Ethereum, Justin, and Other Cryptos: Price Forecast Update for August 15
Ethereum’s Supply Increase Amid Vitalik Buterin’s Charity Donation
Ethereum (ETH) experienced a 0.7% decrease on Thursday after seeing three consecutive days of net inflows across ETH ETFs. This decline comes as ETH’s annual inflation rate continues to rise, hinting at a potential bullish turnaround.
Justin Sun, the founder of TRON and a prominent figure in the crypto space, recently compared the staking yield on Ethereum and TRON. Sun disclosed that he stakes his Ethereum with Lido Protocol, earning a 4% yield on his holdings. This move comes as TRON Protocol offers a yield nearly six times higher at around 25%.
In the broader crypto landscape, Bitcoin was trading below $60,000 early on Thursday. Bitcoin Spot Exchange Traded Funds (ETFs) observed a net outflow on Wednesday, reflecting a shift in investor sentiment.
Looking ahead, Coinbase announced its intention to introduce a wrapped Bitcoin token with the ticker cbBTC on its Base network. This announcement follows Bitgo’s decision to transfer wBTC ownership to Bit Global, which sparked significant controversy in the crypto community.
In the midst of these developments, Ethereum faced a 1.7% drop on Wednesday. However, low Consumer Price Index inflation data and increasing ETH ETF inflows suggest a potential rally on the horizon. Despite these positive indicators, a critical trendline indicates that ETH may be on the verge of repeating past patterns.
On a different note, PEPE experienced a nearly 2% decline on Wednesday as long-term holders have been consistently cashing out profits since March. This trend has led to the formation of a head-and-shoulder pattern on the daily chart for PEPE, potentially triggering a substantial correction.
In conclusion, the crypto market continues to witness fluctuations and key players like Ethereum and Bitcoin are navigating through various challenges and opportunities. As the industry evolves, investors and enthusiasts closely monitor these developments to make informed decisions in the ever-changing crypto landscape.
