institutional demand for regulated exposure to cryptocurrencies. While open interest in CME Ether futures is growing, it remains significantly lower than that of CME Bitcoin futures. This suggests relatively less institutional exposure to Ether and could potentially impact initial inflows into Ether ETFs. Nevertheless, as the approval of Ethereum ETFs opens up new avenues for investment and speculation, the market is closely watching ETH’s price performance, with bullish sentiment and optimistic predictions prevailing among investors. Featured image from Shutterstock, chart from TradingView.com
A quant has explained how a pattern currently forming in the Ethereum Open Interest could imply the altcoin season is coming “sooner than expected.” Altcoin Season May Be Approaching Soon Based On Ethereum Pattern In a CryptoQuant Quicktake post, an analyst has discussed about why an altcoin season may be coming soon for the cryptocurrency sector, based on a trend taking place in a couple of Ethereum and Bitcoin indicators. The first metric of relevance here is the “Open Interest,” which keeps track of the total amount of derivatives positions related to a given asset currently open on all centralized exchanges. Related Reading: Shiba Inu One Of The Most-Traded Tokens By Whales, Data Shows When the value of this metric goes up, it means the speculators are opening up fresh positions for the coin right now. On the other hand, a decline implies the users are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Now, here is a chart that shows how the trend in the Open Interest has compared between Bitcoin and Ethereum over the past year: As displayed in the above graph, the Bitcoin Open Interest has been moving more or less sideways recently, while at the same time, the metric has registered growth for Ethereum. This would suggest that ETH has been seeing more appetite for derivatives market contracts than the original cryptocurrency recently. One of the driving factors behind this could be the news cycle related to the approval of the spot exchange-traded funds (ETFs) for the asset. In the same chart, the quant has also attached the data for another indicator: the Estimated Leverage Ratio (ELR). This metric measures the ratio between the Open Interest and the Exchange Reserve for any asset. The latter is naturally the total amount of the coin that’s currently sitting in the wallets of all centralized exchanges. The ELR basically provides us with information about the amount of leverage that the average user in the derivatives market is opting for right now. From the graph, it’s visible that this ratio has seen a surge for Ethereum recently but has been showing flat action for Bitcoin. Thus, it would appear that not only has ETH been seeing more speculative interest than BTC recently, but also these users opening contracts are going for higher risk as they are taking on more leverage. Related Reading: Analyst Says “Only A Matter Of Time” Before Bitcoin Flies Past ATH The analyst believes that the fact that Ethereum has overtaken Bitcoin in these indicators could be a potential sign that an altcoin season may be approaching soon. “If Ethereum’s price continues to consolidate in the current range, it’s very possible that the altcoin season will start sooner than expected,” notes the quant. It now remains to be seen how things play out in the market in the near future, given this shift of trend. ETH Price After seeing a slowdown earlier, Ethereum has been back on track in the past couple of days as its price has now climbed back above the $3,900 level. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
The SEC's approval of spot Ethereum ETFs has positively shifted market sentiment and may redefine token regulation in the US.
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Growing altcoin market cap and a decline in Bitcoin dominance have spurred renewed hopes for altseason.
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Ethereum (ETH) bulls are getting active as the launch of spot Ether ETFs approaches in the next two months. In the last 24 hours, ETH has surged by 5% and is now trading at $3,907 with a market cap of $468 billion. Daily trading volumes have also jumped by 68%, reaching nearly $17 billion. Ethereum …
ETH has come within $70 of the psychological $4,000 price level during early trading on May 27.
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ETH ETFs may start trading by July or August, but the market is already predicting a bullish trend. Arthur Cheong, CEO of DeFiance Capital, expects Ethereum to reach $4,500 before spot ETF trading begins. He believes U.S. approval of spot Ethereum ETFs will attract many retail investors, similar to the 2017 crypto boom. Currently, over …
Ethereum's Pectra upgrade is slated for Q1 2025, focusing on network capacity with PeerDAS and smart contract security enhancements.
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In an interesting turn of events, the United States Securities and Exchange Commission (SEC) approved the pending Ethereum spot ETF applications last week. This landmark development has led to commentary on the value and acceptability of the Ether token, especially amongst a specific demographic. If Bitcoin Is Digital Gold, What Is Ethereum? Eric Balchunas, an […]
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In a landmark move for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has approved the listing of spot Ethereum ETFs on major exchanges such as NASDAQ and NYSE. This decision, lauded as a significant step forward, positions Ethereum as the “digital oil” in the crypto landscape, akin to Bitcoin’s status as “digital …
Earlier today, the United States Securities and Exchange Commission (SEC) approved 19b-4 fillings for eight spot Ethereum exchange-traded funds (ETFs), paving the way for the highly anticipated institutional adoption of the second most valuable coin. The decision comes after months of uncertainty and less than six months after the regulator approved spot Bitcoin ETFs. For all that the crypto community can remember this week, the regulator uncharacteristically “scrambled” and hastily communicated to spot ETF issuers to make amends to their applications. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November Did MicroStrategy Make A Mistake Choosing Bitcoin Over Ethereum? With spot Ethereum ETFs likely to be issued in the next few weeks, one analyst on X now thinks Michael Saylor, the former CEO of MicroStrategy, missed big rewards by choosing Bitcoin over Ethereum. As of May 24, MicroStrategy, a business intelligence firm and now one of the biggest public companies in the United States, has been increasing its BTC holdings over the years. According to Bitcoin Treasuries, MicroStrategy is the largest public company holding BTC, controlling 214,400 BTC worth over $14 billion at press time. However, with the United States SEC setting the ball rolling for spot Ethereum ETFs, the analyst is now pointing out a hypothetical scenario. If MicroStrategy had chosen ETH over BTC, their holding would have been worth over $19 billion at spot rates. This level means MicroStrategy would be up over $4 billion. Assuming the business intelligence firm had chosen to buy and not hold but stake, their total holdings would be worth over $20.9 billion as of late May 2024. ETH Trading At A Huge Discount: Will It Replicate BTC’s Success? Looking at the aftermath of the approval and trading of spot Bitcoin ETFs, it becomes apparent that Ethereum prices might be significantly undervalued at spot rates. After a brief dip in mid-January, BTC prices surged, propelling Ethereum to a high of $4,100. In contrast, the world’s most valuable coin soared to breach $70,000 and set all-time highs at around $74,000. With 19b-4 forms from eight ETF issuers, including BlackRock and Fidelity, approved, the only hurdle is the approval of S-1 registration statements. There might be delays in this round. However, the United States SEC green lights, spot Ethereum ETF shares will begin trading. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Here’s Why Still, it is important to note that spot Ethereum ETF issuers will hold ETH via a regulated custodian and not stake. Feature image from DALLE, chart from TradingView
Ether’s price performance is hindered by stagnant network use, high fees and regulatory uncertainty.
Transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions between April 20 and 24; however, by May 2, this figure had dropped to 11.1%.
Algorand Foundation’s new ad criticized Bitcoin, Ethereum, and Solana for their efficiency. The ad received mixed reactions from the crypto community and sparked a conversation about the art of advertising crypto products. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Algorand, The Only One “Delivering” Algorand’s latest ad has sparked controversy for “dissing” three networks. Titled “When Blockchain Meets The Real World, Only One Can Deliver,” the ad features a classic grocery store checkout line format. The video shows three customers trying to pay for groceries with crypto: Bitcoin, Ethereum, and Solana. During the ad, the three shoppers have problems with their respective transactions, seemingly suggesting that the rival networks are unsuitable for everyday use. The customer using Bitcoin had to wait 27 minutes for the transaction to be completed; the one paying with Ethereum was told the transaction fees were $112, and the Solana payer had his transactions repeatedly failing. All three issues in the ad are common criticisms that the three targeted networks receive. The commercial then shows the next checkout line, with buyers using Algorand as a payment method. As this line moves quickly, the video displays text stating “Instant Finality. Low Fees. Designed for the speed of life.” The ad finished with the cashier saying, “Should have shopped with Algorand,” and Anthony Scaramucci, investment guru and founder of SkyBridge, asking how to get in the fast-moving line. The Crypto Ads Conundrum The video received mixed reviews from the crypto community. Many applauded the ad, stating that Algorand is the future of Layer-1 and payments. One X user said: I can’t stress enough how much the Algorand Foundation does compared to others. All the meetings, tweets, events, etc…this isn’t happening on other chains! However, the negative responses didn’t take long to follow. Several community members considered the jab at other chains an unnecessary and “embarrassing” attack. A user jokingly claimed that Algorand achieved an “impossible goal” with the ad: “uniting all the factions of crypto to dunk on you.” Crypto commentator Zach Rynes considers that this type of marketing doesn’t make sense as he is unsure who it appeals to. In an X post, Rynes explained that the ad would leave the wrong impression on non-crypto people. To him, the video will make the public think that “crypto sucks,” not knowing that the ad is for crypto. The commentator believes it’s a “lose-lose either way” since “Crypto-native people will see this as unnecessarily combative.” Similarly, Mert, CEO of Helius Labs, brought up a point repeated by several community members. Mert criticized Algorand for spending money on an ad when its “top two explorers [are] going out of business due to no funding.” Moreover, he seems to consider the jab at other networks ironic when Algorand’s got its “entire economic security flipped by two dog coins on Solana (WIF + BONK).” Cardano Joins The Advertisement Conversation Despite the criticism, the discussion also sparked interest in the ADA community. X account ADA Whale praised the commercial for being funny. Another community member tagged Cardano founder Charles Hoskinson in the video, suggesting he should start looking for a marketing team to promote Cardano. The user cited the US government’s U-turn, possibly bringing regulatory clarity, as a decisive factor. This is not the first time Cardano has received criticism over its marketing approach. In March, the conversation sparked when the “Cardano Girls” video became viral. Content creator Lily Brodi suggested that despite having the technology aspect figured out, Cardano has an “unattractiveness problem.” This problem prevents a broader audience from entering its community and adopting the technology. Related Reading: Analyst Says “Only A Matter Of Time” Before Bitcoin Flies Past ATH Ultimately, crypto ads remain a hot topic and a useful tool for the industry. Whether users find them “cringy” or “unnecessary” sometimes, they have the potential to help with broader adoption through educational and entertaining crypto-related content. Featured Image from Unsplash.com, Chart from TradingView.com
Investors withdraw over 56k ETH, causing exchange balances to hit a three-month low, while the market reacts calmly to US ETF approvals.
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JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance. This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding […]
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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 upcoming 21,000 contract expiry is dwarfed by the significantly larger $4.3 billion options expiry on May 31, according to Deribit.
BlackRock's spot Ethereum ETF, $ETHA, is now listed on DTCC following SEC's approval of multiple Ethereum ETFs.
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Bitcoin is fast-dropping, looking at price action in the daily chart. Even after the impressive spike above $71,500 early this week, there needs to be a conclusive follow-through for optimistic bulls. Despite this correction, one analyst strongly believes Bitcoin will rally sharply, reaching $80,000 by the end of the month. Will Bitcoin Hit $80,000 By End Of May? Taking to X, the analyst thinks HODLers, not speculators, will reap the maximum benefits from Bitcoin. Based on the trader’s assessment, not only will BTC fly above $80,000 by the end of May, but the coin will also spike to peak at $95,000 in June. Accordingly, reading from the candlestick arrangement, those who position themselves at spot rates might enter at favorable prices, scooping the coin at a discount. Even so, when BTC flies to $95,000 in less than seven weeks from now, the trader expects prices to cool off. Related Reading: Bitcoin Price Drop Below $70,000 Apparently Driven By Lack Of Interest, Glassnode Data Shows The retracement will also wash out speculators hitching the leg up. At spot rates, the path of least resistance is northward. BTC is also down roughly 6% from this week’s highs, although the uptrend remains. The $72,000 line is emerging as a strong resistance level as prices continue to move horizontally. On the lower end, $60,000 is worth watching. For the uptrend to take shape, a high volume must be close to $72,000. Of note is that bulls have yet to breach and close above this line since the surge to all-time highs in mid-March. Capital Is Flowing To Ethereum: Will The United States SEC Reject Spot ETH ETFs? Sentiment will play a key role in propelling prices higher. So far, the analyst acknowledges that there is a shift in sentiment. As the United States Securities and Exchange Commission (SEC) unexpectedly prepares to approve spot Ethereum exchange-traded funds (ETFs), investors have been rotating capital to ETH. This has slowed the momentum, even lowering prices, as in the current case. The ETHBTC price chart shows that Ethereum outperforms Bitcoin, adding 25% from mid-May 2024. Related Reading: Non-Empty USDC And USDT Wallets See 13.9% And 15.7% Spike, Why This Is Good For Crypto There has been no official communication from the United States SEC on spot ETH ETF approval. However, the analyst believes the agency will disappoint the market by unexpectedly rejecting all proposals. Should this be the case, the crypto markets will clam up, ending what the trader claims have been “manipulative practices.” Feature image from Shutterstock, chart from TradingView
As the crypto world anticipates the US Securities and Exchange Commission (SEC)’s decision on spot Ethereum ETFs, Samson Mow, CEO of Bitcoin adoption firm Jan3, has voiced skepticism about the potential of Ethereum-based ETFs compared to Bitcoin. He argues that the imminent approval of these funds is not necessarily a bullish signal for Ethereum, predicting […]
Hong Kong’s Securities and Futures Commission (SFC) is reportedly considering allowing Ethereum ETFs under its jurisdiction to stake their tokens, a stance notably different from that of US regulators. Staking involves participants locking up digital assets to support network security and operations, earning rewards in return. Its introduction into the ETFs would explore the income-generating potential […]
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U.S. Securities and Exchange Commission Chair Gary Gensler declined on Thursday to preview his agency's decision on ether exchange traded funds (ETFs), though he advised observers to "'stay tuned."
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James Fickel just spent 10.1M $USDC to buy 2,642 $ETH ($24.4M) at ~$3,820, anticipating the SEC’s final ruling on the Vaneck Ethereum ETF today. Over the past three days, the Amaranth Foundation founder has acquired 14,494 $ETH using 390 $WBTC and 26.1M $USDC, totaling $53.3M at an average price of $3,675. This significant investment suggests …
In the lead-up to the November elections, cryptocurrencies have become a prominent topic in the race for the White House. Notably, the Biden administration has changed its approach to digital asset regulation, likely influenced by former President Donald Trump’s support for the nascent industry. Biden Administration Calls For Balanced Crypto Regulation In an executive release, […]
Recent developments in the crypto market indicate a strong bullish sentiment among Ethereum traders, particularly in the options market. Amid the growing anticipation for potential approvals of spot Ethereum exchange-traded funds (ETFs), there has been a noticeable shift in option pricing, with Ethereum call options becoming more expensive than put options across all expiries. This pricing pattern suggests the market is optimistic about Ethereum’s price prospects. Notably, A call option gives the holder the right, but not the obligation, to buy an asset at a specified price within a specific time frame. Related Reading: Is Ethereum Set For A Major Rally? Options Traders Bet Big On $3,600+ Targets For June This option type is typically purchased by traders who believe the asset’s price will increase. Conversely, a put option provides the holder the right to sell the asset at a predetermined price and is often used as protection against a decline in the asset’s price. Market Indicators Point To A Bullish Ethereum Luuk Strijers, CEO of Deribit, highlighted this trend in his communication with The Block. He noted that the “put minus call skew is negative across all expiries and increasing further beyond the end-of-June expiry, a quite bullish signal.” Additionally, the basis, or the annualized premium of the futures price over the spot price, has increased to around 14%, further reinforcing the bullish outlook. The analysis reveals that traders prefer to purchase call options at a premium compared to put options, particularly for those set to expire at the end of June and later. This pattern is a sign of a bullish market, indicating that traders are not as interested in securing protection against potential price drops as they are in anticipating that Ethereum’s value will keep climbing. Meanwhile, after the US Securities and Exchange Commission (SEC) unexpectedly asked for changes in filings, there has been a resurgence in optimism regarding the possible approval of spot Ethereum ETFs. This optimism has translated into significant market activity, with Deribit experiencing nearly unprecedented trading volumes. Strijers remarked, “We recorded an almost unprecedented trading volume of $12.5 billion notional over the last 24 hours.” This surge in trading volume and market interest reflects how traders and investors position themselves to capitalize on the potential approval of spot Ethereum ETFs. According to data from Deribit, over $480,000 calls will expire by the end of this month, with a notional value of more than $1.7 billion. The data further reveals that the strike price reaches as high as $7,000, with a total intrinsic value of $1.452 billion, indicating that many Ethereum options traders are highly bullish on ETH. ETH Price Performance And Forecast Meanwhile, Ethereum is undergoing slight retracement, down by 2.4% in the past 24 hours, with a trading price of $3,690. Despite this pullback, the asset has maintained a strong uptrend, rising nearly 25% over the past seven days. As the market’s anticipation around spot ETH ETFs grows, a prominent crypto analyst has suggested a potential price movement for Ethereum, indicating a brief pullback at around $4,000 before surging to new all-time highs. Related Reading: Ethereum Nears Crucial Breakout: Could $4,000 Be The Next Move? According to the analyst, while there might be some bumps, reaching an all-time high of $5,000 seems “inevitable” for Ethereum. $ETH: I think we pullback briefly around 4k but this certainly breaks all time highs if/when ETF gets approved. This still seems like a free trade for ETH going to ATH, which is at 5k. Could be some bumps along the way but it seems inevitable. I have both SOL and ETH and not… pic.twitter.com/IznlJ0RAyl — Altcoin Sherpa (@AltcoinSherpa) May 22, 2024 Featured image created with DALL·E, Chart from TradingView
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Bitcoin has been on a remarkable run, surpassing its November 2021 peak and setting new highs. This surge has had a ripple effect across the market, driving positive sentiment. Analysts are optimistic about Ethe’s future. Ethereum, the second-largest cryptocurrency, surged from $2,200 in January to $4,000 by mid-March, signaling a rapid start to the year. …
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Ethereum Co-founder Vitalik Buterin has made a significant move today as he moved 80 ETH valued at $300,000, to coin mixer Railgun, marking the latest in a series of monthly transfers Buterin has made to Railgun over the past 6 months. Railgun’s platform, known for privacy-focused coin mixing services, has attracted users who seek enhanced …