Altcoin
Ethereum Price Threatens Decline To $1600 After Breakdown From Symmetrical Triangle
While Ethereum price continues to falter, a steeper drop for the largest altcoin lurks around the corner. According to Bit Bull, the ETH decline will see it sink to lows of $1,600 in the near future.
Ethereum Price Hurtles Toward $1,600
Cryptocurrency analyst Bit Bull has shared a prediction on X for Ethereum price movement in the near-term. According to Bit Bull, Ethereum looks set to continue its decline and can fall as low as $1,600.
Bit Bull hinges his prediction on Ethereum breaking down from a symmetrical triangle after prices fell below $1,820. The decline below the triangle pattern signals a bearish sentiment, continuing the previous decline. ETH price remains stuck below $2,000 since the drop below the psychological level was driven by a raft of unsavory fundaments and technicals.
The latest is the Ethereum price dropping beneath the triangle pattern, triggering new short entries on the asset. A breakdown and a retest followed by low trading volumes confirm fears of a steeper ETH correction.
“However, after the breakdown and a retest, ETH is now looking bearish,” said Bit Bull. “Technically, there’s a strong possibility for further downside.”
Apart from the symmetrical triangle, a further confirmation of bearish sentiments is seen in ETH dominance. According to his analysis, Bit Bull notes the ETH dominance chart has formed a descending triangle to signal further bearishness.
“A retest toward the upper trendline is likely, but after that, we could see another move down,” added Bit Bull.
On-chain Metrics Confirm Bearish Sentiments For ETH
While technicals are largely pessimistic, on-chain data are telling a similar story for Ethereum price. Right out of the bat, active addresses on Ethereum have taken a major hit in recent months, exacerbating the issue of falling prices.
There is also a decline in Ethereum fees burnt while fees burnt per transaction face a similar slump. Perhaps the biggest indicator for long-term bearishness is an increase in ETH supply after the Merge event.
Despite the negative sentiments, ETH to $4,000 is still in play given the show of as strong support at $1,800. Standard Chartered analyst opines that Ethereum will finish the year at $4,000 after slashing its earlier prediction of $10,000 by 60%.
Ethereum price currently exchanges hands at $1,803, falling by less than 1% over the last day. Weekly charts indicate a similar ETH decline of around 1%, confirming a strong consolidation base for the bruised and battered altcoin. Ethereum’s trading volume stands at nearly $7 billion with whales creating a chunk of market activity for the asset.
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.
Despite the broader market uncertainty brewing lately, crypto traders have managed to make a whopping $666K out of a mere $4.5K investment in just one trade. The latest hot buzz of the crypto market, “Base is for everyone,” is a token that aided these traders in achieving such a phenomenal feat. Although this new token remains scrutinized due to insider trading allegations, market watchers are extensively eyeing it as the Coinbase L2 builder ‘Jesse’ greenlighted it.
Crypto Traders Turn $4.5K Into $666,000 With This Coin
As per the tracker Lookonchain’s data on X, three wallets stacked colossal amounts of the “Base is for everyone” token before it was even posted about. This chronicle has aided these traders in making a staggering $666K profit out of a very thin investment.
The tracker’s data suggested that the wallet address 0x0992 spent $2,370 ETH to buy 256.39 million of the new token. This crypto trader thereby sold all his holdings, making $168K.
Besides, the address 0x5D9D spent $1,577 ETH to 82.86 million of the same token. Thereafter, this trader also sold everything, making $266.
Lastly, data indicated that the trader 0xBD31 spent $1,577 ETH to buy 131.92 million coins. Even this trader made a remarkable $231.8K with his investment. Altogether, the newly launched token, “Base is for everyone,” is the primary catalyst driving the traders’ profits.
However, it’s noteworthy that the chances of making such huge returns amid a broader sluggish market are low. In an upshot, these crypto traders are facing insider trading allegations, with cryptocurrency community members also warning about the token.
“Base Is For Everyone”: A Token That Stole The Spotlight
Intriguingly, Coinbase’s Layer 2 network Base unknowingly set off one of the most epic buzzes in the Web3 industry with one of its recent X posts. The L2 network posted, “Base is for everyone,” followed by another post saying, “just coin it,” with the latter linked to the Zora portal.
Zora is a platform that allows users to mint content as tokens. This chronicle altogether led to the birth of the new coin mentioned above, which is also an ERC-20 token. Although Zora clarified that this token wasn’t official, it was too late to hit the brakes as the market was already abuzz.
However, the buzz became short-lived as the project soon encountered insider trading and rug pull allegations. Dexscreener’s data shows that the token hit a market cap of $21.5 million, subsequently erasing nearly 45% and reaching $11.7 million. Its price currently rests at $0.01148. Nonetheless, three crypto traders managed to make heavy profits despite this volatility.
As a result, insider trading speculations prevail, while the alarming price volatility raises rug-pull speculations. Nevertheless, Coinbase L2 builder, going by the name Jesse, greenlighted the project, reiterating it on his X post.
On the other hand, CoinGape reported that crypto traders lost $400 million with another token amid the broader market uncertainty. The Mantra (OM) token price crashed nearly 90% early this week, underscoring the dynamic nature of the crypto realm.
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.
SOL price has surged today, soaring more than 7% as robust Solana Network inflows have fueled market confidence. Besides, it also comes amid a broader crypto market recovery, with Bitcoin and most of the altcoins recording significant gains.
Solana Network Inflows Fuel Market Optimism
A surge in liquidity inflows to the Solana network has sparked optimism among market participants, hinting at a potential SOL price rally ahead. Over the past 30 days, over $120 million has been bridged to Solana from other blockchains, with Ethereum and Arbitrum contributing $41.5 million and $37.3 million, respectively.
Notably, this robust influx of capital signals renewed confidence in the network, reversing recent challenges. Besides, the timing of these inflows coincides with a resurgence in the top Solana memecoin prices, with POPCAT, FARTCOIN, BONK, and WIF posting significant gains.
Although fee generation has slowed, with $46 million in March and $22 million in April so far, the Solana network’s renewed appeal could be a positive indicator for SOL price.
As market sentiment shifts in favor of Solana, investors are eagerly watching for a potential price rally. With increased liquidity and renewed interest, SOL may be poised for a significant price movement.
How’s SOL Price Performing?
Amid the robust Solana network inflow, Solana value today jumped over 6% and exchanged hands at $133.36 after touching a 24-hour high of $135.23. Notably, the price surge is accompanied by a 35% increase in trading volume to $4.59 billion and a 6% rise in Solana Futures Open Interest, indicating positive market sentiment.
Meanwhile, a recent Glassnode analysis showed that Solana’s URPD is going through a major shift in cost basis, forming a major supply cluster at $129.79 with over 32M Solana. This zone is likely to act as support during future drawdowns, reflecting high investor engagement. With $144 as potential resistance and $117 as the lower bound, $129 serves as a key pivot zone.
Considering the recent Solana network inflow and technical analysis, it appears that the SOL price might target the $150 level in the near term. If the support at $129 holds and the resistance at $144 is breached, a rally to $150 could be imminent. Besides, a Solana price prediction also showed that the crypto could reach the $150 level by this month.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
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.
Recent crypto whale metrics surrounding DeFi tokens have garnered immense investor optimism, suggesting that price gains for some coins are imminent despite the ongoing market uncertainty. Whale data on Thursday, April 17, indicated that large-scale investors stacked over $20 million in AAVE and UNI. These accumulations have ignited a bullish market torrent, underscoring buying pressure on the assets despite the broader market slump.
Crypto Whales Stack $20M In DeFi Coins Igniting Optimism
According to the data from Spot On Chain, crypto whales are quietly accumulating DeFi tokens via OTC. As per the data, two fresh wallets recently scooped up a total of $20.11 million worth of the abovementioned tokens.
The wallet address “0x3bb..” bought $4.28 million worth of UNI from Cumberland. Further, the same wallet and the address “0x4f7..” collectively bagged $15.83 million worth of AAVE from the same OTC exchange. These massive accumulations have suggested that price gains lie ahead for the DeFi cryptos.
For context, usual market sentiments remain highly bullish in the wake of such whale accumulations, signaling market confidence and buying pressure on an asset. So, traders and investors anticipate price gains in these DeFi tokens shortly.
How Are The Coins Performing Today?
AAVE price was up by roughly 3.5% at the time of reporting, exchanging hands at $138.81. The DeFi token gained after hitting a bottom of $130.43 over the past day. Notably, this rising action potentially aligns with broader trends and the crypto whales’ significant buying.
Also, Coingape has reported that the token’s community proposed a major AAVE buyback plan and liquidity upgrade the previous month. This upgrade aims to uplift the coin’s market and price dynamics. The whale accumulation, in turn, falls in line with this development.
On the other hand, UNI price was up by roughly 2.5% and traded at $5.27. The DeFi crypto hit a low of $5.05 over the past day.
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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