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Ethereum is trading with renewed strength after breaking above the $3,300 level and briefly pushing toward $3,400, signaling a potential shift in short-term momentum. However, despite this recovery, bullish conviction remains fragile. Many analysts continue to warn that the broader trend still leans bearish, emphasizing that Ethereum has yet to reclaim the structural levels needed to confirm a macro reversal.
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Yet one signal has captured significant attention: according to fresh data from Lookonchain, a major whale known as BitcoinOG has doubled down on his Ethereum long position. This trader is widely recognized for being the whale who successfully shorted Bitcoin during the October 10 market crash, a move that earned him substantial profits and elevated his reputation across the on-chain analysis community.
Rather than taking profits after ETH’s recent pump, he has expanded his long exposure—an unusually aggressive stance at a time when most traders remain cautious.
His renewed commitment raises questions about whether smart money is quietly positioning for a larger upside move, even as broader sentiment remains skeptical. If momentum holds, Ethereum may be preparing for a far more significant move than the market currently expects.
Whale Positioning and FOMC Impact
According to Lookonchain, the whale known as BitcoinOG has now expanded his position to 85,001 ETH, valued at roughly $280 million, and is currently sitting on more than $16 million in unrealized profit. Such an aggressive accumulation during a period of widespread caution signals a notable divergence between retail sentiment and whale behavior.
When a trader with a proven track record positions this heavily on the long side, it often reflects a strategic conviction that market conditions could soon shift in favor of higher prices.
However, this positioning unfolds just as the market approaches a pivotal macro event: the FOMC meeting. The Federal Reserve’s decision on interest rates can dramatically influence liquidity, risk appetite, and short-term volatility across all risk assets, including Ethereum.
A rate cut could inject optimism into the market by weakening the US dollar and improving overall liquidity conditions. Conversely, a hawkish tone or a smaller-than-expected policy adjustment could trigger a sell-the-news reaction, especially with ETH nearing resistance.
For Ethereum, whale accumulation combined with macro uncertainty creates a high-stakes environment. If liquidity expands post-FOMC, ETH could gain momentum. If not, even strong whale positions may face short-term pressure.
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ETH Testing Breakout Strength Ahead of Key Resistance
Ethereum’s 4-hour chart shows a decisive shift in momentum, with ETH pushing firmly above the $3,300 level after a clean breakout from its multi-week downtrend. This move marks one of the strongest bullish impulses since early November, supported by rising volume and a clear reclaim of the 50 EMA and 100 EMA.
The 200 EMA (red), which previously acted as dynamic resistance throughout the decline, has now been tested and is beginning to flatten—often an early indication that bearish momentum is losing dominance.
However, ETH is now hovering directly below a critical resistance zone around $3,380–$3,420, a level where sellers previously stepped in aggressively. The current consolidation just beneath this zone reveals an undecided market: bulls attempt to establish acceptance above $3,300, while bears defend the next resistance layer.
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If buyers manage to flip $3,320 into solid support, the path toward $3,500 becomes more achievable, especially if broader market sentiment improves. Conversely, a rejection from the $3,400 area could trigger a short-term pullback toward $3,200–$3,250, where moving averages are now stacked as layered support.
Featured image from ChatGPT, chart from TradingView.com
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Bitcoin price moved from $28.6k to around $30k on Tuesday but stabilized around $29.6k during the early Asian trading hours on Wednesday.
The cryptocurrency market had mixed reactions following experts’ opinion of a possible black swan event in the DeFi lending industry triggered by the Curve finance and AAVE fiasco. Notably, the 300 million CRV that was used by Curve founder Michael Egorov as collateral for a $60 million USDT loan risks getting liquidated if the CRV price drops below 37 cents. According to the latest crypto price oracles, CRV value dropped over 20 percent since August opening to trade around $0.578 on Wednesday.
The cryptocurrency market was, however, thrilled by the third Litecoin halving event that is expected to take place on Wednesday. Essentially, Litecoin halving reduces LTC inflation by half thus giving the existing coins more value. Despite the crypto market uncertainty, Bitcoin’s price suddenly gained nearly 3 percent to briefly hit $30k. However, the Bitcoin price stabilized around $29.6k during the early Asian market on Wednesday.
“We had a lot of buzz recently around the Blackrock ETF but that can only drive bitcoin for so long and for so far. We got plenty of optimism with it but that initial optimism is fading slightly,” Josh Gilbert, an analyst at investment firm eToro, noted. “When bitcoin heads south so do most altcoins … and they’re selling off a little bit further given what we’re seeing with Curve,” added he.
Crypto Stock Market
Cryptocurrency and blockchain-related stocks fell to weekly lows as Bitcoin teased below $29k on Tuesday. For instance, Coinbase Global Inc (NASDAQ: COIN) shares closed Tuesday trading at $94.15, down 4.52 percent from the day’s opening value. The drop in COIN shares continued during the after-hours, despite Bitcoin briefly hitting $30k. Nonetheless, COIN shares have gained about 166 percent YTD to a market capitalization of approximately $23.14 billion.
In the crypto mining stocks, Riot Platforms Inc (NASDAQ: RIOT) shares closed Tuesday trading at $18.23, down 1.57 percent from the day’s opening price. However, RIOT shares gained approximately 1.26 percent during the after-hours as Bitcoin price bumped towards $30k.
Worth noting that RIOT shares have gained approximately 437 percent YTD to a $3.24 billion market capitalization.
Another Bitcoin mining public company, Marathon Digital Holdings Inc. (NASDAQ: MARA) saw its shares drop 3.11 percent on Tuesday to close the day trading at $16.83. Nonetheless, MARA shares have gained about 392 percent YTD to a market capitalization of about $2.95 billion.
Notably, MicroStrategy Inc (NASDAQ: MSTR) has continued to sell its shares and purchase more Bitcoins. As a result, the company is currently the largest public holder of Bitcoins. According to the latest stock market data, MSTR shares did not experience significant volatility on Tuesday, although they gained approximately 207 percent YTD to trade around $436 on Wednesday.
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Roku reported a strong Q2 2023 beating analysts estimates on multiple fronts, also adding more active users and streaming hours.
Popular video streaming platform Roku (NASDAQ: ROKU) reported earnings for Q2 2023, showing figures that surpassed analyst estimates for new users and revenue.
Roku revenue climbed 11% to $847.2 million, well above the $774.5 million predicted by analysts polled by FactSet. Also, the company lost 76 cents a share, lower than analysts’ expected $1.26. Q2’s loss is also lower than the 82 cents a share lost in Q2 of 2022.
Roku now has over 73 million active accounts, more than 16% higher than the 63.1 million recorded a year ago. Although streaming hours remained stagnant quarter over quarter, the company reported 25.1 billion, an increase from 20.7 billion for the same period last year. Device sales climbed 9% to $103.4 million.
Roku chief executive officer Anthony Wood and CFO Dan Jedda in a note to shareholders said the general TV advertising market has been slow, stating that it “remains muted industrywide.” However, the note informs that Roku ads are recovering, and assures that the company is ready to grow with the ad market correction.
“We have begun to see some ad verticals improve, which resulted in modest YoY platform revenue growth in Q2, and we are well positioned to re-accelerate growth as the ad market recovers.”
Roku predicts that its revenue for Q3 would hit $815 million, with a total gross profit of $255 million.
The company’s stock fell 4.59% on the day and closed at $68.19. However, as of writing time, ROKU has recovered the loss and climbed 8.51% to $73.99 in after-hours trading.
Roku in Q1
In the first quarter of 2023, Roku’s total net revenue climbed 1% year over year (YoY) to $741 million, while platform revenue fell 1% YoY to $635 million. Gross profit fell 7% YoY to $338 million, with the platform’s average revenue per user (ARPU) falling 5% YoY to $40.67. Also, the company’s total operating expenses rose 42% YoY to 550.1 million from $388.3 million the year before.
Roku Partnered with Shopify and Launched New TV in Q2 2023
Last month, Roku announced a partnership with Canadian multinational e-commerce giant Shopify (NYSE: SHOP) to make shopping easier for customers. Roku integrated Shopify with the Action Ad service so that viewers can use their TV remotes to select an ad using their TV. When users see an ad for a product they may want, they can press OK for information about the product and eventually make payments using Roku Pay. At the time of the announcement, Roku stock jumped 11%.
Roku also recently launched the new 55-inch Polaroid Roku TV in the UK. Combining the Polaroid TV hardware with the streaming company’s OS, the new TV has a traditional setup for terrestrial functions, as well as access to most streaming services. Users can also push content from their phones as the TV has seamless iOS compatibility. The TV supports Dolby Audio and Dolby Vision, along with HDMI 2.0 for flexible connectivity.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Cardano meme coin SNEK scales new heights – hitting new all-time high CryptoSlate
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Cardano meme coin SNEK has been garnering a lot of attention from the crypto community lately.
On May 11, InputOutput (IO) CEO Charles Hoskinson posted a tweet asking, “What the heck is this #Snek thing that people keep tweeting about?”
Some took this to mean a Hoskinson-IO endorsement of SNEK. However, in a more recent tweet, he clarified that IO and Snek are not collaborating, nor does he own the token.
The comment responded to community member Fcking_Lemmings, posting about “huge announcements” and IO meetings in the next week. Hoskinson’s previous tweet also mentioned that there would be no Snek announcement next week.
Following the correction, Fcking_Lemming updated his post to state Snek will be making an announcement next week.
On May 29, the official Snek Twitter announced that it had unboring plans in the pipeline – teasing that these would be ‘never seen before’ innovative proposals.
“We will do thingsss [sic] that have never been done before.”
What is SNEK?
The Snek presale ended on April 28, distributing 50% of the total supply of 76,715,880,000 SNEK tokens to early supporters. Shortly after, the token went public via a SundaeSwap listing – opening with a market cap of $275,000.
Since then, SNEK has posted considerable gains to record a new all-time high of $0.00083068 on the morning of May 29 (BST). This equated to a peak market cap of $63,726,347 – or an approximate 23,000% increase since the SundaeSwap listing.
The Snek website states the project intends to build a sustainable and inclusive community on the Cardano blockchain and to deliver a “rewarding experience” for token holders. Furthermore, the token is marketed as a DeFi token, enabling users to “thrive and have fun together.”
The website does not show a roadmap, and no definitive, quantifiable objectives were given in the company’s vision statement upon CryptoSlate review.
“We think it is necessary to experiment, innovate, make mistakes, adapt and use the tools available to our advantage.”
Cardano meme coins
Meme coins often face criticism due to their perceived lack of utility, inherent value, and highly speculative nature, raising concerns about their long-term sustainability.
On the other hand, advocates posit that meme coins increase community engagement, serving as a gateway into the crypto ecosystem that can convert no-coiners into crypto enthusiasts.
According to Cardano Cube, there are 25 Cardano-based meme coins, such as Hosky Token, DGAF, and A SHIB. However, Snek is the first to have made a notable impact regarding its social media presence and price action.
Last week, on May 24, Cardano DeFi’s Total Value Locked (TVL) increased to 256% year-to-date from 230%.
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