TL;DR

Ethereum is trading near $1,920, testing the upper boundary of its price channel.
Previous encounters with this resistance have been followed by profit-taking and short-term corrections.
The Fund Market Premium remains positive, indicating futures traders still maintain some bullish positioning.
Fund volume has not increased significantly, suggesting the rally lacks strong new capital inflows.

Ethereum’s recent recovery could be approaching a critical turning point as the world’s second-largest cryptocurrency tests a major technical resistance level without the support of strong capital inflows.

The latest CryptoQuant chart shows Ethereum’s spot price on Binance trading around $1,920, placing it near the upper boundary of its price channel, a level that has historically triggered profit-taking and short-term corrections. While derivatives traders continue to show moderate optimism, on-chain indicators suggest the current rally may be running out of momentum.

Analysts say the combination of resistance at the channel ceiling and subdued fund volume increases the likelihood of a downward correction unless buyers step in with fresh liquidity.

Ethereum Tests a Historically Important Resistance Zone

Ethereum has steadily climbed from its recent lows, recovering much of the ground lost during June’s sharp sell-off. However, the latest price action has brought ETH back to a technical area that has repeatedly acted as a ceiling for previous rallies.

The analysis uses Binance’s ETH-USDT spot market as its primary reference. Because Binance remains the largest exchange by spot and derivatives trading volume, its price is widely regarded as one of the clearest reflections of overall market supply and demand.

The chart indicates that each time Ethereum previously reached the upper boundary of the Price Channel, buying momentum faded and sellers emerged to lock in profits. With ETH once again approaching that same level, traders are closely watching whether history will repeat itself.

Futures Traders Remain Positive, But Volume Tells a Different Story

One encouraging sign for bulls is that the Fund Market Premium indicator remains above zero. This suggests demand in the futures market has not disappeared entirely, with leveraged traders still maintaining a relatively constructive outlook.

However, the premium alone does not necessarily signal that prices will continue climbing.

Another key metric on the chart, Fund Volume, shows little evidence of a meaningful increase in new capital entering the market. The lack of a significant rise in trading volume suggests the recent recovery has been driven more by existing participants than by fresh buyers.

Without stronger inflows, rallies often become more vulnerable to exhaustion as buying pressure begins to weaken.

Weak Capital Inflows Could Limit Further Upside

Market analysts frequently view rising trading volume as confirmation that a price move has broad market support. When prices rise without a corresponding increase in volume, it can indicate that the move lacks conviction.

That appears to be the case with Ethereum’s latest advance.

Despite the steady rebound, the absence of a notable expansion in fund volume raises questions about whether the rally has enough momentum to break through a well-established resistance zone.

If new liquidity continues to remain limited, traders could become more inclined to secure profits after Ethereum’s recent gains.

Channel Resistance Remains the Key Level to Watch

The technical outlook remains largely dependent on Ethereum’s ability to overcome the upper boundary of the price channel.

A decisive break above this resistance, supported by stronger trading volume and increased capital inflows, would weaken the bearish outlook and could open the door for another leg higher.

Until that happens, however, the current setup favors caution.

The combination of resistance at a historically important technical level, modest futures optimism, and muted fund inflows suggests that selling pressure could emerge before Ethereum establishes a sustained uptrend, as analysts predict it could beat Bitcoin in the distant future.

For now, traders are likely to keep a close eye on whether buyers can generate enough momentum to invalidate the current technical warning or whether another pullback develops from the resistance zone.

Ethereum (ETH) has gained 8.8% in a week as momentum strengthened.
BlackRock’s ETHA helped drive fresh spot ETF inflows.
$2,000 remains Ethereum’s next major resistance level.

Ethereum has extended its latest recovery, climbing above the $1,900 level and putting the $2,000 mark back into focus.

The recovery comes after several weeks of improving price action, renewed institutional interest, and technical signals that suggest bulls have regained control in the short term.

At press time, ETH was trading at $1,942.56, up 4.2% over the last 24 hours.

The cryptocurrency is up 8.8% over the past seven days, 9.7% over the last two weeks, and 12.3% during the past month, highlighting a steady recovery after months of weaker performance.

Technical momentum builds as ETH approaches key resistance

Ethereum’s latest rally has brought it close to an important technical zone.

The cryptocurrency briefly traded just below $1,947, leaving it only a few dollars away from testing the upper end of its 24-hour range.

Several technical indicators have turned more constructive during the recent advance.

ETH has moved above both its 20-day and 50-day exponential moving averages (EMAs), a development that often reflects improving short-term momentum.

At the same time, the Relative Strength Index (RSI) has climbed close to 70, indicating strong buying activity while also suggesting traders may watch for increased volatility if the rally accelerates.

According to crypto analyst Javon Marks, Ethereum has also broken above a long-standing descending trendline.

Marks believes the breakout could represent the early stages of a broader recovery if buyers manage to defend recently reclaimed support levels.

$ETH continues to hold in presumably its largest accumulation phase ever and a resulting bull move out of it can be MONSTROUS!

We continue to target levels at:

$5000$8500$12000

Ethereum looks ripe… pic.twitter.com/NVRJZdNHdF

— JAVON⚡️MARKS (@JavonTM1) July 20, 2026

The first major resistance zone now sits between $1,950 and $2,150.

A sustained move through that area would strengthen the bullish structure and shift attention toward higher technical targets.

Beyond that zone, analysts are monitoring additional resistance levels around $2,501, $2,970, and $3,349.

Those levels would need to be cleared before Ethereum could challenge stronger resistance near $3,728, $4,108, and eventually its previous all-time high of $4,946.05, which was recorded in August 2025.

ETF inflows and institutional accumulation support the recovery

The latest price gains have coincided with renewed institutional demand for Ethereum.

Spot Ethereum exchange-traded funds (ETFs) in the United States have returned to positive net inflows after an extended period of outflows.

Among the largest contributors has been BlackRock’s ETHA fund, reinforcing signs that institutional investors are once again allocating capital to Ethereum.

Corporate treasury activity has also remained in focus.

BitMine added another 7,430 ETH during its latest reporting period.

Although that represented its smallest weekly purchase since adopting its Ethereum treasury strategy, the slowdown has been linked to the company nearing its stated objective of controlling approximately 5% of Ethereum’s circulating supply rather than a change in its investment strategy.

BitMine now holds roughly 5.777 million ETH, representing close to 4.8% of the existing supply. Around 85% of those holdings are staked, generating an estimated $247 million in annual staking rewards.

The company has also shifted part of its capital allocation toward a $4 billion share buyback programme, while maintaining its long-term Ethereum position.

1/ BitMine provided its latest holdings update for July 20, 2026

$11.5 billion in total crypto + “moonshots”: – 5,777,468 ETH at $1,879 per ETH per ETH (per @coinbase) – 207 Bitcoin (BTC) – $180 million stake in Beast Industries @MrBeast– $58 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) July 20, 2026

Ethereum price outlook

From a technical perspective, $2,000 remains the most significant psychological barrier in the near term.

Analysts expect that level could require several attempts before a decisive breakout occurs.

On the downside, traders are watching the $1,900 area as the first layer of support, with $1,879 and the recent intraday low near $1,854 serving as additional levels that could determine whether the current uptrend remains intact.

The broader long-term outlook also continues to attract attention.

Marks has previously identified potential upside objectives of $5,000, $8,500, and $12,000 if Ethereum maintains its long-term market structure and successfully clears successive resistance levels.

Another long-term technical projection places a possible target near $6,941, although reaching that level would require ETH to overcome multiple resistance zones over time.

But for now, Ethereum’s immediate focus remains much closer.

After reclaiming the $1,900 level and trading near $1,942, the next test for buyers is whether the cryptocurrency can establish a sustained move above $2,000, supported by improving technical momentum, renewed ETF demand, and continued institutional participation.

The market could be on the verge of its biggest divergence this cycle.

Pantera Capital, in partnership with S&P Dow Jones Indices, has launched the first-ever S&P Digital Asset Index, featuring a basket of 18 cryptocurrencies.

Naturally, the announcement sparked a market frenzy. It spread like wildfire across social media, and the timing couldn’t have been better. Bitcoin had just broken above $66,000, flipping the market back into risk-on mode.

Against this backdrop, Pantera’s announcement added another layer to the bullish narrative.

However, the real discussion wasn’t about what made the S&P Digital Asset Index. It was about what didn’t.

For context, the index will hold 18 cryptocurrencies, but only the first five have been confirmed so far: Ethereum, BNB, Solana, Hyperliquid, and Tron. That’s where the market frenzy began.

Despite being the two biggest names in crypto, Bitcoin and XRP were left out. That immediately caught the market’s attention, sparking a broader debate over what the index is actually trying to capture.

According to AMBCrypto, this is exactly what could be setting up one of the biggest divergences in crypto’s next cycle. Until now, digital assets have largely traded as one high-beta risk trade, with Bitcoin leading the narrative.

But the exclusion of Bitcoin and XRP suggests the market may be underestimating a much bigger shift. If this is the direction institutional products are heading, the next cycle could look very different.

S&P Digital Asset Index puts fundamentals first

After years of scaling and network upgrades, it looks like those efforts are finally paying off.

Notably, all the confirmed assets in the S&P Digital Asset Index share one key trait – They are fundamentally strong networks.

Over the years, these Layer-1 ecosystems have scaled, upgraded, and hard-forked to improve throughput, utility, and on-chain activity, moving beyond the “speculative asset” narrative.

That shift is already showing up in the data. One analyst noted on X that the tokens included in the index generated $3 billion in annualized revenue over the past six months despite a bear market.

In other words, the index appears to reward networks generating real economic activity, not just the largest market caps. 

With most of the market focused on BTC and XRP, this may be the bigger takeaway that’s being overlooked.

Interestingly, Jon Ma, who worked with Pantera Capital and S&P Dow Jones Indices to build the S&P Digital Asset Index, called it the “fundamental index for crypto.”

His thesis is simple: The next $10 trillion entering crypto is more likely to flow toward networks with strong fundamentals, sustainable revenue, and real-world utility than toward assets driven by market cap alone.

In this context, the S&P Digital Asset Index launch could mark a major turning point for the broader crypto market.

As institutional capital gains exposure through these benchmarks, the gap between price-driven momentum and fundamental strength could become one of the biggest themes shaping future crypto cycles.

Final Summary

The S&P Digital Asset Index favors strong crypto projects: It focuses on networks with real growth, usage, and value.
Crypto’s next cycle could change as institutions may start choosing assets based on fundamentals, not just market trends.

Asset manager Grayscale plans to establish regular cash distributions from rewards generated by its Ether (ETH) and Solana (SOL) staking exchange-traded products (ETPs), giving holders recurring access to yield generated by underlying assets. 

In Form 8-K filings submitted to the US Securities and Exchange Commission (SEC), Grayscale said it intends to amend the trust agreements governing the Grayscale Solana Staking ETF (GSOL) and the Grayscale Ethereum Staking ETF (ETHE) around Aug. 7. The amendments would require each trust to convert staking rewards into cash no less often than quarterly and distribute net proceeds to shareholders. 

The framework could make staking returns more accessible to traditional investors by delivering cash rewards through broker-held products, eliminating the need for shareholders to hold crypto, pick validators and manage staking operations. However, Grayscale said distribution amounts cannot be predicted as they will depend on the staking rewards during each period and expenses deducted by the trusts. 

Grayscale made its first ETHE staking distribution on Jan. 5, paying shareholders about $0.08 per share from the sale of rewards. The asset manager enabled staking for its ETH and SOL products on Oct. 6, 2025, becoming the first US crypto fund issuer to add staking to spot crypto ETPs. 

ETHE ended the week with $1.22 billion in net assets, while GSOL had $101.13 million, Yahoo Finance data showed. The Ethereum fund’s gross staking rewards were 2.67%, as of July 17, while the Solana fund’s gross staking rewards were 6.10%, according to the fund’s home pages.

Aligning staking funds with US tax guidance

Grayscale said the changes are designed to keep the funds compliant with the Internal Revenue Service (IRS) rules that enable them to earn staking rewards without losing their current tax treatment. 

The company said the amendments should not significantly harm shareholders, but it’s still giving them a 20-day notice. Once the changes take effect, the asset manager plans to update the funds to explain how the regular cash payouts will work. 

Related: Bitcoin ETF inflows extend to second week, but recovery lacks momentum

Under the proposal, each trust could deduct expenses not assumed by Grayscale before making a distribution. These costs may include a portion of the staking rewards paid to the sponsor in exchange for arranging and facilitating the staking activities. 

The filings do not set a fixed distribution amount or guarantee that payouts will be identical each quarter. Instead, the filings said that rewards may vary depending on the assets staked and network conditions. 

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Lorenzo Protocol [BANK] is up more than 124% in the past 24 hours, having closed with green candles over the past eight days. Speculative trading has driven this surge, as the daily volume has risen more than 252%.

To achieve this high speculative trading volume, different factors have influenced BANK, including technical, fundamental, and chain activities.

Why is BANK pumping today?

First, Lorenzo Protocol is backed by YZi Labs, which is an independent family office primarily managing the wealth of Binance co-founders CZ and Yi He. Such backing breeds a bit of confidence from traders due to the founder’s influence in the crypto space.

Again, BANK is the trendiest token on CoinGecko ahead of Pi Network [PI] and Pump.fun [PUMP]. Others in the top five include The Black Bull [ANSEM] and Pudgy Penguins [PENGU].

Moreover, the token is outperforming Bitcoin [BTC] and the broader crypto market. That is, the BANK/BTC pair is up more than 85%, confirming this 24-hour performance.

That is not all there is.

On-chain data from Arkham showed a wallet linked to the team or venture capital (VC) moved 84 million BANK to Aster DEX [ASTER]. This suggested a potential selling activity, or they were seeking to provide liquidity on the DEX platform.

The latter looked to be the most likely case as the altcoin went up. In the case of the former, the price action would start to decline, confirming the on-chain selling activity.

On top of that, whales were aggressively accumulating BANK. Two whales were still holding 7.645 million BANK and 7.445 million BANK, worth $1.89 million and $1.84 million, respectively.

Can BANK’s price continue to rally?

The market structure outlook was also bullish as the token broke out of a falling trend channel. This consolidation in the channel has been in place since November 2025, before breaching the upper resistance on July 15.

It has since reached a new high of $0.2850. However, it has started to face resistance around this level.

The MACD shows bulls are at their highest strength since the coin’s inception, with signal lines pointing north. Additionally, the social dominance percentage is reinforcing the trend on CoinGecko, as the metric has also hit its peak.

Therefore, for BANK to keep rallying, bulls need to keep buying, while the team or VC must keep holding the tokens. Otherwise, profit-taking may put this rally to a halt.

Final Summary

BANK surges 124% following YZi Labs’ backing, high social sentiment, outperformance of BTC, and increased chain activity. 
BANK broke out of a descending trend channel with bulls’ momentum at its peak, but the price is starting to face rejection at $0.2850. 

An Ethereum whale who shorted Ether (ETH) during the October 2025 crypto crash has returned after eight months of silence.

Key takeaways:

Ethereum whale opens a $19.72 million 20x ETH short near the $1,500 support zone.ETH’s bear flag setup hints at a decline toward $1,375, which may earn the whale roughly $2.39 million in profit.

Ethereum whale opens 20x short after eight-month hiatus

On Friday, wallet 0xf83f…6728 opened a 20x-leveraged ETH short worth $19.72 million as Ether reached the $1,500 support zone after dropping 18.25% over the last two weeks.

The position was opened at an average price of around $1,565, according to data resource Hyperbot. As of this press time, the whale had earned nearly $106,500 in unrealized profits as the ETH price dropped around the $1,550 area.

Ethereum whale’s $19.72M position status as of Friday. Source: Hyperbot

The downside sentiment in the Ethereum market has tracked a broader tech-led risk selloff, with traders cutting exposure to speculative assets as Nasdaq and chip stocks came under pressure.

Ethereum-specific sentiment has weakened further amid renewed scrutiny of the Ethereum Foundation, following reports of budget cuts, staff reductions and a wave of senior departures that have raised questions about the organization’s leadership stability.

Ether is eyeing a decline toward the $1,375 level if it continues the breakdown out of its prevailing bear flag pattern.

ETH/USD daily price chart tracking the bear flag breakdown setup. Source: TradingView

If ETH falls to $1,375, the whale’s unrealized profit would rise to roughly $2.39 million before fees and funding, based on the position’s approximate $1,565 entry price.

Same whale shorted ETH near October 2025 crash top

The wallet’s latest move stands out because of its trading history.

Transaction logs show that wallet ‘0xf83f…6728’ last became active on Oct. 27, 2025, when it opened an ETH short near $4,172 as volatility from the October crypto crash was easing.

Related: Are Ethereum OGs jumping ship? Here’s what the data says

The trader later closed the position near $4,133, booking $41,693 in net profit after $5,263 in exchange fees.

Ethereum whale’s filled ETH orders from October 2025. Source: Hyperbot

The whale’s current strategy appears similar: short ETH into weakness, use high leverage, and lean into downside momentum. The scale has changed sharply, however, since the current position carries nearly $20 million in notional exposure, making it far larger than the whale’s October 2025 trade.

ETH double bottom could threaten the whale’s short

The whale’s bearish bet is not without risk.

As of Friday, Ether’s daily chart showed a potential double bottom near the $1,500–$1,512 support area, where buyers stepped in twice in June. The setup remains unconfirmed, but a strong rebound from this zone could shift short-term momentum back toward the bulls.

ETH/USD daily price chart tracking a potential double-bottom breakout setup. Source: TradingView

The key level to watch is the neckline near $1,850. A decisive daily close above that level would confirm the double bottom pattern and open the door to a measured rebound toward roughly $2,190, based on the distance between the neckline and the $1,512 bottom.

That would put ETH close to the whale’s liquidation zone near $2,150, meaning a confirmed bullish reversal could pressure or even wipe out the short position if the trader does not add collateral or reduce exposure.

With bullish catalysts fading, is TRUMP’s bearish Q3 trend only just beginning? 

Zooming in, the setup looks less straightforward. The Official Trump memecoin has been holding a tight consolidation range around the $1.5 level, with nearly  two weeks of steady upside, hinting that a potential accumulation zone could be forming as bulls continue to buy the dip.

TRUMP’s rising Open Interest (OI) is adding another bullish angle. As the chart below shows, Open Interest has climbed back toward early July levels, approaching the $100 million mark.

Interestingly, nearly $10 million in OI has been added this week alone, matching the token’s tight range consolidation.

Technically, rising OI when the price is compressed often signals that traders are positioning for a big move.

Zooming out, though, the broader setup starts to look weaker. TRUMP is currently down over 5.3% in Q3, which may seem minor at first glance.

But compared with Bitcoin’s nearly 10% during the same period and TRUMP’s streak of six straight quarterly losses, the risk of another Q3 breakdown cannot be ignored.

This is especially notable as one of Official Trump’s [TRUMP] major bullish catalysts begins to lose momentum. So, with sentiment shifting, is the current 5% decline just the start of a larger Q3 breakdown?

TRUMP breakout hopes meet fading catalysts

TRUMP’s technical weakness is becoming a bearish outliner.

Looking across the memecoin sector, the overall setup looks weak, with total market cap down over 15% in the past 30 days. This shows that despite the broader macro FUD, investor appetite for speculative assets continues to cool.

However, a few names are still bucking the trend and attracting fresh capital. 

Take Pepe [PEPE], for example, which has gained over 20% in Q3, showing that selective demand still exists even as the broader memecoin market struggles. Unfortunately for TRUMP, it has yet to join that group of outperformers.

Adding to the pressure, recent Polymarket odds show the chances of the CLARITY Act becoming law by the end of 2026 have fallen to a record low of 32%, weakening a major bullish catalyst.

Against this backdrop, TRUMP’s quarterly weakness looks like a broader trend issue.

With the broader memecoin sector struggling, momentum around the CLARITY Act fading, and speculative demand becoming more selective, TRUMP is failing to attract consistent capital inflows.

This makes the recent bounce look more like a short-term rotation rather than a confirmed reversal, putting the rising OI under the microscope.

If this setup holds and TRUMP breaks below the $1.5 support level, the recent recovery could be a bull trap, raising the risk of a deeper Q3 breakdown.

Final Summary

TRUMP is holding near $1.50, with rising Open Interest suggesting traders are preparing for a bigger move. 
With memecoin demand cooling and CLARITY Act hopes fading, TRUMP’s recent bounce could turn into a bull trap.

Ethereum co-founder Vitalik Buterin published a technical essay outlining how cryptography could one day enable people to vote privately onchain without relying on a trusted group to manage ballots or reveal the result. 

In a blog post on Monday, Buterin said a cryptographic approach called indistinguishability obfuscation (iO), combined with blockchain infrastructure, could support private and collusion-resistant voting with “almost no trust assumption.” The approach would replace threshold committees, which jointly decrypt voting data, with protected programs designed only to reveal the outcome. 

Private onchain voting remains dependent on groups of operators safeguarding information and behaving honestly. Removing that dependency could make decentralized governance harder to manipulate, reduce the risk of insider interference and allow voters to participate without exposing how they voted, according to Buterin. 

However, Buterin said the technology remains impractical. He said the most conservative constructions require what he described as “galactic” amounts of computation. He said faster approaches rely on less-tested security assumptions, which means that the idea presents a more long-term research direction rather than a deployment-ready system. 

Source: Vitalik Buterin

How indistinguishability obfuscation could protect onchain votes

According to Buterin, iO is a form of cryptography that turns software into a protected program. People can run the program and receive the intended output, but they cannot inspect its internal code or extract the data stored inside it. Buterin described the concept as hiding the code rather than the information being processed. 

For onchain voting, Buterin said an obfuscated program could contain the logic needed to process encrypted ballots and reveal the final tally without exposing individual votes, essentially removing the need for a threshold committee whose members collectively hold the keys required to decrypt the result. 

Buterin said blockchains would still play a key role because an obfuscated program cannot prevent itself from being copied or independently maintain changing information. 

Related: Ethereum whale who shorted October 2025 crash opens $19.7M ETH short position

Buterin’s broader privacy push

Buterin previously connected iO with private voting in his Ethereum roadmap published in October 2024. He said the approach could provide stronger privacy and resistance to coercion. His latest essay expands on that earlier proposal by examining how the underlying cryptography could be constructed, the security assumptions it requires and the technical barriers preventing it from becoming practical.

In April 2025, Buterin proposed a more immediate privacy roadmap for Ethereum, calling for privacy tools to be integrated into existing wallets. The proposal also advocated for stronger protections against data collection by infrastructure providers that wallets use to access Ethereum. 

Buterin also drew funding from his personal holdings to fund privacy-preserving technologies. On Jan. 30, he earmarked 16,384 Ether (ETH), worth about $45 million at the time, to fund initiatives focused on privacy, open infrastructure and self-sovereign tools. 

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On the 16th of July, Crypto.com announced the strategic investment worth $400 million from Citadel Securities, which has valued them at $200 billion. It marked the exchange’s first institutional funding round in their decade-long history, the post read.

Cronos [CRO] reacted bullishly to the news on the day. From the day’s open at $0.0555, the token rallied 21.92% to a local high of $0.0677. The trading volume for the day had jumped by 12x the previous day’s volume.

In the following 12 hours, the exchange token saw a 15.9% retracement, falling to $0.057. Here’s how the CRO price trends could go in the coming weeks.

Is Cronos still in a strong uptrend?

The Directional Movement Index, used to measure the relative strengths of price trends, had both its ADX (yellow) and +DI (green) well above the 20 threshold, signaling an intense uptrend in progress.

However, the OBV disagreed. It was yet to challenge the highs the volume indicator made in May, showing that buying pressure was relatively weak.

The price action leads, indicators follow, and the OBV was on to something actionable for investors. Using the bearish impulse move from $0.083 down to $0.053, a set of Fibonacci retracement levels (orange) was plotted.

At the time of writing, CRO has not even challenged the 50% level of this move. Hence, there is a chance the current move could continue $0.072-$0.077. The lower timeframe price data can be used to settle this point.

Should Cronos traders sell?

The 4-hour chart showed both a bearish structure and an obstinate supply zone. This band of resistance was around $0.062-$0.063. Since the time it became a supply zone in June, it has been tested four times.

The fourth time, a couple of days ago, has not succeeded yet. The bullish investment news from Citadel has been a sell-the-news type reaction.

Another point supporting the bearish idea is based on the liquidation heatmap. The cluster of short liquidations around $0.060-$0.065 was swept by the recent price spike.

Such a sweep into a key resistance zone is usually followed by a reversal. Hence, in the coming days, a price drop toward $0.05 is likely.

Final Summary

The Citadel Securities investment of $400 million was the first institutional funding round for Crypto.com in its history.
The technical indicators showed upward momentum, but the longer-term price action exhibited a bearish structure.