Bitcoin {{BTC}} has risen 2.8% over 24 hours, trading above $66,500, and ether {{ETH}} has advanced to $3,240, according to CoinDesk Indices data, as multiple issuers in Hong Kong said they'd been approved for spot crypto exchange-traded funds (ETFs).

China Asset Management, Bosera Capital and other applicants posted to social-media platform WeChat (Weixin) that they had been approved to list spot bitcoin and ether ETFs in Hong Kong. However, these announcements seem to have front-run an official statement from the Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some of the posts have since been deleted.

The SFC did not return emails or phone calls asking for comment.

Singapore-based digital assets trading house QCP Capital said in a message shared with CoinDesk that it believes the ETFs, when approved, will unlock some institutional demand during Asia trading hours.

"Participants who wanted exposure have always been limited to US hours, but this now gives institutional investors an Asia-based alternative," QCP wrote. "We believe this will be bullish short term, but there are more important narratives and drivers such as macro events."

According to BlockBeats, Nikolaos Panigirtzoglou, the Managing Director and Global Market Strategist at JPMorgan, has expressed skepticism over the approval of Exchange Traded Funds (ETFs) for altcoins by the Securities and Exchange Commission (SEC). Panigirtzoglou's doubts stem from the SEC's stance that most cryptocurrencies should be classified as securities.

In his statement, Panigirtzoglou noted that the SEC's approval of an Ethereum ETF was already a stretch. He further stated that he does not believe the SEC will approve ETFs for other tokens such as Solana, as the regulatory body strongly considers tokens other than Bitcoin and Ethereum to be securities.

Panigirtzoglou added that unless US policymakers pass legislation determining that most cryptocurrencies are not securities, the SEC might approve other cryptocurrency ETFs. However, he pointed out that there is currently no such legislation in place.

According to Odaily, Arthur Cheong, the founder and CEO of DeFiance Capital, has made a prediction about the future value of Ethereum. He expressed his views on social media, stating that Ethereum (ETH) is expected to reach a value of $4500 before the commencement of spot ETF trading.

Cheong's prediction has sparked discussions among cryptocurrency enthusiasts and investors. The potential increase in Ethereum's value is seen as a significant development in the cryptocurrency market. However, it's important to note that these predictions are speculative and the actual market performance may vary.

The introduction of Ethereum spot ETF trading is anticipated to have a significant impact on the cryptocurrency's value. This development could potentially increase the accessibility and liquidity of Ethereum, thereby influencing its price. However, the exact impact of this development on Ethereum's price remains to be seen.

Pepe (PEPE)’s price action has been nothing short of spectacular. On May 27, PEPE’s price rose to a record high, driven by the recent approval of key Ethereum exchange-traded fund (ETF) filings in the U.S. However, investors fear that the price might consolidate before making any further gains.

Also Read: PEPE Price Prediction 2024-2030

PEPE’s price surged by 7.60%, reaching an all-time high of $0.00001725, according to data from CoinGecko. This is an impressive 88% increase since the U.S. Securities and Exchange Commission (SEC) approved the Ether ETF filings on May 20.

Investors Take Massive Profits

During the market uptrend, the supply of PEPE held by entities with balances exceeding 1 billion tokens has decreased. This indicates that these “whales” have been selling at local price peaks. Consequently, the supply of PEPE held by smaller investors has increased.

Despite this selling pressure, some traders have chosen to withdraw millions of dollars worth of PEPE tokens from exchanges after the latest price pump. A smart trader turned an initial investment of $250,000 into a jaw-dropping $2.42 million.

Making $2.42M(+867%) on $PEPE !Making $663K(+2651%) on #pepecoin!Making $110K(+171%) on $JOE!This smart money:Spent $250K to buy 160.62B $PEPE on Dec 6, 2023 and Dec 7, 2023, then sold all $PEPE for 644 $ETH($2.42M) yesterday, making ~$2.17M, an ROI of 867%.Spent $25K to… pic.twitter.com/U5oCORow5z

— Lookonchain (@lookonchain) May 27, 2024

According to Lookonchain, a blockchain tracking avenue, the trader purchased 160.62 billion PEPE tokens on December 6 and 7, 2023. This acquisition paid off handsomely when the trader sold all holdings for 644 ETH, valued at approximately $2.42 million. The impressive feat represents an 867% return on investment (ROI).

Also Read: Pepe (PEPE) Reaches Record Trading Volumes

There Are Risks of Consolidation

PEPE is currently oscillating around its moving averages, with both the 50-period (blue line) and 200-period (red line) moving averages weaving closely together, indicating an incoming consolidation. The Relative Strength Index (RSI) is 54.29, which is relatively neutral and suggests a lack of strong momentum either upward or downward.

Source: TradingView

Price action between the support level at 0.00000165 and resistance near 0.00000172 has been quite tight, indicating a consolidation pattern where Pepe is currently trading within a narrow range. Investors should watch out for a breakout above the resistance level. But for now, PEPE appears to be at risk of continued consolidation as it looks for direction amidst balanced pressures from both the bears and the bulls.

Cryptopolitan reporting by Jai Hamid

Bloomberg analyst Eric Balchunas recently hinted that ETH’s price could dump as soon as the Spot Ethereum ETFs begin trading. This came following his remarks that the Ethereum (ETH) ETFs could have difficulty appealing to boomers since the crypto token lacks a one-liner that could appeal to the target audience, like ‘Bitcoin is digital Gold.’

Bearing this in mind, ETFSwap (ETFS) and Solana (SOL) have emerged as tokens that crypto investors are better off buying following the approval of the Spot Ethereum ETFs and before they begin trading. ETFSwap (ETFS) and Solana (SOL) will likely pump as soon as these Spot Ethereum ETFs start trading.

ETFSwap (ETFS) Will Rise Regardless Of ETH Price

ETFSwap’s value will skyrocket regardless of whether or not the ETH price pumps after the Spot Ethereum ETFs begin trading. This is because the Spot Bitcoin ETFs are again seeing another wave of demand, which is a positive for the ETFSwap (ETFS) ecosystem.

Data from Farside Investors shows that the Spot Bitcoin ETFs saw almost $1 billion in inflows this past week. This development bodes well for ETFSwap (ETFS) since most of these funds will flow through the crypto token when the platform launches.

ETFSwap (ETF) is an investment platform that will tokenize exchange-traded funds (ETFs) like the Spot Bitcoin and Ethereum ETFs and make them available for on-chain trading. Investors will pick ETFSwap (ETFS) as their go-to platform for investing in traditional assets because of the convenience and security the platform provides its users. In addition to these investors, ETFSwap (ETF) will onboard the class of investors who have been unable to access traditional markets for one reason or another.

This is thanks to the fact that the ETFSwap (ETFS) is globally accessible. That means users anywhere in the world can now access the variety of ETFs available in the United States (US) market, and all they simply need is their crypto wallet and a certain amount of the ETFS token.

Given the millions of dollars that will flow into the ETFSwap (ETFS) token, its price could easily see a 100x increase from its current price of $0.00854. That is why investors are going all in on the crypto token in stage one of its ongoing presale, with over 80 million tokens sold so far.

Meanwhile, it is worth noting that another reason why ETFSwap (ETFS) has an edge over Ethereum (ETH) is that the former is deflationary, unlike the latter, which has been inflationary recently. Therefore, investors can expect significant price surges as the ETFSwap (ETFS) team implements its buyback and burn strategy.

Solana (SOL) Is Next In Line After Spot Ethereum ETFs

Solana (SOL) is expected to experience a significant price surge because it looks next in line to have its ETF. Brian Kelly, the founder of digital assets investment firm BKCM, recently mentioned during an interview on CNBC that Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) are the ‘Big 3’ for this cycle. As such, he believes it is logical that a Solana (SOL) ETF comes next since Bitcoin and Ethereum Spot ETFs have been approved.

Crypto analyst Daniel Yan also suggested that Solana (SOL) was a better trade than buying ETH following the approval of the Spot Ethereum ETFs. This followed his remarks that a Solana (SOL) ETF was likely next after the Spot Ethereum ETFs.

The analyst noted that the ETH price rallied after the approval of the Spot Bitcoin ETFs because the market knew that the Spot Ethereum ETFs would follow. Therefore, Solana (SOL) will also rally ahead of its ETF, which could be approved next.

Conclusion

ETFSwap (ETFS) has a life of its own despite being built on the Ethereum (ETH) network. As such, ETFSwap (ETFS) is bound to pump even if the ETH price dumps after the Spot Ethereum ETFs begin trading. Interestingly, it is a win-win situation for ETFswap (ETFS) because the crypto token will only rally further if the ETH price makes a U-turn and pumps after the Spot Ethereum ETFs begin trading. Therefore, investing in the token in stage 1 of its ongoing presale is an obvious play.

For more information about the ETFS Presale:

 Visit ETFSwap Presale

Join The ETFSwap Community

The post Experts Say ETH Price Will Dump Once Spot Ethereum ETFs Start Trading: Buy These 2 Altcoins Instead appeared first on Blockonomi.

Ethereum (ETH) has been making headlines recently for its remarkable surge in price. With ETH soaring to $3,900 amidst growing hype surrounding the possibility of an Ethereum Exchange-Traded Fund (ETF), investors and enthusiasts alike are eager to understand the driving forces behind this unprecedented rally.

The Ethereum ETF Effect

The catalyst behind Ethereum’s recent price surge can be traced back to the speculation surrounding the potential approval of an Ethereum ETF.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Ripple’s XRP finds itself at a critical juncture as discussions about a potential XRP exchange-traded fund (ETF) gain momentum, and the cryptocurrency community anxiously awaits a ruling in the longstanding SEC lawsuit. This double-edged scenario has created a swirl of excitement and apprehension among investors, potentially setting the stage for significant market movements.&middot

For the full story, head over to TheCurrencyAnalytics.com.

According to Cointelegraph: The price of Ether (ETH) might be on its way to crash through its all-time highs, assuming it can hold steady over the significant $4,000 mark by the week's end. An important technical formation in the ETH price chart indicates a potential breakout towards new all-time highs.

Ether breakout from falling wedge formation. Source: Yelle

Over the past week, ETH has seen over a 27% rise, transforming major resistance areas into supports. It has broken out of its falling wedge chart formation, traditionally a sign of a possible reversal from the previous downward trend.

BTC & ETH dominance. Source: TradingView

This could be hinting towards a surge to all-time highs, as per pseudonymous crypto trader, Jelle, who commented in a May 27 X post that after breaking from the falling wedge and turning key areas into support, Ether (ETH) is pushing for the $4,000 mark. He projects new highs and all-time highs are to follow.

Amid the recent shift in focus from Bitcoin to Ether (ETH), Bitcoin's dominance has dropped over 0.98% in the past five days, simultaneously increasing Ether's dominance by 4.4%.

ETH Exchange Liquidation Map. Source: Coinglass

Positive developments around the first spot Ether exchange-traded funds (ETFs) have largely fuelled Ether's price rally. In response to news that the U.S. SEC had reversed its stance on spot Ether ETFs, Ether's price leaped nearly 20% within a day.

Given the positive sentiment, Arthur Cheong, the founder and CEO of DeFiance Capital, conjectures that Ether's price could hit the $4,500 mark before the first spot Ether ETFs begin trading.

ETH/USD/ 1-week chart. Source: Rekt Capital

However, the $4,000 mark could serve as a formidable resistance point for Ether's price. A successful move above $4,000 might liquidate over $433 million worth of cumulative leveraged short positions across all exchanges. To confirm sustained bullish momentum, ETH needs a weekly close above the $3,956 mark, says popular crypto analyst Rekt Capital.

According to U.Today, Solana, a popular digital asset, is showing signs of a potential breakout as it approaches the $170 mark. The recent price movements suggest that Solana could be gearing up for a significant surge, possibly testing the $180 level soon.

Technical indicators reveal numerous buy signals in Solana's daily price chart. The asset has maintained a strong position above the 50-day moving average, a crucial support level during an uptrend rally. The Relative Strength Index (RSI) is pointing upwards and is currently above the 50 level, indicating an increase in buying pressure.

In addition, the trading volume for Solana has seen a significant increase in recent days, suggesting growing investor confidence and demand for the asset. The Moving Average Convergence Divergence (MACD) indicator also supports the bullish signals, with the MACD line moving above the signal line.

However, the journey to the $180 mark won't be easy for Solana. The first significant resistance lies around the $175 level, a point where the price has faced resistance in the past. If Solana successfully crosses this hurdle, the next target would be the $180 level. A further breakout could potentially push the price towards the $200 mark.

Analysts and investors are optimistic about Solana's future, especially with the potential of an Ethereum Exchange Traded Fund (ETF) on the horizon. Many believe that Solana could be next in line for an ETF. However, it might be prudent to wait for the confirmation of the Ethereum ETF before making any predictions.

According to CoinDesk: Ethereum ecosystem meme coins, PEPE and MOG, have hit record highs, spurred by the recent approval of Ether (ETH) exchange-traded fund (ETFs) filings in the United States. The frog-themed memecoin PEPE saw an 11% hike, and the cat-themed memecoin MOG soared by 45% in a 24-hour period.

MOG jumped 45% in the past 24 hours. (DEXTools)

In a concept referred to as a beta bet, where investors gain exposure to a primary asset by investing in related platforms or protocols, these meme tokens have exhibited significant growth. PEPE saw its trading volumes across spot and futures markets increase to over $1.8 billion, while Ether itself advanced nearly 5% in the same duration.

Futures data revealed a spike in open interest on PEPE and MOG instruments. However, traders seem to be betting against a further rise in the PEPE token, with a long-to-short ratio skewed towards bears at 54%.

The rally in PEPE and MOG took off when analysts indicated that Ether ETFs are likely to be approved for trading in the U.S. These meme coins, typically deemed to have no intrinsic value, have recently gained prominence as indirect bets on their underlying ecosystems.

A dynamic world where digital assets reign supreme, the crypto currency market continues to evolve at a rapid pace. Recent events have sparked renewed interest and speculation surrounding XRP exchange-traded funds (ETFs), positioning them as a potential game-changer in the investment landscape. As investors and enthusiasts alike navigate the complexities of the crypto market, let’s delve into the unfolding narrative of XRP ETFs and their implications for the future.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Coinspeaker Ethereum Analysts Bullish on ETH Price, Point to Price Targets and Key Levels to Watch 

Following the approval of the Ethereum exchange-traded funds (ETFs) last week, with trading expected to kick off in the coming months, several ETH analysts have made predictions about the potential price of the second-largest crypto in the near future.

The price of Ethereum has continued its bullish momentum. It has increased by 3% in the last 24 hours, part of a 7% move in the last three days, showing that buyers are more in control. At the time of writing, the coin’s price is trading at $3,880, but many analysts believe this is only temporal and a smaller figure compared to its expected future price, with forecasts ranging to as high as $12,000 in the medium term.

Analysts Forecast $9,500 to $12,000 Price Targets

A crypto analyst, Defi_Mochi, with over 83 thousand followers on X, gave some insight into the future price of ETH and how the coin could go as high as $9,500 to $12,000. The crypto analyst gave some factors that could catalyze the coin hitting the said price, such as the growing interest in large institutions’ adoption of Ethereum, increased political support for cryptocurrencies, and Bitcoin’s market position. Mochi stated that if Ethereum can secure a similar inflow to the one BTC got following its ETF approval, ETH price could increase by over 50% upon the launch of its ETF trading.

The analyst further stressed ETH’s dominance above other altcoins, stating that the coin has been able to distinguish itself from other altcoins as it has grown to be well-accepted as an institutional asset. He further predicted that Ethereum’s dominance will continue to increase and possibly surpass 24% compared to alts.

Breaking Resistance Levels Before Spike to $5,000

Similarly, Ali, an on-chain analyst on X with over 62 thousand followers, also analyzed the ETH price movement. In his post, he revealed that should the coin break from its resistance zone between $3,700 and $3,820, the price will spike further. The analyst sees other key resistance levels at $3,940, $4,050, and then $4,170.

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 $ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish… pic.twitter.com/dsIAIwLsOC

— Ali (@ali_charts) May 24, 2024

Based on his analysis, if the price breaks above those key resistances, it will be able to achieve new all-time highs and could spike to as high as $5,000. However, the price must first break above the immediate resistance; otherwise, the analyst sees a breakdown to as low as $3,462.

This bullish sentiment has also been echoed by DeFiance Capital founder Arthur Cheong, who predicted that ETH could surge to $4,500 before the spot ETH ETF goes live. Similarly, a survey conducted by WuBlockchain within the Chinese community revealed that about 58% believed that ETH could soar to $10,000 and even beyond, while 21% believed that the coin would rise to between $6,000 and $7,000.

Ethereum’s ETF approval is significant to ETH’s price rise. Like Bitcoin, which soared to all-time highs weeks after BTC Spot ETF approval, the altcoin leader is also expected to follow suit. Since it has a significantly lower market cap than BTC, seeing large inflows similar to Bitcoin is expected to trigger stronger bullish moves.

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Ethereum Analysts Bullish on ETH Price, Point to Price Targets and Key Levels to Watch 

The post Top 10 Crypto Spot Of Binance Coin (BNB) And Ripple (XRP) Will Be Taken By ETFSwap appeared first on Coinpedia Fintech News

The emergence of ETFswap (ETFS) into the crypto market has created quite a buzz among crypto community members because of its unique approach to Exchange-traded funds (ETFs). Further, the success of its ongoing presale has convinced experts that the token is on its way to beating out Binance coin (BNB) and Ripple (XRP) for the top 10 spot in the crypto market. 

ETFSwap (ETFS) Headed For Top 10 Crypto

ETFswap (ETFS) is a blockchain platform that reshapes the way crypto community members interact with exchange-traded funds (ETFs) through the tokenization of assets. The tokenized ETFs will create avenues for investors of all portfolio sizes to invest in all types of ETFs, which include various assets, including real estate, Stocks, and precious metals. 

The asset will be available for trading on a comprehensive web3 marketplace to accommodate crypto experts and newbies. However, to gain access to tokenized ETFs, users must hold a portion of the platform’s native token ETFS, which will drive the ETFswap (ETFS) ecosystem.

Users who hold the token will also gain voting rights to participate in making decisions that affect the way the platform operates, which includes modifications and updates. ETFswap (ETFS) intends to partner with giants in the decentralized finance sector to advance the growth of DeFi, which will also boost its adoption and use case in the crypto industry, propelling it to one of the top 10 assets in the crypto industry.

Binance Coin (BNB) 

Binance coin (BNB) is the native token of Binance smart chain (BSC), a blockchain network launched by Binance exchange in September 2020, which powers decentralized applications and supports smart contracts. The coin recently is flirting with new highs as it prepares to cross its all-time high of $690, which it achieved in the 2021 bull run. 

The Binance Coin (BNB) surge beyond $600 was attributed to the bullish trend on Bitcoin (BTC), which nearly tested its all-time high of $73,000 on May 21, 2024. Bitcoin (BTC) carries about half of the crypto market capitalization; therefore, its price performance often affects almost all the assets in the industry. 

Currently, Binance Coin (BNB) trades slightly below $600, a 14% decrease from its all-time high, and ranks 4th in the crypto market according to data from Coinmarketcap. 

Ripple (XRP) 

Ripple (XRP) was developed as a blockchain-based payment network tailored to the needs of global financial institutions by Chris Larsen and Jed McCaleb in 2012. It features XRP, a pre-mined coin that powers the network and serves the purpose of utility as its native token.  For nearly four years, the Ripple (XRP) network has been in a tough legal battle with the United States Security and Exchange Commission (SEC), which branded the asset as a security. 

As the legal battle draws to an end, Ripple (XRP) whales are beginning to spring into action, as reported by on-chain tracker Whale Alert. According to the on-chain tracker, an anonymous whale offloaded over 50 million XRP coins into two crypto exchanges, Bitso and Bitstamp. However, at the same time, another whale increased their stash by purchasing over 240 million XRP from the Coincheck exchange.

The actions of these whales who took different paths indicate the mixed feelings among Ripple (XRP) investors as everyone keenly anticipates where the chips will fall for the network. Ripple (XRP) currently trades at $0.51 and ranks 7th in the crypto market, according to data from Coinmarketcap. 

ETFSwap (ETFS) Presale And Conclusion 

ETFswap’s (ETFS) unique proposition has helped it to gain traction in the crypto industry, but there is more. Currently, ETFswap offers its native token, ETFS, in its stage 1 presale at $0.00854. By stage 2, it will increase to $0.01831, hinting at an automatic profit for all stage 1 participants. 

This assurance of profit on investment has brought in both large and small investors, who hurry to buy this rare gem at stage 1. Also, it is another compelling reason why experts are optimistic that ETFswap (ETFS) will steal the spot of Binance coin (BNB) and Ripple (XRP), marching to one of the top 10 crypto assets in the market. 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

Standard Chartered: Solana, XRP ETFs Could Be Next

Standard Chartered, one of the leading global banks, has predicted that Solana and XRP will soon receive their own exchange-traded funds (ETFs) for digital assets. This statement comes in the wake of the U.S. Securities and Exchange Commission's (SEC) approval of eight spot Ethereum ETFs, allowing traditional investors to purchase shares tracking the price of the second-largest cryptocurrency. The SEC's decision marks a significant milestone and follows the approval of spot Bitcoin ETFs earlier this year.

Geoffrey Kendrick, head of crypto research and emerging market foreign currencies at Standard Chartered, believes it's only a matter of time before other major digital coins also receive ETF status. While he expects this development to occur in 2025 rather than 2024, Kendrick emphasizes the potential for Solana (SOL) and XRP to gain the ETF wrapper status.

The approval of Ethereum ETFs surprised many industry observers and analysts, as the SEC had shown little engagement with asset managers seeking to launch these funds. However, fund managers adjusted their paperwork to expedite the process, leading to the SEC granting approval. This decision is unexpected given the SEC's previous crackdown on the crypto industry and allegations that Ethereum should be classified as a security rather than a commodity.

Kendrick further explained that coins similar to Ethereum, including XRP, are likely not considered securities by the SEC due to their core technological similarities. The SEC previously claimed that certain coins, including XRP, constituted securities. However, a 2023 court ruling determined that programmatic sales of XRP to retail investors did not qualify as securities.

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a tear in recent weeks, with its price surging over 27% and breaking out of a falling wedge chart formation.

This breakout has caught the attention of analysts and investors alike, as it potentially signals a reversal from the previous downward trend and could lead to new all-time highs for the digital asset.

TLDR

Ethereum’s price has risen over 27% in the past week, breaking out of a falling wedge chart formation which indicates a potential reversal from the previous downward trend.

The breakout could signal a rally to new all-time highs, with some analysts predicting ETH could reach $4,500 before the first spot ETH ETFs start trading.

Ethereum faces significant resistance at the $4,000 psychological mark, but a weekly close above $3,956 could confirm sustained bullish momentum.

Ethereum’s network activity has surged in the last seven days, with a 72.45% increase in ETH token transfers and a 3.58% increase in active addresses, indicating growing participation.

On-chain indicators and technical analysis bolster the possibility of an extended uptrend in Ethereum above the $4,000 mark, with potential targets at $4,698 and $5,841 based on Fibonacci levels.

The bullish sentiment surrounding Ethereum has been fueled by several factors, including the anticipation of the first spot ETH exchange-traded funds (ETFs) and the growing network activity on the Ethereum blockchain.

Some analysts, such as Arthur Cheong, the founder and CEO of crypto-focused investment firm DeFiance Capital, believe that Ethereum’s price could rally to $4,500 before the first spot ETH ETFs begin trading.

4.5k before spot ETF go live for trading imo.

— Arthur (@Arthur_0x) May 26, 2024

Ethereum faces a significant hurdle at the $4,000 psychological mark, which has acted as a strong resistance level in the past. A sustained move above this level could trigger a wave of short position liquidations, amounting to over $433 million across all exchanges, according to data from CoinGlass.

To confirm a continued bullish momentum, Ethereum needs to close the week above $3,956, as noted by popular crypto analyst Rekt Capital.

$ETH

Ethereum just needs to Weekly Close above $3956 (green) to move into $4000+ territory

At the moment, #ETH is forming a Lower High

Can Ethereum do it before the new Weekly Close is in?#Crypto #Ethereum pic.twitter.com/Qzd2a62es7

— Rekt Capital (@rektcapital) May 26, 2024

The optimism surrounding Ethereum’s price is not just based on technical analysis and market sentiment, but also on the network’s underlying fundamentals.

In the last seven days, Ethereum’s network activity has witnessed a remarkable surge, with a 72.45% increase in ETH token transfers and a 3.58% rise in active addresses.

This growth in network participation indicates a strong demand for Ethereum and its ecosystem, which could further support the ongoing price rally.

On-chain indicators suggest that the bulls are in control, with the open interest in Ethereum surging to $13.17 billion, a 6.84% intraday increase and a massive 51.06% rise over the last seven days.

The positive funding rate of 0.01641022 indicates that bulls are willing to pay a premium to maintain their long positions, further reinforcing the bullish outlook for Ethereum.

As Ethereum continues its upward trajectory, analysts are eyeing potential targets based on Fibonacci levels. The next target for ETH could be the $4,698 level, and if any news of Ether ETF listings leaks this week, a bull run to the 1.618 Fibonacci level at $5,841 is possible.

While the crypto market remains volatile and unpredictable, the current momentum behind Ethereum suggests that the digital asset could be on the verge of a significant breakout.

As institutional interest grows and the Ethereum network continues to evolve with upcoming upgrades, such as the highly anticipated Ethereum 2.0, the long-term prospects for the cryptocurrency appear promising.

The post Ethereum’s (ETH) Breakout Towards $4k: All Time High in Sight appeared first on Blockonomi.

Hong Kong is reportedly considering including an Ethereum staking option for the spot Ethereum exchange-traded fund (ETF) issuers.

If Hong Kong’s Securities and Futures Commission (SFC) allows staking, investors in local Ethereum (ETH) ETFs could generate passive income by staking tokens on the Ethereum network to validate transactions. 

Staking is a process where token holders lock their crypto tokens for a specific period, earning rewards as a percentage of the staked tokens as a reward. This process is facilitated by various third-party staking services that cater to user needs. Essentially, staking is a way of earning rewards – extra money – while holding onto specific cryptocurrencies.

This move by Hong Kong contrasts with the United States Security and Exchange Commission’s (SEC) perception of staking, which sees it as an investment contract and a violation of securities laws. A global adaption of spot ETF staking could spur ongoing discussions about the practice in the United States.

Staking’s role in the U.S.

Coinbase has been advocating for staking in the US and has been battling the SEC over the practice’s legality. Coinbase believes that core staking is not a security, as it does not involve an investment of money, and the opportunity cost of staking is not an investment.

Because users’ rewards are compensation for services delivered, Coinbase believes that staking does not fulfill an “expectation of profit” and consists of ministerial maintenance rather than conventional investing efforts.

In February, crypto.news reported that 55% of crypto investors in Singapore had staked crypto through a centralized exchange, signaling a strong optimism towards staking. Staking is popular in other global crypto hotspots. 

On Wednesday, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), essentially communicating with the crypto industry that the US is welcome to crypto. Furthermore, the SEC approved spot Ethereum ETFs, causing the price of Ethereum (ETH) to increase to over $3900 at the time of writing. 

However, due to the SEC’s stance on staking, many US-based companies, like Fidelity Investments, haven’t made plans to stake in their upcoming Ethereum ETFs. 

Crypto market experts have predicted a surge to $20 for Ripple (XRP), and Bitcoin (BTC) to rise to new all-time highs in this current market cycle. Amidst this bullish sentiment, another crypto project, ETFSwap (ETFS) is set for a massive rally, with its platform exceeding expectations and witnessing a significant influx of demand from global investors.

ETFSwap (ETFS) To Embark On Mega Rally As Presale Records New Highs 

Market observers believe that ETFSwap (ETFS) is poised for a mega rally in this market cycle, underscored by the crypto project’s remarkable success in its ongoing presale. ETFSwap (ETFS) is a one-of-a-kind decentralized crypto and ETF trading platform which offers users access to the tokenized ETF landscape through the power of blockchain technology.

This innovative platform has been making waves recently, garnering considerable attention from investors for its futuristic approach to tokenized ETFs. ETFSwap (ETFS) allows users to buy and trade tokenized institutional ETFs on its platform, and traders can either swap their cryptocurrencies for ETFs or purchase any kind of ETF listed on the platform with ETFS tokens, the native cryptocurrency of the ETFSwap ecosystem.

Unlike traditional ETF platforms, ETFSwap (ETFS) offers more advanced trading features, including 24/7 access to its decentralized platform, ETFS token staking options, control over assets and complete privacy and security through the elimination of KYC requirements.

As a Decentralized Finance (DeFi) platform that aims to democratize global access to tokenized ETFs, ETFSwap (ETFS) stands out for its ability to provide users with low-cost trading sessions and the opportunity to earn passive income by staking ETFS tokens.

When users stake their tokens, they can earn up to 87% APR yield and up to 36% from ETFswap’s staking pool, which is linked directly to the platform’s liquidity. Additionally, investors will be able to gain monthly ETFS token airdrop rewards, enabling them to boost their investment returns by a considerable percentage.

Analyst Predicts Ripple (XRP) Rise To $20

Crypto analyst Javon Marks took to X (Formerly Twitter) on May 20, to make a bold prediction about Ripple (XRP). According to Marks, XRP’s current price movement is approaching a critical convergence point, highlighting a Relative Strength Index (RSI) pattern that indicates a strong underlying momentum for the cryptocurrency. 

Sharing a price chart depicting Ripple’s (XRP) price actions from 2018 to 2024, Marks revealed that the RSI pattern was signaling a bullish breakout for the cryptocurrency. He predicted a bullish surge for Ripple (XRP) from its current price of $0.5 to a conservative target between $15 and $20 in the near future. This would result in the cryptocurrency potentially rallying by 20X to 36X in a more than 2,000% run.

Although the price of Ripple (XRP) has not been able to surge to $1 for months, Marks remains optimistic about the cryptocurrency’s potential. A surge of this calibre would require heightened interest, demand and engagement from investors in Ripple (XRP). 

Bitcoin (BTC) Poised For Bullish Rally Soon 

Geoff Kendrick, the Head of EM FX Research, West and Crypto, Standard Chartered, has predicted that Bitcoin (BTC) could witness a surge to new all-time highs soon. Kendrick told TheBlock in an email that he expects Bitcoin (BTC) to potentially reach $73,798, surpassing its previous all-time high on March 14.

The Standard Chartered analyst projected a rather ambitious timeline for this Bitcoin price target, stating that the cryptocurrency would experience this historic high by the weekend. Kendrick attributed this price increase to the soaring inflows witnessed by Spot Bitcoin ETFs recently. 

Although Kendrick remains confident in Bitcoin’s potential rally to new highs, the cryptocurrency’s price is still trending around $69,101, reflecting a decrease of 1.49% in the last 24 hours, according to CoinMarketCap.

Conclusion 

As the crypto market evolves and becomes more bullish, market experts have identified Bitcoin (BTC) and Ripple (XRP) as the cryptocurrencies they expect to witness a remarkable surge. However, among the crypto projects outperforming in the current market is ETFSwap (ETFS). Investors are presently flooding its ongoing presale to acquire ETFS tokens, aiming to secure profitable positions in this futuristic crypto and ETF trading platform.

With the presale set to end soon, now is the best time to accumulate ETFS tokens at a discounted price of $0.00854. The price of each token is expected to increase to $0.01831 by the second presale stage, offering early investors ample opportunities for considerable returns.

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The post Market Expert Put XRP Price At $20, Bitcoin Set To Rally To New All-Time High appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Arthur Cheong, founder and CEO of Defiance Capital, has predicted that the price of Ethereum (ETH) could potentially hit $4,500 even before the launch of spot ETFs.

At press time, Ether is trading at $3,885 after adding 3.6% over the past 24 hours, according to CoinGecko data. 

As reported by U.Today, the SEC greenlit 19b-4s listing requests from a slew of Ethereum ETF issuers last week in a stunning U-turn. Prior to that, leading ETF industry analysts as well as major banking players of the likes of Standard Chartered claimed that these products were unlikely to be approved. 

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After the news about imminent ETF approval broke on social media, the Ether price entered a major uptrend, surging from $3,600 to $3,900 in a span of just three days.

Weakening momentum 

Despite the major bullish catalyst, the leading altcoin has so far failed to gain a footing above the $4,000 level. It is also down 19.8% from its all-time high. 

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According to 100eyes Crypto Scanner, the Ethereum price has seen bullish divergence on the hourly time frame. This bearish pattern occurs when an asset manages to make new highs, but the Relative Strength Index (RSI) records slower highs. Based on this particular chart, it is clear that Ethereum is currently experiencing weakening momentum despite the substantial price increase. The RSI recorded a lower high in the 65-70 range after Ether surged to $3,900, which is the main horizontal resistance level. 

🚨 Crypto alert:[#ETH-#USDT] RSI Bearish Divergence (1h)[#ETH-#USDT] Near Horizontal Resistance (1h) pic.twitter.com/N8sbRZhdVw

— 100eyes Crypto Scanner 🌐 (@100eyesCrypto) May 27, 2024

If the bearish divergence ends up playing out, the price of the chief altcoin could experience a pullback from the current level. However, it is also likely that Ether will be able to break above $3,900 if the volume is strong enough.