The #Ethereum price managed to print a slight gain over the past 24 hours to trade at $3,497.30 at press time.
This slight uptick in the $ETH ETH price comes after the U.S. Securities and Exchange Commission (SEC) approved the listing of multiple spot Ethereum #ETFs (exchange-traded funds).
A Bearish Chart Pattern Forms on ETH’s Daily Chart

Daily chart for ETH/USDT (Source: TradingView)
The Ethereum price was rejected by the major resistance level at $3,555 in the last 48 hours, resulting in a retracement to the 9 Exponential Moving Average (EMA) line. If the leading altcoin falls below this technical crutch, ETH might be at risk of falling to the $3,351.15 support, which is also confluent with the 20 EMA line.
Traders and investors will want to take note of the bearish rising wedge pattern that has formed on ETH’s daily chart. This specific pattern suggests the Ethereum price might undergo a strong correction. If this pattern is validated, the crypto’s price could fall below the $3,351.15 support and possibly fall to as low as $3,094.39 in the short to medium term.
However, the Ethereum price might still bounce off of the $3,351.15 support if the rising wedge pattern plays out. This could be a pull back before the altcoin rallies above $3,555 to potentially rise to $3,677.31.
This potential price drop might not even happen if ETH manages to close a daily candle above $3,555 within the next 3 days. In this alternative scenario, the Ethereum price might attempt a challenge at the aforementioned $3,677.31 resistance.
Technicals Warn the Ethereum Price Might Pull Back
Technical indicators on ETH’s daily chart warn the Ethereum price might drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are on the verge of triggering major bearish flags.
Although the MACD line is currently positioned bullishly above the MACD Signal line, the narrowing gap between the two indicators warns that the positive cycle might soon come to an end. Meanwhile, the RSI is closing in on its Simple Moving Average (SMA) line on the daily chart, which could signal a bearish shift in strength if the two lines cross in the next 48-72 hours.
#ETHETFS #ETHETFsApproved

CoinShares has announced a significant milestone, reporting a $1.35 billion inflow into digital asset investment products over the past seven days. 
This substantial influx highlights growing investor confidence in the digital asset market, bringing the total inflows over the last three weeks to an impressive $3.2 billion.
The CoinShares report revealed a parallel trend in market sentiment, with short-#Bitcoin (BTC) exchange-traded products (ETPs) experiencing $1.9 million in outflows. This shift away from bearish positions indicates a growing bullish sentiment among investors.
Positive Market Sentiment for BTC and ETH
The report put the spotlight on a notable shift in sentiment towards Bitcoin and Ethereum (ETH). Since March, short-Bitcoin products have seen a total of $44 million in outflows, amounting to over 55% of assets under management (AUM). This change is attributed to the positive sentiment following Bitcoin's halving event in mid to late April.
Ethereum also performed robustly, attracting $45 million in inflows over the past week. This performance pushed its total year-to-date (YTD) inflows to $103 million, surpassing Solana (SOL), which has $71 million YTD inflows. Last week, SOL saw $9.6 million in inflows, trailing behind ETH in terms of overall investor interest.
Regional Inflows and Outflows
The United States led the charge in digital asset inflows, contributing $1.3 billion of the total $1.35 billion in the past week. Switzerland followed with $66 million in inflows. Conversely, Brazil and Hong Kong saw outflows of $5.2 million and $1.9 million, respectively. 
On a related note, BlackRock, the world’s largest asset manager, reported a record $10.6 trillion in AUM as of the end of the fourth quarter. This milestone marks a $1.2 trillion year-over-year growth for the firm, driven in part by a surge in ETF inflows in Q1.
Larry Fink, CEO of #BlackRock , attributed this growth to the firm's strong performance in private markets, alongside significant contributions from retail investors and increasing flows into #ETFs . The firm’s ability to attract substantial investments underlines the growing confidence in the broader financial market, including digital assets.
$ETH $BTC

United States President Joe Biden shocked the markets when he announced that he would not seek a second term in the White House, sparking diverse reactions among analysts trying to predict the future of #Bitcoin❗️ (BTC) and other crypto assets.
Immediately following Biden's announcement, the BTC price dipped by as much as 2.8%, touching a low of $65,800. However, it quickly rebounded to trade at $67,916 at press time.

Market Reactions to the Joe Biden Announcement
eToro market analyst Josh Gilbert described Biden’s sudden move as a “win for crypto assets.” He emphasized that former President Donald Trump’s heightened chances of re-election could be a significant boost for the cryptocurrency market. Gilbert stated:
“The longer that we see Trump staying ahead in the election odds, the more crypto assets will price in his victory."
However, he also noted the uncertainty of the situation, highlighting that with three months left in the election race, significant changes could still occur.
Trump's Crypto-Friendly Stance
Trump has recently integrated Bitcoin and cryptocurrencies into his re-election campaign. On June 14, he declared that he would end the Biden administration’s “war on crypto” if re-elected. Markus Thielen, founder of 10X Research, also suggested that Trump might make a significant announcement regarding Bitcoin at the upcoming Bitcoin 2024 conference in Nashville on July 25.
Thielen pointed out that the US government currently holds 212,800 BTC, valued at approximately $15 billion. In contrast, it holds around $600 billion in gold reserves. If the government were to double its Bitcoin holdings, it would have a comparable price impact to the net inflows into spot Bitcoin exchange-traded funds (ETFs) year-to-date.
Looking ahead, Gilbert anticipates a bullish trend for Bitcoin, driven by the upcoming launch of spot Ethereum (ETH) ETFs in the US. This development could serve as a catalyst for growth across the crypto market.
Caution Amid Optimism
Despite the optimism, some analysts urge caution. Swyftx analyst Pav Hundal warned that while Biden’s withdrawal might boost Trump’s chances, the recent bounce in crypto prices might not be directly linked to this political shift. Hundal highlighted the importance of learning from past experiences, such as the Bitcoin #ETF speculation, which saw temporary price stalls before an uptrend.
“Learning from the Bitcoin ETF experience, we could see a temporary stalling of prices before the uptrend continues,” he said. “This recent surge might be attributed to early Ethereum ETF speculation, and it’s important for investors to stay cautious and not get overly excited in the short term.”
Gary Black, Managing Partner at The Future Fund, also expressed skepticism. He reminded his 433,000 followers on X that a Trump victory was not guaranteed, given the public’s distrust of Trump following the events of Jan. 6.
“Those who think Trump/Vance will win by a landslide are getting ahead of themselves,” Black commented in a July 22 post. “The American public doesn’t trust Trump after the events of Jan 6th. I was no fan of Biden or Kamala, but Dems could still nominate Newsom, Michelle Obama, or another leading Dem to be their Presidential candidate.”
While Biden’s decision not to seek re-election has generated optimism among some crypto enthusiasts, the political landscape remains uncertain. Analysts recommend a cautious approach, advising investors not to get too excited about a potential Trump victory just yet. As the election race progresses, the interplay between politics and the crypto market will continue to unfold, potentially shaping the future of digital assets.
Traders on the decentralized betting platform Polymarket are confident that Harris could be the next Democratic nominee for this election. “Yes” shares on the platform surged to 81 cents, meaning traders forecast an 81% likelihood that she will replace Biden.

Bets on who will win this Presidential election (Source: PolyMarket)
Meanwhile, “Yes” shares for Trump to win the 2024 Presidential Election stood at 64 cents, indicating a 64% chance, according to traders on Polymarket. Shares in favor of a Harris victory stood at 29 cents, while “Yes” shares for Michelle Obama stood at 3 cents.
$BTC #Biden #Trump

CryptoQuant says Bitcoin whales are easing their selling pressure as the crypto continues to strengthen over the past week, maintaining a value above $66,000.
"Large Bitcoin sellers are showing signs of exhaustion, and valuation metrics indicate positive momentum," stated CryptoQuant head of research Julio Moreno in a July 20 X post, referring to Bitcoin investors with balances between 1,000 and 10,000 BTC.
Moreno also noted that "realized profits are minimal compared to March or May," when Bitcoin exceeded $71,000 in both months. Bitcoin reached its all-time high of $73,679 on March 13.
Bitcoin Technical Analysis
The Bitcoin price action over the past few trading sessions has presented a nuanced picture for traders, with both opportunities and risks evident on the 4-hour chart. As of the latest data, BTC's closing prices show a range-bound movement, indicating a potential consolidation phase. The most recent closing prices hover around $66,860.38, with key resistance and support levels identified that will likely play crucial roles in the coming sessions.
Bitcoin faces immediate resistance at $67,036, a level that, if breached, could lead to a retest of the higher resistance zones at $67,157.26 and $67,195.1. These resistance levels are crucial as breaking above them could signal a bullish continuation, potentially drawing in more buying interest and pushing prices higher.
On the downside, support is found at $66,823.63. If $BTC fails to hold above this level, it could seek support at $66,470.01 and $66,244.48. These support zones are vital for maintaining the current price structure, and a breakdown below them could trigger a deeper correction.
The 9 EMA (Exponential Moving Average) and 20 EMA provide mixed signals. Currently, the 9 EMA is above the 20 EMA, which is a bullish signal. However, the convergence of these EMAs suggests a possible slowdown in bullish momentum. Traders should watch for a potential crossover which could indicate a shift in trend.
MACD (Moving Average Convergence Divergence) analysis reveals a diminishing bullish momentum. The histogram has turned negative, indicating bearish pressure might be increasing. This shift suggests caution, as the MACD line is nearing the signal line, potentially indicating a bearish crossover.
RSI (Relative Strength Index) values, though still in bullish territory, have shown a decline from overbought levels. An RSI reading above 70 typically indicates overbought conditions, but the recent dip suggests a cooling off period. If RSI continues to fall towards 50, it could reinforce the bearish outlook.
For traders considering long positions, a break and close above the $67,036 resistance could be an entry signal, targeting the next resistance levels at $67,157.26 and $67,195.1. Conversely, if Bitcoin fails to sustain above $66,823.63 and falls towards the $66,470.01 support, it could be an opportune moment for short trades, with a close eye on further downside to $66,244.48.
In summary, while the #Bitcoin price displays signs of both bullish and bearish potentials, traders should remain vigilant of key levels and indicator signals. The market's next move will likely hinge on these pivotal resistance and support zones.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
#BTC☀️

Players of the wildly popular mobile game Hamster Kombat are finding themselves the targets of increasingly sophisticated phishing attacks. 
The Telegram-based game, which has rapidly amassed a massive user base, is being exploited by scammers looking to cash in on its viral success.
Phishing Attacks Exploiting Hamster Kombat Popularity
Hamster Kombat, known for its tap-to-earn gameplay, has drawn in 239 million users in just 81 days, with a staggering 4-5 million new players joining daily. This meteoric rise has not gone unnoticed by cybercriminals. Recently, cybersecurity firm Kaspersky uncovered a series of fraudulent schemes specifically targeting the game's players.
Olga Svistunova, a security expert from Kaspersky, highlighted the severity of the situation in a statement a recent interview: 
“Our team has exposed a series of fraudulent schemes targeting users of Hamster Kombat. In one scheme, scammers lure victims with promises of converting in-game coins to rubles through phishing links that require Telegram login credentials.”
These phishing attacks are alarmingly effective. Once users enter their credentials, attackers gain access to personal accounts, enabling them to steal data, engage in blackmail, and send fraudulent messages. While the primary target appears to be players in Russia, Svistunova warned that fraudsters from other regions could adopt similar tactics.
Rise of Fake Crypto Airdrops and Websites
The allure of free cryptocurrency has also become a tool for scammers. Kaspersky reports that fake Hamster Kombat airdrops are being used to trick users into divulging their crypto wallet credentials. These fraudulent airdrops promise enticing rewards but lead to phishing sites designed to steal valuable information.
“Scammers exploit the allure of free cryptocurrency by offering fake airdrops of Hamster cryptocurrency, aiming to steal crypto wallet information,” Svistunova explained. Additionally, fraudsters have set up phishing sites claiming to sell Hamster cryptocurrency at a discount, further deceiving users into compromising their crypto wallets.
The Impact of Scams on the Crypto Industry
These incidents are part of a broader trend of cyberattacks plaguing the cryptocurrency industry. Over the past 13 years, nearly $19 billion worth of digital assets have been stolen across 785 reported hacks and exploits. The largest single theft remains the 2019 Plus Token fraud, where attackers made off with $2.9 billion in Bitcoin and Ether.
Phishing scams, in particular, have seen a dramatic rise. For instance, phishing attacks on the Base blockchain surged by 1,900% in March compared to January, resulting in an 18-fold increase in stolen crypto.

Following the $235 million exploit of the cryptocurrency exchange WazirX, the hacker behind the breach has converted nearly $150 million worth of the stolen altcoins into Ethereum (ETH). 
Between July 18-19, the hacker converted substantial amounts of various altcoins to ETH. According to blockchain analytics firm Spot On Chain, the conversion included $90.2 million worth of Shiba Inu (SHIB), $10.2 million in Polygon (MATIC), and nearly $7.5 million in Pepe (PEPE). These transfers have escalated the total stolen funds held in Ethereum to $201 million, up from the initial $52 million.
Reasons Behind the Conversion
The hacker’s decision to convert ERC-20 tokens to Ethereum is rooted in several factors. ETH is known for its liquidity and lack of a blacklisting feature, making it a safer asset for illicit transactions. Spot On Chain highlighted that some ERC-20 tokens have contract functions that allow addresses to be blacklisted, a feature absent in ETH.
"Swapping to Ether quickly can help the hacker secure their funds before any preventative measures are taken by authorities or the issuers of centralized tokens," commented blockchain security firm PeckShield. A prime example of this preventative measure is stablecoin issuer Tether, which has blacklisted numerous wallets involved in suspicious transactions.
Ethereum's liquidity and stability make it a preferred choice for laundering funds through cryptocurrency exchanges and mixer protocols. Blockchain security firm Beosin noted that ETH's price stability and ease of movement across various platforms make it an attractive option for those looking to obfuscate the origin of stolen funds.
The hack has had a noticeable impact on the market. SHIB has seen a nearly 7% drop since the incident, while ETH's price has only marginally decreased by 0.1%. The hacker still holds approximately $12 million worth of Chromia (CHR), Celer Network (CELR), Frontier (FRONT), and Ooki (OOKI) tokens, according to Spot On Chain.
WazirX's Response
Following the breach, WazirX halted withdrawals on July 18. The security breach wiped out nearly half of the exchange’s reserves, as per their June proof-of-reserves report. In a statement on X, WazirX declared, "This is a force majeure event beyond our control, but we are leaving no stone unturned to locate and recover the funds. We have already blocked a few deposits and reached out to concerned wallets for recovery."
Blockchain forensics firm Elliptic has indicated that specific patterns and techniques used in the WazirX attack suggest the involvement of North Korean hackers. If confirmed, this would add to the growing list of high-profile crypto heists attributed to North Korea.

Recent research by analytics firm Glassnode reveals that Bitcoin miners have minimal impact on BTC price action during market sell-offs. 
This finding, highlighted in Glassnode's weekly newsletter "The Week Onchain," challenges long-standing beliefs about the market influence of Bitcoin miners.
Centralized Exchanges and ETFs Dominate Market Influence
Despite facing challenges since the latest block subsidy halving, which reduced the block reward by 50%, Bitcoin miners' influence on market movements is overshadowed by larger investor entities. Glassnode's analysis indicates that centralized exchanges and United States spot #Bitcoin exchange-traded funds (ETFs) exert more significant control over BTC price dynamics.
As of July 2024, centralized exchanges hold over 3 million $BTC , while #ETFs manage 887,000 BTC. In contrast, wallets affiliated with known miners contain approximately 705,000 BTC. This disparity shines a spotlight on the outsized role of exchanges and ETFs in the Bitcoin market.
"Throughout history, large coin holdings have often been custodied by market-agnostic entities, such as the Mt.Gox trustee, tasked with holding coins recovered after the exchange's collapse and bankruptcy," Glassnode explained. "Similarly, significant coin volumes have been seized by government law enforcement and are periodically sold off in tranches."
Glassnode further noted that institutional-grade custodians and ETFs have recently become prominent players. The suite of 11 new U.S. spot ETFs has accumulated a combined 887,000 BTC, making them the second-largest pool of Bitcoin monitored by Glassnode.
Exchange and ETF Bitcoin Balances Versus Miner Holdings
On a weekly basis, Glassnode observed that miner balances fluctuate by about 500 BTC—a stark contrast to the balance changes of exchanges and ETFs, which can vary by approximately 4,000 BTC each week. This discrepancy suggests that the market influence of exchanges and ETFs is four to eight times greater than that of miners.
"Miners have historically been a primary source of sell-side pressure; however, their supply relevance decreases with each halving event," "The Week Onchain" noted.
Recent market dynamics, such as the German government's multi-billion-dollar #BTC distribution, have further shifted the focus away from miners. While substantial, on-chain data suggests that markets had already priced in Germany's distribution in advance.
"The Bitcoin market absorbed a significant 48,000 BTC over the past month as the German Government completed their balance sheet distribution," Glassnode concluded. "This complete exhaustion of the German Government sell-side pressure has provided the market with ample relief, while initial signs of renewed demand have stimulated positive price action."
Optimism for Bitcoin Miners' Future
Despite their reduced market influence, the future may hold promise for Bitcoin miners. As previously reported by Cointelegraph, Bitcoin's hashrate has attempted to reach all-time highs in the past week, and the hash ribbons indicator suggests improving profitability conditions.
The hash ribbons indicator, which measures 60-day and 30-day rolling hashrate, indicates that a miner "capitulation" phase is ongoing. "The faster moving average is growing again and will soon surpass the slower one. This means that the total hash rate, which is correlated with the price, has started to grow again," on-chain data platform Bitcoin is Data shared on X on July 15.