Altcoin
Top 5 Reasons Why Ethereum Price Is Rising, Rally To Sustain?
The Ethereum price has surged nearly 3% today, grabbing the investors’ attention. Notably, the Ethereum performance has further gained notable traction as its surge coincides with the downturn performance of Bitcoin price during writing. Although the Spot Ethereum ETF buzz has likely bolstered investors’ confidence, there are other reasons as well that may have contributed to the recent gains in the Ether price.
5 Reasons Why Ethereum Price Is Rising Today
Although there could be a flurry of trends and macroeconomic events that may have fueled gains in the Ethereum price today, here we discuss the top five reasons behind the surge.
Ethereum ETF Buzz
The recent regulatory approval by the U.S. SEC for the Spot Ethereum ETF last week has fueled investors’ confidence. Although the Ethereum price witnessed volatile trading last week following the approval news, the investors seem to be shifting their focus toward the second-largest crypto by market cap this week.
Meanwhile, the success of the Spot Bitcoin ETF in the U.S., which sent the Bitcoin price to its new all-time high in mid-March, has contributed to the positive sentiment. Comparing Bitcoin’s performance, the market participants now anticipate Ethereum to show a similar performance.
Pectra Update Boosts Sentiment
Ethereum’s price surged today following the recent announcement that core developers plan to roll out the Pectra upgrade by the first quarter of 2025 in a crucial execution layer meeting. Pectra, succeeding the Dencun upgrade implemented in March 2023, incorporates the Ethereum Virtual Machine Object Format (EOF) and introduces EIP-7251.
Meanwhile, this update is expected to enable individual validators to stake up to 2,048 ETH, significantly higher than the current limit of 32 ETH. Besides, this upgrade, comprising 11 improvement proposals, is expected to enhance EVM code on both Layer 1 and Layer 2 levels, potentially reducing operational complexity for validators.
Also Read: Can TON Price Recover Soon Or A Bigger Fall Is Inevitable?
Pro-Crypto Stance of Donald Trump
In a recent Telegram update, QCP Capital said that the pro-crypto comments from Donald Trump might have triggered the Ethereum price surge today. Additionally, the report also suggests that the investors are shifting focus toward Ethereum from Bitcoin, with anticipation of growing institutional demand once the Spot Ethereum ETF starts trading.
Notably, Donald Trump has recently said that he is focused on the growth of cryptocurrency firms while deeming it as a “new and burgeoning industry“. In addition, he also expressed his view towards making the U.S. as a leading player in the digital asset space.
Analysts Bullish Outlook
Several analysts have offered a bullish outlook for the Ethereum price. For context, DeFiance Capital Founder Arthur has offered a bullish outlook for the Ethereum price, saying that the Ether price could hit $4,500 before the Spot Ethereum goes live in the U.S.
In addition, crypto experts Michael van de Poppe and Rekt Capital predict a surge in Ethereum’s value, citing low altcoin valuations and impending consolidation. Van de Poppe anticipates Ethereum hitting new highs, while Rekt Capital highlights potential benefits for altcoins as Ethereum consolidates a post-ETF rally.
Meanwhile, Rekt Capital also identifies a key support level for Ethereum, suggesting a weekly close above it will confirm bullish momentum.
Whale Accumulation Boosts Ethereum Price
Today’s surge in Ethereum’s price is also attributed to significant whale activity, as highlighted by Lookonchain’s recent updates. Last week, an Ethereum whale’s strategic purchase of 8,733 ETH, followed by a $24.7 million investment in Ethereum ecosystem tokens post-SEC approval, spurred bullish sentiment.
In addition, today, another whale withdrew substantial amounts of ETH and Ethereum meme coin PEPE Coin from Kraken, totaling millions in value. With consistent withdrawals since March, the whale has accumulated significant profits, signaling confidence in Ethereum’s long-term prospects.
Price & Performance
Ethereum price has surged 2.61% and exchanged hands at $3,902.23, after touching a 24-hour high of $3,950.87 in the last 24 hours. Simultaneously, its trading volume soars over 64% to $17.85 billion from yesterday.
Meanwhile, according to CoinGlass data, the Ethereum Futures Open Interest jumped 4.45% to $17.04 billion. On the other hand, the Ether Options Open Interest rose 1.63% from yesterday to $6.38 billion.
Also Read: 4 Top Altcoins To Rally This Week
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.
Pi Network seems to be losing ground as Pi Coin price continues to face strong selling pressure, dropping another 4% and slipping under $0.70. Furthermore, the PI trading activity in the ecosystem is also dropping, showing that the investors’ euphoria is fading away quickly. Also, the PI token unlocks happening over the past week and so have led to a negative sentiment.
Pi Network Faces Backlash Despite PiFest Announcement
Earlier today, the Pi Core team announced that the inaugural PiFest on the Open Network saw record participation, with over 125,000 registered sellers—including more than 58,000 active sellers—and 1.8 million Pioneers utilizing Map of Pi, while highlighting Pi’s real-world utility worldwide.
However, the community doesn’t seem to be pleased by this. Commenting on the reality of the PiFest, Dr. Altcoin noted: “Since the PiFest started, Pi trading activity in the Eco-system has been at its lowest. The only trade was selling Pi for Cash”. While slamming the core team further, Dr. Altcoin stated that the Pi co-founders “seem out of touch with the realities of the everyday Pi Community”.
Other community members have slammed Pi Core Team’s communication approach, stating that it has remained unchanged since the enclosed mainnet phase. Critics like Dao world argue that the monthly updates are too predictable and insufficient for sustaining a large and engaged community.
Community members are now advocating for a more transparent communication strategy, with calls for a new leadership figure who has a deep understanding of cryptocurrency.
Pi Network Reduces Base Mining Rate by 1.18% This Month
The Pi Network’s base mining rate has dropped by 1.18% this month, now standing at 0.0029030 π per hour. This adjustment continues the network’s trend of gradual mining rate reductions. Some community members speculate that the declining interest in mining may be linked to Pi’s current low trading value on exchanges.
Despite talks of the Pi Network listing on top crypto exchanges like Binance and Coinbase, it hasn’t fructified so far. However, the BTCC exchange stated that it has added the cryptocurrency for spot trading, but it failed to add any upward momentum to the Pi coin price.
Where’s Pi Coin Price Heading Next?
Over the past seven days, the Pi coin price has tanked by 20%, with the next crucial support levels at $0.60. Furthermore, the correction under $0.70 comes with heavy selling pressure as daily trading volumes tanked 52% to $148 million.
Pi Network is currently forming a classic falling wedge pattern, testing the lower boundary near $0.687. A confirmed breakout with volume above the $0.71–$0.72 range could signal a bullish move, potentially pushing the price toward $0.75–$0.78, where key resistance levels lie.
Some market analysts still have the hope that PI cryptocurrency could reverse the trajectory to hitting highs of $3 and above.
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.
PENDLE price has led the broader market gains this Wednesday, pumping nearly 8% amid bullish developments. Recent whale metrics indicated that large-scale investors bought roughly $8 million of the token, whereas a crypto exchange behemoth also listed it previously. In an upshot, traders and investors are eyeing more gains in the asset’s price due to recent advancements that underscore rising demand for the crypto.
PENDLE Price Jumps 8% Amid Bullish Whale Transactions
As of press time, PENDLE price witnessed an 8% uptick in value and exchanged hands at $3.05. The crypto’s 24-hour low and high were registered as $2.84 and $3.07, respectively.
On a keynote, the rising price action aligns with the heightened buying pressure bought by whales in recent days. The latest data from tracker Lookonchain showed that whales bought roughly $8 million worth of coins in the past 5 days. Per the data, five newly created wallets collectively accumulated the aforementioned amount.
Here Are The PENDLE Whale Addresses Captured:
-0x21fBA58b20f62397c015b1f5a15f742ad430dFA
-0x2EB48c60F4ea75fa0a0Ff5BB017EBD9f5981b8F5
-0x11DFEDf01B3FA824BbCB138159B2e6AFE43692a3
-0x981D8856f572Fb076626265114EAD67697dA5501
-0x6478C8681ADC3E7a0C17Aa1E1F0Ff16d1A61a8f6
Why Are Whales Accumulating?
Meanwhile, the rising whale accumulations and PENDLE price upswing fall in line with another bullish development. Crypto exchange behemoth Coinbase unveiled a listing for the token at the end of March last month.
As a result, large-scale investors are hoarding massive amounts of the token, aiming to capitalize on emerging market opportunities.
Historically, listings on top crypto exchanges usually usher a bullish price action as they substantially increase an asset’s market exposure, thereby welcoming more funds from investors. CoinGape previously reported another similar chronicle, wherein cryptos BROCCOLI and TUT price rallied with their listings on Binance. Similarly, the Coinbase listing appears to be a vital catalyst for driving the whale frenzy and recent price upswing.
Can Bullish Developments Fuel Bull Run Ahead?
Usual market sentiments continue to tilt in favor of bulls, given the Coinbase listing and rising whale accumulations. Further, a renowned crypto market trader has poured additional optimism surrounding the coin’s future price action with his bullish prediction.
Analyst AMCrypto recently took to X, revealing that PENDLE price is forming an “inverse head and shoulder pattern.” This pattern formation suggests that a potential trend reversal from bearish to bullish is brewing amid bullish advancements.
In light of this dynamic, the analyst predicts that a break above $3 paves the way for a massive rally ahead. As mentioned above, the coin is currently trading above this price level. As a result, market watchers continue to weigh further bullishness on the asset’s long-term price prospects.
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.
Asset manager VanEck has registered for a proposed BNB exchange-traded fund (ETF), the latest among the list of its new crypto ETF filings. As a result, the trading volume for BNB Coin has shot up by 42% to more than $2.12 billion, as analysts are now closely watching for a BNB price rally to all-time highs.
In BNB Price Ready for A Mega Rally?
BNB Coin has performed relatively well over the past month compared to Bitcoin and other altcoins. While BTC and top altcoins like ETH, SOL, XRP saw double-digit losses in March, BNB Coin is down just 1% on the monthly chart. After a strong consolidation of around $610 levels, the BNB price could be eyeing a strong breakout to new all-time highs.
BNB Burn and Pascal Hardfork Offer Support
BNB Coin features a real-time burn mechanism that permanently removes a portion of gas fees from circulation. Over the past seven days, 951.85 BNB worth $571,747.74 was burned, contributing to a total burn value of nearly $160 million, as per data from BNBBurn.
BNB’s price recently gained momentum following the implementation of the Pascal hard fork, which enhanced its compatibility with Ethereum. The network is preparing for additional hard forks this month and in June, aimed at further improving transaction speeds.
Additionally, BNB Chain is gaining a lot of popularity among meme coins, adding support for Mubarak meme coin, CZ’s Dog BROCOLLI meme coin, and others.
Looking at the technical setup, the BNB price chart shows that the altcoin is forming a cup-and-handle pattern, along with an ascending channel pattern formation, as shown in the image below.
On the other hand, BNB price is trading above the 50-day moving average, which is a positive indicator. But for the altcoin to kickstart a rally to its all-time high of $790, it must first complete the handle formation at $662, and give a breakout above that level.
As of press time, BNB Coin is trading at $603 levels with its daily trading volume up by 42%, surging past $2.12 billion. Furthermore, the Coinglass data shows that the BNB options trading volume is also up by 46%.
VanEck Files for Spot BNB ETF
$115 billion asset manager VanEck filed for the spot BNB ETF in Delaware on Tuesday, April 1, which could serve as a major catalyst for the BNB Coin rally ahead. The proposed BNB ETF would follow the price of BNB, the fifth-largest cryptocurrency by market capitalization.
Apart from BNB, VanEck has already submitted crypto ETF applications for Bitcoin, Ether, Solana, and Avalanche. VanEck filed for SEC approval last month to launch the first AVAX ETF, building on its success with spot Bitcoin and Ethereum ETFs.
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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