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The Ethereum price appeared to be finally gearing for a strong bullish breakout after multiple weeks of disappointing and sluggish action. However, this bullish dream ended almost immediately after it started as nearly $1.5 billion worth of ETH tokens were drained from the ByBit exchange. Ethereum, which traded as high as $2,840 earlier on Friday, February 21, dropped towards $2,600 on the back of news of the ByBit hack. Interestingly, recent on-chain data suggests that the altcoin’s price could still make its way to $4,000 before the end of this cycle. Could ETH Price Still Record A 60% Rally This Cycle? In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Crypto Sunmoon identified a particular bullish divergence that offers insight into the Ethereum price performance in the near future. This bullish observation is based on recent movements of ETH’s “taker buy/sell ratio” across all exchanges. Related Reading: Dogecoin Price On The Edge: Breakout Or Breakdown—What’s Next? This metric measures the taker buy and taker sell volumes for a specific cryptocurrency (Ethereum, in this case). When the taker buy/sell ratio is greater than one, it implies that the taker buy volume is higher than the taker sell volume. This is typically considered a bullish signal, indicating the willingness of investors to pay a higher price for an asset. On the contrary, a less-than-one taker buy/sell ratio indicates that sellers are overwhelming the buyers in the market. This scenario suggests that more sellers are willing to offload their assets at a lower price, signaling a bearish shift in investor sentiment. Crypto Sunmoon noted that the 100-day exponential moving average (EMA) of the Ethereum taker buy/sell ratio on all exchanges has been rising in recent weeks. The Ethereum price, on the other hand, has been declining since mid-December. According to the analyst, this divergence is positive, as it indicates that a bearish trend has ended and an upward trend could be starting. The last time this bullish divergence occurred, the Ethereum price traveled from beneath $2,500 to above $4,000 (over 60% rally). While investors would view a reclaim of $3,000 as a victory for Ethereum, history and this bullish divergence suggest that the altcoin’s price could still climb toward the $4,000 mark before the end of the current cycle. Ethereum Price At A Glance As of this writing, the price of Ethereum stands around $2,650, reflecting a nearly 4% decline in the past 24 hours. Related Reading: More Pain Ahead For Solana? Dangerous Price Drop To $125 Looms With This Support Retest Featured image from iStock, chart from TradingView
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Ethereum cryptoquant ETH ethereum ethereum price Ethereum Taker Buy/Sell Ratio ETHUSDT Taker Buy/Sell Ratio
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Dogecoin Faces Resistance Amid Recent Dip, Potential Breakout Opportunities Ahead
Dogecoin faces critical resistance after a recent dip, with its price channels forming support. Dogecoin needs a strong breakout to reverse its prevailing bearish trend. MVRV Ratio at -11.69% hinted NewsBTC
Your Gateway to Crypto Riches: Explore Five Promising Coins Poised for Growth
The digital currency market offers a landscape of opportunities, especially for those venturing into it for the first time. This financial frontier is not just about well-known coins but also includes emerging tokens that could redefine wealth-building strategies. As these currencies rise in prominence, they open doors for new investors eager to explore the potential of this transformative sector. Embark on the Catzilla Adventure: A Meme Coin with a Roaring Future In the bustling arena of meme-based cryptocurrencies, Catzilla is quickly rising as a formidable player. Inspired by iconic tokens such as Dogecoin and Shiba Inu, this coin fuses the charm of meme culture with real financial prospects. Featuring a Godzilla-esque feline mascot, Catzilla embraces the spirit of Japanese kaiju mythology, attracting both gaming enthusiasts and savvy investors. Catzilla aims to reshape the meme coin landscape by encouraging a community-driven approach that promotes a fair and decentralized ecosystem. ???? Disrupting the Status Quo with Catzilla ???? Catzilla is carving its niche by offering investors opportunities for substantial returns, with a presale system that steadily increases in value through its 14-phase rollout. This strategy is designed to entice early adopters with significant prospects. ⚡ Experience Triple the Gains ⚡ Central to Catzilla`s allure is its threefold promise: an engaging gaming platform, a unifying vision, and an energetic community. Participants not only partake in an immersive gaming experience but also enjoy the benefits of participating in a vibrant financial movement. ???? Embrace the Catzilla Phenomenon ???? Catzilla serves as a beacon for those disillusioned by traditional finance, with a mission to uphold the playful yet decentralized essence of meme coins. It strives to create a transparent environment that champions equity for its community. Dive into the Catzilla Craze! $CATZILLA Is Climbing—Secure Your Slice! UNI by Uniswap: A Token at the Heart of Governance and Change Launched amidst rising competition, Uniswap`s UNI token empowers users with governance capabilities. Distributed initially to reward loyalty, it granted early users significant financial incentives. Uniswap`s decentralized model, combined with its automated liquidity, offers users efficient trading without intermediaries, making it a pivotal player in the DeFi ecosystem. Raydium (RAY): Pioneering DeFi through Solana`s Speed As an innovative AMM, Raydium enhances DeFi services on Solana with seamless integration into Serum`s DEX. By converting deposits into limit orders, Raydium provides liquidity providers access to a larger order flow, enriching the decentralized finance landscape with superior speed and efficiency. Arbitrum`s ARB: Pushing Ethereum`s Boundaries with Layer-2 Solutions Arbitrum stands out in its quest to amplify Ethereum`s capabilities through Layer-2 optimizations, presenting a scalable solution that enhances transaction speed and efficiency. Its governance token, ARB, facilitates ecosystem developments, offering users a voice in its evolution. XRP: Revolutionizing Transactions with Speed and Security The XRP token, underpinned by the XRP Ledger, targets seamless, cost-effective transactions across borders. Its decentralized infrastructure supports rapid financial exchanges, positioning it as a key player for those prioritizing quick and secure digital transactions. Final Thoughts Though coins like UNI, RAY, ARB, and XRP present substantial technological promise, Catzilla`s distinct appeal as a meme token offers an enticing prospect for those seeking transformative returns. Starting at $0.0002 and scaling to $0.0016 in its presale, Catzilla is set to redefine financial freedom. Website: Catzilla ($CATZILLA) Follow Us on Twitter: https://x.com/CatzillaToken Join the Discussion on Telegram: Telegram Group Get the Latest on Telegram Disclaimer: This content is sponsored and serves informational purposes only. It does not reflect Bitzo`s views and is not intended as legal, tax, investment, or financial advice. NewsBTC
