After soaring over 10% on Wednesday, Ethereum (ETH) has jumped past the $2,000 mark for the first time since March, leading some analysts to suggest that the second-largest crypto could reclaim its macro range in the coming days. Related Reading: XRP Is Forms Bullish Reverse Dragon Head Pattern, How High Can Price Go? Ethereum Hits Seven-Week High For the first time in over a month, Ethereum has retested the $2,000 resistance, hitting a seven-week high of $2,075. The King of Altcoin lost this level at the end of March, nosediving to its two-year low of $1,385 in the following weeks. Amid the late-April market recovery, ETH climbed above crucial levels, reclaiming the $1,600-$1,750 zone over the last 14 days. Earlier this week, the cryptocurrency finally reclaimed the $1,800 resistance, but some investors worried about its sideways price action and a potential drop to lower support levels. Nonetheless, Ethereum soared by 8.3% toward the $1,950 level after US President Donald Trump revealed yesterday that a “major trade deal” with a “big, and highly respected, country” would be announced on May 8. On Thursday, Trump’s $6 billion deal with the UK pushed ETH past the $2,000 mark and near the $2,100 level. Analyst Rekt Capital highlighted the “strong breakout so far,” noting that the cryptocurrency held the bottom of its historical demand zone and rebounded around 14% to the top of the range. After the price jump, the analyst explained that ETH must turn the $1,930 level into support to avoid an upside wick and rejection, and confirm a breakout toward the $2,200 area. “Ethereum will need to simply stay above $1930 to continue to be positioned for a revisit of $2200 (black). The goal for ETH is to use this light blue historical demand area to resynchronise with its $2200-$3900 Macro Range,” he detailed. ETH Eyes New Bull Rally Rekt Capital also pointed out ETH’s dominance was “upticking after making new All Time Lows,” which resembles its 2020 performance. At the time, the cryptocurrency’s dominance bounced after making a new low, surging toward higher levels in the following months. Meanwhile, Daan Crypto Trades noted that Ethereum is testing its range high against its BTC trading pair. According to the post, “this move is tiny compared to what it has to make up for to see some proper relief. You can however already see the market wide impact it has on alts by just moving ~7% against BTC.” Despite looking “decent” after the price jump, the trader advised investors not to get overexcited until ETH/BTC breaks out and holds above the 0.0202 range high. “If it does that, we can get a setup for a larger potential few week reversal in ALT/BTC pairs and for BTC.D to come down. For now, still rangebound,” Daan explained. Related Reading: Injective (INJ) Gearing Up For $10 Level Retest – Is A Bullish Reversal Ahead? He also suggested that investors should be prepared for a big price move, as this performance “generally ends in violent fashion with a big wick towards the upside before cooling off.” Ali Martinez highlighted that the key supply barrier for the cryptocurrency sits at around $2,380, where 12.72 million addresses bought 69.6 million ETH. According to the analyst, “clearing this level could ignite a new bull rally.” As of this writing, Ethereum trades at $2,050, a 13.5% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The ongoing TRUMP memecoin frenzy has sparked the creation of hundreds of tokens inspired by the US president and his family. A recent report revealed malicious tokens and dApps using Donald Trump references skyrocketed since Friday, targeting unsuspected investors and non-crypto people. Related Reading: Bitcoin Struggles For Direction Post-Trump Disappointment – What Next? Trump-Themed Scams Skyrocket Over the weekend, US President Donald Trump surprised the crypto industry by launching his official memecoin, TRUMP. The token received heavy criticism, with several crypto investors calling the President’s memecoin venture a “big red flag.” Many community members initially suspected the token was a hacking scam, while others expressed reservations about TRUMP’s tokenomics. Regardless of the doubts, the memecoin eclipsed the market, skyrocketing to $30 in a few hours and hitting an all-time high (ATH) of $75 a day later. Web3 security platform Blockaid shared that TRUMP’s successful launch also ignited a “rapid proliferation of malicious tokens, fake dApps, and scams using the Trump name and branding,” following the trend of scammers leveraging major news events in the crypto industry to target unsuspecting users. According to the report, tokens with the “Trump” name increased by 206% on the launch day. The report stated, “Many of these tokens used misleading branding to lure investors.” The chart shows that since late December, the number of new malicious tokens with the word “Trump” has hovered between 2,000 and 3,000 daily. However, this number increased to 6,800 tokens deployed on Friday, double the usual 3,300 Trump-inspired tokens created daily. Additionally, the number of fake dApps deployed saw record rates over the weekend. The malicious applications are often used to “trick users into connecting their wallets, allowing scammers to drain funds.” Blockaid reports that impersonator dApps using President Trump’s name saw a 14x increase after the launch, with 91 malicious dApps deployed in 24 hours. Trump Memecoin Frenzy Continues The report highlighted that scammers didn’t stop at Trump-themed tokens. Memecoins with metadata referencing the Trump family, including Melania and Barron-inspired ones, surged by 592% over the weekend, “creating the illusion of an interconnected ecosystem.” It’s worth noting that US First Lady Melania Trump announced the launch of her official memecoin, MELANIA, on Sunday afternoon. The launch pushed the crypto market to a 6% correction, with Bitcoin (BTC) dropping below $100,000, and TRUMP declining 49% in an hour. On Inauguration Day, DexScreener’s main page showed a plethora of memecoins inspired by the Trump Family. Of the top 15 tokens, 11 were related to the presidential family, including the official TRUMP and MELANIA memecoins. Fake Donald Trump Jr, Ivanka, and Eric memecoins were also launched, alongside Trump-related figures like US Vice President JC Vance and Elon Musk. Despite the several Musk-themed tokens already existing, the recently launched memecoins used branding inspired by the official Trump tokens. Related Reading: Analyst Says Bitcoin Is Entering Second ‘Price Discovery Uptrend’, What’s Ahead For BTC? Moreover, the Trump memecoin frenzy continued as the US President was sworn into office. A video shared on X shows that during Trump’s inauguration speech, community members created several new tokens themed after the speech. Users flooded the market with dozens of memecoins using phrases like “Make America respected again” or “America will be admired again” just seconds after the US President pronounced them, potentially attempting to lucre from the ongoing hype. As of this writing, the official TRUMP memecoin trades at $37.6, a 1.4% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As the new crypto-friendly administration takes office, crypto investors expect a likely volatile market. However, some analyst shared their bullish predictions as Bitcoin (BTC) hit its latest all-time high (ATH) of $109,000. Related Reading: $24 XRP Prediction: Bitcoin Maxi Calls It Risky But Possible Bitcoin Hits New ATH On Inauguration Day Last week, Bitcoin surged past the $100,000 barrier for the first time in over ten days amid the bullish expectations of January 20. The flagship crypto continued consolidating above this key level over the weekend, fueled by US President Donald Trump’s latest crypto moves. On Friday, the incoming US President surprised the crypto industry by launching his official TRUMP memecoin. The token saw a massive surge, hitting a $75 all-time high (ATH) and a market capitalization of $15 billion but facing significant backlash from the crypto community. As the token eclipsed the market, Bitcoin turned the key $102,000 resistance level as a support zone, propelling the price to a one-month high of $106,000. However, the market saw a 6% correction on Sunday afternoon after the then-incoming First Lady launched her memecoin, MELANIA. BTC dropped below the $100,000 mark before quickly recovering, closing the week near the recently reclaimed level. Ahead of Trump’s inauguration, Bitcoin’s price jumped 8.5% to its new all-time high of $109,588. Daan Crypto Trades noted BTC’s good start to the week after it “opened up with a small CME gap today but closed that straight away and went straight to new all-time highs,” adding that it will be an interesting week. Daan also signaled that today would likely be a “very volatile day in both directions” for the market but advised investors to “focus on what you expect for Q1 and not the next day.” BTC Price To Continue Soaring? Crypto analyst Altcoin Sherpa suggested that BTC’s price could see short-term volatility depending on Trump’s comments during his Inauguration speech. “If a Strategic Bitcoin Reserve is announced, I think BTC puts in a god candle, and everything sends,” he stated, adding that a lack of mention could start a momentary pullback. Despite the potential short-term shakeouts, some analysts highlighted that Bitcoin is entering a new price discovery phase. Rekt Capital stated, “History suggests this first Price Discovery Correction is now over.” According to the analyst, the December retrace was part of BTC’s “post-halving Parabolic Upside Phase.” Bitcoin enters a parabolic period that lasts around 300 days, each cycle after every Halving event, with the first price correction historically beginning between Weeks 6 and 8 of each parabolic phase. Related Reading: Solana Bulls Counter Bearish Pressure To Keep Price Above $240 After the recent price action, the analyst announced the second Price Discovery Uptrend lies ahead. He explained that “Bitcoin is now trying to breakout from its $101k-$106k range Daily Close above the $106k Range High resistance followed by a post-breakout retest would confirm the breakout and bring Bitcoin one step closer to additional Price Discovery.” Analyst Crypto Jelle highlighted BTC’s multi-year cup and handle pattern, which “looks like Bitcoin wants to get it over with.” The analyst suggested that the flagship crypto won’t “be waiting much longer,” adding that the long-term target remains $140,000. As of this writing, Bitcoin trades at $104,564, a 1% drop in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The Donald and Melania Trump-backed memecoins that launched over the weekend have amassed a combined value of over $15 billion.