The price of First Neiro On Ethereum, a meme coin, has skyrocketed in the last 24 hours, with investors rushing to buy the cryptocurrency despite its high-risk nature. The altcoin's price surged from a low of $0.001361 to a high of $0.001669, showing potential for further gains if it can overcome the resistance at $0.001715. However, a rejection at this level could lead to profit-taking and push the price down to $0.001358 or even $0.001062.
ETH is down nearly 4% as ETH ETF investors and whales continue to sell off their holdings, leading to accusations against Ethereum co-founder Vitalik Buterin for not having faith in ETH as a store of value. This selling pressure has resulted in eight consecutive days of net outflows for ETH ETFs and heavy liquidations in the traditional crypto market. Despite the accusations, Buterin maintains that he holds 90% of his net worth in ETH. The current price decline could potentially see ETH testing a lower ascending trendline before a potential rally.
As cryptocurrency markets experience a correction, multiple "whales" (individuals or entities with large amounts of cryptocurrency) have been selling large amounts of Ethereum (ETH), contributing to the downward pressure. Blockchain tracking firm Lookonchain has identified several instances of this panic-selling, with whales taking losses in order to avoid long withdrawal processes or repay debts. This trend highlights the impact that a few individual investors can have on the entire digital asset market.
Despite the recent approval of an Ether ETF, Ethereum's price has failed to break past the key resistance level of $3,000. This can be attributed to consistent outflows from Spot Ether ETFs, which have lost $112 million in institutional capital in the last eight days. Additionally, the initial excitement for Ethereum's deflationary potential has waned, according to experts, further dampening demand for the cryptocurrency. The recent reduction in transaction fees for Layer 2 chains has also affected the network's revenue, causing concerns for Ether holders.
After a potentially misleading report on the transfer of almost $2 billion USD worth of ETH from a now-defunct Ponzi scheme, the market saw a 5% drop in Ethereum's value. However, bullish signs from newly introduced ETFs and decreased outflows from the Grayscale Ethereum Trust suggest that the demand for ETH is surpassing its supply. Combined with recent technical indicators, experts predict a potential price rally for Ethereum if this trend persists. Furthermore, a major participant in the ETH market, Jump Trading, has resumed its selling spree, further adding to the volatility of the situation.
ZkSync, a layer-2 Ethereum scaling solution, is making headlines with their upcoming airdrop of 3.7 billion ZK tokens to user wallets next week. This distribution of tokens, worth over $67 million, aims to reward active users and promote adoption of their platform. With the value of ZK tokens rising, this airdrop is one to keep an eye on for those interested in the world of cryptocurrency and blockchain technology.
In a surprising turn of events, the Securities & Exchange Commission approved spot Ethereum ETFs on Thursday, leading to a significant rebound in the digital asset's value. This decision follows US lawmakers urging SEC Chair Gary Gensler to approve the ETFs and discussions in Hong Kong about offering ETH staking to investors. The SEC also approved 19b-4 and S-1 filings from eight ETF applicants, leading to optimism about the potential for ETH ETFs to be officially launched.
Ethereum, the second largest cryptocurrency in terms of market capitalization, owes its success to its revolutionary technology, specifically the GAS system and intelligent contracts. As the cryptocurrency continues to see success, it is also facing competition from other cryptocurrencies with potential for wild price fluctuations and trading opportunities for eager investors.
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Bitcoin has surged over 20% in the last week, reaching a price of over $63,000 and bringing the overall crypto market cap to over $2.3 trillion. Other major cryptocurrencies like Ethereum, Cardano, Solana, and Dogecoin have also seen significant gains. While some analysts believe a correction may be imminent, others predict that the rally could continue and push bitcoin's price above $80,000 by the end of the year. The introduction of bitcoin ETFs is seen as a major driving force behind the recent surge, and the ongoing supply crunch is also playing a role in the price growth.