ETH
Why Ethereum Price Is Stalling Despite ETH ETF Approval
Published
4 months agoon
By
adminEthereum price performance has been underwhelming for quite some time. The year-to-date return for ETH is the worst when compared with top cryptocurrencies such as Bitcoin, Solana, and Ripple. ETH is up only 38% in the past seven months despite the landmark approval of spot ETFs.
Ethereum Price Remains Grounded
Ethereum price crashed 12% since the spot ETF approval on July 23 and formed a temporary low at $3,087. Since then, ETH has bounced 6% and currently trades under $3,300. Despite the spot ETF being a massively bullish development, Ether prices have failed to react. Why?
But the three critical reasons for Ethereum’s lackluster performance are:
- Ethereum’s narrative is abstract; it is a world computer, which is a little hard to sell to the traditional finance bunch. But Bitcoin’s digital gold narrative resonates with older investors.
- Additionally, the spot Ethereum ETF lacks one key component—staking. The staking service has still not been approved by the SEC or concerned regulators, which could be the second reason investors might not be immediately interested in ETH.
- The third reason for ETH’s dampened performance is BTC, which has been in the spotlight for quite some time due to the upcoming keynote address from presidential candidate Donald Trump.
The Bitcoin conference could also clear up the ongoing rumors about a potential “National Strategic Bitcoin Reserve.”
Read more: Peter Schiff Blasts RFK Jr’s Bitcoin Buy Plan As ‘Vote-Buying’ Tactic
ETH Price Could Trigger Massive Rally Soon
As explained in a previous Coingape article, ETH is following in Bitcoin’s footsteps, which crashed 19% after the spot Bitcoin ETF approval on January 10 and rallied 90% in the next five months to set up an all-time high. If history repeats, Ethereum price could be preparing for a massive rally.
The short-term outlook for Ethereum price looks bearish with a string of lower highs. One sign of relief is that ETH has not produced a lower low.
A sweep of the equal lows at $2,539 is the ultimate buying opportunity, especially if ETH repeats Bitcoin’s post-ETF rally. In such a case, the upcoming rally could propel Ether to the $4,000 psychological level. If the bullish momentum remains beyond the aforementioned level, Ethereum Price Forecast suggests Ether could attempt to retest the current all-time high of $4,868.
On the other hand, if Ethereum breaks the weekly support level at $2,539, it would invalidate the bullish thesis by producing a lower low on the higher timeframe. In such a case, ETH could drop as low as $2,000.
Frequently Asked Questions (FAQs)
Ethereum’s abstract narrative, lack of staking service, and Bitcoin’s dominance in the spotlight are three key reasons holding ETH back.
ETH has had the worst year-to-date return, up only 38% in the past seven months, lagging behind Bitcoin, Solana, and Ripple.
Yes, if history repeats Bitcoin’s post-ETF rally, Ethereum could be preparing for a massive rally, potentially propelling ETH to the $4,000 psychological level or even retesting its all-time high of $4,868.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Altseason Indicator
Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins?
Published
2 days agoon
November 8, 2024By
adminEthereum has finally surged after breaking through a critical resistance level that had kept the price subdued since early August. This move has shifted market sentiment, as many investors and analysts previously doubted ETH’s potential in the current cycle, expecting it to lag behind. However, Ethereum’s recent strength is starting to reshape these perspectives.
Prominent analyst and investor Ali Martinez recently shared insights indicating that while Ethereum’s momentum is building, the much-anticipated “Altseason” hasn’t arrived just yet.
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According to Martinez, this stage of the cycle typically sees Bitcoin outperforming Ethereum and other altcoins—a common pattern as BTC often leads market rallies. This dynamic could provide a strategic opportunity for investors looking to enter ETH and other altcoins before the broader market euphoria begins.
As Ethereum gains traction, market participants are keeping an eye on further confirmations of its breakout, with many speculating that once Bitcoin’s lead cools, capital may flow more aggressively into altcoins.
Ethereum Waking Up
Ethereum is making a remarkable comeback, surging over 22% in just two days of strong upward momentum. While this performance is impressive, key data highlights that Bitcoin is still leading the market, slightly overshadowing Ethereum’s gains. For savvy investors, this could present a prime opportunity to start accumulating Ethereum and select altcoins before they potentially rally in the next phase of the cycle.
Ali Martinez, a prominent analyst, recently shared a Glassnode chart revealing insights on the “Bitcoin Altseason Indicator.” This tool compares net capital flows between Bitcoin and Ethereum, showing that while Ethereum is on the rise, Bitcoin’s net capital change is currently outpacing it.
This trend confirms that Altseason—where altcoins outperform Bitcoin—hasn’t begun yet. Martinez points out that such dynamics are typical for this stage, with Bitcoin usually leading the initial rally and Ethereum following shortly after.
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Historically, Altseason often arrives once Bitcoin’s price momentum stabilizes, as capital flows from Bitcoin into high-potential altcoins. Many seasoned investors recognize this part of the cycle as an ideal time to accumulate ETH and strong altcoins at attractive prices before the broader market shifts its focus.
In the coming weeks, the relationship between BTC and ETH performance will be closely watched, potentially setting up a shift in market sentiment and capital distribution.
ETH Technical View
Ethereum recently surged past a critical resistance at $2,820, breaking above the 200-day exponential moving average (EMA) and touching the 200-day moving average (MA) at $2,955. This marks a significant bullish move, as ETH had been trading below these levels since early August, and reclaiming these indicators is seen as a positive signal for further gains.
For the bullish momentum to continue, ETH must break above and sustain itself above the daily MA at $2,955, solidifying this breakout as a foundation for the next phase of the uptrend. However, some analysts suggest that a period of consolidation just below the 200 MA could be beneficial, allowing ETH to gather strength for a more sustained rally. This pause could temper the rising euphoria and avoid overextension in the short term.
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As the market sentiment turns increasingly optimistic, many investors are eyeing this level closely. Holding above these critical indicators would give bulls more control, potentially setting Ethereum up for a more robust recovery as it targets new highs.
Featured image from Dall-E, chart from TradingView
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ETH
Ethereum Price Breaks 90-Day Accumulation Amid Whales Sell-off; Is $4,000 Close?
Published
2 days agoon
November 8, 2024By
adminThe crypto witnessed an accelerated bullish momentum following Donald Trump’s victory in in the 2024 presidential election. Bitcoin, the pioneer digital asset reached a new all time high, fueling a recovery in the altcoin market. Despite aggressive whale selling, the Ethereum price maintained its upward trajectory and breached the key resistance of the 6-months correction trend.
By press time, ETH price had traded at $2,931, with an intraday gain of 1.28%. According to Coingecko, the asset market cap holds at $351.2 with a 24-hour trading volume of $35.17
Ethereum Price Defies Whale Sell-off as ETH Breaks Out of 90-Day Correction
In the past five months, the Ethereum price prediction witnessed a steady correction from $3,975 to $2,150, accounting for a 46% loss. An analysis of daily chat shows this retracement resonated strictly within the two covering trendlines of a falling wedge pattern.
Generally, this pattern reflects a temporary correction in an established uptrend which allows buyers to recuperate the exhausted bullish momentum. Amid the September U.S. Fed rate cut, the ETH price downtrend shifted to accumulation sideways trend above $2,200 level.
Donald trump’s Victory in 2024 presidential election gave the necessary push to the renew crypto market recovery. Thus, the Ethereum price rallied from the $2,400 to $2,914— a 21.7% surge— in the last four days.
This recovery gave a decesve breakout from the resistance trendline of falling wedge pattern. If the breakout sustains, the buyers could drive a 40% surge to hit $4,000.
ETH Holds Firm Amid Whale Profit-Taking
Along with key breakout, the ETH price recovery showcased higher strength as it defied the active selling pressure from whale. According to Lookonchain, a major crypto whale, holding 398,891 ETH valued at $1.14 billion, sold 29,897 ETH for $84.87 million USDC after recently rally.
The whale had initially acquired the ETH at an average cost of $3.50 per coin, turning the sale into a staggering 810x profit, equating to $84.7 million in realized gains. While large holders selling typically trigger market volatility and bolster a fresh correction trend, this whale still hold 368,992 $ETH ( worth approximately $1.07B).
His substantial holding indicate the whale still believe in ETH’s future growth.
The whale with 398,891 $ETH($1.14B) has sold 29,897 $ETH for 84.87M $USDC at $2,839 after the $ETH price rose!
The buying cost was only ~$3.5, and has realized a profit of $84.7M, an 810x return!
The whale still holds 368,992 $ETH($1.07B).https://t.co/RioFfsKgXZ pic.twitter.com/xvNzIwHHNF
— Lookonchain (@lookonchain) November 8, 2024
On the contary note, the Ethereu, price could wintess a short pullback to retest the breached trendline. A breakdown below this flipped could prolong market correction.
Frequently Asked Questions (FAQs)
Yes, Ethereum could experience a short-term pullback to retest the breached trendline as support, particularly near the $2,800 level
Ethereum’s breakout was driven by the election-fueled crypto market rally following Donald Trump’s victory in the 2024 presidential election.
Despite active selling by whales, such as a major investor who sold 29,897 ETH for $84.87 million USDC, Ethereum’s price has maintained its upward momentum
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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ETH
No ATH for Ethereum Price? ETH Whale Selling Persists Amid Election Boost
Published
4 days agoon
November 6, 2024By
adminDuring Wednesday’s trading session, the cryptocurrency market witnessed a surge in buying pressure as Donald Trump secured his victory as the 47th U.S. President. The pioneer cryptocurrency, Bitcoin, surged 8.8% to a new high of $75,400, boosting recovery in the altcoin market. However, the Ethereum price could struggle to hit new ATH as crypto whale continues to offload ETH.
By press time, the ETH price trades at $2,647 with an intraday gain of 9.89%. According to Coingecko, Ether’s marketcap holds at $319.2 Billion, and 24-hour trading volume is at $38.169 Billion.
Ethereum Price ATH Delayed? Whale Sales Overshadow Election Momentum
On November 6th, the cryptocurrency market experienced a significant rally as Donald Trump secured the necessary 270 electoral votes to become the 47th President of the United States. Amid this rally, a crypto whale who received 150,000 ETH through the ICO recently transferred a substantial 25,000 ETH (worth approximately $65.63 Million) to Kraken at an average price of $2,625.
According to Lookonchain, this whale has sold a total of 90,000 ETH of the 150,000 coins at an average value of $2,527 (worth around $227.45M).
Breakdown of the Whale’s ETH Sales:
- July 2019: Sold 5,000 ETH at $218 ($1.09M).
- June 2024: Sold 10,000 ETH at $3,539 ($35.39M).
- September–October 2024: Sold 50,000 ETH at $2,516 ($125.34M).
- November 2024: Sold 25,000 ETH at $2,625 ($65.63M).
Historically, whale selling has coincided with major market tops and spurred a bearish sentiment in the market. Amid the supply pressure, the Ethereum price could witness a stalled recovery momentum and struggle to hit a new All-time-high.
在今天的大幅上涨后,通过 ICO 获得 15 万枚 ETH 的鲸鱼又准备出售一部分 ETH:过去 40 分钟里他将 2.5 万枚 ETH ($65.63M) 转进了 Kraken。
到现在他通过 ICO 获得的 15 万枚 ETH 已经以 $2,527 的均价出售了 9 万枚 ($227.45M):
一、2019 年 7 月以 $218 的价格出售 5,000 ETH ($1.09M);… https://t.co/fsr487zjLd pic.twitter.com/K9qVxaEOso— 余烬 (@EmberCN) November 6, 2024
ETH Chart Analysis Shows Porlong Consolidation Within Triangle
Over the past three months, the Ethereum price prediction has traded sideways, resonating within a symmetrical triangle pattern. The price action strictly resonated within two converging trendlines, indicating a lack of dominance from buyers or sellers.
With a massive green candle today, the ETH price is at $2,661, still consolidating within the triangle and 3% away from a major breakout. If the sellers continue to defend this resistance, the Ether price will revert again and prolong its sideways trend.
Therefore, a potential breakout from overhead resistance is necessary for buyers to regain control over the asset. If the ETH price surpasses the dynamic with the daily candle closing, the bullish momentum will accelerate to drive a surge above $3,500.
Frequently Asked Questions (FAQs)
Ethereum’s price recovery has been limited due to persistent selling by crypto whales
Following Trump’s election as the 47th U.S. President, the crypto market saw a rally, with Bitcoin hitting $75,400 and Ethereum gaining 9.89%, trading at $2,647
The symmetrical triangle pattern indicates consolidation, with ETH price oscillating between two converging trendlines. An upside breakout from this pattern is essential for buyers to regain control and push ETH towards the $3,500 mark or higher.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source link
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