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Will ETH Price Hit $3K After 8% Rally? Check Why Ethereum Is Going Up
Ethereum price jumped sharply today. Right now, $ETH is trading at around $2,663.62, which is 8.78% higher than yesterday. Also, more people are trading this altcoin — the 24-hour trading volume has crossed $36.64 billion, up by 13.26% from yesterday, as per CoinMarketCap price chart.

Source: CoinMarketCap
This shows that there’s a lot of excitement around this token. But the real question remains: why Ethereum is going up today and what will be ETH price prediction?  Here’s what;s really happening with this coin
Why Ethereum Is Going Up Today? 2 Major Reasons
1. Whale Alert: Abraxas Capital Buys $561M in ETH
In the Ethereum latest news today, One of the main reasons for the price hike was unveiled. A huge investment by Abraxas Capital, a large finance firm. They just purchased a massive quantity of this token — approximately 242,652 ETH, which is equivalent to about $561 million.

Source: Lookonchain
They began purchasing when the price was approximately $2,460 and continued purchasing as the price increased. These were purchased with borrowed USDT (a stablecoin). Statistics according to Lookonchain indicate that $ETH was transferred from Binance wallets to Abraxas Capital's wallets numerous times.
Being a crypto analyst, I highly bet that when a big investor buys such a large amount of any cryptocurrency, it sends the price flying. 
2. Ethereum Liquidation Map: $366M Wiped, Shorts Crushed
Another thing that happened in today's news is a wave of crypto liquidations. In simple terms, when the market moves quickly, traders who use leverage can lose money fast. As per 24 hours analysis:

Source: Liquidation Map
More than $366 million was liquidated in aggregate$502,200 of this tokens alone was liquidatedLongs (bullish bets): $282,910Shorts (bearish bets): $219,290
The largest single loss occurred on Binance, where a $12.2 million tokens trade was liquidated
This indicates that a lot of individuals were betting for and against ETH. But because more short positions were liquidated, it is an indication that the price increased beyond expectations. This tends to create more positive energy in the market.
Ethereum Price Prediction Today : What’s Next?
Now that it has crossed $2,700, people are asking what will happen next in $ETH price prediction.
So, If it can stay above this level, the next possible target is between $2,850 and $2,950. But if it falls below $2,550, there could be a small drop before it rises again.
So far, the market looks strong. Traders are hopeful that it can move even higher in the short term.
Conclusion: Bullish Momentum With Caution
Ethereum price rally due to two major reasons — whale purchases and short position liquidations. Both of these occurrences indicate that a lot of individuals think that it has further space to rise.
But don't forget, the crypto market is volatile. It's crucial to monitor major price levels. If ETH remains above $2,700, it may soon be testing the $3,000 level. Otherwise, we could see a slight drop before another upsurge.
Presently, its price prediction trends seem solid, and most are observing it keenly for its next move.

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AI and machine learning technologies are helping to legitimize the NFT market by combating wash trading and plagiarism.The nonfungible token (NFT) market can return to its glory days as a revolutionary asset class, but it must first address several major challenges.Wash traders inflate NFT pricesTo begin with, wash trading remains one of the most significant problems that cast a shadow on NFTs’ potential to foster creativity and transform digital ownership. Wash trading refers to the deceptive practice in which an investor buys and sells an NFT simultaneously to create the illusion of significant trading volume, thus inflating the token’s price to eventually sell it higher.Unlike traditional cryptocurrencies, NFTs are not a liquid market, making it easier for unscrupulous actors to artificially inflate trading volumes.Earlier in 2023, a joint report from NFT analytics provider bitsCrunch and Cointelegraph Research, titled “BitsCrunch NFT Wash Trade Report for 2022,” showed that NFT wash trading activity had surged in 2022 by 25 times to about $33 billion. That means more than half of the total $54 billion in NFTs traded on the Ethereum blockchain in 2022 was related to wash trading.In February 2023, NFT data aggregator CryptoSlam found that around $577 million worth of NFTs had been suspected of wash trading on Blur, now the second-largest NFT marketplace by trading volume.Counterfeit NFTs dilute the value of original creationsAnother major challenge in the NFT market is the high prevalence of counterfeit or plagiarized NFTs. NFTs have two components — the technical aspect representing the asset with the unique identifier on the blockchain and the digital representation, which can be easily duplicated.In October 2023, a California federal judge ordered a conceptual artist to pay around $1.5 million in damages to Yuga Labs for copying NFTs from the Bored Ape Yacht Club collection and profiting from them. While major NFT collections have more possibilities to fight counterfeit NFTs, less popular digital artists and creators are at risk.The problem of NFT forgery dilutes the value of original creations and seriously threatens the integrity and reliability of the entire NFT ecosystem. Authenticity is touted as the cornerstone of the NFT space, but it’s severely compromised by fake art.These two challenges, wash trading and counterfeit NFTs, lead to a significant loss of trust and perceived value within the NFT market. Many potential users remain skeptical, which hinders the mainstream adoption of NFTs.As a result, the NFT space deals with missed opportunities in attracting a broader user base, which is essential for its long-term sustainability and upgrade beyond a niche market.How can AI and machine learning improve NFT market?Emerging technologies like artificial intelligence (AI) and machine learning (ML) can help to address the main challenges in the NFT market. AI is not only a helpful technology to support creativity and deliver unique digital art, but it also meets the need for better analytics and insight.AI and ML can take on-chain analysis to a new level, helping the market detect wash trading deals in real time and identify fake NFTs.Leveraging AI to combat wash trading and fake NFTsBitsCrunch, an AI-powered NFT analytics platform, combats wash trading to help traders with fair price discovery and developers with reliable NFT decentralized applications (DApps) development. Its wash trading index utilizes AI and ML to detect suspicious trading patterns in real time, safeguarding investors from manipulated market prices and facilitating informed investment decisions.The index provides a comprehensive overview of wash trading activity across various blockchains, marketplaces, and NFT collections, enabling market analysts and participants to gain valuable insights into the true state of the market. This data empowers informed decision-making, allowing users to discern genuine market trends from artificially inflated volume.For investors, the wash trading index serves as a crucial tool for assessing the legitimacy of trading activities. By analyzing the index, investors can identify NFT collections with high incidences of wash trading, potentially indicating inflated prices or deceptive marketing practices.Developers and NFT investors can also use other bitsCrunch’s AI-powered tools for many use cases, including:Analytics — blockchain and NFT analytics projects have access to the most comprehensive NFT database. bitsCrunch also offers the largest repository of ERC-20 historical data available.Fraud detection — bitsCrunch offers fraud detection and alerting mechanisms, helping users detect suspicious trading and set up alerts and notifications.Lending — NFT lending tools can use bitsCrunch for accurate collateralization based on data-driven insights.Price discovery — Insights on pricing trends can help digital artists price their NFTs appropriately.Audience engagement — marketing teams can use bitsCrunch data on buyer preferences and behaviors to improve community engagement strategies.What sets bitsCrunch apart from other data tools is that it uses a community-driven approach, being a fully decentralized network. Saravanan Jaichandaran, co-founder of bitsCrunch, explained:“Our network is not just a concept. Its vibrant ecosystem empowers users and developers through permissionless participation, meaning anyone can join and contribute without centralized approval, and community-driven growth. The platform grows with its community by continuously adding new features and use cases.”The ecosystem is powered by BCUT, bitsCrunch’s native token, which plays an essential role in maintaining the integrity of the network.By providing market participants with clear insights into the authenticity of trading activity, bitsCrunch contributes to a safer NFT environment where investors can navigate with confidence and trust.#sol #NEAR #NFPrompt #AI #latestnews $SOL $BNB $BTC

$1.15 billion recorded in Cardano 24-hour trading volume cardano has seen an increase in trading activity, with its 24-hour trading volume rising by 75% to $1.15 billion, according to CoinMarketCap data. The spike comes as the broader crypto market experienced $284 million in short liquidations, shaking out over-leveraged bearish bets.

According to CoinGlass data, liquidations totaled $352 million throughout the market, with shorts accounting for 80% of the total.

The cryptocurrency market surged in the early Thursday session, with Bitcoin reaching a three-week high. The significant short liquidation forced many bearish traders to exit their positions, contributing to upward pressure on asset prices.
Cardano increased nearly 8% in the last 24 hours, according to crypto ranking platform CoinMarketCap, to $0.601. The ADA volume rise might reflect a surge in trader interest as short sellers were forced to exit their positions as prices rebounded. Cardano rose from a low of $0.538 on Wednesday to an intraday high of $0.611, its highest level since June 19. The 10th-largest cryptocurrency by market capitalization has reclaimed some of the ground lost in the previous month. What's next? Cardano has formed a "golden cross" on its hourly chart, confirming the recent bullish momentum.
On the upside, if buyers push the price above $0.61, ADA might reach its 50-day SMA of $0.663. Buyers might drive ADA above its daily moving averages of 50 and 200 at $0.663 and $0.765, respectively, signaling a trend change. On the other hand, if the price falls and breaks below $0.54, Cardano could fall below the critical support level of $0.50. Buyers are likely to defend the $0.50 level with all their might, as a break below it would complete a descending triangle pattern. That might signal the start of a decline to $0.40. #Cardano News
#CardanoMagic #latestnews #BinanceSquareTalks #CardanoStablecoin" #CardanoPredictions $ADA

$BTC
$DOGE
$SOL

The global cryptocurrency market cap currently stands at $3.40 trillion, reflecting a 6.64% decrease over the past 24 hours. Major cryptocurrencies have experienced significant losses during this period:
👉Bitcoin (BTC): The price has fallen to approximately $96,000, marking a notable decline after reaching highs earlier in the week.👉Ethereum (ETH): Down by 7.58%, Ethereum is trading around $3,640.72.👉Dogecoin (DOGE): This popular meme coin has dropped by 14%, now priced at about $0.3907.👉Solana (SOL) and other altcoins have also seen substantial declines, contributing to the overall market downturn.
The market sentiment is currently characterized by fear, as indicated by the Fear & Greed Index, which stands at 76 (Greed). This reflects a cautious outlook among investors following the recent volatility in cryptocurrency prices 👀🤷

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