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Home Ethereum

Why Ethereum’s rebound to $2.7K hinges more on memecoins, than on Bitcoin

n70products by n70products
October 20, 2024
in Ethereum
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Why Ethereum’s rebound to $2.7K hinges more on memecoins, than on Bitcoin
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  • ETH stalled on the charts as memecoins gained momentum all through the week
  • A robust catalyst could also be wanted to spark a brief squeeze

Because the crypto market rallied, propelled by Bitcoin [BTC] nearing its earlier ATH, Ethereum [ETH] loved weekly positive factors of practically 10%. On the time of writing, the altcoin was buying and selling at $2.6k. 

This mirrored a typical buying and selling technique, one the place high-cap altcoins thrive when BTC hits a key resistance, prompting retail buyers to shift their capital in a bid to mitigate threat.

Nonetheless, in contrast to earlier cycles, ETH has continued to consolidate during the last three days. All whereas BTC posted every day positive factors exceeding 2% over the identical timeframe.

Merely put, there was an underlying shift available in the market dynamics.

Memecoins have reaped probably the most advantages

During the last seven days, memecoins have surged dramatically on the worth charts, with three of the top 5 gainers being meme tokens.

Notably, DOGE led the pack with spectacular 30% weekly positive factors – An indication that buyers are displaying confidence in high-risk belongings that supply fast, outsized returns.

In accordance with AMBCrypto, as merchants more and more noticed upside potential in memecoins, curiosity in ETH waned, resulting in its consolidation on the charts. 

Nonetheless, one other AMBCrypto report recommended that DOGE’s uptick may very well be an indication of an overheated market. One which can quickly face a correction.

Therefore, the query – May this potential pullback appeal to capital again into ETH, setting the stage for a brief squeeze?

ETH price chartETH price chart

Supply: TradingView

On the time of writing, the MACD strains have been nearing a crossover. It it seems as deliberate, it might additional verify ETH’s anticipated transfer over the weekend.

Quite the opposite, the RSI projected an overbought situation, with 74% of the worth motion during the last two weeks trending upwards – Elevating the potential of a pattern reversal quickly.

Taken collectively, one can argue that ETH has been shedding floor throughout key metrics, with promoting strain growing as merchants proceed to trip the memecoin wave. 

If this pattern persists and isn’t countered by a shift in momentum, it might set off a liquidation of lengthy positions, forcing holders to promote.

Such a state of affairs would restrict ETH’s means to realize momentum when BTC peaks. That is sometimes an indicator of the onset of altcoin season.

ETH holders are concentrating on the dip

Sometimes, when retail buyers offload their holdings, it indicators a market prime as they money in on their positive factors.

Quite the opposite, massive holders coming into an accumulation section at an area low can set up a market backside, viewing it as a possible dip to purchase.

Over the previous three days, as ETH’s rally stalled, massive holders strategically purchased ETH at discount costs. They anticipated that BTC’s rally would proceed, and extra buyers would search refuge in altcoins.

large holder large holder

Supply: IntoTheBlock

Consequently, a big quantity of ETH tokens have been withdrawn from exchanges, catalyzing a ten% weekly surge regardless of the prevailing market concern.


Learn Ethereum [ETH] Price Prediction 2024-2025


In brief, ETH is at a crucial juncture, influenced by numerous elements shaping its future trajectory.

If memecoins proceed to attract liquidity away from BTC merchants, the potential for a brief squeeze could hinge on massive holder exercise. This may make ETH extra weak to uneven focus and sudden worth swings.

Subsequent: XRP traders, watch out for $0.52 level for potential long set-up!



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