Investors tracked the development in real-time. Meanwhile, the exchange initiated the process of closing existing positions. The exact timeline for halting trades was determined. The announcement caused notable market volatility. 

What is LEVER Token and Why Did It Rise? 

LEVER is a popular cryptocurrency and the native token of the LeverFi platform. The platform operates in the decentralized finance (DeFi) space, offering leveraged trading services. LEVER serves as the governance token of the network and is also used across various platform services, giving it broad utility. 

Binance’s decision to delist LEVER/USDT futures was unexpected, yet it positively impacted the token price. Why? Such news usually boosts trading volume. The sudden price surge was primarily due to short position liquidations. Investors with open short positions panicked, triggering rapid liquidations, which significantly increased the buying pressure on the token. This drove the price sharply upward. 

Additionally, the news was perceived positively in the spot market. Investors were motivated to hold the token long-term, further strengthening its overall value. Part of the price increase came from this renewed investor interest. Ultimately, Binance’s decision created a unique opportunity in the market. 

Binance’s Decision and Market Implications 

Binance regularly reviews its futures pairs, occasionally delisting low-liquidity contracts. The main reason is to prevent market manipulation and protect investors. LEVER/USDT was delisted for a similar reason. The announcement caused a minor market shock, with short positions liquidated rapidly, pushing the price to a peak in a short period. 

However, whether this surge continues remains uncertain. Experts advise caution regarding short-term gains. Investors should approach the situation carefully and consider market volatility before making decisions. 

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What Is Social Dominance?

According to Santiment, when a crypto asset takes up an excessive share of social media mentions—an explosion in social dominance—it typically reflects that investors are in a state of high “euphoria”. The analytics platform notes that the ETH/BTC ratio has surged nearly 70% since early May, accompanied by this unusual rise in social dominance levels. Such crowded buying activity may be seen as a red flag.

How Should the Market Be Evaluated?

Historically, when ETH’s social dominance peaked, price corrections often followed. According to Santiment, this indicates that the majority has entered a phase of speculative excitement, and the buyer pool is narrowing — in other words, the ability to sustain upward price movement with new entrants is diminishing. Nevertheless, memecoin social dominance remains at low levels. Santiment notes that true market tops are often marked by widespread speculative hype around meme coins. The absence of such activity for now could hint that the ETH rally is not yet over.

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Institutional interest is also growing. Companies like SharpLink Gaming and Bitmine Immersion have been buying ETH, and according to Santiment analyst Maksim Balashevich, this institutional movement could become a new driving force for ETH. This growing narrative of “corporate treasuries adopting ETH” may push the asset to outperform Bitcoin. Galaxy Digital CEO Michael Novogratz also predicted that ETH could surpass Bitcoin in the next three to six months.

• Be cautious in the short term: Investors may react quickly to extreme social sentiment. Measures like stop-losses, profit-taking, or downsizing positions could be considered.

• Monitor June–July correction patterns: A potential 5–6% drop in the ETH/BTC ratio could resemble the local top observed in mid-May.

• Institutional staying power: Continued buying from institutions could offer long-term support for Ethereum through underlying demand.

• Upcoming chain upgrades: Planned protocol upgrades on Ethereum (such as proto‑danksharding and staking improvements) may push the price upward. However, whether these developments deliver their expected benefits remains to be seen.

Ethereum Faces Challenges at Key Resistance Zone

Ethereum has repeatedly tested a key resistance level in recent days but has yet to break through. While multiple rejections from this zone have been observed, breaking it this week is still among the possible scenarios. If the resistance is overcome, the price could gain momentum towards the $3,800–$3,900 range.

Eyes on Friday’s Interest Rate Decision

On the other hand, another major development the markets are focusing on this week is the interest rate decision to be announced on Friday. If an unexpected rate cut occurs, contrary to expectations, it could have a positive impact on the crypto market. In such a scenario, Ethereum may show strong upward momentum toward the $4,000 level.

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Ethereum (ETH) net flow data has been displaying a notable decline in recent weeks. Net flows represent the difference between the amount of coins entering and exiting exchanges. If this figure is negative, it indicates that investors are withdrawing ETH from exchanges, which often signals an intent to hold and confidence in the market. 

According to Coinglass data, the Ethereum net flow over the last 24 hours was recorded at -$182.86 million. This shows that more investors are pulling ETH out of exchanges. Interestingly, this negative flow has persisted in six of the last seven days. During the same period, the total net flow amounted to -$140 million. This suggests that buying pressure still outweighs selling. 

While short-term net flows remain negative, the medium-term trend has shifted toward selling. The 15-day Ethereum net flows stand at +$186.48 million, indicating a positive direction. This suggests that investors are sending more ETH to exchanges for selling. 

In the 30-day period, the picture becomes clearer. Ethereum investors have transferred more ETH to exchanges during this time. As a result, the total net flow has risen to +$483.54 million. This situation explains why Ethereum’s price is under pressure. 

Is a Price Rally Possible? 

If Ethereum net flows continue to remain negative, this would be a positive signal for the market. Reduced selling pressure supports a buying trend. If this persists, an ETH price rally could be expected. 

Crypto analyst Captain Faibik suggests that Ethereum’s price could surpass $3,500 in the short term. However, the bulls need to break through the 200-day Simple Moving Average at $2,700. Once this critical threshold is crossed, the rally could gain momentum. At the time of writing, ETH is trading around $2,555.

***NOT INVESTMENT ADVICE***

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Ethereum Name Service (ENS) is now available for trading on Upbit, effective today at 00:30 AM KST (July 9, 2024), the exchange announced on its official website on July 9.

According to the announcement, ENS deposits will only be open for the Ethereum network. Upbit also warned that transfers from other networks should not be made.

ENS/KRW trading pairs will be available for investors following the listing.

CoinGecko data shows that ENS price skyrocketed following the listing announcement. The price of ENS surged 16.3% from $26.56 to $30.9. However, the altcoin has since pulled back significantly and is currently trading at $27.7.

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