As a seasoned researcher who has navigated through the crypto market’s tumultuous seas for years, I find myself intrigued by the recent events unfolding in the Ethereum and Bitcoin landscape. The resilience shown by both coins amidst the sell-off and subsequent rebound is reminiscent of a phoenix rising from the ashes.
On Wednesday, a surprising drop occurred in the cryptocurrency market, causing Bitcoin‘s and Ethereum‘s prices to dip to $55600 and $2300 respectively. However, both coins quickly bounced back, demonstrating their strong connection and high demand at their lowest points. Despite a prolonged period of stability, Bitcoin has managed to hold above the $60,000 mark, while Ethereum showed similar strength below $2500. Could we see a turnaround in September?
Ethereum Price Rebounds Amid New DEX and Ripple’s Smart Contract Expansion
The Ethereum price has avoided a prolonged correction below $2500 for over a week, indicating a weak conviction from market sellers. The stalled bearish momentum followed the recent launch of a new decentralized exchange, Ethervista, and Ripple’s announcement to add an Ethereum smart contract on XRP Ledger.
) On the Ethervista DEX platform, you’ll find tailored token launch settings and enticing long-term liquidity providers via bonding curves and profit-sharing schemes. The initial lock-up period of 5 days for liquidity providers helps maintain a steady start during the critical early phase, as most instances of rug pulls typically happen within the first 2-3 days
Furthermore, digital payment firm Ripple plans to enhance programmability on the XRP Ledger through the addition of native smart contract functions and the XRPL EVM Sidechain. This move allows Ethereum developers to potentially scale their applications more effectively while still benefiting from Ethereum’s extensive dApp ecosystem, thanks to the XRP Ledger’s low transaction fees and high speed
These advancements might significantly influence Ethereum’s long-term pricing, sparking genuine interest in the market
BTC-ETH Correlation Points to Ethereum Surge If Bitcoin Targets $100K
Over the past fortnight, the estimated Ethereum value has seen a significant drop from around $2820 to approximately $2476 – representing a decrease of about 12.2%. If the ongoing bearish trend continues, there’s a possibility that Ethereum could fall another 20%, potentially reaching a support level at around $2000
Every time Ether experiences a shift from its current upward trend, it typically triggers a rally of between 100-160%, suggesting significant buying opportunities
As a researcher studying the intricacies of cryptocurrencies, I’ve noticed an interesting development with Bitcoin – the original digital currency. In its daily charts, it appears to be forming a ‘Flag’ pattern, which is typically a bullish continuation signal. This pattern sees a temporary consolidation, or pause, in price action between two downward-sloping trendlines. During this period, potential buyers can regroup and prepare to capitalize on the resurgence of the initial bullish momentum
As of now, Bitcoin’s price stands at approximately $58,429, and its total market capitalization is around $1.152 Trillion. If there’s a possible breakout above the current trendline at $68,000, it could intensify the bullish momentum, suggesting that the upward trend might persist further
The Bitcoin price prediction hints at a post-breakout rally to $84000, followed by $100000.
Based on Coin Metric’s data, the correlation coefficient between Bitcoin (BTC) and Ethereum (ETH) remains consistently high at approximately 0.80. An increase in this value suggests a stronger relationship, indicating that the price fluctuations of Bitcoin may mirror those of Ethereum to a greater extent
strongly influences the Ethereum price.
If Bitcoin (BTC) reaches its flag pattern target of $100,000, Ethereum (ETH) might surge towards approximately double that value, potentially reaching a peak between $4,500 and $5,000
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2024-09-04 20:53