The crypto market was slightly bearish today as evidenced by the first net outflow from Bitcoin ETFs since January 25, hinting at a growing bearish sentiment among investors. While Bitcoin managed to stay within its $50,000-$53,000 trading range, its close in the red and unfavorable funding rates didn’t ignite much confidence among bulls. However, market watchers still hope for Bitcoin reversing its fortunes and sparking a major rally as institutional interest keeps growing. Bitcoin’s potential break above the $53,000 resistance can catapult it towards the coveted $60,000 mark.
Amidst this cautious market sentiment, Ethereum (ETH) emerged as a notable performer, surprisingly outpacing Bitcoin in terms of price gains. ETH not only achieved an over 1% increase but also surpassed the significant $3,100 mark, a feat not seen in two years. This rally, fueled by a 9% surge in trading volume and intensifying whale accumulation in light of the coming Dencun upgrade and critical regulatory developments, allowed Ethereum (ETH) to sidestep the broader market’s selling pressure. As Ethereum continues to navigate these bullish currents, the question remains: can it outshine Bitcoin, considering the unpredictable nature of whale activity in the crypto market?
Meanwhile, in the dynamic world of altcoins, ScapesMania (MANIA) concluded its presale stage, turning heads towards its impending Token Generation Event and the much-anticipated DEX listing.
Ride The Wave of Innovation with ScapesMania
The ScapesMania public sale wrapped up, becoming the talk of the crypto community. The project managed to secure over $6,125,000 at an unprecedented rate and there’s a strong probability that the token’s value might increase exponentially in the future.
The spotlight has shifted to the Token Generation Event (TGE) coming up on February 25 – March 09. The pool of tokens is smaller than it was before, the conditions are better than the market average, so the chance to maximize your potential returns is quickly diminishing. Letting it slip now would be a huge waste, especially since your chance to join is only a click away.
Your Last Chance to Boost Potential Returns Post Listing
The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters while also ensuring a high level of community engagement. Through DAO governance, backers will be able to influence and benefit from a growing industry.
Moreover, the token’s utility is impressive. It’s not another meme coin whose success relies heavily on trends and hype. ScapesMania ($MANIA) is a well-balanced, meticulously designed project that acts as a gaming ecosystem. As a player in the multi-billion casual gaming industry, it leverages the market’s growth potential. Post-debut, holders can anticipate greater liquidity and easier trading. A solid token management plan will further increase longer-term growth potential.
The community’s excitement about the project is evident so far: the follower count has reached 60K+. Also, the growing interest from crypto whales with deposits of $20,000+ might expedite ScapesMania’s transition from niche to mainstream.
ScapesMania’s smart contract has received approval from prominent security-ranking firms, ensuring peace of mind for holders. Additionally, the PancakeSwap listing is on the horizon, with CEX listings still in the works.
ScapesMania is also notable for a great cliff vesting structure to prevent token dumping, making sure that supply and demand are well-matched for potential growth.
Make sure you don’t pass up the opportunity to leverage all discounts and potentially beat the market with the TGE fast approaching. Be quick if you want to be the first one in line for all the post-listing opportunities, which might be quite lucrative.
>>> TGE ALERT – Keep Up With Latest News <<<
Big Players Keep Driving Ethereum’s (ETH) Price Rally
The latest insights from on-chain analytical platforms Lookonchain and Spot On Chain brought to light some intriguing activities by Ethereum (ETH) whales. A notable example was the whale wallet 0x8B9, which withdrew a staggering 14,632 ETH, valued at approximately $45.5 million, from Binance and staked it, all within a mere six days. In a similar vein, another whale, operating through wallet 0xBa7, made a significant move by withdrawing 3,000 ETH, valued at around $9.18 million, from Kraken.
These whales’ actions reflected a broader trend of Ethereum (ETH) accumulation, especially during weekends, with two new wallets withdrawing a total of 6,000 ETH from Kraken, amounting to an impressive $18.17 million. The strategic moves of big-time investors had a palpable impact on Ethereum’s (ETH) market dynamics. Over the past month, ETH’s value has soared by nearly 35%, reaching a high of $3,100, a price point last seen in April 2022.
The recent uptrend could be attributed in part to the reduced selling pressure as whales moved their holdings from centralized exchanges to private wallets, indicating a long-term holding strategy in the run-up of the impending Dencun upgrade. Set for mid-March, this upgrade aims to enhance the scalability, efficiency and security of the Ethereum blockchain, marking the beginning of “The Surge” era after its historic transition from Proof-of-Work to Proof-of-Stake, known as “The Merge”.
Additionally, the potential approval of a spot ETH-ETF in the United States, reminiscent of the significant price increase Bitcoin experienced prior to the SEC’s approval of several ETF applications, including BlackRock’s, could be another driving force behind this accumulation and rally.
As Ethereum (ETH) keeps navigating these promising developments, the role of whale investors remains a topic of keen interest. Their substantial market moves have the power to either propel prices upwards or drive them downwards at any moment, adding an element of unpredictability to the ETH market’s future.
Ethereum (ETH) Technical Analysis
As of now, Ethereum (ETH) is oscillating between its first support level at $2,940 and the first resistance level at $3,203.
Source: TradingView
The Exponential Moving Averages (EMA) paint a bullish picture in the short term, with the 10-day EMA at $3,055 and the 50-day EMA at $2,946, both situated above the significant 200-day EMA at $2,669. This suggests a generally upward trend in recent times.
The Commodity Channel Index (CCI) at 76.7 and the Average Directional Index (ADX) at 33.7 support this bullish scenario, suggesting that ETH could be gaining traction in its upward trajectory.
The MACD Level at 41.1 and Momentum at 71.5 both reinforce the strength of the current uptrend.
But the Relative Strength Index (RSI) standing at 60.7 indicates that Ethereum (ETH) is neither overbought nor oversold, providing room for potential price movement in either direction.
Moreover, the Stochastic %K is relatively high at 76.5, hinting at possible overbought conditions that traders might want to monitor.
Ethereum (ETH) Price Prediction
The optimistic outlook aligns well with the aggressive accumulation by ETH whales. The break and sustain above $3,203 would indicate a strong market response to the whales’ confidence in Ethereum (ETH), especially considering the coming Dencun upgrade and the potential approval of a spot ETH-ETF. Should this bullish trend extend, Ethereum (ETH) could even hit $3,293, eyeing $3,556 as the most desired target.
On the flip side, the bearish scenario contemplates the possibility of ETH failing to hold above $2,940, which could lead to a test of lower supports at $2,768 and $2,505. This potential downturn could be a reaction to market apprehensions about the impact of whales’ actions as their highly speculative market moves can be a double-edged sword, capable of pushing prices either up or down.
Bottomline
Ethereum (ETH) stands out as a strong performer in the current crypto market, distinguishing itself with notable price gains amidst a generally bearish atmosphere. ETH’s positive trend is largely fueled by significant whale activity in light of the heightened anticipation for the coming Dencun upgrade and the potential introduction of its spot ETFs. Ethereum’s (ETH) ability to surpass $3,100, coupled with substantial investor interest, positions it as a potentially more dynamic investment compared to Bitcoin, despite the inherent unpredictability of whale-driven market movements.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
