What Was Behind The Bitcoin And Ethereum Price Crash?

Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD/Yen trading pair was heading lower.  The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum.  Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJs decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines.  US Stock Market Crash Contributes To Bitcoin And Ethereums Fall Furthermore, Bitcoin and Ethereums correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum.  Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively.  With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum.  At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap.  Featured image created with Dall.E, chart from Tradingview.com

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Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH?

Ethereum is trading near its yearly low of $2,400 after an 18% drop from local highs. ETH has notably underperformed compared to Bitcoin and other altcoins like Solana this cycle, leading to investor concerns.  One of the key reasons for this underperformance is the lack of enthusiasm surrounding Ethereum ETFs. Metrics from these funds show [...]

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EigenLayer Founder Reiterates Support For Ethereum, Why Is ETH Struggling?

Despite scalability and high gas fees facing Ethereum, the founder of EigenLayer, a liquidity restaking platform, insists the network is superior, especially against Solana. Solana is the third most valuable smart contracts platform, trailing Ethereum and the BNB Chain. Over the years since launching, it has been gulping up more market share from Ethereum, cementing its position. Is Ethereum Superior To Solana? While the prominence of Solana is evident, Sreeram Kannan, the founder of EigenLayer, argued in a post on X that Solana prioritizes low latency and global node synchronization over other core features. Related Reading: Solana (SOL) Could Go Parabolic Once It Breaks $200 Resistance Analyst On the other hand, Ethereum took a different approach, emphasizing the need for stability and decentralization. Accordingly, in Kannan’s view, the first smart contracts platform offers a more comprehensive solution than its competitor. Currently, EigenLayer manages over $12 billion worth of assets on Ethereum, according to DeFiLlama. Although Kannan acknowledges the efficiency of Solana, the founder nonetheless picks out some limitations now that the platform is building a global state machine. At the top of the list is the blockchain’s sacrifice of programmability and verifiability.   Meanwhile, the EigenLayer lead thinks Ethereum is excelling, especially on performance, thanks in part to the success of rollups and the resulting wild adoption. This off-chain solution provides instant confirmation and is more performant than web2 applications. At the same time, Ethereum is programmable, enabling EigenLayer to add more features like an arbitrary decentralization of verifiable tasks. As a result, the liquidity restaking platform, Kannan adds, has enabled cloud-scale programmability. Layer-2 Platforms Thriving: Why Is ETH Struggling? The co-founder of Celestia, Mustafa Al-Bassam, also appreciates what Ethereum brings to the table and is absent or underdeveloped in other networks. In a post on X, Al-Bassam said the first smart contracts platform is “underrated.” Related Reading: Shiba Inu Burn Rate Skyrockets 81% In One Day, Are The Bulls Back? Specifically, the co-founder lauded the thriving rollup ecosystem in Ethereum, saying it is “by far the largest and most successful.” As of September 30, L2Beat data shows that the layer-2 ecosystem in Ethereum manages over $38 billion, with Arbitrum and Base among the largest platforms. Even as Base and other Ethereum layer-2 platforms draw activity, ETH, the native currency, is struggling for momentum. The daily chart shows bulls have yet to break above $2,800, although support remains at $2,400. Dwindling upside momentum has been partly blamed on the proliferation of layer-2 scaling solutions. The network becomes inflationary as more activity is re-routed off-chain, and enhancements like Dencun are activated to make layer-2 transactions even cheaper. Looking at Ultra Sound Money, fewer ETH are not being torched. Feature image from DALLE, chart from TradingView

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Road To $5,000: Ethereum Maintains Similarities With 2016 Price Movements

The Ethereum price action has significantly underperformed traders’ expectations over the past few months. Ethereum is currently trapped in a bearish trend, with its price now down by 23% over a 30-day period. This downturn contrasts sharply with the hopes of many ETH investors who have been anticipating a bullish surge following the launch of [...]

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3 reasons why Ethereum will hit $10K next bull cycle

Bullish fractals, long-term technical patterns, and favorable macroeconomic trends could boost ETH's price to $10,000 by 2025.

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Ethereum Taker Buy/Sell Ratio Is Rising Again What It Means For ETH Price

The Ethereum price recovery has been quite impressive in recent weeks, and an analyst has suggested that this might only be the beginning of a good run for the altcoin. Is The Ethereum Market Preparing For A Rally? A pseudonymous analyst has shared via a CryptoQuant Quicktake post an interesting on-chain insight into the price action of Ethereum. The relevant indicator here is the taker buy/sell ratio, which measures the taker buy and taker sell volumes for a particular cryptocurrency. When the value of this ratio is higher than 1, it implies that the taker buy volume is greater than the taker sell volume. This is often taken as a bullish signal, which indicates that investors are willing to pay a higher price for a particular asset. Related Reading: Heres Who Has Been Driving The Bitcoin Price Recovery Above $65,000 On the flip side, a taker buy/sell ratio that is less than 1 suggests the buy volume for a cryptocurrency is greater than the sell volume. This typically signals a bearish sentiment amongst investors, as there are more sellers ready to sell their assets at a lower price. As shown in the highlighted chart, the 30-day simple moving average (SMA) of the Ethereum taker buy/sell ratio has consistently remained below the 1 threshold over the past few months. This indicates that ETH sellers have been overwhelming buyers, resulting in an increased token supply in the open market. However, the 30-day SMA of this metric has been on a resurgence since the price of Ethereum found its support just above the $2,100 level. The Ethereum taker buy/sell ratio recently reached a new high since mid-June, indicating that the bearish pressure might be waning. The CryptoQuant analyst noted that if the taker buy/sell ratio continues on its upward trajectory, it could mean that the Ethereum bulls are taking over the market. Ultimately, this level of aggressive buying activity could set the stage for a price rally for the altcoin. ETH Price Overview As of this writing, the Ether token is valued at $2,677, reflecting a 0.8% decline in the past 24 hours. Despite experiencing a slight correction in the past day, the altcoin’s price is still up by more than 3% on the weekly timeframe. Related Reading: Maker Price Heats Up, Soars 12% In A Week Is $1,850 The Next Stop? Thanks to the price rally over the past week, more Ethereum investors seem to be returning to profit. According to data from IntoTheBlock, the percentage of ETH addresses in the money went from 59% to 69%, with more than 80% of the ETH supply now in profit. Featured image created by Dall.E, chart from TradingView

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Ethereum Sees 43% Crash In Active Addresses, Whats Going On?

The market sentiment towards Ethereum (ETH) has turned relatively bearish, largely due to the cryptocurrencys recent price volatility. This negative sentiment is evident in Ethereums new active addresses, having crashed by a whopping 43%, underscoring reduced network activity and investor confidence.  New Active Addresses On Ethereum Decline Data from The Block is showing notable fluctuations [...]

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Macro Researcher Argues Ethereum to Crack $20K in Four Months

A macro researcher argues that Ethereum could reach $20,000 within the next four months, given the market’s ongoing bullish trend.…

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Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again

Ethereum, the second-largest cryptocurrency by market capitalization, has yet to reclaim the $3,000 price level since early August. Since the beginning of September, Ethereum has mostly traded below $2,600, but this week brought a glimmer of hope for investors as it finally managed to break above the $2,600 threshold. Now that this resistance threshold has [...]

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Ethereum Whales Spend $185 Million To Accumulate 70,000 ETH, Time To Buy?

Ethereum has largely mirrored Bitcoin in terms of price action and has yet to break out on its own accord in the past few months. According to price data, Ethereum is up by 13% in the past seven days, outpacing Bitcoin’s increase of 5.8% in the same time frame. Behind this interesting increase in Ethereum are some large Ethereum holders who seem to be increasing their holdings.  Notably, on-chain data from multiple analytics platform points to an uptick in activity from Ethereum whales in the past few days. Particularly, Glassnode data suggests large holders of Ethereum have added at least 70,000 ETH into their wallets since the beginning of last week. Ethereum Whales Spend Big On ETH The interesting Ethereum whale activity noted above is revealed through on-chain analytics platform Glassnode. As shown in the chart below, the number of Ethereum wallets holding 10,000 ETH or more has experienced a rise in the last 24 hours, increasing to 925 wallets. This marks a gain of about seven new whale wallets that have accumulated a huge number of ETH tokens, up from the 918 wallets recorded on September 18.  Related Reading: Bitcoin Prediction: Crypto Pundit Reveals Why $100,000 Is The Nominal Price Level For 2025 Supporting this trend, additional data from IntoTheBlock (ITB) indicates a surge in activity from addresses holding substantial amounts of Ethereum. ITB tracks these movements through a specific metric that monitors the number and value of transactions exceeding $100,000. According to this metric, Ethereum whale activity has reached over $29 billion in the past seven days. While this figure accounts for both inflows and outflows from whale wallets, the sheer scale of these transactions is notable. Historically, such high levels of activity from large holders tend to be a bullish indicator for cryptocurrencies. This heightened activity is further reflected in the inflows of ETH into large holder wallets. On September 23, these inflows soared to 515,520 ETH, representing an impressive 440% spike compared to the 95,820 ETH recorded during the previous 24-hour period.  Time To Buy ETH? At the time of writing, Ethereum is trading at $2,626. As noted earlier, this is on the back of a 13% increase in the past seven days, prompting Ethereums overperformance over Bitcoin for the first time since the beginning of the year. The leading altcoin has mirrored Bitcoins movements so consistently that some analysts have questioned its potential for decoupling anytime soon. Related Reading: XRP Remains Bullish: Crypto Experts Unveil Predictions For The Price Ethereum’s importance in the crypto industry means there’s never a bad time to accumulate more ETH. Ethereum just broke over $2,600 for the first time in September, which is the first step in a sustained move to the upside. The next key target is to break above $2,700 before the end of the month, which could pave the way for a push towards $3,000 in October. Featured image created with Dall.E, chart from Tradingview.com

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85% on Polymarket betting Ethereum wont see new all-time high by 2025

A decision on Ethereum ETF options has been pushed back to November, four days after Blackrockss IBIT options trading was approved. 

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Diamond Hand Ethereum Whale Moves 15,000 ETH, Heres The Destination

A Diamond Hand Ethereum (ETH) whale has suddenly emerged, transferring a massive 15,000 ETH token to a major exchange. Given the sheer size of the transaction, this whale has caught the attention of many Ethereum investors and the broader crypto community. Diamond Hand Whale Moves 15,000 ETH Tokens Spot On Chain, a blockchain analytics platform, [...]

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Over 150,000 ETH Moved To Exchanges In The Last 24 Hours: Whats Next For Ethereum?

Ethereum is rising, adding a decent 5% on the last day and nearly 10% over the past trading week, according to CoinMarketCap data. As ETH shakes off weakness, breaking above the local resistance– now support– at around $2,400, confidence is high. Over 150,000 ETH Moved To Exchanges All the same, IntoTheBlock data on September 20 reveals that when prices rose, breaking above $2,400, all within the last 24 hours, more coins were moved to leading exchanges, including Binance and Coinbase. According to the blockchain analytics platform, over 150,000 ETH were transferred to these platforms, a dent to bullish momentum and sentiment. Related Reading: XRP Price Surge Could Hit 9,470% Analyst Predicts $27 Target In Bold Forecast Typically, whenever coins are moved to exchanges, it could signal the intention of holders to sell. This is because, on centralized ramps like Binance or Kraken, ETH is paired with other crypto assets like Solana or Bitcoin and with stablecoins such as USDT and fiat, including the USD or JPY. Accordingly, when these assets hit these ramps, it is easier for holders to liquidate, convert the coin to other assets, or even cash out via fiat or stablecoin. It is still determined whether the over 150,000 ETH sent to exchanges have been sold. All the same, the transfer is also a concern. This is especially true considering that the transfer is the largest to exchanges in over nine months. Ethereum Breaking Higher, What’s Next? At spot rates, Ethereum is breaking higher. The local support is at $2,400. Moreover, buyers are in the driving seat following the confirmation of the September 13 bull bar. Although ETH bulls must close above $2,800 for trend definition, the short-term move supports bulls. If the coin closes above $2,800, it could set the base higher to $3,500 for another swing. Following the break above $2,400, Ethereum bull bars are already beginning to band along the upper BB. This development points to increasing volatility and build-up of buying pressure. Related Reading: BNB Rides Bullish Wave After 100-Day SMA Breakout, Next Stop $605? Amid this transfer, it is also emerging that the Ethereum Foundation is liquidating. Earlier today, Spot On Chain data shows they sold 300 ETH for over 763,000 DAI. Even so, this is not the first time the Foundation is unloading ETH. Over the past week, they have sold over 650 ETH. Feature image from DALLE, chart from TradingView

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Ethereums Investor Activity Stalls: Is a Major Correction on the Horizon?

Ethereum (ETH), the second most popular cryptocurrency based on the daily trading volume, shows signs of a significant decrease in the investors interest. Analytical platform CryptoQuant revealed that this may indicate that it is in an accumulation phase or that a market correction may be expected in the near future. On-chain data from a one-month […]

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Is This The End For Ethereum Or A Generational Opportunity?

Ethereum holders are definitely being tested by some tough times, with recent price action failing to create a bullish perspective for the digital asset. One of the major disappointments has been the performance of spot Ethereum exchange-traded funds (ETFs), which were launched in the U.S. with great fanfare. These ETFs were seen by numerous market participants as the key that could unlock significant upward movement for Ethereum. Since their introduction, they have not delivered the expected results, leaving investors frustrated. Matt Hougan, Chief Investment Officer of Bitwise, a popular crypto index fund manager, continues to maintain a positive ETH outlook. According to him, Ethereum is still at the forefront of blockchain applications that are seeing breakthrough success. This Is Not The End For Ethereum The lack of positive momentum in the Ethereum market has been enough to shake the confidence of seasoned investors. The combination of uncertain macroeconomic factors, rising competition from Solana and other blockchains, and the unmet expectations surrounding the Ethereum ETFs has contributed to the pessimistic outlook for the digital asset.  Related Reading: Crypto Analyst Says Bitcoin All-Time High Only A Month Away After Breaking $60,000 Among the optimists is Matt Hougan, who shared his views in a recent memo. Hougan has maintained a bullish outlook on Ethereum, standing firm in his belief that the current challenges are only temporary and that the asset still has the potential to rebound. Hougan argues that although Ethereum has fallen behind Bitcoin and Solana’s year-to-date growth of 38% and 31%, respectively, the cryptocurrency’s long-term prospects remain strong. In his memo, Hougan highlighted ETH’s continued dominance as the leading blockchain for decentralized applications (dApps), stating that it retains the lion’s share of activity among developers building on blockchain technology. He went as far as to liken Ethereum to the “Microsoft of blockchains.”  To support his claim, Hougan pointed to notable examples of Ethereum’s adoption by major companies. One such example is BlackRock’s tokenized money market fund, which launched in March 2024 and now has more than $500 million in assets under management. Another example is Nike’s Web3 gear platform called .Swoosh.  Ethereum has the most active developers and users. As such, Hougan believes the blockchain will be first on the radar of the next large traditional company wanting to do a blockchain product. Related Reading: October To Remember: Descending Broadening Wedge Says Bitcoin Is Going To $90,000 Whats Next For ETH? According to Hougan, Ethereum is a contrarian bet for the rest of the year. What this basically means is that he expects Ethereum to go against the ongoing market sentiment and surprise many investors with a bullish run by the end of the year.  At the time of writing, ETH is trading at $2,440 and is up by 5.2% in the past 24 hours. This recent uptick brings Ethereum close to testing a key resistance level at $2,450 once again. Featured image created with Dall.E, chart from Tradingview.com

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Ethereum Rally Targets $2,795 Despite Whale Sell-Offs

With the crypto bull run gaining momentum, Ethereum inches closer to surpassing $2,500 despite crypto whales booking profits. With the…

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Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4

Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up. Interestingly, [...]

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Ethereum fractal hints at $3.3K as analyst says its 'go time' for ETH price

Ethereums bullish fractal pattern from 2021 consists of a five-point setup, which ETH is currently mirroring in 2024. 

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Is Ethereum Primed For Surge? Analyst Reveals Key Levels to Watch For A $8,100 Rally

Regardless of the Ethereum (ETH) price’s unappealing performance, the latest analysis from top crypto analysts in the space predicts that the asset might be on the verge of a parabolic rise. In a recent post uploaded on X, renowned crypto analyst Javon Marks has laid out an optimistic scenario for Ethereum, suggesting a potential price [...]

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61% Of Ethereum Holders Are Profitable But ETH Bulls Must Hold $2,290

Ethereum is wavy when writing as bulls struggle to build momentum and push the coin above the immediate resistance levels at around $2,400 and $2,800. Even so, most ETH holders are upbeat, expecting prices to turn around the corner and soar, even breaking above July highs of around $3,500. 61% Of ETH Holders In The [...]

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