Ethereum Network Activity Rises Amid Crypto Bearish Outlook Fueled by BTC’s Dip Below $63k

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As a researcher with a background in cryptocurrencies and market analysis, I find the current state of the crypto market intriguing. The recent dip in the total crypto market cap, with Bitcoin leading the decline, has left many investors feeling anxious. However, I believe that this correction is a normal part of the market cycle and should not be cause for panic.

As a crypto market analyst, I’ve observed a significant decrease of approximately 3% in the total cryptocurrency market capitalization within the past 24 hours, bringing it to around $2.4 trillion during early European sessions on June 24. The negative sentiment surrounding crypto intensified following the waning demand for Bitcoin ETFs over the last few weeks. Based on recent crypto oracle reports, Bitcoin’s price ended the previous week just above a crucial support level of roughly $63,000.

The leading digital currency experienced a further 3% decrease in value within the past 24 hours, causing it to hover around $62,800 at present. This downturn has significantly influenced the altcoin market, with Ethereum (ETH) spearheading the bearish trend as investors brace for potential regulatory action against Solana (SOL). Furthermore, the apprehension surrounding the United States’ monetary policies and the escalating geopolitical tensions between the G7 countries and the BRICS movement continue to add uncertainty to the digital currency market.

Ethereum Network Activity on the Rise

With Bitcoin’s price indicating potential mid-term discomfort before an anticipated parabolic surge, there’s been a heightened focus among investors on the altcoin market, particularly Ethereum. This shift in crypto investment comes as institutional investors increasingly adopt Ethereum’s web3 technologies.

Before the anticipated launch, both BlackRock Inc. and Fidelity Investments have prepared funds for their respective Ether SPOT ETFs.

I’ve noticed an uptick in Ethereum price speculation, even amidst the current crypto market downturn. In fact, many investors, including myself, anticipate that Ethereum’s price versus the US dollar will reach a new all-time high (ATH) in a way reminiscent of Bitcoin’s performance following the approval and listing of spot Bitcoin ETFs earlier this year.

As a researcher analyzing on-chain data, I’ve discovered that over 617,000 active addresses have interacted with the Ethereum network within the past week. This figure represents the highest number of weekly active addresses in the last three months. Moreover, institutional investor interest in Ethereum has been growing steadily, as evidenced by the increasing Ethereum CME Futures Open Interest (OI).

Institutions are now bidding on ETH
Ethereum CME futures OI is rising just
like it happened with BTC before the
ETF trading started.
Time for $5,000 ETH soon ?
GIGA BULLISH 🔥
— Ash Crypto (@Ashcryptoreal) June 23, 2024

What Next for Crypto?

The cryptocurrency market is likely to continue correcting itself for the next few months, with buyers aiming to regain dominance. A significant drop in Bitcoin’s price, potentially reaching $60,000, could lead to a loss of 15-20% in value for altcoins.

CRYPTO MARKET: WHAT NEXT?
Here will show a big picture of the
market via 4 charts: BTC, ETH, Total
Crypto Mcap, and ALT Mcap.
The price of Bitcoin, represented by the ticker symbol BTC, currently hovers below the $65,000 mark and has followed a descending trendline for the past fortnight. Nevertheless, it remains within an uplifting market trend.
— Ash Crypto (@Ashcryptoreal) June 22, 2024

Based on the insights of well-known cryptocurrency analyst, known by the alias Ash Crypto, the crypto market is predicted to undergo consolidation for the next 6 to 9 months before initiating another major wave of growth for altcoins.

Midterm Ether Price Targets

In the broader cryptocurrency market, Ethereum’s value has been experiencing a robust uptrend since late last year, driven significantly by increased institutional investment. As per the well-known crypto analyst known as Captain Faibik, Ethereum’s price chart over the past 8 hours shows signs of a falling wedge formation. This pattern typically precedes a bullish surge in price.

$ETH Falling Wedge formation on the 8hrs timeframe Chart..!!

As a diligent researcher following the Ethereum market, I’ve noticed that a successful breakout could potentially push the price above the $4,000 mark for Ethereum. Therefore, it is advisable to keep a close eye on the ongoing developments in the #ETH #ETHUSDT #Ethereum market.
— Captain Faibik (@CryptoFaibik) June 23, 2024

Based on my analysis of the current market trends and conditions, I believe there’s a possibility that Ether’s price may dip down to around $3,300 before bouncing back above $4,000.

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2024-06-24 13:45