Ethereum

What The FUD? Ethereum Adds Solana’s Entire Market Cap in 1 Week, ETFs See Record Inflow

Ethereum prices have surged a whopping 38% over the past seven days, outpacing Bitcoin’s gains, which were around 30% over the same period.

Moreover, Ethereum’s market capitalization has increased by more than $100 billion in less than a week. To put this into perspective, this is more than Solana’s entire market capitalization. This has pushed the ETH market cap over $400 billion for the first time since July.

The move wasn’t lost on crypto social media, with observers exclaiming, “And there are still people who think Solana will replace Ethereum. Hilarious.”

Ethereum added as much to its market cap in 5 days as Solana’s entire $100B market cap.

And there are still people who think Solana will replace Ethereum.

Hilarious. pic.twitter.com/1xyB9KKq9B

— Poseidon (@CryptoPoseidonn) November 10, 2024

ETH FUD Extinguished

Additionally, ETH hit an almost four-month high of $3,384 during early Asian trading on Tuesday, Nov. 12. It is now targeting resistance at $3,500, a level last seen in late July.

However, analysts have noted that where Bitcoin has broken out, Ethereum is still trading within a broadening wedge pattern with a breakout imminent.

$ETH is Still Moving inside the Broadening Wedge Pattern..!!

imo, Party Will Start once the wedge Breaks out..

Midterm target : 5450$#Crypto #Ethereum #ETH pic.twitter.com/qkcKhqEYKl

— Captain Faibik (@CryptoFaibik) November 12, 2024

“There will soon be an ETH god candle that will catch literally everyone off-guard and send ETH straight to Valhalla,” commented ecosystem educator Anthony Sassano on Nov. 12. Earlier this week, he commented on the dissipation of Ethereum FUD as prices finally moved.

“Every single piece of ETH FUD has completely disappeared, and now it’s popular to be bullish on ETH again. Narrative follows price – never forget this.”

Other altcoins outperforming at the moment include Dogecoin (DOGE), which has surged a whopping 33% over the past 24 hours as it surged past $0.40.

Avalanche (AVAX), Aptos (APT), and Cronos (CRO) are also making double-digit gains today.

Ethereum ETFs See Record Inflow

Ethereum momentum is also being reflected in institutional circles, as spot ETH ETFs in the US saw a record day of inflows.

Monday, Nov. 11, saw a record $295 million in inflows for the nine recently launched spot Ethereum ETFs. BlackRock’s ETHA fund had $100.5 million, but Fidelity’s FETH fund led the pack with $115.5 million in inflows, its highest-ever daily flow since it went live in July.

Grayscale’s Ethereum Mini Trust (ETH) saw an inflow of $63.3 million, while the Bitwise ETHW fund had $15.6 million. Over the past four consecutive trading days, more than $500 million has flowed into Ethereum ETFs, depleting the total aggregate outflow to just—$130 million.

Record-breaking day for crypto ETFs!

The US Ethereum ETFs recorded their largest net inflow ever at $295.1M, led by #Fidelity (FETH) with $115.5M—its biggest inflow since launch.

Meanwhile, the US Bitcoin ETFs weren’t left behind, seeing a massive $1.094B inflow, the… pic.twitter.com/YJ0iI7UgUy

— Spot On Chain (@spotonchain) November 12, 2024

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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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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.

Cryptocurrency charts by TradingView.

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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