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Cardano’s DeFi Flourishes, TVL Peaks Over 600M

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Cardano’s progress within the decentralized ecosystem has been experiencing rapid and remarkable expansion. Notably, when observing the Total Value Locked (TVL) metric in the context of Decentralized Finance (DeFi), the metric has surged to an unprecedented peak of 616 million ADA tokens, equating to a value of nearly $178 million.

Renowned cryptocurrency analyst and prominent YouTuber Dan Gambardello conveyed this significant development, suggesting that this occurrence could potentially be regarded as one of the most promising indicators of positive market trends in the entire cryptocurrency sphere.

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Cardano's DeFi Flourishes, TVL Peaks Over 600M 2

Despite being positioned 13th on DefiLlama, it’s steadily rising among the ranks of Total Value Locked in comparison to other chains, rising an impressive 9.43% surge within a span of 30 days.

Overall, Cardano’s DeFi ecosystem comprises 24 protocols, showcasing the platform’s comprehensive presence in the domain. First in the rank is Minswap [MIN], a Decentralized Exchange [DEX] that boasts a remarkable 160.29 million ADA [equivalent to $47.86 million] in Total Value Locked. This constitutes a substantial 26.65% of the overall locked assets.

Following closely are Indigo [INDY] and Liqwid [LQ] at the second and third positions. Both protocols have witnessed an impressive monthly growth of 9.45% [$40 million] and 10.05% ($20 million) in locked value, respectively.

In terms of market trends, Cardano, like several other leading cryptocurrencies, faced a recent value decline due to regulatory actions by the U.S. Securities and Exchange Commission [SEC] targeting platforms like Binance and Coinbase [NASDAQ: COIN].

Cardano’s Notable Network Activity

However, Cardano’s ecosystem has attracted the attention of sharks and whales, evident in the surge of ADA accumulation, reaching its highest level since September 2022. Remarkably, holders owning between 100,000 and $10 million worth of ADA tokens have collectively added over $116 million following the peak on May 21.

Simultaneously, Cardano has witnessed remarkable growth in transaction volume. With each passing week over the last six months, transaction volume has exhibited exponential growth, closely shadowing the rising price that’s approaching the $0.30 mark. A spectacular feat, over 67 billion ADA was transacted in consecutive weeks, reminiscent of levels last seen in September 2021, TronWeekly reported the other day.

Over 11,000 Bitcoin Worth $330M Shifted In 24 Hours Amidst BTC’s Resurgence

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Recently, well-known crypto analyst Ali has taken to X(Twitter) to share significant Bitcoin (BTC) movements from various exchange wallets. As per Ali’s tweet, more than 11,000 BTC have been withdrawn from known crypto exchange wallets within the past 24 hours, amounting to a total value of approximately $330 million.

Notably, the X (Twitter) account Whale Alert, which specializes in tracking large cryptocurrency transactions, also provided insights into the ongoing movement of BTC across the market. Through a series of tweets, Whale Alert disclosed substantial transfers involving prominent exchanges over the same 24-hour period.

One of the most notable transfers highlighted by Whale Alert was the movement of 10,798 BTC, equivalent to approximately $317,738,036, from the Gemini exchange to an unknown wallet. In addition, two transactions involving 2,567 BTC (75,523,228 USD) and 2,566 BTC (75,477,074 USD) were recorded, with both transfers originating from unknown wallets and ending up in Coinbase exchange wallets.

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Bitcoin’s Price Resurgence & Technical Indicator Analysis

Analyzing the market dynamics, these transfers coincide with Bitcoin’s recent resurgence in price. The cryptocurrency reclaimed a position above the $30,000 mark at the beginning of the week, sparking discussions among crypto analysts. In particular, crypto analyst Jelle weighed in on the situation, sharing insights on Twitter regarding the latest price movements and technical indicators.

According to Jelle’s tweet, amidst the ongoing struggle to maintain the $30,000 threshold, Bitcoin’s price chart has displayed a 3-day golden cross. This cross considered a long-term bullish signal in technical analysis, suggests the potential emergence of a new bull market over the span of the next 2 to 3 years. The tweet concluded with an optimistic sentiment, hinting at the potential for positive price trends in the cryptocurrency space.

However, as per the latest data from CoinMarketcap, BTC is trading at $29,343.54 with a 24-hour trading volume of $12 billion with a boost of 15% in the last 24 hours. At the same time, BTC’s value is down 0.01%.

Nevertheless, as the crypto market continues to captivate the attention of traders, investors, and analysts alike, these significant BTC transfers and price movements underscore the dynamic and volatile nature of the digital asset landscape. 

Related Reading | FTX Ex-Founder’s Indictment Twist: Misused Millions Fuel Political Drama

Cardano (ADA) Price Journey: Analyst Anticipates Breakout Symphony In 2024

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Recently, renowned analyst, Analyst Ali, has taken to Twitter to share insights into the historical and current price trends of Cardano ($ADA), shedding light on a potential breakout in the near future.

Between the years 2018 and 2020, Cardano’s native token, ADA, exhibited a prolonged period of fluctuation, hovering between the price range of $0.10 and $0.028 for an astonishing 665 days. However, following this extended phase of accumulation, a remarkable bull run unfolded, driving ADA’s value up by an impressive 2,985%.

Fast forwarding to the pre­sent, ADA finds itself trapped within a trading range­ of $0.46 to $0.24, which has persisted for the last 329 days. Analyst Ali, conside­ring historical price action and trends (exce­pt for the unpredictable impact of the­ COVID-19 crash), suggests that we may witness ADA bre­aking free from this range around Fe­bruary 2024.

The analysis re­veals the importance of patie­nce in the unpredictable­ cryptocurrency market. The historical journe­y of ADA stands as proof of the potential rewards awaiting inve­stors who demonstrate endurance­ during prolonged accumulation phases.

However, based on the latest price assessment, the current value of Cardano is $0.290523. Over the past 24 hours, the trading volume for Cardano has reached $148 million, and there has been a slight decrease of 0.09% in its value during this time period. 

Whales & Onchain Activity Highlight Potential Momentum For Cardano

Prior to Ali’s analysis, Santiment, a blockchain analytics platform, also brought attention to the recent developments in Cardano’s ecosystem. Notably, the platform tweeted that ADA, trading slightly above $0.29, has seen a resurgence in accumulation by whales and sharks—holders of substantial ADA amounts ranging between 100,000 to 10 million tokens. This accumulation trend has propelled these entities to their highest levels since September 2022.

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Furthermore, Santiment highlighted the consistently increasing on-chain transaction volume over the past six months. This uptrend in transaction activity potentially signifies heightened interest and engagement within the Cardano network, which could contribute to ADA’s future market dynamics.

While ADA enthusiasts and investors vigilantly observe these patterns, the convergence of past price trends, accumulation habits, and on-chain activities molds the storyline for Cardano’s path in the ever-changing cryptocurrency realm.

Related Reading | The Golden Opportunities of 2023: VC Spectra, Litecoin and Chainlink

The Golden Opportunities of 2023: VC Spectra, Litecoin and Chainlink 

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Investors seek crypto tokens with the potential for high investment returns. As such promising cryptocurrencies for lucrative opportunities in 2023 include VC Spectra (SPCT), Litecoin (LTC), and Chainlink (LINK).

Litecoin (LTC) and Chainlink (LINK) are established cryptocurrencies facing a few challenges. However, VC Spectra (SPCT) is a newcomer in the industry, garnering more attention than the two due to its noteworthy opportunities. Furthermore, it attracted the attention of the cryptocurrency community by raising $2.4 million in its private/seed sale and earning 37.5% ROI after the Stage 1 public presale.

>>BUY SPCT TOKENS NOW<<

VC Spectra (SPCT) Experiences Significant Growth in Stage 2 Presale Stage

VC Spectra (SPCT) offers a unique proposition compared to Litecoin (LTC) and Chainlink (LINK), despite the potential for improvement in the latter two momentums. The decentralized fund utilizes algorithmic and systematic trading strategies to optimize returns and minimize investor risks.

In addition, VC Spectra (SPCT) prioritizes its users by offering quarterly dividends and buybacks funded by investment profits. Furthermore, the platform gives users voting rights and exclusive access to promising ICOs.

VC Spectra token SPCT utilizes the secure infrastructure of the Bitcoin blockchain and follows the BRC-20 standard. SPCT adopts a deflationary model featuring a burn mechanism that reduces its circulating supply gradually. Serving as a medium of exchange, SPCT facilitates decentralized trading, asset management, and transaction fees on VC Spectra platform.

VC Spectra’s (SPCT) public presale is the most successful and promising. Before the public presale, VC Spectra (SPCT) made $2.4 million in its private seed sale. During its transition from Stage 1 to Stage 2 of its public presale, the price increased by 37.5%. Investing in VC Spectra (SPCT) during Stage 2 opens up the opportunity to achieve a 627% ROI when the presale concludes, along with a 25% bonus on deposits.

>>BUY SPCT TOKENS NOW<<

Litecoin’s (LTC) Price Declines after the Halving Event

On August 7, 2023, Litecoin’s (LTC) price was $82, reflecting a 1% decrease in 24 hours. The trading volume increased by 42% during the same period. Litecoin (LTC) ended the month of July with a high of $95, which shows that it is 13.7% down.

The decline in Litecoin’s (LTC) price disappointed traders who anticipated the block halving would boost scarcity and increase its value. Regrettably, the market has experienced a decline in Litecoin (LTC) over the past week of trading.

Despite the decrease in price activity, Litecoin’s (LTC) network fundamentals remain positive. Its solid technical foundation also indicates potential for future price and market cap growth. Analysts predict that Litecoin’s (LTC) trading range by the end of 2023 could be between $77 and $189.

Chainlink (LINK) Improves Network Capabilities, but Price Movement is Minimal

Chainlink (LINK) experienced a significant price increase last month, surpassing the $8.4 threshold. However, it subsequently experienced a decline after the rise. Chainlink’s (LINK) price declined gradually, reaching $7.1 on August 7, 2023.

Chainlink’s (LINK) losses in the past week are relatively moderate compared to other leading coins in the sector. However, the drawdown remains a concern for investors, as they wonder if the ongoing downtrend from the past few weeks will diminish.

Despite the current challenging period, there have been promising changes related to the asset that could benefit Chainlink (LINK) investors. Some of these activities include maintaining high development levels and the accumulation of Chainlink (LINK) by sharks and whales.

Analysts predict that Chainlink’s (LINK) price by the end of 2023 will range from $7.24 to $10.85, with an average of approximately $9.05.

Learn more about the VC Spectra presale here:

Presale: https://invest.vcspectra.io/login

Website: https://vcspectra.io/

Twitter: https://twitter.com/spectravcfund

Telegram: https://t.me/VCSpectra

OKB Rose To 4 Months High $49 As OKX Wallet & Base Join Forces

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OKB, the native cryptocurrency of the OKX exchange, has staged an impressive comeback following a lackluster performance in late July. Investors and enthusiasts are now brimming with optimism as the token surged back to life at the start of August.

The token reached a four-month high today, hitting $49 with an exceptional 15% surge on the weekly chart. Presently, OKB is trading at $47.53, showcasing a notable 6.87% increase over the past seven days. However, the 24-hour chart reveals a slight bearish trend with a 1.89% decline.

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Source: Coinmarketcap

Notably, the majority of OKB token holders are currently sitting in the profit zone, as indicated by data from Into The Block. Out of a total of 43,856 addresses, only 336 are experiencing losses, while a significant 43,520 remain profitable. Those in the red either bought around the all-time high or more recently and are now grappling with depreciated prices.

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Ownership distribution reveals that OKB holders are primarily retail investors, trailed by whales and a relatively small number of traditional investors. Whale addresses represent those holding over 1% of the circulating supply; investors own between 0.1% and 1%, while retail addresses hold less than 0.1%.

OKB’s Price Driving Factor

The recent increase in OKB’s value, evident from August 4 onwards, appears to be driven by factors other than whales, as indicated by the numerous transactions observed. This bucks the trend of past surges, including the remarkable 467% rise from June 18, 2022, which also lacked substantial, large transactions.

The recent resurgence in OKB’s price can be directly attributed to a significant announcement that took place on August 10, 2023. On this date, OKX Wallet successfully integrated with Base, a notable development that has sent ripples of excitement throughout the cryptocurrency community. 

Moreover, OKX Discover, a platform associated with OKX, has taken a step forward by integrating several decentralized applications (DApps) from the expansive Base ecosystem.

Base, an innovative Ethereum Layer 2 (L2) solution built upon the open-source OP Stack, is at the heart of this integration. Functioning as a rollup scaling solution, Base diverts transaction processing away from the primary Ethereum blockchain, thereby establishing a more streamlined, efficient, and cost-effective environment for creating and operating decentralized applications.

OKX Wallet, a versatile cryptocurrency wallet accessible across multiple platforms and interfaces, including apps, web, and web extensions, complements this partnership. 

Noteworthy features of OKX Wallet encompass access to over 3,000 cryptocurrencies, compatibility with 60+ networks, an extensive array of DApps, and a comprehensive decentralized NFT Marketplace. This integration marks a strategic move towards enhancing user accessibility, convenience, and engagement within the cryptocurrency ecosystem.

Related Reading | Sandbox’s Token Unlock Sparks Concerns Amidst Market Volatility

Curve Finance Navigates Controversy: Opportunities Amidst Challenges

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In the latest update, Santiment shed light on the tumultuous journey that CurveFinance has endured throughout 2023. Despite the turbulence and the shadow of its founder’s controversy, the project seems determined to forge ahead, potentially opening up new avenues for growth.

Curve Metrics: Navigating Uncertainty

Santiment’s insight report delved into the ongoing controversy that has ensnared Curve Finance ever since Michael Egorov’s involvement in a $100 million stablecoin loan, utilizing CRV tokens as collateral. 

Lawsuits aimed at the project’s founder have only added to the swirl of uncertainty. However, despite these challenges, CRV has managed to hold its ground against the onslaught of fear, uncertainty, and doubt (FUD).

A closer look at CRV’s key metrics offers intriguing insights. Notably, wallets housing between 10,000 to 100 million CRV have witnessed a substantial accumulation in recent times. 

These major stakeholders have seen their holdings skyrocket from 33% of the total supply just a fortnight ago to an astonishing 41% at present. This significant surge marks the highest level of ownership for these investors in over a year.

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The analysis of Curve’s top token transactions table revealed a fascinating pattern. Remarkably, three out of the six largest transactions recorded in 2023 all transpired on August 4th synchronously. 

Whale activity has been so pronounced that over the past week, five transactions surpassing the $10 million mark have been spotted. Notably, two of these transactions were conducted between exchange addresses, possibly hinting at a degree of dumping despite the positive trends observed earlier.

While the influx of whale transactions valued at $100,000 or more had abated following the frenzy of two weeks ago when the price briefly plummeted to just above $0.50 before rebounding slightly, the current prices remain notably lower than their levels two weeks prior. This discrepancy could foreshadow a potential resurgence in whale transactions, possibly indicating a rapid recovery.

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In a reassuring development, Santiment’s monitoring of Curve Finance’s development activity suggests a robust outlook. While the daily tally of notable GitHub submissions ranging between 10 to 14 may not break any records.

It underscores a team dedicated to innovation, enhancement, and overcoming the negative sentiments triggered by recent FUD-related news. The project seems intent on proving its resilience and determination to weather the storms that have threatened to undermine its progress.

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Related Reading | Gemini Expands Support To XRP Ledger, Broadening Its Network Compatibility

Tether’s Bitcoin Holdings Ranking Uncertainty Due To On-Chain Data Blind Spots

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In a recent series of tweets, CryptoQuant, a prominent data analytics firm in the cryptocurrency space, has raised questions about Tether’s position as the 11th largest Bitcoin holder based on on-chain data. The tweets delve into the concept of on-chain data’s blind spots when it comes to monitoring the behavior of crypto whales.

The thread kicks off by challenging the veracity of Tether’s claim to be the 11th biggest Bitcoin holder. In its quarterly report, Tether disclosed that it currently holds an estimated $1.6 billion worth of Bitcoin, a substantial amount that places it among the top holders. However, CryptoQuant’s analysis casts doubt on aligning the information provided in Tether’s report with what is observed in the so-called Tether Bitcoin holding wallet on Twitter.

Interestingly, while the Q4 report from the previous year indicated no Bitcoin holdings, the wallet in question began accumulating Bitcoin during the same time frame. This disparity between Tether’s official report and the observed on-chain activity has sparked interest and prompted a closer examination of the data.

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Challenges In Defining Bitcoin Whales

The thread raises a key concern about interpreting on-chain data. There’s a tendency to classify entities that possess over 1,000 Bitcoins as “whales.” However, the analysis highlights a blind spot in this classification method, warning that individual nuances might be overlooked when categorizing entities as whales.

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The thread elucidates that this oversight could result in mislabeling certain wallets as “whales,” when in fact, they might belong to exchanges or internal holdings. It emphasizes the need to exercise caution when relying solely on this classification approach, as it can lead to misinterpretations and flawed conclusions.

CryptoQuant further discusses recent trends in the movement of Bitcoin between different brackets (1,000 to 10,000 and 10,000+), as well as a significant surge in exchange withdrawals. These discernible trends predominantly spanned the period between May and July. However, the analysis suggests that these movements might be attributed to wallets within the Robinhood app rather than reflecting broader market dynamics.

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In a notable observation, the Bc1 wallet is cited as receiving a substantial influx of around 118,300 BTC coins over three months. It highlights the complexity of accurately pinpointing the motivations and actors behind on-chain movements.

Related Reading | Regulatory Woes: Binance Misses SEC Deadline & Faces Opposition In Nigeria

Ethereum DeFi Landscape Makes A Promising Recovery

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DeFi on Ethereum has been left in the cold after a disastrous 2022. Due to the rapidity with which the emerging field of decentralized finance overtook the market, the third quarter of 2020 came to be known as “DeFi Summer” in the crypto sphere.

Three summers later, it was safe to establish that the glory of bygone days was nonexistent in the 2023 version. From a high of around $180 billion in November 2021 to the current $40 billion, the emerging financial paradigm has lost its sheen with a decrease of almost 78%.

But things seem to be changing for the better, as a recent analysis of Ethereum’s Total Value Locked [TVL] suggests signs of improvement. The TVL has risen to $41.5 billion from a low of $40.09 billion last week, according to data from IntotheBlock. This demonstrates the resilience and potential of the ecosystem, reflecting renewed interest and activity.

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Ethereum DeFi Landscape Makes A Promising Recovery 14

According to leading analytics firm Glassnode, two coins from the Ethereum ecosystem are paving the way for a new rebound in decentralized finance. The stablecoin governance token Maker [MKR] and the native coin of the smart contract DeFi protocol Compound [COMP] stand out as the two tokens that serve as the driving force of the trend.

However, Glassnode credits the assets’ excellent success to recent fundamental changes in the two crypto projects rather than general market pressures.

Ethereum DeFi Primary Drivers- COMP, MKR

For instance, Robert Leshner, the departing CEO of Compound, announced on June 28 that the company would be launching a new initiative that will bring regulated finance to blockchain networks. The COMP token quickly increased by almost 80% in just one week after that.

At about the same time, MakerDAO launched its Smart Burn Engine, a program for buying back MKR that offered the possibility of selling $7 million worth of MKR in a single month. The token’s price rose as a result of the debut, rising 43% week over week.

Furthermore, Messari’s research has shown a rise in market share for decentralized exchanges [DEXes] compared to their centralized competitors.

By examining the DEX vs. CEX exchange flows for the top eight DeFi tokens, we can see a renewed interest in DEX activity. The relative share of volume traded on DEXs has increased from 3.75% at the beginning of June to 29.2% today, close to the highs seen during the second half of 2022.

Regulatory Woes: Binance Misses SEC Deadline & Faces Opposition In Nigeria

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In an ongoing legal battle, the leading cryptocurrency exchange Binance has failed to meet the Securities and Exchange Commission (SEC) deadline to submit audited accounting documents. The company has requested an extension of the submission deadline. 

Court documents re­veal that BAM Trading Services Inc. and BAM Manage­ment US Holdings Inc., jointly referre­d to as BAM, have formally requeste­d an extension of the de­adline for serving the SEC with a ve­rified written accounting. This reque­st aligns with a Consent Order issued on June­ 17, 2023.

BAM originally had a deadline­ of August 1. However, due to the­ extensive volume­ of information that needs verification, the­y are now requesting an e­xtension. Rest assured; BAM is dilige­ntly working towards fulfilling this requirement.

ABCON Urges Nigerian Government To Ban Binance

Simultaneously, Binance faces escalating regulatory challenges in Nigeria. The Association of Bureau De Change Operators of Nigeria (ABCON), a self-regulatory body for central bank-licensed Bureaux de Change (BDC), is urging the Nigerian Federal Government to ban Binance’s activities in the nation. 

ABCON cites the exchange’s impact on the naira’s pressure and liquidity in both the parallel market and the Investor and Exporters window. Alhaji Aminu Gwadabe, ABCON’s president, emphasized the need to bolster liquidity and confidence in the foreign exchange market by prohibiting Binance.

Gwadabe noted a shift from positivity to pessimism in Nigeria’s forex market sentiment, a change that could affect citizens’ confidence and global currency dynamics. The Nigerian Securities and Exchange Commission (SEC) had previously cautioned local investors against involvement with the exchange on July 28. 

The SEC cited an exploitative entity fraudulently using the exchange brand. It declared Binance’s lack of authorization to operate within the country, leading the exchange to issue a cease and desist notice to Binance Nigeria.

As­ facing increasing regulatory scrutiny worldwide, the exchange­ is confronted with missed SEC deadline­s and mounting opposition from ABCON, highlighting the numerous challenge­s the company currently faces.

The future­ operations of the exchange, both within the Unite­d States and internationally, remain unce­rtain due to legal and regulatory obstacle­s. The crypto industry is continually adapting to evolving re­gulatory landscapes, with Binance taking a leading role­ in these ongoing discussions.

Related Reading | Binance Breaks New Ground: Becomes El Salvador’s First Fully Licensed Crypto Pioneer

Ethereum’s Price Rally: Expert Analysis Points To Promising Trajectory

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In a fresh wave of analysis, prominent analyst Josh Olszewicz dives into Ethereum’s price patterns, revealing a potentially exciting forecast. Olszewicz draws attention to Ethereum’s ongoing formation of an ascending triangle since May 2022, intriguingly quipping, “Ethereum: ascending triangle 450 million years in the making w/fib extensions to $3k.” This chart formation, characterized by a flat upper boundary and a rising lower boundary, has historically indicated bullish trends.

Olszewicz references historical instances in Bitcoin’s journey. Drawing parallels between Bitcoin’s past and ETH’s current scenario, he highlights that prolonged ascending triangle patterns often resulted in significant price upswings, as observed in Bitcoin during 2015/2016 and 2018/2019.

Ethereum’s historical data showcases similar ascending triangle patterns in 2017 and 2019, leading to surges toward the 2.618 Fibonacci extension level. Building on this historical precedent, Olszewicz suggests that ETH can reach the 2.618 level, translating to a remarkable price point of $3,800. However, he underscores that breaking the psychological resistance at $2,000 is a critical prerequisite for such a movement.

Ethereum’s Performance vs. Bitcoin

Olszewicz delves into Ethereum’s performance relative to Bitcoin, noting ETH’s underperformance against the backdrop of Bitcoin’s ETF narrative and its entrenched status as hard money. He envisions a potential breakout scenario for ETH against Bitcoin but remains cautious, considering the influence of ETF flows.

Examining potential bearish scenarios, Olszewicz scrutinizes specific levels within the ETH/BTC pair, including the current local low and the previous inverse head and shoulders neckline.

On the broader cryptocurrency landscape, Olszewicz envisions a scenario where Bitcoin takes the lead, potentially driven by technical factors or an ETF approval. In this case, ETH might follow suit by breaking the $2,000 barrier but trailing behind Bitcoin. He speculates that this could lead to a profit-taking rotation from BTC to ETH. However, he emphasizes that such movements depend on substantial inflows.

With a cautionary note, Olszewicz concludes that real progress hinges on the influx of new capital: “without inflows, we ain’t movin.” As the crypto market evolves, Olszewicz’s insights provide a nuanced perspective on Ethereum’s trajectory and the underlying dynamics shaping its future movements.

Related Reading:| Ethereum: Whale Burns $4.5M ETH As Community Unravels The Bizarre Move