As a seasoned researcher with years of experience in the volatile and unpredictable world of cryptocurrencies, I find myself intrigued by Crypto SunMoon’s analysis of Ethereum. Having seen altcoins rise and fall like the tides, I must admit that I’ve developed a healthy dose of skepticism when it comes to market predictions. However, the bullish trend suggested by this analyst seems to hold some weight, especially considering Ethereum’s resilience in holding onto its key realized price level despite a significant correction.
Based on insights from an anonymous writer known as CryptoSunMoon who contributes to CryptoQuant, it appears that Ethereum, the second most valuable cryptocurrency, is still following an upward trend.
According to the analyst’s observations, even though there has been a substantial drop in value over the last few months, the main cryptocurrency alternative (altcoin) hasn’t dipped below its crucial support level based on historical prices.
According to past price trends, it appears that altcoins typically thrive during a rising phase (bull market) when the value of Ethereum outperforms its real worth.
On March 4, the top alternative cryptocurrency hit its highest point for 2024 at $4,065, but it didn’t surpass its previous record high. At the moment, Ethereum is about 40% lower than that maximum value.
Significantly, Ethereum reached approximately $4,000 on the Binance platform after the surprising green light for a few Ethereum-linked exchange-traded funds.
1. The initial excitement surrounding Ethereum didn’t last, as its price plunged below $3,000 in early July. After a long approval process, Ethereum ETFs officially launched later that month. Unfortunately, their anticipated debut failed to provide the bullish boost that Ethereum was hoping for. On the second day of trading, these new ETFs began seeing negative inflows instead.
Based on the report from U.Today, I’ve noticed that the outflows from Ethereum Exchange-Traded Funds (ETFs) have been greater than anticipated, with JPMorgan attributing this trend partly to Grayscale’s Ethereum Trust (ETHE). In simpler terms, a larger number of investors are withdrawing their funds from these ETFs compared to what was initially projected, and it appears that Grayscale’s ETHE is playing a significant role in this phenomenon.
Even without a clear positive trigger and unimpressive ETF returns, Ethereum seems to maintain its bullish pattern.
The leading altcoin is currently changing hands at $2,451, according to CoinGecko data.
Read More
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- LBT PREDICTION. LBT cryptocurrency
- GAMMA PREDICTION. GAMMA cryptocurrency
- Best Turn-Based Dungeon-Crawlers
2024-08-30 18:51