Bitcoin and altcoins are witnessing some profit taking today, but the overall uptrend remains intact.
The overall cryptocurrency market is turning red and has experienced a 1.75% downside momentum. Amid this market downturn, institutions are looking to sell their crypto holdings. Institutions Dumped $35M Worth Ether On August 26, 2024, an on-chain analytic firm lookonchain made a post on X (Previously Twitter) that two institutions dumped over 12,882 Ethereum (ETH) …
Ethereum Foundation’s recent transfer of 35,000 ETH valued at $96 million, to a wallet associated with the Kraken exchange has sparked speculations across the community over its potential market impact. EF Executive Defends Its Move As Routine Action However, the Ethereum Foundation Executive Director Aya Miyaguchi in her defense clarified that the recent transfer is …
A member of the Ethereum Foundation has recently addressed investors’ concerns following a massive ETH transfer by the non-profit organization on Friday. This development is particularly important as this transaction sparked bearish talks in the crypto community especially due to EF’s association with the Ethereum network. Related Reading: Spot Ethereum ETFs Are 1-Month Old – […]
It’s been a day over a month since Spot Ethereum Exchange Traded Funds (ETFs) launched, marking a significant milestone for the investment asset. Over this short period, Spot Ethereum ETFs have experienced varying levels of demand, with significant inflows during peak times and reduced market interest at other moments. Related Reading: Gold Tops $2500, Steals […]
Chainlink (LINK) has surged over 10% in the past few hours, pushing its price to $11.39 at the time of writing. This significant gain comes after two weeks of sideways consolidation, signaling a potential shift in momentum. Related Reading: Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating As LINK rallies, data from Santiment, a leading crypto data intelligence platform, reveals that some daily traders are already taking profits, capitalizing on the recent price increase. This profit-taking activity highlights investors’ cautious optimism as LINK’s price gains momentum and reaches technical resistance in the 4-hour timeframe. LINK’s On-Chain Transaction Volume Showing Profit-Taking LINK’s daily profit-to-loss transaction volume has reached its highest level since July 14, with the ratio at 5.986. This means there are nearly six transactions in profit for every transaction in loss, signaling that short-term holders are actively taking profits following the recent move up. Such a high ratio indicates that investors are capitalizing on a significant price increase or relief rally, locking in gains as the market tests key levels. This profit-taking trend reveals the dynamics prevailing among traders, even as LINK’s price continues to gain momentum in the market. With the token testing local supply around the $11.40 mark, the market sentiment is one of careful anticipation. Traders are keenly aware of the delicate balance between further gains and potential pullbacks. Investors will watch for signs of a sustained breakout or a potential reversal as LINK approaches this threshold. The outcome at this level could set the tone for LINK’s price action in the coming days, making it a critical juncture for traders and investors alike. Technical Details: LINK Price In Critical Level LINK is trading at $11.31 after breaking a local high of $10.83 set on August 8, confirming an uptrend on the daily time frame. The price rally paused at $11.40, right at the 4-hour (4H) 200 exponential moving average (EMA), underscoring the significance of this technical indicator in lower time frames. This indicator acts as a dynamic support or resistance level, often indicating the trend in lower time frames. For LINK, reclaiming this level is crucial to confirm bullish momentum. For LINK Bulls to maintain momentum, the next crucial step is to retake the 4H 200 EMA and aim for $13. Conversely, if LINK fails to consolidate above this indicator, it could lead to a retest of the previous resistance at $10.83 and potentially a dip to the higher low around $9.90. Related Reading: Analyst Says Chainlink Price Could Climb To $19 — Here’s How Despite some day traders locking in profits, this activity should be seen as a sign of healthy profit-taking after a modest rally. The current price action reflects a market in consolidation, with traders closely watching for the next move. As LINK hovers near critical levels, the coming days will be pivotal in determining whether the uptrend continues or if a pullback is on the horizon. Cover image from Dall-E, Charts from Tradingview
Amid Bitcoin’s continuous consolidation below the $61,000 price mark over the past weeks, renowned trading guru Peter Brandt, with decades of experience in the financial markets, has recently shared an update on his outlook for Bitcoin and Ethereum. His analysis comes at a time when both of these assets have been unable to maintain a strong rally in the past weeks but have only continued to see consistent plunges. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? Bitcoin And Ethereum Next Move In his latest update, Brandt identifies a “megaphone” or “expanding triangle” pattern on Bitcoin’s weekly and daily charts. This pattern, characterized by increasingly wider price swings, often signals that the market is building up for a major move to the upside or downside. However, despite the meaning of this pattern, Brandt cautions that a “clear trend” has not yet emerged for Bitcoin. Commenting under Brandt’s post, an X user asked the trading guru about the factors that could signal a resumption of Bitcoin’s long-term uptrend, noting: What is more relevant in assessing the long term uptrend has resumed? Breaking above the diagonal resistance line or breaking above the horizontal line at 74k? To this, Brandt provided a straightforward perspective, disapproving the significance of “Diagonal resistance.” The analyst particularly noted: “Diagonal resistance means nothing to me.” In addition to his analysis of Bitcoin, Peter Brandt also shared his thoughts on Ethereum, the second-largest crypto by market capitalization. Brandt’s outlook for Ethereum remains cautious, as he observes that the altcoin is still on the “defensive.” Charts of continuing interest are Bitcoin and Ether. Weekly and daily graphs continue to form a megaphone or broadening triangle pattern in BTC No declaration of next trend yet $BTC$ETH will remain defensive unless/until close above 3050 occurs pic.twitter.com/aEESwhX5oC — Peter Brandt (@PeterLBrandt) August 20, 2024 He identifies the $3,050 level as a critical resistance point for Ethereum. According to Brandt, Ethereum will not exhibit bullish strength until it closes above this key level. Until then, a bearish bias will likely persist, with the potential for further declines if the price fails to break through this resistance. BTC And ETH Market Performance So far, both Bitcoin and Ethereum have been struggling to achieve any notable high following the significant plunge to lower levels earlier this month on August 5. BTC has ranged between $59,000 and slightly above $60,000 in the past week. Although the asset is up 1.3% over this period, it remains in the range with BTC’s current market price at $59,445 at the time of writing. As for Ethereum, the asset’s performance has also slightly mirrored that of BTC. Following ETH’s plunge to $2,197 earlier this month, the asset has continued to range below the $3,000 price mark. At the time of writing, ETH traded for $2,590, up by 0.1% in the past day. Feature image created with DALL-E, Chart from TradingView
Ethereum is struggling for momentum and remains under immense selling pressure. As of writing, the second most valuable coin is inside a narrow range, trending within the $2,100 on the lower end and $2,800 on the upper end. The local resistance level could mark the start of an impressive leg up, relieving the coin of the current sell grip from early August. Ethereum Whales Selling Although supporters are upbeat, expecting the coin to trend higher, breaking above local liquidation lines in a buy trend continuation formation, there are concerns. Looking at Ethereum price action, the coin could post even more losses. Related Reading: XRP Alert: Raoul Pal Advises Investors To Sell Now – Here’s Why One analyst, citing on-chain developments, notes that Ethereum whales, or addresses holding at least 10,000 ETH, have been actively selling over the past month. Overall, their decision to sell could suggest that these entities, who are often closely monitored, are not confident about what lies ahead. Therefore, others could follow suit by unloading their holdings, leading to a supply glut. Considering market forces, an uptick in supply could negatively impact prices, delaying the climb above the immediate roadblocks. Massive Outflows From Spot ETH ETFs Beyond this, analysts are also deflated by the current trends of spot Ethereum ETFs. In May, prices shot higher when the United SEC unexpectedly fast-tracked the approval of 19b-4 forms for applicants. The approval of the S-1 registration forms was also received positively, lifting prices above the $3,000 mark. However, days after the product began trading, there were more outflows, especially from Grayscale’s ETHE. Concurrently, demand has been lower than expected. Since its inception, over $247 million worth of ETH has been redeemed from ETHE. Subsequently, prices have been struggling and moving further away from March 2024 highs. Related Reading: Bitcoin Sees Surge in Demand: Are We At The Final Phase of Consolidation? According to Farside data, all spot Ethereum ETF issuers posted outflows of around $6.5 million on August 20. This is mostly thanks to the millions of dollars of redemption through ETHE. This has been a consistent trend since August 15. It suggests that though the smart contracts platform offers value, ETH’s immediate to medium-term outlook is bearish. Accordingly, investors are choosing to move their capital elsewhere. Feature image from DALLE, chart from TradingView
The spot Bitcoin ETFs have continued to attract inflows, suggesting that the long-term bullish view remains intact.
Prometheum is forging ahead with its strategy to comply with the U.S. Securities and Exchange Commission's view on cryptocurrency transactions by letting two more tokens into its custody operation for crypto securities, whether the rest of the industry agrees or not.
Base said it had allotted 600 ETH, worth $2 million, for developers who would build on the blockchain from June to August this year.
Since the inception of Ethereum, the network’s high transaction costs have been a major issue in the crypto market, prompting users to seek an alternative for their day-to-day activities. However, with the recent development regarding the network’s gas fees, Ethereum could be poised for massive adoption as its transaction cost has declined to a level […]
Status partners with Linea, marking the beginning of a significant contribution to Linea’s zkEVM-powered L2 rollup as part of a broader decentralization effort.
At the peak of the 2020 to 2021 bull run, ADA, the native token of Cardano, rose to $3 in August. Interestingly, developers activated smart contracts around the top of this cycle after completing the Alonzo hard fork, ushering in the Goguen phase. Did Alonzo And Smart Contracts Kill ADA? However, as Atomic Wallet analysts note, ADA has been on a downtrend since then, crumbling by over 90% over the years at the time of writing. ADA is changing hands at $0.32 when writing, finding immediate support at around $0.30, a psychological number. Related Reading: Bitcoin Sees Momentum In Hashrate Despite Failure To Beat $60,000 Resistance Though traders are optimistic about what lies ahead, the turn of events over the last three years could suggest that the activation of smart contracts on Cardano did “kill” the coin’s valuation. The plummeting prices, made worse by the 2022 crypto winter, mean those who bought in August 2021 are holding mud. Whether ADA will recover in the coming weeks and rewind losses of 2022 remains to be seen. What’s clear is that the activation of the Alonzo hard fork and the start of the Goguen era was a key milestone for Cardano. The transition was crucial considering that before September 2021, developers couldn’t deploy dApps and take on Ethereum and competing properties supporting smart contracts. For years, since the genesis block, Cardano developers have been accused of delaying the process while using billions for development. After Alonzo, users can, even now, create complex smart contracts using Plutus scripts and run dApps. Like other blockchains, all fees are payable in ADA, the native token. Over the years, Cardano has grown its ecosystem, looking at the total value locked (TVL). According to DeFiLlama, DeFi protocols on Cardano, active after Alonzo, now manage over $177 million in assets. Though relatively low compared to those in Ethereum and the BNB Chain, developers took advantage of smart contracts and built solutions on the network. Cardano Transitioning To Voltaire: Will Things Change? The current disconnect between ADA valuation and the expectation of coin holders post-Goguen is a concern. It is so especially as Cardano completes the Basho stage, moving to Voltaire, the final phase of the platform’s development. Related Reading: Will Ethereum Reach Over $3,000 In September? Analyst Bets On 80% Odds Voltaire focuses on making Cardano governance decentralized. Here, ADA will have more utility, allowing holders to vote on proposals and directly helping improve the network. Additionally, there will be a treasury for funding projects deploying on Cardano. So far, the Chang hard fork is in progress, with roughly 33% of all stake pool operators (SPOs) ready. Meanwhile, ADA remains under immense selling pressure and could plunge to 2023 lows of around $0.22 if buyers don’t step in. If prices rise above $0.50, bulls will likely push ADA toward March 2024 highs. Feature image from Shutterstock, chart from TradingView
Ethereum, the world’s second-biggest cryptocurrency has been consolidating in a tight range following the breaking of a bearish rising wedge price action pattern on a daily time frame. During this ongoing consolidation, a crypto whale Metalpha (Gnosis Safe Proxy address) has transferred a significant ETH to Binance. Ether Whale offloads $26 million of ETH According …
On 16th August, Blackrock’s “ETHA” recorded the highest inflow of $10.3 Million, followed by Fidelity’s “FETH” with $7.2 Million. Moreover, Bitwise, 21 Shares, Invesco, Franklin, and Grayscale’s “ETH” have recorded a neutral price flow. On the flip side, with a drop of $27.7 Million, Grayscale’s “ETHE” continues recording a negative flow. Notably, VanEck’s “ETHV” has …
Ethereum (ETH) price has struggled amid another market shakeout. The second-largest cryptocurrency by market capitalization fell below the $2,600 support zone for the third time in the past week, prompting crypto analysts to evaluate the next levels to watch out. Related Reading: Is Ethereum Poised for Inflation? Supply Reaches New High as Staking Takes Off ETH’s Key Support Zone To Watch Out The crypto market has seen several retraces throughout the cycle, with cryptocurrencies like Ethereum significantly decreasing from its Q3 opening. Since July 1, the “king of altcoins” has seen a 24% drop from the $3,400 support level. Following its fall below the $2,100 mark during the ‘Black Monday’ crash, ETH has hovered between the $2,300 and $2,700 range. The cryptocurrency has recovered around 18% of its price while tries to reclaim the $2,600 level. Nonetheless, the recent market shakeouts have made the price retest the strength of the $2,500 support zone three times in the last two weeks, which turned experts wary of ETH’s next step. Renowned crypto analyst Ali Martinez stated that investors should pay attention to a key support zone after Ethereum’s performance. To Martinez, the $2,300 and $2,380 price range should be watched if ETH continues its downward trend. According to the In/Out of the Money Around Price (IOMAP) chat shared by Martinez, 1.62 million addresses bought over 50 million ETH at this zone, making it the next wall of support for Ethereum’s price. If the cryptocurrency fails to hold this level, its price could drop to $2,200 and even levels not seen since February. Will Ethereum Drop To $1,200 This Year? Other experts have suggested that the second-largest cryptocurrency could see its price drop even lower, as “even giants will fall.” Top analyst Benjamin Cowen stated that the “collapse of ETH/BTC” is almost completed. A year ago, Cowen forecasted that the collapse of the trading pair would “mark the end of the altcoin reckoning.” He explained that “altcoin reckoning” refers to the devaluation of the altcoins on their BTC pairs. The analyst added that ETC/BTC was the “last one to rise in the bull and it can be the last to fall in the bear.” To him, this trading pair has four more months before it goes up next year. Additionally, Cowen predicted that Ethereum’s price could hit the $1,200 price range in December if its performance is similar to the last two cycles. Crypto investor Ted Pillows urged investors to hold on throughout the troubled waters, suggesting that a $10,000 is still possible. To the trader, the ‘King of altcoins’ is not dead based on different factors. Ted highlighted that spot Ethereum exchange-traded funds (ETFs) inflows have increased while Grayscale outflows have progressively gotten smaller, and Jump Trading has only around $60 million in ETH to sell. Related Reading: Will Bitcoin (BTC) Trade Back Above $70,000 By September? Analysts Weigh In Moreover, ETH is “strongly holding its support level,” which he deemed the most important factor. Ultimately, the investor Predicts that the consolidation breakout will occur between November and December, while the “parabolic run” will start in Q1 2025. Featured Image from Unsplash.com, Chart from TradingView.com
Crypto startup funding rose over 2.5% in Q2, and Tron could be on track to become the most profitable blockchain in terms of revenue, according to Justin Sun.
US Spot Ethereum ETFs saw $39.21 million in net outflows on Thursday, ending their three-day positive flow streak. The Grayscale Ethereum Trust (ETHE) continued to experience outflows, with $42.52 million exiting the fund. The Grayscale Ethereum Mini Trust (ETH) reported no flows on Thursday. Fidelity’s FETH recorded net inflows of $2.54 million, and BlackRock’s ETHA …
The current price action of Ethereum is similar to what was observed during the bottom of the March 2020 crash. Analyst Josh of Crypto World said that both periods experienced an initial sharp drop, followed by a low, a quick rebound, and then a secondary pullback that formed a higher low. This pattern has continued …
The crypto markets appear to have initiated a recovery after hitting the monthly lows, while the bulls do not seem to have geared up. The top tokens, like Bitcoin & Ethereum, are facing immense bearish pressure soon after a small rise, which indicates the sellers are extremely focused on extracting profits. The ETH price, too, …
In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, declining 47% against Bitcoin (BTC) and underperforming Solana (SOL) by 6.8x since the market lows of early 2023. According to Ignas, the reasons behind this underperformance are open to debate, but a few key factors stand out. Firstly, the “digital gold” narrative surrounding Bitcoin is easier for new retail users and institutions to grasp than Ethereum’s more complex story. Related Reading: Bitwise CIO Reveals Three Super Bullish Signals From Bitcoin ETFs Additionally, the rising prominence of Solana, which is catching up to or sometimes even surpassing Ethereum in active users, transaction volume, and mindshare, has put pressure on the leading smart contract platform. “Solana is a riskier (lower market cap) bet on smart contract adoption, while Ethereum is squeezed in between,” Ignas explains. “Ethereum’s modular approach with Layer-2 solutions has also led to a fragmentation of liquidity and a more complicated user experience.” However, the researcher remains bullish on Ethereum’s long-term potential, citing several compelling reasons to watch. Network Effects And Real-World Use Cases Efficient and Deflationary Network: If Ethereum’s gas prices remain around 20 Gwei, the network is considered deflationary and scalable, making it an attractive and efficient option for users. Decentralization and Security: Ethereum’s decentralization and security have attracted the trust of major institutions, including BlackRock, PayPal, JPMorgan, and Santander, who are testing blockchain settlement and tokenization on the platform. Mature DeFi Ecosystem: Ignas contends that Ethereum and its Layer-2 solutions boast “the most mature decentralized finance (DeFi) ecosystem” in the crypto space, with significant combined total value locked (TVL) and trading volume, attracting more users and driving up gas fees and ETH burning. Network Effects: Ethereum’s first-mover advantage and the largest developer mindshare contribute to its network effects, solidifying its position as the leading smart contract platform. Real-World Asset Tokenization: Ethereum is emerging as the preferred chain for tokenizing real-world assets (RWAs), with 52% of all stablecoins and 73% of all U.S. Treasuries currently tokenized on the platform. The Overlooked Catalyst? According to the researcher, another catalyst that few are discussing but that could have a significant impact is the upcoming Pectra upgrade, which is expected in the first quarter of 2025. This upgrade, which merges the Prague (execution layer) and Electra (consensus layer) updates, promises to introduce several key improvements, including Account Abstraction (enhancing user experience), staking improvements, and scalability. “The market is underestimating the importance of the Pectra upgrade,” Ignas said. “Features like Account Abstraction, staking enhancements, and scalability improvements could be game-changers for Ethereum’s adoption and usability.” Related Reading: Tron Bullish Rebound At Support Level Signals Potential Upside To $0.1443 While trading at $2,670 as of this writing, VanEck’s ETH base price forecast of $11,800 by 2030 may seem bearish to some, Ignas pointed out, but it still represents a 4.4x increase – significantly more than Solana’s 2.2x forecast over the same period. Ultimately, with a solid ecosystem, growing institutional support, and upcoming technical upgrades, the researcher notes that the bullish case for Ethereum looks increasingly compelling, even as the asset navigates near-term headwinds. Featured image from DALL-E, chart from TradingView.com
Vitalik Buterin urged the community to send the memecoin token funds they want to send him directly to charities.
Eigen Labs circulated a list of team members' wallet addresses to EigenLayer ecosystem projects that were preparing to issue tokens. The firm later banned the practice, citing potential conflicts of interest.
EigenLayer leads the restaking sector with a $12.9 billion TVL, driven by AVS rewards and growing interest in Ethereum-based restaking.
Ethereum price struggled to clear the $2,750 resistance. ETH is now consolidating near $2,635 and remains at risk of more downsides. Ethereum started a fresh decline from the $2,750 resistance. The price is trading below $2,700 and the 100-hourly Simple Moving Average. There was a break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if it drops below the $2,635 support zone. Ethereum Price Slides Again Ethereum price started a decent increase from the $2,650 support zone. ETH outperformed Bitcoin and surpassed the $2,720 resistance zone. However, the bears were active near the $2,750 zone. The recent swing high was formed at $2,763 before the price corrected gains. There was a move below the $2,720 and $2,700 levels. Besides, there was a break below a key contracting triangle with support at $2,695 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,700 and the 100-hourly Simple Moving Average. A low is formed near $2,635 and the price is now consolidating. If there is another increase, the price might face hurdles near the $2,700 level. It is close to the 50% Fib retracement level of the recent decline from the $2,763 swing high to the $2,635 low. The first major resistance is near the $2,735 level or the 76.4% Fib retracement level of the recent decline from the $2,763 swing high to the $2,635 low. A close above the $2,735 level might send Ether toward the $2,765 resistance. The next key resistance is near $2,800. An upside break above the $2,800 resistance might send the price higher toward the $2,880 resistance zone in the near term. More Losses In ETH? If Ethereum fails to clear the $2,700 resistance, it could continue to move down. Initial support on the downside is near $2,635. The first major support sits near the $2,600 zone. A clear move below the $2,600 support might push the price toward $2,550. Any more losses might send the price toward the $2,520 support level in the near term. The next key support sits at $2,440. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,635 Major Resistance Level – $2,700
Critics who have a problem with volatile gas prices — on Ethereum or elsewhere — have the wrong vision for the future of crypto.
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
The overall cryptocurrency market has experienced notable selling pressure following the release of the United States CPI data. Amid this market downturn, the legendary and veteran trader Peter Brandt has gained significant attention from the crypto community as he shared a bearish outlook for Ethereum (ETH). Peter Brandt’s Ethereum Price Prediction Recently, Peter shared a …