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Ethereum Trouncing Bitcoin, ETH/BTC Ratio Bouncing Higher: Will This Trend Continue?

Amidst a volatile crypto market, Ethereum (ETH) is gaining momentum, outperforming its long-time rival Bitcoin (BTC). According to Kaiko data, the ETH/BTC ratio has steadily risen, rebounding from multi-year lows. 

ETHBTC ratio trend | Source: Kaiko on X

ETH/BTC Ratio Rising, ETH Momentum Building

The ETH/BTC ratio technically gauges market sentiment towards these two leading crypto. The recent rebound indicates investors are increasingly bullish on Ethereum’s potential relative to Bitcoin. 

This upward trajectory is fueled by growing optimism surrounding the potential approval of spot Ethereum ETFs and the general confidence that markets will trend higher in 2024. The prospect of this product entering the market has also injected fresh energy into the ETH ecosystem, lifting the second most valuable coin by market cap.

Related Reading: Institutional Inflows Into XRP Surges 244% Amid ETF Speculation

After protracted lower lows, the ETH/BTC ratio began rising immediately after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs last week. This unexpected shift, analysts observe, is primarily because of increasing confidence in the SEC approving a similar product for ETH.

Spot Ethereum ETFs, which would provide direct exposure to the Ethereum market, would make it easier for institutional investors to benefit from the volatility of ETH. So far, the SEC has approved an Ethereum Futures ETF, which, unlike the spot ETF, tracks an index, not the direct price of this asset.

Blackrock is among the leading Wall Street giants interested in issuing a spot Ethereum ETF. Considering its history of success, the decision by one of the world’s leading asset managers to apply for this product is an endorsement of its prospects. Earlier, Larry Fink, the CEO of BlackRock, said Ethereum, despite its scaling challenge, might spearhead the tokenization drive in the years ahead.

US SEC Yet To Clarify Whether Ethereum Is A Commodity Or Security

Even so, the SEC has yet to clarify whether ETH, a coin pre-mined with some assets distributed to the Ethereum Foundation, is a commodity like Bitcoin. Earlier, Gary Gensler, the chairperson of the SEC, was cornered by the United States policymakers to give the agency’s stand on the coin but didn’t.

Ethereum rising versus Bitcoin on the daily chart | Source: ETHBTC on Binance, TradingView

Nonetheless, with the prospect of spotting Ethereum ETFs and the dominance of Ethereum in decentralized finance (DeFi) and non-fungible tokens (NFTs), ETH will likely continue outperforming BTC in the coming months. Price action data shows that ETH is already up 20% versus BTC in the past trading week.

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Ethereum Classic Maintains 32% Steady Rise – What’s Driving ETC Up?

The recent approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States by the Securities and Exchange Commission (SEC) has reverberated across the cryptocurrency landscape, triggering a significant surge in various altcoins, with Ethereum Classic (ETC) taking the spotlight.

Often overshadowed by its more well-known sibling, Ethereum, ETC has emerged as the clear winner in the aftermath of the groundbreaking news, experiencing an impressive surge of over 31% in the past seven days.

Ethereum Classic Trading Volume Up

Since the SEC’s approval of the Grayscale Bitcoin ETF on January 10th, Ethereum Classic has skyrocketed by a staggering 30%, currently maintaining a trading value around $26. This meteoric rise has been accompanied by a remarkable 270% increase in trading volume, soaring to a substantial $1.8 billion.

Such robust figures underscore a palpable surge in investor confidence, suggesting the potential for further gains in the near future.

While Bitcoin itself witnessed a modest price increase, briefly touching $47,000, Ethereum stole the limelight by breaking a 20-month barrier and surpassing $2,600.

This remarkable 10% surge within a mere 24 hours has positioned Ethereum at its highest value since May 2022. Analysts attribute this impressive performance to Ethereum’s robust underlying technology and recent network upgrades, cementing its status as a favorable option for investors after Bitcoin.

The approval of the Bitcoin spot ETF is not the sole catalyst for this altcoin rally; the much-anticipated Bitcoin halving event, scheduled for later in the year, is also playing a pivotal role in bolstering bullish sentiment.

This event, occurring approximately every four years, involves a reduction in the number of newly minted Bitcoins and has historically coincided with price appreciation in the cryptocurrency market.

The confluence of these factors has created a perfect storm for Ethereum Classic, propelling it towards the coveted $30 mark.

ETC Strong Performance

Industry experts anticipate that this milestone may be achieved soon, fueled by Ethereum Classic’s impressive trading volume and market capitalization, which has surged by 34% to cross the $4 billion mark since the ETF news broke.

However, amidst the euphoria surrounding this surge, it remains crucial to acknowledge the inherent volatility of the cryptocurrency market. While the approval of the Bitcoin spot ETF and the impending halving event offer promising prospects, unforeseen factors can swiftly alter market dynamics.

The recent ascent of Ethereum Classic serves as a compelling testament to the interconnectedness of the cryptocurrency market and the substantial impact of major regulatory decisions.

As the industry continues to evolve, it will be intriguing to observe how other altcoins respond to these developments and whether Ethereum Classic can sustain its lead in this post-ETF era.

Featured image from Shutterstock

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Ethereum Price Rangebound – Can ETH Pump Again To Retest $2,700?

Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels.

  • Ethereum is attempting a fresh increase from the $2,450 level.
  • The price is trading just above $2,500 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.

Ethereum Price Holds Key Support

Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like Bitcoin.

There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

Besides, there was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is now near $2,585. A clear move above the $2,585 level might start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

Another Drop in ETH?

If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.

The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 level.

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 just above the 50 level.

Major Support Level – $2,445

Major Resistance Level – $2,585

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By The Numbers: How Many Altcoins Died In The Past 10 Years, Report Shows

CoinGecko’s most recent report details the failure rate of cryptocurrencies in the last 10 years. Exhibiting the increasing number of “dead” altcoins over the years as projects deactivate, rebrand, lose trading activity, or are revealed to be scams.

Related Reading: These Altcoins Are Showing Most Bullish & Bearish Divergences: Santiment

An 11.01% Failure Rate For The Altcoin Sector

The first half of the ten-year period that CoinGecko studied showed 1,546 dead cryptocurrencies, 11.01%% of the total amount.

2014 saw the death of 37 cryptocurrencies, 2015 had a lower number with only 27, and 2016 closed this period with 32 dead coins. The 2014-2016 period saw the death of 96 cryptocurrencies in three years, accounting for less than 1% of the total of altcoins that have died over the last decade, as seen in the chart below.

Bitcoin Ethereum ETH ETHUSDT Altcoin Altcoins

During the 2017-2018 Bull run, Almost 1,500 of the launched projects have since shut down, as CoinGecko explained:

In comparison, 1,450 projects launched during the 2017 – 2018 bull run have since shut down. This is on the back of over 3,000 cryptocurrencies listed, resulting in a similar failure rate of ~70%.

An Increase In Failed Projects Over The Last Five Years

The report shows that over 88% of the failed cryptocurrencies come from the second half of the period analyzed. Just 2019 increased 2018 year’s number by 50, reaching 1,150 failed cryptocurrencies and closely matching the total number of dead coins of the previous half.

However, most dead cryptocurrencies came from the 2020-2021 bull run. “Over 11,000 cryptocurrencies were listed on CoinGecko during the previous bull run, with ~70% having shut down since,” they detailed. 7,530 cryptocurrencies from launched projects during 2020-2021 have failed, accounting for 53,6% of all dead coins alone.

2021 is when cryptocurrencies suffered the most, with 5,724 dead coins—resulting in the worst year for projects launched, with over 70% of the cryptocurrencies listed having died as of January 2024.

The report attributes the high number of failures over 2020-2021 to the “ease of deploying tokens and the rise in popularity of meme coins.” They noted that many memecoin projects launch without a product, and most are “abandoned over a short period of time.”

In 2022, the number of failed projects declined from the previous year, with 3,520 dying. A 60% rate out of the total listed cryptocurrencies.

Related Reading: Renowned Crypto Analyst Predicts The Top 5 Altcoins For 2024

Ultimately, the number of failed projects declined further in 2023, as only 289 cryptocurrencies, out of the over 4,000 listed on CoinGecko, died. This represents a failure rate of <10%.

However, although the number of dead cryptocurrencies declined in the last two years, perhaps suggesting a more positive trend, the precise percentage of failed projects launched in 2023 stood at 289. It remains to be seen if the trend will be sustained over the coming months or if the rise of a new bull phase will push the nascent sector back into a spike in altcoin failures.

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Ethereum Bloodbath Incoming? Celsius’ $125 Million Move Threatens ETH Price

The Ethereum price might be doing well post-spot Bitcoin ETF launch, but recent moves by Celsius threaten to destabilize the price movement. The now-bankrupt crypto lender seems to have begun its reimbursement plan to its creditors, as on-chain data reveal the movement of its ETH holdings to crypto exchanges.

According to crypto market intelligence company Arkham Intelligence, Celsius Network carried out transfers worth over $125 million worth of ETH last week to various crypto exchanges.

Celsius Transfers ETH To Exchanges

Data shows that between January 8 and January 12, Celsius executed transfers worth $95.5 million to crypto exchange Coinbase while also sending $29.73 million to FalconX. At the time of writing, Celsius Network’s balance sheet has 584,601 ETH worth $1.47 billion. Notably, it also has 9,799 BTC worth $418.2 million and 659 million CEL tokens worth $133.2 million on its books, among other cryptocurrencies.

Celsius’s motive behind the transfers into exchange points to nothing apart from an intending selloff, as the company is well on its way to clearing its liabilities under bankruptcy proceedings. 

Celsius filed for bankruptcy in July 2022 shortly after the fall of TerraUSD and the LUNA ecosystem, leading to creditors having their funds trapped on the platform for the last 18 months. However, the defunct crypto lender has been making major moves in its bankruptcy proceedings to refund creditors. According to reports, the company sold $240 million worth of ETH in December 2023.

Notably, the company communicated its decision earlier this month on January 5 to unstake $465 million worth of Ethereum (ETH) which will be distributed to its creditors.

Ethereum price chart from Tradingview.com

Incoming Ethereum Price Crash?

Ethereum is currently on a roll, still on a 13% gain in the past seven days. However, huge selloffs like this tend to shake market confidence, leading to a sell-off from other investors. On the other hand, some tend to believe that the crypto is sufficiently resilient.

It’s important to note that Ethereum retained its bullish sentiment during the time these transfers were made, as price action revealed a 23% jump from $2,191 on January 8 to $2,706 on January 12. Ethereum has declined since then and is now trading at $2,514. According to Coinglass, $23.84 million worth of ETH positions were liquidated in the past 24 hours.

Despite the recent large transfers, Celsius still retains significant cryptocurrency assets including ETH, BTC, MATIC, and LINK. A decision to continue the selling off of these assets could lead to a bigger dent in the price of the assets, particularly Ethereum, which is now testing the $2,500 support level.

On-chain data from Spotonchain also reported FTX and Alameda Research moving 1,000 ETH worth $2.33 million to crypto exchange Coinbase during the week.

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Ethereum Name Service Steals The Show: ENS Leaps 70%, Outperforming Crypto Market

Despite the recent challenges in the cryptocurrency market, Ethereum Name Service (ENS) has experienced a notable surge, increasing by 70% in the past week. This remarkable growth contrasts sharply with the overall bearish trend observed throughout 2023. Investors are now questioning whether ENS could be the symbol of recovery rising from the aftermath of the crypto crash.

As of this writing, ENS is trading for $24.6,3 down nearly 4% in the last 24 hours, data from Coingecko shows. The project has a market capitalization of $761 million, with a 31 million ENS supply in circulation.

Ethereum Name Service: From Frozen Depths To Soaring Heights

Just months ago, ENS lay buried under a blanket of fear, uncertainty, and doubt. Battered by a prolonged crypto winter and regulatory chills, it slumped to a five-year low in June 2023.

Yet, as the new year dawned, a thaw set in. Fueled by a surge of market confidence and a 50% price increase triggered by the recent approval of Spot Bitcoin ETFs, ENS began a relentless climb, shattering its previous peak and leaving investors breathless in its wake.

What Ignited The ENS Engine?

This strong price ascent wasn’t born out of thin air. Several key factors fueled the ENS inferno:

  • Layer-2 Endorsement: Ethereum co-founder Vitalik Buterin has become a vocal champion of ENS integration with layer-2 scaling solutions. This vision of faster, cheaper transactions using human-readable ENS domains resonated with users and developers alike, painting a brighter future for the project.
  • DeFi Embrace: With decentralized finance (DeFi) taking center stage in the crypto revolution, the ease and security of ENS domains have become increasingly attractive. The ability to send and receive funds using simple names like “alice.eth” instead of long, alphanumeric wallet addresses is a game-changer for user experience.
  • Community-Driven Flight: Unlike traditional, centralized naming systems, ENS thrives on a decentralized foundation governed by smart contracts and a DAO. This democratic approach gives users a direct say in the project’s future, fostering a sense of ownership and community that fuels its growth.

Challenges On The Horizon?

Ethereum Name Service is a decentralized naming system on the Ethereum blockchain, for those who are unaware. It enables users to obtain names that are legible to humans, such as “bob.eth,” and associate them with identifiers like addresses, content hashes, and metadata.

Meanwhile, despite the sun-drenched optimism, storm clouds still linger on the horizon. Regulatory uncertainty surrounding Ethereum’s classification as a security or commodity could cast a shadow on ENS’s future. Additionally, the broader crypto market remains susceptible to sudden shifts in sentiment, making sustained growth anything but guaranteed.

The Road Ahead

The ENS rally serves as a powerful testament to its resilience and potential. However, navigating the volatile crypto landscape demands a cautious approach. As with any investment, careful research and a measured understanding of the risks involved are paramount.

One thing is certain: with its user-friendly domain names, community-driven spirit, and increasing DeFi and layer-2 integrations, ENS has carved a unique niche in the crypto ecosystem.

Featured image from Shutterstock

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American Investment Bank TD Cowen Says Ethereum ETF Will Be Delayed

Despite the United States Securities and Exchange Commission (SEC) granting approval for Spot Bitcoin ETFs, TD Cowen, a prominent American investment bank and financial service firm, foresees potential delays in the approval process of Ethereum Spot ETFs. 

Ethereum Spot ETF Faces Potential Hold-Up

TD Cowen, an investment bank and financial service division of TD Securities has made a bold forecast, predicting that the US SEC is unlikely to approve Ethereum Spot ETFs before its deadline. Presently, the SEC is obligated to make its final decision on its rejection or acceptance of Ethereum Spot ETF from May 23 to August 7, 2024. 

Earlier on January 10, the SEC officially approved Spot Bitcoin ETFs, triggering expectations that ETH Spot ETFs would follow suit. Several major firms including Ark 21 Shares, VanEck, Fidelity, BlackRock, and Hashdex have submitted applications for a Spot Ethereum ETF. Additionally, the regulatory agency has fixed a new deadline for Grayscale’s Ethereum Spot ETF to January 25. 

TD Cowen’s predictions align with the SEC’s typical cautionary approach towards cryptocurrency-related investment products. The investment bank has disclosed that the regulator may delay ETH Spot ETFs until it accumulates sufficient knowledge and experience from its previously approved Bitcoin Spot ETFs. The bank estimates that while the delay may not take as long as 26 months, it is likely to persist beyond the upcoming elections.

Similarly, Scott Melker, a crypto investor on X (formerly Twitter) has highlighted the possibility of the SEC hesitating to approve Ethereum Spot ETFs. Melker predicted that the SEC would be reluctant to approve Ethereum ETFs without external legal pressures similar to those observed during the approval process of Spot Bitcoin ETFs. 

“Gary Gensler isn’t going to entertain an Ethereum Spot ETF unless the courts force it on him. I very seriously doubt we will see one anytime soon, but would love to be proven wrong,” Melker stated. 

Ethereum price chart from Tradingview.com

Class Before Approval

JP Morgan, an American multinational financial service firm has introduced another layer of complexity in the approval process of Ethereum Spot ETFs. Managing Director at JP Morgan, Nikolaos Panigirtzoglou stated that there was a 50% chance of the US SEC approving these Spot ETFs by its May deadline. 

Panigirtzoglou revealed that the SEC would need to classify ETH as a commodity, similar to Bitcoin before it can officially grant authorization for Spot Ethereum ETFs. 

In contrast, Bloomberg senior analyst, Eric Balchunas is more optimistic on Ethereum Spot ETF approvals. The analyst has disclosed a 70% chance of the SEC approving ETH Spot ETFs. Balchunas said previously that he could not imagine a scenario where the SEC would approve Spot Bitcoin ETFs and reject Ethereum Spot Bitcoin ETFs. 

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Ethereum Price Faces Crucial Test: Will $2,440 Withstand the Pressure?

Ethereum price struggled to clear $2,720 and corrected gains. ETH is now struggling to stay above the key $2,440 support zone and might extend losses.

  • Ethereum climbed further higher toward $2,720 before the bears appeared.
  • The price is trading below $2,550 and the 100-hourly Simple Moving Average.
  • There is a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a downside thrust if it breaks the $2,440 support zone.

Ethereum Price Revisits Support

Ethereum price outpaced Bitcoin and extended its increase above the $2,550 resistance. ETH even broke the $2,600 zone and spiked above $2,700. Finally, the beards appeared near the $2,720 resistance.

A new multi-week high was formed near $2,716 before the price corrected gains. There was a move below the $2,600 and $2,550 levels. The price declined below the 23.6% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.

Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,520 level. There is also a connecting bearish trend line forming with resistance near $2,520 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

The next major resistance is now near $2,585. A clear move above the $2,585 level might send ETH toward $2,650. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could push the price further into a bullish zone. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

More Losses in ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level or the 50% Fib retracement level of the upward move from the $2,170 swing low to the $2,716 high.

The next key support could be the $2,350 zone. A downside break below the $2,350 support might send the price further lower. In the stated case, Ether could test the $2,300 support. Any more losses might send the price toward the $2,240 level.

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 – $2,440

Major Resistance Level – $2,585

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Ethereum Eclipses Bitcoin In A Crypto Coup: Has The King Been Dethroned?

The winds of change are swirling through the once-Bitcoin-dominated cryptocurrency landscape, as Ethereum (ETH) stages a stunning rally, leaving the reigning king, Bitcoin (BTC), in its wake.

Just days after the highly anticipated approval of Bitcoin’s spot ETF, a paradoxical scene unfolds: ETH soars 13.5%, scaling a 9-month high above $2,650, while BTC stumbles with a 10% dip. This unexpected turn of events has sent shockwaves through the crypto community, igniting a fierce debate – is Ethereum finally usurping Bitcoin’s throne?

While the Bitcoin ETF approval was initially heralded as a game-changer, its muted impact left investors bewildered. This begs the question: what hidden forces are propelling Ethereum’s meteoric rise? Several factors seem to be fueling this ETH revolution:

Tech Titans Take Notice

Unlike Bitcoin, often shrouded in an aura of anonymity and regulatory uncertainty, Ethereum is increasingly embracing a collaborative, future-oriented approach. Upcoming technological advancements like the “Dencun” hard fork promise enhanced data availability and reduced transaction costs, while account abstraction paves the way for smoother user experiences and secure social logins.

These innovations are attracting the attention of tech giants like BlackRock, whose CEO, Larry Fink, recently expressed “seeing value” in a potential Ethereum ETF. This institutional validation adds significant fuel to the ETH fire.

Ethereum Staking Rewards And Scarcity

Unlike its proof-of-work rival, Ethereum rewards its holders with attractive annualized staking rewards (around 4.3%). This incentivizes investors to lock up their ETH in the network, effectively reducing supply and pushing the price up. Additionally, Ethereum’s issuance rate is slightly negative, further contributing to its scarcity and increasing its appeal as a valuable asset.

Outpacing The Competition

While Bitcoin grapples with its identity crisis, Ethereum thrives in a bustling ecosystem of decentralized applications (dApps) and blockchain-based projects. This vibrant network effect creates a self-reinforcing loop, attracting developers, users, and investors, and solidifying Ethereum’s position as the go-to platform for innovation in the blockchain space.

Meanwhile, direct competitors like BNB and SOL have encountered recent stumbles, further highlighting Ethereum’s relative strength and resilience.

The ETF Factor Looms Large

Though still shrouded in uncertainty, the possibility of an Ethereum ETF approval later this year adds another layer of intrigue to the story. With BlackRock openly advocating for it, and regulatory hurdles potentially clearing by May, the prospect of an influx of institutional capital into the Ethereum market has investors salivating.

However, the crypto world is as unpredictable as a rollercoaster. While Ethereum’s current trajectory is undeniably impressive, challenges remain. Regulatory hurdles, potential network upgrades, and broader market fluctuations could all disrupt its momentum.

Meanwhile, Bitcoin, though seemingly faltering, still boasts a massive market cap and a loyal following. It’s too early to write off the digital gold just yet.

The battle for crypto supremacy has entered a fascinating new chapter. Ethereum, armed with technological prowess, staking rewards, and a burgeoning ecosystem, appears poised to challenge Bitcoin’s long-held dominance.

But whether it can dethrone the king and claim the crown remains to be seen. This crypto saga, still unfolding with every traded byte, promises to keep us on the edge of our seats, wondering who will ultimately rule the digital kingdom.

Featured image from Shutterstock

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Analyst Pinpoints Crucial Support Level For Ethereum (ETH) Post-ETF Surge

According to data from CoinMarketCap, Ethereum (ETH) had dipped over 2% in the last 24 hours. This negative price movement comes after an initial price boost by the token which it gained by over 19% following news of the Bitcoin spot ETF approval in the US on Wednesday. 

Interestingly, popular crypto analyst Ali Martinez has offered more insight into ETH’s developing downtrend, highlighting the next possible support zones for crypto’s largest altcoin. 

Ethereum May Be Headed For $2,450 – Analyst

In an X post on January 11, Martinez shared that the TD Sequential indicator presented a sell signal on the Ethereum 4-hour chart, which could possibly result in the altcoin’s price falling to a support level of $2,530. 

For context, the Tom Demark Sequential indicator is a popular TA tool used to identify trend exhaustion and predict possible trend reversals. 

According to Martinez, this analysis tool showed that ETH was due for a price correction following a price surge in which the asset traded above $2,700 in reaction to the US Securities and Exchange greenlighting the launch of Bitcoin spot ETFs on US securities markets. 

Interestingly, in a second post on January 12, the renowned crypto analyst doubled down on this prediction stating that if the ETH bulls failed to keep the coin’s value above $2,530, there was a chance the token could trade as low as $2,450.

According to Martinez, ETH’s current negative price movement appears to be a mere correction which is likely true as the general investor sentiment around the altcoin remains bullish.

Earlier this week, NewsBTC reported that ETH investors are hyped with the expectation of an Ether spot ETF in the US following the SEC’s clearance of 11 Bitcoin spot ETF applications on Wednesday. Considering ETH’s rank as the second-largest cryptocurrency after Bitcoin, as well as the rising number of Ether spot ETF applications, investors believe the altcoin may be in line for the SEC’s favor. 

ETH’s Price Overview

At the time of writing, Ethereum was trading at $2,548 with a slight decline of 2.67% in the last day. However, the altcoin has shown an overall bullish performance in the last week, with a notable gain of 14.48%. Adding to this positive narrative, there is also an uptick in ETH’s daily volume by 22.25% which is currently now valued at $26.8 billion. 

Ethereum

Featured image from Forbes, chart from Tradingview

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BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Amidst regulatory scrutiny and leadership changes, Binance Coin (BNB) lost its footing in the liquidity race, slipping to 13th place in Q4 2023, according to Kaiko data on January 11. This surprising development contrasts BNB’s position as the third-largest cryptocurrency by market capitalization, raising questions about its general liquidity.

Dogecoin Flips BNB In Liquidity Rankings

Kaiko’s findings, based on spot trading data from multiple exchanges, revealed that Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) emerged as the top four most liquid cryptocurrencies in Q4 2023. 

Q4 2023 token liquidity rankings | Source: Kaiko

Liquidity is a metric that shows how easily a given asset can be traded without significant price impacts. One of the biggest assumptions is that a crypto asset higher up the market cap ranking is more liquid. However, as Kaiko data shows, this is not usually the case, as factors such as exchange listing play a big role.

DOGE flipping BNB in liquidity dynamics may be attributed to a combination of factors, including regulatory concerns surrounding Binance, leadership changes within the company, and the status of Dogecoin. DOGE is the first meme coin, and over the years, it has continued to cement its place as the world’s largest meme coin by market cap despite heavy competition. To illustrate, despite the popularity of alternatives like PepeCoin (PEPE) or Bonk coin (BONK), none has managed to flip DOGE.

Binance Legal Battles, Price Recovers Steadily

In 2023, Binance grappled with legal battles and internal restructuring. In early June 2023, the Securities and Exchange Commission (SEC) filed charges against the exchange, alleging that it had violated securities laws by selling unregistered securities. Additionally, Binance founder and CEO Changpeng Zhao stepped down from his executive role in late Q4 2023, further adding to the exchange’s uncertainty.

Despite its legal troubles, Binance agreed to pay a $4.3 billion settlement with the SEC and other US agencies in late 2023. While this settlement may have eased some regulatory concerns, it is unclear whether it will be enough to restore BNB’s liquidity position. 

Related Reading: Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

So far, looking at the daily chart, BNB has been trending higher, quickly shaking off the weakness of late November 2023. After Changpeng Zhao, the founder, exited as the CEO, BNB prices sharply fell. However, without follow-through and the community remaining optimistic about the platform’s prospects, prices recovered as the broader crypto scene rose, hoping the SEC would approve the first spot Bitcoin ETF.

BNB price trending upward on the daily chart | Source: BNBUSDT on Binance, TradingView

BNB is up 37% from November 2023 lows and is stable, looking at the performance in the daily chart. As a bull flag forms, it is unclear whether the coin will break higher above $340, establishing new 2024 highs or contract following Bitcoin.

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BNB’s Liquidity Fell In Q4 2023, Bitcoin, XRP, And Dogecoin Lead

Amidst regulatory scrutiny and leadership changes, Binance Coin (BNB) lost its footing in the liquidity race, slipping to 13th place in Q4 2023, according to Kaiko data on January 11. This surprising development contrasts BNB’s position as the third-largest cryptocurrency by market capitalization, raising questions about its general liquidity.

Dogecoin Flips BNB In Liquidity Rankings

Kaiko’s findings, based on spot trading data from multiple exchanges, revealed that Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE) emerged as the top four most liquid cryptocurrencies in Q4 2023. 

Q4 2023 token liquidity rankings | Source: Kaiko

Liquidity is a metric that shows how easily a given asset can be traded without significant price impacts. One of the biggest assumptions is that a crypto asset higher up the market cap ranking is more liquid. However, as Kaiko data shows, this is not usually the case, as factors such as exchange listing play a big role.

DOGE flipping BNB in liquidity dynamics may be attributed to a combination of factors, including regulatory concerns surrounding Binance, leadership changes within the company, and the status of Dogecoin. DOGE is the first meme coin, and over the years, it has continued to cement its place as the world’s largest meme coin by market cap despite heavy competition. To illustrate, despite the popularity of alternatives like PepeCoin (PEPE) or Bonk coin (BONK), none has managed to flip DOGE.

Binance Legal Battles, Price Recovers Steadily

In 2023, Binance grappled with legal battles and internal restructuring. In early June 2023, the Securities and Exchange Commission (SEC) filed charges against the exchange, alleging that it had violated securities laws by selling unregistered securities. Additionally, Binance founder and CEO Changpeng Zhao stepped down from his executive role in late Q4 2023, further adding to the exchange’s uncertainty.

Despite its legal troubles, Binance agreed to pay a $4.3 billion settlement with the SEC and other US agencies in late 2023. While this settlement may have eased some regulatory concerns, it is unclear whether it will be enough to restore BNB’s liquidity position. 

Related Reading: Ethereum Classic (ETC) Explodes Over 50% In Massive Price Jump – Here’s Why

So far, looking at the daily chart, BNB has been trending higher, quickly shaking off the weakness of late November 2023. After Changpeng Zhao, the founder, exited as the CEO, BNB prices sharply fell. However, without follow-through and the community remaining optimistic about the platform’s prospects, prices recovered as the broader crypto scene rose, hoping the SEC would approve the first spot Bitcoin ETF.

BNB price trending upward on the daily chart | Source: BNBUSDT on Binance, TradingView

BNB is up 37% from November 2023 lows and is stable, looking at the performance in the daily chart. As a bull flag forms, it is unclear whether the coin will break higher above $340, establishing new 2024 highs or contract following Bitcoin.

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Ethereum Price Prediction: Analyst Predicts 100% Rise Against Bitcoin

Crypto analyst Michaël Van De Poppe recently made a bullish prediction for the Ethereum price against Bitcoin in the near future, noting the path for this to happen. According to a social media post by the analyst, price action on the ETH/BTC pair for the next months will center around spot Bitcoin ETFs, with a rotation into ETH also in the prediction.

Analyst’s Prediction of 100% Ethereum Price Rise Against Bitcoin

Michaël Van De Poppe recently took to X to share a chart of Ethereum’s price performance against Bitcoin (ETH/BTC pair) on the weekly timeframe. Price action on the chart forms green (bullish) candles during periods of Ethereum’s performance over Bitcoin, while red (bearish) candles are formed during periods of Ethereum’s underperformance against Bitcoin.

Taking a look at the chart shared by Van De Poppe shows that Ethereum’s performance on the ETH/BTC pair has been on a decline since the middle of 2022. This decline particularly increased during the last quarter of 2023, as the enthusiasm regarding spot Bitcoin ETFs led to a surge in the price of Bitcoin. Consequently, the analyst noted that Ethereum’s price performance against Bitcoin is now around the 2022 low of 0.04922.

According to Van De Poppe, the approval of the long-awaited spot Bitcoin ETFs could lead to the creation of another liquidation candle on ETH/BTC to eventually take the liquidity around the 2022 low. This would eventually lead to a rotation into Ethereum, combined with a bullish weekly divergence.  

As a result, the ETH/BTC pair would be propelled to a target just above 0.12 by the rotation, signifying an increase of more than 100%. Notably, the last time ETH reached this level on the ETH/BTC pair was during the crypto’s first major bull run in 2018. 

Ethereum price chart from Tradingview.com

The Rotation Game Has Started

Spot Bitcoin ETFs have been approved by the SEC on Wednesday, causing the price of Bitcoin to spike to $48,600, its highest point since April 2022. However, the price of Bitcoin has stalled and is now trading at $45,839, about where it was when the news of the approval of spot Bitcoin ETFs came out.

At the same time, Ethereum rose over $2,500 to reach $2,600, its highest point since April 2022. Ethereum has maintained this gain to outperform Bitcoin and is trading at $2,618 at the time of writing.

According to another post on social media by Michaël Van De Poppe price action since the approval of spot Bitcoin ETFs suggests that the rotation is already happening on the ETH/BTC pair.

“The rotation game is happening already,” he stated, adding a $3,500 price target for ETH.

Investors are now anticipating the approval of spot Ethereum ETFs, which could also drive up the price of ETH.

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Crypto Analyst Unveils Bullish End Of Year Predictions For Ethereum

Crypto Expert Anthony Sassano has provided a bullish narrative for the Ethereum ecosystem. Based on this, he believes that Ethereum could hit a new all-time high (ATH) this year. The analyst also went as far as predicting what price level ETH could hit in particular. 

ETH Could Rise To As High As $10,000 This Year

Sassano stated that ETH could hit $10,000 if the Ethereum Spot ETF hype were to get “ahead of itself.” These ETFs are believed to be next in line for an approval order by the Securities and Exchange Commission (SEC). That could explain why the crypto expert has handpicked them as the catalyst for this massive increase in ETH’s price. 

Meanwhile, even if the $10,000 price level isn’t attained, Sassano believes that ETH could still rise to as high as $6,000 before the year runs out. Before making these price predictions, he had explained why he was so bullish on the Ethereum ecosystem. According to him, Ethereum is going to gain a lot of interest from institutions because of the yield it affords them. 

Ethereum, being a proof-of-stake network, provides an opportunity for investors to stake their ETH tokens and earn some rewards in return. This institutional interest in Ethereum is going to be further driven by the launch of Ethereum Spot ETFs, Sassano opined. He further suggested these yields will also give Ethereum an edge over Bitcoin. 

Interestingly, crypto analyst Altcoin Daily had before now stated that ETH hitting $10,000 was “programmed.” He alluded to the higher yields on the network as one of the reasons for his assertion. However, unlike Sassano, Altcoin Daily didn’t suggest a timeline for when the crypto token will hit this price level. 

Ethereum price chart from Tradingview.com

Is The Market’s Attention Turning To Ethereum?

ETH rallied following the SEC’s approval of the Spot Bitcoin ETFs on January 10, while Bitcoin didn’t see much action. That could suggest that the market was already turning its attention to the Ethereum Spot ETFs. It also shows that the Bitcoin market was likely already priced in before the approval came in. 

If that is the case, the second-largest crypto token by market cap could begin to post some major gains ahead of a potential approval of the Ethereum ETFs in May. This would be something similar to what happened with Bitcoin, which resurged on the back of rumors involving the Spot Bitcoin ETFs. 

At the time of writing, ETH is trading at around $2,580, down in the last 24 hours, according to data from CoinMarketCap. 

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Ethereum Price Holds Ground As Indicators Suggest Rally To $2,800

Ethereum price climbed higher above the $2,600 resistance. ETH outpaced Bitcoin and is holding gains above the $2,580 support zone.

  • Ethereum extended its increase above the $2,650 resistance zone.
  • The price is trading above $2,550 and the 100-hourly Simple Moving Average.
  • There is a key bullish trend line forming with support at $2,590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a downside correction if there is a move below the $2,580 support.

Ethereum Price Eyes More Upsides

Ethereum price remained in a positive zone above the $2,500 resistance. ETH even outpaced BTC and climbed above the $2,650 resistance zone. A new multi-week high was formed near $2,683 before the price corrected gains.

There was a move below the $2,620 and $2,600 levels. The price tested the 23.6% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. There is also a key bullish trend line forming with support at $2,590 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,550 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price might face resistance near the $2,640 level. The next major resistance is now near $2,680. A clear move above the $2,680 level might send ETH toward $2,720. A close above the $2,720 resistance could push the price further into a bullish zone.

Ethereum Price

Source: ETHUSD on TradingView.com

The next key resistance is near $2,780. If the bulls push Ethereum above $2,780, there could be a rally toward $2,880. Any more gains might send the price toward the $3,000 zone.

Downside Correction in ETH?

If Ethereum fails to clear the $2,680 resistance, it could start a downside correction. Initial support on the downside is near the $2,590 level and the trend line.

The first key support could be the $2,465 zone or the 50% Fib retracement level of the upward move from the $2,245 swing low to the $2,683 high. A downside break below the $2,465 support might send the price further lower. In the stated case, Ether could test the $2,350 support. Any more losses might send the price toward the $2,220 level.

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 above the 50 level.

Major Support Level – $2,465

Major Resistance Level – $2,680

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Bulls Charge As Ethereum Barrels Past $2,600 – Is An ETF The Secret Weapon?

Ethereum (ETH) continued its upward trajectory Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted $2,600 mark. Market watchers attribute this surge to a confluence of factors, primarily fueled by anticipation of a forthcoming Ethereum exchange-traded fund (ETF) in the wake of the expected approval for a Bitcoin ETF in the US.

In a historic move that cryptocurrency aficionados hope will bring more individual and institutional investors into the market, the US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds on Thursday.

Ethereum ETF Buzz Sparks Strategic Moves

“There’s a noticeable trend towards frontrunning the ether ETF,” noted Alex Onufriychuk, CEO of Kaminari, in a Telegram message. This sentiment aligns with the prevailing belief that Ethereum, the second-largest cryptocurrency by market cap, would be the next candidate for an ETF after Bitcoin.

Adding fuel to the fire, a prominent investor, dubbed a “whale” in the crypto universe, made a strategic move by transferring 9,705 ETH (nearly $23 million) from Binance to Compound. This was followed by a 12 million Tether (USDT) loan, seemingly used to further accumulate ETH. The whale subsequently executed three profitable ETH transactions, netting roughly $5 million.

This decisive action signaled two things: confidence in Ethereum’s future and the potential for profit-taking, which could introduce short-term volatility. Despite the risk, the whale’s activity bolstered positive market sentiment.

Further validating this optimism, Ethereum’s network metrics experienced a surge. Both network growth and token velocity saw increases, indicating heightened interest from new addresses and more token movement. These on-chain metrics paint a promising picture for ETH’s future.

ETH Futures Surge Amid ETF Optimism

Also adding to the bullish case, Open Interest for ETH futures contracts jumped 15% in recent days, reaching $4.57 billion at the time of writing. This signifies more traders entering the market and anticipating significant price gains following a potential ETF approval.

According to reports, crypto traders expect Ethereum’s price to rise after a favorable ETF judgment, even though Bitcoin is getting more attention in the media. If this situation plays out, the price of ETH could soon go beyond $2,600.

However, it’s crucial to remember that the cryptocurrency market remains volatile, and unforeseen factors could still impact prices.

The timeline for an Ethereum ETF approval is uncertain, and regulatory hurdles could create delays. Additionally, broader market conditions and news on Ethereum development could also play a role.

Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions, particularly in the dynamic and unpredictable world of cryptocurrencies.

Featured image from Medium