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Ethereum (ETH) is currently showing signs of recovery after a recent sell-off phase. This has led to a notable rebound, suggesting the potential for a continued uptrend.

Over the past two months, Ethereum has outperformed Bitcoin (BTC), with analysts predicting a significant price increase in the coming days due to the anticipated launch of an Ethereum ETF.

This event is expected to strengthen ETH against BTC, particularly given the bearish divergence on the BTC weekly chart.

Despite the optimism, there is no clear timeline for the launch of the much-anticipated spot Ethereum ETF, causing confusion among issuers about the delay.

Nevertheless, major market participants and Ethereum whales have been accumulating ETH in preparation for ETF approval, anticipating a substantial price increase once the approval is granted.

In a TradingView post on July 13, analyst RLinda pointed out that the daily chart of ETHUSDT shows that bulls are actively maintaining the price above a crucial support line.

According to the analysis, the area above the 200-day moving average (MA) indicates consolidation, which is a positive sign for a bullish structure.

The current resistance level is around $3,200, and a breakout could lead to significant upward movement, potentially targeting the $4,000 to $4,800 range.

On a shorter, four-hour timeframe, the price movement is characterized by consolidation. A large player appears to be actively purchasing ETH, anticipating important news and reinforcing the intermediate bottom zone.

This period of consolidation, supported by increased volume, indicates strong buying interest and a likely continuation of the uptrend. The key support levels here are around $3,056 to $3,152, which have consistently held firm.

The weekly chart supports this bullish outlook, showing a pattern of higher lows indicative of a long-term bullish trend. The key support level at approximately $2,852 has proven resilient, with buyers preventing further declines.

A breakout above current resistance levels on the weekly chart could lead to a significant rally, targeting the $4,000 to $4,800 range.

Given the current market conditions and the anticipated approval of ETH-ETFs, Ethereum could reach the $4000 mark within the next 4 to 6 weeks.

This projection is based on the expected approval of ETH-ETFs within the next 1-2 weeks, technical indicators suggesting a strong uptrend, and positive market sentiment with strong buying interest.

As of the latest update, Ethereum is trading at $3,201.78, reflecting a 2% increase on the daily chart.

This upward momentum is bolstered by both fundamental and technical indicators pointing towards a bullish future.

In the short term, maintaining consolidation above MA-200 and breaking through key resistance levels are crucial.

In the longer term, sustaining the support levels and continuing the bullish trend could see Ethereum reaching new highs.

The alignment of both fundamental and technical factors suggests that Ethereum could reach the $4000 mark soon, particularly if the anticipated ETF approval materializes.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Heres when Ethereum will reach $4000, according to analyst - Finbold - Finance in Bold

Ethereums (ETH) position as a leading decentralized finance (DeFi) crypto project faces significant competition from other established entities.

Notably, Cardano (ADA) is among the prominent projects vying for Ethereums throne. Cardano has undergone significant developments, building the potential to replace Ethereum.

Indeed, based on this unique position, the crypto tokens underlying projects can serve as unique investment opportunities. In this vein, Finbold consulted OpenAIs most advanced artificial intelligence (AI) tool, ChatGPT-4o, to gather insights on which crypto is a better investment for 2024.

The AI tool noted that deciding whether to invest in Ethereum or Cardano in 2024 involves analyzing several factors, including their performance, development progress, market position, and future potential.

The AI project acknowledged that Ethereum has rallied by 40% in 2024, indicating strong investor confidence and market performance. It boasts a well-established ecosystem with many decentralized applications (dApps) and smart contracts.

The Ethereum networks transition to Ethereum 2.0 improves scalability, security, and energy efficiency by introducing Proof of Stake (PoS). Additionally, Ethereum has a large and active developer community that is continuously innovating and improving the platform.

However, ChatGPT-4o noted that Ethereum still faces challenges despite recent improvements, such as high transaction fees. These high gas fees can be a barrier for small transactions.

On the other hand, Cardanos price dropped by 28% in 2024, suggesting a decline in market confidence or other challenges. Cardano is known for its rigorous academic research and peer-reviewed development process, which aim for a highly secure and scalable blockchain.

It uses a PoS consensus mechanism, which is more energy-efficient than Ethereums previous Proof of Work (PoW) model. The Cardano team continues to roll out significant upgrades and developments, such as smart contract capabilities with the Alonzo upgrade.

Despite these strengths, ChatGPT-4o noted that Cardanos ecosystem is less mature or widespread than Ethereums, with fewer dApps and projects running on its platform. The recent price drop may reflect broader market sentiment or specific issues within the Cardano community or technology.

When choosing between the two, the AI tool pointed out that given Ethereums strong performance, established ecosystem, and upgrades with Ethereum 2.0, the asset might be the better buy for 2024. This years rally indicates strong market confidence, and its mature ecosystem offers more immediate opportunities for investors and developers.

In contrast, ChatGPT-4o stated that while Cardano presents an innovative approach and energy efficiency, it faces challenges in adoption and market confidence. However, it could present a buying opportunity if investors believe in its long-term potential and the success of its ongoing developments.

However, it noted that Ethereum might offer more stability and immediate opportunities, while Cardano could be a higher-risk, potentially higher-reward option. The tool advised diversifying investments across assets to balance potential rewards and risks.

In summary, the AI platform noted that when considering an investment between the two, its important to put into perspective the risk tolerance and investment horizon.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Ethereum or Cardano? We asked ChatGPT-4o which crypto is a better buy for 2024 - Finbold - Finance in Bold

Ethereum (ETH) continues to command robust trading volume despite a recent 3% drop over the last 24 hours and the current bearish pressure.

The current market condition has not been especially favorable to Ethereum, the second-largest cryptocurrency. As one of the leading crypto assets, ETH has been at the forefront of the ongoing selloffs. Consequently, the token has dropped 10.33% this month, struggling to retain the $3,000 threshold.

This months price collapse follows an 8.62% close to June, which saw Ethereum give up the $3,700 and $3,500 psychological territories. Ethereums downturn is a product of its price correlation with Bitcoin (BTC), which has dropped 8.61% in July. IntoTheBlock data shows Ethereum has a 93% correlation with Bitcoin over the last month.

Interestingly, despite the ongoing drop, market interest in Ethereum has not declined. Market data sourced by CoinMarketCap indicates that Ethereums 24-hour trading volume has not dropped below $10 billion this month. The lowest figure ETH has witnessed is $10.85 billion, recorded on July 7 during a 4.43% price dump.

The latest data shows that Ethereum sees a $17.927 billion volume over the last 24 hours despite a 3.09% drop. This makes it the third-largest asset by 24-hour volume, only behind Bitcoin and USDT. Two of Binances Ethereum trading pairs command 14.54% of the global volume, boasting a combined $2.605 billion.

Further, IntoTheBlock confirms that large Ethereum transactions have been on the high side, with a 7-day peak of $8.62 billion on July 5. The increase in trade volume reflects sustained interest in Ethereum.

However, data on volume alone cannot provide insights into investor behavior in terms of bullish or bearish sentiments.

Typically, increased trading volume during a steep market collapse is a sign of growing selling pressure. However, Ethereums price has recorded some stability in recent times, hedging off subsequent declines. This confirms that the rise in trade volume is not necessarily a direct result of increased selloffs.

Data shows that bulls have bought over 6.065 million ETH ($18.62 million) in July. In contrast, bears have sold 5.815 million ETH worth $17.9 million within the same timeframe. This indicates that the Ethereum market has seen an excess demand of 250K ETH from large whales this month.

Ethereum could leverage this increased demand for a recovery move when the broader market recovers. However, to reach greater heights, it must first conquer the resistance at $3,079, aligned with Fibonacci 23.6%. A breach of this level would help ETH reclaim the $3,200 level, with the next roadblock at $3,251.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Ethereum Records $17.9B in Spot Volume Despite 3% Drop - The Crypto Basic

Ahead of the potential launch of Ethereum ETF, whales are bagging staggering amounts of ETH in expectation of a rally. In the last 24 hours, a large investor scooped more than 16,000 ETH from the Binance exchange, signaling bullish sentiment and confidence in the future price trajectory of the asset.

Interestingly, this comes amid a notable uptick that sent the price of ETH above the $3,100 mark after a long weekend downtrend. The recent accumulation by this whale has sent tongues wagging in the crypto community igniting a wave of optimism among investors. Let us take a look at this transfer in detail.

In a recent post on X (formerly Twitter), Spotonchain, an AI-based crypto insight platform, reported that it had spotted a large transaction moving a substantial amount of ETH in a single transfer. According to the data, the whale withdrew exactly 16,449 ETH from the largest crypto exchange by trade volume, Binance. Per the report, the whale initiated this transaction as the price of ETH jumped above $3,000. Notably, the total amount of this transfer amounted to $50.3 million.

Moreover, the entity has since moved all the ETH to be held in a new wallet. Spotonchain highlighted that this is the first time the whale will accumulate ETH in volume. A closer look at the whales transaction history shows that the last time it carried out a huge transaction was over a year ago when it sent about 199.9k Lido (DAO), worth $311,988 at the time, from a wallet to the digital asset trading platform Copper. As the potential launch of ETH ETF gets closer, investors are hoping for a Bitcoin-mirrored pattern in the days that led to its spot ETF approval.

Meanwhile, the global crypto market has recorded healthy gains in the last 24 hours and Ethereum is not left out. According to CoinMarketCap data, ETH has added 0.95% to its value over the previous 24 hours. At the time of writing, ETH is trading at $3,101. However, its one-day trading volume tells a different story as it has declined by 29.81% to $14.7 billion with a live market cap of $372.8 billion.

In hindsight, Ethereum has declined by 7.52% in the last seven days, trading between the range of $2,847and$3,349 within this time. Also, ETH has dropped by a significant 15.53% over the last 30 days. Ultimately, all ETF issuers have started submitting their S-1 amendments, and analysts predict that the approval is likely to happen around July 18. It will be interesting to see how the price of ETH adjusts ahead of that time.

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Ethereum Whale Goes Bullish, Accumulates Over 16,000 ETH Ahead of ETF Launch - Coinfomania

Ethereum [ETH] was trading in the green on 9th July after an eventful previous day that saw prospective issuers of a US spot Ethereum exchange-traded fund (ETF) submit their amended registration forms.

VanEck, 21Shares, Franklin Templeton, Grayscale, Fidelity and BlackRock, filed their updated form S-1s joining Bitwise, which was the first to submit its updated registration statement last Friday.

Grayscale submitted two amended filings one for its Grayscale Ethereum Trust (ETHE) and another for its Mini Trust.

Only Invesco missed the 8th July deadline set by the US Securities and Exchange Commission (SEC) last month when it returned the initial registration forms from the issuers with highlighted areas to fix before refiling.

Grayscale shared in a separate announcement to investors that the first issuance and earliest distribution of shares of its new Ethereum Mini Trust (ETH Trust) will be on 18th July.

The asset manager also confirmed in the announcement that it plans to list the ETH Trust on NYSE Arca pending approval.

Regarding the next steps, Bloomberg ETF analyst Eric Balchunas said the SEC is expected to review the refiled registration statements and get back to the issuers with a game plan for the final listing.

Balchunas wrote on X,

[The] SEC asked for the S-1s on July 8th but told issuers the fee wasnt [necessary] yet. They will give guidance back to issuers soon along with the game plan. Then the docs come will come back with fees (and every other blank) filled and then its go time.

Markets have eagerly anticipated the final greenlight, allowing spot Ethereum ETFs to begin trading.

Balchunas projected that the proposed ETFs may go live on 18th July, although a precise timeline will depend on feedback from the US federal securities regulator.

Balchunas added,

We dont have a new over/under launch date yet because we havent heard what the SECs game plan is [] But if you forced me gun to head style to give my best guess for the date Id go with July 18th.

In its digital asset fund flows weekly report published on 8th July, CoinShares noted that Ethereum-based investment products saw inflows totalling $10.2 million last week.

The report also ranked Solana top among the listed assets in terms of weekly crypto asset flows with $16.3 million inflows compared to Ethereums $10.2 million.

Worth noting, VanEck and 21Share are separately seeking approval for their spot Solana ETFs the VanEck Solana Trust and the 21Shares Core Solana ETF.

The Chicago Board Options Exchange (CBOE) filed two forms 19b-4 with the SEC for the VanEck and 21Share products on 8th July. VanEck and 21Shares earlier filed their SEC form S-1s on 27th June and 28th June, respectively.

ETH briefly retested the support zone around $2,800 to $2,850 on 8th July before bouncing above the $3,000 psychological level ahead of the daily close.

The recovery extending to press time came on the back of a successful defense of the long-held support zone, which bulls previously defended between April and mid-May.

Steadying prices in the last 24 hours back technical indicators and signals hinting at a potential rebound.

ReadEthereums [ETH] Price Prediction2024-2025

On the hourly chart, the ETH/USDT pair traced a W-shaped double-bottom pattern above the crucial support coming off the weekend, teasing a bullish turnaround.

Long-wick candles around the $2,800 $2,850 critical support further suggest seller exhaustion at the zone and a potential trend reversal to the upside.

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Ethereum steadies above $3k amid ETF buzz: A turnaround in sight? - AMBCrypto News