Massive LINK Accumulation Continues A crypto whale has made headlines again after withdrawing another 100,000 LINK tokens worth $2.95 million from Binance just 6 hours ago. This marks a significant addition to the whale’s accumulating LINK stash, as on-chain data reveals a pattern of withdrawals over the past few days.

The whale withdrew another 100,000 $LINK($2.95M) from #Binance 6 hours ago.In the past 3 days, this whale has withdrawn a total of 529,999 $LINK($15.5M) from #Binance.Address:0x3c9Ea5C4Fec2A77E23Dd82539f4414266Fe8f757 pic.twitter.com/gACJRuPBdG

— Lookonchain (@lookonchain) December 17, 2024

According to Lookonchain, Over Half a Million LINK Withdrawn in Three Days The activity centers around wallet address 0x3c9Ea5C4Fec2A77E23Dd82539f4414266Fe8f757, which has consistently withdrawn large amounts of LINK from Binance. Over the last 3 days, this whale has removed a staggering 529,999 LINK, valued at approximately $15.5 million.

The most recent withdrawal adds to earlier transactions. Two major transfers of 180,000 LINK each occurred 2 days ago, valued at $5.18 million and $5.28 million respectively. These large-scale movements have caught the attention of the crypto community, as they indicate strategic accumulation amid current market conditions.

The whale’s recent activities reveal a clear pattern of withdrawals. Two days ago, the whale transferred 180,000 LINK, reflecting significant capital movement. On the previous day, two separate withdrawals of 100,000 LINK, worth approximately $2.92 million each, were completed from Binance hot wallets.

Additionally, the address has interacted with OKX and Binance over the past six days, including LINK deposits and further movements. These actions demonstrate a mix of strategies, potentially involving liquidity optimization, staking, or other investment purposes.

What This Move Means for LINK’s Market Performance

 Large withdrawals by whales are often viewed as bullish signals, reflecting strong confidence in a token’s future. By withdrawing over half a million LINK from Binance, this whale may be reducing sell-side liquidity, effectively tightening the supply of LINK available on centralized exchanges. This trend could positively impact LINK’s price, particularly as demand grows.

The possibility of these funds being staked or deployed in decentralized finance (DeFi) platforms, such as Aave, further strengthens this outlook. By removing LINK from active trading on exchanges, the whale’s strategy could support price stability or upward momentum over the coming weeks.

 Chainlink’s LINK token has been at the center of growing adoption in decentralized finance and real-world applications. The whale’s accumulation aligns with LINK’s recent price performance, which has hovered around the $29-$30 range. This price stability, combined with increased network activity, reflects rising speculative interest and long-term accumulation.

Market analysts view such large whale withdrawals as potential indicators of a bullish trend. As significant LINK holders continue to accumulate, optimism around Chainlink’s role in the DeFi ecosystem and its partnerships grows stronger. The whale’s actions, therefore, reflect both conviction in the project’s future and confidence in LINK as a valuable asset.

The latest withdrawal of 100,000 LINK worth $2.95 million highlights a sustained pattern of large-scale accumulation by a crypto whale. With a total of 529,999 LINK moved off Binance in just three days, valued at $15.5 million, the whale’s actions have sparked significant interest and speculation within the crypto community.

Whether the purpose is long-term holding, staking, or liquidity deployment, this sustained activity underscores a bullish sentiment around LINK. As the Chainlink ecosystem continues to grow, market participants are watching closely for further signs of whale-driven market movement.

The cryptocurrency market is experiencing a significant downturn, as seen in the chart where multiple tokens such as WRX, BLZ, and AKRO have dropped between 50% to 40% within a 24-hour period. Let's analyze the potential reasons behind this broad sell-off and its implications for the market.

---

1. Market Sentiment and Macroeconomic Factors

One of the biggest drivers of volatility in the cryptocurrency market is global macroeconomic uncertainty. Recent news, such as rising interest rates, inflation concerns, or monetary tightening by central banks like the U.S. Federal Reserve, may have spooked investors. Riskier assets, like cryptocurrencies, are usually the first to be liquidated in such situations.

---

2. Panic Selling and Liquidations

Large price drops are often exacerbated by panic selling, where retail investors dump their holdings fearing further losses. This snowball effect triggers liquidations on leveraged positions, especially on exchanges that offer futures trading. For example:

WRX (WazirX Token) dropped by -50.65%.

BLZ followed closely with a decline of -47.80%.

These drastic drops may indicate cascading stop-loss orders and liquidations due to market panic.

---

3. Regulatory Uncertainty

Governments and regulators around the world are tightening rules surrounding cryptocurrencies. Negative developments, such as bans on crypto trading in certain regions, stricter tax regulations, or lawsuits against major crypto platforms, can trigger sell-offs.

---

4. Decline in Trading Volume

A low trading volume combined with significant sell orders from whales (large holders) can heavily impact market prices. When liquidity is thin, even small sell-offs cause disproportionate price declines.

---

5. Technical Corrections

The crypto market has seen strong bullish momentum over the past months, leading to overbought conditions. Today’s sell-off could be a technical correction, where investors take profits and reset prices to healthier levels.

---

6. Exchange or Project-Specific Issues

Occasionally, price declines occur due to problems with specific exchanges or projects. For instance:

WRX and AKRO, which saw declines above 40%, could be reacting to negative news specific to these projects, such as funding issues, hacks, or delistings.

---

7. Market Cycles and Investor Sentiment

Cryptocurrency markets are cyclical and highly influenced by sentiment. Fear of missing out (FOMO) drives buying in bull markets, while FUD (Fear, Uncertainty, Doubt) drives sharp declines in bearish phases.

---

What Can Investors Do?

1. Stay Calm: Avoid panic selling. Assess the broader market situation and fundamentals of the projects you hold.

2. Review Stop-Loss Strategies: Protect your investments by managing risk with stop-loss orders.

3. Look for Opportunities: Significant dips can present buying opportunities for long-term investors.

4. Diversify Portfolios: Spread your investments across multiple assets to minimize exposure.

---

Conclusion

The current dump in the cryptocurrency market is likely driven by a mix of macroeconomic factors, panic selling, and technical corrections. While these periods are challenging, they also provide valuable lessons and potential opportunities for patient investors. As always, staying informed and cautious is key.

Ever entered a trade only to see price reverse and leave you hanging? 🤦‍♂️ Fakeouts are the silent killers of your profits, but not anymore! Here's the ULTIMATE FAKEOUTS CHEAT SHEET to spot traps and trade smarter. 🔍✨
What is a Fakeout? 🤔
A fakeout happens when price breaks key levels (support/resistance) only to reverse quickly, trapping traders. Big players (institutions) use this to hunt stop losses and grab liquidity (LQ). 💰
How to Spot Fakeouts Like a Pro 🎯
1️⃣ Understand Liquidity Zones (LQ):
Fakeouts often occur at key levels where liquidity is resting.Liquidity = Stop Losses or Pending Orders near:Previous highs/lows 📊Support & resistance zones
2️⃣ Fakeout Types (Identify These Patterns) 👇
✅ Fake Rejection #1
Price breaks a level aggressively but fails to hold.Look for:Sharp rejection (candles close back within range).Volume dropping near the breakout.
✅ Fake Rejection #2
Second attempt to break the same level fails again.Key Tip: Double rejection signals trend reversal or continuation.
3️⃣ Common Fakeout Scenarios (Examples for You!) 📈
Uptrend Fakeout 🔼:Price breaks above resistance but reverses.Why? Big players grab liquidity above highs before dumping price.Downtrend Fakeout 🔽:Price sweeps below support but bounces back strongly.Pro Move: Enter on confirmation of reversal with a tight stop.
4️⃣ How to Avoid Falling for Fakeouts 🚫
Don’t Chase Breakouts: Wait for candle closes and confirmation.Watch Volume: Breakouts with low volume = high fakeout risk.Use Multiple Timeframes: Fakeouts on lower timeframes look like noise on higher timeframes.Look for Retests: Real breakouts often retest the level before continuing.
5️⃣ Smart Trader Tips to Beat Fakeouts 🧠💡
Set Stop Losses Wisely: Place SLs below support or above resistance to avoid traps.Trade Fakeouts (Pro Strategy):Wait for rejection → Enter trade in the opposite direction.Be Patient: Don’t jump in; wait for confirmation. Let the fakeout play out.
Key Takeaways 🚀
Fakeouts = Liquidity Traps set by smart money.Recognize Fake Rejection #1 and #2 for high-probability trades.Use volume + multiple timeframe analysis to filter real moves from traps.
🔥 Ready to Stop Falling for Fakeouts? Save this cheat sheet and spot those traps BEFORE they happen! 💯
💬 Have you ever been trapped in a fakeout? Share your experience below! 🚀
🔔 Tag a trader who NEEDS this guide and let’s master the markets together! 📊🔥

A prominent market watcher expects XRP to breach its all-time high soon, and insists XRP holders could become some of the richest investors.

Notably, XRP has gained attention following its remarkable surge in November. The asset climbed from $0.51 in early November to a peak of $2.90 on Dec. 3, marking a 464% increase in just one month. 

However, following this peak, XRP faced a pullback as it pushed for $3. Despite consolidating between $2 and $2.60 for two weeks, analysts like Steph believe an even more explosive rally is in sight. He believes such a rally could make XRP holders “the richest people you know.”

XRP Bollinger Bands Suggest Breakout  

In his analysis, Steph called attention to important indicators, including the Bollinger Bands on the 4-hour chart. The Bollinger Bands, which track volatility, are now expanding—a pattern that often leads to major price movements.  

Notably, the market watcher confirmed that in November, when the Bollinger Bands expanded similarly, XRP experienced a 132% surge from its swing low to its swing high. 

Other notable movements included a 53% and a 120% rally during similar patterns. According to Steph, the current expansion suggests XRP could be on the verge of another major breakout. 

XRP Stages Bull Flag Breakout

Meanwhile, Steph confirmed that XRP has already broken out from a bullish flag pattern on the daily chart. This development often indicates that the upward movement could continue after a period of consolidation.  

The breakout was confirmed by multiple daily closes above a long-term resistance line. Interestingly, XRP is now holding above $2.33, a crucial support level. However, a failure to maintain this level could invalidate the bullish trend, but as long as the price stays above it, the outlook remains optimistic.  

Steph then called attention to $2.60 as a key resistance. He noted that a daily close above this level would confirm the breakout further. The analyst’s target for the ensuing uptrend rests between $4.90 and $5 in the short-to-mid term.  

The Exponential Moving Average (EMA) ribbons on the daily chart support this bullish outlook. XRP retested these ribbons on Dec. 10, bouncing back strongly. This suggests the trend remains intact, providing additional support for the $5 price target.  

Bitcoin Dominance Favorable for Altcoins  

In addition, Steph also highlighted Bitcoin dominance, which measures Bitcoin’s market share relative to other cryptocurrencies. He suggested that the prevalent trend from this metric is actually bullish for altcoins like XRP.

On the weekly chart, Bitcoin dominance has been declining since breaking below a rising wedge pattern. Currently, dominance is testing the breakdown level near 59%. As long as it remains below this threshold, conditions appear favorable for XRP and other altcoins.  

Steph notes that Bitcoin dominance could fall to the 47–50% range, a strong support zone historically tested in July 2021 and October 2021. A decline to this area would likely trigger the altcoin season, potentially pushing XRP toward its $5 target.  

Steph advised caution as Bitcoin dominance approaches the 47–50% support zone. This area could mark a turning point, making it a level for investors to consider locking in profits. However, for now, the analyst believes XRP and other altcoins remain in a strong position. XRP currently trades for $2.5, down 0.12% in the past 24 hours.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

#XRPPredictions
$XRP
$BTC
$BNB
#MarketNewHype

The story of NoNzee’s incredible profit during the infamous $LUNA collapse is a tale of calculated risk, timing, and financial strategy. It’s a testament to how volatile markets can offer life-changing opportunities, but also underscores the high stakes of trading in cryptocurrencies. Here’s a breakdown of how NoNzee turned $1,000 into $1 billion during one of the crypto market’s most turbulent events.
---
Understanding the $LUNA Collapse
The collapse of Terra’s LUNA ecosystem in May 2022 shook the cryptocurrency industry to its core. Terra, once a top 10 cryptocurrency by market capitalization, relied on its algorithmic stablecoin UST to maintain a 1:1 peg to the US dollar. However, the ecosystem spiraled into disaster when UST lost its peg, triggering a death spiral that decimated LUNA’s value from over $100 to fractions of a cent in a matter of days.
Billions of dollars were wiped from the market, and countless investors suffered devastating losses. Yet, in this chaos, traders like NoNzee saw an unprecedented opportunity.
---
Who is NoNzee?
NoNzee, a pseudonymous trader, was relatively unknown before the LUNA collapse. Known for taking high-risk bets in volatile markets, NoNzee had been trading in the crypto space for years but never made headlines until this event.
Armed with $1,000, NoNzee entered the market during the LUNA crash and executed a strategy that turned this modest sum into a staggering $1 billion.
---
The Strategy Behind the $1 Billion Profit
1. Timing the Bottom
As LUNA's price plummeted, most investors panicked and sold their holdings. NoNzee, however, recognized that the extreme volatility presented an opportunity.
At the height of the collapse, LUNA was trading for mere fractions of a cent. NoNzee bought millions of LUNA tokens at rock-bottom prices, betting that the market had overreacted to the collapse and that a speculative bounce was imminent.
2. High-Risk Leverage
NoNzee employed aggressive leverage through futures trading platforms, amplifying their exposure to the price movements of LUNA. While this increased the potential for profit, it also exponentially raised the risk of liquidation.
By correctly predicting short-term price rebounds during the collapse, NoNzee maximized returns on these leveraged positions.
3. Exploiting Volatility
The LUNA market saw extreme volatility during its collapse. Prices swung wildly within minutes as traders speculated on its potential recovery. NoNzee capitalized on these fluctuations by timing both long and short positions.
For example, after buying millions of tokens at ultra-low prices, NoNzee sold during small rebounds, realizing substantial gains. Reinvesting profits into further trades, they compounded their earnings exponentially.
---
Turning $1,000 Into $1 Billion
NoNzee’s success was not just about timing and strategy—it was also a matter of scale. Each profitable trade allowed NoNzee to reinvest larger sums, leveraging even greater positions.
By the end of the collapse, NoNzee had amassed over $1 billion in profit. The feat was unprecedented in the history of cryptocurrency trading and remains a subject of both admiration and controversy.
---
The Risks of Such a Strategy
While NoNzee’s story is inspiring, it is important to recognize the immense risks involved. Trading during extreme market volatility is not for the faint-hearted. Here are some key risks NoNzee faced:
1. Liquidation Risk: Leveraged positions could have been wiped out if the market moved against them.
2. Unpredictable Outcomes: The LUNA collapse was unprecedented, and the possibility of total loss was high.
3. Psychological Stress: Maintaining composure during such a chaotic event requires exceptional discipline.
---
Lessons for Crypto Traders
1. High Risk, High Reward
NoNzee’s success highlights the potential rewards of taking calculated risks in the crypto market. However, it also emphasizes the dangers of over-leveraging and speculative trading.
2. Timing and Strategy Matter
The ability to time the market and execute a clear strategy can differentiate successful traders from those who face ruin.
3. Only Invest What You Can Afford to Lose
While NoNzee turned $1,000 into $1 billion, the same amount could have easily been lost in the highly volatile market conditions.
---
The Aftermath of the LUNA Collapse
The Terra ecosystem’s collapse led to regulatory scrutiny, lawsuits, and a loss of confidence in algorithmic stablecoins. For many, it was a financial disaster; for a few, it was an opportunity of a lifetime.
NoNzee’s story serves as a reminder of the unpredictable nature of crypto markets and the fortunes that can be made—or lost—within them. While the $1 billion profit is extraordinary, it also raises ethical questions about profiting from others’ losses during a market collapse.
---
Conclusion
The $LUNA collapse was one of the most dramatic events in crypto history, and NoNzee’s story is a striking example of how fortunes can be made in the most unlikely circumstances. While the scale of NoNzee’s success is rare, it highlights the importance of timing, strategy, and a willingness to take calculated risks in volatile markets.

$ADA coin

Cardano (ADA) is one of the most popular cryptocurrencies, known for its focus on innovation and sustainability. As we near the end of 2024, many investors are wondering where ADA’s price could go next. Let’s break it down in simple terms.
---
Where Is Cardano Now?
Right now (December 19, 2024), Cardano’s price is around $1.046. It has been moving up and down slightly, with a recent high of $1.087 and a low of $1.013.
Cardano stands out because of its advanced technology, which helps it handle lots of transactions efficiently and supports decentralized apps (dApps).
---
Short-Term Predictions (Next Few Months)
Experts think ADA’s price could rise in the near future:
By end of 2024: Some say it could go up to $2 if the market stays positive.
Early 2025: If Cardano keeps growing, it might reach $3.
---
What About 2025?
The year 2025 could bring more changes for ADA. Predictions vary depending on how the market performs:
One analysis suggests it could range between $1.05 and $5.44, with an average of $3.08.
A more cautious estimate says it might stay between $0.90 and $1.42.
How high it goes will depend on how much people use Cardano’s technology and if it gets more popular.
---
Long-Term Outlook (2030)
By 2030, predictions for ADA’s price show two main possibilities:
If everything goes well, it might climb to around $9 to $10.
A more conservative view suggests it could stay near $4.15.
Long-term growth depends on Cardano’s ability to keep improving and stay competitive.
---
What Could Affect Cardano’s Price?
1. Technology: If Cardano keeps improving its platform, its value could grow.
2. Adoption: If more companies and people start using ADA, demand will increase, pushing prices higher.
3. Market Trends: Big changes in the crypto market, like regulations or economic shifts, could impact its price.
---
Things to Be Careful About
Investing in cryptocurrencies like Cardano comes with risks, including:
Price Swings: Crypto prices can change very quickly.
Competition: Other blockchain projects could take the spotlight.
Regulations: Governments might introduce rules that affect Cardano’s growth.
---
Final Thoughts
Cardano (ADA) has potential for growth in both the short and long term. Some predictions are optimistic, while others are more cautious. As always, do your research and consider your risk tolerance before investing.
Whether you’re new to crypto or a seasoned investor, Cardano remains a project worth watching as it continues to evolve.
#MarketNewHype #BTCNewATH #BinanceAirdropsCATandPENGU #ADABullish

Senator Elizabeth Warren wants clarity on the ethical standards applied to billionaire Elon Musk in his role as a top adviser to President-elect Donald Trump’s transition team. In a letter to Trump, Warren emphasized the need for Musk to address potential conflicts of interest if he is to continue advising the incoming administration.

The letter from Warren highlights existing rules published by the General Services Administration. These rules mandate that transition team members avoid both real and perceived conflicts of interest. 

The democratic party Senator from Massachusetts pointed out that members are prohibited from engaging in matters that could affect their financial interests. Despite these stipulations, it remains unclear whether Musk, whose net worth is valued at $474 billion by the Bloomberg Billionaire Index, is subject to these standards.

Musk, renowned for founding Tesla and SpaceX, holds a dual role in the transition process. He is not only serving as an adviser but also co-leading a proposed advisory board aimed at eliminating government waste, named the Department of Government Efficiency (D.O.G.E.).

Warren questions Musk’s ethics and political influence

Speaking to MSNBC, Warren expressed alarm over Musk’s unchecked influence, especially given his business empire’s entanglement with government contracts and regulatory issues. 

Warren argued that multiple of the Tesla CEO’s companies are directly involved with the US government. To her, Musk’s close relationship with US President-elect Trump could possibly make those companies “richer.” 

“These are conflicts of interest in levels that have never been seen before,” she said in the interview.

Elizabeth Warren takes issue with @elonmuskadvising Trump on efficiency.

Apparently creating electric cars, reusable rockets, and brain interfaces counts as "nothing for society" in her world.pic.twitter.com/sHps2kQuXC

— Mario Nawfal (@MarioNawfal) December 18, 2024

Musk has been a visible and vocal supporter of Trump since his presidential campaign. His efforts included hosting events, making media appearances and funding initiatives to boost voter turnout.

Notably, Musk’s advocacy for Trump’s platform aligns closely with his business interests. For instance, Trump has pledged to accelerate federal initiatives, such as SpaceX’s Mars exploration programs, while Musk’s Tesla benefits from federal subsidies for its electric vehicle infrastructure.

“Putting Mr. Musk in a position to influence billions of dollars of government contracts and regulatory enforcement without a stringent conflict of interest agreement in place is an invitation for corruption on a scale not seen in our lifetimes,” Warren’s letter remarked. 

The US Senator also noted that ethical oversight is critical to ensuring the government does not become a vehicle for enriching America’s wealthiest individuals.

Ties to the Trump administration

The extent of Musk’s involvement in the administration extends beyond advocacy. He has emerged as a central figure in shaping government policies and spending priorities, raising questions about impartiality. Meanwhile, several of Musk’s ventures, including Tesla, SpaceX, Starlink, and Neuralink, face regulatory scrutiny or have contracts with federal agencies.

Tesla is currently under investigation by the National Highway Traffic Safety Administration for pedestrian accidents involving its vehicles. 

Additionally, the US Securities and Exchange Commission (SEC) has raised potential securities fraud concerns regarding Musk’s recent activities. Other enterprises, such as Neuralink and Starlink, also have pending regulatory matters before federal authorities.

When questioned by Time magazine about potential conflicts of interest, Trump dismissed concerns, stating that Musk prioritizes the country over his business interests. “He considers this to be his most important project,” Trump said.

However, Warren’s letter contests this narrative, citing Musk’s vast financial stakes and the potential for ethical breaches. She called for transparency and a robust conflict-of-interest agreement to safeguard public trust in the administration.

In a statement addressing Warren’s concerns, Trump’s transition team spokesperson Karoline Leavitt dismissed the senator’s critique as political theater. 

“…Pocahontas (Warren) can play political games and send toothless letters, but the Trump-Vance transition will continue to be held to the highest ethical and legal standards possible—a standard unfamiliar to a career politician whose societal impact is 1/1024th of Elon Musk’s.”

From Zero to Web3 Pro: Your 90-Day Career Launch Plan

PENGU Token Launch: $6 Investment Yields $87K
Yesterday, Binance launched the PENGU token, sparking immense demand through a significant airdrop and spot trading pairs, including USD, BNB, FDUSD, and TRY. The token’s popularity was fueled by the success of the Pudgy Penguin NFT collection, which laid the foundation for strong investor interest.
According to Arkham Intelligence, one trader managed to buy $6 worth of PENGU tokens before the main liquidity pool was launched on Solana. By pairing the token with $1,100 worth of SOL on Raydium, the trader capitalized on early demand, leading to a price surge of 800%. This enabled the $6 investment to skyrocket to $87K in value.

"This guy bought $6 of PENGU and turned it into $87,000... Multiple users trying to snipe PENGU’s launch swapped into his pool and bought…," reported Arkham Intelligence via Twitter.
Price Volatility Post-Airdrop
After its initial surge, the PENGU token faced a 30% decline due to a mass sell-off by early holders and volatility from the Binance airdrop. Despite these fluctuations, the token achieved an all-time high of $0.04989 before settling at $0.03336 with a market capitalization of $2.08 billion, as reported by CoinMarketCap.

Source:Coinmarketcap
The token remains up by 567% in the last 24 hours, indicating strong market interest despite the correction. Experts predict that once the current consolidation phase ends, PENGU may resume its bullish trend, supported by exchange listings and robust market demand.
Why PENGU Matters
PENGU serves as the native token of the Pudgy Penguin NFT ecosystem, which features a collection of 8,888 penguin-themed NFTs. The recent token launch and airdrop were pivotal in attracting widespread attention, leading to both massive gains for early adopters and notable trading opportunities for others.

One standout success story is the trader who turned $6 into $87K by leveraging early market dynamics. While some traders made significant profits, others exited prematurely, missing out on the full potential of their investments.
The Road Ahead for PENGU
Despite its recent price correction, PENGU shows signs of long-term growth. Its integration within the Pudgy Penguin ecosystem and continued demand in the crypto market suggest that the token could re-enter a bullish phase in the coming days. Investors should keep a close watch as the consolidation period winds down and market stability improves.

Whether you’re an NFT enthusiast or a crypto trader, PENGU offers intriguing possibilities in the ever-evolving digital asset landscape.
#PENGUOpening $PENGU

ChatGPT can ma

Ethereum briefly surpassed $4K but retraced to prior lows.  

Clearing the $4.1K resistance could open the path to $6K for ETH, according to an analyst.

As December reaches midweek, the crypto market has shed 3.06% in market cap over the last 24 hours. Bitcoin price has edged up to $109K in the early hours and dipped steadily to $104K. The largest altcoin, Ethereum (ETH), followed BTC’s footsteps and failed to settle above the $4K zone. 

The altcoin is correcting its gains and might struggle to stay above the $3,865 support zone. ETH has formed a high of $4,029, while the low stood at $3,804. Despite the plunge, crypto analysts believe Ethereum could surge past $4.5K and eventually reach $5K.

Notably, the Ali chart discloses Ethereum’s price movement within an ascending channel. The $4.1K level acts as the major resistance; a break above this level could trigger a bullish momentum, targeting the upper resistance at $6K. 

Ethereum chose the bearish track for the day, losing over 3.66% over the past 24 hours. At press time, ETH trades at $3,858. In the meantime, the daily trading volume of the altcoin has reached $37.41 billion. Besides, the market has observed a liquidation of $55.82 million worth of Ethereum during this timespan. 

ETH to Gain or Lose Momentum

ETH’s four-hour frame has unveiled its rejection at the $4K threshold. If the bullish signal reclaimed the lost momentum, the price might test the $4.1K resistance. Assuming the uptrend stays, Ethereum could target a highly bullish range and climb toward the $4.3K mark. 

However, if the current trend continues, Ethereum could form a steep downtrend, falling toward the immediate support at $3,728. A break below that level might trigger further declines, with $3.5K emerging as the crucial support. This could delay the attempts of ETH to reclaim higher price levels.

The Moving Average Convergence Divergence (MACD) line of Ethereum has fallen below the signal line. This crossover signals the asset’s downward correction, and traders often interpret it as potential selling pressure. 

In addition, the Chaikin Money Flow (CMF), a technical indicator that confirms the capital flow into the asset, is found at 0.01. It hints at a minimal positive money flow and a slight bias toward buying activity. Meanwhile, the daily trading volume of ETH has dropped by over 13.32%. 

Ethereum’s daily trading window has shown the short-term 50-day moving average above the long-term 200-day moving average. Moreover, the daily relative strength index (RSI) is found at 42.76, inferring that the altcoin’s current market sentiment is considered neutral, indicating a balanced market.