Market
Ethereum Outperforms Bitcoin: Jumps Amid Market Divergence
![](https://coin2049.io/wp-content/uploads/2024/06/Ethereum-Outperforms-Bitcoin.jpeg)
Ethereum price started a fresh increase from the $3,350 support zone. ETH is outperforming Bitcoin and might rise further toward the $3,650 resistance.
- Ethereum is gaining pace from the key $3,365 support zone.
- The price is trading above $3,450 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair formed a double-bottom pattern and gained pace above the $3,500 resistance.
Ethereum Price Holds Key Support
Ethereum price remained well-bid above the $3,350 support zone. ETH formed a base and started a fresh increase after it formed a double-bottom pattern near $3,350, as discussed yesterday.
It outperformed Bitcoin and broke the $3,450 resistance. There was a clear move above the 50% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low. Besides, there was a break above a key bearish trend line with resistance near $3,460 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is also showing positive signs for more gains above the $3,535 level. On the upside, the price might face resistance near the $3,580 level or the 76.4% Fib retracement level of the downward move from the $3,650 swing high to the $3,350 low.
The first major resistance is near the $3,650 level. An upside break above the $3,650 resistance might send the price higher. The next key resistance sits at $3,720, above which the price might gain traction and rise toward the $3,750 level.
![Ethereum Price](https://www.newsbtc.com/wp-content/uploads/2024/06/Ethereum_2608a1.png?resize=1024%2C461)
A clear move above the $3,750 level might send Ether toward the $3,880 resistance. Any more gains could send Ether toward the $4,000 resistance zone in the coming days.
Another Decline In ETH?
If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near $3,500. The first major support is $3,450.
A clear move below the $3,450 support might push the price toward $3,350. Any more losses might send the price toward the $3,220 level in the near term.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,450
Major Resistance Level – $3,580
Market
Altcoins Topped, But Meme Coins Set to Soar: Here’s Why
![](https://coin2049.io/wp-content/uploads/2024/06/BIC_Memecoins_coins.png)
After a rally in the first quarter of 2024, most altcoins appear to have peaked. They are struggling significantly from their March 2024 highs, with reductions in value ranging between 70% and 90%.
According to the latest data, the total market capitalization for crypto, excluding Bitcoin and Ethereum, has receded to December 2023 levels. This regression has effectively nullified all gains accrued year-to-date.
Why Crypto Analysts Believe Meme Coins Can Still Make New Highs
Crypto investor Andrew Kang believes that nearly all altcoins have reached their peak for the current bull cycle. Nonetheless, he retains a positive outlook on meme coins, which could defy the broader market downtrend.
“I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025. Memes probably constitute a majority of the coins that have a chance of making new highs,” Kang revealed on X (Twitter).
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
In contrast to the faltering performance of most altcoins, meme coins exhibit peculiar resilience. Meme coin expert Murad Mahmudov anticipates that the sector will dominate the next altcoin season.
“People are slowly waking up to the black pill that all altcoins have always been meme coins with a bit of techy obfuscation on top. This will cause tens of thousands of people to (1) Sell tech altcoins for pure memes, (2) Buy pure memes instead of tech altcoins with fresh fiat this cycle,” Mahmudov boldly remarked.
Mahmudov’s analysis suggests a shift in investor sentiment. Institutional investors focus largely on Bitcoin (BTC) and, to a lesser extent, Ethereum (ETH), while retail investors gravitate towards meme coins.
“This is why tech altcoins are underperforming. No one wants them,” Mahmudov noted.
Furthermore, data from the crypto analysis platform DYOR highlights the outperformance of meme coins over the last 90 days during market volatility. With a relative strength of -0.37, meme coins have shown remarkable resilience compared to sectors like Web3 gaming and Layer-2/Layer-3 technologies, which recorded much lower strengths of -1.32 and -1.30, respectively.
Relative strength calculates the performance of a particular sector against the broader market.
![Relative Strength of Crypto Narratives](https://beincrypto.com/wp-content/uploads/2024/07/Screenshot-2024-07-08-at-6.20.07 PM-850x331.png)
Hitesh Malviya, founder of DYOR, provided a critical view of the altcoin ecosystem, particularly those backed by venture capitalists (VCs). He argued that many VC-backed projects, despite their initial promise, often do not survive the long term.
“90% of these so-called projects backed by top-tier VCs are essentially white-collar grifters who promise shiny things, raise funds, run the project for three or four years, and eventually die,” Malviya explained.
This pattern, Malviya warns, usually benefits the founders and VCs financially while leaving retail investors at a loss. Malviya’s remarks highlight the need to focus more on community-aligned altcoins.
Read more: Crypto Scam Projects: How To Spot Fake Tokens
“If we fail at that, the community will keep trading meme coins, which isn’t good for the larger section of the community, as the greed factor is always high and lacks fundamental backing,” Malviya concluded.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Worth $4 Million Moves Amid Sentiment Shift
![](https://coin2049.io/wp-content/uploads/2024/07/bic_XRP_positive_neutral_1.jpg.webp.webp)
XRP transactions on exchanges recorded an uptick on Monday, coming amid elevated fear levels in the market.
Traders show a general lack of conviction as altcoins follow Bitcoin’s lead. Despite the bearish sentiment, data indicates heightened interest in Ripple.
XRP Transactions on Exchanges Increase
Data platform Blockchair reported a series of XRP transactions on exchanges on Monday. In one transaction, over 10 million XRP tokens worth at least $4.2 million moved from Binance to an unknown wallet.
In another transaction, more than 3.6 million XRP tokens worth at least $1.45 million moved from Bitstamp to Binance.
Read more: How To Buy XRP and Everything You Need To Know
![XRP Transaction](https://beincrypto.com/wp-content/uploads/2024/07/XR-ta.png.webp)
When traders move their assets to a wallet, it suggests an intention to HODL. On the other hand, moving crypto between centralized exchanges suggests plans to explore different trading features, lower fees, or a wider variety of trading pairs. It may also be a strategic move to arbitrage between exchanges, as traders exploit price differences to make a profit.
Increased XRP trading activity coincides with changing social sentiment. According to CFGI.io, sentiment has improved from fear to neutral. This indicates that the market is currently neither overly optimistic nor excessively pessimistic.
![XRP Social Sentiment](https://beincrypto.com/wp-content/uploads/2024/07/Sent.png.webp)
Along with it, the investment suggestion remains to hold on amid “very positive” volatility, suggesting the need for caution. Nevertheless, Ripple’s Chief Technology Officer suggests the market needs to focus on XRP’s utility rather than its investment potential.
“Still costs $1 to buy enough XRP to make a $1 payment,” Schwartz noted.
The expression came as community members showed concern over how the ongoing market crash would impact the Ripple token. XRP has been subdued below the $0.6 price threshold over the past several months.
Focus on the Primary Function of Ripple, David Schwartz Says
Ripple CTO suggests that XRP holders can take advantage of the current price to purchase more tokens. He believes this highlights XRP’s primary function as a medium of exchange, facilitating fast and cost-effective cross-border transactions despite the bearish market.
However, some say Schwartz is deviating from his 2017 comment and is trying to manipulate the narrative.
“It can’t be dirt cheap. That does not make any sense. If XRP costs $1, they would need a million XRP, which would cost $1 million. If XRP costs a million dollars, they would need one XRP, which would, again, cost $1 million. Except that, higher prices make payments cheaper. Right now, you can buy a million-dollar house with bitcoins. When bitcoins were $300, it would move the market too much and be too expensive to be practical. So higher prices make payments cheaper,” the Ripple executive said in X post.
Read more: Ripple (XRP) Price Prediction 2024/2025/2030
Nevertheless, Schwartz shot down the allegation that he was deviating and manipulating, reiterating his stance on XRP’s main purpose. This emphasis suggests the Ripple network’s commitment to promoting XRP for its utility in cross-border payments, not as an investment tool.
During Token2049 in Singapore, Ripple CEO Brad Garlinghouse also said the network is now more focused on what utility they are building than on speculative trading.
“Bitcoin ETF volumes have been soaring, we’re due for a halving, and the broader crypto market is following BTC’s lead. As someone who has experienced multiple cycles of ‘crypto is back,’ this bullishness must go hand in hand with real-world utility. That’s the real march of progress,” Garlinghouse explained.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Crypto Whale Dumps $21 Million in Ethereum Before ETF Launch
![](https://coin2049.io/wp-content/uploads/2024/05/bic_Ethereum_ETH_3-covers_neutral.jpg.optimal.jpg)
A crypto whale wallet – 0x742, likely liquidated a substantial Ethereum position valued at approximately $21.43 million. This investor deposited 7,240 Ethereum (ETH) into the Kraken crypto exchange at $2,960 per ETH.
The move is intriguing, especially given the proximity to the anticipated launch of Ethereum-based ETFs.
Ethereum Attempts a Price Recovery
According to Spot On Chain, in December 2022, 0x742 had withdrawn 8,240 ETH from Kraken at a much lower price of $1,189. This strategic hold resulted in a profit of roughly $12.83 million, marking a 149% gain over eighteen months.
Apart from the deposit of 7,240 ETH to Kraken, the crypto whale transferred an additional 1,000 ETH to an unidentified wallet.
Read more: Ethereum ETF Explained: What It Is and How It Works
This divestment coincides with a surge of optimism about the pending approval and trading of Ethereum-based ETFs in the US. Analysts such as James Seyffart and Eric Balchunas from Bloomberg Intelligence suggest these ETFs might start trading as soon as next week.
Additionally, Nate Geraci, president of the ETF Store, suggested that ETFs could commence trading within the next two weeks, with a target around July 15. The prediction comes as Bitwise updated its S-1 filing last week.
Geraci explained his reasoning behind the July 15 prediction.
“Most issuers (I believe all but Bitwise) still have to submit amendments on Monday. The final S-1 will then be submitted after that, which needs to happen by Wednesday as I assume issuers don’t want a Friday launch. I think this is unlikely, so I move the timeline to the July 15,” Geraci said.
Notably, crypto whales like 0x742 decided to exit positions ahead of these developments. Investors typically deposit assets into centralized exchanges when they plan to sell and withdraw them to private wallets for long-term holdings.
Therefore, this move might indicate skepticism about Ethereum’s near-term market prospects despite the positive outlook for ETFs. It might also suggest that the crypto whale panic sold after Ethereum hit a low of $2,800 last week.
Ethereum’s price action has been volatile recently, with a notable dip of about 23% from its peak after preliminary ETF approval news. However, it has shown signs of recovery, forming a double bottom pattern, which suggests potential upward movement.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
![Ethereum (ETH) Price Performance](https://beincrypto.com/wp-content/uploads/2024/07/ETHUSDT_2024-07-08_16-52-29-850x493.png)
If Ethereum can break through the resistance at $3,080, it could climb to $3,350. Conversely, failing to break this resistance might lead to price consolidation in the range of $2,876 to $3,080.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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