Ethereum’s price has encountered challenges in breaking below the critical $3K support region, with selling pressure being met by sufficient demand, resulting in sideways consolidation. However, a sudden breach of this pivotal juncture could trigger a cascading effect.
Upon examining the daily chart, Ethereum’s trajectory has turned bearish following a notable rejection near the $4K mark, fostering a bearish sentiment among market participants.
Nonetheless, the decline found a temporary recess upon reaching a substantial support region, encompassing the crucial $3K mark and the price range between the 0.5 ($3133) and 0.618 ($2906) Fibonacci levels. This support area aligns closely with the critical 100-day moving average, indicating significant demand near this crucial threshold.
Currently, Ethereum is experiencing a sideways consolidation phase, with the price hovering around the significant $3K support region. This suggests possible accumulation underway, potentially paving the way for a robust bullish resurgence in the short term. However, an unexpected breach of this crucial support zone could trigger a cascade effect, with the next target situated at the $2.5K region and the 200-day moving average of $2.6K.
Source: TradingView
The 4-Hour Chart
Analysis of the 4-hour chart reveals that Ethereum’s multi-month decline has led to the formation of a descending wedge pattern, with the price finding support from the pattern’s lower boundary on multiple occasions.
Presently, Ethereum is seeing sideways movement near the lower boundary of the wedge pattern, corresponding to the $3K support region, indicating heightened buying pressure in the market.
Despite this, the cryptocurrency seems poised to continue its consolidation within the price range bounded by the $3.4K resistance region and the $3K support. Given recent price action and prevailing market sentiment, there is an expectation for the price to successfully break above this decisive range, potentially culminating in a renewed bullish trend toward the $3.6K threshold.
Amidst Ethereum’s multi-month downtrend, initiated by its rejection near the $4K mark, investors are closely monitoring the behavior of traders in the futures market. The provided chart displays the liquidation heatmap for the Binance ETH/USDT pair, highlighting price levels with significant liquidity capable of impacting the price trend.
It’s apparent that the sudden drop below the critical $3K level resulted in the liquidation of a substantial number of long positions, triggering a cascade of sell-stop orders. However, since then, the price has been hovering around the crucial and psychological $3K support region, potentially signaling an accumulation stage in the market.
Considering the potential demand near this pivotal threshold, it’s anticipated that the price will initiate a fresh, bullish move once the accumulation stage concludes. Traders should monitor price action around the $3K level, as a sudden breach below this crucial mark could potentially trigger a cascade effect towards the $2.5K threshold.
Source: Coinglass
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Spot Ethereum ETF Demand Outpaces Bitcoin’s – Is a Flippening Coming?
Following the solid end in January, the spot Bitcoin ETFs have shown some mixed reactions to the macroeconomic uncertainty that started with US President Trump’s tariffs.
In contrast, the Ethereum ETFs have enjoyed the past week by registering more net inflows than their BTC counterparts for the first time.
Ethereum ETFs See Substantial Demand
Recall that the Ethereum ETF start in late July last year was anything but impressive as investors were in a hurry to move their funds out of the Grayscale Trust, which was now converted into a spot exchange-traded fund. Unlike the case with BTC, though, where they transferred most of the amount toward IBIT and other ETFs, all Ethereum products were in the red for many weeks.
However, things changed a few weeks after the US elections, and the ETFs had a 19 consecutive day period with only net inflows or at least no reportable outflows. A similar but smaller streak was recovered in mid-January and in the past week and a half as well. January 29 was the last date for net outflows from the spot ETH ETFs, with a minor $4.7 million exiting the funds.
Since then, it’s been well in the green or no outflows. The past week alone saw $83.6 million poured in on Monday, a remarkable $307.8 million on Tuesday, and a more modest $18.1 million on Wednesday, as well as $10.7 million on Thursday. Friday was a no-action day.
This puts the total for the week at $420.2 million, which is quite impressive given the economic uncertainty. In the meantime, though, ETH’s price has tumbled by more than 14% and now struggles to remain above $2,600.
Different Bitcoin Story
The spot Bitcoin ETFs, which recently celebrated their first birthday, had a different week. On Monday, the first business day following the tariffs against China, Mexico, and Canada, investors withdrew $234.4 million from the funds, followed by another $140.2 million on Thursday.
The positive numbers on Tuesday ($340 million), Wednesday ($66.4 million), and Friday ($171.3 million) managed to offset the losses, and the BTC ETFs finished the week at $203.8 million in net inflows. However, it signals a major shift (or flippening, if you will) between the Ethereum ETFs and the Bitcoin counterparts.
Within this timeframe, BTC’s price also went south hard, dumping to under $92,000 on Monday, but has lost a more modest 3% on a weekly scale, compared to ETH’s 14% drop.
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Ethereum L2 Taiko and DoraHacks Are Launching the Largest Anonymous Community Vote in Crypto History
[PRESS RELEASE – Singapore, Singapore, February 7th, 2025]
Taiko, an Ethereum Layer 2 network, and DoraHacks, the largest hacker movement in crypto, are spearheading the biggest anonymous community vote ever conducted in Web3. The initiative aims to advance decentralization in community governance through the Taiko Grant Factory Hackathon.
The Taiko Grant Factory Hackathon is designed to unleash developer creativity—driving innovation, interactive applications, and projects with real-world impact. After months of intense competition, the finalists are now heading into the voting phase—one of the biggest steps yet toward large-scale, community-driven decision-making.
At the core of this vote is Minimal Anti-Collusion Infrastructure (MACI), a game-changing privacy-preserving and collusion-resistant voting mechanism originally conceptualized by Ethereum co-founder Vitalik Buterin. Vitalik has long pointed out the fundamental flaws of traditional voting systems—fraud, collusion, privacy leaks—and MACI is Ethereum’s answer to fixing them. Dora Factory, the decentralized governance protocol, carried Vitalik’s mission and shipped the best MACI product the market has seen.
For the final round of Taiko’s Grant Factory Hackathon, voting will be executed entirely on-chain via MACI, ensuring encrypted ballots, zero-knowledge proof integrity, and protection against vote buying and collusion. Users will submit their votes through smart contracts, with timestamps recorded on-chain, making the process transparent yet private. At the end of the voting round, results will be revealed by the designated operator, ensuring both fairness and credibility. As an incentive, Taiko is distributing 50,000 Trailblazer points to participants, which will later translate into an airdrop.
“This is decentralization in action,” says Ben Wan, Taiko’s Community Director. “We’re thrilled to bring MACI to this scale and grateful to the community for participating in Taiko’s growth. The future of Ethereum is decentralized, and we’re here to make that happen—together.”
This vote isn’t just big—it’s historic. Over 920,000 participants are taking part, making it the largest whitelisted anonymous community vote in Ethereum’s history
The voting event has attracted significant participation, with more than 920,000 individuals expected to take part, making it one of the largest whitelisted anonymous community votes in Ethereum’s history.
Steve Ngok, Partner at DoraHacks, adds: “We’re incredibly excited to work with Taiko on launching the biggest MACI-powered vote in Ethereum history. DoraHacks and Dora Factory have committed resources to expanding Ethereum’s mission—advancing MACI for decentralized governance and privacy protection. We look forward to exploring MACI’s full potential alongside Taiko and its dynamic community.”
About DoraHacks
DoraHacks is the world’s largest hacker movement and a leading global platform for open-source funding, hackathons, and developer grants. Since its inception in 2014, DoraHacks has empowered 200,000 developers and funded 20,000 innovative startups in multiple frontier tech verticals in Web3, AI, Quantum, and more.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Crypto Price Analysis February-07: ETH, XRP, ADA, BNB, and SOL
This week, we examine Ethereum, Ripple, Cardano, Binance Coin, and Solana in greater detail.
Ethereum (ETH)
The Monday crash took crypto by surprise during a historic liquidation event. Ethereum fell to $2,100 before it managed to recover some ground. The price is currently around $2,700 and closed the week with a 16% loss, being unable to go back above $3,000, which acts as a key resistance.
This price action has turned most charts bearish, including Ethereum, which just experienced a bearish cross on the weekly MACD. The selling volume also exploded, which shows fear in the market.
Looking ahead, Ethereum’s strongest support is currently at $2,400. Buyers have to defend this level if they want to avoid a fall below $2,000 later.
Chart by Tradingview
Ripple (XRP)
XRP’s rally ended on Monday when the price fell to $1.8 momentarily until buyers returned. This has put sellers in control, and the price ended the week with a 24% loss. This was a sharp and expensive reversal for those who were bullish and took a position above $3.
While the asset is currently at $2.3, it could easily fall to $2 and $1.6, which are major support levels. Buyers appeared interested in under $2 on Monday, but the sentiment remains bearish, and their conviction could soon be tested again.
Looking ahead, XRP just started a major correction, which may take several weeks to complete before the price decides to go higher again. The market also needs time to digest this week’s drop. Therefore, it is best to be patient here.
Chart by Tradingview
Cardano (ADA)
ADA also had a bad week after its price quickly fell to $0.5 on Monday but recovered somewhat after. Nevertheless, Cardano closes the week with a 21% loss. The momentum is bearish, and the downtrend is expected to continue.
The most important support level is found at $0.64, which could stop this nosedive. However, if the overall market sentiment remains bearish, this level could only be a short stop until a bottom is found at lower levels.
Looking ahead, Cardano is correcting sharply at the time of this post. If the $0.64 support cannot stop sellers, then the asset will likely revisit $0.5.
Chart by Tradingview
BNB’s resilience was put to the test on Monday as the price fell to $500, a price not seen since September 2024. Buyers tried to hold this cryptocurrency above $600, but they were unable to do so, considering the asset closed the week with a 15% loss.
There is good support at $550 and $500, which will likely be revisited if buyers remain shy at this time. The best BNB can hope for is a bounce that could see it test the resistance at $600. A break above this level seems unlikely at this time.
Looking ahead, as long as bulls keep BNB above $500, then it has a good shot at returning on an uptrend later once market conditions improve.
Chart by Tradingview
Solana (SOL)
Solana holders had a difficult time on Monday when the price fell under $200. They tried to bring it back above this key level, but failed after 24h, and closed the week with a 19% loss. At the time of this post, the price is around $190.
During this fall, the $200 level has turned into a key resistance, and the most important support line is now at $164. If bears continue to dominate, then SOL will likely test that support in the future.
Looking ahead, Solana’s momentum on the weekly timeframe is bearish, with the MACD and RSI making lower highs. This shows sellers are in charge, and they may hold the price under their control for quite some time. A possible reversal of this downtrend could happen in the $164 to $134 range.
Chart by Tradingview
SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.