Altcoin
How These 3 Altcoins Could Gain from Ethereum ETF Launch
Finally, the spot Ethereum ETFs debuted on July 23 after a long-awaited period and numerous delays. However, ETH, the native cryptocurrency of the Ethereum blockchain, is not the only one in the spotlight.
Altcoins, some of which have their fundamentals linked to the blockchain and share a strong correlation with it, could benefit from the development. Here are the top three altcoins that historical trends show could gain from the ETH ETFs.
Thanks to Ethereum, Uniswap (UNI) Is Prepared to Climb
Uniswap is the largest decentralized exchange for trading cryptocurrency tokens via liquidity pools on Ethereum. Because of this connection, UNI, its native token, strongly correlates with ETH.
BeInCrypto confirms this after assessing data on the correlation coefficient provided by Macroaxis. As such, it is one of the altcoins that could gain from the spot Ethereum ETF launch.
Currently, UNI trades at $7.57. Its 21.31% decrease since the start of the month suggests that it could have provided a “buy the dip” opportunity.
Apart from that, crypto whales seem to be giving credence to the bullish potential, and they have recently accumulated UNI in droves. In addition, the Awesome Oscillator (AO) is flashing green histogram bars, suggesting that the downward momentum could soon begin heading in the upward direction.
If validated alongside continued large accumulation, UNI’s price could rise above $8 in the short term. Should bulls continue to keep bears out of the way, the value of the token may rise as high as $9.40 or $10.03.
Read More: How to Invest in Ethereum ETFs?
However, Uniswap’s bullish bias may not materialize if ETH’s price underperforms. If this happens, the token’s price may slip to $6.76.
Pepe (PEPE) on the Brink of Another Rally After Recent Breakout
This altcoins list will be incomplete without a notable mention of Pepe (PEPE), the top meme coin built on Ethereum.
PEPE recently broke out of a descending channel pattern. This pattern indicates a downtrend, with specific resistance and support levels at the upper trendline and lower trendline, respectively.
The breakout result saw the token rise to $0.000013 earlier before it retraced to $0.000012. While the altcoin continues to swing sideways, the Accumulation/Distribution (A/D) line reveals that buying pressure is slowly improving.
Also, the Relative Strength Index (RSI) remains above the neutral line. The RSI indicates momentum, and when it is above 50.00, it means bullish momentum is present, which is the case with PEPE.
Should ETH’s price rise toward $4,000, PEPE will likely be one of the altcoins that will make a stronger move. If this happens, the token’s price may retest $0.000015 for a start.
Ethereum Name Service (ENS) to Hit $34 After Bitwise Disclosure?
Earlier, we reported that ENS showed signs of what could be possible with the approval of the spot Ethereum ETFs. Moments later, the cryptocurrency’s price reached our prediction of around $28.35.
However, it does not end there. On Tuesday, July 23, Bitwise Invest, one of the ETF issuers, announced that it will become the first ETF to add ENS subnames for each address.
According to its post on X, using the Ethereum Name Service will allow transparency in verifying its holdings.
“This is the sort of transparency only crypto makes possible. It allows anyone to verify ETHW’s holdings and flows directly on the blockchain.” The post mentioned.
This development, and more, makes ENS one of the altcoins that could benefit from the Ethereum ETF launch. The chart below shows how ENS has been ascending and hitting support levels at higher prices, which has been vital to the recent increase.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
Furthermore, the Moving Average Convergence Divergence (MACD) is positive, reflecting a slightly bullish momentum for the token. If sustained, ENS price could break the $30.00 resistance and reach $34.32.
However, if the token fails to surpass the overhead resistance, the price could decrease to $26.61.
Meanwhile, some analysts have expressed skepticism about the quick impact of the ETFs on altcoin prices. One of them is Konstantin Shulga, CEO and co-founder of Finery Markets.
According to him, the spot Ethereum ETFs will get a good level of inflows. However, he notes that it could take some months before the broader market reacts to it.
“The full impact of ETF approvals on the market may not be fully realized until six to nine months later, as it typically takes this time for the products to be fully integrated into financial players’ product portfolios and gain widespread adoption,” Shulga told BeInCrypto
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Altcoin
Will Polygon MATIC Price Hit $1 on AggLayer, Trump Trade?
Polygon could be poised for a breakthrough, with $1 in near term. Trump recent election win has ignited bullish energy across the crypto market bringing bull market era, while the upcoming Aggregation Summit, AggLayer, promises to add momentum.
This AggLayer brings the brightest minds in the industry to tackle challenges like cross-chain solutions, advanced ZK technology, and next-gen security. The buzz around AggLayer could drive fresh demand for POL token, potentially lifting its value.
AggLayer Summit and Trump’s Win: A Perfect Storm for POL Token
The AggLayer Summit, happening in Bangkok Nov 10-11, will bring together leading experts in the crypto space to address some of the most important challenges facing blockchain today. This event will focus on the extensive AggLayer ecosystem, categorised into AggChains, Core Contributors, and RaaS Providers. The ecosystem includes prominent entities like TON Blockchain, Fabric, Succinct, and AltLayer, all collaborating within this unified framework.
Meanwhile,Donald Trump recent election victory has sparked a wave of optimism in the crypto market. Many investors believe his win will lead to policies that favor digital assets, boosting the sector’s growth. As a result, there’s been a noticeable shift toward a more bullish market, with expectations for favorable regulations and increased adoption of crypto. This new political landscape is fuelling optimism and could be a major factor in pushing the market to new heights, benefiting both established and emerging crypto assets.
Polygon Price Analysis: Breakout and Volume Insights
Polygon’s native POL token recently achieved a breakout on the daily chart, currently trading at $0.34. Over the past 24 hours, the price has fluctuated between $0.32 and $0.34, reflecting a 6% increase over the last week. With a 24-hour trading volume of $113 million, market activity and investor interest are clearly on the rise, signaling strength in Polygon’s current position.
As the market remains bullish, Polygon’s breakout and strong volume suggest a potential rally toward the $1 mark. The upcoming AggLayer Summit, alongside global developments like Trump’s election win, are likely to further fuel market momentum.
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.
Altcoin
Ethereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000
Ethereum Foundation on Thursday announced launch of its first short-lived Pectra testnet ‘Mekong.’ This testnet includes all the EIPs proposed for the upcoming Pectra upgrade on the Ethereum network. Will this trigger ETH price rally to $4000 as the price jumped 8% in the last 24 hours?
Ethereum Foundation Introduces Mekong Tesnet for Pectra
In an official announcement by Ethereum Foundation on November 7, the first short-lived Mekong testnet was introduced after scoping the Pectra fork and four DevNet events
The foundation said the Mekong testnet consists of all the EIPs proposed for the next major Pectra upgrade. It includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to the deposits and exit mechanisms via EIP-6110 and EIP-7002.
The Mekong testnet is focused on wallet developers to engage with UX changes and for stakers to gain confidence in the upcoming changes. This is a short-lived testnet but the features included will make it into existing public testnets and finally the mainnet.
In addition, Ethereum developer Tim Beiko reveals ethPandaOps has introduced this short-lived Pectra testnet Mekong to introduce major changes in mainnet. Also, this helps the crypto community try out EIP-7702, MaxEB consolidations, and more.
Moreover, Ethereum Foundation developer Parithosh recommended wallet teams to try Mekong testnet at the DevCon Week, which will run the entire week of November 9-17.
If you want something to hack on at DevCon, try out the Mekong testnet!
All the pectra EIPs are live: so you can brainstorm your EIP-7702 wallet user flows, deposit a validator to use MaxEB and exit a staking pool validator with a smart contract! https://t.co/GXEqhjrDjS
— parithosh | 🐼👉👈🐼 (@parithosh_j) November 7, 2024
ETH Price to Hit $4000
Bullish sentiment surrounding Donald Trump’s win and DevCon event has triggered the rally. Moreover, the launch of the Mekong testnet to fuel ETH price further. Notably, analyst Benjamin Cowen predicted Ethereum price rally after a bottom formation confirmation in the ETH/BTC pair above the 50 DMA.
Popular analysts Michael van de Poppe and Ali Martinez said Ethereum is in the early bull run stage. With the Pectra upgrade expected to take place in early 2025, whales are likely to buy the dip. Michael van de Poppe suggested that the markets are rotating and ETH will see a massive pump. Notably, a higher-low formation will bring much-awaited upward momentum.
Also, Ali Martinez added that MVRV Momentum crossing its 180-day has historically signaled a period of outperformance for ETH price. The cross hasn’t happened yet and gives an opportunity to buy the dip for more upside ahead for the $4000 psychological level.
ETH price today jumped 8% to a 3-month high, with the price currently trading at $2,800. The 24-hour low and high are $2,611 and $2,878, respectively. However, the trading volume has decreased by 6% over the last day.
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.
Altcoin
Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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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