Crypto News

Ethereum Poised For Strong Performance In H2 2024 Despite Early Struggles

Despite Ethereum’s poor performance year-to-date, Coinbase analysis suggests a bullish outlook for the second half of 2024. The potential approval of an ETH SPOT ETF, which has a 30% to 40% chance of passing, is a significant factor. 

Even if the ETF is rejected, there is a high likelihood of a lawsuit overturning the decision, providing further optimism for Ethereum’s future.

Currently trading above the $3,000 mark, Ethereum has seen substantial activity from major investors. 

On-chain data reveals that a whale, who has previously lost over $4 million, leveraged to purchase 5,043 ETH (including a 3,400 ETH principal) in the past 24 hours, totaling $26.35 million. 

This investor’s health level remains stable at 1.24, with 8,454 ETH pledged and $17.5 million USDT borrowed.

Ethereum Whale Withdraws Significant Amount From Gemini

In a notable transaction, a new wallet created over 27 hours ago withdrew 1,870.68 ETH (worth $5.7 million) from Gemini. The wallet owner then used these funds to buy 6 million ONDO tokens at an average price of $0.95 within the past few hours.

The increased whale activity and significant transactions indicate growing confidence in Ethereum’s potential. 

As the market anticipates the outcome of the ETH SPOT ETF decision, these large-scale movements suggest that investors are positioning themselves for a possible bullish trend in the coming months. 

The combination of regulatory developments and substantial on-chain investments highlights Ethereum’s resilience and potential for a strong performance in the second half of 2024.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: niphonsubsri/123RF // Image Effects by Colorcinch

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