Ethereum‘s price performances in the ongoing bull cycle may be lagging behind other notable crypto assets like Bitcoin, Solana, and XRP, which have formed new all-time highs. However, optimism about its price prospects still lingers as evidenced by a persistent accumulation of the digital asset

Confidence In Ethereum Growin Among Investors

Despite Ethereum’s price struggling to initiate a major rally, an encouraging sentiment has been spotted among investors. Recently, ETH investors have ramped up accumulation at a significant rate over the last two weeks.

Kyle Doops, a technical expert and host of Crypto Banter Show shared the development after examining the key Ethereum New Accumulation metric. Data from Kyle Doops reveals a surge in wallet activity, with both small and large-scale investors increasing their ETH holdings.

The expert stated that this trend reflects unwavering confidence from investors in spite of recent market fluctuations. Furthermore, the expanding interest suggests strong faith in ETH’s potential in the long term, which is attracting many institutional and retail participants.

Ethereum’s network expansion and dominance of the Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) sectors may have played a pivotal role in the persistent accumulation. Meanwhile, if the accumulation phase extends, it could act as a precursor for the altcoin’s next major price movement.

However, waning market performance threatens its uptrend in the short term. Even in the face of market uncertainty, Kyle Doops claims that Ethereum’s future appears increasingly promising, demonstrating his optimism about the asset’s capability.

This robust investor activity is also indicated by the Ethereum Estimated Leverage Ratio metric, which has been climbing for some period. A rise in this key metric indicates heightened risk as traders take on more positions with high leverage.

The surge in high-leverage positions appears to have been climbing as ETH consolidates between the $3,200 and $3,500 price range. Given the prolonged stasis within the price range, Kyle Doops believes that a bullish breakout is likely at this point. 

However, he has urged investors to be cautious as high leverage may cause liquidations and volatility as seen in the past whereby the development has led to a volatile price action for the altcoin.

A Strong Rally For ETH On The Horizon?

ETH continues to face significant resistance at the $3,500, raising uncertainty about its next price direction. However, market expert and trader Milkybull has expressed his confidence in ETH’s prospects, predicting a move to unprecedented levels.

Examining ETH’s 1-month chart, the analyst claims that the infamous rise of ETH that will push it to the $12,000 milestone is gathering steam. His bold forecast is supported by a Rising Wedge pattern, which typically oversees notable price spikes.

At the time of writing, ETH was trading at $3,381, demonstrating an almost 5% rise in the last 24 hours. Investors are betting significantly on the renewed upward momentum as trading volume has increased by more than 60% in the past day.

Featured image from Unsplash, chart from Tradingview.com

Traders have had a torrid start to the week, as over $500 million has been liquidated from the crypto market in the last 24 hours. This has been due to the Bitcoin price, which has continued to fluctuate heavily in recent times. 

$500 Million Liquidated As Bitcoin Price Fluctuates

Coinglass data shows that over $500 million was liquidated from the crypto market in the last 24 hours as the Bitcoin price fluctuates. Long traders suffered the most loss, with over $366 million in long positions liquidated. Meanwhile, over $129 million in short positions were liquidated in the last 24 hours. 

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This came as the Bitcoin price dropped significantly from around $98,000 to as low as $95,500 on Sunday. Bitcoin has since recovered and is back again over $98,000. This heavy BTC price fluctuation has been the case since the flagship crypto came close to hitting the $100,000 milestone on November 23. 

The Bitcoin price has since witnessed major pullbacks followed by a sharp rebound, leading to mass liquidations as traders struggle to determine the future trajectory of the flagship crypto. These pullbacks have come as investors look to secure profits, seeing as the flagship crypto is approaching this psychological $100,000 price level. 

However, some whales remain undeterred as they recently bought $3.96 billion BTC in 96 hours. Notably, Bitcoin miner Marathon Digital bought 5,771 BTC ($572 million) at an average price of 95,554 per BTC. 

Although this Bitcoin price range might be the local top, the flagship crypto is still expected to go higher, which explains why these whales are still actively accumulating more BTC. Asset manager VanEck recently stated that $100,000 is only the beginning and predicted that Bitcoin could still reach as high as $180,000. 

Today Could Be The Day

Crypto analyst Ali Martinez recently predicted that today could be the day the Bitcoin price finally reaches the much-anticipated $100,000 milestone. This came as he revealed that the SuperTrend indicator had flipped bullish on the Bitcoin hourly chart as prices broke through the resistance trendline and the Relative Strength Index (RSI). 

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In another X post, Martinez suggested that $100,000 won’t be the cycle top for the Bitcoin price in this bull run. He stated that long-term Bitcoin holders are showing signs of growing greed. The analyst claimed that historically, this suggests that it could take 8-11 months for Bitcoin to hit a market top. 

If this historic trend continues, the Bitcoin price could peak between June and September 2025. Crypto analysts like Rekt Capital have also predicted that this period could mark the peak for Bitcoin in this bull run.

At the time of writing, the Bitcoin price is trading at around $98,300, up in the last 24 hours, according to data from CoinMarketCap. 

Featured image created with Dall.E, chart from Tradingview.com

• Bitcoin (BTC) touched lows near $58k as cryptocurrencies witnessed a sharp sell-off.
• 0DOG token tumbled amid Bitcoin’s losses.

Bitcoin dived more than 6% in the past 24 hours to trade near $58,000. The crypto market capitalization also tumbled as a sea of red engulfed altcoins

Major altcoins saw huge declines to push the total market cap down more than 7% to $2.16 trillion. Meanwhile, Bitcoin Dogs fell sharply as Ethereum, Solana, Pepe, and Polygon nosedived.

Bitcoin slumps amid huge liquidations

BTC briefly traded at lows of $58,090 on Bitstamp and $58,025 on Coinbase on Wednesday morning before a slight recovery pushed it to above $59.2k.

While there hasn’t been a clear catalyst for the crypto sell-off, the widespread losses suggest a broader weakness for risk assets. 

Santiment analysis also suggests the latest retracement follows huge bets on upside momentum. The greed that hit the market on August 25 has seen a swift reaction in liquidations, the market intelligence and on-chain analytics platform wrote on X.

Data from Coinglass shows total crypto liquidations have jumped 208% in the past 24 hours to over $330 million. Most of this, about $295 million, are long positions and over 90,800 traders have been liquidated in this period as a result.

The largest liquidation is an ETH/BTC position at $12.67 million on Binance.

Bitcoin Dogs mirrors BTC sell-off

While Ethereum has dropped more than 9% to under 2,450, Solana is changing hands near $144. Polygon, Pepe and Sui have shed double digits.

Bitcoin Dogs, a cryptocurrency that recently launched on major exchanges Gate.io, MEXC and Uniswap, is also mirroring the downside action.

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— BitcoinDogsClub (@BitcoinDogsClub) August 21, 2024

0DOG price has dropped sharply from its highs of $0.04934 reached on August 22 to currently trade at $0.01006. The token has seen a massive 54% slump in 24 hours, which highlights how impactful a sharp drop in the prices of top cryptocurrencies can be for related tokens.

What next for BTC, 0DOG?

At the time of writing, BTC traded around $59,220, still in the red.

Bears may extend the decline in BTC price, with lows seen on August 5 a likely support level. This same scenario could play out for Bitcoin Dogs, which made history with the first-ever BRC-20 token presale on the Bitcoin network.

The gaming and NFT project taps into BTC’s growing layer-2 market and is likely to bounce alongside the flagship cryptocurrency.

But what would indicate a potential for reversal?

“When funding rates get extreme in either direction, they are always prone to get liquidated and shoot markets in the opposite direction. Look for funding rates to stabilize (or potentially even start leaning toward a short bias) as a sign that BTC and other assets will start to bounce again,” Santiment observed.

The downside may therefore provide an opportunity to buy low. Learn more about Bitcoin Dogs first by visiting their website.