Ethereum
Ethereum Analyst Shares Correlation With S&P500 – Last Dip Before It Hits $10,000?
Ethereum (ETH) stands at a critical turning point, with opinions split on its future performance this cycle. Some analysts argue that ETH will continue to lag, possibly underperforming against other assets like Bitcoin, which has shown strong momentum.
However, others are optimistic, believing Ethereum is poised for an aggressive rally, especially if it can establish a solid bounce from current lows.
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Renowned crypto analyst Ali Martinez has shared a compelling technical analysis, highlighting a correlation between ETH and the S&P 500. According to Martinez, this relationship could signal a substantial upward move for Ethereum, aligning with broader market trends in traditional finance.
Martinez’s analysis suggests that Ethereum could be on track for a major breakout if the current setup holds, with a target around the $10,000 mark.
As Ethereum trades near a crucial support level, the coming days will be pivotal in determining its direction. With significant upside potential, if a bullish trend takes hold, this moment may define ETH’s trajectory for the remainder of the cycle. Investors are now watching closely, weighing ETH’s next moves against crypto and traditional market cues.
Is Ethereum Preparing To Rally?
Ethereum (ETH) has been trading precariously around the $2,400 level, with recent dips below this threshold sparking concern among investors hoping for a bullish breakout. This uncertainty has heightened as traders navigate a market riddled with fear, wondering if ETH is about to embark on a long-awaited rally or fall to new lows.
Top analyst and investor Ali Martinez has provided an optimistic outlook, sharing a technical analysis on X that suggests Ethereum’s price movements closely mirror those of the S&P 500. According to Martinez, this dip could be the final one before Ethereum experiences a massive upswing, potentially tripling in value to hit the ambitious $10,000 target.
Martinez’s analysis taps into broader market sentiment, noting that ETH has shown resilience at key levels and that this correlation with the S&P 500 could indicate strength and stability shortly.
As the U.S. election results unfold and the Federal Reserve’s upcoming interest rate decision looms, the potential for volatility remains high. These factors could introduce sharp price swings, driving ETH lower temporarily before it rebounds and gains momentum for a sustained rally.
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The combination of market catalysts and Martinez’s analysis has sparked cautious optimism, suggesting that while the near-term risk is high, Ethereum could be on the verge of a significant breakout if it holds its ground through the coming turbulence.
ETH Testing Crucial Demand
Ethereum briefly dipped below the $2,400 mark, a key support level, before rebounding to $2,440. This bounce has given bulls hope, but to maintain upward momentum and challenge the prevailing bearish outlook, ETH must keep rising and target higher supply zones.
Critical to this effort will be breaking above the 200-day exponential moving average (EMA) at $2,758—a level that has consistently pushed down price action and acted as a significant resistance since early August.
If bulls succeed in reclaiming this EMA, it could mark a shift in momentum, potentially setting up ETH for a stronger bullish trend. However, if ETH fails to hold above $2,400 in the coming days, it risks a deeper retracement. Analysts have identified the $2,220 level as a crucial line of defense.
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This lower demand zone could provide the final support necessary to prevent further losses, but if breached, it would likely deepen the bearish sentiment surrounding Ethereum’s current price action. This week will be pivotal, as holding above these key levels could provide ETH with the stability it needs to stage a more aggressive push upwards.
Featured image from Dall-E, chart from TradingView
Ethereum
Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour
Ethereum surged over 10% yesterday, marking an impressive recovery alongside a very bullish day for the entire crypto market. This surge has reignited investor optimism, especially as Ethereum approaches its yearly highs.
Key data from CryptoQuant highlights a significant bullish signal: Ethereum’s Taker Buy Volume hit an astonishing $1.683 billion in a single hourly candle. This metric reflects aggressive buying activity in the futures market, further supporting Ethereum’s potential for continued upward momentum.
The driving force behind this rising demand for Ethereum appears to stem from profits being cycled out of Bitcoin. With Bitcoin consistently breaking all-time highs, investors are reallocating gains into ETH, boosting its price. Ethereum’s ability to capitalize on Bitcoin’s momentum underscores its position as the second-largest cryptocurrency and a key player in the broader market trend.
However, the next few days will be crucial for Ethereum as it nears its yearly highs. A strong breakout above these levels could propel ETH into a new uptrend, further strengthening its bullish narrative.
Ethereum Bulls Waking Up
Ethereum bulls are finally showing signs of life after eight months of bearish price action, with the price surging over 40% since November 5. This strong upward momentum aligns with the broader market rally, fueling optimism that Ethereum’s recovery is just beginning. The resurgence in bullish sentiment has positioned Ethereum as a key focus for investors seeking opportunities in the current market environment.
According to data by CryptoQuant analyst Maartunn, Ethereum’s Taker Buy Volume recently hit $1.683 billion in a single hourly candle, highlighting significant demand and the involvement of high-volume trades.
This aggressive buying activity is a bullish signal, suggesting increased confidence in Ethereum’s potential to sustain its rally. Strong demand at this scale creates upward pressure on the price, reinforcing the bullish narrative for ETH.
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However, Ethereum still faces a critical hurdle at the $3,550 level, a significant supply zone that has acted as a barrier since late July. The next few days will be pivotal for Ethereum, as breaking above this key resistance could signal the continuation of its upward trajectory. Failure to do so, however, might result in a short-term consolidation. All eyes are now on ETH, as its next moves could set the tone for the altcoin market.
ETH Holding Above Key Levels
Ethereum (ETH) is trading at $3,333 after a 10% surge yesterday, marking a significant rebound for the second-largest cryptocurrency. The price is testing a critical supply zone just below the $3,450 level, a resistance area that bulls need to reclaim to confirm the uptrend and maintain momentum for new highs.
This supply zone has historically acted as a key barrier, and breaking above it with conviction would signal strong buying pressure and the potential for a sustained rally. Holding above the 200-day moving average (MA) at $2,959 further strengthens the bullish case for Ethereum, as this indicator is widely regarded as a benchmark for long-term price trends.
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Should Ethereum maintain its position above the 200-day MA and push decisively past the $3,450 level, it could pave the way for a bullish rally, targeting higher resistance zones in the coming days.
However, failure to overcome this supply area may result in short-term consolidation as bulls regroup to challenge the level again. For now, the market focuses on Ethereum’s ability to clear this crucial resistance and continue its upward trajectory.
Featured image from Dall-E, chart from TradingView
Ethereum
Ethereum Attempts Key Breakout: Analysts Set $3,700 Target
Ethereum (ETH) price is finally moving after a week of sideways movement. In the last hour, the second-largest crypto has seen a 5% surge to retest the key $3,200 level. Some market watchers believe ETH is about to move toward Q1 highs and kickstart the altseason.
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Ethereum Retests Key Support Level
Ethereum has been heavily criticized for its performance against Bitcoin (BTC), with investors worrying that ETH might not run to new highs this cycle. ETH’s price action has moved sideways while the flagship crypto continues its price discovery mode.
On Thursday morning, BTC neared the $100,000 mark after hitting its latest all-time high (ATH) above $98,000, while ETH continued hovering in the mid-zone of its $3,000-$3,200 one-week price range.
However, Ethereum has seen a remarkable 5% pump to trade above the $3,200 mark for the past hour. The second-largest crypto rose above $3,200 a week ago for the first time in over three months, hitting the $3,400 mark before retracing 5%.
Over the past week, ETH attempted to reclaim the $3,200 resistance as support but failed twice to achieve it. Today, the cryptocurrency’s jump has propelled its price past the key resistance toward the mid-range of the $3,300 zone, reigniting a bullish sentiment toward Ethereum.
Analyst Crypto Yapper asserted that the $3,200 is “the next big breakout” for Ethereum, as it has been a major rejection point for the last week. The analyst highlighted that after ETH’s consolidation, the next move was a retest of this level, which could see the crypto breakout toward the $3,500 mark if successfully reclaimed.
However, failing to turn this resistance into support could likely see ETH’s price lose the $3,000-$3,100 support and move toward the $2,600 level, a major resistance before this month’s breakout, before attempting to reach $3,500.
ETH’s Breakout To Kickstart The Altseason
Crypto analyst Rekt Capital noted that ETH is breaking out of a short-term bull flag today. Per the post, the King of altcoins broke out of a three-week bull flag formation after surpassing $3,200. A confirmation of the breakout “would see ETH revisit the $3,700 above,” forecasted the analyst.
Similarly, crypto analyst Zayk pointed out that the cryptocurrency displayed a two-week bullish pennant formation in the 4H timeframe. A successful breakout from the bullish pattern above the $3,200 mark could target a 15% rally to $3,700.
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Crypto trader Daan stated that investors should wait to see if Ethereum’s current momentum sustains. However, he considers that the next impulse for ETH/BTC is “likely to have some legs and go for some proper relief.”
This run could see the ETH/BTC trading pair move back toward the 0.04 mark, which it traded at two weeks ago. This move would display a 20% surge from the current levels, which “should absolutely send the overall altcoin market and bring BTC Dominance down a decent amount.”
As of this writing, the ETH’s price holds above $3,350, trading 2% below last week’s high.
Featured Image from Unsplash.com, Chart from TradingView.com
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.
Edyme’s 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 events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll 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 he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” 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. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s 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? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
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