The Ethereum Resurgence: Key Catalysts Poised To Drive The Cryptos Comeback

In a recent report, market researcher and analyst DeFi Ignas has provided a detailed analysis of the current bearish and bullish cases for the leading altcoin, Ethereum (ETH), offering valuable insights into the cryptocurrency’s prospects. Factors Behind The Ethereum Underperformance Ethereum has struggled to keep pace with its crypto peers over the past two years, [...]

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Ethereum ETFs Witness Stellar Start As Trading Soars; Analyst Sees ETHs Price Reaching $8,000 In Q4

Ethereum ETFs (exchange-traded funds) began trading on Tuesday, generating significant volume within the first 2 hours of trading. Interestingly, the Ethereum ETFs ranked among the top 1% regarding ETF volume.  Related Reading: Analyst Says Solana Price Will Surge 1,000% To $1,800, Heres When Ethereum ETFs Surpass Traditional Launch Volumes According to Bloomberg ETF expert Eric Balchunas, the ETH ETFs traded $361 million in the first 90 minutes on launch day, surpassing the typical volume seen at the launch of traditional ETFs. Blachunas said: Here’s where we at after 90 minutes. $361m total. As a group that number would rank them about 15th overall in ETF volume (about what $TLT and $EEM trade), which is Top 1%. But again compared to a normal ETF launch, which rarely see more than $1m on Day One, all of them have cleared that number and then some. Matthew Sigel, head of digital asset research at asset manager VanEck, highlighted the significance of these figures in the first hours of trading, noting that Ethereum ETFs saw more than 50% of trading volume compared to Bitcoin’s $610 million on day one, indicating strong investor interest in Ethereum. However, how these numbers will fare at the close remains to be seen. Bitcoin ETFs saw $4.6 billion in volume on their first day of trading in January, which may indicate the future performance of these newly approved index funds for the second-largest cryptocurrency on the market. ETHs Price Targets Soar Crypto analyst Doctor Profit shared a report highlighting a potentially massive parabolic move for Ethereum’s price this year in the wake of the expected inflows in the new Ethereum ETF market.  While some anticipate a correction due to the “sell the news” phenomenon, Doctor Profit argues that the market has already factored in the ETF launch but has yet to consider the significant inflows of USD that will flood into the Ethereum ETFs.  With Ethereum’s market cap being three times smaller than Bitcoin’s, Doctor Profit believes that every dollar invested in ETH is expected to have three times the price impact compared to Bitcoin, positioning Ethereum favorably for substantial price gains. Furthermore, the analyst contends that while Ethereum’s Grayscale ETH Fund sell pressure is comparable to the Bitcoin ETF launch, the impact is expected to be less severe.  Related Reading: Helium (HNT) Rockets In Value With 41% Rally Heres Why Looking ahead, Doctor Profit has set expected price targets for Ethereum in the coming months, including a potential target between $4,500 and $5,500 by Q3 2024, indicating steady but modest growth.  Moving into Q4 2024 and Q1 2025, the price range is expected to expand from $5,500 to $8,000. However, it is in Q2 2025 that Ethereum is expected to significantly jump, with price targets ranging from $8,000 to $14,000.  At the time of writing, ETH is trading at $3,444, showing sideways movement with no significant change from yesterday’s price, despite the hype surrounding the launch of the ETF market.  Featured image from DALL-E, chart from TradingView.com

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Bitwise CIO Bullish On Ethereum ETFs Fueling Surge To Record Highs Above $5,000

As the highly anticipated launch date of spot Ethereum ETFs approaches, Matt Hougan, Chief Investment Officer of crypto asset manager Bitwise, has stressed the potential for these ETF inflows to drive the Ethereum price to record highs.  In a recent client note, Hougan highlighted the significant impact that ETF flows could have on the Ethereum [...]

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Ethereum Inflows Soar: Record Week With $69M As ETFs Near Trading Launch, Whats Next?

Following the recent price spike that brought Ethereum (ETH) close to the $4,000 mark, the second-largest cryptocurrency has experienced inflows and renewed market enthusiasm. This comes in response to the US Securities and Exchange Commissions (SEC) approval of Ethereum ETF applications by major asset managers. Best Week For Ethereum Since March  According to a report [...]

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Ethereum Faces Resistance Against Bitcoin ETH/BTC Bullish Structure In Question

After a strong rally that pushed Ethereum to a local high of $2,730, the asset has retraced over 10%, now testing key support levels as the market cools off. The correction comes after days of heavy buying pressure and growing expectations of a broader altseason. However, the recent pullback has sparked debate among analysts and traders, with sentiment now split between those anticipating another leg up and others preparing for a deeper correction. Related Reading: Ethereum Multi-Year Consolidation Could Spark A Parabolic Move Details Some believe this pause is healthy and necessary before Ethereum resumes its uptrend. Others argue that ETH could retest lower zones, especially if Bitcoin remains range-bound. Top analyst Daan weighed in by highlighting the ETH/BTC pair, pointing out that Ethereum, after its big move up, is now facing resistance around the 0.026 BTC level. With Ethereum still trading far below its all-time high and caught in a wide macro range, the coming days may prove decisive. Whether this is just a short-term cooldown or the start of a larger correction, Ethereums current levels will likely dictate the momentum heading into the next phase of the market. Ethereum Holds Critical Support As ETH/BTC Pair Faces Key Resistance Ethereum continues to show resilience despite recent volatility, maintaining its position above the $2,400 level. This zone now acts as crucial support, and bulls must defend it to preserve the broader bullish momentum. While price action has cooled slightly following its sharp run to $2,730, ETH remains one of the stronger performers in the market, holding up well amid increased uncertainty and speculative positioning. Much of the current optimism hinges on Ethereums performance relative to Bitcoin. If ETH continues to outperform BTC, analysts believe it could trigger the long-awaited altseason a market phase where altcoins significantly outperform Bitcoin. Daan shared insights on this dynamic, focusing on the ETH/BTC ratio, which has gained notable strength in recent sessions. According to Daan, ETH has now run into resistance near the 0.026 level after a sharp rally. For bullish momentum to continue, ETH must hold above 0.0224. A break below this key support could trigger a slow bleed and potentially unwind the entire recent move. On the upside, a clear break above 0.026 would open the door to a move toward 0.03 and beyond. In short, Ethereums short-term direction will likely be shaped by its ability to hold $2,400 and maintain strength against Bitcoin. If both conditions are met, the case for a sustained altcoin rally grows significantly stronger. Related Reading: Dogecoin Whales Accumulate 1 Billion DOGE In A Month: Fueling Price Surge Speculation ETH Pulls Back Into Support After Failing To Break $2,700 Ethereum is currently trading at $2,485, following a sharp retracement from its recent local high near $2,730. The chart shows that ETH failed to hold above the 200-day simple moving average (SMA) at $2,701, which acted as a strong resistance zone. After days of sustained upward momentum, this rejection has pushed the price back toward the 200-day exponential moving average (EMA) around $2,438 a key level that now serves as immediate support. Volume has remained elevated during this move, suggesting active participation from both bulls and bears. Despite the rejection from the 200 SMA, Ethereum is still holding well above its breakout zone from early May, where the price surged from under $2,000. If bulls can defend the EMA and keep price above $2,400, this could form a higher low and set the stage for another attempt at reclaiming the $2,700$2,800 area. Related Reading: Solana Sees Renewed Demand As Capital Flows Turn Positive Details However, if ETH loses the $2,400 level, momentum could shift in favor of the bears, potentially triggering a larger correction. For now, Ethereum remains in a consolidation phase within a broader bullish structure. The next few daily closes will be critical to confirm if the pullback is healthy or a signal of deeper weakness. Featured image from Dall-E, chart from TradingView

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EigenLayer Makes A Big Splash With EIGEN Token Launch And Major Airdrop Plan, Get The Full Scoop!

EigenLayer, a decentralized restaking protocol built on Ethereum (ETH), has made significant announcements, paving the way for new developments within the crypto ecosystem.  The protocol unveiled its native token, EIGEN, which the newly formed Eigen Foundation will distribute. Alongside this, EigenLayer introduced a major plan for an airdrop and released a comprehensive new Whitepaper. EigenLayer [...]

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SEC Anticipated To Reject Spot Ethereum ETFs In Upcoming Decision, ETH Price Takes 5% Hit

Over the past 24 hours, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has experienced a significant 5% price drop. This drop comes amid growing speculation that the highly anticipated Ethereum ETFs will likely be rejected by the US Securities and Exchange Commission (SEC) in the upcoming May deadline. US Bitcoin ETF Issuers Brace For SEC’s Expected Denial According to a recent Reuters report, various US Bitcoin ETF issuers and firms anticipate the SEC’s denial of their applications to launch ETFs tied to the price of ETH.  These expectations have been fueled by “discouraging meetings” between the applicants and the regulatory agency in recent weeks, as disclosed by four individuals familiar with the matter. Related Reading: Stellar The New Star: XLM On Tear As Analyst Predicts $0.47 Price Target Prominent investment firms such as VanEck, ARK Investment Management, and seven other issuers have submitted filings with the SEC to list ETFs that would track the spot price of Ethereum.  As the first in line, VanEck’s and ARK’s applications are subject to the SEC’s decisions by May 23 and May 24, respectively. The sources involved in the meetings between Bitcoin ETF issuers and the SEC have reported that the discussions have been primarily one-sided, with agency staff not engaging in substantive details about the proposed products.  This starkly contrasts the intensive and detailed discussions between issuers and the agency before the SEC’s landmark approval of spot Bitcoin ETFs in January.  The issuers argued during the meetings that the approval of spot Bitcoin ETFs and Ethereum futures-based ETFs by the SEC in October set a precedent for the spot ETH products. They also made efforts to address potential regulatory concerns.  Despite their arguments, the report notes that the SEC staff did not clarify specific concerns or engage in meaningful dialogue, further indicating a possible denial of the requests. Setback For Crypto Industry If these expectations materialize, it would be a setback for the cryptocurrency industry, which had hoped that the approval of spot Bitcoin ETFs would pave the way for similar products and contribute to the mainstream adoption of cryptocurrencies.  According to Todd Rosenbluth, head of ETF analysis at data firm VettaFi, the likely delay in approval or rejection until later in 2024 or beyond has left the regulatory landscape uncertain. While some issuers have expressed their intention to submit additional disclosure paperwork to continue the conversation with the SEC, the overall sentiment indicates a growing belief that the applications will be rejected. VanEck CEO Jan van Eck has already stated that the company’s application will likely be rejected, while ARK Investment Management has yet to comment. Rejected Ethereum ETFs Could Spark Potential Court Battles Several applicants expect the SEC to cite broader issues, such as the nature and depth of statistical data on the underlying ETH market, as reasons for their decision in the event of ETF rejections.  Matt Hougan, chief investment officer at Bitwise Asset Management, which has filed for a spot in Ethereum ETF, believes that the SEC may require more time to observe Ethereum futures and gather additional data. Related Reading: Why Is The Crypto Market Down Today? Key Reasons Explained Industry insiders further speculate that rejecting Ethereum ETFs could potentially lead to legal action, with one source suggesting that the courts may get involved before Ethereum ETFs eventually become a reality. The anticipated rejection has already influenced the price of Ethereum, with Hong Fang, president of the crypto exchange OKX, stating that the cryptocurrency is experiencing downward pressure as market participants factor in the likelihood of a negative outcome. Currently, ETH is trading at $3,100, further highlighting the cryptocurrency’s persistent downtrend over broader time frames. Over the past fourteen and thirty days, the token has experienced significant declines of 12% and 14%, respectively. Featured image from Shutterstock, chart from TradingView.com

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Top Analyst Predicts Ethereum Could Ignite Bull Rally If Price Surpasses $2,330

As Bitcoin (BTC) approaches the $90,000 mark, Ethereum (ETH) remains in a consolidation phase, trading just above $1,500. This divergence in price movements has sparked discussions among crypto analysts regarding the potential future trajectory of Ethereum, particularly in light of Bitcoin’s bullish momentum. Ethereum Bull Run Potential Crypto analyst Ali Martinez recently shared insights on social media platform X (formerly Twitter), suggesting that Ethereum could ignite a new bull run if it manages to breach the critical resistance level at $2,330.  Martinez emphasized that a breakout above this supply wall could signal renewed investor interest and push ETH towards significantly higher prices. However, Ethereum has been trapped in a narrow range between $1,500 and $1,650 for the past week, lacking any substantial catalysts to spur an upward movement. Related Reading: Dogecoin Stalls After 42 Days Of Flat Price Action Is A Breakdown Coming? The immediate focus for Ethereum bulls is the $1,600 level, which has emerged as a near-term resistance point. Market expert TedPillows highlighted that Ethereum has recently broken out of a downtrend for the first time since February 2025, indicating a potential shift in market sentiment. If ETH can hold above the $1,600 threshold, analysts speculate it could rally towards the $2,000 mark by April. Conversely, some analysts, including Crypto Fella, warn of the risks associated with Ethereum’s current stagnation. The importance of a swift upward movement; a failure to break through the nearest resistance could result in a drop towards $1,200, highlighting the precarious nature of the altcoins current position. Bitcoin Surges Past $87,000 In stark contrast, Bitcoins market performance paints a different picture. The cryptocurrencys recent surge above $87,000 is interpreted by Nicholas Roberts-Huntley, CEO of Concrete and Glow Finance, as a clear indication that investors are seeking refuge in decentralized assets amidst rising tariffs, inflation concerns, and global economic uncertainty.  This sentiment is echoed as the crypto market reacts to political tensions, particularly surrounding President Trumps threats to remove Federal Reserve Chair Jerome Powell for not expediting interest rate cuts.  Related Reading: Bitcoin Surges Above $87,000 In Sudden Move Heres The Catalyst Youwei Yang, chief economist at Bitcoin mining company BIT Mining, provided further context on Bitcoin’s behavior in the current economic climate.  Yang noted that while Bitcoin may initially respond like a risk assetsimilar to tech stocksduring times of crisis, it tends to stabilize and exhibit characteristics of a safe haven asset akin to gold as market conditions improve. At the time of writing, ETH is trading at $1,584, posting losses of over 3% in the weekly time frame. Even more concerning, the altcoin is still down nearly 70% from its all-time high reached in the last bullish cycle. Featured image from DALL-E, chart from TradingView.com

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Ethereum Blockchains Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge

Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to $369 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable.  [...]

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On The Brink: Ethereum Challenges Descending Channel, Targets $3,000 Price

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is preparing for a potential rally towards the $3,000 mark, a level not towardseen since early February. This comes despite a tumultuous month in which the altcoin has experienced a nearly 20% decline in price, reflecting broader trends in the cryptocurrency market currently in a bearish phase given global economic concerns. Can Ethereum Break Through $1,600 For A New Bullish Trend? Over the past two months, Ethereums price has faced substantial headwinds, retracing approximately 67% from its all-time high of $4,878 reached four years ago.  However, recent data indicates a slight recovery, with ETH gaining 9% on a weekly basis and currently trading above the key psychological support level of $1,500. Despite this rebound, trading volumes have dipped to around $12 billion in the past 24 hours, which suggests some caution among investors. Related Reading: Bitcoin Price Forecast: What Experts Anticipate Following The Jump Toward $85,000 Carl Moon, a cryptocurrency analyst, recently shared insights on social media platform X (formerly Twitter), suggesting that Ethereum is attempting to break out of a descending price channel. He noted, If there’s enough volume, $ETH might reach $3,000 in the coming days. In Moon’s analysis, the $1,500 mark serves as a critical short-term resistance level, while the $1,600 barrier looms as the next significant obstacle that must be overcome for a sustained bullish trend to emerge.  As long as ETH maintains its current position around $1,585 and buying pressure continues, a bullish scenario could unfold, preventing a drop back towards the yearly low of $1,380 reached just last week. Ascending Triangle Pattern May Lead To Key Support Retest Adding to the bullish sentiment, market expert Captain Faibik has also indicated in a social media update that the Ethereum price appears to have bottomed out and is poised for a strong rebound.  Faibik projects that ETH could reach the crucial resistance level of $2,150 in the coming days if it successfully breaks out of a broadening wedge pattern, which could signal the beginning of a new bull run for the asset. Related Reading: XRP Upswing Not Far Off As Open Interest SwaysDetails Despite these optimistic analyses, challenges remain for Ethereum. Bullish catalysts are currently lacking, and there is no clear direction for the altcoin. Ali Martinez, has pointed out that Ethereum is breaking out of an ascending triangle on the hourly chart.  This pattern could lead to a potential retest of the $1,500 support level in the near term. If this support holds, it would signal a short-term victory for bulls betting on a renewed bullish trend for Ethereum. Featured image from DALL-E, chart from TradingView.com

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Dencun Upgrade Officially Deployed On Ethereum Mainnet, ETH Price Holds Steady Below $4,000

Ethereum (ETH) has completed a major software upgrade, Dencun, that promises to make utilizing the network ecosystem more cost-effective. This update specifically targets Layer 2 (L2) networks, such as Arbitrum (ARB), Polygon (MATIC), and Coinbases Base, which are interconnected with Ethereum.  With Dencun, transaction costs on these networks have significantly decreased, with fees dropping from [...]

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Getting Cheaper, Getting Higher? Ethereum Dencun Upgrade And The Potential For ETH To Rise Back Above $4,000

The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas.  Ethereum Dencun Upgrade As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper.  In particular, transactions that used to cost $1 can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 Merge. Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users.  However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion. AI-Driven Trading Strategies According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience.  In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem. In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains.  While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows.  How Could Dencun Boost ETH Price? While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of $3,916, the Dencun upgrade holds the potential to have a positive impact on its price. The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens. Related Reading: Expect A Bitcoin Scarcity Crisis In 6 Months, BTC To $100,000? Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of $4,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen. Featured image from Shutterstock, chart from TradingView.com

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Prometheums Ethereum Custodial Launch Puts SECs ETH Classification In The Spotlight

Prometheum, an alternative trading platform for crypto securities assets, has recently announced the launch of its custodial services for Ethereum (ETH). This move has significant implications for the legal status of the second-largest cryptocurrency by market capitalization.  Fortune Magazine reported that the companys strategy is to compel regulators, particularly the Securities and Exchange Commission (SEC), [...]

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Ethereum Dencun Upgrade Launch Boosts ETH Price, Eyes 90% Fee Reduction

Ethereum (ETH) has made significant strides in its 2024 roadmap with the successful launch of the Dencun upgrade on the final Holesky testnet.  This is seen as a crucial step towards deploying the upgrade on the mainnet, signaling Ethereum’s progress in improving transaction efficiency, and scalability and reducing transaction fees by up to 90%. As a result, ETH has surged 2.9% in the last 24 hours, breaking its previous downtrend. Ethereum Dencun Upgrade The Dencun upgrade was first activated on the Sepolia testnet in January 2024, following its deployment on the Goerli testnet. This upgrade aligns with Ethereum’s broader strategy to enhance scalability and reduce transaction costs for its users.  Related Reading: Cardano Founder Takes Jab At Solana After Major Outage Introducing the concept of “proto-danksharding,” Dencun aims to decrease transaction costs for layer-2 blockchains and address scalability challenges, paving the way for the eventual implementation of “danksharding” for further benefits. Once fully implemented, Dencun is expected to significantly increase Ethereum’s transaction processing capacity, potentially enabling the network to handle over 100,000 transactions per second. According to the networks development team, this scalability enhancement is crucial for supporting the growing ecosystem of decentralized applications (dApps) and users on Ethereum. Furthermore, Dencun will have notable technical improvements, such as the introduction of ‘blobs,’ which reduce the cost of rollups on the Ethereum mainnet by compressing transaction data off-chain.  By caching data needed for short-term transaction verification, blobs aim to minimize storage and processing requirements, further enhancing the network’s transactional capabilities. Anticipation For ETH’s Market Impact The successful implementation of the Dencun upgrade holds the potential for significant implications on ETHs market value, driven by a combination of factors. Firstly, the upgrade’s enhanced network capabilities, including boosted transaction processing capacity and reduced costs, are expected to attract more developers and users to the Ethereum ecosystem.  With improved scalability and lower transaction fees, Ethereum could become a more attractive platform for building dApps and conducting transactions. This increased utility and demand for Ethereum could have a positive impact on its market value as more participants seek to acquire ETH tokens. The perceived reliability and forward momentum resulting from the successful implementation of Dencun may attract more investors to consider Ethereum as an investment opportunity. The increased interest and demand for ETH tokens driven by this positive sentiment can contribute to potential price appreciation. Lastly, the anticipation of Dencun’s benefits and the reactions to its successful implementation may lead to short-term price volatility, with investors adjusting their positions based on their expectations of how the upgrade will impact Ethereum’s functionality and market position. Related Reading: Microstrategy Buys More Bitcoin: Heres How Much Profit It Holds Now All of these developments could have a significant impact on ETH’s price trajectory and position the token in a long bullish trend, if this momentum continues to be capitalized on, the next barrier at $2,450 could be easily surpassed, potentially sending ETH to new highs.  While the long-term implications remain to be seen, this is a positive development for ETH bulls as the network has lacked significant catalysts and has been involved in a significant price correction for the past 3 weeks. With activations on the Sepolia and Goerli testnets already completed, the final testnet deployment, Holesky, was initially scheduled for February 7, 2024. However, it has now been rescheduled for March 2024.  Featured image from Shutterstock, chart from TradingView.com

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Ethereum Make-Or-Break Moment: This Key Level Determines Path To Reach $7,000

Despite Ethereum (ETH) recently losing the critical $3,000 threshold due to broader cryptocurrency market corrections influenced by escalating regulatory tensions between the US and China, optimism for the leading altcoin persists.  As of now, Ethereum has rebounded nearly 10%, trading just above $2,800, which places it above key support levels that could pave the way for new record highs in this bullish cycle. Critical $2,700 Level: Key For ETHs Bullish Structure Throughout this market cycle, Ethereum has struggled compared to its peers. With a year-to-date (YTD) increase of only 21%, it has significantly lagged behind other cryptocurrencies like Solana (SOL) and XRP, which have recorded impressive gains of 120% and 420%, respectively. Despite this, crypto analyst Ali Martinez has pointed out that Ethereum must maintain the $2,750 support level to establish a foundation for a potential surge to $6,760.  In another analysis, Martinez noted that if Ethereum forms a head-and-shoulders patterna common technical chart patternthe altcoin needs to stay above $2,700 to preserve its bullish structure, with a target of reaching $7,000.  This indicates that the $2,700 level is pivotal for Ethereum’s potential to achieve a new record high, suggesting a possible 150% increase if these scenarios materialize. Another analyst, known as Morecryptoonl, cautioned that the market lacks substantial structure at present, indicating that a break above the recent local low of $2,909 would signify a more stable price environment. He emphasized the importance of maintaining support above $2,236 for a more robust recovery. Trump Family Backs Ethereum Adding to the optimism, the Trump family has shown notable support for Ethereum. World Liberty Financial (WLFI) recently purchased an additional 1,826 ETH, amounting to approximately $5 million.  According to Lookonchain data, with a total investment of 61,114 ETH for $205 million at an average price of $3,354, WLFI has sustained a loss of about $31 million on this position. Moreover, Trumps crypto venture also transferred significant amounts of various cryptocurrencies, including 86,296 ETH ($235 million) and 647 WBTC ($65.5 million), to Coinbase Prime, indicating a strategic positioning within the crypto market. Further bolstering Ethereum’s prospects, recent ETF flows reveal a noteworthy trend: while approximately 2,400 BTC were sold on February 3, ETH exchange-traded funds (ETFs) saw net inflows of $83.6 million.  This contrasts sharply with the $234.4 million in net outflows from Bitcoin ETFs, suggesting that institutional investors are increasingly confident in Ethereum’s future, despite recent price corrections. Trading at $2,819, ETH is down as much as 21% on a monthly basis, with a 42% gap to its all-time high of $4,878 reached during the 2021 bull run. Featured image from DALL-E, chart from TradingView.com

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Market Expert Highlights Top Coins To Watch As Ethereum (ETH) Reaches 22-Month High

Market expert Miles Deutscher has identified several key trends and developments in the cryptocurrency market, particularly focusing on the Ethereum (ETH) rally and its implications for Layer-2 (L2) decentralized finance (DeFi) altcoins.  Deutscher highlights that ETHs recent surge to a 22-month high of $3,130 has sparked increased interest in L2/DeFi altcoins, presenting potential opportunities for [...]

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On-Chain Data Reveals Binances Strategy Behind Massive Ethereum And Solana Sell-Off

As the broader cryptocurrency market grapples with significant downturns, Ethereum (ETH) and Solana (SOL) have emerged as some of the hardest-hit assets among the top ten digital currencies.  On top of that, recent allegations by market experts on social media suggest potential market manipulation by major players in the space, raising further concerns for investors. Ethereum Falls Below $2,600: Potential End To Altseason Over the past few days, on-chain data has surfaced, indicating large-scale selling of Ethereum and Solana tokens primarily by Binance (BNB), the world’s largest cryptocurrency exchange.  Market expert Crypto Rover highlighted that these sales, which occurred over a span of just 48 hours, have contributed to a staggering 7% drop in Ethereum and a 12% decline in Solanas value. Related Reading: Bitcoin Crashes: Experts Warn Of 6-Month Slump To $73,000 Ethereum has now breached its critical support level of $2,600, a point that analysts like Ali Martinez caution could signal the end of the altcoin season if confirmed on higher time frames.  Martinez notes that the next significant threshold for the Ethereum holders is set at $2,300; falling below this level could jeopardize the psychologically crucial $2,000 mark. For Solana, the situation is similarly dire. The asset has retraced below its major support level at $150, settling around $140. This decline represents a considerable 51% gap from its all-time high of $293 reached in January. The bearish sentiment surrounding Solana is further underscored by a stark drop in network activity. Martinez pointed out that Solana’s active addresses have plummeted by 60%, falling from an impressive all-time high of 18.5 million in October to just 7.3 million. Market Manipulation Allegations Arise Amidst these troubling developments, voices within the crypto community are suggesting that the market turbulence may not be coincidental.  Experts like Marty Party have expressed concerns about the role of Binance, asserting that the exchange may have offloaded its holdings in Solana and Ethereum to cover fines imposed by the Department of Justice (DOJ) while also profiting from liquidating leveraged futures positions. Such actions have been characterized as manipulative, with Marty noting the timing of these sales. Doctor Profit, another market expert, also suggests that platforms like Bybit may have engaged in similar practices to recover lost Ethereum after its recent hack, fueling further speculation about the integrity of these exchanges. Critics argue that these market maneuvers are indicative of a broader pattern of manipulation, particularly aimed at triggering mass liquidations among long positions.  Related Reading: Ethereum Price Crash To $2,000 Could Happen As Smaller Timeframes Turn Bearish Doctor Profit remarked on the apparent transparency of these manipulations, suggesting that market players are exploiting the naivety of average crypto investors. Given the current climate, there is a growing call within the crypto community to shift away from centralized exchanges and traditional financial structures.  Advocates like Doctor Profit are urging investors to embrace decentralized finance (DeFi) and monolithic networks, emphasizing the importance of self-custody and minimizing reliance on institutions that may be susceptible to manipulation. For now, Ethereum has managed to stabilize at $2,390, which is nearly 50% below the record high of $4,878 reached during the 2021 bull market. Featured image from DALL-E, chart from TradingView.com

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Why Ethereum Is A Must-Watch: Expert Analysis Highlights 4 Strong Bullish Indicators

As the new week begins, Ethereum (ETH)the second-largest cryptocurrency by market capitalizationhas seen a significant decline, dropping nearly 10% below the critical support level of $2,500.  However, amidst this downturn, prominent crypto analyst Doctor Profit has identified four compelling bullish indicators that suggest Ethereum may be poised for a resurgence, potentially inching closer to its all-time high and even surpassing it. Key Indicators Signal A Bullish Turn In a recent post on X (formerly Twitter), Doctor Profit shared insights from a detailed long-term analysis of Ethereum. He emphasizes that this evaluation is not about short-term hype or quick profits but focuses on the upcoming months.  Right now, ETH is the best opportunity in the market, he stated, highlighting key indicatorstechnical, psychological, and on-chainthat support his bullish stance. Related Reading: Bitcoin Price Tumbles 5%Key Support Levels in Focus Doctor Profits analysis is grounded in extensive price action data, with a focus on high-timeframe signals that typically indicate significant market moves. Here are the four major indicators he outlined: The 200-week Exponential Moving Average (EMA) has historically served as a critical support level for Ethereum. During past market downturns, such as the COVID crash in 2020 and the bear market in 2022, the price has quickly rebounded after dipping below this key threshold. Given that a few weeks ago, the price was merely 4% from this support, the risk-reward ratio for potential investment is compelling. Doctor Profit estimates a possible move toward the $8,000 to $10,000 range, representing an approximate 200% upside, while the worst-case scenario offers a mere 20% downside. Doctor Profit Sees Potential For Major Ethereum Price Surge The analyst further highlighted that ETHs price has been trending within a long-term ascending channel, currently approaching its lower boundarya historically favorable entry point for investors.  Doctor Profit anticipates a breakout from this channel in the coming months, targeting the $4,000 mark, a level that has faced multiple rejections.  However, the analyst assures that each failed attempt brings the Ethereum price closer to a definitive breakout, with potential targets reaching as high as $8,000 to $10,000. One of the most significant patterns currently forming is the weekly ascending triangle. This pattern has been consolidating since 2020, indicating a robust bullish setup.  Related Reading: Is Toncoin Building a Foundation for a Long-Term Comeback? Analyst Weighs In Doctor Profit notes that moves stemming from such patterns often lead to substantial price expansions, similar to recent trends observed in XRP. The implications of this formation suggest that Ethereum may be on the brink of a powerful upward movement. A substantial liquidity zone exists around the $4,000 region, aligning perfectly with both the anticipated breakout from the ascending channel and the ascending triangle.  This concentration of liquidity could facilitate a strong market response, according to the analyst, propelling Ethereum through this critical threshold and triggering a significant upward movement. Despite the current bearish sentiment surrounding Ethereum, characterized by retail disinterest and high fear, Doctor Profit emphasizes that institutional accumulation is on the rise.  Record inflows into Ethereum exchange-traded funds (ETFs) and significant on-chain withdrawals further indicate that larger investors are positioning themselves for future gains. ETH is currently trading at $2,420, down as much as 10% over the past 24 hours and over the past week.  Featured image from DALL-E, chart from TradingView.com

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ERC-404 Sector Plunges: Market Capitalization Drops By 29% In 24 Hours

Surprisingly, the newly introduced Ethereum (ETH) token standard, ERC-404, made an impressive debut in the crypto market, outperforming many other digital assets.  However, as Bitcoin (BTC), the dominant cryptocurrency, began to rally, investors swiftly shifted their focus to the king of crypto. Consequently, this shift led to notable price drops and market capitalization declines across the ERC-404 ecosystem and its associated tokens. From Skyrocketing Surges To Sharp Corrections According to data from CoinGecko, the ERC-404 sector has experienced a significant decline, with an overall market capitalization drop of 29% in the past 24 hours.  Key tokens within this sector, including PANDORA, DeFrogs, RUG, Froggy Friends, and Crystal, have all witnessed substantial price decreases. PANDORA, which had garnered attention and speculation, surged by a staggering 12,000% within a week.  Opening at $250 on February 3, 2024, its value skyrocketed to over $34,000 per token by February 9, 2024. However, it dropped by 38% from its all-time high (ATH) in just 24 hours. Related Reading: Top-Trader Picks Cardano As Bull Market Leader: Heres Why On the other hand, Crystal suffered the most significant losses, with its price plummeting by 28.4% and trading volume declining by over 35%. These figures indicate a stark decline in market activity for the token. Currently, Crystal is down more than 51% from its ATH of $792.74, exemplifying the inherent volatility of the ERC-404 sector. Following closely behind, Froggy Friends experienced a 16% drop in trading volume and an 81% decrease in price from its peak of $823. CoinGecko data reveals that Froggy Friends currently trades at $150 per token. But what are the ERC-404 token standards? And what is causing the price and market capitalization to drop? Navigating The ERC-404 Ecosystem Ethereum, known for its smart contract platform, has been a breeding ground for various token standards. While ERC-20 and ERC-721 gained widespread adoption for fungible and non-fungible tokens (NFTs), a new contender emerged: ERC-404.  Named after the popular website error code “404,” ERC-404 introduces the concept of “semi-fungibility” to Ethereum. It combines the divisibility of ERC-20 tokens with the uniqueness of ERC-721 tokens, bridging the gap between these two types. ERC-404 tokens are associated with specific NFTs, allowing fractional transfers of linked NFTs. Full ownership results in minting the linked NFT to the holder’s wallet, while fractional transfers trigger the burning of the associated NFT. New NFTs are automatically minted when sufficient fractions are accumulated to form a complete token. DN-404 Prepares To Challenge ERC-404’s Dominance?  According to a recent report by The Block, transaction fees increased as ERC-404 tokens gained traction, prompting developers to work on an alternative implementation called Divisible NFT (DN-404).  This new standard aims to optimize code and reduce transaction fees, addressing the rising costs associated with ERC-404 tokens. The DN-404 implementation is set to be released soon, potentially alleviating network congestion caused by the influx of ERC-404 tokens. While there were initial discussions between the Pandora team, the creators of ERC-404, and the developers working on DN-404, the two groups did not reach an agreement and are not collaborating, according to the report.  This introduces uncertainty for traders and investors who navigate between supporting the original ERC-404 or the upcoming DN-404 implementation. Related Reading: Bitcoin Optimism: Analysts Signal Potential New All-Time High For BTC In 2024 Overall, the introduction of ERC-404 brought excitement and volatility to the crypto market. While semi-fungibility and fractional transfers of linked NFTs hold promise, challenges such as rising transaction fees and the emergence of DN-404 have impacted the ERC-404 ecosystem.  Traders and investors now face the dilemma of choosing between the original implementation and the upcoming alternative. As the market evolves, it will be interesting to see how the ERC-404 sector adapts and whether it can regain stability and investor confidence. Featured image from Shutterstock, chart from TradingView.com

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