After consolidating below $2000 for the first three quarters, the Ethereum price triggered a massive jump after hitting the lows below $1600. This caused the price to soar by over 55%, which began at the beginning of November, reaching a high close to $2400. This jump was believed to be the start of a fresh bullish run, intending to form a new ATH beyond $5000. However, the correction that followed the ETH price is displaying the possibility of offering a buy at the dip moment very soon.

The recent drop now indicates the price is all set to plunge by another 5% to 6% in the coming days. The trend is descending, heading towards the lower support close to $2000, offering another entry for the long trades. The volume profile of the previous consolidation structure is around $2053, which is a point of control where most of the contracts were traded. The markets usually react to these types of levels very strongly; hence, a bounce could be expected.

The bears are trying hard to outperform the bulls by exercising extensive upward pressure. The rally is now forming constant lower highs and lows, indicating the growing strength among the bears as the selling pressure accumulates. Also, the price has dropped below the elevating trend line that has been acting as a strong support in recent times. Furthermore, the bears thwarted a new attempt to rise above these levels.

Adding more substance, the RSI is failing constantly to rise above average levels, suggesting the weakness piling up among the bulls. This could hamper the progress of the rally, which has already been flashing bearish signals. The ETH price is trying hard to rise above the crucial trend line, but if the bulls fail to do so, a fresh bearish wave may drag it lower towards support.

However, the bulls may quickly jump into finding the token within the liquidity range, but if they manage to break above the upper resistance in the next few days, the bearish scenario may be invalidated. In such a case, the Ethereum price target for 2023 could be beyond $2,450 to $2,500.

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Ethereum Price Could Drop Another 5%; Heres Why a Bearish Scenario May Play Out Well - Coinpedia Fintech News

A closely followed analyst says that crypto whales have gobbled up hundreds of millions of dollars worth of top altcoin Ethereum (ETH) during the last seven days.

In a new thread, crypto strategist Ali Martinez tells his 36,100 followers on the social media platform X that deep-pocketed traders have accumulated tens of thousands of ETH over the past week.

Some of the largest Ethereum whales have been on a buying spree, scooping up over 100,000 ETH in just the past week thats a whopping $230 million!

Ethereum is trading for $2,171 at time of writing.

Moving on to dog-themed meme asset Shiba Inu (SHIB), Martinez notes that the Dogecoin (DOGE) rival appears to be on the cusp of a rally to the upside after breaking above its diagonal resistance.

Shiba Inu is showing signs of breakout! If SHIB maintains the crucial support level at $0.0000103, the next stop for SHIB could be $0.0000140.

SHIB is trading for $0.0000109 at time of writing.

Wrapping up his analysis with the smart contract protocol Fantom (FTM), Martinez says that the altcoin is flashing a bullish signal as an uptrend in its network growth points toward higher demand for the token.

The Fantom network is witnessing a bullish sign with a steady rise in new addresses, consistently making higher highs and higher lows. This uptrend in network growth suggests a surging demand for FTM. Such a spike in user interest could soon start reflecting in FTMs price.

Fantom is trading for $0.39 at time of writing.

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Crypto Whales Heavily Loading Up on Ethereum, Accumulate $230,000,000 in ETH in One Week: Trader - The Daily Hodl

While Bitcoin (BTC) has had a great 2023, so has Ethereum (ETH), the second-most traded and recognizable crypto coin in the world. Ethereum is known for its uses as a blockchain-powered, open-ended decentralized software platform and has risen 89.4% in value as of date in 2023.

The crypto behemoth has paved its path to winning over new customers by making a significant update this year, known as the Shanghai Upgrade. Under this upgrade, ETH shifted its blockchain validation system from proof-of-work to proof-of-stake and marked one of the most significant developments in the relatively short history of cryptocurrency.

In the proof-of-stake system, miners of Ethereum will rely on Ether holders, who will act as validators, thus lending more assurance to the system. In essence, proof-of-stake allows holders of Ether to lock up their funds as collateral to validate transactions and create new blocks, reducing the need for extensive computation and energy consumption.

Powered by this development and what promises to be a significant 2024 for cryptocurrency, analysts around the world have turned bullish on it. There is a consensus that ETH might outperform BTC in 2024 with regard to growth rate and will gain more market share based on its proposals to reduce transaction costs and boost the number of transactions per second. In fact, its planned upgrade, called EIP-4844, might ensure that transaction costs could fall to as low as $0.01.

Per Bitwise Asset Management, the world's largest crypto index fund manager, ETH revenues could double from 2023, up to $5 billion in 2024. Also, a state of fast-rising interest rates has not proven conducive to the crypto market. However, with markets widely betting on rate hikes having come to an end and the first rate cut as early as first-quarter 2024, the crisis for crypto may have been averted.

Ethereum has already started to make good of the state of the market, and it might be prudent to keep a watch on stocks exposed to this open-source, decentralized blockchain platform. Here is a selection of two stocks that we believe should be tracked. These currently carry a Zacks Rank #2 (Buy) or 3 (Hold). You can see the complete list of todays Zacks #1 Rank stocks here.

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Accenture plc ACN: This global system integrator that provides consulting, technology and other services markets Ethereum-based blockchain solutions to businesses to make it easier to process payments.

Accentures expected earnings growth rate for the current year is 4.6%. The Zacks Consensus Estimate for its current-year earnings has improved by 0.1% over the past 60 days. ACN currently carries a Zacks Rank #2.

CME Group Inc. CME: This company operates as one of the world's largest futures exchange, offers a wide range of derivatives contracts and provides various solutions to invest in cryptocurrencies like Ethereum.

CME Groups expected earnings growth rate for the current year is 14.7%. The Zacks Consensus Estimate for its current-year earnings has improved by 0.6% over the past 60 days. CME currently carries a Zacks Rank #3.

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2 Stocks to Watch as Ethereum Shows Promise for 2024 - Yahoo Finance

The debate around Ethereums classification under U.S. securities laws has lingered for years. Notably, the SEC has taken legal action against various crypto projects for issuing tokens allegedly classified as securities. However, Ethereum and its native asset, ETH, have remained notably untouched by the regulatory agency.

Bloombergs ETF analyst, James Seyffart, contends that the SECs actionsor lack thereofindicate a divergence in how it views ETH. In his analysis, Seyffart suggests that the SEC implicitly acknowledges Ethereum as a commodity rather than a security. He points to the approval of Ethereum futures ETFs as a sign within the SECs jurisdiction favoring this view.

He further predicts that any reversal by the SEC on Ethereums status would result in the delisting of approved Ethereum futures contracts. Such a move would not only challenge the crypto industry but also pit the SEC against its sister agency, the CFTC, which oversees futures contracts.

It is worth noting that SEC Chair Gary Gensler has implicitly categorized both Bitcoin and Ethereum as commodities rather than securities. But Seyffart forecasts Gensler to publicly label Bitcoin as a commodity in 2024 while remaining silent on Ethereums status, further cementing its position as a non-security asset.

Seyffart believes that declaring Ethereum security isnt a priority for the SEC at this juncture, suggesting that Gensler might opt to label other crypto assets as securities instead. This classification carries significant regulatory implications, as securities necessitate stringent registrations and financial disclosures with the SEC, unlike commodities that fall outside its regulatory scope.

Despite Genslers stance advocating for most crypto projects issuing tokens to be considered securities under SEC jurisdiction, the crypto industry is actively challenging this narrative. Ongoing lawsuits involving Ripple and Coinbase highlight the industrys vigorous defense of its position on crypto assets classification as securities or commodities.

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Bloomberg Analyst Says SEC Has Dismissed Ethereum as Security - Coinpedia Fintech News

Over the past week, cryptocurrencies like XRP have stolen the spotlight of digital asset investment products from Bitcoin and Ethereum.

Specifically, XRP recorded significant inflows while the market bigwigs witnessed unusual profit-taking sell-offs. This development was captured in a new report by European crypto-focused asset manager CoinShares.

The report elaborated on the trend of funds flowing in and out of digital asset investment products over the past week.

Per the report, crypto investment products witnessed a departure from the recent streak of inflows. It registered a minor outflows amounting to $16 million. This shift comes after a remarkable 11-week period of consistent inflows.

Despite the outflows, the overall trading activity maintained robust figures, surpassing the year-to-date average. Specifically, the weekly total reached $3.6 billion, showcasing a marked difference from the yearly average of $1.6 billion.

Furthermore, the report highlighted that the United States experienced a notable flow of $18 million regarding regional outflow. Also, Germany saw minor outflows totaling $10 million in digital asset investment products.

However, Canada and Switzerland provided a counterbalance with continued inflows amounting to $6.9 million and $9.1 million, respectively.

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Analysts have suggested that the mixed regional flows indicate profit-taking rather than a fundamental shift in sentiment toward the asset class.

Concerning flows by asset class, Bitcoin took a hit, suffering the most significant outflows at $33 million. In parallel, short-bitcoin products also experienced minor outflows totaling $0.3 million.

Likewise, Ethereum and Avalanche faced some headwinds, experiencing outflows of $4.4 million and $1 million, respectively.

Contrary to the overall trend, altcoins saw a surge in investor interest. It attracted $21 million in inflows, with XRP, Cardano, Solana, and Chainlink emerging as the primary beneficiaries. The digital assets secured inflows of $2.7 million, $3 million, $10.6 million, and $2 million, respectively.

On a month-to-date scale, XRPs inflow of digital asset investment stands at $3.6 million and $17 million on a year-to-date scale. Also, Solanas inflow since last month is $14.1 million, and $156 million since January.

While Bitcoin recorded the most substantial outflow for the past week, Bitcoin investment still amounted to $6.7 million from November. Moreover, Bitcoin has witnessed over 1.669 billion investments since January.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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XRP Beats Bitcoin, Ethereum in Weekly Fund Flows, Boasts $2.7M Inflow - The Crypto Basic