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- Ethereum community members favor term 'programmable money' as its new slogan before the approval of ETF S-1 applications.
- Santiment analyst expects Ethereum to continue outperforming Bitcoin following sustained whale accumulation.
- Ethereum bulls seem to be stepping on the brakes as they await more clarity on S-1 applications.
Ethereum ($ETH) followed a sideways trend on Tuesday as the crypto community seems to favor the term 'programmable money' as $ETH's one-liner. Meanwhile, whales have continued accumulating $ETH despite profiting from the recent price spike.
Daily digest market movers: Programmable money & whale accumulation
Ethereum's recent momentum is slowing down as ETF hype appears to be on hold. Here are the latest updates surrounding the largest altcoin:
- Following the approval of spot $ETH ETFs, Bloomberg analyst Eric Balchunas suggested that Ethereum needs a simple one-liner like Bitcoin's "digital gold" narrative to penetrate the boomer world. In an X post on Tuesday, he conducted a poll with the top 3 suggestions from the crypto community:
Digital oil
Programmable money
World computer
At the time of writing, programmable money leads the poll with over 50% support.
In response to questions about when the SEC will approve spot $ETH ETF S-1 applications, Nate Geraci, President of the ETF Store, said, "Nobody knows for sure." However, he speculated that the registration may happen within the next few weeks or at a maximum of two to three months.
- In a recent analysis, Santiment analyst @brianq noted that Ethereum whales (wallets with at least 10,000 $ETH) have accumulated about 21.39 million $ETH in the past 14 months, i.e., 27% more than their initial holdings. @brianq suggested that this is a promising sign as it indicates $ETH's price has the potential to continue rising.
$ETH whale activity" src="https://cnews24.ru/uploads/3ed/3ed06e87689eb729d07e68fe9f9f7b8ee5ab97d6.png" size="2901x1648">
$ETH whale activity
- Several $ETH investors earlier complained of its poor price performance compared to Bitcoin in the past few months. However, the rumors and eventual approval of spot $ETH ETF 19b-4 filings helped the largest altcoin outperform Bitcoin in the past month. While whale activity spiking around the same time indicates profit taking, $ETH "prices may continue to outperform Bitcoin as long as these 10K+ $ETH wallets are still moving north instead of south through this volatility," said @brianq.
$ETH technical analysis: Ethereum bulls halt momentum
Ethereum is trading around $3,837 on Tuesday as it enters a sideways movement. While current price movement suggests bulls may be running out of steam, it may also indicate a temporary slowdown until the market receives clarity on conversations surrounding the spot $ETH ETF S-1 approvals.
$ETH needs a catalyst to break past the $4,000 key level, and that may come from optimistic updates surrounding the S-1 approval.
$ETH/$USDT 4-hour chart" src="https://cnews24.ru/uploads/778/7787e1913daa4d17987592c16a731bae2d14744c.png" size="1281x571">
$ETH/$USDT 4-hour chart
The general crypto market is also trending horizontally, meaning the sideways move isn't peculiar to $ETH. The $3,605 support level remains key in case of a potential brief bearish trend.
$ETH liquidations show long liquidations at $27.99 million and shorts at $6.03 million in the past 24 hours. This also confirms the brief halt in bullish momentum.