Market

Can Whales Send ETH to $3,000?

Published

5 days ago

September 24, 2024

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Since July, crypto whales have distributed Ethereum (ETH) in large volumes. This selling pressure affected the price, which cratered from over $3,500 at that time to $2,140 in the first week of September.

However, these same whales seem to have offered ETH a breath of fresh air with large-scale accumulation. In this on-chain analysis, BeInCrypto explores what this could mean for investors as the market adjusts to a more bullish environment.

Ethereum Stakeholders Bought 70,000 Coins

According to Glassnode, the number of Ethereum addresses holding at least 10,000 ETH was 918 on September 16. As of this writing, that figure has increased to 925, indicating that Ethereum mega whales have accumulated at least 70,000 coins in the last seven days. At current prices, the purchase amounts to over $185 million.

A decrease in whale holdings is typically a bearish sign for a cryptocurrency, and it usually leads to a price decrease. Therefore, this significant accumulation suggests that Ethereum’s price might continue to appreciate.

Recently, the price increased from $2,295 to $2,640, fueling speculation that the cryptocurrency could be eyeing July highs.

Ethereum whales buy ETH — Ethereum Mega Whales Addresses. Source: Glassnode

While it might be too soon to conclude, the Bulls and Bears indicators seem to support a further hike. Bulls are addresses that bought at least 1% of the total trading period within a specific timeframe. Bears, on the other hand, are those that sold a similar volume.

According to IntoTheBlock, bulls have accumulated more ETH than bears in the last seven days. As such, rather than succumb to a price plunge, Ethereum’s price might continue its recently-found rally.

Ethereum bullish price prediction — Ethereum Bulls and Bears Indicator. Source: IntoTheBlock

Roy Hui, Founder & CEO of Ethereum Layer-2 blockchain LightLink Chain, also seems to agree with the sentiment.

“Despite the challenges, ETH still boasts the largest number of developers, projects, users, and overall adoption in the space. The network effect where the value of a network increases with the square of its nodes is critical, and I believe ETH is currently undervalued,” Hui told BeInCrypto.

ETH Price Prediction: Time for $3,037

In terms of Ethereum’s short-term outlook, the In/Out of Money Around Price (IOMAP) shows that 2.7 million addresses purchased 52 million ETH around $2,279. This volume is higher than the combined number of coins accumulated between $2,717 and $3,037.

Generally, the higher the volume at a price range, the stronger the support or resistance. Therefore, $2,279 appears to be a strong support level for Ethereum.

Ethereum price targets $3,000 — Ethereum In/Out of Money Around Price. Source: IntoTheBlock

Based on this status, ETH’s price might break past $2,717 once buying pressure intensifies again. If that happens, a rally beyond $3,037 could follow.

However, if Ethereum mega whales decide to stay on the sidelines or the Ethereum Foundation begins distributing, the prediction might be invalidated, and ETH’s price could decline below $2,500.

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 Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

BlackRock ETHA Hits $1 Billion in Assets

Published

47 mins ago

September 29, 2024

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BlackRock asset management firm has hit a new milestone in its spot Ethereum ETF (exchange-traded fund) offering, breaching the $1 billion mark in total asset value in a record two months.

It comes after a favorable week of trading, during which Bitcoin (BTC) and Ethereum (ETH) ETFs recorded multi-week highs as crypto markets recovered.

BlackRock Hits Key Milestone With ETHA

According to Sosovalue data, BlackRock’s Ethereum ETF (ETHA) reached a significant milestone after Friday’s inflows, bringing its total net asset value to over $1 billion just two months after its launch.

This achievement makes ETHA the second Ethereum ETF to surpass $1 billion in value, following Grayscale’s Ethereum Mini Trust (ETH). Nate Geraci, President of the ETF Store, noted that this milestone places BlackRock’s ETHA among the top 20% of the 3,700 ETFs currently available in the US market.

Read more: How to Invest in Ethereum ETFs?

BlackRock’s Ethereum ETF, ETHA. Source. Nate Geraci

BlackRock’s watershed moment comes after crypto ETFs recorded a favorable week. As BeInCrypto reported, both Bitcoin and Ethereum ETFs hit multi-week highs in inflows, signaling growing optimism for a crypto market recovery. Bitcoin ETFs attracted $1.11 billion in inflows, while Ethereum ETFs recorded $84.6 million — the highest since August.

Notably, three out of five trading days last week saw positive net inflows for Ethereum ETFs, marking the second consecutive week of gains since their debut in late July.

The renewed optimism comes amid a paradigm shift in the US macroeconomic space, instigated by the Federal Reserve’s interest rate decision. With the stance inspiring increased liquidity, investors continue to bet on crypto market recovery, with Bitcoin holding well above $65,000.

BlackRock Bought More Bitcoin This Week Than Any ETF Sold

As BlackRock advances its Ethereum ETF, it is also ramping up efforts in its Bitcoin portfolio. As BeInCrypto reported, the firm’s BTC stash is steadily closing in on Binance.

Data from Arkham shows that BlackRock bought more Bitcoin this week than any ETF has sold in the past three weeks. Specifically, the firm acquired 5,894 BTC, valued at $387.68 million, over four days, signaling a strong accumulation trend.

This buying spree follows three years of skepticism, with BlackRock now holding approximately $23.86 billion worth of Bitcoin. Further purchases were reported by Lookonchain, including an additional 1,684 BTC worth $110.7 million on Saturday, September 28. These acquisitions have brought BlackRock’s total Bitcoin holdings to around 365,310 BTC, valued at over $24.039 billion.

Read more: Who Owns the Most Bitcoin in 2024?

Robbie Mitchnick, BlackRock’s head of digital assets, notes Bitcoin’s immunity to risks such as currency debasement and political turmoil. BlackRock suggests that Bitcoin’s scarce, non-sovereign, and decentralized nature makes it a potential flight-to-safety asset. The firm also believes that global instability could drive long-term adoption of Bitcoin as a store of value.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

BONK In Trouble As Sharp Decline Hints At An Impending Pullback

Published

2 hours ago

September 29, 2024

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BONK is currently facing turbulent waters as a sharp decline casts a shadow over its recent price performance. After a period of impressive gains, the recent downturn is raising concerns about an impending correction, with mounting selling pressure suggesting that the bullish momentum may be waning. As the market sentiment shifts, the crypto community is left wondering how low BONK could go and whether it can regain its footing.

With uncertainty in the air, this analysis aims to analyze the recent sharp decline of BONK and explore the implications for its future price action. By examining key technical indicators, market sentiment, and trading patterns, we aim to assess the likelihood of an impending correction. This piece will provide insights into potential support levels and resistance points, enabling traders and investors to make informed decisions in the face of uncertainty.

Recent Performance: Analyzing The Decline

Recently, BONK’s price has turned bearish on the 4-hour chart, retracing toward the 100-day Simple Moving Average (SMA) and moving above the $0.00001792 support level. The drop from the overbought zone may signal that traders are taking profits or that buying enthusiasm is diminishing resulting in the pullback.

An analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line has decreased to 66%, retreating from the overbought territory. This decline suggests a shift in market momentum, indicating that buying pressure is beginning to wane. A retreat from the overbought zone often signals that the market may be experiencing a correction, as traders who bought during the bullish run might start to take profits.

Furthermore, on the daily chart, BONK is exhibiting negative momentum, as evidenced by the formation of a bearish candlestick, even while trading above the 100-day SMA. This situation reveals a possible contradiction in market sentiment. Should selling pressure continue and BONK is unable to maintain its position above the 100-day SMA, it may lead to a more significant price correction.

Finally, on the 1-day chart, the RSI has climbed above 50% and currently sitting at 73%, reflecting strong optimistic sentiment and buying pressure. Although this points to more price gains, the closeness to the overbought zone increases the chance of a reversal if buying slows down.

Predictions For The Price Trajectory Of BONK

With technical indicators suggesting an impending pullback, BONK may face a decline in price toward the $0.00001792 level. If this support is breached, it could open the door to further losses, potentially pushing the price down to $0.00000942 and other lower ranges.

However, if the bulls manage to mount a comeback and push the price above $0.00002320, the meme coin could continue its upward momentum toward the next resistance level at $0.00002962. A successful breach of this level may trigger additional gains, allowing the price to challenge other resistance levels above.

BONK

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Market

What’s Wrong With the Hamster Kombat Airdrop

Published

3 hours ago

September 29, 2024

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On September 26, 2024, Hamster Kombat, a popular tap-to-earn Telegram game, launched the trading of its HMSTR token on several major exchanges. While the event was highly anticipated, the airdrop ended up disappointing a large portion of the crypto community.

Many believe it was “one of the worst airdrops in the history of the crypto.” Here are five reasons why the Hamster Kombat airdrop failed to meet expectations.

What’s Wrong With the Hamster Kombat Airdrop

1. Unfair Reward Distribution

Ahead of the airdrop, many participants were unexpectedly disqualified. Those who focused on boosting their points per hour (PPH) to accumulate tokens were banned just before the event. The developers implemented a new “anti-cheat” system, which caught many off guard.

According to those affected, the move seemed to benefit influencers, with a significant amount of the tokens redirected to them instead of regular players. This last-minute rule change caused major outrage.

2. Frequent Postponements and Sudden Rule Changes

Initially, the Hamster Kombat team had planned the airdrop for July 2024, but due to technical unpreparedness, the event was delayed. This postponement angered many who had been eagerly awaiting their rewards.

In late August, the team announced that the airdrop would finally occur in September. While they met this new deadline, they lost the trust of many community members.

Worse, just before the airdrop, the developers announced that participants would only receive 88.75% of their tokens. The remaining 11.25% wouldn’t be distributed until July 2025. This unexpected rule change led to a growing boycott movement within the community.

3. Low Listing Price of the HMSTR Token

One of the main concerns going into the airdrop was the value of the HMSTR token at launch. Unfortunately, these fears were realized when the token debuted at $0.01.

Almost immediately, the price began to decline. This sharp drop disappointed both long-term and short-term investors who had expected more from the project’s token.

“Where are those YouTubers and influencers who gave the community false hope of $0.10 or $0.50? Hamster Kombat has turned out to be the worst airdrop in crypto history. It’s almost 50%-60% down now,” one X user wrote.

HMSTR price — HMSTR Price. Source: BeInCrypto

As of this writing, HMSTR is trading at $0.0019 — almost 40% lower than its initial value.

4. Problems with Selling HMSTR Tokens

Many project participants found themselves with only a few dollars’ worth of HMSTR tokens after months of interacting with the game. Players complained that despite the time spent on activities like tapping hamsters to earn rewards, the payouts were disappointingly low.

“Hamster Kombat has cheated the community. They have allocated a large portion of airdrops to YouTubers and influencers for referrals. They’ve implemented vesting without informing the community. They’ve made people work like labor, day and night to collect keys from their games and gave $5 or $10 tokens,” Crypto with Khan, a prominent crypto influencer commented.

Moreover, those with small token amounts faced additional challenges when trying to sell them. Some exchanges, like Binance, require a minimum transaction value of $5, making it impossible for users with smaller token balances to cash out their HMSTR.

5. Telegram Wallet Outages

The launch of HMSTR trading coincided with technical issues in the Telegram wallet, which is operated by TON blockchain. TON, built on the remnants of an abandoned Telegram crypto project, is responsible for running the crypto wallet within Telegram, where users hold HMSTR tokens.

Due to network overloads, many users found themselves unable to access or trade their tokens, further compounding frustrations around the airdrop.

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