Ah, Ethereum. The “king of altcoins,” they call it. After a recent surge that saw it reclaim the $3,000 mark, investors are starting to believe again. Like a dog returning to its vomit, perhaps? 🤢 While still a ways off its all-time high, Ethereum is trying to recapture its former glory in the crypto circus.
This weekend, the price has slowed down a bit, hovering around $3,600. But hold your horses, dear investors! The latest on-chain data is throwing some shade on Ethereum’s bullish aspirations. 🤨
Binance is Swimming in Ether
CryptoOnchain, a wise owl of the CryptoQuant platform, has revealed a curious tidbit: Ethereum reserves on Binance, the world’s largest crypto exchange, have reached a new high. Think of it like a giant swimming pool filled with Ether. 🏊♂️
This “Exchange Reserve” metric tells us how much Ether is chilling in Binance wallets at any given time. When more Ether flows in than out, the reserves swell. When the opposite happens, they shrink. Simple, no?
The last time Binance’s Ether reserves were this high was back in November 2022. This surge in activity suggests something is brewing. But is it a bull party or a bear trap? 🤔
CryptoOnchain argues that despite the potential for selling pressure, the bullish rally suggests something else is at play: renewed optimism. People are jumping back into the Ether pool, eager for a swim. 💦
Ethereum Flexes its Muscles
Not only is Ethereum piling up on Binance, but it’s also flexing its muscles in the wider crypto market. Its dominance, measured by its market capitalization compared to other cryptocurrencies, is making a comeback. 💪
Think of it like a popularity contest. Ethereum is regaining its lost ground, climbing the ranks. The “Market Cap ETH Dominance” indicator, visualized in a Renko chart, shows a “strong bounce” from a critical support level, heading towards 11.2%. It’s like watching a phoenix rise from the ashes. 🔥
CryptoOnchain points to a “divergence” on the Moving Average Convergence Divergence (MACD) indicator, suggesting Ethereum might be taking the lead as Bitcoin cools down. But don’t get too excited just yet! Resistance is expected around the 14% level. Think of it as a wall Ethereum needs to climb over. 🧗♂️
If Ethereum can hold its ground above $3,500 and break through that resistance, we might see further price increases. But CryptoOnchain warns against getting carried away. Short-term corrections are always a possibility. Remember, the crypto market is a fickle beast. 😈
As of this writing, Ethereum is trading at around $3,655, up 1.5% in the past 24 hours. Will it keep climbing, or will it stumble? Only time will tell. ⏳
Read More
- Gold Rate Forecast
- Superman’s Record-Breaking $21M+ Thursday Box Office: Highest of 2025
- Justin Bieber Teases New Album ‘SWAG’ with Tracklist Reveal
- KPop Demon Hunters: Is Your Idol by Saja Boys Inspired by Real K-Pop Bands? Here’s What We Know
- 15 Best Sherlock Holmes Actors, Ranked from Worst to Best
- Dakota Johnson-Anne Hathaway’s Verity Release Date Out: Here’s When Colleen Hoover’s Movie Adaptation Will Hit the Screens
- 📢 BrownDust2 X BiliBili World 2025 Special Coupon!
- Ultraman Live Stage Show: Kaiju Battles and LED Effects Coming to America This Fall
- Tokyo Game Show 2025 exhibitors announced
- Superman’s Rotten Tomatoes Score Blasts Past Expectations—Shocks Even the Harshest Critics
2025-07-20 17:34