Ethereum Retraces: Heres Why ETH Bulls Must Decisively Break Above $3,500

Ethereum is firm when writing, rapidly rising after slipping to around $2,800 earlier this month. As of writing, the second most valuable coin is up by over $24% and remains in an uptrend despite the scare of July 4 and 5. Ethereum Finds Strong Resistance At $3,500 Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16. Related Reading: Terra Classic Poised For 280% Rally On Major Recovery Strength Analyst At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss. The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15. From the daily chart, the uptrend remains, but there are pockets of weaknesses due to the sharpness of the July 4 and 5 dumps. The sell-off forced ETH towards the $2,800 level, reversing gains of May 20.   For buyers to take over, reaffirming the uptrend of July 15, prices must zoom past $3,500 but, most importantly, $3,700. This reaction line is crucial and is the only local resistance buyers must overcome for ETH to float above $3,900 and $4,100. Millions Of ETH Pulled From Exchanges, Spot ETF Launch Fanning Demand For now, there is strength in reading from on-chain analysis. Though over three million users are in the red, more ETH continues to be moved from exchanges. On July 19, IntoTheBlock data revealed that $126 million worth of ETH was moved from leading exchanges. Notably, this development comes amid the expected approval of the first batch of spot Ethereum ETFs in the United States.   If the United States Securities and Exchange Commission (SEC) greenlights these products this week, it would be a massive win for ETH. The regulatory clarity that comes with this move will be of importance. United States SEC officials have yet to clarify the status of ETH. Related Reading: Heres Why The Bitcoin Price Crashed Below $66,000, Taking Shiba Inu And Dogecoin With It However, once spot Ethereum ETFs are listed in various bourses in the country, it would be assumed that the regulator agrees that the second most valuable coin is a commodity, just like Bitcoin. Feature image from DALLE, chart from TradingView

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Bitcoin Approaching All-Time Highs: Why Is Retail Interest Rapidly Declining?

Bitcoin is in an uptrend and will likely breach the all-important liquidation line at $72,000. At the spot rate, the coin is up approximately 25% from May lows and may rally, even breaking all-time highs of $73,800. Retail Interest In Bitcoin Falling Even As Prices Approach All-Time Highs Even as Bitcoin prints impressive higher highs, Mike Alfred, a “value investor” and an active crypto commentator, has identified a surprising disconnect: organic search engine traffic on Google is dropping. Apart from the spike in search from Q4 2023 till early January 2024, the trend has been southwards since then. The upswing in organic searches on Google during this period is primarily due to the United States Securities and Exchange Commission (SEC) preparing to approve the launch of spot Bitcoin exchange-traded funds (ETFs). Related Reading: Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump The excitement ahead of this milestone and the multi-year wait not only saw BTC prices rally but also improved sentiment. Subsequently, more people, mostly new to the industry, were eager to learn more about the digital asset. The rally from Q4 2023 has not fizzled and continues to spot rates. Bitcoin dipped in February before bouncing sharply, breaking $70,000 and printing new all-time highs at $73,800. Even though prices fell weeks later, dipping to as low as $56,500 in May, bulls are preparing to take higher prices. However, unlike the interest seen from Q4 2023 through early January 2024, organic searches, as mentioned, are unusually falling. Alfred argues that this divergence points towards an “institutionally driven bull market” and still “early.” In the past, and before the approval of spot Bitcoin ETFs, retailers played a big role in driving price and sentiment. However, institutions are in play with the products available in the United States. One observer notes that these market participants tend to exhibit “committed ownership,” negating the need for constant online searches. Encouragingly, the absence of retailers in this cycle–extending from the search in organic searches–signifies a drop in speculative buying. Subsequently, in the current state, the Bitcoin market is more liquid and stable than before. Increasing Awareness, Affordability A Reason? There are several explanations behind the drop in organic searches on Google and other search engines. Though institutions might be behind the rally, the decline is because the general awareness of Bitcoin has rapidly grown over the years. Of note, the availability of spot Bitcoin ETFs and widespread media coverage have boosted the coin’s recognition. Related Reading: Beyond BTC: Crypto Miners Get Brainy, Embrace AI After Block Reward Whacking Besides this, there is another aspect of affordability. With the price hovering around $71,200, purchasing a whole Bitcoin is out of reach for many. In return, this dampens retail investor enthusiasm, leading them to consider cheaper altcoins like Dogecoin or Solana. Feature image from Shutterstock, chart from TradingView

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Ethereum HODLers Scoop 298,000 ETH In 24 Ahead Of Spot ETF Trading

Ethereum is under pressure at press time, tumbling roughly 15% from March 2024. As sellers press on, reversing all gains posted from May 20, on-chain data points to a bullish picture. Ethereum HODLers Scoop 298,000 ETH In 24 Hours Taking to X, one analyst notes a spike in ETH demand, especially from permanent holders. Most likely, these permanent holders are institutions with deeper pockets and are willing to hang on. Unlike retailers, these entities can often choose to hold for longer and won’t be shaken out by market volatility. Citing CryptoQuant data, the analyst said these permanent holders, according to records, are responsible for the second-highest daily purchase. On June 12, when prices briefly rose, they bought a staggering 298,000 ETH. Impressively, this figure just falls short of the all-time high of 317,000 ETH purchased on September 11, 2023. In light of this, despite the wave of lower lows clear in the daily chart, the surge in demand points to strong bullish sentiment. Related Reading: Solana Empty Glasses: BEER Coin Fizzles 70% In Alleged Rug Pull Also, considering the amount of ETH scooped from the markets, it could signal that institutions, possibly hedge funds or billionaires, are beginning to position themselves in the market. They appear to be taking advantage of the lower prices. At press time, there is weakness in Ethereum, evident in the daily chart. Even with the bounce on June 12, bulls didn’t completely reverse losses of June 11. The dip on June 13 means sellers are back in the equation, and prices could align toward the conspicuous June 11 bar. From the candlestick arrangement in the daily chart, $3,700 is emerging as a resistance level. After the breakout on June 7, ETH has been free-falling to spot rates, actively filling the May 20 gap. If the dump continues, it is likely that ETH, even with all the optimism across the crypto scene, will once more re-test $3,300. Spot ETFs To Begin Trading This Summer: Gensler Whether prices will recover from current levels or slip towards $3,300 remains to be seen. Overall, the market is upbeat, according to comments from Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC). Appearing in a senate hearing, Gensler said the spot Ethereum exchange-traded fund (ETF), whose 194-b forms were approved in May, may begin trading at a tentative time in summer. BlackRock has already resubmitted its S-1 filing and is waiting for approval. Related Reading: Financial Giant AllianceBernstein Predicts Bitcoin At $1 Million, Heres When If the product is approved in the next few weeks, it will be a major liquidity boost for ETH. Like spot Bitcoin ETFs, institutions will likely channel billions to ETH, allowing their clients to get exposure. Feature image from DALLE, chart from TradingView

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Spot Ethereum ETF approval 'may be better for Bitcoin' Michael Saylor

The approval of spot Ether ETFs brings in another line of defense for Bitcoin, argues MicroStrategy founder Michael Saylor.

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Did MicroStrategy Mess Up By Choosing Bitcoin Over Ethereum? Analyst Weighs In

Earlier today, the United States Securities and Exchange Commission (SEC) approved 19b-4 fillings for eight spot Ethereum exchange-traded funds (ETFs), paving the way for the highly anticipated institutional adoption of the second most valuable coin. The decision comes after months of uncertainty and less than six months after the regulator approved spot Bitcoin ETFs. For all that the crypto community can remember this week, the regulator uncharacteristically “scrambled” and hastily communicated to spot ETF issuers to make amends to their applications.  Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November Did MicroStrategy Make A Mistake Choosing Bitcoin Over Ethereum? With spot Ethereum ETFs likely to be issued in the next few weeks, one analyst on X now thinks Michael Saylor, the former CEO of MicroStrategy, missed big rewards by choosing Bitcoin over Ethereum. As of May 24, MicroStrategy, a business intelligence firm and now one of the biggest public companies in the United States, has been increasing its BTC holdings over the years. According to Bitcoin Treasuries, MicroStrategy is the largest public company holding BTC, controlling 214,400 BTC worth over $14 billion at press time.     However, with the United States SEC setting the ball rolling for spot Ethereum ETFs, the analyst is now pointing out a hypothetical scenario. If MicroStrategy had chosen ETH over BTC, their holding would have been worth over $19 billion at spot rates. This level means MicroStrategy would be up over $4 billion. Assuming the business intelligence firm had chosen to buy and not hold but stake, their total holdings would be worth over $20.9 billion as of late May 2024. ETH Trading At A Huge Discount: Will It Replicate BTC’s Success?   Looking at the aftermath of the approval and trading of spot Bitcoin ETFs, it becomes apparent that Ethereum prices might be significantly undervalued at spot rates. After a brief dip in mid-January, BTC prices surged, propelling Ethereum to a high of $4,100. In contrast, the world’s most valuable coin soared to breach $70,000 and set all-time highs at around $74,000.  With 19b-4 forms from eight ETF issuers, including BlackRock and Fidelity, approved, the only hurdle is the approval of S-1 registration statements. There might be delays in this round. However, the United States SEC green lights, spot Ethereum ETF shares will begin trading. Related Reading: Bitcoin Disappoints With Fall To $67,000, But Analyst Says Investors Should Not Be Fazed. Heres Why Still, it is important to note that spot Ethereum ETF issuers will hold ETH via a regulated custodian and not stake. Feature image from DALLE, chart from TradingView

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XRPL on-chain transactions jump 108% in Q1 2024

The XRP Ledger recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% over the fourth quarter of 2023.

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Uniswap On Arbitrum Nears $150 Billion In Swap Volume

Uniswap, one of the worlds largest decentralized exchanges (DEX) by total value locked (TVL), is approaching a major milestone on Arbitrum, the largest layer-2 by TVL on Ethereum. According to data from Dune Analytics shared by Uniswap Labs, Uniswap on Arbitrum is on the cusp of surpassing a staggering $150 billion in total swap volume. Riding The [...]

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Over $700 Million In XRP Moved In April, What Are Crypto Whales Up To?

XRP is making headlines this month as whale activity surges across the network. In a surprising twist, reports indicate that XRP whales have dumped more than $700 million worth of tokens just this April. This sudden shift in whale behavior raises the question of what these big players are really up to.   XRP Whales Offload 370 Million Tokens In April On April 15, prominent crypto analyst Ali Martínez reported on X (formerly Twitter) that XRP whales have begun dumping the popular cryptocurrency in large volumes. Following a period of substantial token accumulation, these large-scale investors have sold over 370 million XRP since the beginning of April.  Related Reading: Trump-Powered Rally Triggers Heavy Dumping From XRP Whales, Heres How Much Notably, this massive whale sell-off amounts to over $700 million, triggering a wave of speculation about the intentions behind this move. More interestingly, the XRP dumps appear to align with recent price fluctuations, as whales tend to heavily influence market dynamics, especially during a downturn.  The Santiment chart provided by Martinez reveals a clear trend, from April 3 to 14, 2025, that XRP wallets holding between 100 million to 1 billion tokens have drastically reduced their holdings. As this large-scale whale dumping progressed, the XRP price dropped to new lows around April 8 and then began a steady climb, reaching $2.1 at the time of writing.  While the reason behind such large-scale exits is unclear, a few plausible explanations exist. Whales might be capitalizing on earlier price gains to lock in profits while the market conditions for XRP remain relatively stable. These investors could also be responding to heightened market volatility, pushing them to shift their holdings into alternative assets to hedge risks and safeguard against losses.  Another possibility is that these big players are selling tokens between wallets or transferring them to exchanges in anticipation of a significant event perhaps the final legal decision between Ripple and the United States Securities and Exchange Commission (SEC). In less optimistic scenarios, such coordinated whale activity, which tends to influence prices, may be indicative of market manipulation, often aimed at achieving strategic gains.  Although its uncertain whether the above motives are driving recent whale dumps, one thing is clear: large-scale XRP movements always warrant close attention. With XRP now hovering around $2, the market waits to see just how these sell-offs will influence the future price of the cryptocurrency.  Update On Latest XRP Price Action According to crypto analyst Andrew Griffiths, the current XRP price analysis indicates a notably bullish trend. This momentum emerged after the cryptocurrency surpassed two key resistance levels and established a solid support level, signaling a potential upward movement.  Related Reading: XRP Price Reversal Toward $3.5 In The Works With Short And Long-Term Targets Revealed As a result, the analyst predicts that XRP could record a massive gain of over 20% in the coming weeks. With the token currently trading at $2.10, a 20% increase would bring it to approximately $2.589. Based on the upward trajectory within the Ascending Channel seen on the price chart, the analyst predicts that XRP could climb as high as $3.3. Featured image from Pixabay, chart from Tradingview.com

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Are stablecoins securities? Well, its not so simple, say lawyers

One lawyer said that while stablecoins are meant to be stable, buyers may possibly profit from a range of arbitrage, hedging, and staking opportunities.

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SEC could be waiting ‘years’ to file appeal in Ripple case: Brad Garlinghouse

Ripple CEO Brad Garlinghouse believes the United States Securities and Exchange Commission (SEC) will face a prolonged process before having the chance to appeal Judge’s Torres favorable ruling in the case against Ripple.  On July 13, Judge Torres ruled partially in favor of Ripple Labs in a case brought forth by the Securities and Exchange [...]

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Crypto community reacts to reports of Wall St. lawyer up for SEC chair role

The latest rumored candidate under Donald Trump's upcoming administration to potentially replace SEC chair Gary Gensler has sparked a mixed reaction from the crypto community.

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