Ethereum Price Recovery May Stall Near 100-SMA: Is a Drop Coming?

Ethereum price is attempting a recovery wave above $2,280. ETH must clear the $2,360 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,150 zone. The price is trading below $2,320 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with [...]

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Ether Liquidity Plummets 40% On Exchanges After ETF Debut

Liquidity of Ether on US exchanges has plunged as much as 40% since the first spot Ether exchange-traded funds entered the market on July 23, 2024. That is a move rather expectedly coming for traders and analysts that had previously viewed the ETFs as a means to improve market liquidity and therefore stabilize prices. Instead, [...]

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Ethereum Price Analysis: Critical Technical Warning Flashes for ETH as $2.1K Seems Imminent

Ethereum has been notably bearish, marked by a sharp decline following a pullback to the lower boundary of a broken wedge, coupled with the formation of a death cross. Despite this, the price is nearing a crucial support level that could lead to a short-term sideways consolidation. Technical Analysis By Shayan The Daily Chart Ethereum […]

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Ethereum Enters Oversold Territory, Can The Pump Send It To $6,000?

Recent developments show that Ethereum has entered oversold territory. This is undoubtedly a bullish development for the second-largest crypto by market cap, as it looks set for a price rally that could send it as high as $6,000.  ETH Ready For Liftoff Having Entered Oversold Territory Crypto analyst Titan of Crypto suggested in an X [...]

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Ethereum Price Poised for Steady Recovery: Can It Build Momentum?

Ethereum price is attempting a recovery wave above $2,380. ETH must clear the $2,440 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,350 zone. The price is trading below $2,440 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at [...]

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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

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Ethereum Price Gains in Danger: Will the Decline Continue?

Ethereum price is attempting a recovery wave above $2,420. ETH must clear the $2,500 resistance to continue higher in the near term. Ethereum is attempting a recovery wave from the $2,320 zone. The price is trading below $2,480 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with [...]

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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 [...]

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Is Ethereum (ETH) on the Verge of a Big Breakout? (Analysts Weigh in)

"ETH is cooking something big right now," one analyst said.

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Bitcoin and Ethereum Trading And Custody Services Rolled Out By Swiss Banking Giant ZKB

Leading Swiss bank Zurich Cantonal Bank is the latest financial entity to enter the crypto waters in Europe, as it unveiled Bitcoin (BTC) and Ethereum (ETH) trading services on September 4, 2024. Swiss Banking Juggernaut To Offer Crypto Services In its press release published today, the bank said its customers can avail 24/7 cryptocurrency trading and custody services via its existing digital platforms such as ZKB eBanking and ZKB Mobile Banking. The fourth-largest Swiss bank with total assets under management worth $235 billion, Zurich Cantonal Bank has also joined forces with Crypto Finance AG, a subsidiary of the Deutsche Börse Group. The partnership will enable the banks customers to execute digital assets trades, in Bitcoin and Ethereum, the press release notes. Related Reading: 21Shares Parent Firm Becomes Switzerlands Crypto Giant As Gets Valued At $2B Commenting on the development, Alexandra Scriba, Head of Institutional Clients & Multinationals at Zurich Cantonal Bank said: Our newly launched offering in the area of cryptocurrencies offers a high level of security and allows the integration of additional currencies and applications. When it comes to cryptocurrencies, the Zurich Cantonal Bank assumes the critical function of the safe custody of private keys. Customers and third-party banks therefore do not need their own wallet and therefore do not have to worry about storing their own private keys. The Zurich Cantonal Bank takes care of both. The press release notes that Zurich Cantonal Banks latest crypto offering isnt just limited to its customers. The bank offers business-to-business (B2B) solutions that allow other Switzerland-based banks to provide their customers with crypto trading and custody services. Swiss cantonal bank, Thurgauer Kantonalbank is already leveraging this service. Its worth noting that this isnt the banks first exposure to digital assets, as in 2021, the institution was involved in issuing the worlds first digital bond on the SIX Digital Exchange.  Europe Continues To Embrace Bitcoin and Ethereum Europes history with cryptocurrencies such as Ethereum and Bitcoin has been rather convoluted. Due to its strict privacy laws and lack of a standard regulatory framework for digital assets, businesses have typically steered clear of entering the emerging industry in Europe. Related Reading: EU Watchdog Considers Crypto Integration Into $12.88 Trillion Investment Market For instance, Binance, the worlds largest cryptocurrency exchange by reported trading volume, has faced several regulatory hurdles in Europe. In 2023, Binance not only decided to cancel its registration with the UK Financial Conduct Authority (FCA), but also shuttered its operations in the Netherlands. However, with the increasing acceptance of cryptocurrencies worldwide – propelled by the approval of Bitcoin exchange-traded-funds (ETFs) by the US Securities and Exchange Commission (SEC) – countries and international unions are feeling more comfortable adopting the digital assets economy. In July 2024, USDC issuer Circle bagged Europes first stablecoin license in France, enabling the firm to operate as a compliant entity under the European Unions crypto regulations. The total crypto market cap stood at $1.975 trillion at press time. Featured Image from Unsplash.com, Chart from TradingView.com

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Ethereum Faces Network Shakeup: These Key Trends Point to Market Shifts

Ethereum, the second-largest cryptocurrency by market cap, has recently shown signs of a shifting market sentiment and momentum, according to an analysis by a CryptoQuant analyst named Percival. The analyst disclosed that various market conditions and technological developments have impacted Ethereum’s momentum and have led to mixed views on its future growth trajectory. Related Reading: Ethereum Price Trims Gains: Is the Rally Losing Steam? Ethereum’s Market Sees Shift Percival, highlighted that Ethereum has faced a decline in activity due to the rise of other blockchains with greater accessibility, more advanced technology, and faster update cycles. According to the analyst, “the positive Momentum sentiment is far below expectations.” So far, the open interest in Ethereum futuresa measure of capital flowing into derivative contractsreached $9.2 billion, with a notable inflow of $2.12 billion in August 2024. This represents a 30% rise but pales compared to the $6 billion inflow observed between April and May, reflecting only half of that previous momentum. Another major observation of the analysis was the Coinbase Premium Gap, indicating the differential between the price of Ethereum on Coinbase and other global exchanges. A slowdown in selling pressure from US-based investors suggests a possible positive shift in market sentiment. However, the market is still waiting for a significant influx of capital to drive a strong rally for Ethereum. The analyst pointed out that any future price recovery would depend on substantial investment inflows, which have yet to materialize. Furthermore, after the Federal Open Market Committee’s (FOMC) announcements, Ethereums gas fees surged, hinting at a possible shift of capital from traditional treasuries into decentralized finance (DeFi). The analyst mentioned an instance: the DeFi lending platform Aave, which operates on the ETH network, has seen a moderate rise in fee collection, from $42 million in March to $43 million in August. Ethereum Network Lags Behind While Percival noted that from an economic perspective, Ethereum needs to revert to its max fee pass gas mean, aligning its growth with its intrinsic value, the analyst also suggests that Ethereum currently faces several internal gaps. Although the technology ecosystem around Ethereum is expanding, the network seems to be lagging behind the competition, according to Percival. The CryptoQuant analyst reveals that this disconnect between Ethereums capabilities and its technological rivals has led to a significant shortfall in investment. Moreover, the limited inflow of small capital and lack of consistent use suggest that even minor investments are not being sustained over time. Related Reading: Ethereum Taker Buy/Sell Ratio Is Rising Again What It Means For ETH Price The analyst’s take is further validated by the fact that Ethereum’s network has faced increased competition from alternative blockchains like Solana, Binance Smart Chain, and others that boast higher transaction speeds and lower fees. This has, to some extent, diverted attention and investment from Ethereum to these newer ecosystems. Featured image created with DALL-E, Chart from TradingView

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EigenLayer Founder Reiterates Support For Ethereum, Why Is ETH Struggling?

Despite scalability and high gas fees facing Ethereum, the founder of EigenLayer, a liquidity restaking platform, insists the network is superior, especially against Solana. Solana is the third most valuable smart contracts platform, trailing Ethereum and the BNB Chain. Over the years since launching, it has been gulping up more market share from Ethereum, cementing its position. Is Ethereum Superior To Solana? While the prominence of Solana is evident, Sreeram Kannan, the founder of EigenLayer, argued in a post on X that Solana prioritizes low latency and global node synchronization over other core features. Related Reading: Solana (SOL) Could Go Parabolic Once It Breaks $200 Resistance Analyst On the other hand, Ethereum took a different approach, emphasizing the need for stability and decentralization. Accordingly, in Kannan’s view, the first smart contracts platform offers a more comprehensive solution than its competitor. Currently, EigenLayer manages over $12 billion worth of assets on Ethereum, according to DeFiLlama. Although Kannan acknowledges the efficiency of Solana, the founder nonetheless picks out some limitations now that the platform is building a global state machine. At the top of the list is the blockchain’s sacrifice of programmability and verifiability.   Meanwhile, the EigenLayer lead thinks Ethereum is excelling, especially on performance, thanks in part to the success of rollups and the resulting wild adoption. This off-chain solution provides instant confirmation and is more performant than web2 applications. At the same time, Ethereum is programmable, enabling EigenLayer to add more features like an arbitrary decentralization of verifiable tasks. As a result, the liquidity restaking platform, Kannan adds, has enabled cloud-scale programmability. Layer-2 Platforms Thriving: Why Is ETH Struggling? The co-founder of Celestia, Mustafa Al-Bassam, also appreciates what Ethereum brings to the table and is absent or underdeveloped in other networks. In a post on X, Al-Bassam said the first smart contracts platform is “underrated.” Related Reading: Shiba Inu Burn Rate Skyrockets 81% In One Day, Are The Bulls Back? Specifically, the co-founder lauded the thriving rollup ecosystem in Ethereum, saying it is “by far the largest and most successful.” As of September 30, L2Beat data shows that the layer-2 ecosystem in Ethereum manages over $38 billion, with Arbitrum and Base among the largest platforms. Even as Base and other Ethereum layer-2 platforms draw activity, ETH, the native currency, is struggling for momentum. The daily chart shows bulls have yet to break above $2,800, although support remains at $2,400. Dwindling upside momentum has been partly blamed on the proliferation of layer-2 scaling solutions. The network becomes inflationary as more activity is re-routed off-chain, and enhancements like Dencun are activated to make layer-2 transactions even cheaper. Looking at Ultra Sound Money, fewer ETH are not being torched. Feature image from DALLE, chart from TradingView

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Ethereum Price Trims Gains: Is the Rally Losing Steam?

Ethereum price is correcting gains from the $2,720 resistance. ETH is now trading below $2,650 and might find bids near the $2,600 level. Ethereum started a downside correction from the $2,720 zone. The price is trading below $2,650 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at [...]

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Why is ETH Stalling Behind the Crypto Market? (Ethereum Price Analysis)

After breaking above the middle boundary of the descending price channel, Ethereum has temporarily lost its bullish momentum, slightly approaching the crucial $2.8K resistance. The upcoming price action around this level will play a decisive role in shaping Ethereums trajectory in the mid-term, with potential outcomes dependent on whether buyers can overcome the selling pressure. […]

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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 [...]

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Ethereum Price Gains May Fade Soon: Can Bulls Sustain the Recovery?

Ethereum price is attempting a recovery wave from the $2,400 zone. ETH must clear $2,550 to continue higher in the near term. Ethereum started a decent recovery wave above the $2,450 level. The price is trading above $2,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with [...]

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ETF Recap: Bitcoin, Ethereum Funds See Best Inflow Week in Months

Even the spot Ethereum ETFs recorded impressive net inflows over the last trading week.

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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

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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 [...]

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Ethereum Price Eyes Bitcoins Lead: Can It Climb to a New Weekly High?

Ethereum price is eyeing a fresh increase like Bitcoin. ETH must surpass $2,665 to continue higher and trade to a new high in the near term. Ethereum is aiming for a fresh increase above the $2,665 level. The price is trading above $2,620 and the 100-hourly Simple Moving Average. There was a break above a [...]

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