Connect with us

ETH

Is Ethereum Price a VC Pump and Dump?

Published

on


Ethereum (ETH) price has experienced a period of consolidation after recent gains, with a decline pushing it below the $2,550 support level. While ETH faces resistance of nearly $2,500, it holds the potential for recovery if it clears this key barrier.  Analysts suggest possible volatility ahead, with forecasts hinting at potential pump-and-dump dynamics driven by venture capital influences.

Analyst Suggests Ethereum Price a VC Pump and Dump

Crypto analyst tweeted a controversial perspective on Ethereum’s long-term trajectory, raising questions within the cryptocurrency community. The tweet posits that Ethereum’s significant growth might be attributed to a venture capital (VC) pump-and-dump scheme, sparking debate about the network’s stability and future.

The analyst highlighted a possible downward trend. Ethereum’s price movement appears to follow a channel, indicating consistent support and resistance. However, a sharp drop in the projection suggests potential risks.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Source- X

Crypto Expert Warns of Ethereum’s Instability

The crypto expert issued a cautionary note regarding Ethereum’s current market position. Beamish expressed concern over Ethereum’s chart patterns, suggesting potential instability. With market factors like the upcoming election adding unpredictability, he noted Ethereum appears “teetering on the edge,” raising questions about its immediate trajectory.

Analysis points to a volatile period for the top coin as it hovers near critical support levels. He highlighted Ethereum’s delicate positioning, which could influence traders weighing whether to hold or exit their positions. In his words, Ethereum is at a crossroads, posing a dilemma: “do I jump? Do I jump?”

Will ETH Price Rebound To $3000 In November?

At the time of writing, the Latest ETH price is hovering at $2,469, with a slight surge over the past 24-hours. Ethereum is positioning itself near crucial resistance levels, with the potential for a significant price movement. A clear push above the $2,550 resistance could drive ETH toward $2,600, while an upward breakout past $2,800 might further fuel gains. If successful, this momentum could lead Ethereum closer to the $3,000 resistance mark, appealing to bullish investors eyeing a rally.

However, if the Ethereum price prediction fails to surpass the $2,500 resistance, it risks a downturn. Initial support sits around $2,450, with more substantial support at $2,400. A decisive break below $2,400 could heighten selling pressure, potentially pulling the price to $2,350 as traders look to these levels for a bounce or further decline.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Ethereum Price Chart: TradingView

Approximately 76.09% of Ethereum addresses are “In the Money,” covering a value range of up to $2,406.82. On the other hand, 20.91% are “Out of the Money,” indicating potential losses for holders who bought above $2,499.15. Only 3% of addresses remain “At the Money,” meaning they break even at current prices.

Is Ethereum Price a VC Pump and Dump?Is Ethereum Price a VC Pump and Dump?
Source: IntoTheBlock

Ethereum’s near-term direction remains uncertain, with resistance levels, VC speculation, and market conditions shaping the price outlook for this leading cryptocurrency.

Frequently Asked Questions (FAQs)

A VC pump-and-dump scheme implies that venture capitalists may artificially inflate Ethereum’s price and then sell, causing potential price drops.

Ethereum could rebound if it clears the $2,500 resistance, which could pave the way for gains towards $2,600 and potentially $3,000.

The upcoming election could introduce additional market unpredictability, impacting investor sentiment and Ethereum’s price movement.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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

ETH

Will Ethereum Price Fail $3,000 Breakout as Whale Selling Prolongs?

Published

on


The crypto market entered November on a slightly bearish note as Bitcoin plunged below $70,000. Some analysts believe this downturn is a temporary selling pressure ahead of the U.S. presidential election. However, ongoing ETH whale selling casts doubt on Ethereum price recovery, raising concerns about a potential failure to break through the $3,000 level.

Currently, the ETH price trades at $2,459 with an intraday loss of 1.38%. According to Coingecko, Ethereum’s market cap is at $297.4 Billion, and the 24-hour trading volume is at 12.34 Billion.

Will Whale Selling Prevent Ethereum Price from $3,000 Breakout?

According to onchain data highlighted by EmberCN, a crypto whale that withdrew 96,638.9 ETH from Coinbase at $1,567 in September 2022 resurfaced after 40 days. Earlier today, this large holder transferred 15,000 ETH ( worth approximately $36.7M) to the crypto exchange Kraken.

Over the past eight months, the associated wallet has transferred a total of 85,000 ETH (worth around $251.04M) to Kraken, realizing a profit of up to $117.81M. However, the whale still holds 11,638.9 ETH ($28.55M), indicating the risk of further selling.

ETHETH
Whale Selling | EmberCN

Moreover, a Cosmos Network wallet (0xE8…57d3) transferred 3,500 ETH, valued at around $8.72 million, to Coinbase Prime at 0:50 UTC+8 today. According to Arkham intelligence data, this wallet still holds a substantial 20,087 ETH worth about $49.85 million, acquired from its ICO allocation in 2017.

Typical whale/institution selling coincides with major market tops and is often a precursor of a fresh correction trendline. This selling pressure hints that the Ethereum price could witness a stalled recovery momentum and may struggle to break the $3,000 level.

ETH Chart Signals Potential 12% Drop Before Major Support Retest

Over the past three months, the Ethereum price prediction has showcased a sideways trend resonating strictly between the $2800 and $2150 levels. The daily chart showing price swings on either side indicates a lack of conviction from buyers and sellers. 

Amid the market uncertainty and overhead supply, the ETH price plunged from $2,722 to $2,470 in the last four days, registering a 9.1% drop. If the large holders’ selling continues, the Ether price could plunge another 12% down to seek support at $2,150.

A bearish alignment between the crucial daily EMAs (20, 30, 100, and 200) signals the possibility of prolonged correction.

Ethereum PriceEthereum Price
ETH/USDT -1d Chart

On the contrary note, if the upcoming U.S. election renews the bullish momentum in the crypto market, the Ethereum price could rebound from $2400. The aforementioned level coinciding with a long-coming support trendline could drive the ETH price to break the $2,800 range barrier.

Frequently Asked Questions (FAQs)

Ongoing ETH whale selling has increased market pressure, casting doubt on Ethereum’s price recovery

Continued whale selling could lead to prolonged price consolidation and a potential drop in ETH price by up to 12%, to hit $2,150.

If the upcoming U.S. election reignites bullish momentum in the crypto market, ETH could rebound from the $2,400 level and break $3000 barrier.

✓ Share:

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

Continue Reading

Bitcoin

SUI Eyes Potential Breakout Amid Market Retrace, Is $2.30 Next?

Published

on


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

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

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

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

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

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

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

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

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



Source link

Continue Reading

crypto

Whales Abruptly Load Up on Ethereum As Crypto Markets Flash Signs of Imminent Bounce: Santiment

Published

on


Market intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH) and that a bounce for digital asset markets could be near.

In a new post on the social media platform X, Santiment says that the activity level of ETH whales has spiked to a six-week high, an encouraging sign that the top altcoin could spark a rally.

“Ethereum’s whale activity spiked to a six-week high as its price declined as low as $2,380 Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging.”

Gaxu5-PXEAItQ-S
Source: Santiment/X

Santiment’s chart indicates that on October 24th, 6,428 new ETH wallets were created, the highest daily number since September 5th.

The crypto analytics firm goes on to note some catalysts for a potential market rally, which include increased FUD (fear, doubt and uncertainty) as well as heightened attention toward memecoins, indicating that a bounce may come as soon as the next few days.

“Solana, Jito, Cosmos, and Jupiter have been the notable standouts during a tumultuous up and down week for crypto markets. Data indicates meme coins have drawn increased interest levels while Bitcoin treads water.

Assuming markets keep their underwhelming trajectories going into the weekend, expect for sentiment to begin reflecting some much-needed FUD, which would in turn imply a market bounce to start [this] week.”

Gaw4C-gXMAANlV0
Source: Santiment/X

Ethereum is trading for $2,498 at time of writing, a 1.9% increase during the last 24 hours.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney





Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon