ETH
Crypto Analyst Says Things Are ‘About To Get Interesting’
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6 hours agoon
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adminThe Ethereum price started the new week by extending last week’s gains, which kicked off after it bounced off support at $2,350. This run has seen the Ethereum price now pushing towards resistance at $2,800, which the bulls look forward to breaking before the week runs out.
In light of the recent Ethereum price move, a crypto analyst has noted that the leading altcoin is gearing up for a massive move, and things are about to get interesting.
Things Are About To Get Interesting With The Ethereum Price
According to the analyst, known as @IamCryptoWolf on social media platform X, the current market conditions and technical setup suggest that Ethereum could be gearing up for a significant breakout, hinting that “things are about to get interesting.
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The prediction is based on an analysis of Ethereum’s price action against the US dollar (ETH/USD) on a 3-day candlestick timeframe, where the analyst has identified the formation of an inverse head and shoulders pattern.
This inverse head-and-shoulders pattern is considered a powerful reversal signal in technical analysis, indicating a transition from a downtrend to an uptrend. The pattern consists of three distinct lows: the left shoulder, the head, and the right shoulder.
The head forms the deepest low, while the two shoulders are smaller lows. The neckline, connecting the peaks between the shoulders, acts as a critical resistance level. Once price action breaks above this neckline decisevely, it often sparks a surge in bullish momentum.
In the case of Ethereum, the analyst identified this neckline at approximately $2,800. Ethereum has recently been trending upwards toward this level, suggesting that a breakout may be close.
In terms of a breakout target, the analyst pointed to the $3,400 level as the first key price zone to watch. Breaking out of the $3,400 level would open up the path to Ethereum retesting its yearly high above $3,920 towards $4,000 and probably even creating a new one.
The $3,400 and $3,920 price targets represent 25% and 45% increases, respectively, from the current price of Ethereum.
Ethereum And The Broader Market Context
The Ethereum price performance in 2024 has been closely tied to the overall market conditions, particularly Bitcoin’s movements. Many large market cap cryptocurrencies have started the week with gains, as many bullish traders look to continue on last week’s momentum.
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The Ethereum price broke above $2,700 for the first time in October during this weekend as many addresses crossed into the long-term holding cohort, further increasing the bullish sentiment. At the time of writing, Ethereum is trading at $2,720 and is up by 2.83% in the past 24 hours.
As things stand, the coming days could be pivotal for the rest of the year, with Ethereum potentially gearing up for a significant upward move above $2,800, making things ‘about to get interesting’ indeed.
Featured image created with Dall.E, chart from Tradingview.com
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BlackRock in Talks With Crypto Exchanges About Using Its BUIDL Token As Derivatives Collateral: Report
Published
2 days agoon
October 19, 2024By
adminAsset management titan BlackRock is reportedly in talks with numerous crypto exchange platforms about using its proprietary token BUIDL as collateral for derivatives contracts.
According to a new report by Bloomberg, anonymous people familiar with the matter say the world’s largest asset manager is exploring the idea of utilizing BUIDL – the crypto asset related to the firm’s tokenized mutual fund – as collateral for trading derivatives contracts.
BUIDL, which launched in March of this year and stands for BlackRock USD Institutional Digital Liquidity Fund, is a tokenized money-market fund designed to offer a stable value of $1 per token built on the Ethereum (ETH) blockchain that offers blue-chip traders yields.
Bloomberg says the crypto exchanges BlackRock is in talks with include Binance, the world’s largest crypto exchange by volume, as well as OKX and Deribit.
Previously, it was reported that the fund invests in cash, US Treasury Bills, and repurchase agreements and sends dividends directly to investors’ wallets as new tokens every month.
As stated by Robert Mitchnick, BlackRock’s head of digital assets, in a press release issued by Securitize, BlackRock’s brokerage partner,
“[BUIDL] is the latest progression of our digital assets strategy. We are focused on developing solutions in the digital assets space that help solve real problems for our clients.”
In April, stablecoin issuer Circle launched a new smart contract function that permits holders of BUIDL to convert their tokens into USDC. At the time, Circle chief executive Jeremy Allaire said that the new functionality would allow “investors to move out of tokenized assets at speed, lowering costs and removing friction.”
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24/7 Cryptocurrency News
Is $5000 Ethereum Price Possible In 2024?
Published
5 days agoon
October 16, 2024By
adminWith the crypto market again buzzing, there are questions about whether the Ethereum price can reach $5,000 this year, a price level that would mark a new all-time high for the crypto. However, ETH reaching $5,000 depends on some factors, which will be explored in this article.
Will Ethereum Price Reach $5,000 This Year
From a fundamental analysis perspective, several events and happenings support the ETH price reaching $5,000 this year. For instance, Ethereum’s co-founder Vitalik Buterin recently outlined a roadmap for key technical improvements to the network. Vitalik proposes lowering the staking requirement to one ETH.
This will allow greater participation in the Ethereum network and make it more decentralized. Such development is also bullish for the Ethereum price as it will increase the number of ETH tokens staked, potentially leading to a supply shock as more coins get removed from circulation.
Another factor that supports a price surge to $5,000 this year is that Ethereum whales are still bullish on ETH. Santiment data shows that these whales control over 44% of the crypto’s supply. This indicates that these investors anticipate that the ETH price will rise significantly in this market cycle.
IntoTheBlock data also shows that these whales have been actively accumulating ETH even when the price remained tepid. The large holders’ netflow has surged by almost 50% in the last seven days, indicating that whales are withdrawing more ETH from exchanges than they are depositing. Withdrawals from exchanges suggest they are looking to hold for the long term.
On the other hand, it is worth mentioning a couple of fundamentals that paint a bearish picture for Ethereum and could prevent the ETH price from reaching $5,000 this year. One is that other networks are currently stealing mindshare from Ethereum. For instance, SOL recently overtook ETH in weekly and daily DEX volumes.
Ethereum has thrived as the home of decentralized finance (DeFi). However, its dominance in the DeFi space is at risk, with networks like Solana on its heels. Ethereum potentially losing its dominance to Solana will ultimately lead to a decline in ETH’s utility.
The Spot Ethereum ETFs are also currently bearish for the Ethereum price as they continue to witness significant outflows. On October 15, they saw $12.7 million in net outflows despite the crypto market rallying on the day.
This indicates the outflows these funds have witnessed before now weren’t necessarily because of the market conditions but more likely because institutional investors haven’t warmed up to ETH as they did with Bitcoin. SoSoValue data shows that the Spot Ethereum ETFs have witnessed $554 million in net outflows since they launched in July.
From A Technical Analysis Perspective
Crypto analysts like Mikybull Crypto have predicted that the Ethereum price can reach $5,000 and even surpass it. Mikybull Crypto recently stated that ETH’s run to $6,000 will kick off soon as the crypto’s price is about to break out. However, his accompanying chart suggested that the rise to $5,000 and then $6,000 might not happen this year.
Crypto analyst Ali Martinez also recently predicted that the Ethereum price could rally to $5,000 and then $6,000. He noted that every bounce of this channel’s lower boundary has historically led to an average 130% price increase for Ethereum.
The analyst added that if the pattern holds, ETH could rally to $6,000 if the key $2,300 support level stays intact. However, his accompanying chart showed that the rise to $6,000 is unlikely this year. Crypto influencer Poseidon believes the Ethereum price surge will be the “most hated rally” when it happens.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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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Ethereum 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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