As Ethereum ($ETH) approaches its previous high of $4,868.80 set back in November 2021, excitement among investors is palpable. The current trading range, between $4.7K and $4.8K, suggests a potential surge is on the horizon.
With altcoin season seemingly upon us, now is an opportune moment to invest in promising altcoins. Notable mentions include fresh contenders such as Snorter Token ($SNORT) and Best Token ($BEST).
Ethereum’s Surge Driven by ETFs and Treasury Investments
In a remarkable trend, Ethereum spot ETFs have witnessed inflows of approximately $2.3B over just three days, translating to nearly 500K $ETH. This surpasses the 450K $ETH produced by the Ethereum network since the significant Merge event in September 2022.
A striking $1.03B of that total came on August 11, illustrating trader enthusiasm returning strong after the weekend. Overall, $ETH ETF inflows have maintained a robust momentum in recent weeks.
Particularly noteworthy, BlackRock’s iShares Ethereum Trust captured over $500M of the $1.03B inflow in a single swoop.
A report by Standard Chartered indicates that ETFs now represent roughly 3.8% of Ethereum’s circulating supply. Meanwhile, treasury firms have collectively amassed 2.3M $ETH (representing 1.9% of total supply) since June and are potentially on track to acquire up to 10% in the future.
With these accumulating statistics, it is no wonder Standard Chartered has revised its price forecast for Ethereum to $7.5K, an increase from the earlier estimate of $4K.
This surge in ETF activity and price prediction showcases a bullish outlook among investors and underscores a significant supply-demand situation.
With more $ETH being withdrawn from exchanges than being deposited, a captivating supply-demand balance is forming.
On-Chain Dynamics and Price Trends
Unlike a mere focus on limited supply, the current situation emphasizes a rising demand that’s setting the stage for impactful price movements of $ETH.
Ethereum is experiencing reduced selling pressure, as reflected in average withdrawals averaging 40K ETH daily over the previous month — indicating negative netflow.
At the institutional level, this points to Ethereum being integrated into treasury holdings or ETFs, while from a retail perspective, many investors are likely holding, staking, or engaging in DeFi activities with their $ETH.
Correspondingly, Ethereum’s total value locked (TVL) in DeFi has recently surpassed $96.9B, drawing closer to the highs of 2021 when TVL toped over $100B.
Critical Price Levels & Future Outlook
$ETH has successfully reclaimed significant resistance levels at $4K and $4.5K, now eyeing the previous $4.8K high.
A breakout past this threshold could lead to a movement toward $5K, while a momentary pullback might occur to consolidate at the $4K support level.
Core principles of supply and demand position Ethereum favorably for continued strong performance. Analysts have taken note of this trend:
- VanEck observes the growing connection between Ethereum and emerging crypto sectors such as tokenization and stablecoins, suggesting that Ethereum could potentially outshine Bitcoin as a store of value.
- Tom Lee from Fundstrat emphasizes Ethereum’s remarkable growth potential, arguing it remains ‘undersold’ on an institutional basis, highlighting that while 48% of investor portfolios include gold exposure, only 9% are invested in crypto.
With Standard Chartered projecting Ethereum could reach $7K, Fundstrat takes a more aggressive stance with forecasts ranging between $10K and $15K. Notably, Standard Chartered also expresses a long-term bullish sentiment, estimating that Ethereum could soar to $25K by 2028.
A flourishing Ethereum market invariably suggests a thriving altcoin space. For those interested in capitalizing on promising altcoins, keep an eye on Snorter Token ($SNORT), Best Token ($BEST), and Tron ($TRX) — all poised for significant advancements.
1. Snorter Token ($SNORT) – Revolutionizing Meme Coin Trading on Telegram
Snorter Token ($SNORT) operates as a meme coin that serves a substantial utility through Snorter Bot, a unique trading bot developed for Telegram. This bot is designed for swift momentum trading of meme coin launches, initially on the Solana blockchain with plans for broader integration into EVM-compatible chains.
Features include robust trade execution, protection against rug pulls, copy trading capabilities, and advanced limit orders for a superior trading experience.
In the world of cryptocurrency, staying ahead of the curve is essential for investors. One emerging option that has caught attention is the newly launched $SNORT token, which is designed to simplify the process of identifying and trading meme coins through Telegram.
The $SNORT token is currently undergoing its presale phase and is unique in that it operates on multiple frameworks, namely Solana and Ethereum. Investors who join early can benefit from an impressive 142% APY through staking, available after the token officially launches.
This innovative platform helps users easily discover and “snipe” promising meme coins while ensuring that transaction fees are kept low, currently at just 0.85%. Such features have already attracted over $3 million in investments, with the token’s price standing at approximately $0.1011. With exciting price predictions estimating it could rise to $0.94 by the end of 2025 and $1.92 by 2026, interest is mounting as Snorter enhances its integration capabilities.
Incorporating the viral nature of meme coins along with practical trading features, $SNORT invites hobbyists and investors alike to capitalize on the burgeoning meme coin market. For more details on how to acquire this token, check out our comprehensive guide.
Don’t miss out – consider joining the Snorter Token ($SNORT) presale now while prices are still favorable.
2. Best Wallet Token ($BEST) – Your Gateway to Crypto Opportunities
Introducing Best Wallet Token ($BEST), the native token for the Best Wallet, a cutting-edge non-custodial cryptocurrency wallet that offers a multi-chain solution for users. With unbeatable security features such as advanced biometrics and Fireblocks’ MPC, it ensures the safety of your investments.
The $BEST token is more than just a simple utility; it’s a key component in Best Wallet’s mission to secure a significant 40% share of the global crypto wallet market by next year. Holding $BEST provides benefits like reduced trading fees and enhanced staking opportunities.
The integration of the best crypto presales within the app adds another layer of convenience for users looking for new investment opportunities.
In its presale, over $14.7 million has already been raised, with each token priced at $0.025475. Market analysis suggests it could rise to $0.072 by year’s end, making now an excellent time to learn how to purchase $BEST.
Interested in making an investment? Join the presale for $BEST today.
3. TRON ($TRX) – A Pioneer in Blockchain Technology
Launched in 2017 by Justin Sun, TRON ($TRX) has established itself as a leading blockchain that utilizes a Proof-of-Stake consensus mechanism to support scalable dApps. Originally designed to enable content creators to monetize their work without middlemen, Tron has evolved significantly.
Since transitioning from Ethereum to its own blockchain, Tron has cultivated a rich ecosystem of decentralized applications, focusing on enhancing speed and user experience, while also maintaining low operational costs.
In recent developments, Tron has become vital for stablecoins, particularly Tether’s $USDT, contributing to its stability and expanding its functionalities, including cross-border payments.
Currently, TRX ranks within the top ten cryptocurrencies by market capitalization, showcasing its importance in the market while also highlighting ample room for future growth.
You can discover more about TRON ($TRX) on Binance right now.
The Future of Ethereum: Is Another Altcoin Season on the Horizon?
As the price of $ETH approaches new milestones, the entire altcoin market appears poised for an uptrend. With Ethereum regaining its dominance and market confidence escalating, many investors are anticipating a wave of investment into smaller-cap altcoins, signaling the potential onset of an altcoin season.
Notable contenders in this landscape may include $SNORT and $BEST. As cryptocurrencies with inherent utility, they stand to gain significantly, especially in the event of an altcoin season.
However, make sure to conduct thorough research before making any investment decisions, as this is not financial advice.
