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Can Ethereum Hit $3,000 as Selling Pressure Finally Fades?

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Ethereum’s price recently faced resistance in its journey toward the $3,000 mark, struggling to secure $2,700 as a solid support floor. The recent price action saw unexpected selling pressure that prevented further gains, yet this offloading seems to be easing. 

With resistance levels now tested, ETH could see renewed buying momentum, suggesting a more favorable outlook in the coming weeks.

Ethereum Is Noting a Slowdown in Selling

Ethereum’s exchange net position change has been trending downwards since the beginning of the month, a positive sign for ETH’s potential rally. As the metric inches closer to the neutral line, this shift indicates that selling pressure is declining. If it flips below neutral, it would imply that buying is beginning to outpace selling, a bullish signal that may help Ethereum reclaim critical support levels.

A decline in exchange positions often reflects reduced selling pressure as traders opt to hold ETH rather than offload it. This sentiment shift would benefit Ethereum’s price trajectory, as reduced sell-side pressure can allow room for a surge.

Read more: How to Invest in Ethereum ETFs?

Ethereum Exchange Net Position Change.
Ethereum Exchange Net Position Change. Source: Glassnode

In terms of macro momentum, Ethereum’s mid-term holders (MTHs)—addresses holding ETH for between 1 and 12 months—have been notably active. As ETH’s price dipped this week, these MTHs moved approximately 700,000 ETH, valued at over $1.7 billion. 

Such movement by mid-term holders indicates market uncertainty, with this cohort often being more responsive to price shifts. Their recent activity highlights concerns about the potential downside, as large movements can signal hesitation among investors regarding ETH’s short-term stability.

The increased activity from mid-term holders introduces volatility, but it is countered by lower movement from other investor cohorts, which are showing reduced activity.

Ethereum MTH Supply.
Ethereum MTH Supply. Source: Glassnode

ETH Price Prediction: No Gains in Sight

Ethereum’s price, currently at $2,538, is striving to reclaim the nearby support at $2,546. Reaching and holding this level is crucial for Ethereum’s run toward the resistance at $2,698, which could pave the way for further gains. As selling pressure subsides, this level is likely within reach.

The overall indicators point to a positive outlook despite the volatility among mid-term holders, as other cohorts remain steady. To push toward $3,000, Ethereum would need to secure $2,698 as a strong support floor.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis.
Ethereum Price Analysis. Source: TradingView

Ethereum has been holding above a two-month-old uptrend line, reinforcing its overall bullish trajectory. Maintaining this level would keep ETH on a positive track, but a break below this trendline could lead to a drop to $2,344. Such a decline would challenge the bullish outlook, potentially leading to broader market uncertainty around Ethereum’s future price direction.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why Is Neiro Crypto Outperforming Other Meme Coins?

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First Neiro on Ethereum (NEIRO) is one of the few meme coins that registered a price increase in the last 24 hours. Within that timeframe, many meme coins saw their values plummet, but NEIRO’s crypto price gained 11%.

This development has sparked curiosity about NEIRO’s resilience. Through this on-chain analysis, BeInCrypto breaks down the factors contributing to the meme coin’s recent performance and explores potential price trajectories moving forward.

First Neiro on Ethereum Volume Rises, Whales Follow

According to Santiment, NEIRO’s price increased due to the surge in volume. In simple terms, a cryptocurrency’s volume represents the total of all buy and sell transactions within a specific period. 

An increase in volume indicates active buying and selling, while a decrease suggests lower investor engagement with the token. On Thursday, October 24, the meme coin’s volume almost dropped below $300 million.

However, at press time, the value had increased to $512.84 million, indicating rising interest in the token. Should the volume continue to rise, then NEIRO’s crypto price might also follow in a similar direction.

Read more: What Are Meme Coins?

NEIRO volume rises
Neiro Volume. Source: Santiment

Another factor contributing to the meme coin’s price increase is the activity of large-scale investors. Earlier in the week, the balance of addresses holding over 1 billion NEIRO tokens was below 318 billion. 

Today, that figure has risen to 322.72 billion, indicating that whales have been accumulating the token in significant amounts.

Typically, when whales purchase substantial amounts of tokens, it tends to have a positive impact on the price. As a result, it was inevitable for the token’s value to rise.

NEIRO price analysis
Neiro Whale Accumulation. Source: Santiment

NEIRO Price Analysis: Bullish

At press time, NEIRO’s price is $0.0016. According to the daily chart, the Chaikin Money Flow (CMF) has turned upwards. 

The CMF oscillates between +1 and -1, with a centerline at 0, providing insights into market sentiment and potential price movements. With these values, the CMF can gauge accumulation (buying pressure) and distribution (selling pressure).

It also aids in interpreting key market signals, such as entry points and exit levels. When the CMF reading rises, it indicates increasing buying pressure, suggesting that more investors are accumulating the asset. 

Conversely, a decline in the CMF reading signifies distribution, indicating that selling pressure is present and investors are offloading their holdings. Therefore, in NEIRO’s crypto case, the rising reading indicates that buying pressure is present and the price might increase.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

NEIRO price analysis
First Neiro on Ethereum Price Analysis. Source: TradingView

In this instance, the meme coin’s value could surge to $0.0020. However, if distribution overtakes accumulation, the price might drop to $0.0011.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Altcoins Crypto Whales Bought: October 2024 Fourth Week

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Despite the lackluster performance of many cryptos this week, a few altcoins crypto whales bought and increased their exposure. 

In this analysis, BeInCrypto examines the top altcoins targeted by whales and explores the reasons behind their purchases. This week’s top picks include Immutable (IMX), Pendle (PENDLE), and Injective (INJ).

Immutable (IMX)

Immutable (IMX), the native token of the Ethereum-based layer-2 scaling solution Immutable, emerged as the top choice for crypto whales this week. 

Data from IntoTheBlock shows that the net flow of IMX held by large investors surged from 288,177 tokens to 16.02 million. This indicates a net purchase of around 15.71 million IMX tokens in October’s fourth week. 

At the current IMX price of $1.44, this influx amounts to approximately $22.62 million. According to BeInCrypto’s findings, this large accumulation could be linked to the upcoming token unlock, scheduled to take place in six days.

Read more: 10 Alternative Crypto Exchanges After Bybit Exits France

Immutable crypto whales
Immutable Large Holders Netflow. Source: IntoTheBlock

Despite this substantial buying activity, IMX’s price declined by 5% over the past seven days. However, if whales continue their accumulation, IMX could see a price rebound in the coming weeks.

Injective (INJ)

The Injective token is also part of the altcoins crypto whales bought this week. According to Santiment, the balance of addresses holding between 10 million and 100 million INJ moved from 80.49 million to 80.70 million. 

This surge in INJ accumulation indicates that crypto whales may anticipate a potential price increase. Additionally, the move could be tied to speculation that Injective might join the Artificial Superintelligence Alliance merger.

Despite the accumulation, INJ’s price dropped by 7% this week. But if whales continue to buy the altcoin, then a recovery could be an option in the short term.

Injective crypto whales
Injective Balance of Whale Addresses. Source: Santiment

Pendle (PENDLE)

Unlike IMX and INJ prices, PENDLE produced a positive return this week as the price climbed by 8%. Amid this price increase, crypto whales decided to buy the token, which enhanced the trading of future yields on the Pendle protocol.

On October 23, the large holders’ netflow was 165,260. But as of this writing, the figure has increased to 1.33 million, meaning whales bought about 1.16 million PENDLE tokens, valued at $5.42 million.

The exact reason behind whales’ recent purchases of Pendle remains uncertain. However, the current buying activity could suggest a “buy the dip” approach, as PENDLE is trading 37% below its all-time high. 

Read more: Which Are the Best Altcoins To Invest in October 2024?

Pendle crypto whales purchase
Pendle Large Holders Netflow. Source: IntoTheBlock

Should this buying momentum persist, PENDLE’s value may see an upward move in response to increased demand. Conversely, if whales reduce their accumulation, PENDLE’s price could face downward pressure.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Can Cardano Bitcoin Price Correlation Improve After This News?

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Cardano Network is poised to tap into $1.3 trillion in Bitcoin liquidity for its decentralized finance (DeFi) ecosystem through a new integration with BitcoinOS (BOS), a Bitcoin smart contract platform. As a result, the Cardano Bitcoin price may begin to move in the same direction.

This integration comes at a time when ADA and BTC prices show little to no correlation. The question remains: will this development alter the current state of affairs?

Cardano Taps into Bitcoin Liquidity

On October 24, BitcoinOS, a Bitcoin roll-up protocol, disclosed that its Grail bridge will go live on Cardano’s network.

“Cardano, the 11th largest blockchain by market cap, is integrating the BitcoinOS Grail Bridge to unleash decentralized programmability and scalability on Bitcoin!” BitcoinOS wrote on X.

This development means the Cardano ecosystem can now access Bitcoin’s liquidity, which is worth about  $1.33 trillion. It also enables ADA users to access Bitcoin securely and without intermediaries, further enhancing the decentralized nature of both networks.

In light of this development, market observers may wonder whether it will strengthen the ties around the Cardano Bitcoin price. Since July, Cardano’s price has declined by 32% against Bitcoin, highlighting that the leading cryptocurrency has been outperforming the token.

Read more: How to Mine Cardano and Earn More Coins

Cardano price against Bitcoin
Cardano Price Against Bitcoin. Source: TradingView

This is further supported by the 30-day correlation matrix from IntoTheBlock. The correlation matrix, or coefficient of correlation, ranges from -1 to +1, where values closer to -1 suggest that the prices of two cryptocurrencies rarely move together. 

Conversely, a coefficient near +1 indicates that prices typically move in the same direction. In the case of ADA and BTC, the correlation coefficient stands at 0.26, demonstrating that the two cryptocurrencies rarely trend together.

Bitcoin and ADA price correlation
Cardano-Bitcoin Correlation. Source: IntoTheBlock

However, this recent development suggests that a shift could be on the horizon. Earlier today, Cardano’s founder, Charles Hoskinson, who has previously criticized Bitcoin, shared his thoughts on the matter.

According to Hoskinson, the BitcoinOS bridge would enable the Cardano network to assist Bitcoin in leveraging various aspects of DeFi.

ADA Price Prediction: Indicators Project Decline

Currently, Cardano’s price is $0.34, representing a 10% decline in the last 30 days. Bitcoin’s price, on the other hand, is up 7% within the same timeframe.

On the daily chart, the Chaikin Money Flow (CMF) has fallen into negative territory. The CMF is a technical oscillator that gauges the level of accumulation or distribution within the market. 

A rising CMF indicates strong accumulation, while a low reading suggests increased distribution. Given ADA’s current condition, the price could potentially drop to $0.31 in the short term. 

Read more: Cardano (ADA) Price Prediction 2024/2025/2030

Cardano price analysis
Cardano Daily Price Analysis. Source: TradingView

In a highly bearish scenario, it might even fall to $0.28. However, if Bitcoin’s price rises to $70,000, this could trigger a recovery for ADA, possibly allowing it to climb to $0.41.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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