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Ethereum (CRYPTO: ETH) has traders still caught in two minds, with some anticipating a swift uptrend, while others think a “monster move” will happen only later this year.
What Happened: Prominent analyst Michaёl van de Poppe sees Ethereum consolidating at $3,100 and bouncing back up later. The trader predicted ETH seeing a break above $3,500 and a rally to $3,800-$4,000 based on the assumption that the outflows are stagnating during this week.
Another crypto trader thinks the pullback is complete and ETH will now go higher:
Crypto trader Smiley Capital pointed to altcoins for the largest ROI. He further sees a familiar pattern playing out, with traders giving up on Ethereum, deeming it an underperformer. However, when Bitcoin (CRYPTO: BTC) is done rallying, which he expects in Q4 of 2021 to Q1 of 2025, Ethereum will pull a “monster move” and pull altcoins along with it.
Why It Matters: CoinShares James Butterfill tweeted that the new Ethereum ETFs took in $1.18 billion in their first trading week, but significant outflows meant a net outflow of $338 million.
IntoTheBlock data shows a 9% increase in Ethereum daily active addresses, while 78% of Ethereum holders are making a profit at current levels. However, large transaction volumes dropped 44.1%. Whale alert data revealed 12,215 ETH, worth $41.2 million, were transferred from unknown wallet to Binance.
What’s Next: The influence of Ethereum as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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