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4 Bear and 3 Bull Scenarios for Ethereum (ETH) Price in September

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That is if Ethereum can weather three big price hurdles ahead of it in September,

The Dencun upgrade’s introduction of low-cost blobs for Layer-2 blockchains to quickly scale the network to peers has unleashed a torrent of activity on Ethereum’s decentralized smart contract network.

Since then, gas fees in ETH on the base layer of Ethereum have declined significantly. Although that has reduced validators’ revenues, there has been a blossoming of activity on low-fee L2s.

Ethereum L2 monthly active users doubled after Dencun took effect in March. Meanwhile, fees to use Base, Mantra, Starknet, Blast, and OP Mainnet have declined dramatically.

But Ethereum has struggled this year to reflect its improvements and future prospects in a consolidated movement of the market. When it slipped to $2,400 this week, its price was back to where it was in February. By comparison, Bitcoin has been doing a little better this year.

So will Ether’s price continue to thrash and flail, or does it have an advantage over competitors like BNB, Solana, XRP, Tron, and Cardano in the near to medium term?

4 Ethereum Price Advantages In 2024

Here are four advantages Ethereum has going forward:

1. Another Wrapped Bitcoin On Ethereum

21co, the owner of Bitcoin ETF issuer 21 Shares, just recently introduced another Wrapped Bitcoin asset on Ethereum.

This is a reminder: Your Bitcoin is a final settlement in a brutally scarce currency on the most secure Web3 layer blockchain —and Ethereum represents so many things you can do with it without just handing it over to the establishment it’s disrupting.

While Bitcoin is in a long-term holding phase because of its network effects and the growth prospects of each Satoshi’s value due to its ultimately addressable global market, when the dam breaks and the pent-up demand spills, Ethereum is certainly one place where holders will be spending it.

From finance, to insurance, to contracts, to CRMs, to supply chain management, to gaming, and online database solutions, the leading smart contract networks like Ethereum have a very big future ahead.

2. Institutional Adoption Marches On

Wall Street has so far laid only finicky hands on the Ethereum ETFs, with outflows creating resistance for Ether’s price. But the overall institutional stance toward the asset is still second only to Bitcoin, even as corporate project managers and institutional hedge funds flirt with Ethereum’s competitors like Solana and Cardano.

However, Ethereum and ERC20 Layer-2 protocol Polygon (MATIC) power most of the institutional products currently available on Web3. A recent X post from Adriano Feria, a popular ETH booster on social media, outlined the march of corporate projects using Ethereum.

“Hate to break it to the #Ethereum doubters, but $ETH is well on its way to securing solid institutional adoption, led by industry giants like Coinbase, Circle, BlackRock, and more recently, Sony,” Feria wrote.

With Sony’s announcement on August 22 that it’s launching its own Ethereum Layer-2 blockchain, Soneium, there could be some more market alpha in ETH’s future.

3. Ethereum Price Chart Technicals

ETH just had its worst month in two years, falling by 22% in August. Therefore, mean reversion theory dictates that its price will tend to move back toward its average trend over time, giving it support for a rally. Put in shoppers’ terms, Ether was on sale in August.

ETH may be undervalued based on expert predictions from some of the most active funds, publications, and banks in the Web3 space, in a recent study by CoinGecko:

4. Dovish Fed Regime Pivot

The Federal Reserve chair announcing in August a pivot to lower interest rates is likely to galvanize crypto markets. As dollar supplies increase, there’s extra liquidity to pump financial markets like stocks and cryptocurrency.

There’s also a baked-in ethos among crypto investors to hedge dollar inflation using cryptocurrencies, especially those that strictly limit new supplies.

Ethereum is especially well-suited as one of these alternative sound money currencies. After the Merge transitioned it from a mined to staked cryptocurrency in Sept. 2022, it also introduced a burn feature that removes a small amount of Ether when transactions are made.

That helps limit supplies and so that ETH tokens hold their purchasing power parity against other currencies like Bitcoin and the US dollar.

3 Price Hurdles for Ethereum in September:

1. September Doldrums a Headwind

September is historically a slumpy month for financial markets. In stocks, it is the only calendar month to return an average negative ROI over the past 98 years. It has typically been choppy and slow for crypto assets as well, with seasonally high volatility and lower prices.

That means it can make a great entry point for crypto investors to buy assets at good value. It’s also not usually the time of year to sell to maximize earnings or minimize losses.

2. US Election Uncertainty

Markets are also fretting over the outcome of the U.S. election in November. A Harris win could lead to rising prices, higher taxes, and more expensive regulations.

A Trump win could lead to another multi-trillion dollar trade war with half the rest of the world, which was expensive for Wall Street the last time around.

3. Bitcoin’s Price Gravity Well

Ethereum’s valuation is closely related to the spot price of BTC. Over the course of the four-year cycle around Bitcoin’s supply halvings, there tends to be a mild bear market around this time after the event, leading up to multi-month rally to new record highs. That’s going to have an impact on altcoin prices.

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GameSquare Announces Pricing of Underwritten Public Offering to Launch Ethereum Treasury Strategy

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[PRESS RELEASE – Frisco, TX, United States of America, July 8th, 2025]

GameSquare’s Board approves $100 million Ethereum treasury authorization to expand the Company’s crypto-based treasury management strategy over time.

Initial investment fuels GameSquare’s strategic alliance with Ryan Zurrer and Dialectic to deploy an Ethereum-native yield strateg.y

GameSquare Holdings, Inc. (NASDAQ:GAME), (“GameSquare”, or the “Company”), a next-generation media, entertainment, and technology company, today announced the pricing of its previously announced underwritten public offering for the sale of 8,421,054 shares of common stock (or common stock equivalents) at a price of $0.95 per share for expected aggregate gross proceeds of approximately $8.0 million before deducting underwriting discounts and commissions and offering expenses. The Company intends to use the majority of the proceeds to accelerate the launch of its newly formed Ethereum (“ETH”) based treasury strategy, supported by a strategic alliance with Dialectic, a global leader in crypto-native capital management.

“Today’s announcement reflects the confidence of a proven group of high-quality investors and leaders in decentralized finance,” said Justin Kenna, CEO of GameSquare. “We’ve partnered with one of the world’s top crypto investment firms to generate real, on-chain yield while deepening our expertise in decentralized finance, pursuing new revenue streams, and strengthening our balance sheet.”

“This new treasury management strategy enhances our financial flexibility and allows us to support a defined capital allocation plan that is focused on pursuing additional ETH asset purchases, funding potential share repurchases, and reinvesting in our growth initiatives,” added Kenna.

GameSquare’s ETH-focused yield generation strategy is built on top of Dialectic’s proprietary platform Medici, which applies machine learning models, automated optimization, and multi-layered risk controls to generate best-in-class risk-adjusted returns. Targeted yields of 8-14% significantly exceed the current ETH staking benchmarks of 3-4%.

Dialectic’s program includes multi-layered risk management protocols that are widely recognized as the best risk-adjusted yields in DeFi. GameSquare’s new Ethereum-focused treasury vehicle may also incorporate additional yield-generating strategies across the Ethereum ecosystem, potentially utilizing assets such as stablecoins and non-fungible tokens to diversify and amplify returns.

GameSquare’s Board has approved an ETH allocation of up to $100 million, based on staged investments over time, while keeping adequate working capital for the operating business.

“Our crypto strategy reinforces our existing foundation in gaming, technology, and media, and is aligned with the broader trend of institutional adoption of digital assets,” Kenna continued. “Our strategic partnership with leaders in the crypto space including Ryan Zurrer of Dialectic and Rhydon Lee of Goff Capital is just getting started and I am excited to update investors on the quick progress we are making.”

Lucid Capital Markets is acting as the sole book-running manager for the offering.

In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 1,263,157 shares of its common stock (or common stock equivalents) at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about July 9, 2025, subject to customary closing conditions.

The offering is being made pursuant to a shelf registration statement filed with the Securities and Exchange Commission (“SEC”) on March 4, 2025, and declared effective by the SEC on June 4, 2025. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A final prospectus supplement will be filed with the SEC. Copies of the final prospectus supplement and accompanying prospectus relating to the offering, when available, may also be obtained by contacting Lucid Capital Markets, LLC, 570 Lexington Avenue, 40th Floor, New York, NY 10022.

About GameSquare Holdings, Inc.

GameSquare‘s (NASDAQ: GAME) mission is to revolutionize the way brands and game publishers connect with hard-to-reach Gen Z, Gen Alpha, and Millennial audiences. Their next-generation media, entertainment, and technology capabilities drive compelling outcomes for creators and maximize the brand partners’ return on investment. Through a purpose-built platform, they provide award-winning marketing and creative services, offer leading data and analytics solutions, and amplify awareness through FaZe Clan Esports, one of the most prominent and influential gaming organizations in the world. With one of the largest gaming media networks in North America, as verified by Comscore, GameSquare is reshaping the landscape of digital media and immersive entertainment.

To learn more, users can visit www.gamesquare.com.

Forward-Looking Information

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company’s future performance, revenue, growth and profitability; and the Company’s ability to execute on its current and future business plans. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as, a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company’s ability to grow its business and being able to execute on its business plans, the success of Company’s vendors and partners in their provision of services to the Company, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company’s portfolio across entertainment and media platforms, dependence on the Company’s key personnel and general business, economic, competitive, political and social uncertainties. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company’s most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Corporate Contact

Lou Schwartz, President

Phone: (216) 464-6400

Email: ir@gamesquare.com

Investor Relations

Andrew Berger

Phone: (216) 464-6400

Email: ir@gamesquare.com

Media Relations

Chelsey Northern / The Untold

Phone: (254) 855-4028

Email: pr@gamesquare.com

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200,000 ETH in 2 Days: Is Ethereum’s Price Ready to Pump?

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TL;DR

  • Large Ethereum investors boosted their collective holdings to nearly 27 million coins (22% of supply), signaling strong confidence in the asset’s future trajectory.
  • The whale activity, paired with rising ETF inflows and decreasing exchange balances, suggests reduced sell pressure and growing demand: conditions that could pave the way for ETH’s next potential rally.

Whales on the Move

Ethereum (ETH), which posted significant gains in May and the beginning of June, has recently taken its foot off the gas pedal. Currently, it is worth just south of $2,600, but the whales’ latest activity suggests another resurgence could be on the horizon.

The popular X user Ali Martinez revealed that large investors (those having between 10,000 and 100,000 coins) purchased 200,000 ETH over the weekend.

The USD equivalent of the stash is over $515 million (calculated at current rates), while this cohort of investors now collectively owns 26.88 tokens (22% of Ethereum’s circulating supply).

The whales’ accumulation often signals confidence in ETH’s future performance. Their purchases might prompt retail investors to follow suit and create upward pressure on the price.

Additionally, the development leaves less coins available on the open market, which, combined with surging demand, could trigger a rally.

Price Forecasts

The majority of the crypto community on X also seems optimistic about ETH. The user with the moniker BATMAN claimed the asset “is gearing up for another run” based on the formation of a “megaphone pattern” on its price chart. 

“The first hurdle is the resistance at $3500, then the major resistance at $4,200. Altcoins will explode right after. Buckle up,” they predicted.

For their part, Crypto GEMs forecasted that the token’s next pump “will melt faces,” setting a short-term target of over $3,500. 

The increased amount of capital flowing into spot ETH ETFs also supports the bullish thesis. Data compiled by SoSoValue shows that the daily netflows have been positive over the past several weeks, suggesting solid interest from investors.

On the contrary, the exchange netflow has been mostly negative in the last few days. This means that an increased number of investors have shifted from centralized platforms toward self-custody methods, which reduces the immediate selling pressure.

ETH Exchange Netflow
ETH Exchange Netflow, Source: CryptoQuant
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Bitcoin Stays Steady, But Momentum Flashes Bullish Signs: Bitfinex Alpha

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With bitcoin (BTC) having remained in a consolidation phase for a relatively long time, market participants are wondering about its next direction. Some analysts have predicted a significant correction in the coming weeks, while others believe a positive breakout is imminent.

Despite the state of the market and negative sentiment within a part of the crypto community, analysts at the crypto exchange Bitfinex insist BTC is biased to the upside. This means the cryptocurrency has a higher chance of climbing up than declining.

Bulls In Structural Control

According to this week’s Bitfinex Alpha report, the Bitcoin market has been defending the short-term holder realized price (STHRP) of $98,220 despite recent volatility. Although BTC has fallen below range lows in recent weeks, the asset has found support at the STHRP.

Analysts termed this a constructive signal, indicating that bulls remain in structural control. Bitcoin’s resilience also supports the belief that underlying momentum is skewed to the bullish side.

The STH cost basis has been rising and is now hovering around  $99,474, indicating persistent accumulation by newer market participants. This cohort of investors is led by institutional buyers purchasing BTC through exchange-traded funds (ETFs) and balance sheet allocations.

Amid this consolidation phase, Bifinex says bitcoin’s short-term momentum is weakening at range highs. Futures market traders have been closing their positions around levels seen between July 2 and 4. This suggests that while bulls are in structural control, they are unable to trigger and sustain significant price rallies. Hence, the market is still in need of fresh catalysts or clearer macroeconomic signals before prices can surge.

BTC Whales Are Redistributing

Meanwhile, BTC whales are in a distribution phase. Since July 4, mid-sized wallets holding between 1,000 and 10,000 BTC have been slashing their holdings. With more than 14,000 BTC offloaded since June 30, the market is witnessing a cautious stance among high-cap investors.

As whales continue to redistribute amid macro uncertainty, retail and institutional investors are absorbing the supply. So far this month, STHs have increased their collective holdings by more than 382,000 BTC, nearly the same amount as was offloaded by long-term holders. Their purchases have been driving market momentum this month.

“This divergence points to a redistribution of coins from crypto natives to newer entrants and institutions, many likely motivated by recent price dips and renewed macro interest following the strong performance of the equities markets,” Bitfinex stated.

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