Whale Movements and On-Chain Data 

According to IntoTheBlock, wallets holding 1-10 million DOGE accumulated 100 million tokens in the last 30 days. Large transaction volume surged by 600% in the past month, with transactions over $1 million increasing by 540%. This indicates strong whale interest in DOGE. Additionally, daily active addresses exceeded 150,000, reaching the highest level since November 2024. This network activity reflects increased user engagement and a bullish sentiment. Whale movements are often seen as a precursor to price increases. 

Technical Analysis: $0.29 Target 

Dogecoin is showing positive signals in technical indicators. A symmetrical triangle formation suggests breakout potential. Meanwhile, the RSI has moved out of the oversold zone, supporting upward momentum. Analysts predict a swift move to $0.29 if the $0.19 resistance is broken. However, if the $0.14 support is breached, the price could drop to $0.06. IntoTheBlock’s Large Holders Netflow data confirms accumulation by major investors, indicating that short-term targets are consistent. 

ETF Expectations and Institutional Interest 

Institutional interest in Dogecoin is growing. 21Shares’ DOGE ETF application is under SEC review. Polymarket prices the approval odds at 64%, while Bloomberg estimates an 80% chance. ETF approval could drive the price upward. As a result, investors are closely monitoring DOGE. On the X platform, positive comments about whale purchases and ETF rumors are prominent. Institutional inflows are breaking Dogecoin’s “meme coin” perception, positioning it as a serious asset. 

Dogecoin surged 12% in the last 24 hours, delivering strong performance. Trading volume in the derivatives market increased by 75.9%. Analyst Kevin Capital identifies $0.1840 and $0.1920 as short-term targets. In the long term, some experts predict $1. IntoTheBlock’s data shows that whale accumulation and network activity support these targets. 

Dogecoin’s price is showing bullish signals driven by whale movements, on-chain data, and ETF expectations. Investors are locked on the $0.29 target. 

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Ethereum bounced back above $3,000 after retracing from a harsh sell-off that dragged the price down to $2,800 three days ago. The reversal coincides with the easing of discounts on Grayscale Ethereum Trust and Coinbase Premium, which are seen as positive signals by bullish investors.

Spot Ethereum ETF Launch Anticipated

Experts believe this price rebound signals a potential bottom before the much-awaited spot Ethereum ETFs make their debut in the US market.

CryptoQuant’s Ether basis index, which measures the difference between the ETH/USD spot price on Coinbase used by US investors and the ETH/USDT spot price on Binance, has returned to neutral levels from a deep discount of -0.19 in late June. Notably, the disappearance of discounts in Grayscale Ethereum Trust’s net asset value (NAV) for the first time in two years indicates rising investor confidence and increasing demand for Ethereum-related investments.

The vanishing premiums (discounts) on Coinbase and Grayscale suggest seller exhaustion and a potential price bottom.

Ethereum ETF Primed for Massive Demand

On the other hand, expectations are high that the Ethereum ETF could see billions of dollars in demand and further boost interest in the Ethereum network.

Analysts at IntoTheBlock, in their weekly newsletter, said they estimate potential demand for the Ethereum ETF could result in inflows of around 30% of what was witnessed during the introduction of the Bitcoin ETF.

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At this point, cryptocurrency data platform IntoTheBlock said that more than 16% of BTC holders are at a loss after Bitcoin fell below $60,000.

He also explained the levels to be followed below $60,000 for BTC and the next demand zone where the decline could go.

IntoTheBlock analysts, pointing out that BTC has shown a weakening trend below $60,000 according to historical data, said that more downward pressure may continue according to the data.

According to IntoTheBlock data, the next significant demand zone for Bitcoin is between $40,000 and $50,000, and there is a risk that the decline will fall to this zone.

“Bitcoin has fallen below the critical demand level of $60,000. This decline puts more than 16% of BTC holders in a losing position.

Historically, demand below $60,000 for Bitcoin has been weak, indicating that downward pressure continues.

The next major demand zone is between $40,000 and $50,000.”

Bitcoin, which has lost 5.2% in the last 24 hours, continues to trade at $57,354.

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