Ethereum

Why This Crypto Asset Is Bitwise CIO’s Best Contrarian Bet

Published

1 month ago

October 17, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

In an interview with Aaron Arnold, founder of Altcoin Daily, Matt Hougan, the Chief Investment Officer (CIO) of Bitwise Asset Management, shared his optimistic outlook on Ethereum for 2025. Amidst a crypto landscape where Bitcoin and emerging high-performance blockchains like Solana, Sui, and Aptos dominate headlines, Hougan positions Ethereum as a “contrarian bet” that may offer significant returns for investors willing to look beyond current market sentiments.

Why Ethereum Is The Best “Contrarian Bet”

Hougan acknowledged Ethereum’s unique position within the crypto market. He describes Ethereum as “the asset that people love to hate; it’s kind of the middle child of crypto.” While Bitcoin maintains its status as the original cryptocurrency and a store of value, newer blockchains capture attention with promises of superior performance and innovative features. Ethereum, meanwhile, is often criticized for issues like high fees and the migration of activity to Layer-2’s, leading some to view it as outdated technology struggling to keep pace with its competitors.

Spot Ethereum ETFs See $515 Million Record Weekly Inflows – Details

Published

2 days ago

November 17, 2024

Coin2049 Newsletter

The US-based spot Ethereum ETFs have continued to experience a high market interest following Donald Trump’s emergence as the next US President. As institutional investors continue to position themselves for a massive crypto bull run, these Ethereum ETFs have now registered over $500 million in weekly inflows for the first time since their trading debut in July. Meanwhile, the spot Bitcoin ETFs maintain a splendid performance, closing another week with over $1 billion in inflows.

Spot Ethereum ETFs Notch Up $515M Inflows To Extend 3-Week Streak

According to data from ETF aggregator site SoSoValue, the spot Ethereum ETFs attracted $515.17 million between November 9-November 15 to establish a new record weekly inflows, as they achieved a 3-week positive inflow streak for the first time ever. During this period, these funds also registered their largest daily inflows ever, recording $295.48 million in investments on November 11.

Of the total market gains in the specified trading week, $287.06 million were directed to BlackRock’s ETHA, allowing the billion-dollar ETF to strengthen its market grip with $1.72 billion in cumulative net inflow.

Meanwhile, Fidelity’s FETH remained a strong market favorite with $197.75 million in inflows, as its net assets climbed to $764.68 million. Grayscale’s ETH and Bitwise’s ETHW also accounted for weighty investments valued at $78.19 million and $45.54 million, respectively.

Other ETFs such as VanEck’s ETHV, Invesco’s QETH, and 21 Shares’ CETH experienced some significant inflows but of no more than $3.5 million. With no surprise, Grayscale’s ETHE continues to bleed with $101.02 million recorded in outflows, albeit retains its position as the largest Ethereum ETF with $4.74 billion in AUM.

In general, the total net assets of the spot Ethereum ETFs also decreased by 1.2% to $9.15 billion representing 2.46% of the Ethereum market cap.

Spot Bitcoin ETFs Remain Buoyant With $1.67B Inflows

In other news, the spot Bitcoin ETFs market recorded $1.67 billion in the past week to continue its stunning performance of Q4 2024. While the Bitcoin ETFs saw notable daily outflows of over $770 million at the week’s end, earlier weighted inflows of $2.43 billion proved quite significant in maintaining the market’s green momentum.

BlackRock’s IBIT, which ranks as the market leader and the best-performing crypto spot ETF, now boasts over $29.28 billion in inflows and $42.89 billion in net assets. Meanwhile, the total net assets of the spot Bitcoin ETF returned to above $95 billion, capturing 5.27% of the Bitcoin market.

At the time of writing, Bitcoin trades at $90,175 with Ethereum hovering around $3,097.

Spot Ethereum ETFs

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Ethereum

Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation

Published

3 days ago

November 17, 2024

Coin2049 Newsletter

Este artículo también está disponible en español.

Ethereum (ETH) is gearing up for an explosive bullish phase after decisively breaking above the crucial $3,000 mark. This milestone has fueled optimism among traders and investors, signaling a potential surge to new all-time highs. ETH’s recent price action demonstrates strong momentum, suggesting that the second-largest cryptocurrency by market cap is ready to reclaim its place in the spotlight.

Renowned analyst and investor Carl Runefelt has bolstered this bullish outlook with a compelling technical analysis. Sharing his insights, Runefelt pointed out Ethereum’s impressive recovery and growing strength. He emphasized that if current momentum continues, the $6,000 milestone could be within reach sooner than many expect.

Ethereum Testing Supply

Ethereum is on the brink of a significant breakout as it approaches the last major supply levels before potentially embarking on a Bitcoin-like rally. After reclaiming its local highs with strong momentum, Ethereum has captured the attention of traders and investors looking for the next big move in the crypto market. Many believe the current consolidation phase is just the calm before a bullish storm.

Runefelt recently shared a detailed technical analysis on X, highlighting Ethereum’s readiness for a massive bull run. Runefelt emphasized that ETH is mirroring Bitcoin’s recent explosive breakout, suggesting that Ethereum could be next to surge.

Ethereum chart compared to Bitcoin | Source: Carl Runefelt on X

According to his analysis, this may be the last opportunity to buy ETH at relatively low prices before the market takes off. Runefelt set an ambitious price target of $6,000, forecasting this level as attainable once Ethereum breaks through its final supply zones.

ETH Testing Technical Levels

Ethereum is currently trading at $3,110, following a 12% retrace from its recent local highs. Despite the pullback, ETH continues to show resilience, holding firmly above the 200-day moving average (MA) at $2,955. This key demand level is a strong indicator of long-term market strength and suggests that Ethereum remains in bullish territory despite short-term volatility.

ETH trading above the 200-day MA | Source: ETHUSDT chart on TradingView

The 200-day MA serves as a critical support zone, and its defense could pave the way for a significant rally in the coming days. If ETH maintains its position above this level for an extended period, it would signal renewed bullish momentum and set the stage for a breakout to higher supply zones.

Ethereum Uptrend Resumes As Key Support Defends Against Bears

Published

3 days ago

November 16, 2024

Coin2049 Newsletter

Ethereum is back on an upward trajectory after finding solid footing at the $3,051 key support level, sparking hopes for continued bullish momentum. The recent rebound highlights the strength of buyers’ interest, as ETH resists bearish attempts to drive prices lower.

As the uptrend resumes, traders are closely eyeing critical resistance zones that could shape Ethereum’s next move. Will this recovery lead to a sustained rally, or will the market face renewed selling pressure?

This analysis aims to examine Ethereum’s recovery as it resumes its uptrend after defending a critical support level. By analyzing key resistance zones and market dynamics, we seek to uncover potential scenarios for ETH’s price movement and offer insights into whether the uptrend can gain further traction or encounter renewed selling pressure.

Ethereum’s Rebound: The Key Support Level That Held The Line

Ethereum has rebounded from the $3,051 support level, regaining bullish strength as it approaches the $3,360 resistance. Trading above the 100-day SMA on the 4-hour chart highlights sustained upward strength, potentially supporting more gains if resistance is overcome.

An analysis of the 4-hour Relative Strength Index (RSI) reveals that the 4-hour RSI is attempting to rise above the 50% level after falling to 41%, signaling a possible shift in momentum. A move above 50% could indicate increasing buying pressure and support a continued uptrend, while failure to break above this level may suggest ongoing bearish pressure.

The daily chart shows that ETH is experiencing strong upside movement, which is highlighted by the formation of bullish candlestick patterns. Trading above the key 100-day SMA further confirms the asset’s positive trend. As the cryptocurrency continues on this upward path, it boosts market confidence, paving the way for potential gains, with the $3,360 target in sight.

Finally, the daily chart’s RSI is at 63%, reflecting strong optimism after recovering from a dip to 60%. This rebound signals a resurgence in buying pressure, suggesting a shift toward a more favorable market outlook. The RSI’s steady rise indicates that the asset may sustain its upward strength, reinforcing the ongoing bullish trend and paving the way for more growth.

Critical Resistance Levels To Watch As ETH Gains Momentum

As Ethereum gains momentum, key resistance levels become crucial in determining the next phase of its price movement. The immediate resistance to watch is at the $3,360 mark, which has historically acted as a strong barrier to ETH’s uptrend. A successful break above this level could lay the groundwork for Ethereum to target the next resistance at $3,659.

However, if the $3,360 level holds as resistance, ETH may face a period of consolidation or pullback before making another attempt at breaking through.