Altcoin
Ethereum Mega-Whale Addresses Surge In Three Weeks, 83% ETH Price Rally Likely
After facing some selling pressure last week, the Ethereum (ETH) price seems to be stabilizing around $3,700. On the other hand, the Ethereum on-chain indicators continue to show strength hinting at buying pressure on the upside.
Surge in Ethereum Whale Addresses
Crypto analyst Ali Martinez has highlighted a significant rise in the number of Ethereum addresses holding 10,000 or more ETH, which has increased by 3% over the past three weeks. This uptick signals a notable spike in buying pressure for Ethereum.
On-chain data from Santiment reveals that enthusiasm for Ethereum surged following the SEC’s approval of Ethereum ETFs. Despite this initial excitement, social sentiment has now stabilized, which is considered an ideal state ahead of the commencement of trading for these new Ethereum financial products.
ETH Price Action Ahead
On the other hand, some market analysts believe that the ETH price is forming chart patterns similar to that in 2021, after which it rallied by a staggering 83%. In a recent analysis, noted analyst Caled Frazen drew attention to the striking similarities between Ethereum’s current price action and its performance in 2021.
While cautioning against expecting an exact repetition of historical patterns (“history rhymes, but it doesn’t repeat”), Frazen emphasized the significance of the observed parallels. Frazen noted that in the 2021 cycle, the “red zone” served as a crucial level. Although it wasn’t flawless support, it proved significant enough. Following a failed breakdown, Ethereum witnessed a remarkable rally of +83% within 50 days.
Based on the Coinglass chart depicted above, Ethereum (ETH) open interest witnessed a decline from $16.97 billion recorded on June 6 to reach $16.35 billion as of the latest update on June 9, marking a decrease of $620 million.
Despite ETH’s price experiencing a 7.38% dip from its weekly peak on June 6, the reduction in open interest was comparatively moderate, contracting by only 3.65%—almost half of the price decline.
A deceleration in open interest reduction relative to price decline amid a market downturn can potentially be interpreted as a bullish recovery signal for two significant reasons.
In the event that Ethereum ($ETH) breaches the support threshold at $3650, there’s a possibility of a downturn toward $3152, marking the previous Fair Value Gap (FVG).
Should Ethereum manage to hold steady at the $3650 mark, it could signal a potential upward trajectory towards $4000. Furthermore, surpassing the resistance barrier at $4000 might instigate a robust bullish surge targeting the $6000-$7000 range.
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.
Crypto analyst Mikybull Crypto provided a bullish outlook for the XRP price, predicting that Ripple’s native token could rally to as high as $8 in this market cycle. The analyst also suggested that XRP could rally higher with this price target unlikely to be the top for the crypto in this bull run.
Why The XRP Price Could Rally To $8 In This Cycle
In an X post, Mikybull Crypto predicted that the XRP price could rip through $8 before a cycle top because of the current bullish fundamentals. Although the analyst didn’t elaborate on these bullish fundamentals, they likely include the optimism around Donald Trump’s pro-crypto administration.
The current US administration undoubtedly provides a bullish outlook for XRP for several reasons. One is the fact that the US Securities and Exchange Commission (SEC) looks likely to drop its appeal against Ripple. Such development is a huge positive for XRP, given the negative impact the lawsuit has had on the crypto before now.
Furthermore, CoinGape reported that Donald Trump is open to the idea of a US-based coins strategic reserve, including XRP. This is bullish for the XRP price, considering that this would lead to greater adoption for the crypto.
Meanwhile, the new SEC administration is more likely to approve the pending XRP ETF applications, which is also a positive for the crypto. In line with this, more asset managers are expected to file to offer an XRP ETF soon enough. REX Shares recently filed with the SEC to offer one, bringing the total number of applications to five.
A Price Surge To $3.80 Could Be Imminent
Crypto analyst CasiTrades suggested that an XRP price surge to $3.8 could be imminent. She noted that the crypto already hit the major wave 4 target at $2.88.
As such, the crypto analyst remarked that the major focus now is to flip these local levels into support before the takeoff to wave 5 at $3.80. She noted that XRP had hit $3.24 and rejected it a couple of times. However, the analyst expressed optimism that the third attempt could finally this level into support.
Meanwhile, CasiTrades warned that the XRP price could consolidate between $3.24 and $3.33 before a breakout. She added that a new high is also required to confirm the wave 5 target of $3.80.
With its current bullish momentum, there is no doubt that the XRP price could soon reach this short-term target. CoinGape recently reported that Ripple’s native crypto has recorded an impressive 36.9% gain in the last month.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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.
Donald Trump’s decentralized finance (DeFi) project World Liberty Financial has purchased a massive 14,403 Ethereum in the last 24 hours, cementing further confidence in the altcoin. The project made a fresh investment of $16 million in buying these coins and is already sitting on profit as the ETH price surged 5% to $3,4000.
World Liberty Financial Stashes More Ethereum
Trump’s World Liberty Financial (WLFI) has continued to accumulate Ethereum, spending a total of 48 million USDC to acquire 14,403 ETH at a price of $3,333 in the past 12 hours, as per data from Arkham Intelligence.
The organization now holds 40,765K ETH, valued at approximately $138.5 million. Additionally, World Liberty has a significant amount of ETH stored on Coinbase, which they recently deposited.
This recent accumulation puts behind the doubts that the Donald TrumpDeFi Project was offloading its ETH. As World Liberty Financial clarified, it was just part of routine transfers to new wallets and not part of their selling.
More Ethereum Purchases Coming?
On the other hand, Eric Trump, the executive vice president of the Trump organization has hinted that there’s more to come ahead.
Wait until you see what they do tomorrow! 🚀🚀 @worldlibertyfi https://t.co/v8eRDFImHo
— Eric Trump (@EricTrump) January 20, 2025
Commenting on the recent development around the TRUMP meme coin launch as well as the MELANIA meme coin launch, Donald Trump Jr. wrote:
“We are all extremely proud of what we continue to accomplish in crypto. $Trump is currently the hottest digital meme on earth and I truly believe that World Liberty Financial will revolutionize DeFi/Cefi and will be the future of finance. We are just getting started!”
ETH Price Surge to $4,000 Begins
Looking past last week’s underperformance, Ethereum bulls have charged in once again! In the last 24 hours, the ETH price has surged 5.11% moving past $3,400 levels with daily trading volumes jumping 117% to $68 billion. In the last 24 hours, the total ETH liquidations have shot up to $209 million as per the Coinglass data.
Popular crypto analyst CrediBULL crypto stated that ETH has bounced back from the strong support levels of $3,100 and is on the way to its immediate target of $4,000.
Popular analyst Ali Martinez highlights that during every bullish cycle, Ethereum (ETH) has traded above the 3.2 MVRV Pricing Band, a level that currently stands at $7,000.
In every bullish cycle, #Ethereum $ETH has traded above the 3.2 MVRV Pricing Band. This level currently sits at $7,000! pic.twitter.com/AgCIgexQJH
— Ali (@ali_charts) January 20, 2025
World Liberty Financial (WLFI) Token Sale
World Liberty Financial, has successfully completed the pre-sale of its token and is now offering more at a 230% markup due to overwhelming demand. Launched in September, the platform initially planned to sell 20% of its total 100 billion. However, the project is now offering an additional 5 billion for sale at 5 cents each. The official announcement from the project notes:
“We’ve completed our mission and sold 20% of our token supply! Due to massive demand and overwhelming interest, we’ve decided to open up an additional block of 5% of token supply”.
Tron founder Justin Sun took this opportunity with TRON DAO boosting its investment in World Liberty Financial by adding an additional $45 million. With this new injection, TRON DAO’s total investments in the DeFi venture now reach $75 million.
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.
In an effort to uplift market sentiment, Coinbase CEO recently announced plans to offer ‘tier 1 support’ to Solana following transaction glitches on the crypto trading platform. Notably, the exchange’s CEO, Brian Armstrong, revealed that the transaction glitch on the network was fixed. Further, efforts to prevent such issues ahead were also underway.
As a result, the crypto exchange giant now eyes increased support for the network, mirroring the same level offered to Bitcoin and Ether.
Coinbase CEO Reveals Tier 1 Support Underway
In an X post by Brian Armstrong dated January 22, the Coinbase CEO revealed that the crypto exchange is aiming to provide “tier 1 support for Solana, with the same level of support as Bitcoin, Ethereum, and Base.” This statement indicated that after recent withdrawal issues faced by users on the crypto exchange, efforts to prevent such events in the future were in the pipeline.
Notably, Armstrong stated, “It’s clear we need to step up our game on Solana, scale our infrastructure, and provide native support for common use cases like DEX/memecoin trading.” Although, the CEO’s statements underscored that although the crypto trading platform is currently unable to tackle the surge in activity, a positive outlook for users lies ahead.
SOL Transaction Glitch Fixed: Coinbase CEO
Meanwhile, the Coinbase CEO has also revealed that the exchange has “the Solana backlog triaged, and transactions should generate quickly again.” This statement comes against the backdrop of a SOL withdrawal halt, wherein leading crypto exchanges Coinbase and Binance halted withdrawals for the crypto amid high withdrawal volumes.
In turn, some traders remain unhappy due to the loss incurred amid the network glitch, whilst others look to withdraw funds as the issue is fixed amid a broader crypto market recovery.
SOL Price Surges Over 7%
As of press time, SOL price pumped nearly 7.5% intraday and is sitting at $257.48. The coin’s 24-hour low and high were $236.36 and $259.83, respectively. Intriguingly, the crypto’s rising trajectory in tandem with the transaction trouble fix, as revealed by the Coinbase CEO, has ignited significant investor enthusiasm. Moreover, the current pump also mirrors the broader crypto market trend, as mentioned above.
Also, it’s worth mentioning that the Solana network saw a huge surge in activity amid the meme coins TRUMP and MELANIA’s recent launch, a potential reason why withdrawal volumes on Coinbase surged. In light of this activity surge, a recent SOL price analysis by CoinGape revealed that the token may experience significant growth ahead. In turn, crypto market watchers continue to eye the token with bullish long-term prospects amid recent developments.
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.
Bitwise Files for Dogecoin ETF Amid Growing Meme Coin Interest
Bitcoin and XRP Prices Steady as iDEGEN fires on all cylinders
XRP Price Holds Firm as Whales Accumulate Big
Donald Trump TRUMP Memecoin Poses National Security Risks, Says Maxine Waters
Nobody Kidnapped Ledger Co-Founder Eric Larchevêque
Lido Founder Lomashuk Promotes Second Ethereum Foudnation
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market21 hours agoWeekly Price Analysis: Bitcoin Remains Rangebound while Altcoins Fly
-
Market24 hours agoTop 4 altcoins to buy before the market fully recovers
-
Regulation23 hours agoBitpanda becomes first European firm to secure Dubai VARA in-principle approval
-
Altcoin18 hours agoBTC Crosses $105K, TRUMP & AI16Z Up 20-30%
-
Bitcoin23 hours agoHashKey Predicts Bitcoin to Surpass $300,000 by 2025
-
Regulation15 hours agoLitecoin ETF Likely Next Spot Crypto ETF to Get SEC Nod; Bloomberg Analyst
-
Altcoin11 hours agoTron Founder Justin Sun Reveals Plan To Push Ethereum To $10K
-
Regulation18 hours agoSenator Cynthia Lummis Threatens Action Over Alleged FDIC Document Destruction
✓ Share: