⇗ ETH Coin's Dominance Persists Amid Market Volatility and Competition
Ethereum has been a dominant player in the cryptocurrency market, with analysts predicting a target range of $4,000 to $6,000 . Despite...
The recent series of events includes statements by the Ethereum Foundation revealing that its main wallet is down to about $650M. The crypto market has witnessed a significant price crash impacting major cryptos including ETH. An Ethereum millionaire reportedly sold a portion of his ETH holdings to invest in a meme coin.
Ethereum has been reportedly underperforming Bitcoin since the merge two years ago. The cause of the sudden drop in Ethereum's price has been linked to a weak support level. This is coupled with market liquidations amounting to $272 Million. Despite this, some analysts project that Ethereum, Binance Coin, and Solana are ready to bounce back strongly. VanEck plans to close its Ethereum futures ETF. Ethereum-based Altcoin could however experience a surge of over 150%
In more news, the release of ETH ETF contributed to a drop in the Market liquidity by 20%. Observations show that Spot Ethereum ETFs exhibit similar trends to Spot Bitcoin ETFs. There's speculation that ETH could fall below the $2,200 mark causing sharks to join the Mpeppe wave, a tier-1 listing meme coin. However, this situation doesn't deter investor sentiment towards ETH as it is considered a 'sure bet'. Moreover, ETH is likely to experience more sell-offs as Ethereum ETF struggles despite Ethereum Foundation's plans to unveil its Financial Report with $650M in reserve.
ETH Coin News Analytics from Wed, 21 Aug 2024 07:00:00 GMT to Fri, 06 Sep 2024 22:30:04 GMT - Rating -7 - Innovation 4 - Information 5 - Rumor -4