Why has Ethereum fallen so sharply recently at the Bitcoin Conference?
The main problem is that Grayscale is selling aggressively, institutions are frequently changing hands, short-term speculators in CEM are quickly withdrawing as soon as they make a profit, and retail investors are also following suit and selling out of panic, which ultimately leads to huge selling pressure!
You should know that Grayscale's Ethereum spot ETF had a net outflow of US$480 million on the first day, and a large amount of funds are about to flow into the market.
Last week, the Ethereum ETF received a net inflow of more than $1 billion within a week after its approval, while Grayscale's Ethereum ETF had a net outflow of $1.5 billion, accounting for 50% of the total trading volume, half of which was absorbed by BlackRock. This start is very similar to the Bitcoin ETF, and you know how Bitcoin has performed since then.
In the past two weeks, Grayscale has sold nearly 1 million ETH. Judging from the market, the market's digestion capacity is still strong!
And most of these sold ETH will flow back into the market in another form in the near future!
In contrast, the data for ETH is very eye-catching, while the data for BTC is slightly inferior. Although BlackRock has purchased a large amount of ETH, its purchasing power on BTC is insufficient. This has led to the BTC spot ETF ending four consecutive days of net inflows and turning into net outflows both in the United States and globally.
Top 5 altcoins to buy during market corrections with 100x potential!
1.SUN
As Solana’s ongoing recovery rally challenges the critical supply zone at $185, buyers are awaiting a breakout continuation. SOL price has risen by 2.49% today, breaking yesterday’s decline to form a bullish engulfing candle.
Moreover, the daily price action has formed a double bottom pattern with the neckline at $185. The decline from the recent high on July 29 warned of a huge upside supply, which increases the importance of the upside supply zone.
According to the Fibonacci levels, the much-anticipated breakout will propel the SOL price above the psychological barrier of $200. With the 1.618 Fibonacci level at $223, the altcoin is ready for action. Therefore, Solana is the top altcoin you must consider buying during this market pullback.
2. XLM
As the cryptocurrency market price volatility increases, Stellar (XLM) price has increased by 5.02% in the past day, with a trading volume of $118.64 million. In addition, XLM price has increased by 1.97% in the past 7 days and 14.67% in the past 30 days, indicating that bullish sentiment is increasing.
The Moving Average Convergence Divergence (MACD) shows a continued decline in the red histogram, with its average indicating a high probability of a bullish convergence on the 1D timeframe. This highlights the increasing bullish sentiment in the cryptocurrency space towards the XLM price.
A bullish breakout could lead the altcoin above its important resistance at $0.1150 and move towards its overhead resistance at $0.1305. Conversely, a trend reversal could pull the Stellar price towards lower lows.
3.LINK
Despite the current downtrend, Chainlink is holding above the $12 support area and showing potential to move higher. After encountering lower price rejection at the support area, the altcoin is facing resistance at the dynamic 50-day moving average.
Given that overall market sentiment is likely to improve in the coming weeks, DeFi
The coin may be poised for a breakout. According to the Fibonacci levels, $16.75 and $21 are the two upcoming resistance levels for Chainlink to bounce back. This shows
Chainlink’s potential upside makes it one of the best altcoins to buy during this market correction.
4. WHAT
After a sharp rise in 2023, Kaspa’s price continues to show a bullish trend, rising by 7.22% in the past day and about 15% in the past week. Moreover, the coin has surged 82.40% so far this year, indicating a positive outlook for the future.
The MACD indicator shows a continued rise in the green histogram, highlighting that buying pressure in the cryptocurrency space outweighs selling pressure. In addition, the moving averages are recording positive movements, suggesting that KAS prices will continue to rise this week.
If the market sustains Kaspa price above its support at $0.19850, the bulls will continue to gain value and be ready to test its upper boundary at $0.2250 in the coming weeks.
5.ARB
Arbitrum shows great bullish potential as the number of active users of Ethereum’s second-layer protocol continues to increase. However, after experiencing a death cross, ARB price failed to break above the 50-day EMA and remains in a downtrend.
Nonetheless, the RSI divergence in the daily chart is widening as the reversal of the 50-day EMA approaches the $0.61 support level. Moreover, a double bottom reversal pattern may be forming in the daily chart.
Therefore, the potential shift in bullish sentiment signals a breakout move that could push ARB price to the 200-day EMA at $1.11. Thus, retaking the psychological $1 mark with a 63% gain makes it one of the top altcoins to buy during market pullbacks.
