Ethereum
Ethereum ‘bears are winning so far’, but does that mean markets are ‘heavily manipulated?’ » By Benzinga
Benzinga- Ethereum (CRYPTO:ETH) lackluster performance has dampened traders’ enthusiasm for the asset, but better price action is expected in the coming months.
What happened: Cryptocurrency trader Eugene Ng Ah Sio in his latest tweet, he highlighted Ethereum’s weak performance after the latest CPI data release and FOMC meeting, saying “the bears are winning for now.”
The trader predicted that Ethereum would be noticeably higher after H1 approval, but predicts tough price action until that happens.
Prominent crypto trader Kevin said crypto markets were “heavily manipulated” ahead of Ethereum ETF launch, but crypto investor CryptoKans sees corrections as “a great opportunity to buy strong altcoins.” He said he mainly accumulates large caps, with his favorite being Ethereum.
Cryptocurrency trader Jelle sees $3,500 as key support for Ethereum:
Second attempt for $ETH to turn $3,500 into support.
Hold here, and new heights will follow. pic.twitter.com/K33mQmEulb
– Jelle (@CryptoJelleNL) June 13, 2024
Also Read: This Ethereum Killer Is “Preparing for a Potential 40% Breakout,” Making It “One of the Biggest Growth Stories of This Cycle.”
Why is this important: Data from IntoTheBlock noted a 176% increase in net exchange flows. 86% of Ethereum holders are currently making profits. Transactions above $100,000 increased from 5,434 transactions on June 6 to 6,082 transactions on June 12.
Crypto Chart Analyst Ali Martinez noted that whales purchased over 240,000 ETH, worth around $840 million, during Ethereum’s recent price drop.
Whales purchased over $240,000 during the recent #Ethereum price drop, totaling around $840 million! pic.twitter.com/j5jnxJul4q
— Ali (@ali_charts) June 12, 2024
Whale Alert data showed 6,048 ETH, worth $21.2 million, transferred from Coinbase Institutional to an unknown wallet. On June 11, crypto trader Daan Crypto Trades highlighted a massive net outflow of Ethereum from Coinbase. Calling it a “big chase,” the trader said “net outflows have increased for ETH, which is always good to see.”
And after: Ethereum’s influence as an institutional asset class is set to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19.
Read next: Ethereum and Altcoins could ‘bounce back quickly’ after FOMC meeting, trader predicts
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.