Ethereum

Ethereum Projects Soar in Market Cap as SEC Greenlights Spot Bitcoin ETF

Gary Gensler, the Chair of the US Securities and Exchange (SEC), issued cautionary statements to the crypto sector, raising uncertainty about the possibility of the Ether obtaining approval for an ETF similar to Bitcoin.

But this has not stopped Ether from surging, which has reached its highest point since May 2022. Perhaps unexpectedly, the approval of 11 Bitcoin ETF proposals was also followed by the growth of Ethereum-based projects.

Ethereum-Based Projects Shine

According to Santiment’s latest analysis, projects built on the Ethereum platform experienced significant growth in market capitalization as the SEC approved the trading in Bitcoin ETFs in the United States, ending over a decade of rejections.

“Ethereum-based projects were some of the bigger beneficiaries in market cap growth following the SEC’s 11 ETF approvals yesterday.”

Ether jumped by 5% as it climbed to $2,670, a level not seen since the last 20 months.

Besides Ether, ENS – the native token of Ethereum Name Service that functions as a decentralized naming system built on Ethereum – increased by nearly 25% following the SEC’s decision on January 10th. The latest price action pushed its weekly gains to over 86%. ENS was currently trading at $25.96.

The soaring Ethereum-based projects right after the fact indicated increased optimism in the ecosystem despite a lack of clarity in terms of a spot Ether exchange-traded fund (ETF).

Decisions on approval for spot Ether ETFs are expected from the agency starting in May. Heavyweights such as BlackRock, Invesco, Ark, VanEck, and Grayscale are among those awaiting approval.

Unlike Bitcoin, which has been distinctly categorized as a commodity, the classification for Ethereum is more complicated, and the approval for an Ether ETF is considered “not as straightforward” as it was for Bitcoin.

However, Steve McClurg, co-founder and chief investment officer of Valkyrie Funds, recently said that the current market conditions are favorable for such an offering.

Ethereum’s GitHub Momentum

Participants in the Ethereum ecosystem are showing signs of resilience. According to Santiment, Ethereum was one of the several ERC: 20 crypto assets that have been witnessing notable GitHub activity over the past 30 days. It was ranked in the third spot in terms of development activity behind Status and Chainlink, which captured the first and the second positions, respectively.

Examining GitHub activity proves to be a compelling metric when assessing ICOs and crypto projects. Developers invest their valuable time, a resource with a significant cost, in a particular project.

This commitment from numerous developers on the Ethereum ecosystem, ahead of a potential spot in Ether ETF, can indicate confidence among developers in the project’s potential success.

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Ethereum

Ethereum Foundation Sets Up Multisig Wallet for Defi Participation

The Ethereum Foundation has announced the creation of a new multi-signature wallet using the Safenet platform to enhance its treasury operations and facilitate participation in the decentralized finance (defi) ecosystem. Ethereum Foundation Begins Transition to Safe Multisig Wallet The wallet, which operates on a 3-of-5 multisig structure…
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Ethereum

Ethereum Price Analysis: This Support Is Crucial for Ethereum to Reach $4K

Ethereum is grappling with a decisive support range between the 100-day MA ($3.2K) and the 200-day MA ($3K), a critical region serving as the buyers’ last line of defense.

The outcome at this level is expected to shape Ethereum’s mid-term trajectory.

Technical Analysis

By Shayan

The Daily Chart

ETH recently encountered heightened volatility as it approached the significant $3.2K-$3K price range, reflecting an intense battle between buyers and sellers. The price action highlights sellers’ attempts to push the asset below these key moving averages, signaling a potential bearish breakdown.

Currently, Ethereum is finding temporary support within this range, with the price confined between the $3.2K level and the bullish flag’s upper boundary. A decisive breakout in either direction is likely to determine the next major trend for Ethereum.

The 4-Hour Chart

On the 4-hour chart, Ethereum consolidated near the 0.5 ($3.2K) and 0.618 ($3K) Fibonacci retracement levels before briefly breaking below this critical support zone. However, strong buying interest quickly drove the asset back above the $3.2K mark.

This region remains pivotal as it represents the final primary support zone for buyers. A sustained hold above the $3.2K level could reignite bullish momentum, targeting a recovery toward higher resistance lines.

Conversely, a breakdown below this range could trigger liquidations, potentially driving the price toward the $2.5K support zone. For now, Ethereum is consolidating near this critical region, with a battle between buyers and sellers dictating the market’s next move.

Onchain Analysis

By Shayan

The Binance liquidation heatmap provides insights into key levels where significant liquidation events are likely. Based on the clustering of liquidation levels for long and short positions, these levels often act as magnets, driving price action toward them as market participants aim to capture liquidity.

During the recent shake-off, Ethereum grabbed liquidity at the $3K mark, resulting in a sharp price recovery. A notable cluster of wrecked levels still exists just below the critical $3K support, representing long-position liquidations. This makes the $3K area highly attractive to bears and institutional sellers, increasing the probability of a bearish breakout toward these levels in the mid-term.

However, a significant liquidity pool also rests at the $4K threshold, marking a potential ultimate target for buyers. However, it is likely that the price may grab liquidity below $3K first, creating a shakeout phase before resuming a bullish trajectory toward $4K. While Ethereum’s current price action reflects consolidation, the $3K level remains pivotal. A bearish breakout to capture liquidity below $3K is plausible in the short-to-mid term.

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Ethereum

Ethereum Slips Further Behind as Competitors Steal the Spotlight

As the global cryptocurrency market capitalization expands to $3.59 trillion, the second-largest digital asset, ethereum (ETH), has struggled to keep pace with its peers. Over the past six months, its performance has lagged significantly, falling short of the momentum seen elsewhere in the sector. Stagnation Strikes Ethereum as Its Competitors Surge Ahead Lately…
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