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Ethereum Price At A Make-Or-Break Junction, ETH Whale Selling Continues

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5 hours ago

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As the Bitcoin unwinding continues, the world’s second-largest cryptocurrency Ethereum has been facing an even steeper correction dropping another 7% on the weekly charts. The Ethereum price is trading much closer to the crucial support of $2,300 while the ETH whale selling has continued this week.

Ethereum Price Drop Under $2,300 Can Trigger 30% Crash

Popular crypto analyst Ali Martinez recently reported that $2,300 is a crucial support for ETH Price as 2.77 million addresses collectively purchased 52.65 million ETH. He said that if the bulls manage to defend this support and reverse the ETH trajectory, there’s the chance of another 3x rally from here. However, if the ETH bears manage to break under the $2,300 level, it could lead to another 30% crash all the way to $1,600.

“If Ethereum can hold above $2,300, we may see a new rally that could push the price toward $6,000,” Martinez noted. Thus, it is a make-or-break for the Ethereum price which could be a deciding factor for its future trajectory. As of press time, the ETH price is trading 1.2% down at $2,432 levels with a market cap of $2,422 levels.

Courtesy: Ali Martinez

On the other hand, following the Dencun upgrade, the Ethereum mainnet fee has touched an all-time low amid a surge in transactions on the Layer 2 platforms. Thus, with fewer fees burned, ETH has once again turned inflationary, reversing its current deflationary trend. This puts Ethereum price at the risk of a rally to $3,000. On the other hand, the continuous sell-off from ETH whales has dampened the market sentiment recently.

ETH Whale Selloff Continues

As per the recent data from Spotonchain, an ETH whale from the ICO era, who initially received 150,000 ETH during the Ethereum ICO, has made another substantial deposit to Kraken. Just four hours before, the whale has transferred 5,000 ETH worth $12.2 million, to the exchange.

The data also shows that over the past 15 days, this whale has deposited a total of 45,000 ETH ($113.3 million) to Kraken at an average price of $2,517. Following these significant transfers, the whale still holds 94,450 ETH, worth around $230 million. Thus, this continuous selling by the ETH whale shows

As the sentiment around ETH weakens, investors are moving their money to Ethereum rivals like Sui (SUI), Solana (SOL) and Avalanche (AVAX) in the current market conditions.

On the other hand, inflows into Ethereum ETFs have also slowed down significantly. On Monday, October 7, none of the spot Ethereum ETFs saw any inflows.

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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.





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Binance Issues Vital Update On Tornado Cash (TORN) & These 9 Coins

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16 mins ago

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October 8, 2024

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Crypto exchange behemoth Binance on Tuesday unveiled a vital announcement on Tornado Cash (TORN), Vai (VAI), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE) tokens. The crypto exchange notified its users that it will perform conversion of the mentioned tokens to USDC shortly ahead. Meanwhile, the exchange also offered users a deadline for the withdrawal of these tokens in a mover to facilitate a seamless delisting process.

Binance Issues Announcement On Withdrawal & Conversion Of 10 Tokens

According to an official Binance announcement dated October 8, the exchange is set to convert Vai (VAI), Tornado Cash (TORN), OMG Network (OMG), Waves (WAVES), NEM (XEM), BarnBridge (BOND), Dock (DOCK), Mdex (MDX), Polkastarter (POLS), and Pundi X PURSE (PURSE) into USDC based on users’ wallet holdings as of October 29. The conversion, when completed, will result in crediting an equivalent amount of USDC to users’ wallets by next year. Notably, the completion of USDC crediting to wallets is expected to be over by April 28, 2025, the exchange added.

Additionally, the top crypto exchange also notified users that they can withdraw these delisted tokens before October 28 at 23:59 UTC. Following this date, withdrawals will be made unavailable for the mentioned assets, the announcement added. Moreover, the exchange highlighted that “the conversion will be executed on the basis of the average token to USDC exchange rate between October 29 and April 28, 2025.” The crypto exchange pioneer will also send an email to users when the USDC conversion process wraps up, encompassing other important details.

USDC is a Circle Internet Financial-backed stablecoin boasting international digital functionality.

Tokens’ Price In Light Of Binance Announcement

Tornado Cash

TORN price today traded at $2.166, down nearly 6% in the past 24 hours. Its 24-hour low and high were recorded as $2.155 and $2.298, respectively.

Vai

VAI price traded at $0.9998, up marginally by 0.09% over the past day. The coin’s intraday low and high were $0.9987 and $1.0107, respectively.

OMG Network

OMG price rested at $0.2796, down roughly 3% in the past 24 hours. The coin’s intraday low and high were $0.2790 and $0.3220, respectively.

Waves

WAVES price stood at $1.100, marking a 2.5% decrease over the past day alongside Binance’s announcement. The crypto’s 24-hour low and high were $1.093 and $1.139, respectively.

NEM

XEM price slipped nearly 2% in the past 24 hours and is now trading at $0.01753. The token’s intraday low and high were $0.01739 and $0.01812, respectively.

BarnBridge

BOND price tanked nearly 3% over the past day to reach $1.53. The coin’s intraday low and high were $1.53 and $1.62, respectively.

Dock

Following Binance’s announcement, DOCK price also cracked roughly 3% in the past 24 hours and traded at $0.001759 at press time. The coin’s 24-hour low and peak were $0.001741 and $0.001832, respectively.

Mdex

MDX price crashed 51% in the past 24 hours and is now trading at $0.01509. Its 24-hour low and high were $0.0145 and $0.03401, respectively.

Polkastarter

POLS price showed signs of a pullback, slipping nearly 5% over the past day to $0.304. The coin’s intraday low and high were $0.3022 and $0.3263, respectively.

Pundi X PURSE

PURSE price slipped 0.81% over the past day to reach $0.0001465. The coin’s intraday low and peak were $0.0001461 and $0.0001478, respectively.

A majority of the tokens delisted by the exchange traded in the red zone today, aligning with the discontinuation of support by one of the leading crypto exchanges. Meanwhile, in another similar chronicle, Binance warned to delist Bluzelle, CLV, SelfKey, Prosper, and VITE recently to further streamlining user offerings.

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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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SHIB Trader That Made $145M Swaps Position To NEIRO, More Gains Ahead?

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2 hours ago

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October 8, 2024

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A SHIB trader who made history earning $145 million has once again caused up a stir across the broader market, primarily by switching trade positions. On-chain data on Tuesday revealed that the trader swapped his Neiro Ethereum (NEIROETH) holdings for First Neiro on Ethereum (NEIRO), sparking optimism on the token’s future price movements. Meanwhile, NEIRO price extended intraday gains to nearly 14% today, pouring additional bullish sentiments on the token.

SHIB Trader Sparks Optimism Swapping Holdings To First Neiro On Ethereum

According to on-chain data facilitated by Spotonchain dated October 8, the SHIB trader who made $145 million trading Shiba Inu, a dog-themed meme crypto, is swapping their losing NEIROETH holdings for NEIRO. As per the data, the trader recently sold $1.22 million worth of NEIROETH with a loss of 55% after a month’s holding.

Subsequently, the trader bagged $1.45 million worth of NEIRO over the past 24 hours, bringing total holdings for the token to $6.51 million. The trader currently holds an unrealized profit of more than 67% with this latest accumulation.

In the interim, it’s also worth noting that the same trader has an unrealized profit of over 32%, holding $4.61 million worth of FET. These notable profits underscore experienced trading and profit-making strategies, in turn sparking optimism surrounding NEIRO token’s future price action. Meanwhile, it’s noteworthy that the investor also holds 477.5 billion SHIB, hinting that even Shiba Inu could pump ahead.

Token Price Performance

At press time, NEIRO price soared 16% in the past 24 hours to trade at $0.00168. The token’s weekly gains totaled nearly 50%, whilst the monthly chart showed a 2845% upswing. This indicates that the crypto is currently on a price rally, while the intraday low and high were $0.001395 and $0.001872, respectively. Further, the token’s 24-hour trading volume surged nearly 56% to $1,167,422,114.

Simultaneously, Coinglass data indicated that the coin’s futures OI surged 23.66% to $168.43 million today. Further, even the derivatives volume rocketed 82.74% over the past day to $4.09 billion, underscoring increased investor interest in the asset. Coupled with the price upswing, data indicates that NEIRO is currently on an uptrend.

As mentioned above, the experienced SHIB trader’s massive accumulation ignites further optimism about the future price movements of the token. Additionally, a recent CoinGape Media report revealed that NEIRO boasts strong on-chain activity, adding to bullish market sentiments on future price action.

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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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AI Coins Soar As Nvidia Stock Hits Six-Week High, Rally To Continue?

Published

13 hours ago

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October 7, 2024

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AI coins have witnessed significant price gains alongside the Nvidia stock, which hit a six-week high with recent bullish developments for the company. These coins have a positive price correlation with the NVDA stock and could continue to rally with the tech company expected to make some bullish announcements at its summit which began today.

AI Coins Rally With Nvidia Stock

Artificial intelligence (AI) related crypto coins have rallied alongside Nvidia’s NVDA stock. The top AI coins, Near Protocol (NEAR) and Bittensor (TAO) are up over 7% and 8%, respectively, in the last 24 hours.

The Artificial Superintelligence Alliance (FET) coin has also rallied almost 4% in the last 24 hours. Injective (INJ) is also among the AI coins that have soared with a price gain of over 3% during this period.

These coins have rallied with the Nvidia stock, which hit a six-week high today. Nasdaq data shows that NVDA rose to as high as $130 today, its best daily performance in the last six weeks. The stock is up following recent bullish developments for the tech giant.

Nvidia’s CEO Jensen Huang mentioned that the company is witnessing an “instance” demand for its Blackwell AI chip. Meanwhile, the company partnered with IT consulting giant Accenture to boost AI adoption among enterprises.

Will The Rally Continue For These Coins?

With Nvidia’s ongoing AI summit, AI coins are expected to keep rallying, at least in the short term. The company is expected to make game-changing announcements that will provide bullish momentum to the Nvidia Stock. Given their strong positive price correlation with the NVDA stock, these AI tokens will also enjoy significant price gains as the stock rallies.

The AI narrative is also hot at the moment, with companies like Meta and Open AI making great strides in the industry. Meta recently launched a new AI model to compete with tools from rivals like Sam Altman’s Open AI. Meanwhile, Open AI also recently secured funding of $6.6 billion, with the company’s valuation at $157 billion.

Therefore, AI coins will continue to become more valuable as the AI industry grows, with companies like Nvidia, Open AI, and Meta leading the way.

Moreover, these tokens, especially Bittensor, boast bullish fundamentals, which will continue to trigger price rallies. The AI search platform Kaito AI revealed that TAO now represents 29.55% of Grayscale’s AI fund.

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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.





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