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Ethereum Price To $2k or $4k? Here’s What To Expect In August

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4 months ago

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Ethereum price remained stable throughout Thursday’s sessions, as cryptocurrencies stabilized following the post-CPI release sell-off. Despite the bullish outlook, a host of other effectors, including a potential death cross, could derail the uptrend in Q3.

Ethereum Price Struggles Uphill

Ethereum price could be gearing up another sell-off to $2,000 and below considering the decline in derivatives volume and open interest as observed on Coinglass. This can also be interpreted as a consolidation phase after a period of heightened volatility and a shift in investor sentiment following the crash to $2,111 on Monday last week.

A subsequent drop in options volume is particularly noteworthy for ETH price, as it suggests reduced speculative activity and possibly lower implied volatility. Ethereum may experience less pronounced price swings in the short term.

Ethereum derivatives data | CoinglassEthereum derivatives data | Coinglass
Ethereum derivatives data | Coinglass

Ethereum sits between two key levels, starting with support at $2,060, as highlighted by the 200-day Exponential Moving Average (EMA) and a confluence resistance at $2,817 established by the 50-day EMA and the 50% Fibonacci retracement ratio.

A break on either side on the above range will shape the trend based on ETH price prediction. Considering a death cross is in the cards, a bearish outcome can be anticipated toward $1,500.

Remember, a death cross occurs when a long-term moving average flips below a short-term moving average. The 20-day EMA in the weekly time frame is grinding down toward the 50-day EMA to confirm the pattern.

After Ethereum price validated the last death cross of this kind in May 2022, a staggering 68% decline followed from $2,885 to $887, underscoring the severity of this pattern.

The Relative Strength Index (RSI) downtrend and neutral position at 42 adds credibility to the bearish thesis. It implies that ETH price is not oversold yet and that sellers have more room to wiggle before the second largest cryptocurrency reverses the trend for a bigger leg up above $4,000.

Ethereum price chart | Tradingview Ethereum price chart | Tradingview
Ethereum price chart | Tradingview

Ethereum price has been moving within a descending channel since topping out at $4,100 in March, 2024. Note that a potential recovery from the critical $2,500 support could validate a bull flag breakout, boosting ETH to ATH later in the year. With the potential bull flag in mind, traders should watch out for key levels at $3,000, $3,500 and $4,000 to help ascertain the probability of a stronger leg up.

Market sentiment appears to have improved after Ethereum ETFs posted three consecutive days of daily net inflows for the first time since launch. According to SoSoValue, all nine ETFs combined achieved $10.77 million in inflow volume on Wednesday, reducing the cumulative total net outflow to $365.89 million.

Frequently Asked Questions (FAQs)

Ethereum shows resilience above $2,500 support but if the looming death cross confirms, losses would extend below $2,000.

With a potential bull flag, ETH may rally above $3,000 and close in on $4,000 in August. However, due to mixed signals, a correction below $2,000 cannot be ruled out.

If ETF inflow volume increases, it will increase demand for ETH eventually creating momentum for a major breakout as seen with BTC price in Q1.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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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BTC Below $97K, SOL Drops 7%, WIF Falls 13%

Published

1 day ago

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December 22, 2024

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Crypto prices today are showing bearish momentum as Bitcoin (BTC) dropped below the $97K level, marking a sharp decline from its $108K all-time high earlier this week. The BTC price hit a low of $92K, reflecting significant volatility. Major altcoins followed the downtrend, with Ethereum (ETH) down 4% and Solana (SOL) dropping 7% in the last 24 hours. dogwifhad (WIF) became the worst performer, losing 13% in the same period.

The global crypto market capitalization fell by approximately 2%, now at $3.34 trillion. Trading volume also dropped significantly and down by 44% to $170 billion. The Fear and Greed Index currently reads 59, indicating a neutral market sentiment despite the recent declines.

Crypto Prices Today: BTC Slumps, ETH, SOL, and XRP See Significant Declines

BTC price saw a sharp decline this week, falling below $97K. XRP dropped by 3%, while Solana (SOL) emerged as the worst performer in the top 10 coins. Meme coins also followed Bitcoin’s bearish path, with losses ranging from 3% to 5%.

Bitcoin Price Today

BTC price was trading at $96,760, showing a decrease of approximately 1% in the last 24 hours. Its 24-hour low and high were $96,457 and $99,538, respectively. The market capitalization stands at $1.91 trillion, with $50 billion in trading volume, and Bitcoin’s market dominance is at 57.60%. Despite the recent drop, Bitcoin ETFs saw an inflow of $449 million this week, according to SoSo Value.

In a significant development, Senator Cynthia Lummis confirmed that the U.S. will hold a strategic Bitcoin reserve for at least 20 years as part of efforts to reduce the national debt. This move is expected to have long-term implications for both the market and Bitcoin’s role in global finance.

Ethereum Price Today

ETH price was trading at $3,321, marking a 4% drop in the last 24 hours. Its 24-hour low and high were $3,294 and $3,554, respectively. The market capitalization stands at $400 billion, with $30 billion in trading volume. Ethereum ETFs saw an inflow of $62 million over the past week. Crypto analyst Justin Bennett has also shared insights on how low Ethereum’s price could go by the end of December.

XRP Price Today

XRP price was trading at $2.20, down 3% in the last 24 hours. Its 24-hour low and high were $2.10 and $2.38, respectively. The market capitalization stands at $126 billion, with $14 billion in trading volume. In other news, Ripple transferred 90 million XRP coins to an unknown wallet, raising speculation within the crypto community.

Solana Price Today

SOL price was trading at $182, reflecting a 7% drop in the last 24 hours. Its 24-hour low and high were $178 and $201, respectively. The market capitalization stands at $86 billion, with $5 billion in trading volume. Solana’s significant decline makes it one of the worst performers among the top 10 cryptocurrencies. In other news, a Solana whale has accumulated 1.7 million SOL after the recent dip in the crypto market.

Meme Crypto Prices Today

Meme coins also showed bearish momentum in crypto prices today, with the top meme coin DOGE down by approximately 3%, trading at $0.3179. Shiba Inu (SHIB) price dropped by 4% in the same period, trading at $0.00002166. Crypto analyst “Dollars Maker” shared insights into a potential 235% surge, projecting SHIB to reach $0.00005816. Other notable meme coins, including PEPE, BONK, and WIF, also saw declines ranging from 3% to 12% in the last 24 hours, following the broader crypto market trends.

Top Crypto Gainer Prices Today

Hyperliquid

Hyperliquid (HYPE) price became the top performer today, rising 8% in the last 24 hours. It was trading at $34.67, with its 24-hour low and high being $30 and $35, respectively. Hyperliquid token achieved another major milestone, as within three weeks of its launch, the HYPE price surged to $34.71, pushing its market cap to $10 billion.

Top Crypto Loser Prices Today

dogwifhat

The dogwifhat (WIF) token became the worst performer for today in crypto prices today, experiencing a 13% drop in price. It was trading at $1.88, with a 24-hour low and high of $1.80 and $2.24, respectively. The market capitalization stands at $1.88 billion, highlighting the significant decline in its value during this period.

Ethena

Ethena (ENA) price dropped by 11% in crypto prices today, now trading at $1.02. Its 24-hour low and high were $0.99 and $1.21, respectively. The market capitalization stands at $3 billion, with a trading volume of $820 million, reflecting a significant decline in its value. In related news, Arthur Hayes sold his ENA tokens sparking further market speculation.

Additionally, the hourly chart looks bearish, with both Bitcoin (BTC) and major cryptocurrencies like Ethereum (ETH) and XRP down by half a percent in the last hour, continuing the downtrend seen in crypto prices today.

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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.





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VanEck Predicts New ATH For Bitcoin, Ethereum & Solana In 2025

Published

1 week ago

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December 13, 2024

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VanEck, an asset management firm, has projected that Bitcoin, Ethereum, and Solana will reach new all-time highs (ATH) in 2025. The firm’s December 13 report outlined key market trends and predicted a cryptocurrency bull cycle peaking in the first quarter of the year, followed by corrections and a recovery to historic highs in the fourth quarter.

VanEck Predicts Bitcoin to Reach $180,000 Amid U.S. Adoption

VanEck estimates that Bitcoin (BTC) price will reach $180,000 by the end of 2025. The asset manager anticipates a significant surge in adoption, including the possibility of the United States establishing a Bitcoin strategic reserve. The report mentions,

“We expect the U.S., or individual states like Texas, Florida, or Pennsylvania, to add Bitcoin to their reserves to strengthen fiscal resilience.”

The adoption of Bitcoin Exchange-Traded Products (ETPs) and increased corporate holdings are also expected to support BTC’s price growth. Concurrently, public and private companies are projected to hold over 1.1 million BTC by 2025, surpassing the holdings attributed to Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

However, VanEck warns of volatility in 2025, predicting a 30% retracement during the summer months, followed by a recovery later in the year. The firm identifies speculative market activity, including high funding rates and declining Bitcoin dominance, as indicators of potential market corrections.

Ethereum and Solana Set for Breakout Prices

Ethereum (ETH) price is projected to exceed $6,000 by the end of 2025, driven by its expanding Layer-2 ecosystem and innovations like blob space. VanEck anticipates over $1 billion in fees from Ethereum’s blob space usage, which facilitates scaling and data storage for Layer-2 solutions. The integration of staking capabilities into Ethereum ETPs is also expected to enhance institutional adoption.

Solana (SOL), another cryptocurrency, is forecast to trade above $500. The report credits Solana’s advancements in scalability and its growing presence in decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. VanEck’s SOL price analysis suggests that Solana’s focus on high-speed, low-cost transactions positions it as a strong contender for growth.

Other altcoins, such as Sui (SUI), are also expected to see significant price increases, with VanEck projecting SUI to exceed $10 during the same period.

AI and Blockchain Innovation to Reshape the Market

VanEck’s report highlights the transformative potential of artificial intelligence (AI) agents in blockchain ecosystems. By 2025, over one million AI agents are expected to operate on-chain, automating tasks in DeFi, gaming, and social media.

These agents optimize strategies and expand blockchain use cases beyond traditional finance.

The firm also predicts that Bitcoin Layer-2 networks will hold 100,000 BTC in total value locked (TVL), representing a significant increase from current levels. These networks aim to enhance Bitcoin’s scalability and enable its participation in decentralized finance ecosystems.

Stablecoins and Tokenized Assets to Drive Utility

Stablecoins are expected to play a growing role in global commerce, with daily settlement volumes projected to reach $300 billion by 2025. VanEck, subsequently, attributes this growth to adoption by major tech companies and payment networks.

Cross-border remittance markets, such as U.S.-Mexico transfers, are also predicted to see a fivefold increase in stablecoin usage.

Additionally, tokenized securities are forecast to exceed $50 billion in value by 2025, driven by institutional interest and the migration of traditional assets onto blockchain platforms. The firm suggests that public and private blockchain standards will facilitate the transition, making tokenized securities a core component of the evolving financial system.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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 Foundation Invests Millions Into zkVM, What’s Happening?

Published

3 weeks ago

on

November 29, 2024

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The Ethereum Foundation once again caused a stir across the broader market on Friday, revealing that it is investing tens of millions into zkVMs (zero knowledge virtual machines). Justin Drake, a renowned researcher at the organization, revealed this investment strategy. Notably, this investment plan outlined three vital entities that remain poised to leverage the opportunity, per the researcher’s announcement.

Ethereum Foundation Putting Millions Into zkVMs

As per an X post by Justin Drake as of November 29, “The EF is investing tens of millions into zkVMs.” Further, the announcement revealed three key entities that remain poised to leverage this massive investment.

According to Drake, zkevm.org, a zkRISC-V formal verification platform, remains primed to receive support from the Ethereum Foundation’s investment. Simultaneously, Poseidon cryptanalysis and ethproofs.org, other zkVMs, are also poised to leverage this investment.

The Ethereum Foundation’s investments offer support to various components of zkVMs, spanning from formal verification to cryptographic analysis. Overall, the investment talks garnered significant attention as they further underscore ongoing efforts that aim to streamline the Ethereum ecosystem.

What’s Next For ETH Price?

On the other hand, Ethereum co-founder Jeffrey Wilcke’s trades ignited concerns across the broader market. Notably, the co-founder deposited 20,000 ETH to Kraken on November 28, raising severe concerns surrounding the crypto’s price movement ahead.

Intriguingly, Wilcke has been recorded offloading 44,300 tokens at an average price of $3,342 in 2024, solidifying market concerns for one of the leading crypto by market cap.

Against the backdrop of Ethereum Foundation investments and other developments, ETH price slipped more than 1% intraday and is trading at $3,552. Its 24-hour low and high were $3,531.87 and $3,642.19, respectively. Notably, the recent waning movement falls in line with selloff by whales. Notably, the weekly chart for the crypto shows a 5% pump, followed by a monthly upswing of 33%.

Intriguingly, a recent ETH price analysis by CoinGape Media further indicated that the crypto eyes a $4000 target amid this bull cycle. This bullish projection also comes riding the back of strong market potential and ecosystem upgrades.

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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.





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