Posted on

Ethereum Resurgence: TRON Founder Justin Sun Goes On 127,388 ETH Buying Spree

The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. 

Sun Allegedly Buys $405 Million Worth Of ETH

In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127.  

Ethereum Justin Sun Tron

Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. 

If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. 

Ethereum Whales Are Bullish

Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. 

This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. 

Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token.

Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. 

At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap. 

Ethereum price chart from Tradingview.com (Justin Sun Tron)

Posted on

Ethereum On-Chain Health Holds Strong Amidst Open Interest Plunge – Impact On Price

Ethereum (ETH) stands as a bellwether for the industry’s ebbs and flows. As of press time, Ethereum was trading at $3,174, its price trying to reach the crucial $3,000 mark. However, beneath the surface of these seemingly stable waters lies a complex interplay of market forces and investor sentiment.

Ether’s Challenging Trajectory

Since last week, the lower timeframes have seen repeated breaches of the $3,000 psychological threshold, and the enthusiasm surrounding the altcoin king has significantly waned.

This downward pressure is further underscored by the notable drop in Open Interest (OI) behind ETH futures contracts, which plummeted from $10 billion to $7 billion in April alone.

Such a decline suggests a recalibration in the futures market, potentially signaling a cooling-off period for speculative trading activity.

Navigating Choppy Waters

However, amidst the uncertainty, there exists a glimmer of hope for ETH bulls. Historical precedents, such as the mid-February 2021 correction, offer insight into the resilience of Ethereum’s price.

Following a similar dip from an all-time high of $1,900 to $1,400, Ethereum experienced a V-shaped reversal, demonstrating the market’s propensity for swift recoveries. This historical context serves as a guiding light for investors navigating the choppy waters of cryptocurrency volatility.

On the social sentiment front, Ethereum’s trajectory has been a tale of two halves. While sentiment was strongly positive in February and briefly in mid-March, a negative sentiment has dominated as prices entered a correction phase. Factors such as high gas fees on the Ethereum network have likely contributed to this shift, highlighting the impact of practical considerations on market sentiment.

Ethereum: Fundamental Metrics

Examining Ethereum’s fundamental metrics provides further insights into its current state. Network growth has slowed in recent months, signaling a potential decline in demand. However, a closer look reveals a silver lining: the 90-day mean coin age has trended steadily higher since late March, indicating a network-wide accumulation of ETH.

As Ethereum continues to navigate these turbulent waters, all eyes are on key resistance levels. Breaking above the $3,300 barrier could instill confidence among traders and investors, potentially heralding a new wave of bullish momentum. However, uncertainties loom large, particularly in light of the broader market dynamics and the selling pressure on Bitcoin, Ethereum’s perennial counterpart.

While challenges abound and uncertainties persist, Ethereum’s historical performance and fundamental strengths offer hope for a brighter future. As investors brace for potential headwinds and opportunities alike, Ethereum stands poised to weather the storm and emerge stronger on the other side.

Featured image from Pexels, chart from TradingView

Posted on

Akash Network (AKT) Leads Crypto Top 100 With 46% Rise Today: Here’s Why

Amidst a rather quiet altcoin market, Akash Network (AKT) has emerged as today’s standout performer among the top 100 cryptocurrencies by market capitalization, recording a significant 46% increase in price over the past 24 hours. This surge has propelled AKT to the forefront, well ahead of its peers such as Core (CORE) and Arweave (AR), which posted gains of 7% and 6%, respectively.

As of this writing, AKT is trading at $6.03. This increase in price has pushed its market cap to approximately $1.4 billion, positioning it as the 68th-largest cryptocurrency. Additionally, Akash Network’s trading volume has seen a dramatic rise of 2,790%, reaching $116 million today.

Earlier today, AKT reached a new all-time high of $6.84 on the cryptocurrency exchange Kraken, though it has since adjusted to around $6.03, below its previous peak of $6.49.

Catalysts For The Akash Network Surge

The primary driver behind today’s price escalation appears to be an announcement from Upbit, a major South Korean cryptocurrency exchange. Upbit has confirmed that it will list AKT, offering trading pairs in South Korean Won (KRW), Bitcoin (BTC), and Tether (USDT) starting at 10:00 UTC today.

Further fueling investor interest, data from Santiment, a market intelligence platform, shows that Akash Network’s social media volume has spiked by 200% in the last 24 hours. This surge in social activity, predominantly on platforms like Reddit and Bitcointalk, has played a significant role in AKT’s market performance.

Future Price Trajectory

Looking ahead, if AKT’s price can record a daily close above the previous all-time high of $6.49 (set on March 11, 2024) today, the next target could be $7.46, corresponding to the 1.272 Fibonacci extension of the overarching price movement. Should the buying pressure continue, a move towards $8.64, marked by the 1.618 Fibonacci extension, might be on the horizon. Here, traders should anticipate potential profit-taking.

Akash Price

A breakthrough beyond this level could pave the way to medium-term targets at $10.92 (2.272 Fibonacci extension) and potentially even $12.13 (2.618 Fibonacci projection), contingent on continued bullish sentiment across the broader crypto market.

Conversely, if AKT fails to uphold its new highs and closes below $6.48, a downward correction towards the $5.74 zone (0.786 Fibonacci level) could occur, where new buying opportunities might arise. A further dip below this level could see retests of the $5.16 (0.618 Fibonacci level) and $4.75 (0.5 Fibonacci level) support zones.

The trajectory of AKT, like that of many cryptocurrencies, could be influenced by broader market conditions, including potential downturns triggered by accelerating US inflation, the US Fed’s favorite inflation gauge, the Personal Consumption Expenditures Price Index (PCE) is set for release on Friday, April 26, or other macroeconomic factors.

Nevertheless, the 200-day exponential moving average (EMA), currently at $3.24, remains the most critical long-term support level for AKT.

Posted on

Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement?

The legal battle between Ripple and the Securities and Exchange Commission (SEC) is getting heated and, following recent developments, looks far from over. This is due to the disagreement between both parties on the appropriate remedy for Ripple’s violation of securities laws. 

Ripple Proposes $10 Million Fine Instead

In opposition to the SEC’s motion for remedies and entry of final judgment, Ripple has proposed that the court should not impose a civil penalty of not more than $10 million. This figure represents a far cry from the SEC’s proposed judgment. The Commission had earlier asked the court to order Ripple to pay the sum of $1,950,768,364 as a pecuniary fine for violations relating to its institutional XRP sales.

Specifically, the SEC proposed that Ripple pay a civil penalty of $876,308,712 alongside a prejudgment interest of $198,150,940 and disgorgement of $876,308,712, which represents the profits from its violation of the Securities Act. However, Ripple asked the court to deny the requests for disgorgement and pre-judgment interest and only focus on the civil penalty, which shouldn’t be more than $10 million. 

Ripple’s lawyers also laid out arguments as to why the civil penalty should not exceed $10 million. Firstly, they stated that the first tier of the statutory maximum penalties is what applies to this case “because the SEC has never alleged fraud, deceit, or manipulation and has failed in its belated attempt to show that Ripple recklessly disregarded the law.”

Therefore, Ripple argued that the Commission’s request for a civil penalty of over $876 million isn’t the appropriate remedy for the first-tier structure. They added that the company’s revenue from pre-complaint institutional sales should be the only earnings considered when deciding on a remedy, which makes a civil penalty of not more than $10 million more appropriate. 

Accounting Error From The SEC

Ripple suggested that the SEC made an error in calculating the company’s earnings while deciding on the right amount for which the crypto firm should be fined. According to the company’s lawyers, the Commission failed to “analyze or even consider any other categories of Ripple’s expenses.”

Meanwhile, they allege that the SEC didn’t offer any evidence or explanation “for why cost if revenue is the only category of Ripple’s deductible expenses.” Simply put, Ripple argues that the regulator, while calculating Ripple’s earnings, didn’t consider how much the company expended before deciding that almost $2 billion was an appropriate fine. 

Ripple’s lawyers made this argument while stating that the SEC also erred in relying on the declaration of Andrea Fox, an accountant at the agency. They claim that the SEC never disclosed Fox as a fact or expert witness and that she wasn’t deposed during the initial discovery or supplemental remedies discovery. Therefore, they moved to strike her declaration as an “untimely disclosed expert report.”

Ripple Also Opposes SEC’s Proposed Injunction

As part of its entry for final judgment, the SEC had asked the court to “permanently” restrain and enjoin Ripple from “directly or indirectly conducting an unregistered offering of Institutional Sales.” Understanding how this could affect their ODL transactions, Ripple has asked the court to deny the request for an injunction. 

The crypto firm argues that the Commission has failed to show why an injunction is warranted. Injunctions are usually granted when there is a fear of future violations. Ripple claims that the SEC has failed to show a “reasonable likelihood of future violations.” 

The crypto firm’s lawyers further revealed that Ripple has “changed the way it sells XRP and changed its contracts to avoid any future violations.” To show good faith, they submitted a declaration by Ripple’s President, Monica Long, which describes the steps the company has taken to avoid future violations. 

XRP price chart from Tradingview.com (Ripple vs. SEC)

Posted on

Solana Meme Coin Massacre: 12 Projects Gone In 30 Days, $27 Million Vanished

The Wild West of cryptocurrency just got a little wilder. Solana, the blockchain known for its lightning-fast transactions, recently became a breeding ground for a peculiar phenomenon: the meme coin frenzy.

While these dog-themed, cat-inspired, or just plain nonsensical tokens promised moon landings, many investors landed face-first in a crater of lost cash.

Solana Stampede: A Frenzy Of Frivolous Finance

Fueled by social media hype and the fear of missing out (FOMO), a stampede of investors poured money into meme coin presales. A project with a name like “I Like This Coin” (LIKE) sprouted like weeds, promising outlandish returns.

The “I Like This Coin” story, however, turned out to be a classic case of “buyer beware.” Despite an initial market cap of a staggering $577 million, the token’s value plummeted by a disastrous 90% within a mere eight hours of launch.

The party didn’t stop there. Blockchain investigator ZachXBT uncovered a particularly galling trend: a dozen meme coin projects vanished into thin air after their presales, taking a combined $26.7 million from investors with them.

Solana Slowdown: When Meme Mania Clogs The Network

The meme coin craze wasn’t without collateral damage. The massive influx of transactions clogged the Solana network, leading to transaction failures and frustrating delays. This highlighted a fundamental issue with meme coins: they often lack real-world applications and contribute little to the underlying blockchain’s development.

Solana’s founder, Anatoly Yakovenko, wasn’t shy about expressing his skepticism. He questioned the very concept of meme coin presales, suggesting they were better suited for projects with strong tech foundations. Yakovenko’s comments resonated with many who saw the meme coin frenzy as a speculative bubble fueled by empty promises and social media hype.

Meme Coin Meltdown: A Cautionary Tale For Crypto Curious Investors

The rise and fall of Solana’s meme coins serves as a stark reminder of the inherent risks associated with investing in unregulated, highly speculative assets. While the allure of quick riches might be tempting, the potential for scams and rug pulls (where developers abandon a project after raising funds) is significant.

The fallout from the meme coin frenzy could have lasting repercussions. Regulatory bodies might take a closer look at this corner of the crypto world, potentially leading to stricter measures to protect investors.

For those interested in exploring the exciting world of cryptocurrency, the lesson is clear: conduct thorough research, prioritize projects with real-world use cases, and always remember what the sages mean when they say if it sounds too good to be true…

Featured image from Pexels, chart from TradingView

Posted on

Standard Chartered Reaffirms $150,000 Bitcoin Price Target By Year-End

Geoff Kendrick, head of digital assets research at Standard Chartered, recently reiterated the bank’s ambitious Bitcoin price target of $150,000 by the end of this year, despite current market volatility and geopolitical tensions. In a comprehensive interview with BNN Bloomberg, Kendrick highlighted the significant role of ETF inflows and upcoming halving events in driving Bitcoin’s price.

Why Bitcoin Is Set For A Rally To $150,000 By Year-End

One of the principal drivers identified by Kendrick is the remarkable influx of capital into Bitcoin ETFs within the United States. Since the inception of these ETFs in early 2024, they have witnessed approximately $12 billion in net inflows. Kendrick highlighted the significance of these developments, stating, “The ETF inflows in the US have dominated really the demand supply metrics in 2024 so far. This is huge in terms of how the ETFs have gone so far.”

He drew parallels between the current trends in Bitcoin and the historical performance of gold following the introduction of gold ETFs. Kendrick elaborated on the potential scale of this trend by projecting, “From the start of this year to when the ETF market in the US is mature, we’ll get between $50 and $100 billion of inflow.”

In addition to the ETF inflows, the Bitcoin halving event was identified as another pivotal factor. This event, which reduces the reward for mining new blocks thereby halving the rate of new Bitcoin entering circulation, is set to reduce the daily production from 900 BTC to 450 BTC.

Although Kendrick mentioned that this halving might be “less important than previous ones,” he still considers it significant in the short-term supply dynamics. He stated, “Obviously, once we have the halving […], you have only half as many new coins, so that helps at the margin.”

Responding to questions about market skepticism, particularly criticism from figures such as JPMorgan CEO Jamie Dimon, who described Bitcoin as a “Ponzi scheme,” Kendrick offered a defense of Bitcoin’s underlying technology. He argued, “There’s a lot of people out there that don’t understand the basic methodology behind Bitcoin. And it’s really that blockchain technology, which is where the value is medium term.”

Looking Further Ahead

Kendrick continued, explaining the transformative potential of blockchain technology not just for financial services but across various industries, “Bitcoin is the first in on that. It’s the largest asset at the moment, makes up for more than 50% of the crypto market, but that opens up the Ethereum and other use cases, which quite frankly, over the next five to 10 years, you can easily see a lot of traditional finance go on chain.”

Furthermore, he addressed the recent market volatility, noting that Bitcoin had experienced a significant sell-off just prior to the halving, with $260 million in Bitcoin leverage positions being liquidated. The Standard Chartered exec interpreted this as a market correction that might set the stage for a healthier build-up post-halving, saying, “We’ve had a large move lower in Bitcoin. Specifically, on Saturday last weekend, there were $260 million Bitcoin leverage positions that were liquidated. So the market is now looking much more square going into the halving, if you like, in terms of leverage.”

Summarizing his perspective on the future trajectory of Bitcoin, Kendrick expressed a confident outlook, projecting not only recovery but a robust increase in Bitcoin’s price, driven by both the maturation of the ETF market and ongoing technological advancements. His vision for Bitcoin by the end of 2025 reaches even beyond the current year’s target, predicting a potential value of $200,000 per coin.

At press time, BTC traded at $66,556.

Bitcoin price

Posted on

BNB Price Reclaims $600 and Bulls Could Now Aim For New 2024 High

BNB price is attempting a fresh increase from the $550 zone. The price cleared the $600 resistance and might extend its increase above $630.

  • BNB price started a fresh increase after it cleared the $550 resistance zone.
  • The price is now trading above $580 and the 100 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair (data source from Binance).
  • The pair could gain bullish momentum if it clears the $608-$610 resistance zone.

BNB Price Gains Strength

After forming a base above the $520 level, BNB price started a fresh increase. There was a steady increase above the $550 and $565 resistance levels, like Ethereum and Bitcoin.

The bulls pushed the price above the $580 pivot level and the 61.8% Fib retracement level of the downward wave from the $630 swing high to the $512 low. More importantly, the price is now trading above $580 and the 100 simple moving average (4 hours).

It is consolidating just above the 76.4% Fib retracement level of the downward wave from the $630 swing high to the $512 low. There is also a key bullish trend line forming with support at $592 on the 4-hour chart of the BNB/USD pair.

BNB Price

Source: BNBUSD on TradingView.com

Immediate resistance is near the $608 level. The next resistance sits near the $630 level. A clear move above the $630 zone could send the price further higher. In the stated case, BNB price could test $650. A close above the $650 resistance might set the pace for a larger increase toward the $680 resistance. Any more gains might call for a test of the $720 level in the coming days.

Are Dips Supported?

If BNB fails to clear the $608 resistance, it could start a downside correction. Initial support on the downside is near the $592 level and the trend line.

The next major support is near the $585 level. The main support sits at $570. If there is a downside break below the $570 support, the price could drop toward the $550 support. Any more losses could initiate a larger decline toward the $532 level.

Technical Indicators

4-Hours MACD – The MACD for BNB/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level.

Major Support Levels – $592, $585, and $570.

Major Resistance Levels – $608, $630, and $650.

Posted on

Ethereum Price Signals Reversal and $3,400 Is Imminent, Here’s Why

Ethereum price is gaining pace above the $3,120 resistance zone. ETH could continue to move up unless there is a daily close below the $3,030 level.

  • Ethereum extended its increase above the $3,150 resistance zone.
  • The price is trading above $3,150 and the 100-hourly Simple Moving Average.
  • There is a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move up unless the bears push it below the $3,030 zone.

Ethereum Price Extends Increase

Ethereum price started a recovery wave and was able to clear the $3,000 resistance, like Bitcoin. ETH even climbed above the $3,050 and $3,120 resistance levels to move into a positive zone.

It traded to a new weekly high at $3,234 and is currently consolidating gains. There was a minor decline below the $3,200 level. Ether dipped below the 23.6% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high.

Ethereum is now trading above $3,150 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,160 on the hourly chart of ETH/USD. The trend line is close to the 61.8% Fib retracement level of the recent increase from the $3,120 swing low to the $3,234 high.

Immediate resistance is near the $3,210 level. The first major resistance is near the $3,235 level. The next key resistance sits at $3,280, above which the price might gain traction and rise toward the $3,350 level.

Ethereum Price

Source: ETHUSD on TradingView.com

A close above the $3,350 resistance could send the price toward the $3,500 resistance. If there is a move above the $3,500 resistance, Ethereum could even test the $3,550 resistance. Any more gains could send Ether toward the $3,720 resistance zone in the coming days.

Downside Correction In ETH?

If Ethereum fails to clear the $3,235 resistance, it could start a downside correction. Initial support on the downside is near the $3,175 level. The first major support is near the $3,160 zone and the trend line.

The main support is near the $3,150 level and the 100-hourly Simple Moving Average. A clear move below the $3,150 support might increase selling pressure and send the price toward $3,030. Any more losses might send the price toward the $2,850 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,150

Major Resistance Level – $3,235