Altcoin
Genesis Trading Moves $126M In Ethereum, What’s Next For ETH?
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
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.
Altcoin
Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?
The Dogecoin price has entered another stage of bullish momentum that has reignited inflows from traders. Notably, the DOGE price has surged by about 16.3% over the past 24 hours. This surge has brought into focus the possibility of the DOGE price reaching a new all-time high this year.
Interestingly, a crypto analyst on the social media platform X has highlighted a bullish fractal that could push the Dogecoin price on a parabolic run.
Dogecoin Fractal Points To New ATH
Master Kenobi shared his analysis of the Dogecoin price action on X. In his post, Kenobi outlined a fractal setup, suggesting that DOGE is on the verge of a significant breakout. Kenobi attributed the fractal formation to the consolidation that began after the DOGE price reached $0.43
A bullish fractal is a pattern that suggests an upward reversal in price. This pattern, which occurs during price consolidations, is characterized by a middle bar that has the lowest low, flanked by higher lows on each side.
Kenobi’s analysis was accompanied by a DOGE chart on the four-hour candlestick timeframe. The chart revealed that a similar fractal had occurred during the first week of November. At that time, Dogecoin was consolidating after an initial surge past the $0.20 mark. This consolidation phase, much like the current one, was marked by low volatility and steady accumulation. However, the November fractal ultimately resolved with an explosive 115% rally over six days.
Drawing parallels with the November setup, Kenobi predicted that the Dogecoin price could replicate this outcome and create a new all-time high in the next three days. In terms of a price target, a breakout would see the DOGE price reaching the $0.74 mark, which would put it above its current all-time high of $0.7316.
What’s Next For The Dogecoin Price?
The prospect of a new all-time high for the Dogecoin price is gaining ground with each passing day, especially with the price action in the past 24 hours. At the time of the analysis, the DOGE price was trading at $0.41. Interestingly, the Dogecoin price has surged to $0.46 at the time of writing, which indicates that the bullish fractal breakout has happened.
DOGE, which started November at $0.1616, is already up by about 230% in the past 30 days. Many on-chain data and price patterns point to a continued price increase, at least in the next few days and weeks. Ali Martinez, a popular crypto analyst, suggested that the Dogecoin price is in the middle of a bullish breakout to $0.82. If the price target is achieved, this would represent a further 78% gain from the current price.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
BTC Continues To Soar, Ripple’s XRP Bullish
The crypto universe has concluded yet another week, primarily with riveting developments unfolding across the broader sector. Bitcoin (BTC) continues to pump, hitting a new ATH this week. Simultaneously, Ripple’s XRP garnered significant market attention, recording considerable gains. The broader market continues to leverage investor optimism post-U.S. elections that saw Donald Trump reelected as the president.
Here’s a brief collection of some of the top cryptocurrency market headlines that have significantly impacted investor sentiment over the past seven days.
BTC Hits New ATH Amid Bull Crypto Market
BTC price hit a new ATH near the $100K level this week, echoing a buzz across the broader sector. Notably, the flagship coin gained roughly 10% over the past week to hit an ATH of $99,655. Attributable to this bullish movement post-U.S. elections, Rich Dad Poor Dad author Robert Kiyosaki shared a bold prediction for the coin, anticipating its price to hit $13 million.
Simultaneously, the crypto also saw heightened institutional interest amid its bullish movement, underscoring the potential for further gains. Aligning with this heightened market interest, biopharmaceutical firm Hoth Therapeutics forged ahead with BTC buying plans, sparking additional optimism surrounding the crypto.
Meanwhile, Bitcoin miner MARA completed its $1 billion private offering this week, with some of the proceeds set to be used to buy more BTC. Overall, the flagship coin leveraged significant buying pressure this week, paving a bullish path for future movements.
Ripple’s XRP Steals Attention
On the other hand, XRP’s price witnessed gains worth 40% over the past week, cementing investor optimism amid a bullish digital asset sector. Notably, XRP whales accumulated nearly $526M worth of the token this week, indicating that the Ripple-backed coin could pump higher. Veteran trader Peter Brandt predicted amid this bullish movement that a parabolic rally for the crypto also lies ahead.
Further, Ripple CEO Brad Garlinghouse conveyed bullish sentiments on XRP and a possible end to the SEC lawsuit, primarily attributable to the newly appointed U.S. Treasury Secretary Scott Bessent. Simultaneously, the Ripple vs. SEC lawsuit saw the regulator and FINRA trying to bring “digital asset securities” claims. This mover comes against the backdrop of XRP’s rally to $1, with speculations of a looming $2 target on SEC Chair Garu Gensler’s exit.
Overall, these market updates have sparked significant investor enthusiasm over the crypto realm’s future action, with market watchers being optimistic.
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.
Altcoin
XRP Price To $28: Wave Analysis Reveals When It Will Reach Double-Digits
Crypto analyst Behdark has predicted that the XRP price can reach $28. This prediction follows his Elliot Wave theory analysis, which also showed when the crypto will reach this double-digit price target.
When XRP Price Will Reach Double Digits
In a TradingView post, Behdark’s Elliot Wave theory analysis showed that the XRP price can reach double digits by 2026. The analyst’s accompanying chart showed that the first double digits target for XRP will be $15, after which the crypto could eventually rally to $28. Behdark also provided more insights into XRP’s current price action and why this rally could happen.
First, the analyst mentioned that the XRP price looks to be currently within a running triangle. In line with this, Behdark remarked that wave D might complete its movement by hunting the all-time high (ATH) at $3.84. He mentioned that there could be a price correction for wave E afterward.
Once that XRP price correction happens, Behdrak predicts the next move will be the post-pattern movement targeting a level above $15. This is where the price target of $28 comes into the picture, as the analyst’s accompanying chart shows it is a feasible target for the crypto, although it might not happen in this market cycle.
An XRP price rally to $28 would mean that the crypto would have a market cap of $2.8 trillion. However, Behdrak suggested that this was still feasible. He noted that his focus was on chart analysis and not fundamentals, even though fundamentals are reflected in the chart itself.
Meanwhile, the analyst told market participants that if a clear and identifiable pattern emerges when the XRP price reaches wave E of the triangle, they could position themselves for the main move to double digits.
A Confirmation Of This Double Digit Target
Crypto analyst Dark Defender also recently shared an Elliot Wave theory analysis, which showed that the XRP price could indeed reach double digits. Specifically, the analyst’s accompanying chart showed that XRP could rally as high as $18 when the wave 5 impulsive move occurs.
Interestingly, unlike Behdark’s chart, which showed that the rally to double digits would happen in 2026, Dark Defender’s chart showed that the rally to $18 could happen as early as mid-2025. Meanwhile, the analyst said that the XRP price is currently in the third wave, with the crypto expected to rally to $5 when this next impulsive move occurs.
Afterward, the XRP price is expected to witness a corrective move that will cause it to drop to as low as $4. The next impulsive move after this could send XRP to the $18 target.
At the time of writing, the XRP price is trading at around $1.55, up over 10% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
-
Altcoin15 hours ago
BTC Continues To Soar, Ripple’s XRP Bullish
-
Market23 hours ago
XRP To Hit $40 In 3 Months But On This Condition – Analyst
-
Market12 hours ago
Why a New Solana All-Time High May Be Near
-
Bitcoin9 hours ago
Bitcoin Price Is Decoupling From Gold Again — What’s Happening?
-
Market22 hours ago
Exploring Hottest New Coins: FINE, CHILLGUY, and CHILLFAM
-
Bitcoin20 hours ago
Bitcoin Price To $100,000? Here’s What To Expect If BTC Makes History
-
Market14 hours ago
WIF Shakes Off Setbacks As Bullish Resurgence Targets More Gains
-
Altcoin14 hours ago
Dogecoin Fractal Points To A Potential Breakout, Can It Reach A New ATH?
✓ Share: