Ethereum
Here’s why the price of Ethereum (ETH) is rising sharply today
Ethereum staged a shocking rally as the token rose 18% in the past 24 hours, pushing the value to a month high. At the time of writing, Ethereum Price is valued at $3,659.60 with a market cap of $439.5 billion. Moments before skyrocketing, ETH price was weak around $31,000, but within 34 minutes, the price surged to $34,000, with a sharp increase in the number of transactions. Due to this, the trading volume jumped by 253%, bringing the value to $37.5 billion.
So why is the price of Ethereum rising so much today? Let’s look at this.
What is behind the rise in Ethereum prices?
After creating history as the most preferred cryptocurrency network, ETH reached its peak in 2021 when it reached its ATH of $4,891.70. But with market conditions declining, Ethereum remained low for years before experiencing a sharp rise in March 2024. And now, after weeks of hiatus, the price of Ethereum has started to rise again with a sharp rise in in the last 24 hours only due to two related factors. to market recovery and new updates on Ethereum ETF.
Bullish market conditions
After weeks of neutral sentiments limiting market conditions, bulls finally appeared in the market with a 70/100 market score. fear and greed index. This, combined with the increase in overall market capitalization to $2.61 billion and trading volume of $133.96 billion, confirms the bullish market conditions today. As a result, all cryptocurrencies, including Ethereum, recovered after making decent gains over the past 24 hours.
Moreover, Bitcoin Price targeting the ATH target of $73,750.07 after reaching $71,232, also sending altcoins higher.
Ethereum Spot ETF approved
The SEC’s decision on the Ethereum ETF will be released on Thursday, but one thing has changed, making it the main reason for the rise. After the SEC expressed its disagreement with Ethereum, investors lost all hope of hearing positive news on earnings day. Additionally, analysts presented a very low probability of approval of Ethereum Spot ETF due to Ethereum status issues between commodity and security. However, ultimately, analysts presented a 75% approval rating in the case of the ETH ETF, much higher than the previous 25%.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have openly reported that the chances of approval stand at 75%, based on the SEC’s advice to exchanges to update their 19B-4 Filings on an instant basis for Spot ETH ETFs. This simple gesture changes the trajectory of people’s opinions on SEC approval, including those of Bloomberg analysts.
Update: @JSeyff and I’m increasing our odds of Ether ETF spot approval to 75% (from 25%), hearing talk this afternoon that the SEC may do a 180 on this issue (a growing issue). more political), so now everyone is scrambling (like us, everyone assumed they would be refused). See… https://t.co/gcxgYHz3om
– Eric Balchunas (@EricBalchunas) May 20, 2024
How high can the price of Ethereum go?
Ethereum is still in a bullish sentiment and could continue to rise further. Agreeing with this, crypto analyst Oliver Isaac said that Ethereum price charts form the largest daily Ethereum candle in five years, which is almost equal to the total market capitalization of Solana (SOL). He further predicted that the price of Ethereum would reach $10,000 next.
Largest daily Ethereum candle in 5 years$ETH is in place almost all the mcap of $ SOL Today
If they approve the Ethereum ETF, they approve the entire industry.
ETH at $10,000 next target pic.twitter.com/3KLgjUu7Xe
–Olivier Isaacs (@oliverzok) May 21, 2024
Regardless, the current hype around the Ethereum ETF is believed to be behind the Ethereum bull run, easily pushing the value to $4,000. The Fibonacci level indicates a rise in Ethereum price, where if the trend continues, the value can rise up to $4,749 by the end of the month. Additionally, the approval of the Ethereum Spot ETF can push this value even stronger to $6,000.
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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