Ethereum
Explosive growth of Ethereum (ETH), $4,000 incoming? Shiba Inu (SHIB) Secures Breakout, XRP Needs These Two Resistance Levels
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The latest news on potential Ethereum The approval of ETFs has pushed the market into a strong uptrend. This surge triggered over $260 million in liquidations and pushed Ethereum above $3,600, potentially paving the way to $4,000.
Ethereum’s explosive growth can be attributed to the expected ETF approval. This has reinvigorated investor confidence, pushing the price of Ethereum to new highs. The bullish sentiment is further supported by technical indicators, which show strong bullish momentum.
The daily chart for Ethereum highlights a robust breakout above key resistance levels, including the 50 and 200 day moving averages. This breakout is accompanied by a substantial increase in trading volume, signaling strong buying pressure. The RSI has also moved into overbought territory, reflecting intense buyer interest.
The impact of this push extends beyond just Ethereum. The broader cryptocurrency market has seen a ripple effect, with Bitcoin also seeing significant gains. However, Ethereum’s rise has been dominant, with the asset gaining over 10% in the past 24 hours. This rally not only pushed Ethereum price above $3,600 but also positioned it to potentially challenge the $4,000 level.
According to recent figures, more than $260 million in short positions were liquidated as traders rushed to cover their losses. This massive selloff added further momentum to the uptrend, creating a feedback loop of buying pressure.
As Ethereum approaches the $4,000 mark, several factors will be crucial in determining its next move. The potential approval of the Ethereum ETF remains a key catalyst, as it would likely attract a wave of institutional investment. Additionally, continued positive sentiment and strong technical indicators could support the current bullish momentum.
Shiba Inu gets a boost
With the rise of Ethereum, Shiba Inu received some inflows and was able to break through the local resistance level reflected in the 50 EMA. This resistance suppressed SHIB’s performance, pushing it lower.
Shiba Inu’s recent breakthrough is significant as it finally managed to break through a key technical barrier that was capping its price action. The 50-day exponential moving average (EMA) has been a formidable resistance level, but SHIB’s latest move above this threshold signals potential for further upside momentum.
During weeks, SHIB the price was compressed between the 50 EMA and the support levels provided by the 200 EMA. The recent influx of purchases, driven by Ethereum’s impressive performance, gave SHIB the boost it needed.
Volume analysis supports this bullish narrative. There has been a notable increase in trading volume, indicating strong interest and conviction among traders and investors. This increase in volume is crucial to sustaining a breakout and potentially driving the price higher.
Looking ahead, SHIB faces its next resistance around the $0.000028 level, where previous rally attempts failed. If SHIB can maintain its momentum and generate continued buying interest, it could make a significant push toward that goal. Conversely, it will be essential for SHIB to remain above the 50 EMA to confirm the validity of this breakout and avoid falling back into the previous consolidation range.
The uphill battle for XRP
XRP finally crossed the 50 EMA, moving closer to the 100 EMA and potentially aiming for a breakout of 200 EMA. Such a bullish move would be a signal of an upcoming long-term price reversal and even a golden cross in the foreseeable future.
The daily chart indicates that XRP gained significant momentum after overcoming the 50-day exponential moving average, which acted as stubborn resistance. This achievement is a strong indication that the bulls are taking control. The next target for XRP is the 100 EMA, currently positioned around $0.55. A successful breakout of this level would further strengthen the bullish case and pave the way for a challenge to the 200 EMA.
The 200 EMA, currently around $0.57, is a critical resistance level. Historically, crossing this threshold has often signaled a substantial change in market sentiment, marking the transition from a downtrend to an uptrend.
If XRP manages to break above the 200 EMA, it could trigger a long-term price reversal and possibly lead to a golden crossover. A golden crossover occurs when a short-term moving average crosses above a long-term moving average, usually the 50 EMA crossing the 200 EMA, and is considered a strong bullish signal.
About the Author
Arman Shirinian
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman strongly believes that cryptocurrencies and blockchain will be of constant utility in the future. Currently, it focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
Ethereum
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