Shiba Inu retreated from the Aug. 9 high of $0.000014 to $0.000032 as the recent rally lost momentum.
Shiba Inu’s (SHIB) pullback happened as Bitcoin (BTC) dropped from the intraday high of $62,000 to below $60,000.
A look at the coin’s volume data shows that its demand has not been strong in the past few days. In the spot market, Shiba Inu had a 24-hour volume of $321 million, a relatively small amount for a cryptocurrency with a market cap of $8.2 billion.
In contrast, Floki (FLOKI), which has a market cap of $1.2 billion had a 24-hour volume of $320 million while Pepe (PEPE) and Dogwifhat (WIF) had $1.7 billion and $1 billion, respectively.
The same trend was observed in the futures market. According to CoinGlass, Shiba Inu’s open interest dropped to just $22 million on Aug. 9, down from the July high of $53 million. At its peak in March, this open interest stood at over $114 million.
Most of Shiba Inu’s futures open interest was in OKX, one of the biggest centralized crypto exchanges in the industry. Unlike other big coins like Bitcoin, CoinGlass does not show Shiba Inu’s open interest from other big exchanges like Binance, Bybit, and Deribit.
Shiba Inu’s interest among traders has faded in the past few years as many have turned to newer tokens like Pepe, WIF, Bonk, and Popcat. As a result, its price remains about 70% below its highest point in March this year and 85% below its all-time high.
Other parts of Shiba Inu’s ecosystem are not doing well either. Shibarium, the network’s layer-2 network, has attracted just $1.2 million in assets, while the total value locked in Shibaswap has retreated to $17.45 million..
Shiba Inu’s performance marks a significant decline for a crypto that was once one of the most popular in the industry. At its peak, it had a market cap of over $13 billion. Its downfall also mirrors that of Dogecoin (DOGE), which has seen its valuation drop from near $90 billion to $15 billion.
On the positive side, there are signs that the SHIB token has formed a falling wedge pattern on the weekly chart, suggesting that it could still stage a bullish breakout later this year.
Cryptocurrency prices rose for the fourth consecutive day as concerns about a US recession faded after encouraging jobless claims data.
It was a sea of green as Bitcoin (BTC) and most altcoins, which have risen by over 30% from their lowest point this week.
US inflation report ahead
One of the main catalysts driving the recent crypto and stock rally was the US jobless claims report on Aug. 8. According to the Bureau of Labor Statistics, the number of claims dropped to 233,000 in the prior week. A week before that, the claims rose to 250,000, the highest level in months.
These numbers came a week after the non-farm payrolls report showed that the jobless rate rose to 4.3%, the highest level since 2021.
Therefore, Aug. 15 will be important for the crypto industry as the US will publish the latest Consumer Price Index (CPI) report. Economists polled by Reuters expect the data to show that the headline CPI dropped from 3.0% to 2.9% in July. The core CPI, which excludes volatile food and energy prices, is expected to drop from 3.3% to 3.2%.
Bitcoin and altcoins could benefit from Fed cuts
A sign that inflation is falling will benefit Bitcoin and altcoins because of its impact on the Federal Reserve.
In its monetary policy meeting in July, the Fed hinted that it would consider cutting rates in its September meeting. Analysts are now divided on whether the first cut will be 0.25% or a jumbo 0.50%.
Some, like those from ING Bank and Citi, expect a 0.50% cut while others from Goldman Sachs and Societe Generale see a 0.25% reduction. A Polymarket poll also predicts several rate cuts this year.
Cryptocurrency prices tend to do well when the Federal Reserve is cutting rates. The most recent example is in March 2020 when the Fed slashed the official cash rate to zero due to the pandemic. In the aftermath, Bitcoin rose to a record high of $69,000 in 2021.
Before that, Bitcoin rose by 90% in 2019 as the Fed cut rates in July, September, and October. Conversely, Bitcoin dropped by 65.2% in 2022 as the Fed hiked rates, with other altcoins faring even worse.
One reason why cryptocurrencies might do well when the Fed starts cutting rates is the significant amount of money in the bond market. Money market funds currently hold over $6.2 trillion, where investors are earning over 5% annually.
When rates start falling, these funds will likely shift to riskier assets like stocks and cryptocurrencies.
Crypto traders expect Pepe, the popular meme coin, to hit a market capitalization of $10 billion ahead of Dogwifhat.
Pepe (PEPE) has a 66% chance of achieving a fully diluted valuation of $10 billion ahead of Dogwifhat (WIF), according to a Polymarket poll.
To reach a $10 billion valuation, Pepe, which currently has a market cap of $3.59 billion, would need to rise by 178% from its current level. While this is a challenging target, Pepe has already risen by over 450% this year, making it a possibility.
On the other hand, Dogwifhat has a longer way to go to reach a $10 billion valuation, as it was valued at $1.8 billion on Aug. 9. It needs to rise by another 455%, on top of the 975% it has gained this year.
Meme coins like Pepe and Dogwifhat have performed well this year, boosted by the strong performance of Bitcoin (BTC) and demand from retail traders.
In most cases, small traders prefer investing in these tokens because of their low prices compared to big brands like Bitcoin and Ethereum (ETH). The thinking is that one can buy more tokens since most meme coins trade in the pennies. They also have a higher chance of doubling in value than Bitcoin given its market cap is now solidly above $1 trillion.
Cryptocurrencies could continue rising
While cryptocurrencies have pulled back in the past few months, some analysts believe there could be further upside this year. Notably, Grayscale expects Bitcoin to retest its all-time high if the US avoids a recession.
In a statement in June, Michael Novogratz predicted that Bitcoin would rise to $100,000 if it breaks above the year-to-date high of $73,800. Meme coins like Pepe and WIF will likely rise further if that prediction plays out as expected.
A likely catalyst that could push Pepe above a $10 billion market cap is the Federal Reserve, which is expected to start cutting interest rates as soon as September due to the deteriorating labor market. The CME Fed Tool predicts a 0.50% rate cut in September, followed by two more 25 basis point cuts in the final two meetings of the year.
Fed rate cuts are expected to incentivize investors to shift capital from lower-risk funds to riskier assets, especially meme coins and more speculative crypto projects.
What do experts think about Ethereum’s potential to reach $18,000 soon? Analyzing the latest predictions and market trends.
Table of Contents
August 5 marked what many are calling crypto black Monday, a day of intense market turmoil that saw Ethereum (ETH) and other crypto assets experience dramatic price drops.
Amid a widespread sell-off in the global financial markets, ETH’s price plunged to a low of $2,100, a steep 22% decline, representing its largest one-day drop since May 2021.
Moreover, ETH’s price has declined even more, as bears slacked it up by 3% in the last 24 hours, bringing it to around $2,430 levels as of August 8.
ETH 6-month price chart | Source: TradingView
Meanwhile, the broader picture also remains bleak, with ETH still down about 24% over the last 7 days, even with the modest recovery.
Adding to the intrigue, market activity around Ethereum-related financial products showed mixed signals. On August 6, spot ETH ETFs saw their second-largest one-day inflow of over $98 million. In contrast, there was a net outflow of about $24 million on August 7.
To better understand what’s happening with ETH, let’s delve deeper into expert opinions and factors to gauge Ethereum’s price prediction amid the current volatility.
What do experts think?
Amid the recent turmoil in the crypto market, experts have weighed in with insights that shed light on Ethereum’s performance and future prospects.
On August 6, Michaël van de Poppe highlighted two key developments for Ethereum. Firstly, he noted that ETH became deflationary, with its supply decreasing at an annual rate of 0.812%. ETH becoming deflationary means that more ETH is being burned than created, a positive sign for its value.
Two massive events took place yesterday.
First, $ETH became deflationary, the supply decreased at a 0.812% yearly rate yesterday.
Secondly, on-chain performed really well, as $AAVE made several millions in revenue through trading.
Secondly, he pointed out that on-chain activity was sturdy, particularly with the decentralized finance (DeFi) platform AAVE generating substantial revenue through trading, indicating that DeFi, a key use case for Ethereum, is regaining traction and could drive further growth for ETH.
On August 7, van de Poppe also pointed out that while $160 million worth of ETH was created in 2024, the net inflow into ETH ETFs over the past two days was $150 million, suggesting that demand is rapidly catching up with, and potentially exceeding the new supply.
The $ETH supply was created in 2024: $160 million.
The net inflow in $ETH ETF in the past 2 days: $150 million.
The demand is exceeding the supply.
I think Ethereum is super undervalued and ready for a big run if this inflow sustains. pic.twitter.com/KIpv7f1vNO
Van de Poppe believes that if this inflow sustains, Ethereum could be highly undervalued and poised for a substantial price increase.
Another crucial aspect of Ethereum’s recent performance revolves around its technical upgrades, particularly Ethereum Improvement Proposal (EIP) 4844, implemented on March 13.
Ethereum fees were down $679m in Q2 (57%), while the network turned inflationary. If you want to understand why, you need to understand this chart.
Here’s what’s going on:
Ethereum Improvement Proposal (EIP) 4844 was implemented on March 13th. It was the most important network… pic.twitter.com/TQZ16ERVwk
This upgrade, often compared to a “broadband moment” for Ethereum, dramatically increased the scalability of layer 2 solutions while reducing fees for users.
EIP 4844 introduced a new way of handling data by adding “blobs,” which effectively means more data availability and increased block space on the network.
The impact of EIP 4844 has been multifaceted. On the one hand, it has led to a stark drop in fees, with Ethereum fees decreasing by $679 million (57%) in Q2, which might seem negative at first glance, but it’s essential to understand the broader context.
The increased block space has improved the user experience (UX) and scalability of the network, which is crucial for long-term growth.
Despite lower fees, the network’s usage metrics have been impressive. Transactions on L2 solutions increased by 63%, and active users on L2s grew by 81% in Q2, reflecting Ethereum’s growing network effects and demand for ETH.
As new use cases and demand emerge, driven by enhanced scalability, improved UX, and reduced supply, Ethereum’s economic outlook could likely improve, which could possibly have a positive effect on Ethereum price prediction.
Ethereum price prediction
As we look ahead, many experts have shared their Ethereum predictions for the coming years. Let’s break it down year by year.
Ethereum price prediction 2024
For 2024, Digitalcoinprice forecasts that Ethereum’s price could range from a minimum of $2,184.14 to a maximum of $5,289.03, with an average price of $5,085.90.
Coincodex is slightly more optimistic, predicting that by September 7, 2024, Ethereum’s price might rise by 7.03% to around $2,554.44.
These predictions suggest some growth, but the market sentiment remains cautious.
Ethereum price prediction 2025
In 2025, Digitalcoinprice expects ETH to see further growth, predicting prices between $5,231.85 and $6,303.69, with an average price of $6,194.84.
Coincodex also sees potential growth, estimating that ETH could fluctuate between $2,386.71 and $6,482.53.
Despite the variation, both sources agree on an upward trend.
Ethereum price prediction 2030
Looking ahead to 2030, the predictions become even more optimistic.
Digitalcoinprice forecasts Ethereum could reach between $16,412.24 and $18,005.63, with an average price of $17,115.05.
Coincodex, while more conservative, still predicts a substantial increase, with prices ranging from $5,488.20 to $11,821.
These long-term forecasts reflect growing confidence in Ethereum’s future and its potential to achieve a large value.
When considering these ETH price predictions, it’s essential to remember that these forecasts can and often go wrong. The crypto market is highly volatile, and many factors can influence prices. Therefore, it’s crucial to do your own research and never invest more than you can afford to lose.
AAVE token price has remained in a narrow range since 2022, but some analysts believe that it could be ripe for a breakout as the accumulation continues.
AAVE (AAVE) was trading at $97.75 on Thursday, Aug. 8, up by 100% from its lowest point in 2022 but much lower from its all-time high of $708.
AAVE token is in an accumulation phase
AAVE’s recent gains is likely due to the market better understanding the network’s popularity and profitability. Data by DeFi Llama shows that AAVE is the third-biggest player in the decentralized finance industry with over $10.7 billion in assets.
It also generates substantial fees as the third most-profitable DeFi platform and has generated over $222 million fees this year. AAVE makes most of its money from the interest rate spread between what it pays to lenders and what it charges its borrowers. It also makes money through flash loans and liquidation fees.
Some analysts believe that AAVE has more upside potential, citing the ongoing accumulation. In an X post, Michael van de Poppe, a popular X analyst, identified AAVE’s weekly chart as one of the most promising charts in the crypto industry.
This view was shared by several other analysts, including Otsukimi, who pointed to the ongoing accumulation and the fact that the Relative Strength Index (RSI) has risen above the neutral point of 50.
$AAVE Not the best looking weekly chart, but not that bad either.
One that I’m keeping my eye on if it ever reclaims this level. Current candle looks great, RSI holding as well. High bullish cross at 75% is usually hopeful. pic.twitter.com/QJxOX7tzQF
Other analysts cited additional reasons for their bullish outlook on AAVE. Dalin Anderson hypothesized that the token was in the process of forming an impulse wave of the Elliot Wave pattern. This pattern has five phases, with the third one being the most bullish.
A possible catalyst for AAVE is that there are signs that whales have been accumulating the token in the past few months. Last week, a whale accumulated AAVE tokens worth over $6.47 million in a two-day period.
The accumulation concept has worked well among other cryptocurrencies in the past. Shiba Inu (SHIB) stayed in two prolonged consolidation phases in 2021 and in 2022 and 2023. Each of them resulted in a strong bullish breakout.
The main risk to the bullish thesis is that the two-year consolidation phase could go on for a few more months or years.
Also, technically, there are signs that the token has formed a rising wedge and a bearish pennant chart pattern. In most cases, these patterns result in a bearish breakout, especially when the two trendlines near their convergence, as they are about to do.
Toncoin price has staged a strong recovery after retreating to a multi-month low on Monday as investors unwound the Japanese yen carry trade.
The Toncoin (TON) token rose to a high of $6.38 in a high-volume environment. At its peak, the coin was up by over 35% from its lowest point this week. The coin rebounded despite showing some weak on-chain metrics. Data by TonStat shows that the number of Toncoins burned per day dropped to 5,766 from the year-to-date high of 28,000.
While the number of on-chain activated wallets rose to almost 12 million, the number of daily active wallets has slipped to 459,230 from July’s high of 700,000. These numbers imply that Toncoin has not benefited substantially from the popularity of tap-to-earn platforms like Hamster Kombat and Notcoin (NOT).
Toncoin’s recovery has happened as the sentiment among crypto and stock traders has improved.
The Dow Jones index has pared back most of the losses experienced in Monday and was up by 300 points on Aug. 8. Other global indices have also recovered. In crypto, Bitcoin (BTC) and other altcoins were much higher and showed an impressive recovery over the past few days.
Toncoin’s rebound is also notable because it is happening in a high-volume environment. According to crypto.news, its 24-hour volume stood at over $1.3 billion, higher than its historical average. It also happened as open interest in the futures market rose to $236 million, its highest level since August 2.
The recent Toncoin retreat happened after the coin formed a rising wedge pattern, which is a popular bearish sign. On the weekly chart, the token was forming a hammer candlestick pattern, which is characterized by a long lower shadow and a small body. In most cases, this is usually a bullish reversal pattern.
Toncoin will need to close above Monday’s low of $4.80. Additionally, the lower shadow will need to be at least twice the size of the body while the upper shadow should be small. If the body size becomes tiny, then the pattern will evolve from being a hammer to a dragonfly doji, which is also a bullish pattern.
If these patterns work in the ongoing high-volume environment, it will point to more upside, as bulls target the resistance at $7.
Zcash has recorded an impressive price run over the past month amid a rebound, but mixed signals from the daily and weekly charts question the asset’s next price direction.
Zcash (ZEC) surged 80% in the past 30 days, making it one of the largest gainers in this timeframe. The significant rally comes after a recovery from the low of $15.78 on July 5.
This recovery came on the back of a broader market rebound. As ZEC gains momentum, traders question whether this uptrend can be maintained or if it has reached its peak as technical indicators send mixed signals.
Zcash eyes double-bottom
On the weekly chart, ZEC is on the brink of forming a double-bottom pattern. This pattern is typically a bullish signal, indicating that a further price surge might be on the horizon if confirmed.
The first bottom occurred in April 2024, when ZEC dropped to a low of $17.94. Meanwhile, the second bottom formed on July 5 amid the crash to $15.78. This double bottom formation would be confirmed if ZEC closes above the neckline at $33.5.
Such a breakout could propel Zcash toward the next significant resistance levels, between $38 and $45. However, the confirmation is still pending, making this a crucial area to watch.
Growing bearish divergence
Meanwhile, the daily chart displays a potential bearish divergence, which could signal an impending pullback. The Relative Strength Index has been forming lower highs since July 26, despite ZEC’s price reaching higher highs.
The RSI, currently at 62.30, suggests that the bullish momentum might be fading away. Divergences often precede price reversals, confirming that this pattern could indicate potential downward pressure. Despite a recent uptick, a break below the 60 level for the RSI could deepen the bearish momentum.
On the daily chart, ZEC’s Fibonacci Pivot Points provide data on crucial support and resistance levels. The pivot point at $27.73 acts as a critical support level. Should ZEC drop below this level, the next support levels would be at $20.84, $16.59, and $9.71.
Conversely, resistance levels are set at $34.61, $38.86, and $45.75. Currently, ZEC is trading just below the first resistance. A successful break above this level would target the second and third resistance zones, aligning with the potential continuation of the bullish trend indicated by the weekly double-bottom pattern.
ZEC MACD shows mixed signals
The daily MACD also shows a mixed signal. The MACD line is at 1.50, slightly above the signal line at 1.76, indicating bullish momentum. However, the histogram’s recent red bars suggest that the momentum might be weakening. The MACD crossing below the signal line could confirm a bearish trend reversal.
Overall, Zcash is in a critical position at this price point. The weekly double-bottom pattern shows a bullish outlook if ZEC can close above $33.44. However, the bearish divergence on the daily RSI and the mixed signals from the MACD highlight the risk of a potential pullback.
It is important to pay close attention to the key support and resistance levels provided by the Fibonacci Pivot Points. Breaking above $34.61 could reignite the bullish momentum, while a drop below $27.73 might signal a deeper correction, leading to increased FUD.
Ripple witnessed an impressive rally over the past day, but might soon face resistance due to short-term profit-taking.
Ripple (XRP) is up by 18% in the past 24 hours and is trading at $0.605 at the time of writing. The asset briefly reached an intraday high of $0.64 at 21:30 UTC on Aug. 7 as its daily trading volume rallied 210%, surpassing the $5 billion mark.
XRP’s market cap is currently sitting at $33.8 billion, closing the gap with USDC’s $34.5 million.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of XRP rose from 869 to 935 unique transactions over the past day. The increased trading volume and whale activity could hint at potential high price volatility for the seventh-largest crypto asset.
XRP price, RSI, whale activity and supply in profit – Aug. 8 | Source: Santiment
Data from the market intelligence platform shows that the XRP Relative Strength Index surged from 41 to 57. The RSI indicator shows that XRP is slightly overbought at this price point.
Moreover, XRP’s total supply in profit increased from 70.46 billion on Aug. 5, when its price fell to $0.43, to 77.49 billion at the reporting time. It’s highly expected that short-term traders would try to take profits as the crypto market is still moving in a highly volatile zone.
In the last week of July, investors were discussing a mega breakout for the XRP price which soon came to an end with the geopolitical tensions in the Middle East and the fear of recession in the United States.
Bitcoin price has formed a rare chart pattern that could push it significantly higher in the next few months, according to famed technical analyst Peter Brandt.
In an X post, Peter Brandt, a popular analyst with over 700,000 followers, noted that Bitcoin (BTC) had formed a bullish chart pattern. He pointed to the inverted right-angled broadening triangle, which was coined by Richard Schabacker in 1934.
The inverted right angled broadening triangle was coined by Richard W Schabacker in his 1934 book Technical Analysis and Stock Market Profits (se below) Also shown is the chart of Bitcoin $BTC While the upper boundary is not horizontal, I still think the two match up well pic.twitter.com/T85WqDKotz
This pattern, often described as the falling broadening wedge, typically leads to a strong bullish breakout over time.
It occurs when an asset forms two descending trendlines as shown below. In this case, the upper side of the wedge was formed by connecting the highest points in March, May, June, and July. The lower side connected the lowest levels in those months.
This pattern has worked well before, with the most notable period being in the first quarter of 2020 as the Covid-19 pandemic started to spread at an alarming rate worldwide.
Additionally, Bitcoin has formed a hammer candlestick pattern, characterized by a long lower shadow and a small body.
For the right-angled broadening triangle to play out, Bitcoin needs to hold steady above the lower side of the hammer. A breakdown below that point will invalidate the pattern and lead to more downside.
Potential catalyst for Bitcoin
For the pattern to succeed, Bitcoin will need a major catalyst. Like in March 2020, this catalyst could come from the Federal Reserve.
In a recent note, Chicago Fed President Austan Goolsbee indicated that the Fed would ‘fix it’ if the economy spirals into a recession. Fixing it would involve interest rate cuts and potentially, quantitative easing.
There are signs that a recession might occur. On Aug. 6, crypto.news reported the Sahm Rule, which looks at the jobless rate. In a note, The Kobeisi Letter noted that the unemployment rate had risen for four straight months. A recession has always occurred every time this pattern has formed in the past 75 years.
This is concerning:
The US unemployment rate has risen for 4 consecutive months, the longest streak since the 2008 Financial Crisis.
Over the last 75 years, every time unemployment rose for 4 consecutive months, the US economy entered recession.
