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Ethereum Mega-Whale Addresses Surge In Three Weeks, 83% ETH Price Rally Likely

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4 weeks ago

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After facing some selling pressure last week, the Ethereum (ETH) price seems to be stabilizing around $3,700. On the other hand, the Ethereum on-chain indicators continue to show strength hinting at buying pressure on the upside.

Surge in Ethereum Whale Addresses

Crypto analyst Ali Martinez has highlighted a significant rise in the number of Ethereum addresses holding 10,000 or more ETH, which has increased by 3% over the past three weeks. This uptick signals a notable spike in buying pressure for Ethereum.

Courtesy: Ali Martinez

On-chain data from Santiment reveals that enthusiasm for Ethereum surged following the SEC’s approval of Ethereum ETFs. Despite this initial excitement, social sentiment has now stabilized, which is considered an ideal state ahead of the commencement of trading for these new Ethereum financial products.

ETH Price Action Ahead

On the other hand, some market analysts believe that the ETH price is forming chart patterns similar to that in 2021, after which it rallied by a staggering 83%. In a recent analysis, noted analyst Caled Frazen drew attention to the striking similarities between Ethereum’s current price action and its performance in 2021.

While cautioning against expecting an exact repetition of historical patterns (“history rhymes, but it doesn’t repeat”), Frazen emphasized the significance of the observed parallels. Frazen noted that in the 2021 cycle, the “red zone” served as a crucial level. Although it wasn’t flawless support, it proved significant enough. Following a failed breakdown, Ethereum witnessed a remarkable rally of +83% within 50 days.

Courtesy: Caleb Franzen

Based on the Coinglass chart depicted above, Ethereum (ETH) open interest witnessed a decline from $16.97 billion recorded on June 6 to reach $16.35 billion as of the latest update on June 9, marking a decrease of $620 million.

Despite ETH’s price experiencing a 7.38% dip from its weekly peak on June 6, the reduction in open interest was comparatively moderate, contracting by only 3.65%—almost half of the price decline.

A deceleration in open interest reduction relative to price decline amid a market downturn can potentially be interpreted as a bullish recovery signal for two significant reasons.

Courtesy: Coinglass

In the event that Ethereum ($ETH) breaches the support threshold at $3650, there’s a possibility of a downturn toward $3152, marking the previous Fair Value Gap (FVG).

Should Ethereum manage to hold steady at the $3650 mark, it could signal a potential upward trajectory towards $4000. Furthermore, surpassing the resistance barrier at $4000 might instigate a robust bullish surge targeting the $6000-$7000 range.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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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XRP Eyes Recovery Amid Massive Accumulation, What’s Next?

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5 hours ago

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July 8, 2024

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XRP is showing signs of a strong recovery, buoyed by substantial whale accumulation and renewed investor confidence. Having dipped below $0.41 recently, XRP has rebounded to around $0.44, reflecting a positive shift in sentiment.

Meanwhile, this resurgence is driven by notable market movements, including a significant purchase by a whale and speculation surrounding Ripple’s ongoing legal battle with the U.S. SEC.

Whale Accumulation Sparks Market Optimism

The crypto community has been abuzz with reports of a massive XRP accumulation by a whale identified as “rPz2q…N4iNf.” According to Whale Alert, this whale acquired 300 million coins from Binance, worth approximately $130.13 million. Such significant purchases often signal confidence in a crypto asset, potentially indicating expectations of future price increases.

Meanwhile, this whale activity comes amid broader market turbulence, where recent crashes have created buying opportunities for investors. Pro-XRP lawyer Bill Morgan recently stated that he has increased his XRP holdings during the price dip.

Besides, Morgan also mentioned his plans to accumulate more if prices decline further, highlighting a bullish outlook among XRP enthusiasts. In addition, the ongoing legal saga between Ripple and the U.S. SEC has added another layer of intrigue.

The anticipation of Ripple soon achieving a favorable outcome has fueled speculation and optimism among investors. Historical patterns suggest that positive legal developments have previously led to robust gains for XRP.

Having said that, investors are now closely watching for any signs that could signal the conclusion of this high-profile case, potentially driving further price recovery.

Also Read: Solana Outperforms Ethereum Amid $441M Money Inflow Into Crypto

XRP Price Soars

The Ripple vs. SEC case continues to be a focal point for the XRP community. Anticipation around the possible conclusion of this legal battle by July has heightened market interest.

On the other hand, the XRP enthusiasts argue that the crypto has reached a price floor, suggesting it is poised for a rally. Bill Morgan noted that favorable rulings in the past have significantly boosted XRP’s price, and a similar outcome in the current case could yield comparable results.

The market’s attention is also on Judge Torres, who previously issued a ruling that positively impacted XRP holders. A favorable decision for Ripple could potentially replicate those gains, boosting investor sentiment and driving the price higher.

During writing, XRP price soared past the $0.44 mark with an increase of 1.55%. The crypto has touched a low of $0.4047 in the last 24 hours. Furthermore, its trading volume rocketed 86% from yesterday to $1.33 billion.

Besides, CoinGlass data showed that XRP Futures Open Interest recovered from yesterday, potentially indicating that the market is regaining confidence towards the crypto.

Also Read: Ronin Network Adds PHPC Stablecoin, Boosting Filipino Crypto Adoption

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Binance To Delist All Spot Pairs Of These Major Crypto

Published

9 hours ago

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July 8, 2024

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Binance, one of the leading crypto exchanges, revealed its decision to delist all spot trading pairs for BarnBridge (BOND), Dock (DOCK), Mdex (MDX), and Polkastarter (POLS) by July 22, 2024. Notably, this unexpected move has sent ripples through the crypto market, leaving investors and traders in a state of speculation and concern. Here we explore the recent announcement and its potential implications on the cryptos.

Binance To Delist These 4 Major Crypto

In its latest strategic review, Binance emphasized a commitment to maintaining high standards and adapting to market shifts. The delisting of BOND, DOCK, MDX, and POLS is driven by several factors that the exchange continuously monitors.

Meanwhile, these include project commitment, development activity, trading volume, network stability, and compliance with regulatory requirements. Binance’s decision reflects a proactive approach to managing its platform and protecting its users.

In addition, the delisting will specifically affect trading pairs BOND/BTC, BOND/USDT, DOCK/BTC, DOCK/USDT, MDX/USDT, and POLS/USDT. Once trading ceases, users will no longer see these tokens’ valuations in their wallets.

Notably, to manage their holdings, users should disable the “Hide Small Balances” option. Deposits of these tokens will not be credited post-July 23, and withdrawals will be unsupported after October 22, 2024.

Meanwhile, Binance has outlined a series of measures to handle the delisting. Binance Simple Earn will halt the token offerings by July 19, with automatic redemption into users’ Spot Wallets.

Similarly, Binance Auto-Invest will stop recurring investments by July 15, and VIP Loan will close all loan positions for these tokens by July 17. In addition, the Binance Funding Rate Arbitrage Bot and Margin services will also be impacted, with crucial deadlines for users to settle positions to avoid losses.

For instance, all BOND, DOCK, MDX, and POLS balances in Cross Margin Wallets will convert to USDT on July 17. Binance Convert will maintain a sell-only function until July 22.

What’s Next?

The delisting news has stirred unease among crypto enthusiasts. Binance’s influence on the market is significant; its actions often drive market sentiment. While positive announcements from a crypto exchange like Binance can fuel market confidence, delisting or any other negative update can have the opposite effect, potentially eroding the market value of the affected tokens.

For instance, the removal of BOND, DOCK, MDX, and POLS could reduce liquidity and trading volume for these tokens, causing volatility. Investors are particularly wary as these assets might struggle to find new exchanges to list on or maintain their market presence.

The broader cryptocurrency ecosystem is also on alert. Binance’s decision underscores the dynamic nature of the crypto market, where regulatory compliance, project performance, and market health dictate listing decisions.

BOND Price BOND Price
BOND Price

As of writing, BOND price was down 26% to $1.57, while its trading volume rocketed 270% to $23.1 million. On the other hand, DOCK price plunged nearly 40%, and its one-day trading volume also skyrocketed 180% to $4.13 million. Simultaneously, MDEX price plummeted over 40%, while POLS price slumped about 20% today.

POLS PricePOLS Price
POLS Price

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Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Is Ethereum Becoming Scarcer than Bitcoin on Exchanges?

Published

18 hours ago

on

July 8, 2024

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Ethereum (ETH) metrics have shown that the digital currency might be suffering from scarcity than earlier projected. According to on-chain data, Ethereum is now being accumulated at a faster rate than Bitcoin.

The Ethereum and Bitcoin Divergence

According to data insights from Leon Waidmann from BTC-Echo, Ethereum is becoming scarcer than Bitcoin. While there are metrics that show the individual performance of BTC and ETH, their correlation per exchange balances is also a crucial one.

According to the accompanying Glassnode data shared by Waidmann, the current Ethereum exchange balance is pegged at 10.189%. In contrast, that of Bitcoin comes in at 15.08%, a figure that suggests a tightening gap.

Since the conversation around spot Ethereum ETF came into the limelight, demand for ETH has grown. Investors suddenly started buying Ethereum at a frantic pace, accounting for the drain on trading platforms. The investor action is explainable, considering how Wall Street money is projected to buy Ethereum upon ETF launch.

This projection is not unfounded judging by the trend seen in spot Bitcoin ETF products. When the BTC ETF came into the market in January, top firms like Susquehanna International Group (SIG) went all out to buy the asset. The buyups played a crucial role in sending the price of Bitcoin to an All-Time High (ATH) of $73,750.07.

Despite the exchange balance for Ethereum draining fast, the impact on the price of ETH is not visible. At the time of writing, Ethereum is changing hands for $2,983.03, down by 2.31% in the past 24 hours. The coin’s 24-hour low and high trading price comes in at $2,956.99 and $3,080.11 respectively.

Revival Plans for ETH

The future growth of ETH is now hinged on the new long-awaited decision from the US SEC. After it greenlighted the 19b-4 forms for the spot Ethereum ETF application weeks ago, the wait for S-1 is near. 

Though the timeline for launch remains largely speculative, the coming 2 weeks appear pivotal. ETF Store President Nate Geraci believes the regulator will do everything it has to do to make Ethereum ETF start trading in 2 weeks.

Read More: Peter Schiff Claims Bitcoin Whales Set Up ETF Investors As “Bag Holders”

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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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