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Tag: ETHUSD

  • Ethereum Faces $3,500 Hurdle: What’s Next for the Altcoin Giant?

    Ethereum Faces $3,500 Hurdle: What’s Next for the Altcoin Giant?

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    Ethereum price remained stable above the $3,400 resistance zone. ETH again tested $3,500 and seems to be struggling to continue higher.

    • Ethereum is holding gains and struggling near the $3,500 zone.
    • The price is trading above $3,400 and the 100-hourly Simple Moving Average.
    • There is a key bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if it clears the $3,500 and $3,550 resistance levels.

    Ethereum Price Faces Key Hurdle, Can It Continue Higher?

    Ethereum price remained in a bullish zone above the $3,350 resistance zone. ETH even climbed above the $3,400 resistance to move further into a positive zone. However, the price seems to be facing strong resistance near the $3,500 zone, unlike Bitcoin which surpassed $65,000.

    A high was formed at $3,515 and the price is now consolidating gains. The price corrected a few points and tested the 23.6% Fib retracement level of the upward wave from the $3,350 swing low to the $3,515 high.

    Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $3,500 level.

    The first major resistance is near the $3,520 level. The next major hurdle is near the $3,550 level. A close above the $3,550 level might send Ether toward the $3,650 resistance.

    Source: ETHUSD on TradingView.com

    The next key resistance is near $3,740. An upside break above the $3,740 resistance might send the price higher toward the $3,800 resistance zone in the coming days.

    Are Dips Supported In ETH?

    If Ethereum fails to clear the $3,500 resistance, it could start a downside correction. Initial support on the downside is near $3,420 and the 61.8%  Fib retracement level of the upward wave from the $3,350 swing low to the $3,515 high.

    The first major support sits near the $3,350 zone and the trend line. A clear move below the $3,350 support might push the price toward $3,320. Any more losses might send the price toward the $3,250 support level in the near term. The next key support sits at $3,220.

    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 – $3,350

    Major Resistance Level – $3,500

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    Aayush Jindal

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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. 

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    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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  • Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?

    Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?

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    Ethereum price started a downside correction from the $3,885 resistance zone. ETH is now back below $3,800 and might continue to slide toward $3,720.

    • Ethereum started a pullback after it failed to clear the $3,880 resistance.
    • The price is trading below $3,840 and the 100-hourly Simple Moving Average.
    • There was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh upward move unless there is a close below the $3,720 support.

    Ethereum Price Dips Again

    Ethereum price extended its increase above the $3,840 resistance zone. However, ETH struggled to clear the $3,885 level and started a downside correction like Bitcoin.

    There was a decline below the $3,840 support level. Besides, there was a break below a key bullish trend line with support near $3,830 on the hourly chart of ETH/USD. The pair declined below the 50% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high.

    Ethereum is now trading below $3,840 and the 100-hourly Simple Moving Average. However, the bulls are active near the 61.8% Fib retracement level of the upward wave from the $3,730 swing low to the $3,885 high.

    If there is another increase, ETH might face resistance near the $3,810 level. The first major resistance is near the $3,840 level. An upside break above the $3,840 resistance might send the price higher. The next key resistance sits at $3,920, above which the price might gain traction and rise toward the $4,000 level.

    Source: ETHUSD on TradingView.com

    If the bulls push Ether above the $4,000 level, the price might rise and test the $4,080 resistance. Any more gains could send Ether toward the $4,200 resistance zone.

    More Losses In ETH?

    If Ethereum fails to clear the $3,840 resistance, it could continue to move down. Initial support on the downside is near $3,765. The next major support is near the $3,750 zone.

    The main support sits at $3,720. A clear move below the $3,720 support might push the price toward $3,650. Any more losses might send the price toward the $3,550 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 – $3,765

    Major Resistance Level – $3,840

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    Aayush Jindal

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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.

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    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. 

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    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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  • Why Altcoins Are The Best Investment For Now – Analyst

    Why Altcoins Are The Best Investment For Now – Analyst

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    Popular crypto analyst Michaël van de Poppe continues to back altcoins to put up a spectacular bullish performance in the coming months. In a new X post on Saturday, the veteran analyst takes a deeper dive explaining the reasons behind his advocacy for altcoins investment ahead of a highly expected crypto bull run.

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    Investing In Altcoins Is The Best, Analyst Says Why

    In his most recent bullish prediction on altcoins, van de Poppe begins by stating these tokens may not present as the most ideal investment especially considering that their combined value is down by 70% against Bitcoin in the last three months. 

    The analyst has attributed this poor performance to several factors including a delay in network updates and an extended bear market. In addition, van de Poppe also notes Ethereum’s current struggles to be a significant contributor to this market downturn. 

    He explains that typically the crypto bullish hype moves from Bitcoin to Ethereum, followed by tokens with big market cap, then middle-cap tokens and small-cap tokens. 

    However, this cycle appears to be experiencing some delay due to a bearish cloud over Ethereum, driven by uncertainty over the approval of a proposed spot exchange-traded fund (ETF) as well as its asset class. 

    Nevertheless, van de Poppe believes this delay to be quite temporary as he postulates that market traders are currently pricing in any potential negative effect from the denial of an Ethereum Spot ETF or the classification of the prominent altcoin as a security. 

    Once Ethereum embarks on a bullish course, van de Poppe predicts other altcoins to follow suit. The analyst projects that certain tokens could record a 1000% gain as seen between October 2023-February 2024, amid the hype around Bitcoin spot ETFs.

    However, the analyst nudges investors to buy into the altcoin market now during the period of “lowest confidence”. He believes such an act is similar to investing in Bitcoin at $3,700 at the start of 2020, thus ensuring investors generate maximum profits in the coming bull run.

    Related Reading

    Ethereum ETF Approval In The Balance

    As weeks continue to progress, the approval of an Ethereum spot ETF by the US Securities and Exchange Commission (SEC) appears highly uncertain. 

    This sentiment is driven by the Commission’s ongoing deliberation on whether to classify Ethereum as a security as well as a lack of dialogue between the agency and prospective issuers.  The next deadline dates are for May 23/May 24, during which the SEC will respond to 2 ETF applications with many analysts expecting further delays from the Commission.

    At the time of writing, Ethereum trades at around $3,123.39 reflecting a 0.53% increase in the last day.

    ETH trading at $3,121.19 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from Business Insider, chart from Tradingview

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    Semilore Faleti

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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 Price Could Regain Strength If It Clears This Key Hurdle

    Ethereum Price Could Regain Strength If It Clears This Key Hurdle

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    Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term.

    • Ethereum is holding gains above the $3,250 support zone.
    • The price is trading above $3,400 and the 100-hourly Simple Moving Average.
    • There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if it settles above the $3,500 resistance zone.

    Ethereum Price Eyes Fresh Increase

    Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a fresh increase above the $3,350 resistance level, like Bitcoin.

    ETH climbed above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD.

    Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,500 level. It is near the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low.

    Source: ETHUSD on TradingView.com

    The first major resistance is near the $3,550 level. The next key resistance sits at $3,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000.

    Another Decline In ETH?

    If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level.

    The first major support is near the $3,250 zone. The next key support could be the $3,060 zone. A clear move below the $3,060 support might send the price toward $3,000. Any more losses might send the price toward the $2,880 level.

    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 level.

    Major Support Level – $3,400

    Major Resistance Level – $3,580

    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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    Aayush Jindal

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  • Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target

    Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target

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    Ethereum is currently looking to gain a strong footing above the $4,000 price level as bullish momentum continues to dominate. According to crypto analyst Ali Martinez, this bullish momentum could continue and Ethereum could as well reach $5,000 very soon.

    Ali Martinez made this known while citing data from IntoTheBlock, noting that the second biggest cryptocurrency still has room to run to $5,000, albeit a small resistance around $4,522 to $4,646. 

    Ethereum Path To $5,000 Looks Increasingly Clear As Resistance Dwindles

    Ethereum’s momentum has been building for weeks amidst a broader crypto market increase, which has seen many cryptocurrencies reach new highs. The price of Ethereum has increased by 53% in the past 30 days alone, leaving investors to wonder how high it can keep going and whether it can follow in Bitcoin’s footsteps and attain a new all-time high. 

    In a social media post on X, Martinez noted a $5,000 price point is in the books “as resistance thins.” However, a key hurdle remains at $4,522-$4,646, where 600,000 addresses hold 1.63 million ETH. Despite this resistance hurdle, Martinez believes a $5,000 price point is inevitable while noting that the only question left is when this will manifest.

    The analyst made this prediction using IntoTheBlock’s “In/Out of the Money Around Price” metric, which tracks the number of holders making money at the current price. Interestingly, the metric indicated that 7.64 million ETH, representing 75.95% of the volume bought between $3,428 and $4,646, are making money at the current price. 

    Ethereum is trading at $4,058 at the time of writing on the back of a minor correction after reaching a two-year high of $4,084. If bullish momentum continues and ETH can close the week above $4,175, that could pave the way for a quick move to $4,500 and potentially past its current all-time high of $4,891 to set a new one.

    Current price action shows Ethereum has created a support around $3,950 during its move up to $4,000. As long as this price level continues to hold, the overall bullish trend remains intact. But a break below $3,920 could signal a deeper correction to $3,800.

    Increased blockchain activity on layer-2 networks has pushed gas fees to new highs. As a result, developers are getting ready to roll in a Dencun upgrade, which is supposed to usher in a new era of cheaper fees. The Dencun upgrade is the first change to Ethereum’s blockchain code in over a year. 

    ETH price trending above $4,000 | Source ETHUSD on Tradingview.com

    Featured image from CNBC, 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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    Scott Matherson

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  • Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200

    Ethereum Price Dips Attractive As Bulls Aim For Move Above $4,200

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    Ethereum price is consolidating near the $4,000 zone. ETH is again moving higher as the bulls seem to be aiming for a move above the $4,200 level.

    • Ethereum traded to a new multi-month high above $4,080 before correcting lower.
    • The price is trading above $4,000 and the 100-hourly Simple Moving Average.
    • There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could resume its increase if it clears the $4,085 resistance zone.

    Ethereum Price Regains Strength

    Ethereum price spiked above the $4,000 resistance zone, like Bitcoin. ETH traded to a new multi-month high above $4,050 before there was a downside correction.

    The price declined below the $4,000 level, but the bulls were active near the $3,850 zone. A low was formed at $3,830 and the price is now rising. There was a move above the $4,000 resistance. The price cleared the 50% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low.

    Ethereum price is now trading above $4,000 and the 100-hourly Simple Moving Average. There was a break above a key contracting triangle with resistance at $4,025 on the hourly chart of ETH/USD.

    It is now showing positive signs above the 76.4% Fib retracement level of the recent decline from the $4,088 swing high to the $3,830 low. If the pair stays above the $4,020 level, it could attempt another increase. Immediate resistance on the upside is near the $4,085 level.

    Source: ETHUSD on TradingView.com

    The first major resistance is near the $4,120 level. The next major resistance is near $4,150, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $4,280 level. If there is a move above the $4,280 resistance, Ethereum could even rise toward the $4,350 resistance. Any more gains might call for a test of $4,500.

    Are Dips Limited In ETH?

    If Ethereum fails to clear the $4,085 resistance, it could start a downside correction. Initial support on the downside is near the $4,020 level.

    The first major support is near the $3,965 zone or 100 hourly SMA. The next key support could be the $3,880 zone. A clear move below the $3,880 support might send the price toward $3,830. Any more losses might send the price toward the $3,740 level.

    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 level.

    Major Support Level – $3,965

    Major Resistance Level – $4,085

    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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    Aayush Jindal

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  • Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade

    Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade

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    The Ethereum Dencun upgrade is fast approaching and there have already been notable developments leading up to it. Besides the price of ETH rising to new two-year highs, there has been a significant increase in the amount of ETH that has been burned so far.

    Over 50,000 ETH Burned

    The Ethereum burn, which was brought with the EIP-1559 upgrade, has been ramping up over the past year. The ETH burned from fees on the blockchain quickly crossed the $100 million mark, and has now climbed to a new milestone.

    According to Ultrasound Money, a website dedicated to tracking the performance of Ethereum since EIP-1559 was implemented, there have now been over 1.5 million ETH burned. A more accurate figure is 1,502,518.84 ETH at the time of writing, which is more than $5.6 billion at current prices.

    The number of burned ETH has also greatly surpassed that of ETH issued, which means that the network has turned deflationary. Compared to the 1,502,518.84 ETH burned, there have been only 1,089,809.20 ETH issued in the same time period. This shows that the supply has not increased despite the new issuance, and ETH already in circulation is being burned as well.

    At the time of the upgrade in 2022, the total Ethereum supply was 120,521,245. However, since then, the burn has been slowly eating into this figure and is currently sitting at 120,108,332 ETH. This means that the ETH supply has reduced by 412,706 ETH worth $1.55 billion since 2022.

    Ethereum Dencun Upgrade Looms On The Horizon

    The Ethereum Dencun upgrade is the latest in a long line of upgrades that have taken place in an effort to make it a better network. This upgrade is expected to come with a number of improvements for the network, including boosting its efficiency and capacity.

    It was launched on all testnets last week which is expected to be the final phase before the launch. The launch itself has been scheduled to take place less than a week from now on March 13. Once completed, an increase in block space is expected to follow.

    Presently, the ETH price is performing quite nicely leading up to the upgrade. It recently touched $3,900 for the first time since 2022, and while there has been a slight retracement, the altcoin continues to trend high above $3,700 at the time of writing.

    ETH price moves toward $3,800 | Source: ETHUSD on Tradingview.com

    Featured image from Crypto News, 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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    Scott Matherson

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  • Ethereum Outperforms Bitcoin As Institutional Investors Clamor For ETH Exposure

    Ethereum Outperforms Bitcoin As Institutional Investors Clamor For ETH Exposure

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    Reports have revealed that institutional investors are shifting their focus to Ethereum, displaying a preference compared to the largest cryptocurrency, Bitcoin. Despite Bitcoin’s recent rally to over $55,000, Ethereum’s unique features and potential developmental capabilities continue to capture institutional players’ interest. 

    Institutions Favor Ethereum Over Bitcoin

    On February 24, cryptocurrency exchange, Bybit, published a research report on its users’ asset allocation. The research examined investors’ hodling and trading behaviours, covering the period from July 2023 to January 2024. Bybit’s report also provided valuable insights into investors’ asset allocation across cryptocurrencies such as altcoins, stablecoins and meme coins, shedding light on the specific coins users are currently bullish or bearish on.  

    According to the research report, Ethereum has unexpectedly emerged as the primary cryptocurrency choice for institutional investors. The report revealed that “institutions are betting big on Ethereum,” allocating more of their funds to ETH compared to BTC. 

    Bybit has disclosed that the recent rise in interest in Ethereum began in September 2023, when ETH was still trading around $2,000. Subsequently, Ethereum’s market sentiment became more bullish, experiencing a surge in investor interest to about 40% by January 2024. The crypto exchange has confirmed that, as of January 31, ETH has become the single largest cryptocurrency held by institutions.

    Bybit’s report also revealed that institutional investors’ interest in Bitcoin began to wane following the United States Securities and Exchange Commission (SEC) approval of Spot Bitcoin ETFs on January 10, 2024. At the time, Bitcoin had experienced massive selling pressures, resulting in investors trimming their BTC holdings to favour other cryptocurrencies. 

    The excessive allocation of Ethereum is reportedly attributed to investors anticipating a favourable outcome from Ethereum’s upcoming Decun Upgrade, slated to launch in March 2024. 

    Notably, Bybit has disclosed that it is still being determined if the recent shift to Ethereum is a short-term manoeuvre or a more prolonged move. However, the approaching Bitcoin halving in April potentially adds a layer of bearish risks, as projections indicate Bitcoin’s significant rise in value to new all-time highs during the halving phase. 

    ETH price rises to $3,230 | Source: ETHUSD on Tradingview.com

    Retail Investors Think Otherwise

    Bybit’s research report also examines the asset allocation trend for retail investors on the cryptocurrency exchange. The report revealed that retail investors are significantly more bullish on Bitcoin than Ethereum, allocating more funds into BTC than ETH despite Ethereum’s recent surge in value. 

    Over the past week, Ethereum has experienced a substantial hike in its price, jumping over 7% and outpacing Bitcoin, suggesting a potential for a more extensive upward trajectory. At the time of writing, Ethereum is trading at $3,227, reflecting a 4.05% increase in the last 24 hours, according to CoinMarketCap. 

    While Ethereum’s massive rally has successfully elevated the sentiment among institutional investors, retail investors remain less swayed, opting to hold onto or incorporate additional Bitcoin into their diversified portfolio of digital assets. 

    Featured image from Cointribune, 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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    Scott Matherson

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  • Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

    Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

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    Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

    Asset Manager Files For Spot Ethereum ETF

    Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

    The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

    James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

    According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

    Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

    It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

    Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

    The Price Of ETH Rallies Amidst The Update

    Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

    Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

    Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

    Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

    ETH trading at $2,679 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 Price Plunge To $2K Imminent as Key Support Line Crumbles

    Ethereum Price Plunge To $2K Imminent as Key Support Line Crumbles

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    Ethereum price extended losses and tested the $2,150 support. ETH is struggling to recover and might continue to move down toward the $2,000 support zone.

    • Ethereum started a fresh decline below the $2,350 and $2,250 levels.
    • The price is trading below $2,250 and the 100-hourly Simple Moving Average.
    • There is a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair attempt a fresh increase if it clears the $2,240 and $2,280 levels.

    Ethereum Price Extends Losses

    Ethereum price remained in a bearish zone below the $2,400 pivot level. ETH extended its decline and traded below the $2,250 support level, like Bitcoin.

    It even spiked below the $2,000 level. A new weekly low was formed near $2,165 and the price is now consolidating losses. There was a minor increase above the $2,220 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low.

    Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,240 level. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD.

    The next hurdle could be $2,280, above which the price could aim for a decent recovery. The next major resistance is now near $2,360 or the 61.8% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low.

    Source: ETHUSD on TradingView.com

    A clear move above the $2,360 level might start a decent increase. In the stated case, the price could rise toward the $2,415 level. Any more gains might send the price toward the $2,550 zone.

    More Losses in ETH?

    If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near the $2,200 level.

    The next key support could be the $2,165 zone. A downside break below the $2,165 support might send the price further lower. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,000 level.

    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 level.

    Major Support Level – $2,165

    Major Resistance Level – $2,480

    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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    Aayush Jindal

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  • Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing

    Celsius Dump Triggers Ethereum Dive: $35 Million Sell-Off Sends ETH Price Crashing

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    Celsius Networks, currently undergoing bankruptcy proceedings, has engaged in significant Ethereum transactions that are causing ripples within the digital currency landscape.

    In the past 10 hours, on-chain analysts at LookonChain detected noteworthy transfers, including a 13,000 ETH deposit ($30 million) on Coinbase and an additional 2,200 ETH ($5 million) on FalconX. These transactions suggest a proactive stance by Celsius in addressing its ongoing financial challenges.

    Celsius Sells $125M ETH, Maintains $1.3B Reserve

    According to Arkham Intelligence, Celsius sold more than $125 million worth of Ethereum (ETH) coins between January 8 and January 12. The primary goal of this auction is to pay off creditors.

    Dune Analytics also revealed a more widespread pattern of redemptions, with over $1.6 billion of staked Ethereum being redeemed during the same period. Since the Shanghai update last year, the amount of redemptions recorded is the highest.

    Despite facing financial constraints imposed by the court, Celsius still holds a substantial Ethereum reserve. This reserve amounts to over 557,000 coins in two staking wallets, with a total valuation of approximately $1.3 billion. The size of this reserve adds a layer of complexity to Celsius’ current financial situation and underscores the evolving narrative within the crypto space.

    Source: LookOnChain

    As part of its obligations to creditors, Celsius has been actively liquidating its Ethereum holdings. These auctions, aimed at paying off outstanding debts, are integral to Celsius’ bankruptcy proceedings.

    Source: LookOnChain

    The market has responded to these Ethereum transactions, resulting in a 4% decline in the price of ETH. The cryptocurrency slipped below the $2,350 mark, raising concerns among analysts, especially as ETH now wavers below its crucial demand zone ranging from $2,380 to $2,461.

    Analysts predict that a failure to maintain this level could lead to a potential retreat towards the $2,000 mark.

    Ethereum currently trading at $2,307.2 on the daily chart: TradingView.com

    Wealthy Investors Trigger Ethereum Profit-Taking

    Santiment’s historical data reveals that significant transactions by wealthy investors, commonly known as whales, often trigger profit-taking activities among regular ETH holders. This phenomenon intensifies selling pressure and contributes to price declines.

    Meanwhile, decreasing funding rates suggest an underlying optimism in the market, hinting at a possible cooldown in previously overheated perpetual markets. This situation leaves room for ETH to rebound once the selling pressure subsides.

    As the bankruptcy drama of Celsius unfolds, the scrutiny on its Ethereum transactions and the resulting market dynamics will persist. Investors and observers are closely monitoring the situation, eagerly awaiting further developments and anticipating the broader implications for both Celsius and the crypto ecosystem.

    Featured image from Shutterstock

    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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    Christian Encila

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  • Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

    Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

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    Ethereum price extended losses and tested the $2,300 support. ETH is now attempting a recovery wave above the $2,340 level and might test $2,390.

    • Ethereum started a fresh decline below the $2,420 and $2,400 levels.
    • The price is trading below $2,400 and the 100-hourly Simple Moving Average.
    • There was a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair attempt a fresh increase if it clears the $2,390 and $2,400 levels.

    Ethereum Price Revisits $2,300

    Ethereum price struggled to start a fresh increase above the $2,550 and $2,580 resistance levels. ETH started a fresh decline and traded below the $2,400 support like Bitcoin.

    There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is now consolidating losses. There was a minor increase above the $2,330 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low.

    There was also a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD. Ethereum is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,365 level.

    The next hurdle could be $2,390 or the 50% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low. The next major resistance is now near $2,400. A clear move above the $2,400 level might start a decent increase. In the stated case, the price could rise toward the $2,480 level.

    Source: ETHUSD on TradingView.com

    The next key hurdle sits near the $2,500 zone. A close above the $2,500 resistance could start another steady increase. In the stated case, Ether price could rise toward the $2,650 zone.

    Another Decline in ETH?

    If Ethereum fails to clear the $2,390 resistance, it could start another decline. Initial support on the downside is near the $2,320 level.

    The next key support could be the $2,300 zone. A downside break below the $2,300 support might send the price further lower. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,200 level.

    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 level.

    Major Support Level – $2,300

    Major Resistance Level – $2,390

    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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    Aayush Jindal

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