Analyst Predicts $4K For ETH Over Next Two Weeks

Bitcoin Rises, Ethereum and Dogecoin Fall Amid Stock Market Crash: Analyst Predicts $4,000 for ETH in Next Two Weeks

While Bitcoin held steady, Ethereum fell on Wednesday, with the exchange recording its worst trading day since the end of 2022.

Cryptocurrency

Earnings +/-

Price (Recorded at 8:35 p.m. EDT)

Bitcoin (CRYPTO: BTC)

-0.55%

$65,491.11

Ethereum (CRYPTO: ETH)

-3.92%

$3,333.04

Dogecoin (CRYPTO: DOGE)

-1.55%

$0.1281

Bitcoin, the world’s largest cryptocurrency, was little changed after a sharp rally to $67,000 that was later retaken by a sell-off. The top cryptocurrency has trended lower this week, down 5.7%.

Ethereum sold off heavily on the US exchange despite an impressive outflow of spot ETFs, confirming some of the predictions analysts had made earlier.

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Over $250 million worth of derivatives were locked up in the past 24 hours, with long-term liquidations amounting to $219 million. Ethereum led the way with $82 million worth of liquidations.

This drop resulted in a sharp decline in the forward open interest of the two assets, with Ethereum experiencing a larger drop of 5.4%.

Bearish bets on Ethereum have increased compared to bullish bets in the past 24 hours, signaling a bearish reversal.

The Cryptocurrency Fear & Greed Index continued to display “Greed” as of the time of writing.

Top Earners (24 Hours)

Cryptocurrency

Earnings +/-

Price (Recorded at 8:35 p.m. EDT)

Flow (FLOW)

+9.14%

$0.6571

Jupiter (JUP)

+4.45%

$1.00

XRP (XRP)

+3.67%

$0.6198

The global cryptocurrency market reached $2.37 trillion after experiencing a 1.17 percent drop in the last 24 hours.

The stock market fell on Wednesday, posting its worst performance since 2022. The broader S&P 500 lost 128.61 points, or 2.31%, to end at 5,427.13. The tech-heavy Nasdaq Composite lost 3.64% to end at 17,342.41. The top-tier index, the Dow Jones Industrial Average, lost 1.25% to close at 39,853.87.

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The decline came after shares of tech giants Alphabet Inc. (NASDAQ:GOOGL) and Tesla Inc. (NASDAQ:TSLA) sold off heavily during their second-quarter earnings reports. Tesla fell 12.3% during the session, its worst since 2020, while Google’s parent company fell 5%.

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Analyst Notes: Renowned cryptocurrency researcher Ali Martinez emphasized that $66,000 is a “critical” support level for King Crypto and holding this level will increase the chances of reaching new all-time highs.

In a previous X post, he stated that Bitcoin needs to break past $66,450 to enter an uptrend.

Another widely followed crypto influencer, Sheldon The Sniper, expressed a bullish outlook for Ethereum, stating that corrections are merely testing the resolve of HODlers. “ETH will hit 4,000 in the next week or two,” the analyst predicted.

$ETH CHART $ETH He hasn’t looked this optimistic in a long time.
This is where you step back, if you are one, to make sure you are in it. $ETH believer, there are 2 big regions to buy. Region 1 has been hit, region 2 may be hit, most likely will not be hit. $ETH will be coming to 4K in the next week or two. These… pic.twitter.com/PJL3zObgvP

— Sniper Sheldon (@Sheldon_Sniper) July 24, 2024

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This article Bitcoin Soars, Ethereum, Dogecoin Fall Amid Stock Market Crash: Analyst Predicts $4,000 for ETH in Next Two Weeks was originally published on Benzinga.com

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