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
EigenLayer, a decentralized restaking protocol built on Ethereum (ETH), has made significant announcements, paving the way for new developments within the crypto ecosystem. The protocol unveiled its native token, EIGEN, which the newly formed Eigen Foundation will distribute. Alongside this, EigenLayer introduced a major plan for an airdrop and released a comprehensive new Whitepaper. EigenLayer Unveils EIGEN With Novel Mechanism According to the protocol’s announcement, the introduction of the EIGEN token brings forth a complementary mechanism designed to address “intersubjective” faults, which cannot be resolved through ETH restaking alone. By expanding ETH restaking, EigenLayer positions ETH as the Universal Objective Work Token, while the universality of EIGEN makes it the Universal Intersubjective Work Token. EIGEN’s universality is reportedly aimed at allowing it to fork and slash for intersubjective errors committed by EIGEN stakers in any AVS (Automated Verification System) within the protocol. To ensure widespread adoption of EIGEN across applications, EigenLayer has designed an application-independent mechanism to maintain the system’s cryptoeconomic security. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? In EigenLayer, EIGEN staking and ETH restaking play complementary roles. EIGEN addresses safety properties through objective slashing, and ETH restaking ensures liveness and censorship-resistance properties dependent on stake decentralization. The launch of EIGEN also introduces intersubjective staking, marking a significant milestone for the protocol and the Ethereum ecosystem. However, due to its newly introduced design, the concept requires widespread adoption and discussion among ecosystem participants. At launch, the Eigen token will have a total supply of 1.67 billion tokens, with the Foundation allocating 45% of the tokens to the community. This allocation is further divided into staked drops, community initiatives, and ecosystem development. Investors will reportedly receive almost 30% of the tokens, while early contributors will receive over 25%. Both these groups are subject to a three-year lockup period for their allocations. A complete lock will be in place during the first year, followed by a gradual release of their total holdings at a rate of 4% per month over the subsequent two years. EIGEN Token Launches Meta-Setup Phase While the initial implementation of intersubjective staking at launch mirrors only a limited extent of the full protocol, several parameters still need to be determined for its full actuation. To address this, EIGEN is being launched in a meta-setup phase, serving as a call to action for researchers, experts, and the broader community to engage in public discourse. As EigenLayer announced, this collaborative effort aims to help define the necessary parameters to make the protocol and its interaction with the rest of the Ethereum ecosystem as effective as possible. Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here’s Why Featured image from Shutterstock, chart from TradingView.com
Newly disclosed court filings have shed light on the belief of the US Securities and Exchange Commission (SEC) and its chairman, Gary Gensler, that Ethereum (ETH) is an “unregistered security” under the Howey Test, which is considered by the vast majority of crypto advocates to be an outdated legal framework for regulating crypto assets. According […]
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
Hong Kong is on the cusp of approving its first spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) with potential final approvals as early as Monday, according to Bloomberg, citing two people familiar with the matter. This move positions Hong Kong as a pivotal player in the Asian cryptocurrency market and underscores its ambition […]
On Tuesday, Steven Nerayoff, a former advisor to the Ethereum network, filed a lawsuit against the US government, seeking $9.6 billion in damages. The lawsuit, filed under the Federal Tort Claims Act (FTCA), accuses the government of false prosecution and a series of other serious allegations spanning from 2019 to 2023. Ethereum Insider Vs. The […]
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
In a recent analysis, JP Morgan’s Global Markets Strategy team has shed light on key developments within the Ethereum network that could significantly influence its classification under securities law. The report comes at a critical juncture for ETH, as the Swiss-based foundation is under investigation by the US Securities and Exchange Commission (SEC). Why Ethereum […]
In an in-depth exploration of Ethereum’s future, co-founder Vitalik Buterin has detailed an ambitious set of initiatives aimed at refining the protocol and easing the burden on node operators. Dubbed “The Purge,” this multifaceted plan targets the removal of obsolete functionalities and the introduction of several Ethereum Improvement Proposals (EIPs) to streamline the network’s operations […]
A recent development highlights the ongoing interagency drama between the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC): the classification of major cryptocurrencies has become a focal point of contention. Once again, the CFTC has affirmed its position that Ethereum (ETH) and several other cryptocurrencies should be classified as commodities, […]
On Wednesday, BlackRock, the world’s largest asset manager, announced the launch of its first tokenized fund on the Ethereum blockchain, marking a significant stride in bridging the gap between traditional finance and digital assets. The BlackRock USD Institutional Digital Liquidity Fund, known as BUIDL, aims to provide qualified investors with US dollar yields through blockchain […]
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 […]