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Crypto analyst Michal van de Poppe analyzed the recent sharp decline in altcoin prices, stating that he expects a reversal in the upcoming weeks.

What Happened: Van de Poppe attributes the significant altcoin crash to a combination of factors, including market events and regulatory uncertainties. He emphasizes the critical role of the Ethereum ETH/USD ETF, which initially boosted Ethereum's price by 20% to $3,800 after the approval of the 19b-4 files.

However, uncertainty over the approval of the S-1 files required by the SEC for listing has since caused Ethereum's price to stagnate and altcoins to experience heavy corrections.

The analyst added, "The likelihood of these approvals is close to 100%, it's just a matter of timing," highlighting potential summer approvals predicted by SEC Chairman Gary Gensler.

Despite positive CPI and PPI data favoring risk assets like cryptocurrencies, Federal Reserve Chairman Jerome Powell's hawkish tone led to a less favorable market reaction. "Crypto needs QE and rate cuts, as a climate where risk can be taken is ideal for the investors within the crypto industry to keep on investing in altcoins."

Also Read: Five Critical Ethereum, Solana Altcoin Trends To Know

Why It Matters: Van De Poppe highlighted that the approval of the spot Ethereum ETF will "signal that Ethereum is a commodity and that the rest of the ecosystem is likely going to be classified as a commodity as well." He also adds that the event could be a Sell the Rumor, Buy the News' type of event for the entire market.

Van de Poppe expects a market reversal within the next one to two weeks, driven by more clarity on the Ethereum ETF approvals and a potential easing in the dollars strength. "It seems very unlikely that we're going to continue having such a downward momentum in the crypto markets and rather are reversing back up in the next weeks," he concludes, optimistic about a rebound.

The trader's analysis suggests that traders and investors should stay agile, closely monitoring these developments to capitalize on emerging opportunities.

Whats Next: The influence ofEthereum as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Altcoin Season On The Horizon? Analysts Point To Potential Early Peak

Image: Shutterstock

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Top Crypto Analyst Sees Ethereum, Altcoin Reversal Coming: 'Back Up In The Next Few Weeks' - Benzinga

What is the current price of ethereum?

The price of ethereum, or 1 ETH, traded at $3,514.39, as of 8 a.m. ET. The highest intraday price that ethereum reached in the past year was $4,088.00 on March 12, 2024.

The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.

Even though ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015. Its blockchain has generated tremendous growth and returns over the past nine years.

*The return comparisons are as of 8 a.m. ET.

Ethereums 52-week intraday high was on March 12, 2024, trading at $4,088.00 per ETH. Its 52-week intraday low was $1,500.00 on Aug. 17, 2023.

The leading altcoin has shifted global financial markets and amassed a global market capitalization of $422.09 billion. ETH is currently up 114% year over year.

Today, ethereum's $422.09 billion market capitalization is second to bitcoin's. Together, bitcoin and ethereum represent 71% of the entire cryptocurrency market. While ethereum is the leading altcoin, other altcoins have relatively high market capitalizations. A few include solana with a market cap of $85.57 billion, XRP at $47.81 billion and everyones favorite meme coin DOGE at $20.59 billion.

Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.

Ethereum's market cap of $422.09 billion is similar to some major blue-chip stocks, such as UnitedHealthcare Group (UNH) at $457.71 billion and Mastercard (MA) at $413.68 billion.

Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.

Unlike bitcoin, ethereums programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.

The ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.

Applications on the ethereum blockchain include gaming, socializing, gambling and decentralized finance options. The ethereum blockchain is also home to the world's most significant non-fungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.

Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.

The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.

Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.

The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.

CME Group's announcement that it would launch bitcoin futures contracts drove ethereums 2017 rally. They were the first cryptocurrency-related products offered by a regulated U.S. financial institution.

Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.

The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple government stimulus checks also left many Americans with extra disposable income to buy crypto.

Ethereum prices reached $4,891.70 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. ETH prices dipped below $900 during the 2022 crypto winter.

The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices.

On May 23, 2024, the SEC approved applications to allow the CBOE, Nasdaq and NYSE to list ether ETFs. The decision affects funds proposed by the following fund houses: Fidelity, Ark 21 Shares, Grayscale, BlackRock, Franklin, Invesco and VanEck.

Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.

The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 168% year over year, compared to a 114% gain for ethereum.

You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.

In addition, you can buy ethereum through leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.

Anyone buying ethereum directly must store their ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.

Private keys are needed to send or receive cryptocurrency in a digital wallet. The person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.

Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.

In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.

The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH) and the Bitwise Ethereum Strategy ETF (AETH).

The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. Currently, the fund holds about $11 billion in assets.

In May 2024, the SEC made a landmark decision that would allow ETFs to buy and hold ethereum. A similar decision was made for bitcoin ETFs in January 2024 in terms of spot holdings. The approval of ether ETFs indicates a softening toward some cryptos in their legal fights.

Ethereums all-time intraday high was $4,891.70, which it reached on Nov. 16, 2021.

No. Since the ethereum network upgraded from a proof-of-work model to a proof-of-stake model, ethereum mining is no longer necessary. But ethereum investors can still profit from the proof-of-stake system by staking ETH.

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Ethereum price today: ETH is trading at $3,514.39 - USA TODAY

The Bloomberg analyst, Eric Balchunas, continues to update the general public on the highly anticipated launch of spot Ethereum ETFs in the USA, moving his prediction to July 2.

The latest update from Eric Balchunas, analyst at Bloomberg, states a new forecast for the launch of spot Ethereum ETFs in the USA for July 2.

This is an anticipation compared to what was previously stated, which was July 4th.

UPDATE: we are moving our launch date for the Ether Spot ETF to July 2, having heard that the Staff sent comments on the S-1s to issuers today, and that they are quite light, nothing major, asking them to return within a week. There is a good chance they are working to declare it effective the following week and get it out of the way before the holidays. Anything is possible, but this is our best guess at the moment.

In practice, the new forecast date for the launch of spot ETFs on Ethereum, by Bloombergs analyst, is based on the comments from the staff of the United States Securities and Exchange Commission (SEC).

Such comments are addressed to the issuers of the Ethereum spot ETFs, who are awaiting a response on their S-1s, for which it seems there is a good chance that the SEC will work on them for implementation as early as next week.

Just the day before the publication of this update, Balchunas di Bloomberg had shared something quite different.

In fact, the issuers of spot Ethereum ETFs had not yet received a response, and for this reason, the analyst had postponed his previous forecast of July 4th.

The journalist from FOX Business, Eleanor Terrett, had also published the details on this topic. Basically, it seems that Gary Gensler, Chairman of the SEC, would have stated during this summer and Senator Bill Hagerty by the end of this summer.

It was May 23 when the SEC had approved the eight 19b-4 filings for the listing of spot ETFs on Ether in various US exchanges. Unfortunately, however, the real launch on the stock exchange can only occur when there are approvals for the S-1 registration statement.

In the meantime, Mark Cuban, the pro-bitcoin and crypto billionaire investor, has publicly stated his thoughts on the SEC Chairman, Gary Gensler.

In practice, Cuban sees that Genslers actions are an obstacle for Joe Bidens election to the presidency of the USA.

This is because the President of the SEC continues to act against crypto, leaving that the young crypto holder voters will pass their vote to other candidates.

On the contrary, in fact, there is Donald Trump who seems to use the crypto sector as an integral part of his election campaign, declaring himself in favor of its growth.

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ETF su Ethereum: the forecast of Bloomberg anticipates the launch on July 2nd - The Cryptonomist

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SEC's Gensler sees Ethereum ETF S1 approval this summer, trading to follow - Crypto Briefing

In order to diversify the basket of systematic trading strategies, this article will attempt to evaluate whether it is possible to approach trading on Ethereum (ETH) with a mean reverting strategy based on false breakouts. Like most cryptocurrencies, Ethereum has historically shown a predominantly trend following behavior, therefore seeking trend reversals might seem like a counterproductive choice.

With the recent evolution of the crypto market, it might be useful to consider incorporating a strategy into your portfolio that takes advantage of the mean reverting trend, which seems to be increasingly present in this market as well, fueled by growing liquidity.

To do this, an attempt will be made to define a trading system that can take advantage of false breakouts at the previous sessions low levels, which increasingly often result in rebounds rather than downward trend extensions. Upon breaking the previous days low, the condition will be met to enter long if the price returns to the just-broken low level.

The strategy, which will be built only on the long side, assumes entering after bearish market movements with the idea that breaking the previous days low could lead to a rebound.

The session is calculated using the exchanges time (normally Greenwich Mean Time, GMT) from midnight to 11:59 PM, considering a historical data series from 2016 to today (May 2024). A fixed amount of $10,000 per trade is set, with an initial stop loss of $3,000.

Positive results are obtained right from the start, with a growing equity line. In the following figures, it can be seen how the total profit of the system exceeds $71,000 in just 75 trades, with an average trade of $1,100. These results might seem overly positive, but in reality, they indicate a still rough strategy, given the few very long-duration trades, as confirmed by the high value of the average trade.

Although it provides interesting metrics, the low number of operations makes the statistic not very robust, in addition to being not very applicable in real trading given the long duration of many trades.

It is therefore appropriate to limit the duration of the trades, perhaps finding a compromise between average trade and number of operations through an optimization of the parameters used.

As a first step, we will try to limit the duration of the trades by imposing closure after a certain number of days. By optimizing between 5 and 120 days, the values in figure 4 are found. As noted from the graph in figure 5, around 55 days there is an area with good values of average trade and net profit on drawdown. This is still a rather long duration compared to the event that generates the market entry (false breakout of the previous lows), but the optimization shows that it is not possible to achieve noteworthy results with shorter duration trades. Therefore, as an example, we will choose to close the trades at most after 55 days.

The total profit of the system has dropped to about $46,000 with an average trade of $130, values lower than the previous ones, but definitely more realistic considering that they are obtained in 354 operations, a number that makes the statistics more robust and the trade time horizon more sustainable. However, there might still be room to improve the metrics and get closer to a strategy that can be considered for live trading. For example, one could filter the entries with price patterns, trying to operate only when there are ideal conditions.

In this regard, a proprietary list will be used that brings together many price combinations, different from each other, which will serve to understand in which situations Ethereum (ETH) seems to work best with the logic of false break out being tested.

The case PtnNeutYes=4 (figure 6) identifies the days following a session with little conviction. These are days in which the body of the daily candle (open-close) was not greater than 75% of the total range of the daily candle (high-low). Therefore, one would want to avoid those situations where the body is greater than 75% of the total range of the session.

It is noted how in fact MyPtn number 4 manages to increase the average trade (152$) and the net profit (49,209$). The drawdown also decreases and stands at -6,697$. A good improvement, also visible from the shape of the equity which is decidedly more regular (figure 7).

These good results are certainly far from those that would have been achieved with the simple buy & hold of Ethereum (ETH) from 2016 to today (figure 9) in terms of absolute profits. But it must be considered that the fluctuations of the buy & hold are not comparable to those experienced by the trading system, making the former a definitely less sustainable approach. In addition to this, it should be noted that the trading system uses a fixed size, while applying the buy & hold is like reinvesting the profits obtained.

In conclusion, it has been shown how it is possible to operate with a mean reverting approach even on an instrument like Ethereum, typically trend following, which with the general growth of the mercato crypto presents more and more opportunities for reversal. The trading system developed in this article is certainly not ready for live trading, but the reader is left with the task of further experimenting and optimizing this idea to refine it and transform it into a real operational strategy.

See you next time and happy trading!

Andrea Unger

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Trading system: the mean reverting strategy on Ethereum (ETH) - The Cryptonomist