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Why Ethereum’s Price Plummeted to $2,100 in 15 Minutes Flat

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During early Monday in Asian trading hours, Ethereum (ETH) plummeted to its lowest since January 2024, hitting a low of around $2,100. This sharp drop occurred in just a 15-minute window around 01:00 UTC, with Ethereum’s value nosediving from $2,540 to $2,100—a 15% fall.

This swift descent shocked traders, struggling to believe the rapid decline.

Jump Trading and Other Institutions Trigger Ethereum Sell-Offs

Alongside Ethereum, major assets like Bitcoin (BTC) and Solana (SOL) each shed 10% of their value over the same period. Among the top ten cryptocurrencies by market capitalization, Ethereum was the worst affected.

Over the last 24 hours, the crypto market experienced severe liquidations, losing over $830 million. According to Coinglass data, Ethereum traders accounted for $308 million of these losses.

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

DeFi Mochi, a crypto analyst, attributes Ethereum’s drastic drop primarily to large fund sell-offs. Key players such as Paradigm and Grayscale significantly contributed to the downturn.

Paradigm offloaded 46,000 ETH at roughly $3,000, totaling approximately $138 million. Similarly, Grayscale sold 372,000 ETH valued at around $1.1 billion.

“Grayscale has over $5 billion worth of ETH to potentially unload,” DeFi Mochi warned.

Additionally, according to Spot On Chain, Jump Trading has been actively dumping its Ethereum holdings. In the days leading up to the market dip, the firm executed significant movements of Ethereum to centralized exchanges (CEXs).

Over ten days, Jump Trading engaged in various transactions, including redeeming and unstaking significant amounts of Wrapped Staked Ethereum (WSTETH) and Staked Ethereum (STETH) through platforms like Lido Finance. These activities culminated in a net deposit of 72,213 ETH, worth about $231 million, to several major CEXs, including Binance and Coinbase.

Moreover, an unknown “smart money” entity also participated in the pre-crash sell-off. This entity deposited 2,500 ETH worth $7.27 million into Binance just before the market downturn. The strategic timing of this transaction, right before a 21% drop in Ethereum’s price, highlights the calculated moves by informed players in the crypto space.

It is worth noting that Ethereum has lagged behind its counterparts this year. While Bitcoin and Solana have recorded year-to-date gains of 27% and 24%, respectively, Ethereum has barely maintained its value.

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

Ethereum, Bitcoin, and Solana Price Performance
Ethereum, Bitcoin, and Solana Price Performance. Source: TradingView

Global economic strains and geopolitical tensions, particularly between Iran and Israel, exacerbate broader market instability. Unexpected hawkish shifts by the Bank of Japan, along with the US Federal Reserve’s reluctance to cut interest rates, have heightened market uncertainty.

That being said, the crypto market’s fear and greed index falls to 26, signaling a widespread fear.

“The Bank of Japan’s interest rate hike triggered this broad-based correction, impacting both crypto and traditional markets. While the sudden drop is alarming, history suggests swift market recoveries are possible.” – CEO of crypto derivatives exchange Pi42 told BeInCrypto.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Cronos Price Rally Hits 2-Year High, Will It Sustain Above $0.20?

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Cronos (CRO) has been on a tear recently, skyrocketing by 148% over the past week. Currently, the altcoin trades at $0.17, a level last seen in May 2022.

With demand for Cronos rising, its rally appears positioned to break above the $0.20 mark for the first time in two years. This analysis examines the factors that could drive the price higher in the near term.

Cronos Sees Spike in Trading Activity

Over the past 24 hours, CRO’s value has surged by 21%. During the same period, its trading volume totaled $1.24 billion, spiking by over 300%. 

When a high trading volume backs an asset’s price rally, it signals strong momentum behind its current trend. This indicates sustained interest and confidence among traders. It suggests the asset is attracting new buyers and seeing increased demand from existing investors. This demand can lead to a self-reinforcing rally as more investors jump in, expecting prices to continue climbing. 

Cronos Price and Trading Volume
Cronos Price and Trading Volume. Source: Santiment

Notably, its rising open interest confirms the surge in CRO trading activity. At press time, this sits at $24.36 million, its highest since August 2023. 

Open interest tracks the total number of active or unsettled contracts in the market, such as futures or options. When it rises, the total number of active or outstanding contracts increases.

This uptick usually reflects new participants entering the market or existing traders expanding their positions, bringing additional liquidity. When open interest and an asset’s price rise simultaneously, this indicates a bullish sentiment and raises the potential for a sustained rally.

Cronos Open Interest
Cronos Open Interest. Source: Santiment

CRO Price Prediction: $0.20 May Come Soon

At its current price, CRO trades above the $0.14 resistance level, which it recently broke above. Sustained buying pressure will flip this price level into a support floor upon retest, propelling the Cronos price rally toward the $0.22 mark.

Cronos Price Analysis
Cronos Price Analysis. Source: TradingView

However, if selling activity gains momentum, the $0.14 price level will not hold as support, causing CRO’s price to plummet toward $0.04.

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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Ethereum Beam Chain Proposed at Devcon for Future Upgrades

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Blockchain researcher Justin Drake unveiled the Ethereum Beam Chain concept during Devcon in Bangkok. This proposed overhaul aims to consolidate several key advancements in the network.

The proposed Beam Chain will consolidate native support for zero-knowledge proofs and rapid finality into a single upgrade for the Ethereum network.

Ethereum Beam Chain to Address Legacy Issues of the Network

Drake described the Beam Chain as a step closer to Ethereum’s envisioned final form. He emphasized that the current Beacon Chain, introduced five years ago, is outdated. 

Significant technological progress has been made since its implementation, particularly in areas like maximal extractable value (MEV) mitigation and advancements in zero-knowledge technologies.

“The current beacon chain is kind of old. The specs were frozen five years ago, and in these five years, so much has happened. Particularly, we have a much better understanding of MEV (Maximal Extractable Value),” said Ethereum researcher Justin Drake in Devcon 2024. 

Drake highlighted that zk-SNARKs have become more efficient, and zero-knowledge Ethereum Virtual Machines (zkEVMs) are now operational, offering enhanced scalability and privacy for blockchain applications.

This proposal marks the first major technological vision since the network’s transition to proof-of-stake over two years ago. The Merge, which replaced Ethereum’s energy-intensive proof-of-work model, was the last event to garner widespread enthusiasm. 

While the network has seen incremental updates since then, including improvements for layer-2 blockchains, the Ethereum Beam Chain could unify future upgrades under a more comprehensive framework.

Ethereum Beam Chain upgrade proposed timeline
Ethereum Beam Chain upgrade proposed timeline. Source: Ethereum Foundation

Unlike previous updates, the Ethereum Beam Chain proposal suggests bundling significant changes into one coordinated upgrade every few years while continuing with annual incremental improvements to address smaller technical needs.

The Ethereum Networks is Going Through Significant Changes

The Ethereum Beam Chain proposal comes on the back of several upgrade initiatives for the network. The foundation recently introduced the Mekong testnet, designed to trial features of the upcoming Pectra fork scheduled for 2025

This testnet provides a controlled environment for rigorous testing before deploying updates to the mainnet. Meanwhile, ENS Labs, responsible for Ethereum Name Service (ENS), unveiled a layer-2 scaling solution to improve the performance of blockchain-based identity systems.

ETH has also surged in value in the current bull market, gaining 29% over the past week to hit a three-month high of $3,184. Investor confidence appears strong, with increased holding times and reduced selling pressure.

At the same time, whale activity on the network has reached a 14-week peak. Transactions exceeding $1 million have surged to 8,482, reflecting heightened interest from large-scale investors.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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NOT, DOGE and HAPPY Tops List

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As the cryptocurrency market capitalization surpassed $3 trillion, many standout altcoins have captured investors’ attention.  As a result, some of these are the hot trending altcoins today, according to CoinGecko.

Driven by recent developments, price movements, and surges in trading volume, this article examines why these coins are taking center stage and what’s fueling the excitement behind each one.

Notcoin (NOT)

Today, Notcoin (NOT), the cryptocurrency tied to the Telegram messaging app, is first on the list of the hot trending altcoins. NOT is trending today because of its notable price increase. Over the last few months, the altcoin’s value experienced a massive decline and showed signs of hitting a new all-time low.

However, the price has now increased by 30% within the last seven days while trading at $0.076. This significant resurgence has brought NOT back into the spotlight, with the token now having many mentions on several social media platforms. 

From a technical standpoint, NOT’s price experienced this rally due to a breakout from the falling wedge on the daily chart. The increase also materialized because of the surge in the buying pressure on the spot market. For context, a falling wedge is a bullish chart pattern that appears when the price consolidates between two downward-sloping, converging trendlines.

Notcoin price analysis
Notcoin Daily Analysis. Source: TradingView

As seen below, Notcoin’s breakout occurred after a bullish engulfing candle appeared out of the wedge. While the altcoin seems to be facing resistance at $0.0082, the support at $0.0076 looks likely to prevent another drawdown. 

If that happens, Notcoin’s price could climb toward $0.010. In a highly bullish situation, it might rise to $0.013. However, if bulls fail to defend the price, it could decrease to $0.0056.

Dogecoin (DOGE)

Dogecoin’s position among the top trending altcoins may come as no surprise to dedicated market followers. Over the past 24 hours, DOGE’s price surged by 41% to $0.40, pushing its market cap above $60 billion.

Further, this recent rally marks Dogecoin’s highest price since May 2021. Earlier in the month, Dogecoin’s price was $0.15. However, with a 169% hike in the last seven days, the Bull Bear Power (BBP) shows that the cryptocurrency could go higher.

This is because the BBP, which measures the strength of bulls against bears, shows that the former are in control. If this remains the case, DOGE’s price could rally beyond $0.45. 

Dogecoin trending altcoins analysis
Dogecoin Daily Analysis. Source: TradingView

On the flip side, if the altcoin gets overbought and profit-taking rises, it might pull back. In that scenario, DOGE could slide to $0.35.

Happy Cat (HAPPY)

Last on the list today is Happy Cat (HAPPY), a meme coin built on Solana. Like other altcoins, HAPPY is trending because of its performance, which has seen its price rise by 147% in the last 24 hours.

This price increase could be linked to the trending narrative around Cat-themed meme coins. However, the 1-hour chart shows that HAPPY’s price has decreased to $0.027. This decline is largely due to selling pressure from holders who have gained from the altcoin’s performance.

Happy Cat price analysis
Happy Cat 1-Hour Analysis. Source: TradingView

Should this continue, then HAPPY’s price could drop to $0.018. On the other hand, if buying pressure rises, this could change, and the altcoin could rally as high as $0.043.

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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