The altcoin market, with Ethereum (ETH) leading the charge, has witnessed a bullish rebound in the past 24 hours following Bitcoin’s (BTC) price surge. This uptick comes amidst the DeepSeek narrative being largely debunked. As of Tuesday, January 28, the total crypto market cap has surged by more than 3%, reaching approximately $3.67 trillion during the mid-European trading session.
Ethereum has emerged as the frontrunner in a relief rally as the leveraged crypto market cools off in recent days. At the time of writing, ETH’s price has surged over 4% in the last 24 hours, trading at around $3,203.
The Ethereum network continues to play a pivotal role in the crypto market, particularly after some recent developments.
Ethereum Whales Not Fully Convinced
There have been significant shifts in demand from whale investors in Ethereum, with the approval of spot ETH ETFs in the U.S. playing a key role in Ether’s mainstream adoption. While there were strong cash inflows in mid-December 2024, demand for U.S. spot Ether ETFs has slowed down recently. Apart from BlackRock’s ETHA, which saw a net inflow of $20.6 million, most U.S. spot Ether ETFs have either experienced net outflows or zero inflows as of Monday.
On-chain data from Glassnode reveals that 13 large whales, each holding over 10,000 ETH, have entered the network in the past 24 hours, indicating a renewed interest from major investors.
ETH Preps for New Upgrades
The Ethereum core developers, led by co-founder Vitalik Buterin, have been actively working on significant network updates to maintain the DeFi ecosystem’s leading position. Additionally, Ethereum’s DeFi space boasts the highest total value locked (TVL) of approximately $63 billion and a stablecoins market cap exceeding $116 billion in the layer one ecosystem.
One of the major focal points of this year’s network upgrades is Ethereum’s Pectra upgrade. Furthermore, there will be several changes implemented for validators, such as Lido DAO (LDO), by increasing the base staked ETH units.
Midterm Expectations for ETH Price
According to popular crypto analyst Benjamin Cowen, Ethereum’s price is expected to dip below $3k to retest the support level above $2,300 before embarking on the next major bullish phase. Cowen emphasized that the ETH/BTC pair is likely to bottom out if Quantitative Easing (QE) kicks in ahead of the first Federal Reserve Interest Rate decision for 2025.
However, the short-term bearish outlook for Ether price could be negated if the altcoin successfully closes above the resistance range between $3,870 and $4k.
Stay updated on all the latest news and trends in the crypto world by subscribing to our newsletter for breaking news, expert analysis, and real-time updates on Bitcoin, altcoins, DeFi, NFTs, and more. The Benefits of Practicing Mindfulness Meditation
Mindfulness meditation has gained popularity in recent years as a way to reduce stress, increase focus, and improve overall well-being. This ancient practice, rooted in Buddhist traditions, involves paying attention to the present moment without judgment. By focusing on our breath, bodily sensations, and thoughts, we can cultivate a sense of awareness and inner peace.
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