Markets
How far will Ethereum (ETH) go?

2.30pm ▪ 10 minute reading ▪ by Thomas A.
Crypto bull markets generally benefit altcoins in a second phase. In May, Ethereum (ETH) recorded a performance of more than 15%, and almost 65% since the beginning of the year. This resurgence of Ethereum comes after the SEC approved the establishment of ETFs on the world’s second largest cryptocurrency. Although the correlation between Bitcoin and Ethereum remains high, the cyclicality of Ethereum’s price appears to be operating with the same precision in the structure of this bull market. Decoding Ethereum Price Indicators and Dynamics.
An ETF soon to revive the market?
As with Bitcoin (BTC), the US Securities and Exchange Commission has approved the establishment of an ETF on Ethereum. Therefore, this decision will allow major global managers to expand the cryptocurrency offering to their clients. However, the SEC has yet to approve its marketing…
“This follows the successful introduction of Bitcoin ETFs in January, which quickly attracted $13.3 billion in net inflows, setting performance records for ETFs upon their launch. The arrival of ETFs on Ethereum could be similarly successful, attracting a new inflow of capital to the second largest cryptocurrency.”
This same announcement for Bitcoin had particularly favored the increase in prices to all-time highs. The arrival of an ETF on Ethereum therefore leaves the potential for a return to the November 2021 highs of $4,868. In May 2024, ETH therefore represents almost 17.7% of the market capitalization. This market share is still far behind Bitcoin, with a dominance close to 53%.
The approval of ETFs on Ethereum could therefore trigger a catch-up effect compared to Bitcoin. Furthermore, these ETFs could also be used in the future to create ETFs representing a basket of cryptocurrencies.
A look at fractals: the rise persists
An important indicator to measure the feasibility of the trend on ETH is the use of fractals. In fact, the Hurst exponent (to know more) allows you to measure the degree of persistence of the trend from one time scale to another. Furthermore, the Hurst exponent is ideally between 0 and 1. With Ethereum, a Hurst exponent close to 1 indicates significant upside potential and consequently good symmetry with important lows. Conversely, a Hurst exponent close to 0 will indicate that the trend is anti-persistent and will likely turn downward.
Ethereum (ETH) price (top chart) and Hurst exponent (bottom chart). Measures the positive (>0.5) or negative (<0.5) persistence of the trend. Chart and data by Thomas ANDRIEU.
Graphically, we see that ETH gained significant upside potential in mid-2022, reconfirming it in early 2023. The resulting bull market, according to the theory, was accompanied by a decrease in the Hurst exponent, signaling the loss of upside potential. In March 2024, the Hurst exponent was below 30%, indicating downside risk, or at least the absence of upside potential. However, Ethereum’s recent rebound appears to reaffirm a renewal of upside potential, thus limiting the downside risks seen in Spring 2024.
Nonetheless, this approach encourages us to be more cautious about the nature of the bull market with respect to 2023. Indeed, it seems clear that the bull market has exhausted a significant portion of its overall potential.
The cycles that act on ETH
In several articles we have had the opportunity to highlight a cycle close to 3.6 years on Ethereum. Furthermore, this ruling cycle corresponds to the same ruling cycle as Bitcoin (BTC). The timing of this cycle therefore allows us to judge and compare different bull or bear markets. For examplethe bull market observed on Bitcoin since 2023 is highly symmetrical to previous bull markets.
“In fact, we know that two cycles of 4 and 22 months synchronized in February 2018. We are now looking for the time period needed to make the next constructive interference happen. Calculating the LCM(4,22), we get 44 months (3.6 years)which is strongly correlated to the cyclicality of stocks and Bitcoin (Cyclicality of Bitcoin (BTC) – Cointribune).”
Technical indicators: constructive interference and destructive interference – Cointribune
Just over 3.6 years therefore separate the major peak of 2018 from that of 2021 on Ethereum. Likewise, 3.6 years separate the early 2019 main bottom from the mid-2022 main bottom, etc. We see a clear cyclical dynamic here, fueled mainly by the correlation of Ethereum with Bitcoin. From this perspective, certainly theoretical, we could expect Ethereum to peak around mid-2025. Finally, we will mention the good symmetry observed so far between the current bull market and the previous bull market.
Current cycle for Ethereum and previous cycle
ETH remains correlated with Bitcoin
In our previous document, we highlighted the importance of the correlation between Ethereum and Bitcoin. The minimums and major minimums of the cryptocurrency market are in fact linked to the relationship that exists between the two main cryptocurrencies.
“We note in our case that a high correlation coefficient between Bitcoin and Ethereum is favorable for the translation of important lows on Bitcoin. Conversely, a low correlation coefficient (very low coefficient) will likely translate a strong weakening of market strength and major peaks. One major explanation could be that, during bull markets, the dependence of altcoins on Bitcoin decreases.”
ETH price (top graph) and 6-month correlation coefficient with the Bitcoin price (bottom graph). Graphic by Thomas ANDRIEU.
Graphically, we can verify that the important lows on ETH are connected by a very high correlation with Bitcoin. However, ahead of the major bull markets on ETH, we note that the BTC/ETH correlation is minimal. In March 2024 the 6-month correlation between Bitcoin and Ethereum therefore reached a minimum of around 70%. By symmetry, this effectively signaled the likely arrival of an intense bull market on ETH. The study of the correlation between the two assets, however, does not allow us to effectively judge the probable maximums of Ethereum.
Despite everything, we see that the correlation between the two assets remains generally high. It’s mostly above 80%, which is significant.
Towards $6,000?
The Technical Analysis of the price of Ethereum can provide us with further elements. In fact, we note that the consolidation of March/April 2024 does not compromise the bullish trend that began in 2023. On the contrary, the recent bullish breakout allows us to set an initial target (almost reached) towards the recent highs around $4,000.
Price of Ethereum (ETH).
Then, as we have highlighted, it would be consistent, given the correlation with Bitcoin, to reach historical highs at $4,800. In the continuation of this theoretical bullish move, the next extended target of the consolidation pattern (flag, logarithmic scale) would be near $6,000. This level doesn’t look graphically or statistically impossible. On the contrary, continued difficulties in breaking out of recent highs, or a prolonged drop below $3,000, would signal a likely exit from the uptrend.
We also mentioned the good timing of this dynamic, similar to that of Bitcoin. However, we see that a continued upward trend would have less basis than the 2023 and early 2024 increase. This necessarily encourages greater attention to indicators of market strength.
In short
The approval of Ethereum ETFs appears to have triggered a break in the consolidation since March. The bullish trend on Ethereum continues thus:
- With an extension of demand to ETFs and the rebound in the price of Bitcoin.
- A weakening of the bullish strength in terms of fractals. However, the upside potential appears to be maintained in April/May regarding the price rebound.
- Furthermore, the timing and cyclicality of the market still seems relevant. So far, a certain symmetry persists between the current bull market and the previous one. The bullish dynamic is therefore accompanied by structural market cycles.
- Correlation with Bitcoin is maintained despite a decorrelation in March 2024. This signal indicates that the bull market on ETH is likely to continue in line with Bitcoin.
- Finally, technical analysis clearly shows continuation potential. Targeting previous highs, then historical highs, would then be likely in a bull market. If the bullish strength is maintained, some extended targets are around $6,000, and above by extension.
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Thomas A.
Author of various books, financial and economic editor for numerous websites, I have developed a true passion for the analysis and study of markets and the economy.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.
Markets
Bitcoin, Ethereum See Red as Markets Crash on Volatility

Bitcoin AND Etherealalong with the rest of the top 10 cryptocurrencies by market cap, appear to be in hibernation on Thursday morning.
At the time of writing, the Bitcoin Price is still below $65,000 and 2.2% lower than it was this time yesterday, according to CoinGecko data. Things are worse for the Ethereum Pricewhich is 3.7% lower than 24 hours ago at $3,185.22. The drop in ETH’s price is identical to that of Lido Staked Ethereum (stETH), a liquid staking token for Ethereum.
In recent days, falling prices have led to the liquidation of derivative contracts worth $225 million, according to Coin glassAnd about half of that, about $100 million, was liquidated in the last 12 hours.
When a trader is liquidated, it means that their position in the market has been forcibly closed by an exchange or brokerage due to a margin call or insufficient collateral. Margin is especially important when it comes to leveraged positions, which allow traders to control a multiple of their deposit, such as opening a $10,000 position with only $1,000 in their account.
Now that Bitcoin has been in the red for three days in a row, there is a chance that the world’s oldest and largest cryptocurrency could sink even further, BRN analyst Valentin Fournier said in a note shared with Decrypt.
“Bitcoin has closed in the red for three days in a row, with one-way trading showing limited resistance from bulls. Ethereum had a slightly positive Monday with strong resistance from bears who have won the last two days,” he wrote. “This momentum could take BTC to the $62,500 resistance or even the $58,000 territories.”
Looking ahead, Fournier said BRN’s strategy will be to “reduce exposure to Bitcoin and Ethereum and find a better entry point after the dip.”
This is despite Federal Reserve Chairman Jerome Powell’s comments yesterday on interest rates being widely regarded as accommodating and indicative of FOMC rate cuts in September.
Singapore-based cryptocurrency trading firm QCP Capital said the rally in stocks, which sent the S&P 500 up 1.6% from Wednesday’s close, was not felt in cryptocurrency markets.
“Cryptocurrencies have seen a broad sell-off overnight and into this morning,” the firm wrote in a trading note. “The market remains poised as traders pay close attention to daily ETH ETF outflows and further supply pressure from Mt Gox and the US government.”
Meanwhile, the other top-ranking coins are showing mixed performance.
Solana (SOL) is down 7.2% since yesterday to $169.13. Things are even worse for its most popular meme coins. In the past 24 hours, the most popular meme coins Dogwifhat (WIF) are down 12% and BONK (BONK) is down 9%, according to CoinGecko data.
Their dog-themed competitor, Ethereum OG Dogecoin (DOGE), the only meme coin in Coingecko’s top 10, is down nearly 4% since yesterday and is currently trading at $0.1205.
XRP (XRP) dropped to $0.608, which is 7% lower than it was at this time yesterday.
Binance’s BNB Coin (BNB) has kept pace with BTC and is currently trading at $571, down 2.4% from yesterday. Toncoin (TON), the native token of The Open Network, is down just 0.4% over the past day.
This leaves the stablecoins USDC (USDC) and Tether (USDT), both of which are stable as they maintain their 1:1 ratio with the US dollar.
Markets
XRP Market Activity Drops During Ripple-SEC Talks: Price Steady

The Securities and Exchange Commission (SEC) will hold another closed-door meeting with Ripple on Thursday, as the market hopes for a possible resolution to the legal battle between the two entities.
However, the cryptocurrency market remains relatively bearish, with the price and trading volume of XRP down in the last 24 hours.
Ripple holders take no risk
At press time, XRP is trading at $0.60. The altcoin’s price has dropped 6% over the past 24 hours. During that time, trading volume was $27 million, down 27%.
The SEC met before with the digital payment company on July 25. While the outcome of that meeting remains unknown, the Sunshine Act Notice for Thursday’s meeting includes one additional topic of discussion from the July 25 closed meeting: the instituting and resolving injunctive relief. That has market participants speculating whether a settlement is imminent.
In an exclusive interview with BeinCrypto, Ryan Lee, Lead Analyst at Bitget Research, noted that:
“This meeting will discuss possible resolution options for the Ripple Lawsuit. The founder of Ripple Labs said that a legal settlement could be announced soon. If an official settlement plan is released, it could positively impact XRP’s price movement.”
However, an assessment of XRP’s price movements on a 4-hour chart shows a spike in bearish bias as the market awaits the outcome of this crucial meeting. Its Moving Average Convergence/Divergence (MACD) indicator readings show that its MACD line (blue) has crossed below its signal line (orange).
XRP 4 Hours Analysis. Source: Trading View
Traders use this indicator to gauge price trends, momentum, and potential buying and selling opportunities in the market. When an asset’s MACD is set this way, it is a bearish signal that suggests selling activity is outweighing buying momentum.
Additionally, the altcoin relative strength index (RSI), at 46.08, is currently below its neutral 50 line and in a downtrend. This indicator measures overbought and oversold market conditions for an asset.
To know more: How to Buy XRP and Everything You Need to Know
XRP 4 Hours Analysis. Source: Trading View
At 43.83 at the time of writing, XRP’s RSI suggests a growing preference among the market participants for tokin distribution.
XRP Price Prediction: Derivatives Traders Exit Market
The XRP derivatives market has also seen a decline in trading activity over the past 24 hours. According to Coinglass, derivatives trading volume has plummeted 18% and open interest has dropped 10% during that period.
Open interest refers to the total number of outstanding derivative contracts, such as options or futurethat have not yet been resolved. When it drops, traders close their positions without opening new ones. This is a bearish signal that reflects a lack of confidence in any potential positive price movement.
According to Lee, the outcome of the meeting with the SEC “would have a significant impact on the price movement of the token.” If the outcome is favorable, the price of the token could rise towards $0.75 in August.
To know more: Ripple (XRP) Price Prediction 2024/2025/2030
XRP 4 Hours Analysis. Source: Trading View
On the other hand, if no favorable resolutions are reached, the price could plummet to $0.50.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.
Markets
Bitcoin’s Dominance Hits Three-Year High, But Analysts Say Altcoins Are Ready to Rebound

Bitcoin is now the dominant force in the cryptocurrency market, surpassing 53% of the total cryptocurrency market, a stronger share than it has been in the past three years.
Bitcoin’s market cap now stands at $1.27 trillion, second according to CoinGecko data. In contrast, the total cryptocurrency market cap is $2.43 trillion, with Ethereum occupying 15.9% of the market, worth $389 billion.
Bitcoin’s rise to dominance this year is unusual, as altcoins typically do better than Bitcoin in a bull market. While meme coins made a strong comeback during Bitcoin’s rally to all-time highs earlier this year, the so-called “wealth effect” It has not been appreciated as much by mid-range coins, such as Ethereum and Cardano.
“ETF flows fundamentally alter market dynamics,” he wrote Meltem Demirors, former chief strategy officer at CoinShares, tweeted Wednesday: “BTC gains no longer translate to alts and the longer tail of crypto.”
Bitcoin’s takeover has continued even as the market cap of Tether (USDT) continues to grow, the world’s largest stablecoin and the third-largest cryptocurrency after BTC and ETH. Stablecoins are backed by fiat currencies and are excluded from some measures of Bitcoin dominance due to fundamentally different value models.
The surge continued to pace even after the launch of Ethereum spot ETFs last week, which ironically culminated in a news sell-off event, and net outflows from new investment products since they were launched. This went against the predictions of K33 Search so far, which predicted that ETFs would catalyze ETH’s growth over the next five months.
Despite the poorer performance of the alts, there is reason to believe that they are ready to bounce back very soon.
CryptoQuant CEO Ki Young Ju said Tuesday that whales are “preparing for the next altcoin rally,” as limit buy orders for assets other than BTC and ETH are on the rise.
The executive shared a chart showing how the “cumulative difference between purchase volume and sales volume” has increased in recent months.
“The indicator measures the difference between buy and sell orders over a year,” CryptoQuant told Decrypt. A buy/sell order is a pre-set request to buy or sell a cryptocurrency if it hits a certain price level, which creates resistance and support levels.
“If the trend is up, it means that more people are placing buy orders, showing strong interest in buying,” CryptoQuant said.
By Ryan-Ozawa.
Markets
XRP and SOL Retrace as BTC Price Drops to 2-Week Lows (Market Watch)

After Monday’s crash, in which BTC fell by several thousand dollars, the scenario has repeated itself once again in the last 12 hours, with the asset falling to a 2-week low of $63,300.
Alt coins followed suit, with most of the market in the red today. SOL and XRP lead the way from the higher cap alts.
BTC Drops To $63.3K
After a violent Thursday last week, when BTC crashed to $63,400, the asset went on the offensive over the weekend and surged above $69,000 on Saturday, as the community prepared for Donald Trump’s appearance at the 2024 Bitcoin Conference in Nashville.
His speech was followed by more volatility before the cryptocurrency settled around $67,500 on Sunday. Monday started off rather optimistically for the bulls as bitcoin hit a 7-week high of $70,000.
However, he failed to maintain his run and conquer that level decisively. On the contrary, he was rejected bad and dropped to $66,400 by the end of Monday. Tuesday and Wednesday were less eventful as BTC remained still around $66,500.
The last 12 hours or so have brought another crash. Bears have pushed the leading digital asset down hard, which has fallen to a 2-week low of $63,300 (on Bitstamp), leaving over $200 million in liquidations.
Despite the current rebound to $64,500, BTC’s market cap has fallen to $1.270 trillion, but its dominance over alts is recovering and has reached 52.6%.
Bitcoin/Price/Chart 01.08.2024. Source: TradingView
The Alts are back in red
Ripple’s native token has been at the forefront of the market challenge in recent days as pumped up to a multi-month high of over $0.66. However, its run was also interrupted and XPR fell by more than 6% in the last day to $0.6.
The other big loser among the larger-cap alternatives is SOL, which has lost 8% of its value and is now struggling to get below $170.
The rest of this altcoin cohort is also in the red, with ETH, DOGE, BNB, AVAX, ADA, SHIB, and LINK all seeing drops between 2 and 5%.
The total cryptocurrency market cap lost another $70 billion overnight, falling below $2.4 trillion today on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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