ETH
5 Things to Know as Ethereum Price Hit $2,500
Published
5 hours agoon
By
adminEthereum price surged 6.5% during the U.S. trading session on Monday, currently trading at $2,630. Amid the broader market uptick, the sharp recovery could be linked to the launch of Australia’s first Ethereum spot ETF (IETH) on the Chicago Board Options Exchange (Cboe). The rising ETH price poised to recover the loss from the late-September sell-off, indicates the potential for a prolonged upswing.
Australia’s First ETH Spot ETF Boost Ethereum Price to $2500
While the spot Ethereum ETFs are struggling to drive sufficient demand in the U.S. Market, Monochrome Asset Management is set to launch Australia’s first Ethereum spot ETF (IETH) on Cboe.
The ETF will start trading on Monday and will be the first to offer physical Ethereum subscriptions and redemptions, marking an innovative setup in Ethereum-based financial products. Monochrome previously launched Australia’s first Bitcoin spot ETF (IBTC) in June.
The new development highlights Australia’s efforts and institutional acceptance of cryptocurrency assets. Today, the Ethereum price surged by over 6.5%, reclaiming the $2,500 psychological level.
Vitalik Buterin Proposes Ethereum PoS Upgrades
Vitalik Buterin, Ethereum’s co-founder, has recently proposed key improvements for Ethereum’s Proof of Stake (PoS) mechanism. His vision revolves around two key ideas. First, the introduction of single-slot finality aims to confirm blocks in a single slot rather than multiple slots finality.
This shift will enhance Ethereum’s transaction throughput and security, streamlining the network’s overall performance.
Second, Vitalik advocates democratizing staking by lowering the Ethereum staking requirement’s barrier to 1 ETH. Doing so will open up Ethereum staking to a wide range of audiences, which could further secure the network through increased decentralization.
Galaxy Digital Moves 13,580 ETH to Major Exchanges
According to lookonchain analytics, a GalaxyDigital OTC wallet has recently transferred 13,580 ETH (worth approximately $34.3M) to three major cryptocurrency exchanges: Coinbase, OKX, and Binance.
The heavy movement of assets into exchange could trigger an initial volatility in Ethereum price or drive selling pressure.
A #GalaxyDigital OTC wallet deposited 13,580 $ETH($34.3M) to #Coinbase, #OKX and #Binance in the past 14 hours.https://t.co/zlZMEpxj7r pic.twitter.com/cqfAUw9RRy
— Lookonchain (@lookonchain) October 14, 2024
ETH Supply Held by Whales Grows to 44.4%
As per Santiment data, the ETH supply held by top addressive has steadily grown to 44.4%. This steady accumulation by large holders accentuates their growing confidence and anticipation of further price growth.
In addition, whale transactions involving more than 100,000 ETH have remained consistent, hovering around 1,520. Moreover, this stable level of high-value transactions indicates that large investors actively participate in the market.
ETH Poised for Breakout as Triangle Pattern Nears Conclusion
Over the past two months, the Ethereum price prediction showcased a sideways action resonating within the triangle pattern. The two converging trendlines drive a current consolidation, allowing buyers to recuperate from the bullish momentum.
With a high momentum rally, the ETH price is poised to breach the pattern’s overhead trendline. If the breakout holds the asset, the post-breakout rally could target $3 .5, followed by $4,100.
However, if dynamic resistance remains intact the potential reversal in Ethereum price could prolong the consolidation trend
Frequently Asked Questions (FAQs)
The recent surge in Ethereum’s price, which rose by 6.5%, is attributed to the launch of Australia’s first Ethereum spot ETF (IETH) by Monochrome Asset Management on Cboe
Galaxy Digital recently transferred 13,580 ETH, worth approximately $34.3M, to Coinbase, OKX, and Binance. This large movement of assets into exchanges could cause price volatility
According to Santiment data, the supply of ETH held by top addresses has grown to 44.4%. This steady accumulation by large holders suggests growing confidence in Ethereum’s future price appreciation
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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Bitcoin
Top Analyst Unveils Level Where Bitcoin Finally Escapes ‘Endless Chop’ – Here’s His Forecast
Published
22 hours agoon
October 14, 2024By
adminA top crypto strategist known for making timely Bitcoin calls is outlining a price level where he thinks BTC’s eight-month consolidation could come to a close.
Pseudonymous analyst DonAlt tells his 589,100 followers on the social media platform X that he believes Bitcoin will gather more bullish momentum if it clears a crucial resistance area.
The trader also notes that it would be healthy for BTC to retest its immediate support before moving higher.
“>$65,000 and I’d wager we’ve finally escaped the endless chop
<$58,000 and sadness awaits
>$61,700 is a good first step towards $65,000 being broken
I’m hopeful we’ll go up after all this chop has ended.”
At time of writing, Bitcoin is trading for $62,663.
DonAlt is also keeping a close watch on the top smart contract protocol Ethereum (ETH). According to the analyst, ETH appears to be forming an ascending triangle pattern – a bullish reversal structure if an asset takes out its horizontal resistance.
“I shall name it the triangle of cope.”
In a video update, DonAlt says that ETH will start to look bullish if it soars above its horizontal resistance.
“Above $2,700 is already enough, like above $2,700 ETH starts looking really attractive. If not, even $2,500 if you want to be really, really aggressive.”
At time of writing, Ethereum is worth $2,458.
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Bitcoin
Crypto Analyst Issues Ethereum Alert, Predicts ‘One Final Shakeout’ for ETH – Here Are His Targets
Published
3 days agoon
October 12, 2024By
adminA cryptocurrency analyst and trader is saying that Ethereum (ETH) is primed to fall to levels last recorded in late 2023.
The analyst pseudonymously known as Capo tells his 104,092 Telegram subscribers that Ethereum could fall by over 26% from the current level.
“Ethereum has been ranging between $2,000 and $2,800 for two months. It appears to be an accumulation range. However, as mentioned in recent days, it is likely that we will see one final shakeout before an expansion, to $1,800 – $2,000 (the spring phase of the accumulation schematic).”
Ethereum is trading at $2,430 at time of writing.
According to the pseudonymous analyst, an Ethereum collapse could lead to altcoins plummeting, consequently increasing the chances of a proper altcoin season kicking off down the road.
“If that potential shakeout occurs, altcoins should dump 20% – 40%, a ‘capitulation candle’ similar to the Covid crash. Don’t get scared if that happens. It would probably be one of the best buying opportunities in months.”
Turning to Bitcoin (BTC), Capo says the recovery of the flagship crypto asset to above $60,000 earlier this week after pulling back to under $59,000 appears to be a “dead cat bounce.” A dead cat bounce is an uptick in the price of an asset after a downtrend which gives a false sense of a rally but then is followed by another leg down.
Says Capo,
“First move done.
Now we should see a local top formation around here and bearish continuation this week.”
Bitcoin is trading at $62,275 at time of writing.
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ETH
Ethereum Price Targets a Comeback: Will the Bounce Last?
Published
4 days agoon
October 11, 2024By
adminEthereum price extended losses and tested the $2,320 support. ETH is now correcting losses and might aim for a fresh increase above the $2,420 resistance.
- Ethereum remained in a bearish zone and traded below the $2,360 zone.
- The price is trading below $2,420 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must stay above the $2,350 support level to start decent increase in the near term.
Ethereum Price Aims Upside Break
Ethereum price failed to start a fresh increase above the $2,450 resistance zone. ETH remained in a bearish zone like Bitcoin and traded below the $2,365 support zone.
There was also a move below the $2,350 level. The price tested the $2,320 support zone. A low was formed at $2,329 and the price is now rising. There was a move above the $2,350 and $2,365 levels. The price climbed above the 23.6% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low.
Ethereum price is now trading below $2,420 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,420 level. There is also a connecting bearish trend line forming with resistance at $2,420 on the hourly chart of ETH/USD.
The trend line is close to the 61.8% Fib retracement level of the downward wave from the $2,468 swing high to the $2,329 low. A clear move above the $2,420 resistance might send the price toward the $2,450 resistance.
An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone in the near term. The next hurdle sits near the $2,550 level or $2,560.
More Losses In ETH?
If Ethereum fails to clear the $2,420 resistance, it could start another decline. Initial support on the downside is near the $2,380 level. The first major support sits near the $2,350 zone.
A clear move below the $2,350 support might push the price toward $2,320. Any more losses might send the price toward the $2,265 support level in the near term. The next key support sits at $2,220.
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 zone.
Major Support Level – $2,320
Major Resistance Level – $2,420
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