- Ethereum tumbles below key support as Ether ETF interest wanes.
- DOGE developer ignites a discussion on Ether’s new all-time high.
- Dogecoin grabs 20% gains in a 7-day rally to new monthly heights.
Billy Markus is one of the veteran developers who invented Dogecoin (DOGE) as a joke on December 6, 2013. The original dog-themed meme currency quickly gained traction online, producing one of the strongest and most loyal crypto communities today.
While remaining on the sidelines as a DOGE holder, Markus, a.k.a. Shibetoshi Nakamoto, asked his X audience last weekend if they think Ethereum (ETH), the largest Proof of Stake (PoS) network, can hit a new all-time peak before 2025 kicks in.
Additionally, the message on X featured a screenshot depicting most crypto enthusiasts being skeptical about this bullish scenario. Just 9% of voters placed bets on this outcome on Kalshi prediction markets, so the ETH price is 46.6% below this milestone, hit at $4,878.26 on November 10, 2021.
Sensitive Levels To Watch For Ethereum
“It depends on how many girlfriends @VitalikButerin has dated,” uttered crypto aficionado BEBE. Another trader suggested that Ethereum has already been above $4,000 this year, conquering this price range on March 12, 2024.
Due to the high BTC/ETH correlation, Ether would likely need a correlation boost from Bitcoin soaring above $74,000. In addition, the sluggish action on Ethereum exchange-traded funds (ETFs) took its toll on Ether’s market price, hovering around $2,600 support levels at press time.
Besides, the crypto bulls haven’t been able to push ETH past the critical resistance level of $2,700 in three days. If Ethereum finished the day above this level, it would validate the bullish thesis. Amidst the slight 1% market correction on Monday, crypto traders remain optimistic.
Currently, the Crypto Fear & Greed Index (RSI) points to 61, depicting gradually growing greed in the market after the favourable Federal Reserve interest rate cut announcement.
Dogecoin Bags 20% On FED Rate Relief
Dogecoin’s founder and programming wunderkind Billy Markus also touched upon Dogecoin’s recent performance. His creation briefly tackled $0.13 on Saturday, forming a double monthly top before retracing one cent. The current price of $0.1202 puts 73% of DOGE holders at a profit, continuing to perform in high correlation with Bitcoin after the Federal Reserve cut interest rates by half percent.
The founder of Dogecoin made a few sarcastic remarks about its recent bullish performance, as crypto enthusiasts keep asking him for price performance insights. “Q: why is dogecoin up 20% this week? A: no idea,” Billy concludes, implying that the meme coin market is too unpredictable to make quick assumptions.
On the Flipside
- Dogecoin’s creator and IBM computer virtuoso claimed to have abandoned Dogecoin (DOGE) a long time ago, not working on any developments or holding DOGE assets.
- Ethereum’s odds of surpassing its all-time price milestone depend on factors other than technical implications, including Ether ETF performance and BTC correlation.
Why This Matters
Prominent figures in the crypto sphere asking for the public’s opinion offer insight into the social sentiment surrounding crypto. This adds to the debate about whether the recent rally is sustainable enough not to lose steam.
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