Ethereum

Flippening: Ethereum (ETH) Surpasses Bitcoin (BTC) in This Key Metric

The amount of Ethereum owned by long-term hodlers reached a record of over 70% in December, according to data from blockchain analytics firm IntoTheBlock.

These committed holders have refrained from selling their Ethereum stash, contributing to the altcoin’s new benchmark. The latest ITB data also reveals that Ethereum has surpassed Bitcoin in terms of the percentage held by long-term holders, with the latter a little below the 70% mark.

HODLers, individuals who hold onto their crypto regardless of market volatility or price fluctuations, play a crucial role in maintaining the overall health of any blockchain.
The rise in Ethereum ownership by HODLers indicates a strong belief in the asset’s long-term potential, with investors demonstrating patience and conviction despite market uncertainties.
Despite Ethereum’s impressive 85% growth in market capitalization in 2023 and various positive developments such as upgrades, ETF applications, and “robust” adoption metrics, it has slightly underperformed compared to other major assets, as per a previous ITB analysis.
However, experts are optimistic about the altcoin’s price trajectory in 2024.
Glassnode co-founders Jan Happel and Yann Allemann, for one, have set a target for Ethereum, aiming for $2,500, citing “market enthusiasm.” They suggest that a more ambitious push could help Ethereum potentially climb to $2,700.
The success of Ethereum in 2024 may depend significantly on the level of acceptance it receives from traditional finance (TradFi), according to a recent report by Messari, which suggested that the asset’s environmentally friendly image makes it appealing to Wall Street.
Messari CEO Ryan Selkis even predicted a swift adoption of an Ethereum ETF, mirroring the trend seen with Bitcoin.

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Ethereum

Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)

Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.

The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.

BTC Calms at $94K

It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.

However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.

The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.

Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.

ADA, SOL Struggle

Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.

In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.

The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto

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Ethereum

Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways

After struggling at the end of the year with numerous consecutive days of net outflows, the spot Bitcoin ETFs in the States finally registered some notable inflows on Friday.

The Ethereum counterparts sit in the opposite corner, as they have been mostly in the green since mid-December despite the FOMC aftermath on the entire market.

BTC ETFs Are Back

The latest FOMC meeting that took place in mid-December had a dramatic and immediate effect on US-based investors in terms of their Bitcoin-related activities. Following a superb streak after the presidential elections in which they poured billions of dollars within weeks into the regulated BTC financial vehicles, they did a 180-turn and started taking funds out.

December 19 was the worst day in terms of daily net outflows, with $671.9 million taken out. By January 2, seven out of the nine trading days were in the red, with a total withdrawn amount of roughly $2 billion.

This negative streak was finally broken on Friday as the spot Bitcoin ETFs saw $908.1 million in net inflows. Fidelity’s FBTC led the pack with $357 million, followed by BlackRock’s IBIT at $253.1 million and Ark Invest’s ARKB at $222.6 million. No fund recorded any outflows.

Friday’s numbers were so impressive that they managed to turn the whole week around. After the $415.1 million withdrawn on Monday and $242.3 million on Thursday, the week ended in the green with $256 million in net inflows, given the minor $5.3 million on Tuesday.

BTC’s price actions within the same week were quite volatile as the asset slumped hard on Monday amid the massive outflows to $91,300. However, it pumped to almost $99,000 later during the week as the inflows returned.

Ethereum ETFs’ Landscape

Unlike the BTC ETFs, the funds tracking Ethereum saw fewer days in the red after the aforementioned Fed meeting. Withdrawals were observed on December 19 and 20, but investors started to pour funds into them in the following days.

The past week was less positive, though, as net outflows dominated. $55.5 million was withdrawn on Monday and $77.5 million on Thursday. The $36 million in net inflows on Tuesday and $58.9 million on Friday couldn’t make up the difference, and the week ended with $36.1 million in the red.

ETH’s price tumbled hard on Monday as well but is 6.5% up on a weekly scale, which is more than double the increase for BTC. As of press time, Ethereum’s native token stands above $3,600.

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Ethereum

Ethereum Price Analysis: ETH Retakes Key Resistance at $3.5K, Can it Go for $4K Next?

Ethereum has recently experienced a surge in buying activity, finding robust support at the critical $3.5K level, triggering a bullish rebound.

Despite this recovery, the $4K resistance remains a significant barrier that ETH buyers aim to overcome in the mid-term.

Technical Analysis

By Shayan

The Daily Chart

Ethereum’s price action has been characterized by a notable rebound after encountering support at the decisive $3.5K level. This region served as a pivotal accumulation zone, fostering increased buying pressure and a subsequent upward surge. As the price climbs, the $4K resistance emerges as a critical psychological and technical barrier, requiring a decisive breakout to establish a sustained upward trajectory.

Currently, Ethereum is consolidating within the $3.5K-$4K range, indicating a potential breakout in either direction. A successful breach of the $4K threshold could set the stage for a fresh rally and affirm bullish sentiment. Conversely, a rejection at this level may lead to further consolidation or retracement within the existing range.

The 4-Hour Chart

On the lower timeframe, Ethereum’s decline found solid support within the key 0.5 ($3.2K)–0.618 ($3K) Fibonacci retracement levels. This support zone attracted substantial buying interest, halting the downtrend and sparking a bullish recovery.

The subsequent accumulation phase has transitioned into a bullish spike, with Ethereum now eyeing the critical $4K resistance. This level, coinciding with a previous significant swing high, is expected to be a strong selling pressure zone.

Ethereum’s price action at the $4K level will determine its future trajectory. A successful breakout above this resistance could lead to a robust rally, while a failure might result in prolonged consolidation or a potential retest of lower support levels near $3.5K.

Onchain Analysis

By Shayan

The Taker Buy Sell Ratio, a pivotal metric for assessing sentiment in the futures market, provides insights into whether buyers or sellers are more aggressive in executing market orders. Following Ethereum’s bullish rebound near the $3K support, this metric has exhibited a notable uptick, indicating a surge in market buy orders within the futures market.

This trend suggests that futures market participants are increasingly optimistic about Ethereum’s short-term price trajectory, expecting the asset to push toward the $4K resistance.

Takers’ Buy/Sell Ratio exceeding 1 means buyers are overwhelmingly dominant, often aligning with the onset of a bullish trend. The current data underscores this sentiment shift, reflecting heightened confidence among traders and an expectation of continued upward momentum.

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