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  • Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

    Ethereum Set To Outperform: Crypto Analyst Predicts 18% Rise To $1,900

    Ethereum (ETH) has so far relatively underperformed in comparison to the flagship cryptocurrency Bitcoin. However, that could change soon enough as a crypto analyst has predicted the second-largest crypto token by market to gain some momentum soon enough. 

    Ethereum To Hit $1900

    In a post shared on his X (formerly Twitter) platform, prominent crypto analyst Ali Martinez mentioned that Ethereum could rise to as high as $1,900. His prediction was based on data that he had pulled up from the chart which he shared in his post. 

    The chart (a 3-day timeframe) featured an ascending triangle pattern, which usually represents a bullish formation. According to Ali, Ethereum is “poised” to rebound off the hypotenuse of the ascending triangle. Most importantly, for Ethereum to go as high as $1,900, the analyst noted that It has to experience a “firm close” above the 18-day SMA (Simple Moving Average).

    ETH getting ready to breakout | Source: X

    If that happens, Ethereum could hit $1,800 and further rise to $1,900 based on Ali’s predictions. It is worth mentioning that the last time Ethereum hit $1,900 was back in July 2023. A rise to that price again will represent about an %18 increase from its current price of $1,600. 

    Ali also had something to say about the flagship cryptocurrency, Bitcoin. In a subsequent post, he noted that the crypto token could see a correction to $28,800; a prediction he made based on the TD Sequential from a 4-hour chart. 

    Bitcoin rose to as high as $30,000 on October 20, with many speculating that a Spot Bitcoin ETF approval could be on the way, something that represents a bullish momentum for Bitcoin and the crypto market in general. 

    Ethereum price chart from Tradingview.com (crypto analyst $1,900)

    ETH price holding $1,600 | Source: ETHUSD on Tradingview.com

    Bitcoin’s Dominance Is On The Rise

    Data from TradingView shows that Bitcoin’s dominance has been on the rise this year, with the token currently boasting over 52% coin dominance in the crypto market. Interestingly, it has steadily risen since the Ethereum Merge occurred. 

    This is significant considering that many speculated that ‘the Flippening’ could happen after the Merge, where Ethereum overtakes Bitcoin to become the most dominant crypto token. However, that hasn’t happened so far, with Ethereum’s move from proof-of-work to proof-of-work being seen as ‘disastrous’ for the crypto token. 

    Bitcoin and Ethereum, however, share the podium when it comes to the best-performing assets of the year. Both crypto tokens are said to have outperformed the NASDAQ, S&P500, and Gold. Bitcoin has seen an %80 increase year-to-date (YTD), while Ethereum has seen a %35 increase YTD.

    Featured image from Analytics Insight, chart from Tradingview.com

    Best Owie

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  • Ethereum ICO Participant Wakes Up After 8 Years, Moves $3 Million In ETH

    Ethereum ICO Participant Wakes Up After 8 Years, Moves $3 Million In ETH

    The Ethereum initial coin offering (ICO), which took place in 2014, represents one of the most significant events in the history of cryptocurrency. As the network had not begun generating tokens autonomously, the ICO event allowed early investors and enthusiasts to accumulate ETH, currently the second-largest cryptocurrency by market cap.

    Latest on-chain data shows that one of the ICO participants has become active for the first time in more than eight years, transferring their pre-mined stash of Ether tokens to different addresses on Saturday, October 21. 

    Ethereum ICO Participant Awakens From Dormancy

    According to blockchain data tracker Lookonchain, the address, which was part of the Ethereum Genesis, initially received 2,000 ETH over eight years ago. At the time, the Ether tokens were purchased for $620 at an ICO price of $0.31 per token. On Saturday, the ETH tokens in question changed wallets for the first time. 

    The wallet holding the pre-mined stash of ETH had been dormant for exactly 8.2 years (July 2015). Thanks to the exponential growth of Ethereum and the entire crypto market, the value of these holdings has grown to nearly $3.2 million at the current price. 

    In the X (formerly Twitter) post, Lookonchain highlighted that the ICO participant transferred the Ethereum tokens to four different addresses. About 500 Ether tokens were sent to each address, with minutes separating the transactions.

    It remains to be seen whether the wallet owner is preparing to sell the tokens, stake on the network, or carry out other transactions. In the event of a sell-off, though, the price of ETH may experience momentary downward pressure.

    Large transfers from early ICO participants are not exactly common occurrences, but there have already been a couple of similar transactions in 2023. Notably, an ICO participant moved $116 million worth of pre-mined ETH to a Kraken exchange address in July.

    ETH Price Overview

    As of this writing, Ethereum’s price stands at $1,605, reflecting a 0.7% decline in the past day. This comes on the back of a week where the value of ETH showed signs of recovery, registering a 3.8% price increase in the past seven days.

    The past week was dominated mainly by the optimistic performance of Bitcoin and the false news of a spot ETF approval. This positive run of BTC, however, eventually rubbed on the broader cryptocurrency market, including the price of Ethereum.

    Ethereum price hovers around the $1,600 mark on the daily timeframe | Source: ETHUSDT chart on TradingView

    Featured image from The Economic Times, chart from TradingView

    Opeyemi Sule

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