ETH
Ethereum Whales Sell $45 Million ETH, What’s Next?
Published
3 hours agoon
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adminEthereum (ETH) price has experienced a recent surge, hitting $2,600. The trend is bullish, but whales or institutional investors sold off approximately $45 million worth of ETH on Saturday.
Ethereum Whales Sell $45 Million ETH as ETH Price Hits $2,600
In a recent development, two whales have sold large amounts of Ethereum (ETH). According to a report from Lookonchain, a wallet associated with Cumberland moved 11,800 ETH, valued at approximately $31.88 million, to Coinbase. This transaction occurred about seven hours ago. Additionally, ParaFi Capital has withdrawn 5,134 ETH, worth an estimated $13.83 million, from the Lido platform. This ETH was subsequently transferred to Coinbase Prime around six hours ago.
2 institutions are selling $ETH!
A wallet related to #Cumberland deposited 11,800 $ETH($31.88M) into #Coinbase 7 hours ago.#ParaFiCapital withdrew 5,134 $ETH($13.83M) from #Lido and deposited it into #CoinbasePrime 6 hours ago.
Address:… pic.twitter.com/zuOe68IIuJ
— Lookonchain (@lookonchain) September 28, 2024
The significant movements of ETH have raised concerns, particularly in the crypto community, where institutional activity often signals market shifts. Cumberland and ParaFi Capital, both recognized entities in the crypto industry, appear to be adjusting their ETH positions.
ETH Price to Hit $20K: Analyst Forecasts
Crypto analyst Julien Bittel, CFA, has forecasted a significant surge for Ethereum, potentially hitting $20,000 by early 2025. Comparing ETH’s 2023 trend with current data, he observes striking similarities, suggesting a potential repeat of last year’s bullish movement.
Bittel shared a chart that illustrates Ethereum’s performance from January 2023 to March 2024, mirroring its present trajectory. If this pattern holds, the ETH price forecast could see substantial gains by year-end, pushing towards the $20,000 mark by January 2025.
ETH price has slightly increased to $2,671.43, registering a modest rise of 0.05% over the last 24 hours. Despite this small uptick, the price remains within the range of $2,643 and $2,728 during the same period.
The chart reflects fluctuations in market volatility between these levels, with notable highs near $2,700 and dips toward $2,660. Ethereum’s overall performance displays resilience, hovering near the $2,670 mark as it navigates market pressures.
Despite institutional selling, Ethereum shows resilience with a modest price rise. The $20,000 forecast by 2025 adds optimism, although market volatility persists. Ethereum’s near-term stability suggests potential growth, even as institutional investors adjust their positions.
Frequently Asked Questions (FAQs)
Institutions like Cumberland and ParaFi Capital appear to be repositioning their holdings, possibly signaling caution amid market volatility.
While institutional selling may cause short-term fluctuations, Ethereum’s long-term outlook remains bullish, with predictions of significant price growth.
A $20,000 price target by 2025 indicates strong confidence in Ethereum’s long-term growth, particularly among analysts and bullish investors.
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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ETH
Here is Ethereum Price If It Captures the Total Bitcoin Market Cap
Published
18 hours agoon
September 29, 2024By
adminEthereum, the second-largest cryptocurrency by market capitalization, has long been considered Bitcoin’s closest competitor. While Bitcoin’s dominance still overshadows Ethereum, crypto investors often speculate about ETH’s potential growth if it chases the total BTC market cap. But is it possible?
Ethereum Price Projection if it Matches Bitcoin’s Market Cap
As of September 29th, the ETH price trades at $2643 and holds a market cap of $318.2 Million. Although it has significant value and widespread utility in decentralized Finance (DeFi), NFTs and the ETH’s market cap is considerably lower than Bitcoin, which currently stands at $1.298 trillion.
However, with the transition to Proof-of-stake, increasing institutional adoption, and substantial inflow to ETH ETFs, the Ethereum price is anticipated to accelerate recovery, making it a prime candidate to challenge Bitcoin’s market dominance someday.
If Ethereum were to match BTC’s market cap of $1.298 Trillion, the native cryptocurrency ETH would witness a dramatic rise. Considering Ethereum’s circulating supply of 120,366,230 ETH, the $1.298T target market cap would push the Ether value to approximately $10,785.
The potential surge indicates a 309% hike from the current trading price of $2643.
Vitalik Buterin Outlines Key Principles to Drive Ethereum’s Growth
Vitalik Buterin, the co-founder of Ethereum, has recently outlined a set of guiding principles to ensure alignment within the Ethereum ecosystem. His proposals emphasize open-source development, open standards, and prioritizing decentralization and security. He also highlighted the need for collaboration and alignment toward Ethereum’s goals and the broader global blockchain community.
My ideal goal here is to see more entities like L2beat emerging to track how well individual projects are meeting the above criteria, Buterin added in his blog.
These developments, once implemented, would further enhance Ethereum’s appeal in the crypto space, bolstering its potential to match Bitcoin’s Market Cap.
ETH Price is 20% From Major Support Test
Along with most major altcoins, Ether price showcased a notable correction since late May 2024. The bearish turnaround plunged the asset from $3974 to $2649, accounting for a 33% loss.
If the selling pressure mounts, the Ethereum price prediction hints a 18.7% drop before retesting the major support trendline intact on June 22. Historically a potential reversal from this dynamic support has doubled the altcoin value, indicating a key accumulation zone.
Conclusion:
Ethereum has the potential to match Bitcoin’s market cap due to its active expansion in the Defi ecosystem and increasing intentional investment. If ETH’s market cap reached $1.298 Trillion, the coin value would rise to approximately $10,785.
Frequently Asked Questions (FAQs)
If Ethereum matched Bitcoin’s market cap of $1.298 trillion, the price of ETH would rise to approximately $10,785
If selling pressure continues, Ethereum is 18.7% away from retesting its major support trendline established on June 22.
Ethereum’s price growth could be driven by factors such as the transition to Proof-of-Stake, increased institutional adoption, inflows into ETH ETFs, and the overall expansion of its utility in DeFi and NFTs.
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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Benjamin Cowen
Ethereum in Its ‘Final Stages of Capitulation’ Against Bitcoin, According to Analyst Benjamin Cowen
Published
1 week agoon
September 22, 2024By
adminA widely followed crypto analyst says that the Ethereum versus Bitcoin (ETH/BTC) pair is on the cusp of printing a cycle bottom.
In a new video update, crypto trader Benjamin Cowen tells his 813,000 YouTube subscribers that all altcoins will eventually bottom out against the crypto king and it appears as if ETH is poised to stop bleeding against BTC.
But Cowen says Bitcoin’s dominance level – or the ratio of BTC’s market cap compared to the market cap of all other crypto assets – is still on the rise, suggesting that ETH/BTC can still witness a leg down.
“I still think that Bitcoin dominance is in an uptrend… I think it will go probably to approximately 60%, so I don’t think Bitcoin dominance has topped, which is why ETH/BTC could go a little bit lower.”
BTC’s dominance level is currently sitting at 57.64%, according to TradingView.
However, Cowen says it is within the realm of possibility for Ethereum to bottom out against Bitcoin before the rest of the altcoin market prints cycle lows.
“There does exist a scenario where ETH/BTC bottoms before the collective altcoin market bottoms against Bitcoin…
They don’t all have to happen at the same time and I think that’s what a lot of people might forget is that some assets will bottom out against Bitcoin well before other assets bottom out against Bitcoin and all I know right now is that it looks like ETH/BTC is in its final stages of capitulation.
I don’t know how low it’s going to go but I do believe this represents final capitulation for ETH/BTC and I do think it’s going to bottom out relatively soon.”
Cowen goes on to say that the worst-case scenario for this outcome would be a bounce to the upside followed by a lower low in December.
ETH/BTC is currently trading at 0.04125 BTC ($2,597).
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Altcoins
Chainlink (LINK) Continues To Witness More Development Activity Than Any Other ERC-20 Project: Santiment
Published
1 week agoon
September 22, 2024By
adminThe decentralized oracle network Chainlink (LINK) continues to outpace all other ERC-20 projects in terms of development activity, according to the crypto analytics firm Santiment.
Santiment notes on the social media platform X that Chainlink registered 624.17 notable GitHub events in the past 30 days, more than double the number of the second-ranked project, Ethereum (ETH), which clocked 298.8.
The oracle project also topped the list in June and August.
The decentralized finance (DeFi) protocol Synthetix (SNX) came in third with 289.93 notable GitHub events.
An ERC-20 project is a standard that developers use to issue tokens on the Ethereum blockchain and virtual machine.
Santiment notes that it doesn’t count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”
The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.
LINK is trading at $11.39 at time of writing. The 18th-ranked crypto asset by market cap is up 1.6% in the past 24 hours.
ETH is trading at $2,575 at time of writing and is up nearly 4% in the past day.
Synthetix’s native asset, SNX, is trading at $1.58 at time of writing. The 130th-ranked crypto asset by market cap is up more than 6% in the last 24 hours.
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