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