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Ethereum Remains The ‘Basket Case’ This Bull Cycle, Will ETH Price Dip Further?
While Ethereum (ETH) remains a central player, it faces mounting challenges in its quest for widespread adoption. Moreover, a recent report by 10x Research suggests that Ethereum is the “basket case” in this bull run. This has raised concerns about the ETH price’s future trajectory as it lost hold on a crucial level lately.
Will Ethereum Price Continue To Dip?
The 10x Research report noted that despite Ethereum’s pivotal role in facilitating DApps and the NFT market, its weak fundamentals have become a cause for concern. It negatively affects Bitcoin’s trajectory due to the correlation between these crypto behemoths. In addition, the poor fundamentals also bring doom to the Ethereum ecosystem.
During the previous cycle, Ethereum was positioned as a revolutionary force set to supplant traditional banking systems. However, its failure to swiftly address scalability issues and adapt to changing market dynamics has left it trailing behind. Whilst, Bitcoin has now assumed the mantle of digital gold, leaving ETH behind.
Meanwhile, the correlation between Bitcoin and Ethereum remains strikingly high, with an R-square of 95%. This underscores the interconnectedness of the two largest cryptocurrencies. Hence, Ethereum’s struggles are proving to be a “roadblock” for Bitcoin, hindering broader fiat inflows into the crypto ecosystem.
The lower amount of inflows is also a reason why Ethereum price is plummeting harder than Bitcoin. In addition, FTX has been dumping ETH to complete the liquidation process. Furthermore, hackers are leveraging Tornado Cash to get rid of the stolen ETH funds.
Analysts warn of further downside for Ethereum, with price predictions suggesting a further dip. As the ETH price extended below $3,132.80, the impending decline became evident. The breach of this critical support level signals a continuation of the bearish trend, with the next target set at $2,905.30.
However, if Ethereum manages to breakout above $3,132.80, the bearish trend could be over. As of writing, the ETH price was down by 3.10% to $3,078.99 on Tuesday, May 6. Moreover, the second largest crypto by market cap attained a low of $3,027.59 amid the decline today.
Also Read: Just In: SEC Delays Decision on Invesco Galaxy Ethereum ETF to July
FTX & Crypto Hackers Dump ETH
FTX, tha bankrupt crypto exchange founded by Sam Bankman-Fried, has expedited its liquidation spree lately. Since the beginning of this week, the organization has offloaded over $12 million worth of Ethereum. The two transactions highlighted by Peck Shield Alert, a blockchain tracker, saw a transfer of $6.3 million and $6.17 million worth of ETH, respectively.
This ETH dump was direct toward Coinbase and Wintermute. Whilst, crypto hackers who stole Ethereum funds have been using Tornado Cash for anonymized transactions and realizing profits. According to a post on X Peck Shield Alert, Poloniex hackers, who led to a compromise of $125 million worth of crypto assets, transferred 200 ETH to Tornado Cash.
Furthermore, Kronos Research hackers, who stole $26 million of crypto funds, joined the fray. They also transferred 200 ETH to Tornado Cash. In addition, they shifted $4 million of Ethereum to a new wallet to commence laundering via Tornado Cash.
Also Read: Binance To Remove This BTC, ETH, & USDT Pair, Here’s Everything
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.
XRP price has continued its bearish consolidation as Ripple community investors continue to weigh the impacts of the recent Bybit hack. Against some visible trends, XRP has maintained its price drawdown but has stayed above the $2.5 mark despite the massive selloff. In light of this crypto technical analysis platform, More Crypto Online, the coin remains neutral and indecisive. This outlook has introduced a major twist in the expectation that the coin could hit $250 in the near long term.
XRP Price Trading Within Very Tight Range
According to an update on X More Crypto Online, XRP remains rangebound, holding above the invalidation point at $2.47. At the time of writing, the coin was changing hands for $2.592, down by 0.63% in the past 24 hours. The coin has moved from a low of $2.512 to a high of $2.597 before settling at the current level.
Per the analytical platform, the bullish structure of XRP remains technically intact despite the latest offsets. However, the current outlook shows the coin has not made a major move to break above the resistance point at $2.8. This implies the coin will likely see the bearish scenario play out for a few more days.
The analysis outfit issued two primary price levels for traders to watch. This includes the $2.47 invalidation level and the $2.75 breakout zone. Breaching these two levels can imply a further dropdown or rally for the coin.
Is the $250 Price Target Still Feasible?
In an earlier XRP price analysis, CoinGape reported that market analyst XRP Captain predicted the coin may hit $250 between now and 2026. This forecast is hinged on the premise that Ripple whales were accumulating the coin rapidly.
While analysts are generally optimistic regarding Ripple, this is by far the most ambitious projection for the coin. As reported earlier, the influence of the coin’s supply was showcased as a major bane toward achieving this massive projection.
However, the environment remains promising, considering the pro-crypto outlook of the United States government.
Ripple Lawsuit Impact
Bringing the Ripple Labs versus United States Securities and Exchange Commission (SEC) lawsuit is key to the future of the XRP price. Earlier, Coinbase and the US SEC agreed to dismiss their lawsuit, which is pending the commission’s approval. The community is optimistic that the Ripple Labs lawsuit will be the next in line to be dismissed.
Beyond this, the impact of the potential XRP ETF approval on the coin’s price is also profound. Despite the effects of the Bybit hack and the current consolidation, the optimism for a massive breakout is high.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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.
Litecoin whales have shaken the crypto market to its core on Saturday, embarking on a massive buying spree amid the latest ETF advancement. Renowned crypto analyst Ali Martinez revealed that these whales accumulated nearly 1 million tokens over the past two weeks. Investors are eyeing this as a highly bullish event, given that the market has also seen Canary Capital’s LTC ETF on the Depository Trust & Clearing Corporation (DTCC) recently.
Litecoin Whales Buy Heavily, Investors Bullish Amid ETF Development
According to an X post by Ali Martinez on February 22, Litecoin whales acquired 930,000 tokens in the past two weeks. This data reverberated substantial market optimism for the crypto, underscoring heightened buying pressure despite the broader market turbulence.
Notably, crypto whales are large-scale investors with considerable trading experience in the market. Their trade maneuver to accumulate coins surfaces as bullish news, underlining market confidence in the token’s potential to gain on the back of recent developments.
Canary Capital’s ETF Emerges On DTCC
The latest ETF development for the token has solidified hopes of an approval ahead. CoinGape reported that Canary’s LTC ETF appeared on the DTCC platform under the ticker LTCC this week. This saga has solidified investor bullishness as an exchange-traded product backed by the crypto may be available soon.
Also, renowned ETF analyst Eric Balchunas further anticipated that there is a 90% chance of approval in 2025. The Litecoin whale accumulations amid this bullish event have further boosted the coin’s market sentiment, indicating potential gains ahead.
LTC Price Eyes Rally?
However, despite the massive buying, LTC price tanked over 5% on Saturday, closing in at $128.13. The coin hit a bottom and peak of $123.93 and $139.86 in the past 24 hours. The weekly chart for the token also illustrated a 3% drop. This waning action primarily falls in with the broader crypto market volatility.
Nevertheless, renowned crypto trader Carl Moon took to X, revealing that a $143 price target looms for the token. As per Carl, LTC is forming a bullish flag on lower timeframes, signaling an uptrend ahead. The significant buying pressure brought by Litecoin whales further supports this bullish prediction.
Crypto market traders and investors thoroughly monitor the token, reflecting optimism amid recent ETF developments and strong whale support.
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.
Amidst the SEC’s positive approach to XRP exchange-traded funds (ETFs), anxiety is building around the potential resolution of the Ripple lawsuit. Notably, the recent settlement of the Coinbase case has fueled community optimism about a potential dismissal of the XRP lawsuit. According to legal expert Jeremy Hogan, a settlement in the Ripple vs. SEC case is possible as early as Q2 2025.
Will XRP Lawsuit be Settled by May 2025?
As the community awaits an imminent resolution in the XRP lawsuit, advocate Jeremy Hogan shared his insights. In an X post, Hogan stated that the Ripple vs. SEC case could witness a settlement by the first half of April or early May. However, he clarified that the prediction is merely his intuition and not based on any concrete evidence.
Hogan’s comments came in response to Good Morning Crypto host Johnny Krypto’s post. Addressing Hogan, Johnny Krypto shared a thread, seeking the lawyer’s opinion on the impending conclusion of the XRP lawsuit. The message read, “Do you think the XRP case can get dropped sooner than you originally thought or does May still feel right to you gut??
Coinbase Case Closure and XRP Lawsuit Settlement
In a surprising development, the US SEC agreed to drop the prolonged Coinbase lawsuit, marking a significant milestone in the crypto space. The move also highlights the SEC’s regulatory changes that visions the establishment of the US crypto environment.
Celebrating the significant development, Coinbase CEO Brian Armstrong posted on X that the platform reached an agreement with the SEC after “years of litigation, millions of your taxpayer dollars spent, and irreparable harm done to the country.”
Meanwhile, Jeremy Hogan sees the Coinbase suit dismissal with prejudice as a strong win, as it permanently closes the case. He means that there is no room for the SEC to refile the case.
Notably, as per Hogan’s words, the SEC’s bold move suggests they’re not waiting for Commissioner Atkins’ confirmation to take decisive action on crypto regulation. This implies the SEC might make more crypto-friendly moves even before Atkins takes office, potentially indicating an imminent XRP lawsuit settlement.
SEC’s XRP ETF Acknowledgements Spark Enthusiasm
Over the last few days, the SEC has taken significant steps towards potentially approving XRP ETFs. Particularly, the SEC acknowledged XRP ETF applications submitted by multiple asset managers including Grayscale, 21Shares, CoinShares, Bitwise, and Canary Capital.
This optimistic move, coupled with the SEC’s decision to drop the Coinbase case, has sparked speculations of an early XRP lawsuit settlement. Previously, Jeremy Hogan posited that the XRP lawsuit conclusion could be possible before the SEC’s approval of an XRP ETF.
Although the SEC’s ETF nod doesn’t assure approval, it has fueled community optimism about a potential ETF launch and lawsuit dismissal. As per wider speculations, with the SEC recognizing XRP ETF applications, a lawsuit dismissal is now within reach.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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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