The crypto market’s leading altcoin, Ethereum, is poised for a price breakout after months of market slump and improved macroeconomic conditions. Currently, the asset is closing on its local price bottom, and based on technical patterns, Ether is about to stop the persistent price decline.
Rising Bullish Sentiments for Ethereum
Market analysts are keeping a close eye out for any indications of a possible upturn in the cryptocurrency market. Notably, prominent crypto analyst Michaël van de Poppe pointed out a bullish divergence, suggesting that a big upward move could be imminent.
Traders frequently employ a technical indicator known as a bullish divergence to identify a strengthening of market momentum following a stretch of falling prices. This pattern implies that a price reversal might be imminent. This development could give the larger crypto market a much-needed boost after several months of declining pressure.
Whales Return Amid Market Illiquidity
Meanwhile, whales are starting to reappear as the market navigates the fallout from summer illiquidity. By making massive transactions, these whales, who own substantial amounts of cryptocurrency, can affect market dynamics.
5,000 Ether, worth over $11.4 million, was recently purchased by one such whale, according to the on-chain intelligence platform Lookonchain. The activity of this whale is noteworthy because it shows a systematic approach to market timing.
The whale purchased 5,200 Ethereum back in November 2022 at an average price of $1,322. Later, in December 2023 and January 2024, they sold their holdings for an average price of $2,093, making a profit of more than $4 million.
This kind of buying and selling can significantly impact Ether’s price trajectory. It also explains why traders frequently monitor whale movements to predict future market trends.
Ethereum Price Slumps Despite ETF Debut
Ether’s price has been steadily declining since late March, even after the first spot Ether exchange-traded funds (ETFs) were introduced in the United States. As with Bitcoin ETFs, which significantly increased investor interest in the cryptocurrency, the introduction of these ETFs was initially anticipated to increase the price of ETH.
However, Ether has underperformed, with a price decline of more than 32% since the ETFs started trading in July. The lackluster response can be partially attributed to continuous negative outflows from these Ether ETFs.
These ETFs have seen net outflows totaling more than $568 million since their launch, per data from Farside Investors. Many investors had assumed that the success of Bitcoin, which saw ETFs account for about 75% of new investments by February and pushed the price of Bitcoin over $50,000, would be replicated with the launch of Ether ETFs. But that hasn’t been the case.
Neiro on Ethereum: The New Meme Coin
Meanwhile, Neiro has become a new contender in the rapidly expanding meme coin ecosystem on the Ethereum network. Based on market capitalization, this token recently entered the top 25 meme coins, according to CoinGecko data.
Neiro’s ascent is the result of the token’s quick three-day listing on several leading exchanges, including Binance, Crypto.com, HTX, and OKX. Moreover, Neiro’s story is connected to Kabosu, the Dogecoin mascot who passed away earlier this year.
After Kabosu passed away, his owner adopted a new Shiba Inu named Neiro, which led to the emergence of several new meme coins in the cryptocurrency market. In honor of Neiro, two Solana-based meme coins first appeared, but the Ethereum-based Neiro token quickly entered the fray and has now outperformed its competitors.
Neiro’s price has increased by 233% just in the last week, thanks to its listing on several cryptocurrency exchanges. Neiro was first listed for futures trading on OKX, followed by Binance.
The swift listing by other exchanges, such as Crypto.com and HTX, further enhanced the token’s market presence. Consequently, Neiro’s market capitalization surged to $161 million, positioning it as the 23rd largest meme coin, surpassing some popular tokens such as Gigachad (GIGA) and Maga (TRUMP).
