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Genesis Trading Moves $126M In Ethereum, What’s Next For ETH?

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Genesis Trading, a major player in the digital asset space, executes significant Ethereum transfers amidst a backdrop of price volatility and market uncertainty. With over $126 million worth of Ethereum on the move, potentially as part of bankruptcy proceedings, the crypto community is on high alert.

This development coincides with Ethereum’s struggle to maintain key price levels following the recent launch of ETH ETFs, painting a complex picture of the second-largest cryptocurrency’s immediate future.

Genesis Trading’s Ethereum Transfers

In a notable development in the cryptocurrency market, Genesis Trading has moved a substantial amount of Ethereum (ETH), totaling approximately $126 million. The company transferred 27,500 ETH (valued at about $87.09 million) to an address beginning with 0xcbCF, and an additional 12,500 ETH (worth roughly $39.59 million) to an address starting with 0x72FE. These transactions are suspected to be part of bankruptcy liquidation procedures.

This movement comes at a time of uncertainty for Ethereum’s price. Despite the recent launch of Ethereum ETFs, which was anticipated to boost the cryptocurrency’s value, ETH has struggled to maintain its position above $3,500 and is now approaching a critical support level at $3,100. The launch appears to have followed a classic “buy-the-rumor-sell-the-news” pattern.

Ethereum’s Market Performance

Market analysts note that while ETH briefly recovered to $3,143, trading below the broken ascending trendline may embolden bears to increase short positions, potentially pushing the price below $3,000. For a bullish outlook to resurface, ETH needs to reclaim this trendline as support and target the area above $3,500.

Adding to the bearish sentiment, the short-term Ethereum price forecast reveals a concerning RSI divergence. A break above this divergence is necessary to validate any solid recovery. Failure to recapture the $3,200 support level by day’s end could increase the risk of ETH sliding below the psychologically important $3,000 mark.

Ethereum’s price has been struggling despite the recent launch of ETH ETFs. The cryptocurrency has failed to maintain its position above $3,500 and is approaching a critical support level at $3,100. This performance suggests a “buy-the-rumor-sell-the-news” pattern following the ETF launch.

For a bullish outlook to return, ETH needs to reclaim this trendline as support and target the area above $3,500. The short-term forecast also shows a concerning RSI divergence, indicating that ETH needs to break above this divergence to validate any solid recovery.

Also Read: Grayscale Ethereum ETF Outflows Cross $2 Billion, More Pain Ahead?

Broader Market Context

These developments are occurring against the backdrop of recent economic events and market trends. The Federal Open Market Committee (FOMC) meeting signaled a dovish stance from the Fed, with a September rate cut now fully priced in. However, this positive sentiment in equities didn’t translate to the crypto market, which saw a broad sell-off.

Traders are closely watching daily ETH ETF outflows and potential supply pressures from sources like Mt. Gox and the US government. Some analysts suggest using strategies like Accumulators to systematically buy ETH below $3,000, given the possibility of a range-bound market period. These factors collectively create a complex picture for Ethereum’s immediate future, with both challenges and potential opportunities for investors and traders.

Also Read: Coinbase (COIN) Stock Surges 3% With Strong Institutional Activity in Q2

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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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Dogecoin And Shiba Inu Price Prediction: Interest In Meme Coins Decline, Crypto Experts Run To ETFSwap (ETFS) Utility Token To Rally 500x

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As change is constant in the crypto market, meme coins like Dogecoin and Shiba Inu that have once rocked the boat of investors are currently showing signs of decline, leading to loss of interest. Most crypto experts are expecting a new utility token, ETFSwap (ETFS), to rally 500x in the coming weeks, and smart investors are rapidly buying this token.

ETFSwap (ETFS): A Secure And Innovative Alternative To Meme Coins 

The vast number of meme coins makes it incredibly difficult for investors to distinguish between profitable projects and mere speculative assets. In light of this, ETFSwap (ETFS) is offering investors round-the-clock access to its DeFi platform known for hosting tokenized exchange-traded funds (ETFs). Through the Ethereum network, investors can spread their portfolios across numerous asset classes in the likes of real estate ETFs, commodity ETFs, fixed income ETFs, and more.

In comparison to meme coins that depend on speculations and social media trends, ETFSwap (ETFS) is redefining the crypto investment landscape with its customizable trading features that allow investors to multiply gains significantly. On the ETFSwap platform, investors can expand positions on the listed ETFs using the 50x marginal trading capital in order to earn gains of 5,000%. In addition, ETFSwap (ETFS) offers 87% in annual percentage yields (APY) as a reward to those who stake their tokens.

While interest in meme coins has declined significantly based on the recent Dogecoin and Shiba Inu price predictions, investors are expecting to 500x their portfolios in the coming weeks based on analysis from various crypto experts. Also, ETFSwap (ETFS) will launch its robustly developed beta platform in a few days. The first phase of the ETFSwap beta platform will allow users to participate in various liquidity pools and staking activities and access real-time prices on all ETF currencies. In the second phase, investors will be able to mitigate risk and increase their chances of profits with AI-powered tools like the ETF Screener, ETF Tracker, and ETF Filter.

ETFSwap (ETFS) has increased the confidence of investors in its platform by completing its KYC verification process with SolidProof, a cybersecurity firm specializing in checking blockchain vulnerabilities and protecting financial institutions from hackers and other malicious activities.

Dogecoin Price Outlook

Recent Dogecoin price predictions have not been entirely convincing, and investors are starting to lose interest as the meme coin’s once meteoric rise is now starting to fade off, further reflecting negatively on the Dogecoin price.

Dogecoin’s price began to fall as its daily relative strength index (RSI) peaked over 70, a level that often indicates an “overbought” scenario, a period of correction or consolidation. This implies that traders started locking in profits because they thought the meme coin had peaked in the short term.

Despite a 48% surge earlier in October, Dogecoin price has experienced a slight pullback. From its local peak of $0.149 two days ago, the Dogecoin price has fallen more than 7% as of today. According to data from CoinGecko, Dogecoin (DOGE) market cap is at $20.1 billion. As of writing time, Dogecoin price is at $0.137.

Shiba Inu Price Predictions

The Shiba Inu price is facing strong bears, battling to reach previous highs, which has caused most investors to lose interest in the meme coin. Recent reports reflect a significant decline in transaction volume, with major SHIB trades falling from 4 trillion SHIB to 500 billion SHIB in the last week. This decline in liquidity could make the Shiba Inu price more vulnerable to fluctuations.

In the last 7 days, the Shiba Inu price has experienced a 6.0% decline, and most analysts suggest that without renewed interest in the meme coin, the Shiba Inu price may continue to struggle.

Based on data from CoinGecko, Shiba Inu price is at $0.00001767 with a market cap of $10.4 billion. The current Shiba Inu price is 79.51% lower than the ATH price of $0.00008616 recorded in 2020.

Join The ETFSwap (ETFS) Presale For 500x Returns

ETFSwap (ETFS) is in the third stage of its presale, offering its native token (ETFS) for a very low price of $0.03846. With over 5 billion tokens sold within a short time, investors looking to multiply their profits by 500x are confident about their investments, as now is the best time to buy ETFSwap (ETFS).

 

For more information about the ETFS Presale

Visit ETFSwap Presale

Join The ETFSwap Community



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Savvy Crypto Traders Find Ethereum Token with Potential for a Rapid 1,559.50% Surge this November 2024

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As the crypto market experiences turbulent shifts amid the US presidential election, savvy investors seek hidden gems poised for explosive growth. One such asset is an emerging Ethereum token currently in a promising presale phase and has already demonstrated significant price movement. 

With the US elections in the background, traders are particularly keen on opportunities that could yield remarkable returns in a short time.

US Elections Could Create Ripples in The Crypto Market

The upcoming US presidential election will ripple across the financial landscape, especially in the cryptocurrency market. 

Historically, US elections have brought about considerable volatility, with investors adopting a cautious approach as they await election results. This year is no exception, as speculations about potential regulatory changes loom large. 

Analysts predict a potential market crash on election day, followed by a rapid recovery, sparking interest among traders seeking to capitalize on these fluctuations.

Investors are particularly sensitive to the political landscape, with many bracing for possible changes in crypto regulations that could emerge from the election outcomes. Recent developments indicate that key political figures are increasingly vocal about their positions on cryptocurrencies. 

Donald Trump, for instance, has actively endorsed Bitcoin, which currently sits at $68,291, according to Coinmarketcap. This suggests he could advocate for its adoption as a strategic reserve if re-elected. 

This political backing can significantly influence market sentiment, making it essential for investors to monitor election developments closely.

Moreover, the Federal Open Market Committee (FOMC) is expected to announce decisions regarding interest rates around the same time as the election, adding another layer of complexity to market predictions. 

As the election date approaches, many investors are adopting a wait-and-see approach, poised to make strategic moves based on the outcomes.

This Ethereum Token Has the Potential to Pump Hard

Amid the expected market volatility, one Ethereum token, RCO Finance (RCOF), is capturing investors’ attention. 

Currently in its third presale stage, RCOF has experienced a remarkable 337% increase in value, rising from an initial price of $0.01275 to its current price of $0.055882. This impressive growth illustrates the token’s potential through the presale stages. 

The token’s price will increase to $0.07770 in the next stage, indicating a strong upward trajectory that reflects growing demand.

The RCOF token is projected to soar by over 672.20% as it approaches its expected listing price of between $0.4 and $0.6. This trajectory suggests a significant opportunity for early investors to multiply their investment substantially within months of the token’s public listing and the launch of the RCO Finance platform. 

Those who get in now stand a chance to see their initial investments grow exponentially, with projections indicating potential returns as high as 1,580% post-listing.

Revolutionary Features Driving RCO Finance (RCOF) Growth

The remarkable features of the RCO Finance platform are at the core of the optimistic outlook for the RCOF token. 

As an AI-powered financial platform, RCO Finance democratizes access to sophisticated investment strategies, making advanced financial tools available to all investors, regardless of their experience level. 

The platform’s AI-driven Robo Advisor tailors personalized investment strategies that adapt to real-time market data and user preferences, ensuring optimal performance for users. This personalized approach enhances user experience and increases the likelihood of achieving substantial returns.

Additionally, RCO Finance is expected to provide access to over 120,000 assets, encompassing traditional stocks, bonds, ETFs, digital assets like cryptocurrencies, and tokenized real-world assets (RWAs). 

This comprehensive asset access allows users to create diversified portfolios, mitigating risk while maximizing returns.

Integrating features like a KYC-free ecosystem and a smart contract that the SolidProof auditing firm has rigorously audited makes RCO Finance a standout player in the DeFi space, attracting attention and investment, which could significantly drive the RCOF token price upward.

Moreover, RCO Finance plans to implement a tier-based rewards system that incentivizes holding RCOF tokens, further enhancing its attractiveness as an investment. This system promises dividends based on holdings, rewarding loyal investors and fostering a strong community around the project. 

As the RCO Finance platform gains traction, the demand for RCOF is expected to increase, potentially leading to a sharp rise in its value. The combination of innovative features and robust community engagement sets RCO Finance apart as a promising investment in the crypto landscape.

RCOF as a Hedge Amid Expected Crypto Volatility

The crypto market is expected to experience heightened volatility as the US elections approach. The possibility of a market crash on election day, followed by a swift recovery, presents a classic trading opportunity.

The upcoming weeks will undoubtedly be critical for cryptocurrency and the broader financial markets, and RCO Finance (RCOF) could serve as a hedge for investors. The innovative features of the RCO Finance platform, coupled with the strong community backing, position RCOF as a potentially resilient investment.

With the potential for substantial price increases and a strong foundational platform, RCOF could be a valuable addition to any investor’s portfolio as they navigate the complexities of the crypto market during this pivotal moment.

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

 



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Dogecoin Vs. Shiba Inu: Investment Firm Reveals Why SHIB Will Outperform DOGE In 2025

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The rivalry between Shiba Inu (SHIB) and Dogecoin (DOGE) continues to rage, making headlines and becoming a top discussion among crypto community members. Recently, Investment firm Sistine Research unveiled a Shiba Inu chart analysis, which suggests that SHIB might be poised to outperform DOGE in 2025. The chart analysis points to a possible increase in Shiba Inu’s value against Dogecoin, highlighting key resistance and support levels for a significant price rally.

SHIB Targets Key Resistance Levels To Outpace Dogecoin

In a recent X (formerly Twitter) post, Sistine Research released a detailed chart of the Shiba Inu and Dogecoin trading pair, highlighting that this was “a very interesting chart.” While the chart shows SHIB bouncing off a lower support zone against DOGE, the upward move towards the higher resistance levels suggests that Shiba Inu could gain value and potentially outpace Dogecoin by 2025

Dogecoin vs. Shiba Inu
Source: X

Sistine’s chart analysis of the SHIB/DOGE pair illuminates a consistent price pattern where established resistance and support levels have impacted the trajectory and performance of Shiba Inu against Dogecoin. 

Based on the chart, since mid-2021, Shiba Inu has showcased a somewhat stable support zone around the price range of 0.00008 to 0.000105 DOGE. On another note, the resistance price range between 0.00019 and 0.00023 DOGE has often acted as a barrier, limiting Shiba Inu’s upward price movements.

Additionally, in November 2022, Shiba Inu experienced a sharp drop from 0.000202 DOGE to 0.0000841 DOGE. Nevertheless, the meme coin managed to hold onto critical support levels, which helped propel it back to 0.00013 DOGE by February 2023. 

Following the chart’s pattern, it can be noted that throughout 2023, Shiba Inu held on and consistently tested this support level. However, as the meme coin attempted to breach upper resistance levels at around 0.00019 and 0.00023 DOGE, selling pressures kicked in and triggered a significant decline for SHIB, pushing its price down to lower levels. 

Shiba Inu Prepares For A Breakout

The overall conclusion of Sistine’s SHIB/DOGE chart suggests that the above trading patterns appear to be repeating for SHIB, with the support level providing a potential base for a breakout and recovery. With Shiba Inu now trading in the lower support range again, Sistine believes this support could serve as a launch pad for SHIB, potentially pushing the meme coin up to the resistance area near 0.00019 DOGE. 

This implies a whopping 95% increase from current levels, a slight decrease from the 110% rally experienced by the meme coin in the previous cycle when it witnessed a similar movement from the support zone to the resistance level. Moreover, if Shiba Inu can maintain bullish momentum, Sistine sees it outperforming Dogecoin by 2025. 

As of writing, the price of Shiba Inu is trading at $0.000019, marking a 7.16% increase over the past week, according to CoinMarketCap.

Dogecoin price chart from Tradingview.com
DOGE continues bullish momentum | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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