Ethereum’s Big Week Ahead: Will It Break Records?

ETH's price is forming “structural changes,” which could mean that a big move is on its way.

Author

Danielle du Toit
December 09, 2024

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Here's what we've got for you today:

  • Ethereum’s Chart Signals to Traders That a New High Could Hit Next Week

  • Think Tank Pushes Amazon to Adopt Bitcoin Treasury Strategy

  • Cardano Foundation X Account Hacked in Fake Token Scam

  • Coinbase Responds to Account Restriction FUD: ‘We’re Not Ignoring You’

📈 Ethereum’s Chart Signals to Traders That a New High Could Hit Next Week

Ether’s price is forming “structural changes,” which could mean that a big move may be on the horizon.

  • Bankless podcast host Ryan Adams speculated on Dec. 9 that Ethereum (ETH) could reach a new all-time high within a week. ETH set its previous ATH of $4,878 in November of 2021.

  • Crypto trader Pentoshi pointed out that some structural changes and the consistent ETF flows are key drivers in ETH’s price, and suggested that Ether's highest weekly close of 2024 is an indicator of bullish momentum.

  • A 24% weekly gain from Ether's current price of around $3,946 is needed to achieve a new record high.

The National Center for Public Policy Research urged Amazon to consider adopting a Bitcoin treasury strategy.

  • The think tank criticized the Consumer Price Index (CPI) as an inaccurate inflation measure, and even suggested that the true rate might be double the reported 4.95%, which poses major risks to Amazon's $88 billion in cash reserves.

  • The group proposed Bitcoin as a hedge against inflation, and pointed out BTC’s 131% price increase in the past year and its 1,246% rise over five years, which outperformed corporate bonds.

  • The proposal to consider Bitcoin as a hedge will be discussed at Amazon’s April 2025 shareholder meeting.

The Cardano Foundation faced a cybersecurity incident on Dec. 8 of 2024, when its official X account was compromised by a threat actor.

  • A hacker exploited the X account to promote a fake token, "ADAsol," and falsely claimed it was the successor to Cardano's ADA token.

  • The fraudulent ADAsol token generated around $500,000 in trading volume before its value collapsed by 99%, which victimized many users.

  • Cardano founder Charles Hoskinson confirmed the hack on social media, and urged the community to stay vigilant.

Coinbase’s X account responded to a number of reports from users on X claiming their accounts were restricted.

  • Coinbase saw a 2-3x increase in attacks targeting user accounts due to a surge in account activity post-election, according to @CoinbaseSupport.

  • Coinbase's fraud-prevention systems reportedly saved customers tens of millions of dollars in November despite the spike in fraudulent activity.

  • The exchange addressed the concerns over sudden account restrictions, and urged customers to stay patient and cautious about misinformation circulating on social media.

👀 QUICK NEWS

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