Market
Ethereum Founder to Sell $37 Million in ETH Before ETF Decision
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Recent significant Ethereum (ETH) transfers to cryptocurrency exchanges have caught the market’s attention. This move has raised speculation about potential profit-taking, portfolio rebalancing, or market speculation.
These developments coincide with the US Securities and Exchange Commission (SEC) nearing a decision on the Vaneck Ethereum exchange-traded fund (ETF), which has heightened expectations within the industry.
Investors Transfer ETH to Exchanges
Jeffrey Wilke, one of the founders of Ethereum, has transferred 10,000 ETH, worth around $37.38 million, to the cryptocurrency exchange Kraken. While the motive behind such a significant transfer is unclear, a few hypotheses can be derived from it.
- Profit Taking: Wilke may be selling off his tokens to realize profits. This could be due to achieving his desired return on investment or anticipating a potential downturn in the market.
- Rebalancing Portfolios: Wilke might be rebalancing his portfolios by selling some tokens and buying others. This could be based on changes in market conditions, project developments, or his investment strategy.
- Market Speculation: Wilke might be speculating on short-term price movements or taking advantage of arbitrage opportunities between different cryptocurrency exchanges.
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Whether Wilke aims to book profits, rebalance his portfolio, or speculate on the market, he appears not the only one. Looking at Ethereum’s balance on exchanges reveals a spike in the tokens available to sell.
- Balance on Exchanges: This refers to the total amount of Ethereum held in cryptocurrency exchange wallets.
Over the last two weeks, more than 242,000 ETH have moved to cryptocurrency exchange wallets. This indicates increased trading activity on exchanges that can contribute to price volatility.
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Ethereum ETF Approval Looms
The timing of these transfers is notable, as it aligns with today’s SEC final ruling regarding the Vaneck Ethereum ETF. Interestingly, on May 20, the SEC requested Nasdaq, CBOE, and NYSE to refine their applications for listing spot Ethereum ETFs, hinting at a potential approval of these filings.
In response to this regulatory development, Eric Balchunas and James Seyffart, ETF analysts at Bloomberg Intelligence, remarked that the likelihood of approval has substantially increased, shifting from only 25% to a considerable 75%.
“Hearing chatter this afternoon that the SEC could be doing a 180 on this increasingly political issue, so now everyone is scrambling. But again, we cap it at 75% until we see more, e.g., filing updates,” Balchunas wrote.
Read more: Ethereum ETF Explained: What It Is and How It Works
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Similarly, Polymarket, a decentralized prediction market platform that allows users to place bets on world events, shows a significant increase in approval odds, which have risen from 10% to 70% over the past 72 hours.
Warning Signal for Traders
Although industry leaders like Anthony Pompliano see the Ethereum ETF approval as an “approval of the entire industry” and as “the last dam to be broken,” traders must be cautious. The increasing ETH deposits to cryptocurrency exchange wallets hint at the possibility of a sell-off or a spike in profit-taking.
Meanwhile, the Tom DeMark (TD) Sequential indicator presents a sell signal on Ethereum’s daily chart.
- TD Sequential Indicator: This is a technical analysis tool used to identify potential market trend exhaustion points and upcoming price reversals.
- Setup Phase: This involves counting a series of nine consecutive price bars, where each bar closes higher (for an uptrend) or lower (for a downtrend) than the bar four periods earlier.
- Countdown Phase: Following the setup phase, a countdown begins where a series of thirteen additional price bars are counted if they close lower (in a downtrend) or higher (in an uptrend) than the close two bars earlier.
The current green nine candlestick on the daily chart suggests that a spike in selling pressure could see Ethereum retrace for one to four daily candlesticks or even start a new downward countdown phase before the uptrend resumes.
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Despite the bearish signals seen from an on-chain and technical perspective, the In/Out of the Money Around Price (IOMAP) indicator suggests that Ethereum is above significant areas of support that could hold in the event of a correction.
- IOMAP: This metric helps analyze and visualize the distribution of holders’ positions relative to the current price. It helps understand the potential support and resistance levels based on the number of addresses holding a particular cryptocurrency at different price levels.
- In the Money: Refers to addresses that acquired the cryptocurrency at a price lower than the current market price, indicating potential support levels as holders are likely to sell at a profit.
- Out of the Money: Refers to addresses that acquired the cryptocurrency at a price higher than the current market price, indicating potential resistance levels as holders might want to break even or minimize losses.
Based on the IOMAP, over 1.81 million addresses bought around 1.66 million ETH between $3,820 and $3,700. This demand zone could keep Ethereum’s price at bay amid increasing selling pressure. But if it fails to hold, the next key area of support is between $3,580 and $3,462, where 3.13 million addresses purchased over 1.50 million ETH.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
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On the other hand, the most important resistance barrier for Ethereum is between $3,940 and $4,054. Here, over 1.16 million addresses had previously purchased around 574,660 ETH.
If Ethereum overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish outlook will be invalidated. This could result in a new upward countdown phase toward $5,000.
Summary and Conclusions
Ethereum co-founder Jeffrey Wilke’s recent transfer of 10,000 ETH to Kraken is indicative of broader market activities, where investors are moving significant amounts of ETH to exchanges. This trend aligns with increased trading activity, suggesting potential profit-taking, portfolio rebalancing, or market speculation among Ethereum holders. The balance of ETH on exchanges has spiked, indicating a potential rise in market volatility.
This market movement comes at a critical time, as the SEC is about to make a final ruling on Vaneck’s Ethereum ETF. Analysts have noted a substantial increase in the likelihood of approval, which has surged from 25% to 75%. Such regulatory developments are seen as a positive signal for the broader cryptocurrency market, potentially paving the way for further institutional investment.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
Despite technical indicators suggesting a possible short-term bearish trend, the IOMAP indicator shows strong support levels for Ethereum. This suggests that while there may be short-term corrections, the underlying demand for Ethereum remains robust. Long-term holders appear confident, continuing to accumulate ETH, which bodes well for its future price stability and growth.
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.
Market
3 Meme Coins to Watch For The Last Week of February 2025
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DOGEai, TST, and BROCCOLI are three meme coins drawing attention for the last week of February. DOGEai, launched on Solana, is up 110% in the past seven days, positioning itself as a leading AI meme coin.
TST remains one of the most popular meme coins on the BNB chain despite a recent correction. At the same time, BROCCOLI, inspired by Binance co-founder CZ’s dog, has also seen significant volatility.
DOGEai (DOGEAI)
DOGEai is an artificial intelligence coin launched on Solana. Its market cap is now $32 million, up 82% in the last seven days. This rise has positioned DOGEai as one of the most talked-about AI meme coins in recent days.
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DOGEai leverages multiple narratives, including Dogecoin’s popularity, the growing interest in DOGE (Department of Government Efficiency), and the broader AI cryptos trend. It defines itself as “an autonomous AI agent here to uncover waste and inefficiencies in government spending and policy decisions,” offering bill summaries and insights into government expenditures.
If the current uptrend continues, DOGEai could test the resistance at $0.048, with potential targets at $0.059 and $0.069. However, if a downtrend emerges, DOGEai has support at $0.030, and if that level is lost, it could drop to $0.018 or even $0.0092.
Test (TST)
TST has emerged as one of the most popular meme coins on the BNB chain, benefiting from the chain’s growing volume, which recently even surpassed Solana.
In the days following its launch, TST reached a market cap close to $500 million, then entered a strong correction phase. Its market cap has since dropped to $78 million.
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If the BNB narrative gains strength again, TST could benefit as one of its most popular meme coins and may test the resistance at $0.10. A breakout above this level could push TST to $0.20 or even $0.25 if buying pressure intensifies.
However, if TST fails to regain strong upward momentum, it could test the support at $0.0719 and potentially drop to its lowest levels since February 9.
CZ’S Dog (BROCCOLI)
BROCCOLI was launched a few weeks ago after Binance co-founder CZ revealed his dog’s name, sparking a flood of BROCCOLI tokens on the market.
The largest of these tokens quickly surged to a $249 million market cap in its early days but has since dropped to $52 million.
Like TST, BROCCOLI benefited from the recent rise of the BNB ecosystem but has since entered a strong correction phase. It is down 40% in the last seven days.
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If the downtrend continues, BROCCOLI could test support near $0.04, and a break below this level could push it to its lowest price since launch.
However, if the BNB ecosystem and meme coins regain traction, BROCCOLI could benefit, especially given the popularity of dog-related meme coins like Dogecoin and Shiba Inu. In this bullish scenario, BROCCOLI could rise to test the resistance at $0.113.
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.
Market
Ethereum Rollback Debate Intensifies After Bybit Hack
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The crypto community is divided over calls for an Ethereum blockchain rollback following a massive security breach at Bybit.
On February 21, the exchange lost nearly $1.5 billion in ETH to hackers, sparking discussions about whether Ethereum should intervene to recover the stolen funds.
What is a Blockchain Rollback?
A blockchain rollback, also known as a reorganization, involves reversing confirmed transactions to restore the network to an earlier state.
This process usually happens after a major security breach or exploit. Validators must reach a consensus to discard the affected blocks, effectively erasing the malicious transactions.
Despite its potential benefits, a rollback remains a controversial and rarely used measure due to its impact on a blockchain’s trust and decentralization.
Blockchains operate on the principle of immutability, meaning transactions are expected to be final once confirmed. So, rolling back transactions challenges this principle, raising concerns about the security and reliability of the network.
Crypto Leaders Clash Over Ethereum Rollback Proposal
BitMEX co-founder Arthur Hayes has been vocal in advocating for a rollback to solve the ByBit hack. He pointed to the 2016 DAO hack, where Ethereum underwent a hard fork to recover stolen funds, as precedent.
Hayes argued that since Ethereum previously compromised on immutability, another intervention should not be off the table.
“My own view as a mega ETH bag holder is ETH stopped being money in 2016 after the DAO hack hardfork. If the community wanted to do it again, I would support it because we already voted no on immutability in 2016,” Hayes said.
JAN3 CEO Samson Mow also supported the rollback, stating it could prevent North Korea from using the stolen funds to fund its nuclear weapons program.
However, not everyone agrees. Pseudonymous crypto trader Borovik strongly opposed the idea, arguing that a rollback would jeopardize Ethereum’s credibility and neutrality.
Bitcoin advocate Jimmy Song also dismissed the possibility, stating that the Bybit hack cannot be compared to the 2016 DAO exploit. Song emphasized that the DAO hack allowed for a 30-day intervention, whereas the Bybit attack is already finalized, making a rollback impractical.
“I know people are expecting the Ethereum Foundation to roll back the chain, but I suspect it’s already too much of a mess to do it cleanly,” Song added.
Meanwhile, Ethereum supporter Adriano Feria introduced an alternative perspective. He argued that Bybit could have avoided this situation by using a Layer 2 (L2) solution with conditional reversible transactions.
According to Feria, blockchain technology needs some form of reversibility to ensure real-world adoption.
“Whether through social recovery or another pre-determined, immutable, and transparent decision-making process, real-world mass adoption will not work without reversible transactions. Without this capability, transactional activity will inevitably gravitate toward TradFi systems that already provide it,” Feria stated.
This debate raises a fundamental question for Ethereum: should it prioritize immutability or intervene in extreme cases?
While some see a rollback as a necessary response to an unprecedented loss, others fear it could undermine the core principles of decentralization. Ethereum’s next steps will likely shape its long-term credibility and trust within the crypto space.
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.
Market
Berachain (BERA) Falls 15% After Recent Rally Surge
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Berachain (BERA) is down almost 15% in the last 24 hours, with its market cap now at $778 million, although its price remains up nearly 20% over the past seven days. This sharp pullback comes after a strong rally between February 18 and February 20, when BERA reached levels above $8.5.
BERA’s Relative Strength Index (RSI) has dropped from overbought levels, signaling a loss of bullish momentum, while its Directional Movement Index (DMI) shows growing bearish pressure. As BERA navigates this correction phase, it faces key support at $6.1, with potential resistance levels at $8.5, $9.1, and $10 if bullish momentum returns.
BERA RSI Is Dropping Steadily After Touching Overbought Levels
Berachain Relative Strength Index (RSI) is currently at 50.6, down sharply from 86.7 just two days ago when its price surged above $8.5. RSI is a momentum oscillator that measures the speed and change of price movements, ranging from 0 to 100.
It is commonly used to identify overbought or oversold conditions, with values above 70 indicating overbought levels and below 30 suggesting oversold territory.
The steep decline in BERA’s RSI reflects a significant loss of bullish momentum after reaching overbought levels above 86, where a correction was likely.
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With RSI now at 50.6, BERA is in a neutral zone, suggesting that buying and selling pressures are relatively balanced.
This could indicate a period of consolidation as the market digests recent gains. If RSI continues to decline below 50, it could signal increasing bearish momentum. This could lead to a further price drop for BERA.
Conversely, if RSI stabilizes and begins to rise, it could suggest renewed buying interest and a potential recovery in Berachain price.
BERA DMI Chart Shows Buyers Are Losing Control
Berachain Directional Movement Index (DMI) chart shows its Average Directional Index (ADX) currently at 50.5, after peaking at 60.2 yesterday, up from just 13.3 five days ago. ADX is an indicator used to measure the strength of a trend, regardless of its direction, ranging from 0 to 100.
Values above 25 typically indicate a strong trend, while values below 20 suggest a weak or sideways market. The sharp rise in ADX reflects a significant increase in trend strength, confirming that BERA has been experiencing strong directional movement recently.
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Meanwhile, BERA’s +DI is at 24.4, down from 48.4 two days ago, indicating weakening bullish momentum. Meanwhile, -DI has risen to 15.1 from 4.9, suggesting growing bearish pressure.
This shift signals that the bullish trend that drove prices higher is losing steam, and selling interest is beginning to increase.
If -DI continues to rise above +DI, it could indicate a bearish crossover, signaling a potential reversal or deeper correction in BERA’s price. However, if +DI stabilizes and moves upward again, it could suggest a continuation of the uptrend, albeit with reduced momentum.
Will Berachain Fall Below $6 Soon?
Berachain surged 53% between February 18 and February 20, pushing its price above $8.5 after the coin struggled following its airdrop. However, after this sharp rally, BERA entered a correction phase and is currently down almost 15% in the last 24 hours.
This pullback suggests profit-taking and a shift in market sentiment as buyers hesitate to push prices higher. If the downtrend continues, BERA could soon test the support at $6.1, and a break below this level could lead to a further decline towards $5.48, reflecting increased selling pressure.
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On the other hand, if Berachain can regain its bullish momentum from a few days ago, it could rise above $8.5 again, potentially testing the next resistance levels at $9.1 or even $10.
To confirm this bullish scenario, Berachain would need to see renewed buying interest and strong upward momentum. If buyers can defend key support levels and push the price above resistance zones, it could indicate the continuation of the uptrend.
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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