• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Is a Breakout t $2,626 on the Horizon?
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Is a Breakout t $2,626 on the Horizon?
Crypto News

Is a Breakout t $2,626 on the Horizon?

vitalclick
Last updated: October 18, 2024 6:57 am
7 months ago
Share
SHARE

Contents
Ethereum Whales Are BackOn the Flipside

As Bitcoin (BTC) price teases to spike above the crucial support/resistance level around $68k, Ethereum (ETH), the largest altcoin with a fully diluted valuation of about $316 billion and a daily average traded volume of around $15.1 billion, approached a crucial resistance level around $2,626. 

In the past week, Ether’s price has rallied over 9 percent, thus approaching the upper border of a symmetrical triangular consolidation. Consequently, speculation of the next Ether move has resulted in a spike in its Open Interest (OI), with more traders betting on a bullish breakout.

Ethereum Whales Are Back

After shying away from the Ethereum market in the past few months, as shown by the significant cash outflows from the US spot Ether ETFs, on-chain data shows that whale investors are now buying more ETH. 

In the past two days, the US spot Ether ETFs have registered a net cash inflow of over $62 million, led by BlackRock’s ETHA. 

Meanwhile, the supply of Ether on centralized exchanges declined by nearly 3 million in the past 24 hours, led by Binance, Kraken, and OKX.

On the Flipside

I need to provide an update to this thread from July.

The supply of #ETH had been growing at approximately 60k/mo for 6 months. However, since the 50 bps rate cut a few weeks ago, the inflation as slowed to approximately 30k-40k/mo.

If the new pace continues, it would take 3-4… https://t.co/TvaGZznkSM pic.twitter.com/lMvUlfqmEj

— Benjamin Cowen (@intocryptoverse) October 18, 2024

According to shrewd crypto analyst Benjamin Cowen, the Ethereum market outlook is heavily impacted by the macroeconomic changes, more so now that the Fed will be initiating its quantitative easing (QE) program. 

Notably, Cowen highlighted that the supply of Ether has been rising by around 60k per month for the past six months. As a result, Cowen highlighted that it would only take three to four months for Ether’s supply to reach pre-merge levels. 

However, Cowen noted that the trend has changed dramatically since the Fed initiated the 50 bps rate cut.

“Monetary policy affects this stuff more than many of us care to admit. But more rate cuts will likely increase demand on the ETH network,” Cowen noted.

You Might Also Like

Crypto Markets Crumble as $1.18 Billion Vanishes in 24 Hours

Litecoin’s (LTC) Make or Break Moment, Complete Insights

CEO Alex Mashinsky to Face 20 Years in Prison

Bitcoin Drop Triggers $206M Liquidations In An Hour

Are You Ready for Altcoin Season? Top DeFi Projects to Watch Ahead

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article Mobility Continues in the Cryptocurrency Market! Bitcoin Touched 68 Thousand Dollars Again!
Next Article Dogecoin Price Targets $0.1835, Breaks Social Activity Records
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?