Ethereum price started a major increase above the $3,250 resistance zone. ETH even surpassed $3,300 and aims for more upsides in the near term. Ethereum is gaining pace above the $3,250 level. The price is trading above $3,250 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise above the $3,320 and $3,350 resistance levels. Ethereum Price Regains Strength Ethereum price started a steady increase above the $3,150 resistance zone. ETH even climbed above the $3,250 resistance to move into a positive zone. Finally, there was a move above the $3,300 resistance, like Bitcoin. It tested the $3,250 resistance zone. A high was formed at $3,339 and the price is now consolidating gains. The bulls seem to be active well above the 23.6% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Ethereum is now trading above $3,280 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,270 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,340 level. The first major resistance is near the $3,350 level. The next major hurdle is near the $3,420 level. A close above the $3,420 level might send Ether toward the $3,500 resistance. The next key resistance is near $3,550. An upside break above the $3,550 resistance might send the price higher toward the $3,650 resistance zone in the coming days. Are Dips Supported In ETH? If Ethereum fails to clear the $3,340 resistance, it could start a downside correction. Initial support on the downside is near $3,270 and the trend line. The first major support sits near the $3,220 zone. A clear move below the $3,220 support might push the price toward $3,200 or the 50% Fib retracement level of the upward move from the $3,084 swing low to the $3,339 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,270 Major Resistance Level – $3,340
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
Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance. Ethereum is slowly moving higher above the $3,000 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a close above the $3,110 resistance. Ethereum Price Eyes Steady Recovery Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like Bitcoin. The price even cleared the $3,050 resistance before the bears emerged. The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD. The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 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 now above the 50 zone. Major Support Level – $2,975 Major Resistance Level – $3,110
Ethereum price seems to be forming a base above the $2,820 level. ETH could break the $3,160 resistance and rise toward the $3,320 resistance. Ethereum is consolidating losses above the $2,880 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a close above the $3,160 resistance. Ethereum Price Eyes More Upsides Ethereum price retested the $2,820 support zone. ETH seems to be forming a base above $2,820 and recently started a consolidation phase, like Bitcoin. There was a recovery wave above the $2,880 and $2,920 resistance levels. There was also a break above a key bearish trend line with resistance near $2,960 on the hourly chart of ETH/USD. The pair tested the $3,080 resistance zone. A high was formed at $3,072 and the price could aim for more upsides in the near term. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. It is also above the 23.6% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. If there is another recovery wave, the price might face resistance near the $3,080 level. The first major resistance is near the $3,150 level. The next major hurdle is near the $3,200 level. A close above the $3,200 level might send Ether toward the $3,320 resistance. The next key resistance is near $3,350. An upside break above the $3,350 resistance might send the price higher toward the $3,500 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,150 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,960 zone and the 61.8% Fib retracement level of the upward move from the $2,894 swing low to the $3,072 high. A clear move below the $2,960 support might push the price toward $2,880. Any more losses might send the price toward the $2,820 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $2,960 Major Resistance Level – $3,150
Ethereum price remained in a bearish zone below $3,250 zone. ETH dived below the $3,000 support and even tested the $2,850 zone. Ethereum started a fresh decline below the $3,120 and $3,000 levels. The price is trading below $3,000 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but upsides might be limited above the $3,120 zone. Ethereum Price Dives 8% Ethereum price failed to start a recovery wave above the $3,150 and $3,200 resistance levels. ETH started another decline below the $3,120 support zone like Bitcoin. There was a move below the $3,050 and $3,000 support levels. The price declined 8% and even tested the $2,850 support. A low was formed at $2,862 and the price is now consolidating losses. The price is showing a lot of bearish signs and trading well below the 23.6% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. Ethereum is trading below $3,000 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $2,960 level. The first major resistance is near the $3,000 level. There is also a key bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD. The next major hurdle is near the $3,120 level or the 50% Fib retracement level of the downward move from the $3,425 swing high to the $2,860 low. A close above the $3,120 level might send Ether toward the $3,200 resistance. The next key resistance is near $3,250. An upside break above the $3,250 resistance might send the price higher toward the $3,350 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,000 resistance, it could continue to move down. Initial support on the downside is near $2,850. The first major support sits near the $2,800 zone. A clear move below the $2,800 support might push the price toward $2,720. Any more losses might send the price toward the $2,650 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,850 Major Resistance Level – $3,000
Ethereum (ETH) is experiencing a significant downturn, with its price rapidly approaching the crucial support level of $3,051. This sharp decline highlights increased selling pressure and growing bearish sentiment in the market. As Ethereum nears this critical threshold, traders are closely monitoring its behavior for signs of either a stabilization or a further drop. The $3,051 support level is now a focal point, determining the short-term direction of Ethereum’s price action and potentially setting the stage for future movements in the cryptocurrency market. This article aims to analyze the sharp decline affecting the digital asset and its impact on the cryptocurrency’s price as it approaches the $3,051 support level. It also seeks to provide traders and investors with a comprehensive understanding of the current situation, potential scenarios if the support level holds or breaks, and strategies for managing risk in this volatile environment. ETH’s price is currently trading at around $3,181 and down by 5.05% with a market capitalization of over $382 billion and a trading volume of over $18 billion as of the time of writing. In the past 24 hours, there has been a decrease of 5.25% in ETH’s market capitalization and a 74.43% increase in trading volume. Technical Indicators Pointing To A Decline For Ethereum A technical analysis of ETH’s price action on the 4-hour chart reveals that the crypto asset is actively bearish and trading below the 100-day Simple Moving Average (SMA). Ethereum has been consistently bearish since after breaching the $3,360 mark and is currently heading toward the $3,051 support level. Also, an analytical view of the 4-hour Composite Trend Oscillator shows that the price of ETH may continue its bearishness as both the signal line and the SMA of the indicator have dropped below 50% and are attempting a move into the oversold zone. On the 1-day chart, the crypto asset has made a sharp drop below the 100-day SMA and is attempting a break below the bullish trend line while dropping toward the $3,051 support level. Finally, on the 1-day chart, the composite trend oscillator indicates a further bearish move of ETH as the signal and the SMA of the indicator are both trending in the oversold zone. What If $3,051 Support Fails? Analyzing potential outcomes if Ethereum breaks through the $3,051 support level reveals that if the digital asset breaks below this level, it may move lower to test the $2,865 support level and probably move on to test the $2,160 support level and other levels below if the price breaches this level. However, if the price of Ethereum faces rejection at the $3,051 support level, it will begin to ascend toward the $3,360 resistance level. Should the asset breach this level, it may continue to climb to test the $3,659 resistance level and possibly move on to test other higher levels if it breaches the $3,659 level. Featured image from iStock, chart from Traadingview.com
Ethereum price failed to clear the $3,520 zone and started a fresh decline. ETH dived below the $3,250 support and even tested the $3,150 zone. Ethereum started a fresh decline below the $3,320 and $3,250 levels. The price is trading below $3,250 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD (data feed via Kraken). The pair could correct losses, but upsides might be limited above the $3,320 zone. Ethereum Price Takes Hit Ethereum price failed to continue higher above the $3,450 and $3,420 resistance levels. ETH started another decline below the $3,320 support zone like Bitcoin. There was a move below the $3,250 and $3,220 support levels. The price declined 5% and even tested the $3,150 support. A low was formed at $3,156 and the price is now consolidating losses. There was a move above the $3,200 resistance level. The price is now testing the 23.6% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. Ethereum is trading below $3,300 and the 100-hourly Simple Moving Average. If there is a recovery wave, the price might face resistance near the $3,250 level. The first major resistance is near the $3,300 level or the 50% Fib retracement level of the downward move from the $3,426 swing high to the $3,156 low. There is also a key bearish trend line forming with resistance near $3,325 on the hourly chart of ETH/USD. The next major hurdle is near the $3,365 level. A close above the $3,365 level might send Ether toward the $3,450 resistance. The next key resistance is near $3,500. An upside break above the $3,500 resistance might send the price higher. Any more gains could send Ether toward the $3,550 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near $3,200. The first major support sits near the $3,150 zone. A clear move below the $3,150 support might push the price toward $3,080. Any more losses might send the price toward the $3,050 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,150 Major Resistance Level – $3,320
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 […]
The digital asset market is experiencing a wave of investor caution, with Ethereum leading the charge. CoinShares reports show a third consecutive week of outflows, with Ether sustaining the biggest damage. This negative sentiment in the top altcoin, coupled with sluggish trading volumes and regional outflows across the market, paints a picture of a market searching for direction. Related Reading: Dogwifhat (WIF) Jumps 21% As Analysts See $4.5 Price Tag Ethereum Faces Headwinds Despite Upcoming Milestone Ethereum, the world’s second-largest cryptocurrency, has seen the worst outflows of any digital asset this year, reaching a staggering $61 million last week. The dismal figure could be attributed to the delay in approving a spot Ethereum ETF, a highly anticipated event that has been in the works for nearly three years. According to CoinShares, digital asset investment products saw $30 million in outflows last week, the third consecutive week of outflows. Ethereum saw its largest outflow since August 2022, totaling $61 million, making it the worst performing digital asset investment product so… — Wu Blockchain (@WuBlockchain) July 1, 2024 The long wait for regulatory greenlight might be causing investors to hold off on commitments, creating uncertainty in the Ethereum market. However, the upcoming launch on July 4th remains a pivotal moment. Analysts are closely watching to see if this long-awaited development triggers a surge in Ethereum adoption or if it simply cannibalizes existing Bitcoin ETF investments. Mixed Signals: Regional Divergence And Altcoin Interest While the overall trend points towards caution, there are regional variations in investor sentiment. The United States, for example, defied the global trend and witnessed inflows of $43 million, suggesting continued American interest in the digital asset space. Similarly, inflows into multi-asset and Bitcoin Exchange-Traded Products (ETPs) indicate a preference for diversification and established players. This highlights the ongoing appeal of a broader exposure to the digital asset landscape, rather than a singular focus on any one cryptocurrency. Interestingly, amidst the Ethereum outflow woes, some altcoins are experiencing a resurgence. Solana and Litecoin, for instance, saw inflows, suggesting that investors are seeking opportunities beyond the top two cryptocurrencies. This diversification could be a sign of a maturing market where investors are conducting a more thorough risk assessment and exploring undervalued gems within the vast digital asset ecosystem. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 Navigating Uncertain Waters The current state of the digital asset market is one of cautious optimism. While outflows and Ethereum’s struggles are undeniable concerns, positive inflows in specific regions and products offer a counterpoint. The upcoming Ethereum ETF launch is a wild card, potentially acting as a catalyst for further adoption or simply reshuffling existing investments. Investors are likely to remain watchful in the near future, carefully weighing risk and reward before making significant commitments. Featured image from Parents, chart from TradingView
On-chain data shows the Ethereum long-term holders have recently been increasing their total share of the cryptocurrency’s supply. Ethereum HODLers Currently Carry The Majority Of ETH Supply According to data shared by the market intelligence platform IntoTheBlock in a post on X, the Ethereum long-term holder supply has been on the rise recently. The “long-term […]
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 […]
Ethereum enthusiasts were cruising down the information superhighway towards a July 4th fireworks celebration of a different kind: the launch of the first spot Ethereum ETF. Related Reading: Solana Poised For Epic Reversal? Analyst Spots Bullish Pattern Echoing 2022 Breakout But in a move that worried investors, the US Securities and Exchange Commission threw a big wrench into the works, unexpectedly returning applicants’ proposals and delaying the much-anticipated debut. Missed Exit: Ethereum ETF July Launch Goes Up In Smoke The news came as a shock to many, as market watchers and analysts alike had confidently predicted a July launch, with some even suggesting a celebratory trade on Independence Day. Bloomberg ETF analysts Eric Balchunas and James Seyffart were among those waving the checkered flag a little too early. Their prediction of a July 2nd debut went up in smoke faster than a Roman candle after the SEC decided to put the brakes on the process. Unfort think we gonna have to push back our over/under till after holiday. Sounds like SEC took extra time to get back to ppl this wk (altho again very light tweaks) and from what I hear next wk is dead bc holiday = July 8th the process resumes and soon after that they’ll launch… https://t.co/0ZQR7yiBLt — Eric Balchunas (@EricBalchunas) June 28, 2024 Insiders claim that the SEC has delayed the anticipated debut date by requesting changes to the S-1 paperwork that issuers have submitted. This unexpected diversion raises serious concerns about the schedule as a whole. Although there are others who anticipate clearance by July 8th, the impending US holiday probably adds another level of difficulty. Uncharted Territory: The SEC Takes The Wheel The lack of a definitive timeline is a major source of frustration for investors and issuers alike. Unlike the previous 19b-4 forms, which mandated a specific SEC decision timeframe, the S-1 filing process gives the regulatory body the freedom to take its sweet time. This essentially hands the steering wheel over to the SEC, allowing them to request revisions and conduct a thorough review without the pressure of a ticking clock. While SEC Chair Gary Gensler has previously hinted at approvals “sometime this summer,” his comments haven’t offered much solace to the jittery market. The recent snafu with the S-1 forms indicates that even a summer launch might be overly optimistic. This lack of clarity is a major hurdle for issuers and creates uncertainty for investors who are eager to jump on board the Ethereum ETF bandwagon. Related Reading: XRP Year-Long Curse Broken? Analyst Bullish On Crypto’s 240% Rally The Road Ahead Even if Ethereum ETFs do eventually reach the finish line, experts predict they might not attract the same level of investment as their Bitcoin counterparts. The perceived lower volatility of Bitcoin, coupled with the already established Bitcoin ETF landscape, might make them a more attractive option for some investors. The SEC’s recent actions have thrown the timeline into disarray, leaving investors and issuers in a state of limbo. While approval might still happen “sometime this summer,” the lack of clarity and the potential for lower inflows compared to Bitcoin ETFs paint a picture of a bumpy ride ahead for these highly anticipated investment vehicles. Featured image from Pexels, chart from TradingView
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
As the highly anticipated launch of the first spot Ethereum ETFs in the United States nears, experts are predicting a significant price appreciation for the second-largest cryptocurrency in the market. Ethereum ETFs On The Horizon According to a recent Reuters report, the US Securities and Exchange Commission (SEC) could approve Ethereum ETFs as soon as July 4, as discussions between asset managers and regulators enter the final stages. Industry executives and other participants who requested anonymity due to the confidential nature of the talks revealed that the process of amending the offering documents has progressed to resolving only “minor” issues, and approval is “probably not more than a week or two away.” Related Reading: Bitcoin Battling Bearish Headwinds: Is The Sell-Off Over? According to Morningstar Direct data, the launch of Bitcoin-based ETFs in the US in January was a major success, drawing around $8 billion in assets. By late June, these nine new products had nearly $38 billion in assets, although the holdings of Grayscale Bitcoin Trust – which converted its $27 billion BTC trust into an ETF simultaneously – dipped to $17.8 billion. However, experts believe the launch of the new spot Ethereum ETFs may not be as impressive as the Bitcoin ETF debut. James Butterfill, head of research at Coinshares, noted that “Ethereum is not the same size in terms of market cap, nor does it have the same volumes” as BTC. Given the differences in market size and nature of the two cryptocurrencies, Bryan Armour, an ETF analyst at Morningstar, believes inflows may be much more muted when the Ethereum ETFs launch. “With Bitcoin, there had been pent-up demand for a decade, and investor interest was off the charts,” Armour said. “This just isn’t going to command the same excitement.” However, not everyone shares the same cautious outlook. ETH Eyes Potential Rally Toward $7,500 Quinn Thompson, the founder and CIO of Lekker Capital, has recently stated that the market is in the middle of “one of the most obvious and attractive crypto buying opportunities of recent memory.” Thompson further claimed that it was “cool” to be bullish in the past, but now, it appears that “Twitter has become a contest to see who can have the most negative ETH ETF take.” Thompson further noted: Personally, I think ETH will reach $7,000 and BTC will make its first attempt at $100,000 by the election in November. The Glassnode co-founders also shared a bullish price analysis for Ether, stating that if investors look at Ether’s history, similar patterns are developing as in the early stages of the 2021 bull market. They believe the current structure gives a target of around $7,500 as a final high for Ether, mirroring the Fibonacci extension seen in 2021 and implying a strong rally in Ether “soon!” Related Reading: Dogecoin Profitability Rises To 75% As Shiba Inu Plunges To 52% While caution remains regarding the possibility of further price declines, experts argue that such a scenario would require a new exogenous event to occur. Overall, market sentiment is leaning towards Ethereum reaching $7,000 and Bitcoin’s first attempt at $100,000. At the time of writing, ETH was trading at $3,460, up more than 3% over the past 24 hours as the broader market recovers from the corrections seen over the weekend and into the beginning of the week. Featured image from DALL-E, chart from TradingView.com
A quant has pointed out how the trends in the BitMEX exchange reserve have affected the Ethereum price during the past few years. BitMEX Ethereum Whales Have Shown Smart Money Behavior In Recent Years In a CryptoQuant Quicktake post, an analyst discussed a pattern in the ETH exchange reserve of the BitMEX platform. The “exchange reserve” here refers to an on-chain metric that keeps track of the total amount of Ethereum that’s sitting in the wallets of any given centralized exchange. When the value of this metric rises, investors will make net deposits to the platform right now. As one of the main reasons investors transfer to exchanges is for selling purposes, this trend can have potential bearish implications for the asset’s price. On the other hand, a decline in the indicator suggests a net amount of the cryptocurrency’s supply is moving off the wallets associated with the exchange. Investors generally take their coins off into self-custody when they plan to hold for extended periods, so such a trend could be bullish for the coin. Related Reading: This Historical Ethereum Top Signal Is Yet To Appear This Cycle Now, here is a chart that shows the trend in the Ethereum exchange reserve for BitMEX over the last few years: As is visible in the above graph, the Ethereum exchange reserve on the BitMEX platform observed a sharp increase back in mid-2022. This would suggest that the investors had made some hefty net deposits into the exchange. According to the quant, the platform houses a significant number of whales, so this large inflow activity would reflect the behavior of these humongous investors. Interestingly, the rapid growth in the indicator had come right before ETH had crashed towards its bear market lows. Thus, it would appear possible that these large holders had anticipated that things were about to get worse for the asset, so they had pulled the trigger on selling while they still had the chance. Another notable shift in the exchange reserve of BitMEX occurred in September 2023, when the whales took out a huge amount of Ethereum, almost completely retracing the earlier bear market increase. From the chart, it’s apparent that soon after these net outflows occurred, the cryptocurrency’s price started on a sharp rally that would eventually take it above the $4,000 level for the first time since December 2021. Related Reading: Shiba Inu, Solana, & Cardano Are All Seeing Buy Signal: Analyst It would appear that these smart money whales were again correct in their intuition about the market, as they could time their buys just in time for the rally. Since these net outflows in September, the indicator hasn’t displayed any significant shifts, as its value has been moving sideways. Given the historical trend, any new deviations that crop up could be worth watching out for, as they could potentially spell another shift for Ethereum. ETH Price Ethereum showed a recovery push from its lows yesterday, but the run has calmed down as ETH is still trading around $3,400 today. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
Bitwise’s Chief Investment Officer (CIO) Matt Hougan recently discussed the inflows the US Spot Ethereum ETFs could attract. Specifically, he stated how much could flow into these funds in their first 18 months of trading. Spot Ethereum ETFs To Record $15 Billion In First 18 Months Of Trading Hougan mentioned in a note to investors that the Spot Ethereum ETFs could record $15 billion in net inflows in their first 18 months of trading. He elaborated on how he arrived at these figures to show that it wasn’t just a guess. First, Hougan highlighted the market capitalizations of Bitcoin and Ethereum and stated that he expects investors to allocate to their respective exchange-traded products (ETPs) in proportion to their market caps. Related Reading: Spot Bitcoin ETFs See 7 Consecutive Days Of Outflows, Here’s What Happened Last Time Hougan noted that US investors have, so far, invested $56 billion in Spot Bitcoin ETPs and expects that figure to reach $100 billion or more by the end of 2025, when these funds should have matured further and be approved on platforms like Morgan Stanley and Merrill Lynch. Using this as a reference, Bitwise’s CIO stated that the Spot Ethereum ETFs would need to attract $35 billion in assets to stay on par with the Bitcoin ETFs, which he believes could take about 18 months to happen. Hougan also highlighted that the Spot Ethereum ETFs will already have $10 billion in assets upon launch, thanks to the Grayscale Ethereum Trust (ETHE), which will convert to an ETF on launch day. Therefore, Hougan noted that the Spot Ethereum ETFs are now left with $25 billion in inflows to reach parity with the amount of inflows the Spot Bitcoin ETFs are expected to reach by 2025 year-end. Hougan then highlighted data from the international ETP markets to show that investors may be allocating to Bitcoin and Ethereum ETPs roughly in line with their market caps. Using The International Markets As A Point Of Reference According to Hougan, Bitcoin and Ethereum ETPs in Europe hold €4,601 and €1,305 in assets under management (AuM), which translates to 78% and 22% of the aggregate available funds in both markets. Similarly, Bitcoin and Ethereum ETPs in Canada have $4,942 CAD (77%) and $1,475 CAD (23%) respectively. Related Reading: Crypto Research Firm Says Bitcoin Crash Below $60,000 May Not Be The End, Here’s Why Working with Ethereum’s ETP market share in Canada, Hougan estimated that the US Spot Ethereum ETFs could also get 22% of the US market. Based on this, Hougan lowered the estimate of net inflows for the Spot Ethereum ETFs from $25 billion to $18 billion, excluding Grayscale’s assets. Hougan eventually lowered the estimated net inflows to $15 billion by factoring in the fact that a significant portion of the flows into the US Spot Bitcoin ETFs are related to carry trades. He removed $10 billion of carry trade-related AuM from the Bitcoin market, lowering his estimates for Bitcoin from $100 billion to $90 billion and for the Spot Ethereum ETFs from $18 billion to $15 billion. Featured image created with Dall.E, chart from Tradingview.com
In a significant development for the cryptocurrency market, asset managers are eagerly preparing for the launch of new spot Ethereum ETFs, pending approval from the US Securities and Exchange Commission (SEC). Bitwise Chief Investment Officer (CIO) Matt Hougan has weighed in on the potential of these ETFs, predicting substantial inflows into the regulated market within the first months of trading. Market Data Suggests $15B Demand For Spot Ethereum ETFs Hougan’s projections are based on a thorough analysis of available data. He emphasizes that there is no need for speculation when estimating the demand for spot Ethereum ETFs. Instead, Hougan points to the existing market data to support his forecast of $15 billion in net inflows during the initial 18-month period. To arrive at this estimate, Hougan compares the relative market capitalizations of Bitcoin (BTC) and Ethereum (ETH). As a starting point, he expects investors to allocate to Bitcoin and Ethereum exchange-traded products (ETPs) roughly in proportion to their market capitalizations. Related Reading: 10x Your Crypto Portfolio: Top Analyst Highlights 4 Altcoins To Buy Bitcoin’s market cap currently stands at $1,266 billion, representing 74% of the combined market, while Ethereum’s market cap is $432 billion, accounting for 26% of the combined market. Considering US investors already have around $56 billion invested in spot Bitcoin ETPs, Hougan anticipates reaching $100 billion or more by the end of 2025 as these ETFs mature and gain approval on prominent platforms such as Morgan Stanley and Merrill Lynch. Using this $100 billion benchmark, he suggests that spot Ethereum ETFs would need to attract $35 billion in assets to achieve parity, which he estimates will take approximately 18 months. However, Hougan acknowledges that the actual inflows may differ due to various factors. For instance, the Grayscale Ethereum Trust (ETHE) is expected to convert to an ETP on the launch day, bringing along $10 billion in assets. Factoring this in, the estimated net inflows to reach parity would be around $25 billion. Analysis Of International ETF Markets To validate his estimates, Hougan looks at international ETF markets, particularly Europe and Canada, which already offer Bitcoin and Ethereum ETFs. The asset split between the two cryptocurrencies in these markets is similar, according to Hougan, with Bitcoin ETPs accounting for approximately 78% and Ethereum ETPs representing around 22% of the total Assets Under Management (AUM). This alignment with market cap breakdowns strengthens Hougan’s earlier estimate. Hougan also considers the potential impact of the “carry trade” on Bitcoin and Ethereum ETP markets. While a significant fraction of US Bitcoin ETP flows are linked to the carry trade strategy, he highlights that the Ethereum ETP carry trade is not profitable for institutions. To maintain a conservative estimate, Hougan removes the $10 billion carry-trade-related AUM when sizing the Bitcoin market, leading to a revised estimate of $15 billion in net inflows for Ethereum ETPs. Related Reading: Analysts Battle Over Cardano’s Next Move: 12,000% Rally Or 50% Crash? In sum, Hougan believes that while there are several factors to consider and potential adjustments to the model, a starting point of $15 billion in net new demand for spot Ethereum ETFs within the next 18 months is a reasonable projection. At the time of writing, ETH was trading at $3,405, up nearly 3% in the past 24 hours, after hitting a low of $3,230 on Monday. Featured image from DALL-E, chart from TradingView.com
Ethereum price extended losses below the $3,320 support. ETH tested the $3,240 support and is now eyeing a decent increase above the $3,380 resistance. Ethereum extended losses and tested the $3,240 support zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could attempt a decent increase above the $3,380 and $3,400 resistance levels. Ethereum Price Founds Support Ethereum price struggled to start a fresh increase above the $3,500 zone. ETH followed Bitcoin’s bearish path and the price declined below the $3,350 level. The bears pushed the price below the $3,320 support zone. A low was formed at $3,230 and the price is now correcting losses. There was a minor upward move above the $3,300 and $3,320 levels. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,517 swing high to the $3,230 low. Ethereum is still trading below $3,450 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $3,375 level or the 50% Fib retracement level of the recent drop from the $3,517 swing high to the $3,230 low. The first major resistance is near the $3,450 level. There is also a key bearish trend line forming with resistance near $3,440 on the hourly chart of ETH/USD. The main resistance sits at $3,540. An upside break above the $3,540 resistance might send the price higher. The next key resistance sits at $3,620, above which the price might gain traction and rise toward the $3,650 level. Any more gains could send Ether toward the $3,720 resistance zone in the coming days. Another Decline In ETH? If Ethereum fails to clear the $3,450 resistance, it could start another decline. Initial support on the downside is near $3,325. The first major support sits near the $3,24 zone. A clear move below the $3,240 support might push the price toward $3,200. Any more losses might send the price toward the $3,120 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,240 Major Resistance Level – $3,450
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 […]
Ethereum price struggled to climb above the $3,650 resistance and trimmed gains. ETH is now signaling a downside break and might decline below $3,450. Ethereum is trimming gains from the $3,620 resistance zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There was a break below a short-term rising channel forming with support at $3,540 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bearish momentum if it dips below the $3,485 and $3,450 support levels. Ethereum Price Trims Gains Ethereum price started a decent increase above the $3,500 zone. ETH outperformed Bitcoin and broke the $3,550 resistance. However, the price struggled to surpass the $3,620 level and failed to test $3,650. A high was formed at $3,620 and the price is now trimming gains. There was a minor decline below the $3,550 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,351 swing low to the $3,620 high. There was a break below a short-term rising channel forming with support at $3,540 on the hourly chart of ETH/USD. Ethereum is still trading below $3,550 and the 100-hourly Simple Moving Average. The bulls are now active near the $3,485 support zone and the 50% Fib retracement level of the upward move from the $3,351 swing low to the $3,620 high. On the upside, the price might face resistance near the $3,520 level. The first major resistance is near the $3,560 level. The main resistance sits at $3,620 or $3,650. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level. Any more gains could send Ether toward the $3,880 resistance zone in the coming days. More Downsides In ETH? If Ethereum fails to clear the $3,560 resistance, it could start another decline. Initial support on the downside is near $3,485. The first major support is $3,450. A clear move below the $3,450 support might push the price toward $3,420. Any more losses might send the price toward the $3,350 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,450 Major Resistance Level – $3,560
Data shows the cryptocurrency derivatives market has suffered a high amount of liquidations in the past day after the crash the altcoins have seen. Altcoin Longs Witness Squeeze, Ethereum Leads In Liquidations The past day has been a volatile time for the cryptocurrency market, with the majority of the altcoins suffering from drops of more […]
Renowned crypto analyst Doctor Profit recently released “The big altcoin report” for the third quarter of the year, suggesting further downward movement for the market. Based on historical performance and the current state of the market, Doctor Profit warns of an impending altcoin market crash triggered by an episode of uncertainty and a recent price correction in the top 100 cryptocurrencies, led by Bitcoin (BTC). However, the analyst remains optimistic, highlighting potential buying opportunities and optimal entry points for several top altcoins. Altcoin Market Correction Doctor Profit draws attention to the altcoin market’s recent exponential growth, with market capitalization surging from $300 billion to nearly $800 billion between October 2023 and March 2024, representing a 150% increase in just five months. Related Reading: From Cheers To Tears: Beercoin (BEER) Dries Up, Loses 70% Of Its Value Corrections following such significant growth are deemed normal but can prove challenging for retail investors. The recent correction of 25%, bringing the market cap to around $550 billion, is regarded as a healthy adjustment by the analyst. Doctor Profit believes that altcoins have nearly reached their bottom and are poised for another substantial rise, potentially reaching a market cap of $1 trillion and setting new all-time highs. The analyst parallels the current market situation and previous cycles, emphasizing the repetitive pattern of sideways movement and dumps followed by explosive growth. Doctor Profit identifies several altcoins with optimal buying levels based on their current prices and expected retracements. For instance, the native cryptocurrency of the 3D metaverse game, The Sandbox (SAND), is currently trading at $0.31. Doctor Profit suggests a potential retracement of $0.22 would present an optimal buy zone. Another altcoin, Stacks (STX), a Bitcoin Layer 2 token, currently trades at $1.61. Doctor Profit recommends a downside target and buy zone of $1.48. Similarly, Arbitrum (ARB), a Layer 2 token, is currently trading at $0.78, with losses of over 10%. Doctor Profit identifies $0.61 as the best-buy zone for this token, suggesting further losses in the coming days. Mid-July Rally Forecasted Moving on to larger altcoins, Doctor Profit analyzes Ethereum (ETH), the second-largest cryptocurrency. Despite being the largest altcoin, Ethereum has witnessed a 3% drop, with the current trading price at $3,430. Doctor Profit’s analysis suggests a potential decline towards $2,890, indicating an entry point for a long position. Binance Coin (BNB), which recently reached a new all-time high of $725, is expected to retrace almost 50% to $396, presenting the best entry point according to the expert. Currently, BNB has retraced to $585. Doctor Profit further notes that other altcoins expected to retrace substantially include Optimism (OP), the Sei (SEI) token, Toncoin (TON), Notcoin (NOT), and Omni (OMNI). These altcoins have recorded price drops ranging from 8% to 17%, reflecting investor sentiment. Doctor Profit provides specific price targets and optimal buying levels for these altcoins. Doctor Profit advises caution due to potential “market maker manipulation” and order placements at the same levels. The analyst sets orders 3-5% higher or lower than the identified optimal buying levels to avoid missing out. Related Reading: Bitcoin, Solana Suffer As Institutional Investors Pull $600 Million Out Of Crypto Funds Lastly, Doctor Profit highlights the upcoming Ethereum ETF launch on July 2nd. While not expecting a significant pump on that day, similar to the Bitcoin ETF launch, the analyst predicts a sideways or bearish trend for altcoins in the next 3-4 weeks. However, a significant reversal and the start of a new altcoin rally are anticipated by mid-July. The analyst emphasizes that altcoins are currently low, and only a few will succeed. Based on the provided analysis, Doctor Profit believes that the altcoin market cap is 10-15% away from its bottom, making it an opportune time to invest for long-term gains. Featured image from DALL-E, chart from TradingView.com
Ethereum price declined again and retested the $3,365 support zone. ETH could start a fresh increase toward $3,700 if it stays above $3,365. Ethereum is still holding the key $3,365 support zone. The price is trading below $3,550 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could form a double-bottom pattern and rise toward the $3,700 resistance. Ethereum Price Retests Key Support Ethereum price failed to gain pace for a move above the $3,580 and $3,650 resistance levels. ETH reacted to the downside like Bitcoin and declined below the $3,500 support. There was a sharp move below $3,420, but the bulls were again active near $3,350. A low was formed near the $3,350 level and the price is again rising. There was a move above the $3,380 and $3,400 resistance levels. The price was able to clear the 23.6% Fib retracement level of the downward move from the $3,649 swing high to the $3,350 low. Ethereum is now trading below $3,550 and the 100-hourly Simple Moving Average. It seems like the price could form a double-bottom pattern and rise toward the $3,700 resistance. If there is a fresh increase, the price might face resistance near the $3,460 level. The first major resistance is near the $3,500 level or the 50% Fib retracement level of the downward move from the $3,649 swing high to the $3,350 low. There is also a connecting bearish trend line forming with resistance near $3,500 on the hourly chart of ETH/USD. An upside break above the $3,500 resistance might send the price higher. The next key resistance sits at $3,580, above which the price might gain traction and rise toward the $3,650 level. A clear move above the $3,650 level might send Ether toward the $3,720 resistance. Any more gains could send Ether toward the $3,800 resistance zone. Downside Break In ETH? If Ethereum fails to clear the $3,500 resistance, it could continue to move down. Initial support on the downside is near $3,380. The first major support is at $3,350. A clear move below the $3,350 support might push the price toward $3,250. Any more losses might send the price toward the $3,120 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,350 Major Resistance Level – $3,500
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
In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity […]
Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. Increased Venture Capital Interest In The Industry Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies. Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. Hivemind Capital Joins Paradigm In Venture Funding Race Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund. Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists. While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation. Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry. Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion. The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475. Featured image from DALL-E, chart from TradingView.com
Ethereum (ETH) bulls got a taste of fire on June 11th as the altcoin’s derivatives market witnessed a dramatic surge in long liquidations. According to data from Coinglass, this event marked the highest level of long liquidations since May 23rd, signifying a significant correction for traders who bet on rising prices. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? Crimson Chart: Long Positions Liquidated Overconfident investors piled into long positions, essentially placing a wager that Ethereum’s price would climb. However, the market had other plans. An unexpected price drop sent shivers down the spines of these bulls, triggering a wave of liquidations. As the price dipped below a certain threshold set by the exchange (known as the margin requirement), these positions were forcefully closed to prevent further losses for the unfortunate traders. The result? A collective sigh of relief for some exchanges, but a hefty bill for liquidated bulls, totaling over $60 million on that fateful day. Positive Funding Rate Offers A Glimmer Of Hope While the market correction sent shockwaves through the Ethereum derivatives landscape, a silver lining emerged in the form of a positive Funding Rate. This metric essentially reflects the fees paid by traders holding short positions (betting on a price decline) to those holding long positions. In simpler terms, a positive Funding Rate indicates a stronger demand for long positions, suggesting that even amidst the carnage, some investors remain optimistic about Ethereum’s long-term prospects. This positivity is further bolstered by the fact that ETH’s Funding Rate hasn’t dipped into negative territory since May 3rd. A Temporary Hiccup? The jury’s still out on whether this event represents a fleeting blip or a more concerning trend. While the positive Funding Rate offers a glimmer of hope, the significant drop in derivatives activity paints a different picture. The past 24 hours have seen a worrying decline in both options trading volume (down 50%) and Open Interest (total outstanding contracts, down 2%). This suggests a potential flight from the market, with fewer participants actively trading options contracts or holding open positions. Ether Price Forecast Meanwhile, the current Ethereum price prediction by CoinCodex suggests a 2.46% rise to $3,636 by July 13, 2024. Despite this positive outlook, the market sentiment remains bearish. The Fear & Greed Index stands at 70 (Greed), indicating strong investor interest. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Over the last 30 days, Ethereum has shown significant volatility, with positive gains on 53% of the days and an overall price fluctuation of 8.63%. While the short-term forecast is optimistic, the mixed signals highlight the need for cautious investment given the current market unpredictability. Featured image from SignatureCare Emergency Center, chart from TradingView
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has created a perplexing scenario for investors recently. Despite a noticeable decline in its price, on-chain data reveals that large investors, often referred to as “whales,” are accumulating ETH. This could signal a potential buying opportunity, though technical indicators suggest a weakening uptrend, leaving Ethereum’s near-term future uncertain. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Ethereum Whales See Opportunity In Price Dip In recent analysis by NewsBTC, it was revealed that wallets holding over 10,000 ETH have been steadily acquiring more tokens since the end of May. This period of accumulation, based on Glassnode data, coincides with a drop in Ethereum’s price from around $3,074 to its current price of $3,670. The significant increase in holdings by these large investors suggests that they see the current price decline as an attractive entry point, anticipating a future price rise. Adding to the bullish sentiment, CryptoQuant’s Netflow data for Ethereum has shown a dominance of negative flows in recent weeks. This means more ETH is leaving exchanges than entering them, a traditional indicator that investors are holding onto their ETH rather than selling it. This behavior can reduce the available supply on the market, potentially pushing prices up in the long run. Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz Technical Indicators Raise Red Flags Despite the optimistic signs from whale accumulation and exchange outflows, technical indicators paint a less rosy picture. Ethereum has been trading in a narrow range around $3,600 for the past three days, showing a slight decline of approximately 0.8% today. While the Relative Strength Index (RSI) remains above 50, indicating a slight uptrend, it is currently on a downward trajectory. If this trend continues and the RSI falls below the neutral line, it could suggest a potential price dip. The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com/7qq5HgGP37 — Ali (@ali_charts) June 9, 2024 The RSI’s downward movement indicates weakening momentum, which, if not reversed, might lead to further declines in Ethereum’s price. This bearish technical outlook contrasts sharply with the positive on-chain data, creating a complex situation for investors trying to predict the market’s next move. Market Awaits A Significant Catalyst The near-term future of Ethereum appears to hinge on the emergence of a significant catalyst. Broader market sentiment could play a crucial role, with a positive shift potentially reigniting the uptrend. Additionally, upcoming news or developments specific to the Ethereum network could also serve as a catalyst for price movement. Successful upgrades or increased adoption of decentralized applications (dApps) built on the Ethereum blockchain could trigger renewed investor interest and drive prices higher. Featured image from Harbor Breeze Cruises, chart from TradingView
Retail investors in the cryptocurrency space are exhibiting signs of turning into long-term believers, with a recent exodus of Bitcoin (BTC) and Ethereum (ETH) from centralized exchanges. Latest data shows user balances for both leading cryptocurrencies have sunk to four-year lows, with analysts interpreting the move as a bullish signal for the future. As investors […]