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The crypto market has started the new week with a correction sentiment, reducing capitalisation by 3% to $1.54 trillion in the last 24 hours. As is often the case with intense moves, Bitcoin looks more stable than the market, losing only 1.8% to $41.1K. Ethereum is down 2.3% to $2160.

Bitcoin is once again testing the local support it managed to hold last week. But we are attracted by a sequence of lower local highs, indicating an impressive selling proposition. We may be seeing profit taking from all the upside from the October lows. Working off this scenario suggests a pullback to the $38K area if the market falls below $40K. But even this potentially nasty drawdown looks to be just part of a larger bull cycle that Bitcoin is now moving within.

Ethereum is developing a retreat from the upper boundary of the trading channel, currently testing the early April peak area. The scenario of a shallow correction suggests a decline of about $100 more to $2060, but we should be ready for $1700 as well.

Morgan Creek Digital founder Anthony Pompliano believes that BTC continues to follow four-year market cycles fitting between halvings, and the next growth phase of the first cryptocurrency is now beginning.

The bitcoin-based NFT market will grow 100-fold in 2024, researchers at cryptocurrency exchange Bitget predict. The ORDI token, being the leading token of the Bitcoin ecosystem, is already capable of entering the top 30 in terms of market capitalisation during the next bull market. If the BTC ecosystem continues to expand, Bitcoin could reach $100K thanks to a surge in demand for the first cryptocurrency.

The US SEC is reviewing its approach to spot bitcoin ETFs following court decisions, the regulators head, Gary Gensler, commented. The agency is currently reviewing between eight and 12 such proposals, he said.

The SEC rejected a petition by exchange Coinbase to develop rules for the cryptocurrency industry. According to Gary Gensler, existing laws apply to the industry, and there is nothing that would indicate the need for new regulations.

Asset management companies Galaxy Digital and DWS Group, as well as Dutch market maker Flow Traders, are creating a subsidiary firm, AllUnity, which will issue a euro-denominated stablecoin.

One more Solana-based meme token, also featuring a dog, Bonk (BONK), rose 100% overnight after listing on Coinbase. Its capitalisation has already passed the $1.7 billion mark.

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Bitcoin and Ethereum set to deepen correction - FXStreet

A popular crypto analyst is predicting market corrections forSolana (SOL) and another one of Ethereums (ETH) biggest competitors.

Pseudonymous trader Altcoin Sherpa tells his 201,800 followers on the social media platform X that Solana is setting up to dip below $50, more than 31% below its current value.

Although the trader says that a correction is in sight for Solana, he thinks that SOL will eventually recover and regain its bullish momentum.

SOL: for traders, I think sub $50 is coming for Solana in the mid-term.

For investors, SOL is going to go to much higher levels in the coming months, so probably just dont worry about it. Im going to just hold my SOL and chill.

Using Fibonacci retracement levels, the trader suggests Solana may retest $48.71 before a bounce.

Solana is trading for $73.37 at time of writing, up 2.6% in the last 24 hours.

Next up, the trader predicts that ETH rival Avalanche (AVAX) will undergo a correction and revisit levels below $30 following its recent massive rally.

AVAX: things are looking kind of toppy in the short term. Still bullish on this in the longer term for 2024 but wouldnt be surprised if this cools to sub $30.

Looking at the traders chart, he appears to suggest that AVAX is about to lose key support around the $39 level.

AVAX is trading for $39.88 at time of writing, up 1.3% in the last 24 hours.

Lastly, the trader believes that Dogecoin (DOGE) rival Bonk (BONK) is entering a distribution phase or a period where early investors take the time to unload their holdings to sell their coins at a relatively high price.

BONK: not shorting this quite yet, wouldnt dismiss having some sort of scam pump on this one. Thatll be the one to consider shorting, to be honest. I think that this is in its distribution phase for now though. Expecting the other memes like MYRO to die soon (for a while).

Bonk is trading for $0.00001918 at time of writing, down 0.8% in the last 24 hours.

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Trader Predicts Corrections for Solana and Additional Ethereum Rival, Updates Outlook on One Dogecoin Competitor - The Daily Hodl

After consolidating below $2000 for the first three quarters, the Ethereum price triggered a massive jump after hitting the lows below $1600. This caused the price to soar by over 55%, which began at the beginning of November, reaching a high close to $2400. This jump was believed to be the start of a fresh bullish run, intending to form a new ATH beyond $5000. However, the correction that followed the ETH price is displaying the possibility of offering a buy at the dip moment very soon.

The recent drop now indicates the price is all set to plunge by another 5% to 6% in the coming days. The trend is descending, heading towards the lower support close to $2000, offering another entry for the long trades. The volume profile of the previous consolidation structure is around $2053, which is a point of control where most of the contracts were traded. The markets usually react to these types of levels very strongly; hence, a bounce could be expected.

The bears are trying hard to outperform the bulls by exercising extensive upward pressure. The rally is now forming constant lower highs and lows, indicating the growing strength among the bears as the selling pressure accumulates. Also, the price has dropped below the elevating trend line that has been acting as a strong support in recent times. Furthermore, the bears thwarted a new attempt to rise above these levels.

Adding more substance, the RSI is failing constantly to rise above average levels, suggesting the weakness piling up among the bulls. This could hamper the progress of the rally, which has already been flashing bearish signals. The ETH price is trying hard to rise above the crucial trend line, but if the bulls fail to do so, a fresh bearish wave may drag it lower towards support.

However, the bulls may quickly jump into finding the token within the liquidity range, but if they manage to break above the upper resistance in the next few days, the bearish scenario may be invalidated. In such a case, the Ethereum price target for 2023 could be beyond $2,450 to $2,500.

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Ethereum Price Could Drop Another 5%; Heres Why a Bearish Scenario May Play Out Well - Coinpedia Fintech News

A closely followed analyst says that crypto whales have gobbled up hundreds of millions of dollars worth of top altcoin Ethereum (ETH) during the last seven days.

In a new thread, crypto strategist Ali Martinez tells his 36,100 followers on the social media platform X that deep-pocketed traders have accumulated tens of thousands of ETH over the past week.

Some of the largest Ethereum whales have been on a buying spree, scooping up over 100,000 ETH in just the past week thats a whopping $230 million!

Ethereum is trading for $2,171 at time of writing.

Moving on to dog-themed meme asset Shiba Inu (SHIB), Martinez notes that the Dogecoin (DOGE) rival appears to be on the cusp of a rally to the upside after breaking above its diagonal resistance.

Shiba Inu is showing signs of breakout! If SHIB maintains the crucial support level at $0.0000103, the next stop for SHIB could be $0.0000140.

SHIB is trading for $0.0000109 at time of writing.

Wrapping up his analysis with the smart contract protocol Fantom (FTM), Martinez says that the altcoin is flashing a bullish signal as an uptrend in its network growth points toward higher demand for the token.

The Fantom network is witnessing a bullish sign with a steady rise in new addresses, consistently making higher highs and higher lows. This uptrend in network growth suggests a surging demand for FTM. Such a spike in user interest could soon start reflecting in FTMs price.

Fantom is trading for $0.39 at time of writing.

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Crypto Whales Heavily Loading Up on Ethereum, Accumulate $230,000,000 in ETH in One Week: Trader - The Daily Hodl

While Bitcoin (BTC) has had a great 2023, so has Ethereum (ETH), the second-most traded and recognizable crypto coin in the world. Ethereum is known for its uses as a blockchain-powered, open-ended decentralized software platform and has risen 89.4% in value as of date in 2023.

The crypto behemoth has paved its path to winning over new customers by making a significant update this year, known as the Shanghai Upgrade. Under this upgrade, ETH shifted its blockchain validation system from proof-of-work to proof-of-stake and marked one of the most significant developments in the relatively short history of cryptocurrency.

In the proof-of-stake system, miners of Ethereum will rely on Ether holders, who will act as validators, thus lending more assurance to the system. In essence, proof-of-stake allows holders of Ether to lock up their funds as collateral to validate transactions and create new blocks, reducing the need for extensive computation and energy consumption.

Powered by this development and what promises to be a significant 2024 for cryptocurrency, analysts around the world have turned bullish on it. There is a consensus that ETH might outperform BTC in 2024 with regard to growth rate and will gain more market share based on its proposals to reduce transaction costs and boost the number of transactions per second. In fact, its planned upgrade, called EIP-4844, might ensure that transaction costs could fall to as low as $0.01.

Per Bitwise Asset Management, the world's largest crypto index fund manager, ETH revenues could double from 2023, up to $5 billion in 2024. Also, a state of fast-rising interest rates has not proven conducive to the crypto market. However, with markets widely betting on rate hikes having come to an end and the first rate cut as early as first-quarter 2024, the crisis for crypto may have been averted.

Ethereum has already started to make good of the state of the market, and it might be prudent to keep a watch on stocks exposed to this open-source, decentralized blockchain platform. Here is a selection of two stocks that we believe should be tracked. These currently carry a Zacks Rank #2 (Buy) or 3 (Hold). You can see the complete list of todays Zacks #1 Rank stocks here.

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Accenture plc ACN: This global system integrator that provides consulting, technology and other services markets Ethereum-based blockchain solutions to businesses to make it easier to process payments.

Accentures expected earnings growth rate for the current year is 4.6%. The Zacks Consensus Estimate for its current-year earnings has improved by 0.1% over the past 60 days. ACN currently carries a Zacks Rank #2.

CME Group Inc. CME: This company operates as one of the world's largest futures exchange, offers a wide range of derivatives contracts and provides various solutions to invest in cryptocurrencies like Ethereum.

CME Groups expected earnings growth rate for the current year is 14.7%. The Zacks Consensus Estimate for its current-year earnings has improved by 0.6% over the past 60 days. CME currently carries a Zacks Rank #3.

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2 Stocks to Watch as Ethereum Shows Promise for 2024 - Yahoo Finance