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Benjamin Cowen Issues Ethereum Collapse Alert, Layer 2 Meme Mpeppe Prepares For Tier-1 Listings
Analyst Benjamin Cowen has issued a warning regarding Ethereum (ETH), raising concerns about its potential to fall further against Bitcoin (BTC) as the second-largest cryptocurrency faces ongoing bearish pressure. Ethereum has already plummeted nearly 40% from its 2024 high recorded in March, and Cowen’s analysis suggests there could be more downside ahead for ETH holders. As this uncertainty looms over Ethereum’s future, investors are increasingly turning to promising alternatives like the meme coin Mpeppe (MPEPE), which has seen strong growth and is now gearing up for Tier-1 exchange listings.
Mpeppe (MPEPE): A Bright Spot Amid Ethereum’s Decline
While Ethereum faces ongoing challenges, the meme coin Mpeppe (MPEPE) has been gaining significant attention. With its presale in Stage 4 and over $1.8 million already raised, Mpeppe has proven itself as a formidable player in the meme coin space. Unlike Ethereum, which has seen declining momentum, Mpeppe has experienced a massive 150% rally during its presale, capturing the interest of both retail and institutional investors alike.
As Mpeppe prepares for Tier-1 exchange listings, the coin’s potential for further growth looks promising. The meme coin has already gained substantial community support, and its strong presale performance has set the stage for a successful public launch. Investors who are looking for high-risk, high-reward opportunities are turning to Mpeppe (MPEPE) as a potential alternative to Ethereum.
Mpeppe’s success is driven by its appeal as a meme coin, but it also benefits from its association with the broader trends in decentralized finance (DeFi) and the growing interest in meme coins as speculative assets. With its presale price currently at $0.0021 USDT, Mpeppe (MPEPE) offers investors an early opportunity to get in on a project that could see significant returns once it hits major exchanges.
The Future for Ethereum and Mpeppe
As Ethereum continues to face downward pressure, its future remains uncertain. Analysts like Benjamin Cowen have raised valid concerns about ETH’s ability to recover in the short term, especially as it struggles to maintain its value against Bitcoin. The possibility of Ethereum falling to $1,200 is not out of the question, especially if Bitcoin continues to dominate the market.
On the other hand, Mpeppe (MPEPE) future looks bright. As the coin approaches its Tier-1 listings, its momentum is only expected to grow. The meme coin’s presale success and strong community backing make it an attractive option for investors looking to diversify their portfolios and hedge against potential losses in more established cryptocurrencies like Ethereum.
Ethereum’s Decline Against Bitcoin: A Historical Perspective
In his latest video shared with over 811,000 YouTube subscribers, Cowen highlights that Ethereum is currently hovering around 0.04229 BTC, a significant drop from its high earlier in the year. He speculates that Ethereum could fall by at least another 5% against Bitcoin in the near future. Cowen’s analysis points to a historical pattern, where Ethereum has broken down against Bitcoin several times before—most notably in 2016, 2019, and now again in 2024.
Each time Ethereum has broken down against Bitcoin, its value in USD has plummeted by double digits. In 2016 and 2019, Ethereum’s USD value dropped by 70% after similar breakdowns. Cowen warns that if this pattern repeats itself, Ethereum could fall even further, possibly dropping to $1,200—nearly 50% below its current level.
Why Ethereum May Continue to Struggle
Cowen’s warning comes as Ethereum’s price struggles to gain momentum amid broader market concerns. With ETH trading around $2,399 at the time of writing, the cryptocurrency has already fallen nearly 48% from its March high of $4,100. Many investors had hoped that Ethereum’s price would stabilize, especially with the ongoing development of Layer-2 solutions and increasing institutional interest. However, Cowen believes that Ethereum’s price action is likely to remain bearish for the rest of the year.
One of the main drivers behind Ethereum’s underperformance, according to Cowen, is the increasing dominance of Bitcoin and the weakening of the ETH/BTC pair. He points out that similar breakdowns in the past have resulted in steep declines for Ethereum, and this time may be no different. If Ethereum continues to lose ground against Bitcoin, it could face significant challenges in regaining its previous highs.
Conclusion
While Ethereum’s future remains uncertain amid warnings of further declines, investors are increasingly turning to alternative assets like Mpeppe (MPEPE) to protect their portfolios. As Benjamin Cowen’s analysis suggests, Ethereum may continue to struggle against Bitcoin, with the potential for even steeper declines in the coming months. In contrast, Mpeppe’s presale success and upcoming Tier-1 listings offer a glimmer of hope for those looking to capitalize on new opportunities in the crypto market.
As the cryptocurrency landscape continues to evolve, it is clear that investors need to stay informed and remain flexible in their strategies. Whether Ethereum can regain its footing or if meme coins like Mpeppe (MPEPE) will continue to rise remains to be seen, but one thing is certain: the crypto market is as dynamic as ever, and opportunities abound for those willing to explore new horizons.
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A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Following a reserve crisis that hit TrueUSD and Justin Sun’s intervention, First Digital Trust denied claims of insolvency. The Trust, at the center of the fiasco, says it is fully solvent while accusing Sun of sensationalism.
First Digital Trust Refutes Allegations Of Insolvency
First Digital Trust has released a statement debunking allegations of financial impropriety and insolvency. According to the statement, First Digital Trust says it is completely solvent while accusing Justin Sun of falsehood.
The Trust has been at the center of a whirlpool of a liquidity crisis involving TrueUSD (TUSD) with Justin Sun stepping in to stabilize the stablecoin with a capital injection. The Tron founder launched a tirade against the Hong Kong-based trust, accusing it of financial mismanagement including unauthorized trade finance loans.
“The recent allegations by Justin Sun against First Digital Trust are completely false,” read the statement.
The Trust disclosed that its FDUSD stablecoin is solvent and backed by US Treasury Bills. Per the statement, the legal dispute surrounding TUSD has nothing to do with FDUSD, accusing Sun of a smear campaign. First Digital Trust says it has not had the opportunity to defend itself in court, accusing Sun of launching social media attacks.
“This is a typical Justin Sun smear campaign to try to attack a competitor to his business,” added First Digital Trust.
Justin Sun Maintains His Stance
Justin Sun remains firm in his resolve that First Digital Trust is insolvent while urging investors to cut ties with FDUSD. He warns that the Trust founder Vincent Chok will face the full wrath of the justice system.
“First Digital Trust (FDT) is in fact insolvent,” said Sun. “If you have any relationship with it, please cut off contact as soon as possible to protect your assets.”
Following his accusations, FDUSD lost its peg and traded at a low of $0.88, a steep drop before crawling to $0.98. The loss of $130 million from its market capital has rattled investors with critics taking swipes over its de-pegging.
The Tron founder has covered every blade of grass in recent days, buying $75M of the Trump memecoin. Last week, Justin Sun weighed in on TRX’s halving proposal, supporting a proposal to mirror Bitcoin’s pattern.
The stablecoin drama comes as the US is inching toward tighter stablecoin regulation with the GENIUS Act and STABLE Act.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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