CRYPTO NEWS : Ethereum began trading in October at $2400 and entered November at $2500. Now, analysts predict ETH could lose $1K in market price.
Ethereum has suffered a notable loss as the entire crypto market endured price corrections. The second-largest crypto by market cap has depreciated 5.30% over the last 24 hours.
The lack of a buy signal for Ethereum (ETH) shows the chart trending toward bearish. According to our analysts, ETH still has an unmet downside target of $1,551. Meanwhile, a downtrend to $1,551 would translate to a 62% capitulation from the current market price.
Ether’s price has declined by over 5%, while the other cryptocurrencies retraced by between 4 to 7%. According to on-chain data, ETH is worth $2,522 today, with a 4.2% decline in the last 24 hours. ETH is 0.7% lower than its value seven days ago.
However, not all crypto market analysts see doom for crypto. Crypto analyst Mammon highlighted that the price of Ethereum is approaching a critical demand. In a tweet, he said “Ethereum is reaching crucial demand here where it should form a higher low if it wants to avoid moving back to the range lows…”
If Ethereum successfully forms a high within the support zones, Mammon sees strong potential for a bullish trend. Reclaiming this level could set the stage for a significant price rally, according to his analysis. Some market analysts are also setting $18,000 targets for Ether.
Furthermore, inflows into spot Ethereum ETFs have picked up again. Over the last three days, spot Ether ETFs have registered net positive inflows. On Thursday, October 31, the BlackRock Ethereum ETF (ETHA) recorded inflows of $50 million.
On the other hand, the Grayscale Ethereum ETF (ETHE) saw outflows of $36.6 million, taking the total inflows to $13 million.
The US general elections remain a great driver of the crypto market. Former POTUS, Donald Trump promised to make the US a crypto-friendly nation. If he wins the election, it could mean more investors from the US entering the crypto market.
Ethereum, being the largest altcoin, is still attractive to many investors. It has a market cap of $300 billion following behind Bitcoin with $1.3 trillion. ETH has a chance to enter bullish regions again if the stars align. However, the opposite scenario is also a possibility.
In Other News, Robinhood has reported significant growth in trading volume, with equity trading volumes up by 65% and cryptocurrency trades skyrocketing by 112% in the latest quarter.
This surge in activity has propelled the company’s transaction-based revenues to an impressive $319 million, marking a staggering 72% increase compared to the previous year.
Robinhood plummeted 12.4% in after-hours trading following the release of its third-quarter earnings, which fell short of Wall Street expectations despite a significant year-on-year increase in crypto trading volume and revenue.
In its Q3 results, Robinhood reported a remarkable rise in crypto trading volumes, soaring 112% year-on-year to reach $14.4 billion. Crypto revenue jumped 165% to $61 million, contributing to the company’s return to profitability.
However, Robinhood’s net income of $150 million and revenue of $637 million for the quarter missed industry forecasts, resulting in a notable decline in HOOD shares, as indicated by Google Finance data.
The company’s earnings per share (EPS) of $0.17 also fell short of the Zacks Consensus Estimate of $0.18, while reported revenue declined by 3.6% compared to Zacks’ estimate of $661.2 million.
Although Robinhood’s crypto trading volume rose 112% from Q3 2023, it significantly decreased from $36 billion in Q1 2024 and $21 billion in Q2 2024. Additionally, crypto revenue fell from $81 million in the previous quarter.
The trading platform’s assets under custody also grew 76% year-on-year to $152.2 billion, driven partly by rising crypto valuations, with total crypto assets under custody reaching $19.45 billion—up 32.3% from $14.7 billion in Q4 2023.
In an effort to compete with established brokerages and attract more mature investors, Robinhood has expanded its service offerings. This month, the company added futures and index options trading features to its mobile app and launched its long-awaited desktop platform.
The additions aim to capture a more significant market of investors, especially those seeking more sophisticated trading options.