Bitcoin
Analyst predicts $4K for ETH in the next two weeks
Bitcoin Holds, Ethereum, Dogecoin Drop Amid Stock Market Plunge: Analyst Predicts $4K for ETH in Next Two Weeks
Bitcoin held steady while Ethereum fell on Wednesday as the stock market recorded its worst trading day since late 2022.
|
Cryptocurrency |
Earnings +/- |
Price (recorded at 8:35pm EDT) |
|
Bitcoin (CRYPTO: BTC) |
-0.55% |
$65,491.11 |
|
Ethereum (CRYPTO: ETH) |
-3.92% |
$3,333.04 |
|
Dogecoin (CRYPTO: DOGE) |
-1.55% |
$0.1281 |
The largest cryptocurrency in the world Bitcoin little changed after a strong rally to $67,000 was undone by subsequent sell-offs. The apex cryptocurrency has been trending lower this week, falling 5.7%.
Ethereum were sold off in droves despite an impressive debut of spot ETFs in the US stock market, validating some of the earlier predictions made by analysts.
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Over $250 million locked in derivatives was liquidated in the past 24 hours, with long liquidations worth $219 million. Ethereum led the pack with $82 million in liquidations.
The drop caused a sharp decline in future Open Interest for both assets, with Ethereum witnessing a steeper drop of 5.4%.
Bearish bets on Ethereum have increased compared to bullish bets over the past 24 hours, signaling a bearish mood.
The Cryptocurrency Fear and Greed Index continues to display “Greed” as of this writing.
Top Earners (24 hours)
|
Cryptocurrency |
Earnings +/- |
Price (recorded at 8:35pm EDT) |
|
Flow (FLOW) |
+9.14% |
$0.6571 |
|
Jupiter (ALREADY) |
+4.45% |
$1.00 |
|
XRP (XRP) |
+3.67% |
$0.6198 |
The global cryptocurrency market is at $2.37 trillion, after a 1.17% drop in the last 24 hours.
The stock market fell on Wednesday, posting its worst performance since 2022. The broad market index S&P 500 Index fell 128.61 points, or 2.31%, to close at 5,427.13. The technology-heavy Nasdaq Composite fell 3.64% to close at 17,342.41. The blue-chip index Dow Jones Industrial Average fell 1.25% and closed at 39,853.87.
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The drop comes after major sell-offs in shares of tech giants Alphabet Inc. (NASDAQ:GOOGL) It is Tesla Inc. (NASDAQ:TSLA) amidst their second bedroom earnings reports. Tesla plunged 12.3% during the session, its worst since 2020, while Google the parent company fell 5%.
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Analyst Notes: Prominent cryptocurrency researcher Ali Martinez highlighted the importance of $66,000 as a “crucial” support level for King Crypto, holding it there would increase its chances of reaching new all-time highs.
In a previous post on X, he noted that Bitcoin needs to break above $66,450 for sentiment to shift to bullish.
Another widely followed cryptocurrency influencer Sheldon the sniper expressed a bullish outlook for Ethereum, stating that corrections are just to test HODlers’ resolve. “ETH to 4,000 in the next week or two,” the analyst predicted.
$ETH GRAPHIC $ETH haven’t looked this optimistic in a long time
This is the indentation to make sure you are in if you are a $ETH believer, there are 2 main zones to buy. The first zone has been hit, the second may be hit, but it is possible that it will not be. $ETH to 4K in the next week or two. These… photo.twitter.com/PJL3zObgvP— Sheldon the Sniper (@Sheldon_Sniper) July 24, 2024
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This article Bitcoin Holds, Ethereum, Dogecoin Drop Amid Stock Market Plunge: Analyst Predicts $4K for ETH in Next Two Weeks originally appeared in Benzinga.com
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