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Tag: eth

  • ETH Rally Pushes Profitability To Nearly 70%

    ETH Rally Pushes Profitability To Nearly 70%

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    Este artículo también está disponible en español.

    Ethereum’s movement last week was full of mixed signals as Spot Ethereum ETFs started to witness good inflows. Notably, ETH has been on a rally since the middle of September, reflecting a 25% gain from the September 6 low of $2,171 as it crossed $2,715 on September 27. 

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    This rally and the well-anticipated inflows in Spot Ethereum ETFs brought a much-needed breather into the Ethereum ecosystem. According to on-chain data, last week’s price action saw many Ethereum addresses moving into the profitability zone. Particularly, last week’s rally pushed Ethereum’s profitability from 59% of addresses to 69%.

    Ethereum Addresses See Much-Needed Profitability

    After enduring weeks of market consolidation and outflows from Spot Ethereum ETFs, Ethereum’s price began an upward trajectory in the middle of September that has reignited investor interest. According to data shared by on-chain analytics platform IntoTheBlock (ITB), the rally has led to more than two-thirds of Ethereum holders being in profit. 

    The key to understanding this development lies in ITB’s “In/Out of the Money” metric, which plays a crucial role in assessing the profitability of cryptocurrency holders. This metric compares the current market price of Ethereum to the purchase prices recorded for addresses that hold the asset.

    By doing so, it calculates which holders are in profit, in loss, or at the break-even point (known as “at the money”). According to this measure, Ethereum has reached its highest profitability levels in nearly two months, a significant indicator of growing bullish sentiment.

    The graph below shows that the number of Ethereum addresses in profit reached 85.03 million last week, representing 69.38% of the total Ethereum addresses. At this time, Ethereum was trading at $2,693. Furthermore, the data highlights that at this time, 2.61 million ETH addresses were at the money (neither in loss nor profit), while 34.94 million ETH addresses were in losses.

    ETH Profitability To Keep Rising?

    Looking ahead, it is only natural to wonder if the profitability will continue to increase in October. Fortunately, the crypto industry is now reveling in bullish sentiment, especially in light of the recent Fed rate cuts and weakening currencies in some parts of the world. 

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    According to IntoTheBlock’s social media handle on X, over 80% of ETH volume is now profitable, indicating strong buying support at critical levels. With bullish projections now falling in place, we could see many more addresses and ETH easily crossing into profitability next week. 

    As Ethereum pushes toward higher price levels, the focus will also turn to key psychological barriers, such as the $3,000 mark. The first step for ETH bulls is to make a clean break above $2,700 next week. This would set the stage for a successful run to $3,000, bringing even more addresses back into profit.

    Featured image from Stormgain, chart from TradingView

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    Scott Matherson

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  • Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

    Altcoin Market Cap Surges Past 200-Day EMA: Is Altseason Finally Here?

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    Este artículo también está disponible en español.

    Several indicators point to renewed strength in altcoins, suggesting a potential altcoin season on the horizon. However, for confirmation, Bitcoin (BTC) dominance needs to drop further.

    Altcoin Market Cap Crosses 200-Day EMA

    Crypto analysts are closely monitoring various indicators that track altcoin behavior, with one critical metric being the 200-day exponential moving average (EMA).

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    According to the following chart, the OTHERS index – an index that tracks the market cap of cryptocurrencies excluding the top 10 digital assets by market capitalization – has surged past both the 100-day EMA and the 200-day EMA.

    OTHERS index has surged past the 200-day EMA | Source: CRYPTOCAP:OTHERS on TradingView.com

    For the uninitiated, the 200-day EMA is a commonly used technical indicator that shows the average price of an asset over the past 200 days, with more weightage given to recent prices. It’s used to identify long-term trends – when the price is above the 200-day EMA, it suggests the asset may be in an upward trend, while being below it signals a potential downtrend. 

    At present, the OTHERS index sits at $227.5 billion, while the 200-day EMA and the 100-day EMA are at $221.8 billion and $212.9 billion, respectively. According to crypto analyst Caleb Franzen, the last time this occurred was in July 2023. At the time, altcoins established firm support at these EMAs to achieve higher-highs. 

    Another cryptocurrency analyst, Ali Martinez, alluded to the altcoin market cap – excluding BTC and Ethereum (ETH) – breaking out of what appears to be a long downward trend. Although Martinez is not fully convinced of a full-blown altcoin season yet, he dubs the breakout as a “good start.”

    Bitcoin Dominance Must Crash Before Altseason

    While the altcoin market cap breaking out of a sustained downtrend raises hope for an imminent altseason, BTC dominance (BTC.D) must drop significantly from its current levels. 

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    Currently, Bitcoin dominance sits at 57.5%. From the chart below, it is evident that BTC.D has been on a sustained upward trajectory since at least November 2022. According to crypto analyst Yoddha, BTC.D looks poised to crash into the mid-40s, potentially paving the way for a full-blown altseason.

    BTC.D
    Source: BTC.D on TradingView.com

    Negentropic, co-founder at on-chain data platform Glassnode, remarked that the market seems to be on the verge of an altcoin season. Referring to the Bitcoin-Altcoin Cycle chart from Swissblock, Negentropic notes that once BTC breaks its all-time high (ATH) and enters price discovery mode, altcoin should follow suit. 

    The Bitcoin-Altcoin Cycle chart displays the inverse relationship between BTC and altcoin price movements throughout the year. Any reading above 50 indicates the market has entered an altcoin-dominated phase, whereas a reading below 50 signals a BTC-led market.

    altcoin cycle
    Source: Swissblock Technologies

    Despite these promising indicators, it’s important for the leading altcoin, ETH, to rebound against BTC before capital flows into mid-cap and small-cap altcoins. As previously reported, the ETH/BTC trading pair is currently at its lowest since April 2021. At press time, BTC trades at $64,481, up 1.5% in the past 24 hours.

    bitcoin
    BTC trades at $64,481 on the daily chart | Source: BTCUSDT on TradingView.com

    Featured image from Unsplash, Charts from Swissblock Technologies and Tradingview.com

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    Ash Tiwari

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  • Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?

    Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?

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    Este artículo también está disponible en español.

    Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who seem to be increasing their holdings. 

    Notably, on-chain data from multiple analytics platform points to an uptick in activity from Ethereum whales in the past few days. Particularly, Glassnode data suggests large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week.

    Ethereum Whales Spend Big On ETH

    The interesting Ethereum whale activity noted above is revealed through on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has experienced a rise in the last 24 hours, increasing to 925 wallets. This marks a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, up from the 918 wallets recorded on September 18. 

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    Source: Glassnode

    Supporting this trend, additional data from IntoTheBlock (ITB) indicates a surge in activity from addresses holding substantial amounts of Ethereum. ITB tracks these movements through a specific metric that monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has reached over $29 billion in the past seven days. While this figure accounts for both inflows and outflows from whale wallets, the sheer scale of these transactions is notable. Historically, such high levels of activity from large holders tend to be a bullish indicator for cryptocurrencies.

    This heightened activity is further reflected in the inflows of ETH into large holder wallets. On September 23, these inflows soared to 515,520 ETH, representing an impressive 440% spike compared to the 95,820 ETH recorded during the previous 24-hour period. 

    Time To Buy ETH?

    At the time of writing, Ethereum is trading at $2,626. As noted earlier, this is on the back of a 13% increase in the past seven days, prompting Ethereum’s overperformance over Bitcoin for the first time since the beginning of the year. The leading altcoin has mirrored Bitcoin’s movements so consistently that some analysts have questioned its potential for decoupling anytime soon.

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    Ethereum’s importance in the crypto industry means there’s never a bad time to accumulate more ETH. Ethereum just broke over $2,600 for the first time in September, which is the first step in a sustained move to the upside. The next key target is to break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October.

    Ethereum price chart from Tradingview.com
    ETH price at $2,600 | Source: ETHUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • How to invest tax-free in a bitcoin ETF in Canada – MoneySense

    How to invest tax-free in a bitcoin ETF in Canada – MoneySense

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    Investment Investment account Purchase price Sale price Gain Capital gains tax After-tax gains
    Bitcoin Non-registered $23,500 $61,000 $37,500 $3,750 $33,750
    Bitcoin ETF TFSA $23,500 $61,000 $37,500 $0 $37,500

    As you can see, in this hypothetical situation, gains for the tax-free bitcoin ETF come out ahead by $3,750, which is about 11% more than the after-tax gain on bitcoin.

    Canadian crypto ETFs 

    The table below lists all the crypto spot ETFs based in Canada. You can buy bitcoin ETFs (ETFs that invest entirely in BTC), ethereum or ether ETFs (those that invest entirely in ETH) or multi-crypto ETFs (those that invest in BTC and ETH). As of now, BTC and ETH are the only cryptocurrencies available through ETFs. (Figures are current as of Aug. 30, 2024.)

    ETF Ticker symbol Management expense ratio (MER) Assets under management
    (in Canadian dollars)
    Bitcoin ETFs
    Purpose Bitcoin ETF BTCC / BTCC.B 1.5% $2.1 billion
    CI Galaxy Bitcoin ETF BTCX.B 0.77% $724.7 million
    Fidelity Advantage Bitcoin ETF FBTC 0.69% $491.6 million
    3iQ Coinshares Bitcoin ETF BTCQ 1.75% $283 million
    Evolve Bitcoin ETF EBIT 0.75% $165.5 million
    Ethereum (ether) ETFs
    Purpose Ether ETF ETHH / ETHH.B 1.47%–1.49% $318.7 million
    CI Galaxy Ethereum ETF ETHX.B 0.77% $385 million
    Evolve Ether ETF ETHR 0.75% $55.2 million
    3iQ Ether Staking ETF ETHQ 1.97% $65.8 million
    Fidelity Advantage Ether ETF FETH 0.95% $18.7 million
    Multiple cryptocurrency ETFs
    Evolve Cryptocurrencies ETF ETC 0.85% $35.4 million
    CI Galaxy Multi-Crypto ETF CMCX.B 1.03% $3.7 million

    U.S. crypto ETFs: Should you invest?

    U.S.-based bitcoin ETFs have created quite a buzz in 2024. The Securities and Exchange Commission (SEC) approved the first one in January, almost three years after Purpose Investments launched Canada’s first spot bitcoin ETF. 

    Numerous American ETF providers now offer bitcoin ETFs, including big investment brands like BlackRock’s iShares, Fidelity and Invesco. Canadian investors can buy these ETFs, too, through their discount brokerage account—just like they would any U.S. stock or ETF. And, yes, these ETFs can be held in registered accounts like the TFSA or RRSP.

    Which is better: Canadian or U.S. ETFs? 

    Truth be told, there’s not much difference between the two. For instance, bitcoin ETFs in both countries hold the same underlying asset: bitcoin. Investors could make a decision based on their preferred parameters. 

    For example, you may pick the bitcoin ETF with the lowest management expense ratio (MER) or the highest assets under management (AUM), or you could look for the oldest fund—regardless of where it’s based. 

    If you go with a Canadian ETF, you could have more choices to make: Do you want a Canadian ETF that hedges its currency risk or one that doesn’t? Do you want to hold the ETF in U.S. dollars? The table below lays out the options for one example, the Purpose Bitcoin ETF. (Figures are current as of Sept. 13, 2024.)

    ETF (ticker symbol) Currency Currency hedge One-year return
    BTCC Canadian dollar Yes 117.94%
    BTCC.B Canadian dollar No 121.15%
    BTCC.U U.S. dollar No 120.88%

    In the right-hand column, you’ll notice there’s a difference in the ETFs’ one-year historical return, even though they all hold bitcoin as their underlying asset. This difference is because of the appreciation or depreciation of the currency in which the ETF holds its bitcoin. In this case, the non-hedged ETF delivered higher returns because it benefited from the appreciation of the U.S. dollar against the Canadian dollar. But there’s no way to have known this one year ago. Like all financial markets, the currency market is largely unpredictable.

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    Aditya Nain

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  • 61% Of Ethereum Holders Are Profitable But ETH Bulls Must Hold $2,290

    61% Of Ethereum Holders Are Profitable But ETH Bulls Must Hold $2,290

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    Ethereum is wavy when writing as bulls struggle to build momentum and push the coin above the immediate resistance levels at around $2,400 and $2,800. Even so, most ETH holders are upbeat, expecting prices to turn around the corner and soar, even breaking above July highs of around $3,500.

    61% Of ETH Holders In The Money

    Amid this development and the general lull, IntoTheBlock data shows that 61% of all ETH holders are in the money. That over 50% of all ETH holders are in green despite the coin shedding nearly 35% from July highs and nearly 45% from 2024 highs points to resilience, especially in the face of determined bears.

    Technically, the resilience among ETH holders indicates a wave of optimism sweeping through its ecosystem. According to IntoTheBlock, this development means that at current levels, more ETH holders are making money, way higher than in bear market cycles. Then, profitability tends to fall drastically.

    For context, IntoTheBlock analysts note that during the 2019/2020 period, when prices fell, the percentage of profitable holders at one point dropped to as low as 10%.

    Ethereum price trending downward on the daily chart | Source: ETHUSDT on Binance, TradingView

    Additionally, in the last bear run, the percentage of ETH holders making money fell to 46%. However, this was way higher than the 3% when ETH prices dumped to as low as 3% in the depth of the 2018 bear run.

    Ethereum Holders Confident, Support Lies At $2,290 And $2,360

    ETH’s profitability percentage has evolved over the years, pointing to a maturing market where holders are still confident about what lies ahead.

    According to Dune data, there are 128,804,395 ETH in the circulating supply. Out of this, the top 1,000 addresses control over 49.1 million or 38.15%. If IntoTheBlock data is anything to go by, most of these whales are in the green, making money. Accordingly, they won’t be incentivized to sell, increasing pressure on ETH.

    Looking closer at on-chain data, one analyst notes that ETH has a critical support at between $2,290 and $2,360. In this zone, nearly 1.9 million addresses were bought and currently hold approximately 52.3 million ETH.

    ETH support at around $2,300 | Source: @ali_charts via X

    Millions of ETH were bought at this level, meaning it is a critical loading zone. If broken, the analyst predicts sharp losses that will drop the coin below August lows to $1,800 in a bear trend continuation formation.

    Feature image from DALLE, chart from TradingView

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    Dalmas Ngetich

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  • Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

    Cardano Goes Toe-To-Toe With Ethereum As Whales Scoop Up 120 Million ADA

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    Cardano (ADA) is currently competing with Ethereum in terms of large transaction volume. This is undoubtedly a positive development for the ADA ecosystem, especially since it indicates a wave of accumulation among the token’s large holders. 

    Cardano Matches Ethereum In Large Transaction Volume

    Data from the market intelligence platform IntoTheBlock shows that Cardano is witnessing a similar large transaction volume as Ethereum. In the last 24 hours, Cardano recorded a large transaction volume of $6.7 billion, while Ethereum witnessed a large transaction volume of $6.71 billion. 

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    This development suggests that Cardano whales have been active these past few days as they look to add more tokens to their positions, especially with the market currently on a dip and as these investors anticipate the much-awaited price rally from ADA. Further data from IntoTheBlock confirms this, as there has been an over 15% increase in large holders’ net flow over the last seven days. 

    Source: IntoTheBlock

    Data from the on-chain analytics platform Santiment also shows that Cardano whales have added to their positions. These investors, wallets holding between 100,000 and 10 million ADA tokens, collectively bought 120 million ADA tokens between July 17 and August 1. These wallets now hold over 5.69 billion ADA tokens. 

    An increase in whale activity presents a bullish outlook for the Cardano ecosystem. These investors could influence market prices, and these purchases could spark a significant surge in ADA’s price. This will provide a much-needed boost for Cardano, seeing how the crypto token has underperformed since the start of the year. 

    Cardano has a year-to-date (YTD) loss of over 35% and is one of the most shorted altcoins, thanks to this unimpressive price action. However, Santiment has suggested that a massive turnaround for the crypto token cannot be ruled out since Cardano being heavily shorted increases the “chances of liquidations leading to pumps.” The on-chain analytics platform claimed these liquidations could act as “rocket fuel” for a price rally for Cardano.

    Cardano 2
    Source: Santiment

    What Will Eventually Spark That ADA Rally?

    Cardano has failed to enjoy any significant rally despite several bullish developments in its ecosystem this year. The most recent bullish fundamental was the news that the US Securities and Exchange Commission (SEC) no longer considers ADA a security following the amendment of its complaint against Binance. 

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    Meanwhile, the Chang Hard Fork is underway as Cardano transitions to the Voltaire era and ushers in its most advanced governance system. It is worth mentioning that ADA’s price maintained a tepid price movement following the release of node validator software, version 9.1.0, which incorporates the Chang Hard Fork.

    As such, Cardano’s price action begs the question of what needs to happen for the crypto token to finally witness that much-anticipated price rally and catch up with the rest of the major cap tokens in terms of YTD gains. 

    At the time of writing, Cardano is trading at around $0.38, down in the last 24 hours, according to data from CoinMarketCap. 

    Cardano ADA price chart from A
    ADA price continues to struggle | Source: ADAUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum ETFs Launch About To Kickstart The Altseason?

    Ethereum ETFs Launch About To Kickstart The Altseason?

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    The long-awaited Ethereum Exchange-Traded Funds (ETFs) are finally live, registering over $100 million in volume in the first 15 minutes. Investors expect to see the launch’s impact on the crypto market, while some market watchers believe ETH ETF’s performance will kickstart the Altcoin season.

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    Ethereum Spot ETFs Are Officially Live

    On Monday, the US Securities and Exchange Commission (SEC) gave the final nod to Ethereum spot ETFs, setting the launch date for Tuesday, July 23. After the approval, investors raised the alarm following some online reports.

    Per Whale Alert, Grayscale has transferred $1 billion in ETH to Coinbase Institutional. This led many investors to fear that the digital asset manager’s transaction would add selling pressure to the asset and affect its price performance ahead of the launch.

    However, ETF expert Eric Balchunas offered some relief to investors after pointing out that Grayscale didn’t move the tokens to dump them. The firm transferred the 292,262 Ethereum “from $ETHE to its mini-me = $ETH.” Balchunas considers it “a new variable in this race that we didn’t have in the btc race.”

    The initial numbers have been released now that the highly anticipated products are live. Balchunas shared on X that the Ethereum ETFs saw $112 million in the first 15 minutes of trading. This number increased to $361 million total after 90 minutes.

    ETH ETFs’ initial volume after 90 minutes. Source: Eric Balchunas on X

    The Bloomberg expert praised the volume, calling it a “solid showing” regardless of being 20-25% of Bitcoin (BTC) ETFs numbers. Despite the healthy performance, ETH remains hovering between the $3,440 and $3,540 price range.

    Are ETH And Altcoins About To Take Off?

    Ahead of the launch, some market watchers anticipated that the ETFs’ performance could kickstart an upswing for Altcoins. According to several analysts, the Altcoins chart shows similarities to the 2016-2017 performance, suggesting that the Altseason is “brewing.”

    To Crypto Jelle, “Altcoins are still following the traditional bull market preparation playbook.” Per the macro chart, altcoins broke from the accumulation zone and chopped around key support levels during previous cycles.

    Ethereum
    ETH’s chart shows similarities to previous bull runs. Source: Crypto Jelle on X

    The “pre-bull market consolidation” was followed by a take-off that propelled cryptocurrency prices to new highs. Jelle pointed out altcoins are currently in the consolidation zone, similar to past cycles. He also suggested a new take-off “shouldn’t take long” after Ethereum ETFs’ launch.

    Crypto trader MikyBull also highlighted the similarities between the previous cycles, which suggest that a “huge Altseason is brewing.” To the trader, the recent “fake out” made investors believe that this cycle’s Altseason “has been written off,” but he expects altcoins to “pull a 2017 kind of explosive” rally that follows the same PA path.

    The trader considers Ethereum’s price might be positively affected by ETH spot ETFs. This performance will be the primary driver for the “huge rally in the coming months.” Additionally, he set a band price target of $10,000 for ETH.

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    Other market watchers suggested that investors must remain serene if a price drop occurs. Pseudonym analyst and trader Moustache called for patience as “it’s only a matter of time.” “Ethereum chart looks like it did in the last cycle, just before the Altcoin bull market started,” he added.

    As of this writing, the second-largest cryptocurrency by market capitalization is trading at $3,419, a 1.1% decline in the last 24 hours.

    Ethereum, ETH, ETHUSDT, ETH ETFs
    Ethereum’s performance in the three-day chart. Source: ETHUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Ethereum Seen Hitting $5,000 as Bitcoin Sell-off Shakes Market

    Ethereum Seen Hitting $5,000 as Bitcoin Sell-off Shakes Market

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    Ethereum has shown some degree of resilience in the face of heavy volatility in the broader crypto landscape, keeping ground above the $3,000 barrier in a week when Bitcoin stumbled under the weight of German economic policies.

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    Ether hodlers are keenly observing as the terrain of digital currencies undergoes notable changes; many of them are focusing on a possible $5,000 milestone.

    A Test Of The Market

    There were tremors felt in the cryptocurrency market when the German government decided to sell about 5,000 BTC, or 90% of its Bitcoin holdings. As Bitcoin struggled to maintain values over $57,000, Ethereum showed remarkable resilience, remaining consistently above $3,000.

    Both experts in the field and investors have noticed this difference in performance, and now people are anticipating how resistant Ethereum is to market forces in the coming days or weeks.

    If Ethereum stays secure during this uncertain time, it could mean that it is no longer affected by changes in the Bitcoin market. This would have huge effects on the entire cryptocurrency business.

    Ethereum is now trading at $3,185. Chart: TradingView

    ETF Anticipation Drives Positive Mood

    In the wake of the German Bitcoin selloffs, the broader crypto community is humming with expectation over the possible approval of an Ethereum ETF. If this event comes to fruition, Ethereum might reach a major turning point in terms of heavy institutional investments.

    The possibility of an ETH ETF has given the market some hope as many people are guessing on significant price increase. Still, the effect of such an approval is unknown, hence investors should approach these changes warily.

    Price Forecast and Technical Analysis

    Although many analysts see Ethereum’s price soaring, the technical indicators show a more complex picture of ETH’s existing situation even if optimistic forecasts abound.

    A well-known cryptocurrency expert, CryptoPatel sees Ethereum as having a bright future, predicting that its price will continue to grow and may soon reach $5,000. His findings revealed significant levels of support and resistance, both of which would have an impact on the movement of ETH in the future.

    According to his observations, the green box represents a significant support zone that extends between $2,800 and $3,000. Maintaining this support level is essential to the optimistic projection for the price of the top altcoin. It is possible that Ethereum could be on track to hit $5,000 if it continues to move solidly within this green band.

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    Meanwhile, according to figures provided by crypto prediction platform CoinCodex, Ether will have risen by 3.68% by August 13, 2024.

    The fear/greed index, on the other hand, shows some negative vibes. Last month, Ethereum had 50% green days. Because of these signs, experts say that you shouldn’t buy anything right now.

    These conflicting signals make it hard to predict how the altcoin will behave in the next coming weeks or months. The market is cautious, but there are hints that things will improve in the future.

    Featured image from Flow, chart from TradingView

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    Christian Encila

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  • Is Ethereum About To Retest $4,000? Analyst Foresees 3x Rally

    Is Ethereum About To Retest $4,000? Analyst Foresees 3x Rally

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    Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

    From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

    In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

    At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

    After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

    Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

    In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

    She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

    In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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    Rubmar Garcia

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  • Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First

    Analyst says Ethereum Will Reach $8,000 ATH, But This Needs To Happen First

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    A crypto analyst has predicted that Ethereum (ETH), the world’s second-largest cryptocurrency will surge to new all-time highs around the $8,000 price mark. However, for Ethereum to reach this ambitious price target, the analyst emphasized that the cryptocurrency must fulfill certain key conditions. 

    Ethereum Road Map To $8,000 ATH

    A crypto analyst identified as ‘Bluntz’ on X (formerly Twitter) has expressed bullish optimism for Ethereum’s future outlook. The analyst forecasted that ETH could witness a mega rally to an $8,000 all-time high this market cycle.

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    Bluntz shared a video on June 8 via his official X account, highlighting key conditions Ethereum will have to overcome before it can reach a new all-time high around $8,000. The crypto analyst noted that ETH/USD is presently near recent lows, as a result, Ethereum could be getting closer to its lowest point in this current bearish trend. 

    The analyst disclosed that it was highly unlikely that Ethereum would immediately start surging upwards from its current low point. He emphasized that the cryptocurrency will need to undergo additional downward movement before witnessing a surge to the $8,000 price target. 

    For Ethereum to begin its road map to the $8,000 all-time high, Bluntz believes that the cryptocurrency must “sweep $2,800, take out the low and reclaim it.” After this, the analyst revealed that a three-wave corrective pattern, termed an “ABC,” will be completed, potentially signaling the end of Ethereum’s downward trend and the beginning of a substantial upward movement. 

    Bluntz also noted in his video that Ethereum’s ABC wave correction will send the price of the cryptocurrency to $6,000 before pulling back and rallying again to a cyclic top of around $8,000. He expects Ethereum to trade sideways for a while, testing new lows before entering a recovery stage. 

    Analyst Asserts Ethereum’s Biggest Gains Are Yet To Come

    In his post, Bluntz confidently asserted that Ethereum has yet to experience its “big run” in this market cycle. Although the cryptocurrency surged to new highs above $4,000 earlier this year, Bluntz and a few other crypto analysts have predicted more bullish upsides for the cryptocurrency.

    One of the primary reasons behind the market’s optimism concerning Ethereum’s price outlook is the upcoming launch of Spot Ethereum Exchange Traded Funds (ETFs). Bluntz disclosed in his video that the introduction of Ethereum Spot ETFs will likely trigger a substantial price increase for Ethereum. 

    Related Reading

    The analyst revealed that various crypto community members have engaged in a hot debate about the potential launch of the Ethereum ETF, expecting it to have a positive impact on Ethereum’s value. However, contrary to belief, Bluntz anticipates a major ETH sell-off, emphasizing that the price of the cryptocurrency will likely drop following the launch of its ETF. 

    This initial sell-off phase could indicate the shakeout of weaker hands in the crypto market. Following this, Bluntz expects Ethereum to be “bid up heavily,” potentially driving the price upwards. 

    ETH price drops from local peak | Source: ETHUSDT on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • These Are The Altcoins In Buy Zone, Analytics Firm Reveals

    These Are The Altcoins In Buy Zone, Analytics Firm Reveals

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    The on-chain analytics firm Santiment has revealed the altcoins that are currently in the historical buy zone according to a fair value model.

    A Large Amount Of Altcoins Are Currently Near The Opportunity Zone

    In a new post on X, Santiment talked about what the various assets in the cryptocurrency sector are looking like right now based on their Market Value to Realized Value (MVRV) ratios. The MVRV ratio is an indicator that keeps track of the profit/loss status of the addresses on any given network.

    When the value of this indicator is greater than 1, it means the investors are carrying a net amount of profits right now. On the other hand, the metric under this threshold implies the dominance of losses in the market.

    Naturally, the MVRV ratio being exactly equal to 1 suggests the unrealized loss on the network is exactly equal to the unrealized profit, so the average holder could be considered just breaking even.

    Historically, corrections have become more probable when investor profits have ballooned up. Holders become more tempted to sell the larger their gains grow. Similarly, holders getting underwater has facilitated bottom formations, as sellers become exhausted during such conditions.

    Based on these facts, Santiment has developed an Opportunity and Danger Zone Model that uses the MVRV ratio’s divergence on different timeframes to estimate better whether an asset is currently providing a buying or selling window.

    Now, here is the chart shared by the analytics firm that shows where the different altcoins stand according to this model:

    Note that in this model, the zero mark takes the role of the neutral 1 level from the MVRV ratio. Also, the polarity is flipped here, with values under zero implying profit dominance and those above signifying loss.

    The graph shows that most of the altcoins are in the positive region right now, suggesting that their investors are underwater. Among these, Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH) particularly stand out as their MVRV divergence exceeds the 1 mark.

    Under this model, the region above 1 is called the “Opportunity Zone,” as assets have historically offered the most profitable opportunities while inside it.

    While most altcoins are at least slightly undervalued currently, a few, like Ethereum Name Service (ENS), MANTRA (OM), and Reserve Rights (RSR), are in or near the Danger Zone instead. The Danger Zone, which occurs under -1, is the counterpart to the Opportunity Zone, where coins become overvalued.

    Ethereum Price

    Ethereum, the largest among the altcoins, has faced a plunge of more than 4% in the last 24 hours, which has taken its price under the $3,300 level.

    Ethereum Altcoins Price Chart

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    Keshav Verma

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  • This Historical Ethereum Top Signal Is Yet To Appear This Cycle

    This Historical Ethereum Top Signal Is Yet To Appear This Cycle

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    On-chain data suggests this signal that has historically occurred around Ethereum peaks has yet to appear in the current cycle.

    Ethereum Foundation Wallets Haven’t Made Large Outflows This Cycle So Far

    In a new post on X, the market intelligence platform IntoTheBlock has discussed a pattern that Ethereum has witnessed alongside its previous market peaks.

    The pattern in question is related to the netflows for the wallets associated with the Ethereum Foundation. The ETH Foundation is a non-profit entity supporting the cryptocurrency and its ecosystem.

    Below is the chart shared by the analytics firm that shows the trend in the net amount of ETH (in USD) moving in or out of the wallets connected to this organization.

    As is visible in the above graph, the netflows for the Ethereum Foundation have generally taken negative values during the past bull markets. Negative netflows naturally correlate to a net amount of ETH movement away from the wallets connected to the company.

    Interestingly, the indicator has seen especially large red spikes around the tops of the cryptocurrency. As IntoTheBlock explains,

    Historically, during each bull market, the Foundation has strategically sold substantial amounts, often aligning these sales almost perfectly with market peaks.

    The chart shows that the indicator’s value has been more or less neutral during the past few months, even though the asset’s price has increased significantly.

    This suggests that the Ethereum Foundation hasn’t been making any major sales during this bull market. Given the historical pattern, this may be a sign that a top isn’t yet here for the cryptocurrency, or at least the organization doesn’t judge it to be so.

    Another explanation, however, could be that the non-profit entity has changed its strategy for this new cycle, meaning that the past trend would no longer hold the same weight.

    In some other news, the official email of the Ethereum Foundation was recently compromised, as Tim Beiko, one of the ETH developers, had revealed in an X post.

    The developer had noted that the organization was trying to reach out to SendPulse, an email automation service used by the firm, to resolve the problem.

    In a follow-up post, Beiko confirmed that the team sent out an update to subscribers of the Ethereum Foundation blog, warning them that the previous email, announcing a “staking platform” by the organization, resulted from the compromise.

    “We should have locked down all external access, but we are still confirming,” said the developer in the post.

    ETH Price

    Ethereum plunged under the $3,300 level yesterday, but the asset has since recovered above $3,400.

    Ethereum Price Chart

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    Keshav Verma

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  • Ethereum At A Crossroads: Big Move Coming After Consolidation Phase?

    Ethereum At A Crossroads: Big Move Coming After Consolidation Phase?

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    Ethereum, the second-largest cryptocurrency by market capitalization, is currently at a critical juncture as its price enters a consolidation phase. This period of price stability, marked by a narrow trading range, has left traders and investors in a state of uncertainty. 

    With Ethereum’s price hovering around key support and resistance levels, market participants are closely monitoring technical indicators and market signals to anticipate the next move. The current consolidation reflects a balance between bullish optimism and bearish caution, creating an environment of indecision that could lead to significant volatility once a breakout direction is established. 

    This analysis delves into examining Ethereum’s current price state to determine its potential future price action.

    Market Overview: Ethereum Current Trends And Analysis

    Currently, on the 4-hour chart, the price of Ethereum is moving upward toward the upper level of the consolidation zone, but it is still trading below the 100-day Simple Moving Average (SMA).

    Source: ETHUSDT on Tradingview.com

    A careful examination of the 4-hour Composite Trend Oscillator reveals that ETH’s price may still move upward as both the signal line and the SMA of the indicator are trending above the zero line. From this formation, it can be suggested that Ethereum may likely move to test the upper base of the consolidation before dropping again.

    On the 1-day chart, ETH is actively bullish moving toward the upper base of the consolidation zone while still trading above the 100-day SMA. With the way ETH’s price is moving, it may move on to test the upper base of the consolidation.

    Ethereum
    Source: ETHUSDT on Tradingview.com

    The 1-day Composite Trend Oscillator indicator reveals that although ETH is currently bullish, it may go bearish in the long run as both the signal line and the SMA are attempting to cross below the zero line.

    Potential Scenarios: What’s Next For ETH?

    A look at potential future scenarios for Ethereum’s movement post-consolidation suggests that if the price of ETH breaks above the upper base of the consolidation, it will begin to move upward toward the $4,099 resistance level. If the price breaches this level, it may move on to test its all-time high of $4,863.

    In contrast, should the crypto asset break below the lower base of the consolidation, it will begin to move downward toward the $2,865 support level. If this level is breached, it will continue to move downward to test the $2,147 and probably other lower levels.

    As of the time of writing, ETH was trading at around $3,607 and was down by 1.82% with a market capitalization of over $440 billion and a 24-hour trading volume of over $13 billion. Although its market capitalization is down by 1.77%, its trading volume has increased by 28.93% in the past day.

    Ethereum
    ETH trading at $3,589 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from Adobe Stock, chart from Tradingview.com

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    Godspower Owie

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  • Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

    Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

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    The crypto market is showing signs of a bullish resurgence, with reports of an impressive $2 billion in inflows for May alone. 

    Alongside this positive trend, Ethereum (ETH) has seen a notable turnaround in investor sentiment as the long-awaited spot exchange-traded funds (ETFs) for the market’s second-largest cryptocurrency received approval from the US regulators last week. 

    Record-Breaking Month For Crypto Products

    According to a recent report from research firm CoinShares, digital asset investment products consistently attracted inflows during the four weeks, amassing a total of $185 million. 

    May proved to be particularly fruitful, with inflows surpassing $2 billion. This achievement marks the first time on record that year-to-date inflows have exceeded the $15 billion mark, highlighting investors’ growing interest in the crypto market.

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    Most inflows originated from the United States, with a net inflow of $130 million. However, it is worth noting that ETF issuers experienced outflows amounting to $260 million. 

    Switzerland also witnessed a significant uptick in investor interest, recording its second-largest weekly inflow this year at $36 million. Meanwhile, Canada witnessed a positive turnaround, with inflows of $25 million, despite experiencing a net outflow of $39 million in May.

    Ethereum Rebounds With $200M Inflows

    Per the report, Bitcoin (BTC) continued to dominate the crypto market, attracting inflows totaling $148 million. Conversely, short-Bitcoin products witnessed another week of outflows, amounting to $3.5 million, suggesting that sentiment among ETF investors remains largely positive for the leading cryptocurrency.

    Ethereum, on the other hand, experienced a notable change in investor sentiment following the Securities and Exchange Commission’s (SEC) approval of a spot-based ETF that is expected to launch in July 2024. 

    CoinShares notes that this approval marked a turning point for Ethereum, which had endured ten weeks of outflows totaling $200 million. Interestingly, the positive news for Ethereum had a ripple effect on Solana (SOL), which received an additional $5.8 million in inflows last week.

    Related Reading

    While direct investments in crypto assets have been thriving, blockchain equities faced a different scenario. In the past week alone, blockchain equities witnessed outflows of $7.2 million. 

    The report notes that since the beginning of the year, the sector has suffered outflows totaling $516 million, reflecting a challenging period for blockchain-related stocks.

    The 1-D chart shows ETH’s sideways price action between $3,700 and $3,900 over the past 10 days. Source: ETHUSD on TradingView.com

    At the time of writing, Ethereum has seen a 4% price drop in the last week, resulting in a trading price of $3,770. However, the second-largest cryptocurrency on the market still holds gains of 21%, as recorded in the 30 days. 

    Featured image from DALL-E, chart from TradingView.com

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    Ronaldo Marquez

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  • Analyst Says Ethereum Spot ETFs Approval Will See “Animal Spirits” Reignite Crypto – What This Means

    Analyst Says Ethereum Spot ETFs Approval Will See “Animal Spirits” Reignite Crypto – What This Means

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    A crypto analyst has made a rather cryptic prediction, suggesting that the approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could unleash a new wave of “animal spirits.” This term in crypto is often used to describe an irrational exuberance and optimism that fuels financial markets. 

    Ethereum Spot ETF To Reignite Animal Spirits

    In an X (formerly Twitter) post on May 22, a crypto analyst identified as “the DeFi Villain,” made a bold forecast, anticipating the resurgence of the bull run altcoin season following the SEC’s approval of Ethereum Spot ETF. The analyst revealed that the approval could let loose “animal spirits,” driving renewed demand and positive sentiment in the market and possibly resulting in a bull market. 

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    The analyst outlined a long list of altcoins that outperformed and experienced remarkable rallies in 2021. These rallies propelled each of their market capitalizations from mere hundreds of millions to billions in the span of a few days and months. 

    Among the cryptocurrencies highlighted by DeFi Villain, some notable altcoins recorded a massive rise in market capitalization, including Dogecoin (DOGE), THORChain (RUNE), Filecoin (FIL), Binance Coin (BNB), Axie Infinity (AXS), Shiba Inu (SHIB), and others.

    According to the crypto analyst, Dogecoin witnessed a 10x increase in one day, in January 2021. While RUNE market capitalization surged from $200 million to $5 billion in just five months. 

    One of the most remarkable increases was seen in Filecoin which almost reached the current market capitalization of Ethereum. The cryptocurrency had jumped close to a whopping $400 billion during the altcoin bull run in 2021. 

    Other cryptocurrencies like AXS surged from a market capitalization of $200 million to $10 billion, with its Fully Diluted Value (FDV) topping $43 billion at some point. Additionally, Binance Coin, which was already worth $6 billion in early 2021 and among the top 20 cryptocurrencies, had witnessed a mega 8x pump in 20 days, reaching a staggering $50 billion in February 2021. 

    Even popular meme coins like Shiba Inu (SHIB) had rallied hard, jumping from $4 billion to $40 billion in less than a month. Ethereum Cash (ETC) also saw its market capitalization rise from $600 million to $17 billion in five months.

    These massive surges during the 2021 bull run underscore the potential altcoins have on the crypto market and how insane they can surge once the altcoin season hits and the dominance for Bitcoin shifts to lesser cryptocurrencies. 

    DeFi Villain has predicted that the final leg for meme coins is likely going to be “Vertical and Brutal,” suggesting that these volatile cryptocurrencies could have another powerful rally to new highs this market cycle. 

    ETF Approval Nullifies SEC’s Previous Security Claims?

    Over the past few months, the US SEC has made claims implying that Ethereum, the second largest cryptocurrency, was considered a security. However following the authorization of Ethereum Spot ETFs, the SEC has finally recognized Ethereum as a non-security. 

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    Calling the regulator out on this contradiction, Paul Grewal, Chief Legal Officer (CLO) of Coinbase disclosed that if Ethereum which lacks “contractual agreement or undertaking,” is no longer considered a security by the SEC, then Bitcoin (BTC), which operates similarly without the above agreements, should also be a non-security.

    Grewal posed a compelling question regarding the classification of 12 other cryptocurrencies, which can be compared to Ethereum and Bitcoin in terms of their non-security treatment by the SEC. The Coinbase CLO disclosed that the implications that these 12 other cryptocurrencies are considered securities despite also lacking contractual agreement or undertaking raises the question about the SEC’s possible lack of regulatory clarity and inconsistent regulatory approach to different crypto assets. 

    ETH price moves toward $4,000 | Source: ETHUSD on Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Why Is The Ethereum Price Up 20% Today?

    Why Is The Ethereum Price Up 20% Today?

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    The Ethereum price has risen almost 20% in the last 24 hours. This is a positive development for the second-largest crypto token, which has been lagging until now. Ethereum’s price surge is believed to be due to several factors, including the potential approval of the Spot Ethereum ETFs. 

    SEC Could Soon Approve Spot Ethereum ETFs

    Ethereum has risen on the news that the Securities and Exchange Commission (SEC) could approve the Spot Ethereum ETF applications. Before now, it was almost certain that the Commission would deny these applications. However, the SEC is now open to approving these funds based on Bloomberg analyst Eric Balchunas’s revelation. 

    Related Reading

    Balchunas revealed in an X (formerly Twitter) post that he and fellow Bloomberg analyst James Seyffart were increasing their odds of Spot Ethereum ETF approval to 75% (from 25%), having heard that the SEC could likely approve these funds due to “increasingly political issue.” Seyffart also confirmed this development, stating that “things are taking a turn for the better on Spot #ethereum ETF approvals this week. Upping our odds to 75%.”

    Seyffart further noted in a subsequent X post that the 75% approval odds relate to the 19b-4 filings, with VanEck’s final deadline coming up on May 23. The SEC will still need to approve the S-1 filings before these funds can launch. S-1 approvals could take up to months, meaning that it could take a while before these Spot Ethereum ETFs go live.  

    However, that hasn’t stopped Ethereum whales from believing, and this group of investors is another reason why ETH’s price has shot up recently. Data from the market intelligence platform shows that these whales bought over 110,000 ETH ($341 million) between May 19 and 20. This has turned out to be profitable since Ethereum’s price had been priced in on the rumors of a rejection. 

    Time For Ethereum Price And Altcoins To Make Their Move

    With the recent development that the SEC will likely approve the Spot Ethereum ETFs, Ethereum and other altcoins look primed to make significant moves to the upside. Crypto analyst Michaël van de Poppe had predicted that the news around the Spot Ethereum ETFs would trigger a rally for Ethereum and altcoins. 

    Related Reading

    While explaining why he swapped his Bitcoin holdings for Altcoins, Van de Poppe suggested that Ethereum (and other altcoins) would likely see a bullish reversal once the news about a denial of the Spot Ethereum ETFs was out since the crypto token was already priced into this news. 

    He added that things could even be better if the news turns out to be better than people expect, which is currently the case with the SEC looking increasingly likely to approve these funds. 

    Meanwhile, crypto analyst Javon Marks predicted that an Ethereum breakout will kickstart the altcoin season. That already looks to be the case, seeing how other altcoins have enjoyed significant price gains in the last 24 hours thanks to the second largest crypto token by market cap.

    ETH price rallies toward $4,000 | Source: ETHUSD on Tradingview.com

    Featured image from Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Wild Fluctuations: Here’s What ETH Implied Volatility Tells Us

    Ethereum Wild Fluctuations: Here’s What ETH Implied Volatility Tells Us

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    The cryptocurrency market has recently exhibited distinct divergences in the behavior of its two leading assets, Bitcoin and Ethereum. While Bitcoin appears to be stepping into a phase of relative stability, Ethereum’s journey paints a contrasting picture of sustained uncertainty, particularly in its options market.

    This divergence is highlighted by the sustained high levels of implied volatility associated with Ethereum options, signaling a cautious outlook among investors regarding its future price movements.

    Ethereum Persisting Volatility: A Comparative Analysis

    Implied volatility (IV) serves as a crucial indicator in the options market, providing insights into the expected price fluctuations of an asset over a specific period. It reflects the market’s temperature, gauging the intensity of potential price movements traders anticipate.

    Recent analyses suggest that while Bitcoin’s implied volatility has settled down significantly post-halving, Ethereum’s has not followed suit. As Bitcoin’s IV dipped to a multi-month low, indicating a calming market, Ethereum’s IV remains stubbornly high.

    Contrary to the calming waves in the Bitcoin market, Ethereum wrestles with heightened volatility. According to data from Bitfinex Alpha Report, Bitcoin’s volatility index sharply declined from 72% at the time of its latest halving event to about 55%.

    Bitcoin (BTC) implied volatility. |  Source: Bitfinex Alpha Report

    On the other hand, Ethereum saw a more modest reduction in its volatility index, dropping from 76% to 65% in the same period. This persistent volatility in Ethereum’s market is primarily fueled by uncertainties surrounding significant upcoming regulatory decisions and broader market implications.

    Ethereum (ETH) implied volatility.
    Ethereum (ETH) implied volatility. | Source: Bitfinex Alpha Report

    The Ethereum market is particularly jittery in anticipation of the US Securities and Exchange Commission’s (SEC) impending decision on two spot Ethereum ETFs, slated for late May 2024.

    This upcoming regulatory milestone is considered a critical event that could either catalyze a major market move or exacerbate the current volatility.

    The Bitfinex Alpha report underscores that regulatory uncertainty is a primary driver behind Ethereum’s less significant drop in its Volatility Risk Premium (VRP) compared to Bitcoin’s.

    ETH And BTC Show Signs of Recovery Amid Volatility

    Ethereum and Bitcoin have shown signs of recovery over the past week in terms of trading performance. Bitcoin has seen a 4.1% increase, while Ethereum reported a more modest gain of 2.4%.

    Ethereum (ETH) price chart on TradingView
    ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

    However, the last 24 hours have been less favorable for Ethereum, with a slight dip of 0.7%, underscoring the ongoing volatility and investor caution.

    Moreover, Ethereum’s network dynamics also reflect a subdued activity with a marked decrease in ETH burn rate attributed to reduced transaction fees.

    This technical aspect further complements a cautious Ethereum market narrative, poised on the brink of potentially significant shifts depending on external regulatory actions.

    Despite all these, analysts like Ashcrypto suggest that the current volatility could set the stage for a strong rebound in the year’s third quarter. Drawing on historical patterns, Ethereum’s speculative forecast is potentially reaching the $4,000 mark, provided market conditions align favorably.

    Featured image from Unsplash, Chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Samuel Edyme

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  • Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

    Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

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    Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May.

    The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%.

    Pessimism Deepens As Ethereum ETFs Remain Uncertain

    As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store.

    According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions.

    “Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission.

    Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise.

    It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May.

    He stated:

    The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned.

    In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations.

    ETH Price Sees Positive Movement

    While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend.

    Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day.

    Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months.

    ETH trading at $3,204 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Ethereum Enters Accumulation Phase

    Ethereum Enters Accumulation Phase

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    Investors are accumulating Ethereum in droves amidst what could become a return to bullish sentiment for the cryptocurrency. Ethereum is currently ranging around $3,170, with its price undergoing volatility in the past seven days.

    Amidst this price volatility, on-chain data has revealed an accumulation trend from Ether investors during the week. Additionally, transaction data has shown an uptick in whale movement of ETH to and from exchanges, with recent market happenings indicating a transformation in the price of the crypto asset.

    Ethereum Sees Major Accumulation As Investors Stock Up

    Ethereum is now at a fundamental junction which could see its price surging in the new week and beyond. This fundamental catalyst for a price surge has come through the recent entry of Spot Ether ETFs into the Asian market.

    Regulators in Hong Kong have greenlit the launch of Spot Ethereum ETFs along with Spot Bitcoin ETFs in the country, prompting investors to make strategic ETH movements in light of an incoming price surge. 

    Particularly, on-chain data from IntoTheBlock shows a strategic accumulation pattern from ETH investors, with over $500 million worth of ETH leaving centralized exchanges in the past week. Interestingly, this surge in movement is the highest single-week outflow from exchanges recorded on the Ethereum network since February. 

    When investors withdraw crypto from exchanges, it usually means they’re looking to hold it for the long term. This behavior shows that these investors have confidence that the price of ETH will increase in value in the near future. 

    Similarly, data from whale transaction tracker Whale Alerts shows an uptick in ETH whale transactions during the week, with whale outflows from exchanges outpacing inflows.

    Total crypto market cap currently at $2.322 trillion. Chart: TradingView

    What’s Next For Ether?

    Despite the outflows from exchanges, a concurrent selloff in exchanges drove the price down below $3,000 during the week to bottom out at $2,878. However, the currency has since reversed to the upside and is showing signs of a bullish momentum. At the time of writing, Ethereum is trading at $3,180 and is up by 4% in the past 24 hours. 

    Fundamentals surrounding Ethereum point to steady price growth during the weeks as the bulls look to clear the $3,200 price hurdle. One example of such catalysts is a new draft bill aimed at legitimizing stablecoins in the United States. As the blockchain network with the biggest stablecoin market, Ethereum is set to benefit from a clear-cut positive regulation regarding stablecoins. 

    While the US SEC continues to hesitate about the approval of Spot Ethereum ETFs in the country, this investment class is set to be launched at the end of April in Hong Kong. Ethereum ETFs hitting the Asian market signals growing institutional interest in the altcoin in all corners of the globe. This, in turn, could lead to the price of Ethereum surging past its current yearly high of $4,066.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

    Ancient Ethereum Whale With Over 12,000 ETH Creates Noise

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    The Ethereum market is buzzing after a long-dormant “whale” – a major investor holding a vast amount of cryptocurrency – resurfaced and transferred a significant amount of ETH to the Kraken exchange. This move has sparked speculation about a potential price drop, but wider market trends suggest a more complex picture.

    On-chain analytics firm Spot On Chain has disclosed that the investor, who participated in Ethereum’s Initial Coin Offering (ICO) in 2014, recently deposited 1,069 ETH, valued at roughly $3.56 million, to Kraken.

    Traditionally, deposits to exchanges are seen as a sign of intent to sell, potentially putting downward pressure on the price of ETH.

    This whale’s activity is particularly noteworthy because of their participation in the Ethereum ICO. Back in 2014, they acquired 12,566 ETH at a meager $0.30 per token. The recent transfer represents just a fraction of their holdings, but the sale price – over $3,300 per ETH – signifies a massive profit for the early investor.

    Ethereum Market Shows Signs Of Accumulation

    While the whale’s move might suggest a potential sell-off, on-chain data reveals a broader trend that could offset its impact. According to IntoTheBlock, a blockchain analytics company, the past quarter witnessed a significant outflow of ETH from cryptocurrency exchanges, totaling a staggering $4 billion.

    This movement suggests that many investors are accumulating ETH, potentially anticipating future price increases.

    Ether market cap currently at $409 billion. Chart: TradingView.com

    Dencun Upgrade Fuels Ethereum Network Activity

    The news comes on the heels of Ethereum’s successful Dencun upgrade, implemented in March 2024. The upgrade aimed to address the network’s scalability issues, specifically targeting high transaction fees and slow processing times.

    Early signs appear positive, with IntoTheBlock reporting a surge in activity on the main optimistic rollups (Layer 2 scaling solutions) following the upgrade.

    Weekly transaction volume reached highs of 32 million, indicating increased network usage. While gas prices have risen recently, they were initially significantly lower on many Layer 2 solutions after the upgrade.

    Market Uncertainty Remains

    The combined effect of the whale’s sale, the wider accumulation trend, and the Dencun upgrade’s impact on network activity make it difficult to predict the short-term direction of the Ethereum market.

    While the whale’s sale could trigger a price dip, the broader accumulation trend suggests underlying bullish sentiment. The Dencun upgrade’s success in reducing transaction fees and increasing network usage could further bolster investor confidence.

    Featured image from Pexels, chart from TradingView

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    Christian Encila

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