The world of cryptocurrencies, particularly Ethereum (ETH), is witnessing significant movements and developments that could impact its price trajectory. Here’s an overview of recent events and their potential impact on Ethereum’s price:
Ethereum Whale Accumulation: An Ethereum whale recently made a substantial purchase of 21,353 ETH at an average price of $2,810 per token, using 60 million USDT. This significant accumulation indicates growing confidence in Ethereum’s potential and has contributed to a 4% price jump, with ETH eyeing a further rally above $3,000.
Resistance at $3,000: While optimism among Ether bulls is high, historical data suggests that maintaining the $3,000 price level could be challenging. Traders are wary of a potential scenario where Ether experiences a price drop similar to past patterns, despite the current bullish sentiment.
Spot Ethereum ETFs as Catalyst: The approval of spot Ethereum ETFs could serve as a major catalyst for the ETH price rally. Traditional investment firms, including BlackRock, have submitted applications for Ethereum ETFs to the SEC. The recent approval of spot Bitcoin ETFs has further fueled interest in Ethereum ETFs.
Cryptocurrency Prices Today: In the broader cryptocurrency market, Bitcoin has surged past $52,000, while Ethereum is inching closer to the $2,900 level. Other altcoins, such as XRP, Solana (SOL), and Cardano (ADA), have also seen notable upticks in price.
Top Analyst Expects 40% Bitcoin Price Correction Before Rally to $150K
Bitcoin (BTC) has recently surged beyond the $52,000 mark, fueling bullish sentiment and optimism for a further rise to $100,000 and beyond. However, renowned cryptocurrency analyst Michaël van de Poppe suggests that before reaching $150,000, Bitcoin could experience a significant correction of up to 40%.
Analyst’s Prediction: Poppe’s analysis highlights the potential for a 40% correction in the Bitcoin price before it resumes its upward trajectory towards $150,000. This correction, while significant, is seen as a temporary setback in Bitcoin’s long-term bullish trend.
Current Bitcoin Price: At the time of writing, the BTC price was down by 0.86% to $51,516.41, with a market capitalization of $1.01 trillion. The 24-hour trade volume dropped by 12.65% to $21.72 billion. The recent bearish turn in Bitcoin price could be attributed to the negative PPI report published on Friday.
While short-term corrections are common in the cryptocurrency market, analysts like Poppe remain optimistic about Bitcoin’s long-term prospects. The expected correction, if it occurs, could present buying opportunities for investors looking to capitalize on Bitcoin’s potential rally to $150,000 and beyond.
