Ethereum Whales Keep Buying As Price Struggles – Expert Discloses Massive Accumulation

Bears are back in the game at the beginning of the weekend, according to CoinStats.CoinStats">

The rate of Bitcoin has fallen by 0.64% since yesterday.TradingView">

On the hourly chart, the price of BTC is rising after a false breakout of the local support of $104,135. If the daily bar closes far from that mark, there is a chance of a test of the resistance level by tomorrow.TradingView">

On the bigger time frame, neither bulls nor bears are dominating. The rate of the main crypto is within yesterday's bar, which means neither side has seized the initiative yet.

All in all, ongoing consolidation around the current prices is the more likely scenario.TradingView">

From the midterm point of view, the price of BTC has made a false breakout of the resistance of $108,353. If the weekly bar closes with a long wick, bears may be back in the game, which might lead to a drop to the $100,000 area.

Bitcoin is trading at $104,930 at press time.

After its launch on Friday last week, $TRUMP quickly soared over 12,000% overnight, surging past a market cap of $15B. Post its initial two-day frenzy, however, $TRUMP cooled down and is now 50% down from the all-time highs of $75. Still, it’s currently among the top 30 cryptocurrencies by market cap, which is no small feat.

As per Chainalysis, 80% of $TRUMP holders hold less than $1K worth of the token. Plus, nearly 50% of the buyers had never bought a coin on the Solana blockchain, and half of them created a wallet on the day they purchased the token.

Even crypto apps like Crypto.com, Coinbase, Kraken, and Binance saw a significant increase in downloads during the two days before the token launch.

All this data indicates that $TRUMP has drawn a lot of new people towards the crypto market. However, 77% of wallets with $TRUMP have made less than $100 as of Jan 21. In contrast, 60 whales have earned upwards of $10M.

This goes to show that new investors with penny holdings haven’t made much in the $TRUMP frenzy. If you’re one of them, there’s no reason to lose heart, as you can still make a lot of money by investing in other popular (and fundamentally strong) crypto. Here are the 5 best meme coins that can make you a millionaire in 2025.

1. Wall Street Pepe ($WEPE) – The Frog-Inspired Meme Coin That Looks to Empower Small Investors

Wall Street Pepe ($WEPE) is the newest member of the OG frog meme gang, but if its presale numbers are anything to go by, it could be the most successful Pepe iteration yet. The project has already raised over $59M in presale funding.

Elon Musk, who currently leads the recently-created Department of Government Efficiency (DOGE), is reportedly exploring the use of blockchain networks in his push to cut federal spending.

Musk, who appears to be the sole head of the agency, has reportedly discussed using a blockchain ledger to track government spending, secure data, and make payments, according to a recent report from Bloomberg.

In addition, the report claims, DOGE affiliates have met with various public blockchain projects in order to evaluate their technology. No specific blockchain networks were mentioned, though Trump and Melania's memecoins were both launched on the Solana blockchain last weekend.

DOGE's actions thus far have largely been behind-the-scenes. According to a Wall Street Journal report, DOGE's staff exchanges messages using Signal, the encrypted messaging app, helping the organization to operate largely in secret. Vivek Ramaswamy, who was initially announced as the co-leader of the project along with Musk, has reportedly departed in recent days in preparation to announce a run for Governor of Ohio.

In May of 2024, Musk denied a Bloomberg report that claimed Musk was counseling Trump on crypto matters with a post on X. "Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do," Musk wrote.

"All governments should track all their spending on the blockchain, an immutable public ledger," Binance founder Chengpeng "CZ" Zhao wrote on X Saturday in a likely reference to the report. "It's called 'public spending' for a reason."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Crypto analyst Tony Severino has provided an ultra-bullish outlook for the Bitcoin price, predicting that the flagship crypto could rally to as high as $321,000. The analyst admitted that this target was too high for BTC but added that it was simply the “math.

Bitcoin Price To Reach $321,000 In This Market Cycle

In a substack post, Tony Severino predicted that the Bitcoin price could rally to as high as $321,000 in this bull run. This came as the analyst highlighted a potential head and shoulders pattern that had formed on Bitcoin’s chart. The analyst claimed that if this bullish pattern was valid, then it projects a maximum target of $321,000 per BTC.

Severino admitted that this price target for the Bitcoin price is too high but remarked that it’s the “math.” Interestingly, the crypto analyst went on to give a higher price prediction for the flagship crypto based on another bullish pattern. According to him, BTC could reach $345,000 if it touches the upper boundary of the primary uptrend channel over the last 8 years or thereabouts.

Meanwhile, Severino also provided more conservative targets for the Bitcoin price. The analyst predicted that BTC could at least touch $158,000. This came as he noted that the 2021 cycle peak inverse Fibonacci extension could project the 2025 cycle peak. If so, he stated that this peak inverse Fib extension is located among the lowest estimates for BTC at $158,000.

The crypto analyst further remarked that another method of using the 1.618 Fib extension involves projecting the target from the peak of wave 3 from the bottom of wave 1. Based on this, he added that this calls for a potential target of $194,000.

Severino provided another version that projects the 1.618 Fib extension from the top of subwave iii of 5 to the bottom of subwave i of 5. If this plays out, BTC could reach a slightly lower target of $186,000. Lastly, the crypto analyst also raised the possibility of the Bitcoin price peaking at $191,000. He highlighted a bull pattern, which, if valid, could send BTC to this target.

BTC’s Price Action In The Short Term

Crypto analyst Ali Martinez provided insights into the Bitcoin price action in the short term. In an X post, he stated that the key support level for Bitcoin is at $97,877, where more than 101,000 BTC were accumulated. The analyst further remarked that holding above this level is crucial to sustaining the bullish momentum for the flagship crypto.

In another X post, the crypto analyst provided a bullish outlook for the Bitcoin price. He noted that the number of BTC transactions over $100,000 has doubled in the past week, rising from $15,620 to $32,320.

At the time of writing, the Bitcoin price is trading at around $104,300, down almost 1% in the last 24 hours, according to data from CoinMarketCap.

Most of the coins have failed to maintain yesterday's rise, according to CoinMarketCap.CoinMarketCap">

The rate of XRP has dropped by 1.84% over the last 24 hours.TradingView">

On the hourly chart, the price of XRP is in the middle of the local channel, between the support of $3.0937 and the resistance of $3.1360.

As neither side is dominating, any sharp moves are unlikely to happen by the end of the day.TradingView">

On the bigger time frame, the situation is similar. The volume is low, confirming the absence of buyers' and sellers' power. In this case, ongoing sideways trading in the range of $3-$3.20 is the more likely scenario.TradingView">

From the midterm point of view, traders should focus on the weekly candle closure in terms of its peak. If it happens near $3.40, there is a chance of a test of the $3.6-$3.8 area soon.

XRP is trading at $3.1083 at press time.

Bitcoin large transactions have exploded in recent days, with the number of BTC transactions over $100,000 doubling in the past week, according to a recent tweet published by crypto analyst Ali.

Ali wrote, "The number of Bitcoin BTC transactions over $100,000 has doubled in the past week, rising from 15,620 to 32,320," alongside a screenshot of IntoTheBlock's number of large transactions metric for Bitcoin. The surge in Bitcoin's large transactions comes amid increasing optimism in the broader crypto market.

Large transactions often point to activity from large holders referred to as whales or institutional players rather than retail traders. Institutions may be increasing their exposure to Bitcoin given the recent positive developments in the crypto space.

Along these lines, Santiment reported an increase in Bitcoin large holder addresses this week, with those holding 100 to 1,000 BTC reaching an all-time high of 15,777 such wallets. "This rise in key stakeholder confidence is yet another promising sign for a bullish 2025," according to Santiment.

Bitcoin's epic week

Bitcoin reached a record high of $109,358 on Monday and was trading near $104,734 at press time. It has increased by more than 50% thus far in January.

On Thursday, an executive order was issued to promote digital asset adoption in the United States. Later on Thursday, the SEC issued a historic announcement, removing an accounting rule that made institutional crypto adoption more difficult by requiring banks to recognize Bitcoin and other tokens as liabilities on their balance sheets.

The rule, known as SAB 121, was implemented in 2022 and imposed rigorous capital requirements for digital assets. It also increased the financial and regulatory risks associated with providing cryptocurrency custody services, as well as banking institutions' operational costs.

The decision was celebrated by SEC Commissioner Hester Peirce, who was appointed on Tuesday to chair a new "crypto task force" within the agency. Gary Gensler had resigned as SEC chairman just a few days before.

This week, Bitcoin pioneer and Silk Road founder Ross Ulbricht was granted a full pardon. He had been serving a life sentence without the possibility of parole since 2015.