Analysts predict that the spot Ethereum ETF will be live by July 4, causing the ETH price to rise. Ethereum on-chain indicators indicate a high probability of positive movement ahead.
On Sunday, June 23, the Ethereum (ETH) price fell by a further 3.72% as part of the larger market downturn. However, this would be an excellent opportunity for bottom fishing because an ETH price reversal might be on the horizon, with spot Ethereum ETFs set to launch in only two weeks.
Spot Ethereum ETF approval ahead in two weeks?
Last Friday, roughly 8 businesses submitted S-1 amendments to the US Securities and Exchange Commission (SEC) as they prepare to launch the spot Ethereum ETF by the end of the first week of July.
Nate Geraci, President of the ETH Store, remarked that the next two weeks would be critical for the cryptocurrency industry. He claimed that the approval of the spot Ethereum ETF might have far-reaching consequences and had the ability to put the cryptocurrency back on the rise.
In his recent tweet on the X platform, Geraci stated: “The biggest thing I am watching for is the fee on the Grayscale’s mini ETH trust”. He believes that this fee could send shockwaves into the spot Bitcoin ETF market, as there’s also a mini BTC trust.
“Buckle up,” says Nate Geraci, predicting some turbulence and potential chances in the next two weeks. In a bold forecast, Gercai also claimed that assets in spot crypto ETFs will outperform physical gold ETFs by this time next year.
Everyone ready for these next two weeks?
Spot eth ETFs could *potentially* be approved & trading.
Biggest thing I’m watching for is fee on Grayscale mini eth trust.
That fee could send shockwaves through spot *btc* ETF landscape as there is also mini btc trust.
Buckle up.
— Nate Geraci (@NateGeraci) June 24, 2024
ETH price reversal soon?
Along with Bitcoin, Ethereum has been the victim of selling pressure, with its price falling below $3,400 as of press time. However, on-chain evidence show that Ethereum’s price might reverse very soon.
Despite the fact that Layer-2 traffic is at an all-time high, the Ethereum gas charge has dropped significantly in recent years. This demonstrates that the Ethereum blockchain network is ready to handle larger scalability. According to crypto expert Ali Martinez, Ethereum active addresses have reached a three-month high, totaling 617,170.
#Ethereum just saw its largest spike in active $ETH addresses in three months, reaching a total of 617,170 active #ETH addresses. pic.twitter.com/CSqBOnQhEr
— Ali (@ali_charts) June 22, 2024
Check Out the Latest Prices, Charts, and Data of ETH/USDT
Avalanche (AVAX) price hits six-month low, 50% correction likely ahead
The Avalanche price is developing a head-and-shoulder pattern on the technical chart, indicating the likelihood of another 50% fall. AVAX whale moved a lot of coins over the weekend.
Avalanche’s native cryptocurrency, AVAX, has been on a significant downward spiral, falling 15% in the previous week. In the previous 24 hours, the AVAX price has fallen a further 6% to $24.24, with a market capitalization of $9.5 billion.
Avalanche price can correct another 50%
AVAX, the native cryptocurrency of the Layer-1 blockchain Avalanche, has dropped by 36% in the last month, reaching values last seen six months ago in December 2023. On the technical chart, AVAX price shows total weakness, indicating that it might fall another 50% from its present levels.
Analyst Crypto Patel reveals that Avalanche has formed a head-and-shoulder pattern, signaling a strong negative trend ahead. The Avalanche price has broken through the neckline support, indicating a probable drop of more than 40-60%. As a result, the analyst expects AVAX to fall even further, to $19 or $13.
Analyst Crypto Patel cautions investors looking to develop long positions following the latest drop. He also recommended traders to set stringent stop losses on Avalanche transactions.
📉 AVAX/USDT Chart Analysis:$AVAX is forming a head & shoulder pattern. The NECK LINE support is broken, indicating a bearish trend.
Expecting a 40%-60% downside move. Targets: $19 & $13.
Not saying don’t open long scalps, but use strict stop loss. Trade wisely!#Crypto… pic.twitter.com/FFetHS2GZc
— Crypto Patel (@CryptoPatel) June 23, 2024
AVAX whale movement
An individual (“0x32…4f30”) sent 1.96 million AVAX tokens to popular crypto exchanges including as Binance, Coinbase, and Gate, causing a significant decline in the price.
Based on current market prices, the transfer was worth around $54.2 million. Further examination revealed that the entity employed cross-chain bridges such as THORChain to facilitate the transactions.
This negative scenario has pulled Avalanche values below $10 billion, putting them below other cryptocurrencies like Tron (TRX) and Shiba Inu (SHIB). Avalanche’s value has dropped by about $14 billion since mid-March, owing to the sharp downturn in recent weeks.
Jason Derulo becomes latest celebrity to promote meme coin, faces rug pull allegations
Jason Derulo, a pop artist, is involved in controversy for pushing a meme currency that collapsed immediately after its debut.
Derulo, known for his spectacular musical concerts, has entered the dangerous meme coin market, sparking criticism about celebrity engagement in possibly fraudulent financial sponsorships. These incidents have far-reaching consequences beyond monetary losses, threatening the reputations of the celebrities involved and weakening faith in the bitcoin industry as a whole.
Sahil Arora attempts 3 celebrities’ meme coin launch
Derulo recently utilized his platform on X, formerly Twitter, to announce the birth of the meme currency, JASON, to his 3.5 million followers. Unfortunately, the coin’s value dropped by more than 72% minutes later, causing significant concern among investors and supporters.
Derulo promptly pointed fingers at Sahil Arora, who has previously been involved to bitcoin issues. In a reflexive gesture, Derulo stated his commitment to resolving the problem.
Damn Sahil got me 🤦🏾♂️! That’s ok, that’s motivation to take this all the way! I just bought 20k worth. In this for my fans for the long hall, going to do everything in my power to send this shit to the moon. Updating dex screener shortly. pic.twitter.com/eCJtZlo5yt
— Jason Derulo (@jasonderulo) June 24, 2024
He reaffirmed his plans in an apologetic video, claiming to make the recovery of the meme coin his “life’s goal.”
Despite Derulo’s aggressive approach, suspicion persisted. Influential voices in the crypto community, like SlumDOGE Millionaire and famed on-chain detective ZachXBT, have questioned his innocence.
Bro made $1 million off his rug and put $20K back in the chart lol you’re not stupid or new to crypto Jason you know exactly what was happening, don’t play dumb now.
— SlumDOGE Millionaire (@ProTheDoge) June 24, 2024
Currently, the JASON meme coin’s liquidity is frighteningly low at under $211,000, with approximately 3,190 holders. This trend is similar to other high-profile cryptocurrency frauds, in which early enthusiasm results in large financial losses for regular investors.
This occurrence is not isolated. Arora has developed numerous other celebrity-related meme currencies. He mentioned yesterday that he was on a conversation with American rapper Tyga to debut his meme coin.
Tyga, unlike Derulo, has yet to mention or endorse any cryptocurrency directly on his social media sites. This silence calls into doubt the authenticity of his engagement and the possible repercussions if proven.
Similarly, Arora teased a Ronaldinho Gaúcho joke currency. This occurred following Gaúcho’s X post.
Time for crypto to go mainstream, who’s with me?” Gaúcho asked his 21.5 million followers.
However, Brazilian player Gaúcho did not publicly advocate the meme currency. However, Arora’s fast publication of a contract address following Ronaldinho’s post adds him to the list of celebrities said to be pushing meme coins.
The quick depreciation of these coins after debut is a recurring worry, attracting the attention of investors and authorities.
