Altcoin
Ethereum Historical Data Signals 50% ETH Price Correction From Here
Ethereum has already faced strong selling pressure slipping nearly 10% on the weekly chart with the ETH price dropping to $2,366 levels currently. Some market analysts believe that the ETH market rout has just begun with the possibility of another 50% drop as per the log regression model.
Ethereum Regression Model Hints Major Crash
With the log regression model, popular crypto analyst Benjamin Cowen explains that whenever Ethereum (ETH) has broken support against Bitcoin, the ETH/USD pair has faced a 70% drop to the lower logarithmic regression trend line. As of now, ETH is already down 41%, raising concerns that a similar scenario could unfold this year. Currently, the ETH price dropped 1.14% at $2,366 losing over $50 billion from its market cap over the past week.
Historically, these sharp declines occurred in Q4 2016 and Q4 2019, suggesting that a similar pattern might emerge in Q4 2024.
Although several market players have been optimistic regarding a potential ‘Uptober’ rally, some experts like Benjamin Cowen have also warned that it would be wise to consider the downside risks as well. In one of his posts back in August, Cowen issued a warning: “I think it will get a big drop before EOY to ~$1200 and then bounce into 2025”.
This means that the Ethereum price could be preparing for another 50% correction from the current levels. Some market analysts have rebuffed Cowen’s analysis stating that his analysis doesn’t apply during the Bitcoin halving year. Responding to this, Cowen wrote:
“In Q4 2016 ETH went to the regression band which was a halving year. Honestly, the whole “But this is a halving year!” argument is getting kind of old. You could have said the same thing when ETH was $4k, and it still dropped to $1900″.
ETH Price Plummets As Investors’ Sentiment Drops
Earlier this week, Bitcoin and altcoins came crashing down amid the escalating Isreal-Iran conflict, and against everyone’s expectations of an ‘Uptober’ rally. On the other hand, the Ethereum ICO whales have continued to sold their holdings showing that the long-term investors are losing confidence in the asset class.
Also, the total flows into spot Ethereum ETFs have been boring as institutional players prefer BTc over ETH in current market uncertainties.
However, despite this, co-founder Vitalik Buterin has been focusing on the next big measures within the ecosystem. A day before, he proposed reducing the minimum ETH staking requirement by half to 16 ETH.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Shiba Inu meme cryptocurrency nabbed significant investor attention on Friday, fluctuating considerably after a 14% crash over the past week. Notably, the coin stretched its intraday gains to 5% recently despite the weekly charts showing a fall. This fluxing trajectory has stirred a whirlpool of speculation among investors surrounding SHIB’s price action ahead. Meanwhile, even the monthly chart illustrates that the coin is currently on an uptrend.
Crypto market enthusiasts speculate whether a breakout lies ahead for the meme-themed token in light of recent community developments and market trends.
Shiba Inu Price Fluxes Amid 14% Weekly Drop: Here’s What’s Happening
Shiba Inu weekly price chart illustrated a 14% crash as of October 4, whereas the token today rode a rollercoaster ride, gaining 5% to reach $0.00001679. Also, it’s worth noting that the monthly chart for SHIB price showcases gains worth 27%. This fluxing movement has sparked uncertain sentiments among crypto market traders and investors globally. However, on-chain metrics and recent market stats portray a bullish picture for the meme coin’s price ahead.
Notably, the Shiba Inu ecosystem has rolled out a stockpile of upgrades recently, revolutionizing the crypto’s stance within the broader market. The coin’s marketing lead Lucie recently shared that ‘Shib the Metaverse’ launch remains imminent. This development could be game-changing for the meme token’s ecosystem as users will be able to chat about fresh ideas, vote on essential proposals, and foster new strategies for the ecosystem’s future.
Meanwhile, in another monumental stride, the SHIB community hinted at a SHI stablecoin launch on Shibarium ahead. These developments, enhancing user offerings on the meme coin’s ecosystem, could bring a paradigm shift in the market sentiment surrounding the token.
On-Chain Data Adds Bullishness To Future Action
Meanwhile, adding to the optimism alongside community developments, on-chain metrics sparked significant optimism for the token’s future movements. A recent CoinGape Media report highlights that the meme coin’s community continues to register massive SHIB burns, with the supply continuously taking a hit. This further paves the path for a bullish breakout ahead, abiding by the law of supply and demand ahead.
Additionally, another report reveals that Shiba Inu whales have been active, moving 8.27 trillion coins recently. The colossal surge in large-scale investors partaking in trading SHIB hints at an optimistic sentiment for the token in the market. Besides, sentiments of an ‘Uptober’ rally have added to bullish projections for Shiba Inu’s future price actions. Altogether, despite price fluxes, crypto market enthusiasts portray a positive outlook for the dog-themed coin ahead.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amid the broader market correction, altcoins have faced an even deeper fall with Ethereum (ETH) and other top alts plummeting by 10-15% over the past week. However, the Santiment analysis shows that three altcoins – XRP, APT, and LINK – could make big moves ahead amid fundamental developments and institutional interest.
Three Altcoins to Watch For A Rally Ahead
The first altcoin that Santiment talks about is Ripple’s native cryptocurrency XRP. The social sentiment around XRP has shot up majorly amid key developments such as asset manager Bitwise filing for a spot XRP ETF this week. On the other hand, the U.S. Securities and Exchange Commission (SEC) decided to appeal the court decision on the XRP lawsuit in the Second Circuit court.
The news of the appeal has already sent the XRP price crashing down by 15% on Thursday, moving all the way to $0.52. However, amid the calls of the ‘Uptober’ rally, the Ripple native crypto could gain strong attention from traders taking it further beyond $0.60.
The second major cryptocurrency that Santiment mentions is Aptos. A day before, Aptos Labs made an aggressive move to expand in Japan’s Web 3 market with the acquisition of HashPalette. By incorporating the Palette blockchain, widely recognized for its broad adoption in Japan, Aptos seeks to connect traditional technology with the emerging Web3 space.
On the other hand, the on-chain U.S. Government Money Fund will be leveraging the Aptos blockchain. As per the latest CoinGape report, the APT price can rally all the way to $20 amid the soaring network activity.
The third altcoin that Santiment is bullish on is Chainlink (LINK). The oracle service provider recently collaborated with the SWFIT platform to establish interoperability with TradFi. Furthermore, Santiment reported that successful trials have demonstrated that Chainlink’s Cross-Chain Interoperability Protocol (CCIP) effectively connects multiple blockchain networks for financial institutions.
What About ‘Uptober’ Rally Sentiment for XPR and Others?
The month of October has started exactly what many anticipated with the massive ‘Uptober’ rally. According to analytics firm Santiment, mentions of “Uptober” have significantly declined, indicating a shift in trader sentiment toward a more bearish outlook for October as an automatic crypto rally. This growing pessimism, however, may create an opportunity for at least a short-term market bounce, Santiment noted.
However, Bitcoin needs to show strength to revive the broader market sentiment moving ahead. The BTC price bounced back partially after taking support at $60,500 yesterday. Bulls need to defend this level to prevent a further slide to $52,000.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
XRP whales nabbed significant investor attention on Friday, moving hundreds of millions of coins in light of the latest development in the Ripple vs SEC lawsuit. On-chain data indicated nearly 153 million coins shifted by whales as the U.S. SEC filed for a ‘notice of appeal‘ against Judge Analisa Torres’ final judgment in the Ripple lawsuit. Meanwhile, XRP price took heat, mirroring a negative market sentiment across the broader industry in light of the SEC’s appeal and recent whale activity.
XRP Whales Transfer 153M Coins Sparking Speculations As SEC Files Appeal
According to the blockchain transaction tracker Whale Alert’s data, three XRP whale transactions occurred over the past day, resulting in the shuffling of over 153 million coins. As per the data, two transactions illustrated dumps to crypto exchanges, whereas one showed funds shifted between unknown wallets.
The renowned whale address …Rzn shifted 30.38 million coins, worth $15.99 million, to the crypto exchange Bitso. Simultaneously, the same address shifted 19.22 million XRP, worth $10.12 million, to Bitstamp. Further, it’s worth mentioning that the wallet address r9s…nxL shifted 104.38 million coins, worth $54.66 million, to another new unknown wallet, sparking investor speculations.
Primarily, these transactions have set off waves of discussions among market participants as the U.S. SEC filed a notice of appeal against Judge Torres’ final judgment in the XRP lawsuit. The appeal states that the plaintiff SEC “hereby respectfully appeals to the United States Court of Appeals for the Second Circuit from the final judgment entered by this Court on August 7, 2024.”
Simultaneously, pro-XRP attorney Bill Morgan took to X recently, revealing how the appeal poses a significant setback for the community as it comes just at the brink of a bull run. Morgan claims that the SEC sued the American blockchain payments company “just at the start of the last bull run and now files an Appeal on the anticipated eve of another bull run.”
Ripple’s Coin Takes Heat
At press time, XRP price noted a nearly 1% drop in value, mirroring a bearish sentiment in sync with whale dumps and the SEC’s appeal. The coin currently trades at $0.5267, with its intraday low and high being $0.5101 and $0.5386, respectively. XRP’s trading volume dipped 33% to $1.96 billion over the past day. This slumping movement reflects rising market concerns due to the SEC’s appeal filing and the abovementioned whale dumps.
Coinglass data further hinted at declining investor interest as XRP futures OI slipped 7% to $679.21 million. Further, even the derivatives volume plummeted 42% to $2.53 billion, raising concerns.
Nevertheless, another post by attorney Bill Morgan revealed that the bets of Ripple filing a cross-appeal remain high. It’s also worth mentioning that the SEC has not yet filed Form C with the Second Circuit, which will provide a clear picture of what exactly the regulator is appealing.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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