Ethereum
Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction
Ethereum (ETH) has been struggling with a significant downturn recently, leaving the asset deep in the red. Over the past week, Ethereum has recorded a 9.2% decline in value, reflecting broader market weakness.
However, the past 24 hours have brought a slight change in momentum, with ETH seeing a 3.2% increase in price. Though this uptick is not enough to erase the previous week’s losses, it may signal the beginning of a recovery phase.
Is Ethereum At The End Of Its Correction
According to the latest analysis from renowned crypto analyst Alex Clay on X, Ethereum might be gradually recovering because its recent bearish market might be concluding.
He emphasized that if ETH can maintain consolidation above key technical zones, specifically the 200-day moving average (MA) and 200-day exponential moving average (EMA), it would provide a strong foundation for an upward rally.
A significant price break above the $2,500 mark could confirm that the correction has ended and the asset is primed for recovery. Furthermore, while Clay had previously been optimistic about Ethereum reaching a much higher price target, he has revised his expectations based on recent market conditions.
#ETH/USD
Imo we are at the end of the $ETH correction
Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence
Break above $2500 will serve a confirmation of the beginning of the rally#Ethereum turned to be a heavy asset so $10k target is rather⌠pic.twitter.com/jjGPPUHWE3
â Alex Clay (@cryptclay) September 9, 2024
Clay noted: “Ethereum turned to be a heavy asset, so $10k target is rather a dream than reality so I changed my mind.” For now, the analyst has set more realistic targets, with a mid-term goal of $4,000 and long-term targets ranging from a conservative $6,255 to an optimistic $7,942.
Other Analysts Eye Falling Wedge Pattern As Key Indicator
Aside from Clay’s analysis, Ethereumâs technical chart has been the focus of several prominent analysts, including Anup Dhungana and Captain Faibik, who have recently identified the potential for a bullish breakout for ETH.
For instance, Dhunganaâs ETH/BTC chart analysis suggests that a rebound from key support levels and a break from the falling wedge pattern could significantly increase Ethereumâs price.
For context, falling wedges are generally viewed as bullish reversal patterns in technical analysis, and confirming a breakout could signal an exponential upward trend.
Similarly, Captain Faibik echoed this sentiment, sharing an image of altcoin market chart that also displayed a falling wedge formation.
Faibik predicted that altcoins could break out of the wedge pattern shortly, potentially pushing major altcoins, including ETH, toward a recovery in the fourth quarter of 2024.
He advised investors to remain patient, accumulate altcoins, and prepare for a bounce back that could see prices return to their March 2024 highs.
Featured image from DALL-E, Chart from TradingView
Ethereum
Ethereum Sees Neutral Netflow On Binance: What Does This Signal?
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edymeâs foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market eventsâlike the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZâs arrestâhas honed his keen sense of market dynamics.
When he isnât crafting engaging crypto content, youâll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe heâs catching some Zâs or scrolling through Elon Muskâs very own X platformâ(oops, another screen activity, my badâŚ)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encountersâ(donât judge, thatâs just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or âkaizen,â striving to be 1% better every day. His mantras, âGod knows bestâ and âEverything is still on track,â reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. Heâs neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreckâunflappable. Edyme is like trading in your car for a jetâbold. Heâs the guy whoâd ask his boss for a pay cut just to prove a pointâ(uhhhâŚ). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rentâokay, maybe thatâs a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? Thatâs just not the way he roll. He has these favorite lyrics from NFâs âCloudsâ that resonate deeply with him: âWhat you think’s probably unfeasible, I’ve done already a hundredfold.â
PSâEdyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? Heâs 100% Him-alayan. Screw it, he ate the opp.
Ethereum
Analyst Reveals When The Ethereum Price Will Reach A New ATH, It’s Closer Than You Think
The Ethereum price has been consolidating for about a week since it hit a four-month high at $3,420. As the second largest cryptocurrency, Ethereum has the biggest price correlation with Bitcoin. However, you could argue the Ethereum price has been largely left behind in terms of performance throughout the ongoing bull cycle. Interestingly, a crypto analyst, Ben Lilly, has shared a bold prediction about the trajectory of the Ethereum price.Â
Taking to a post on the social media platform X, Ben Lilly forecasted that the Ethereum price will reach a new all-time high (ATH) between December 21, 2024, and January 7, 2025. The prediction stems from his analysis of the previous performance of the ETH price movements during Bitcoinâs ATH discovery phase in 2021.
A Historical Parallel: Ethereumâs 2021 Rally
In his analysis, Ben Lilly referenced Ethereumâs price behavior during the historic rally of the Bitcoin price in the 2021 bull run. At the time, the Ethereum price was trading nearly 60% below its 2018 peak. After Bitcoin broke out to fresh ATH levels, it took Ethereum five weeks to follow suit, rallying by about 640% to reach its current ATH of $4,878.
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Lilly believes the present market conditions mirror those of 2021, with the Bitcoin price recently entering price discovery mode. Ethereum, which was approximately 50% below its 2021 peak of $4,418 as of November 2024, has started to rebound, showing over 20% gains within just two weeks from a low of $2,366 on November 4.
Interestingly, the analystâs comments suggest that as the Bitcoin price continues to set new price records this bull run, Ethereum is likely to follow with a substantial price leap very soon. The timeframe for this substantial price leap, he projects, aligns closely with late December 2024 and early January 2025.
Based on his projections, the analyst asserts that Ethereum could repeat its historical pattern and rally significantly within a short timeframe. He highlights that a 300% surge from Ethereumâs November 4 low price level could push it toward the $10,000 mark.Â
ETH will form a new ATH between Dec 21-Jan7.
I donât make the rules. pic.twitter.com/NVgVdQ8Bsj
â Ben Lilly (@MrBenLilly) November 20, 2024
Current State Of The Ethereum Price
Ben Lillyâs Ethereum price prediction highlights the importance of the Bitcoin price momentum to that of the second-largest asset. Particularly, the 2021 pattern he pointed to is a result of an altcoin season where the altcoin market (led by Ethereum) started to outperform the Bitcoin price.
Related Reading
As it stands, an altcoin season has yet to materialize this cycle, and all the interest is going into Bitcoin. The Bitcoin price is currently on an all-time high roll, meaning the market will have to continue to wait for the interest to roll into Ethereum.
At the time of writing, the ETH price is trading at $3,107 and is down by 3.84% in the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
Ethereum
Ethereum A Ticking Bomb? Derivatives Metrics Break Records
Data shows the Ethereum derivatives-related metrics have shot up recently, a sign that the price is at risk of going through a volatile storm.
Ethereum Open Interest & Leverage Ratio Have Both Spiked Recently
In a CryptoQuant Quicktake post, an analyst has discussed about the trend in the derivatives indicators of Ethereum. The metrics in question are the Open Interest and the Estimated Leverage Ratio.
First, the Open Interest keeps track of the total amount of ETH-related contracts that are currently open on all derivatives platforms. The metric naturally takes into account for both long and short positions.
When the value of this metric rises, it means the investors are opening up fresh positions on the market. Such a trend suggests derivatives trading interest in the coin is going up.
On the other hand, the indicator registering a drawdown implies positions in the market are going down. This could be because of investors willfully closing them up, or due to exchanges forcibly liquidating them.
Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few years:
The value of the metric appears to have been shooting up in recent days | Source: CryptoQuant
The above graph shows that the Ethereum Open Interest has witnessed rapid growth recently. It has surpassed the previous all-time high (ATH) to set a new record above $13 billion.
When considering the timeframe of the past four months, the indicator has increased by over 40%, which suggests an explosion in speculative interest around the cryptocurrency has occurred.
This development, however, may not be the healthiest, as the trend in the second indicator of relevance, the Estimated Leverage Ratio, would suggest. This metric measures the ratio between the Open Interest and the Derivatives Exchange Reserve.
The Derivatives Exchange Reserve is naturally just the total amount of the cryptocurrency sitting in wallets associated with all centralized derivatives exchanges.
The Estimated Leverage Ratio tells us the amount of leverage or loan that the average derivatives user in the Ethereum market is currently opting for.
Below is a chart for this indicator.
Looks like the value of the metric has been heading up over the last few weeks | Source: CryptoQuant
From the graph, itâs apparent that the Ethereum Estimated Leverage Ratio has shot up recently. This would mean that the increase in the Open Interest has been more rapid than the rise in the Derivatives Exchange Reserve.
The investors are now sitting on all-time high (ATH) leverage, which can be a bad sign for ETH as it implies any volatility in the future could take down the overleveraged positions and induce a mass liquidation event called a squeeze.
The quant has pointed out that the Ethereum Funding Rate, a ratio between long and short positions, is positive right now, which suggests that if a squeeze is to happen shortly, itâs more likely to involve the bullish side of the market.
ETH Price
At the time of writing, Ethereum is floating around $3,000, down almost 7% over the past week.
The price of the coin seems to have been consolidating sideways recently | Source: ETHUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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