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

View Details

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 [...]

The post Ethereum (ETH) Triangle Formation Hints At A Double Bottom: Breakout and New ATH? appeared first on Crypto Breaking News.

View Details

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 [...]

The post Road To $5,000: Ethereum Maintains Similarities With 2016 Price Movements appeared first on Crypto Breaking News.

View Details

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.

View Details

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

View Details

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 [...]

The post Ethereum Sees 43% Crash In Active Addresses, Whats Going On? appeared first on Crypto Breaking News.

View Details

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 [...]

The post Crypto Analyst Predicts What Will Drive The Ethereum Price Back Above $3,000 Again appeared first on Crypto Breaking News.

View Details

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

View Details

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. 

View Details

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, [...]

The post Diamond Hand Ethereum Whale Moves 15,000 ETH, Heres The Destination appeared first on Crypto Breaking News.

View Details

Ethereum Whale  Moves $38.4M To Kraken: Is A Price Drop Coming?

An Ethereum whale, specifically 0x682 has made a transfer of a large amount of ETH to the Kraken exchange, causing concern among the community. As per analytical platform Spot On Chain, this whale moved 15,000 ETH, which is worth around $38.4 million, just eight hours back. This whale has previously dumped the prices after making […]

View Details

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

View Details

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, [...]

The post Ethereum In 2021 Vs. 2024: Fractal Suggests Major Breakout In Q4 appeared first on Crypto Breaking News.

View Details

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. 

View Details

112,000 ETH Moved To Crypto Exchanges In The Past Day Impact On Ethereum Price?

The Ethereum price has been one of the major talking points in the crypto space lately, having been under significant bearish pressure in recent weeks. However, the second-largest cryptocurrency seems to be on a recovery path following its first positive weekly performance in more than a month. Recent on-chain data shows that significant amounts of ETH tokens have made their way to centralized exchanges in the past day. The question now is could this hamper the recent progress shown by the Ethereum price? Heres How Rising Exchange Inflow Affects Ethereum Price Prominent crypto pundit Ali Martinez took to the X platform to reveal that Ethereum investors have been moving their assets to centralized exchanges in the past 24 hours. This on-chain observation is based on the CryptoQuant exchange reserve metric, which monitors the total amount of a particular cryptocurrency on all exchanges. Related Reading: Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles Typically, the value of this metric increases when investors make more deposits than withdrawals of a token (Ether, in this case) into a centralized exchange. On the flip side, when the exchange reserve metric falls, it implies that the holders are moving their assets out of crypto exchanges. When investors move their assets from self-custodial wallets to centralized exchanges, it is often because they intend to use the platforms services, which include selling. As a result, an increase in the exchange reserve metric is often associated with increasing selling pressure.  According to data from CryptoQuant, more than 112,000 ETH (worth around $257.6 million) were transferred to cryptocurrency exchanges in the last 24 hours. The movement of these significant Ether amounts could trigger downward pressure on the Ethereum price. Considering its delicate position at the moment, bearish circumstances, such as rising exchange inflows, could hinder the Ethereum prices newly found momentum. Nonetheless, it is worth noting there has not been such an effect on ETHs price in the past day. On the contrary, the altcoin is up by more than 3% while looking to breach the $2,500 level. Are Investors Fleeing The Market? The latest on-chain data shows that investors might be flooding out of the Bitcoin and Ethereum markets. According to Ali Martinez, over $2.6 billion has flowed out of the two largest cryptocurrencies in the last seven days. Related Reading: Cardano (ADA) Whales Securing Gains After 10% Upswing: Whats Next? This revelation is based on Glassnodes aggregate market realized value net position change metric. And it somewhat supports the earlier notion that investors might be offloading their Ether tokens. Moreover, this outflow of capital could spell more trouble for the crypto market, specifically the Bitcoin and Ethereum prices. Featured image created with Dall-E, chart from TradingView

View Details

VanEck, StoneX analysts peg Ether price upside at $12K to $22K

The Ethereum network could generate $66 billion in free cash flow from transaction fees by 2030, VanEck estimates.

View Details

Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December

Much like Bitcoin (BTC), the price of Ethereum (ETH) has been trading significantly sideways lately. Due to this downtrend, a legendary crypto analyst has offered some insights into Ethereums price movements, predicting that in the next three months, the pioneer altcoin could see its price hit a bottom.  Ethereum To Hit Price Bottom By December Benjamin Cowen, the founder of ITC Crypto and a prominent crypto analyst, has published a YouTube video discussing Ethereums price movements, highlighting a potential correlation between ETHs price declines with the rising United States (US) unemployment rates.  Related Reading: Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000 Historically, the rate of unemployment within the US tends to peak in the month of December, and Ethereum has experienced a price bottom during the same month in both 2016, and 2019. With the unemployment rate currently rising in the US, Cowen suggests that a continuation of this economic trend could lead to a peak in December 2024, potentially coinciding with a price bottom for Ethereum. For the past few months, the price of Ethereum has been on an unusual downward trend, crashing by over 20% earlier this year and dipping below $3,000. The cryptocurrency had mirrored Bitcoins price declines, bleeding red almost immediately after the broader market turned bearish.  Despite the launch of Spot Ethereum Exchange Traded Funds (ETFs), ETH has failed to gain enough momentum to propel its price to previous highs. Considering the cryptocurrencys extensive decline trend, Cowen predicts that Ethereum could witness a 50% decline soon.  Although the analyst did concede that the projected decline might not be as severe as a 50% drop, he remains convinced that some degree of decline, even if mild, is probable. As a result, Cowen has set a new target for Etheruems price by December, predicting that the pioneer cryptocurrency could see its price dropping to $1,200 from its current value.  While drawing parallels between Etheruems price actions in 2019 and 2024, Cowen further suggested in an X (formerly Twitter) post that ETH might temporarily fall below its recently formed a wedge pattern before finding a price bottom. The analyst believes that after Ethereum hits its price bottom, the cryptocurrency could be on the road to a significant price recovery.  As of writing, CoinMarketCaps data reveals that Ethereums price is trading at $2,354, reflecting a slight uptick of 1.26% in the last 24 hours.  Selling Pressures Increase For ETH Amidst price declines and broader market volatility, Ethereum has also been experiencing an increase in selling pressures. On September 10, Lookonchain reported that MetaAlpha, a hedging and trading service company, had executed another major transaction in a deposit of 10,000 ETH tokens valued at $23.45 million. Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Heres When Over the past four days, the company has moved a total of $33,589 ETH, worth about $77.55 million, to the Binance crypto exchange in the past four days. Meanwhile, the Ethereum Foundation, a non-profit organization supporting the Ethereum ecosystem recently sold another 100 ETH tokens, bringing its total ETH sales since January to 2,616 ETH.  Featured image created with Dall.E, chart from Tradingview.com

View Details

Are Vitalik Buterins $10M Ethereum sales bad news for ETH bulls?

Buterins recent transfer of 1,100 ETH to exchanges coincides with the Ethereum Foundations Ether sales worth over $200 million.

View Details

XRP Has Surpassed Bitcoin, Ethereum, And Solana Combined In This Metric

The long-standing legal battle between Ripple and the US Securities and Exchange Commission (SEC) has finally made significant progress in court, and the case may be nearing its end, with a surge for XRP. As expected, this development revitalized interest in XRP, Ripple’s native cryptocurrency, which in turn led to a noticeable surge in XRP’s activity across the crypto industry.  On-chain data reveals a surge in the number of transactions and trading volumes for XRP on major cryptocurrency exchanges. One of the most noteworthy instances of this trend can be seen on the South Korean exchange, Upbit, where XRP trading volume has surged dramatically. This surge has been so pronounced that XRP’s trading volume on Upbit has eclipsed that of major cryptocurrencies like Bitcoin, Ethereum, and Solana. The price of XRP experienced a rapid surge in the immediate aftermath of a pivotal court ruling by Judge Analisa Torres, a decision that Ripple executives and the community interpreted as a positive outcome for the payments technology company. As reported by Bitcoinist, the federal judge ordered Ripple to pay $125 million in civil penalties to the U.S. Securities and Exchange Commission (SEC), which is significantly lower than the $2 billion initially sought by the regulator.  Related Reading: CryptoQuant CEO Says Bitcoin Price Could Reach New ATH If It Holds This Level In reaction, XRP surged from $0.50 to $0.6368 in less than two hours, according to data from Coinmarketcap. This sharp increase in value was accompanied by an extraordinary spike in trading activity, particularly on the South Korean-based exchange Upbit. During this period, Upbit’s trading volume reached an astounding 746 million XRP, valued at over 610 billion KRW within a 24-hour time frame.  At the height of this trading frenzy, XRP accounted for more than 30% of the total volume on the exchange. This huge trading volume was enough to account for 14% of the total transactions worldwide after the court ruling. Chad Steingraber, a fervent XRP enthusiast, shared this statistic on social media platform X.  Bithumb, another prominent cryptocurrency exchange in South Korea, also witnessed a dramatic increase in XRP trading volume. The altcoin’s trading volume surged past other major cryptocurrencies, including Bitcoin, Ethereum, and Solana, accounting for 22% of the total trading volume on the exchange. Whats Next For XRP? The recent ruling means XRP is now free from the burden of the lawsuit that has hampered its price growth for the past four years. However, despite this positive development, the case could continue to cast a shadow over XRP if the SEC decides to appeal the ruling. An appeal could extend the legal proceedings, thereby prolonging the uncertainty that has followed its price performance. Related Reading: Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner At the time of writing, XRP is trading at $0.6046. The recent price surge means the cryptocurrency has broken out of a descending triangle pattern again. According to a recent technical analysis, a significant breakout from this pattern could translate into an extended XRP price surge into new all-time highs. Featured image created with Dall.E, chart from Tradingview.com

View Details

Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner

A crypto analyst has reignited the debate between Ethereum (ETH) and Solana (SOL), evaluating which cryptocurrency was more superior. Considering recent market trends and performances of both altcoins, the analyst has finally identified a clear winner in the competition.  Solana Wins Battle Against Ethereum In a recent X (formerly Twitter) post, legendary crypto trader and [...]

The post Ethereum Vs. Solana: Legendary Trader Peter Brandt Reveals The Clear Winner appeared first on Crypto Breaking News.

View Details