Ethereum’s CryptoPunks NFT Collection Surges 10% After Node Foundation Acquisition
The ethereum ecosystem is buzzing with excitement as CryptoPunks, one of its most iconic NFT collections, experiences a 10% price surge following its acquisition by the Infinite Node Foundation. This pivotal move, coupled with the recent Pectra upgrade, signals renewed momentum for Ethereum and its digital assets. Here’s a detailed look at the developments and their implications for the future of Ethereum and NFTs.
CryptoPunks NFT Price Jumps 10% Following Node Foundation Acquisition
CryptoPunks, one of Ethereum’s most iconic NFT collections, surged 10% after the Infinite Node Foundation acquired its intellectual property from Yuga Labs. The deal marks a pivotal moment for the Ethereum ecosystem, coinciding with renewed momentum following the Pectra upgrade.
Yuga Labs had faced community backlash over its creative direction since acquiring CryptoPunks in 2022. The transfer to Node Foundation represents a strategic shift back to crypto-native stewardship. "We chose Node because they embody the original ethos of Web3," a Yuga spokesperson noted.
The transaction signals growing institutional confidence in blue-chip NFTs as Ethereum regains its footing. Market observers note increased network activity around CryptoPunks trades could create positive spillover effects for ETH’s valuation.
Ethereum’s Correction Completes; $6,000 Target in Sight
Ethereum’s recent price action suggests the completion of a corrective phase, with technical indicators pointing to a potential rally toward $6,100. The Elliott Wave analysis identifies the formation of a running flat pattern, where the Wave-c failed to breach the Wave-a low—a bullish signal. A bull flag pattern further supports the case for upward momentum, with the flagpole traced from 2020 lows to 2021 highs and the consolidation phase now nearing breakout territory.
Zooming into the December 2023 high, the final leg of the correction appears to have concluded NEAR $1,085, aligning with Fibonacci projections. Market structure now favors resumption of the primary uptrend, contingent on a decisive breakout above resistance levels. Institutional traders are monitoring the $3,500 threshold as a confirmation point for renewed accumulation.
Ethereum Eyes $3,000 Amid Key Resistance and Cooling Momentum
Ethereum’s rally toward $3,000 faces a critical test as technical indicators signal weakening momentum. The Average Directional Index (ADX) has dropped from 61 to 47.99, while the Relative Strength Index (RSI) fell from 86 to 63—both suggesting the uptrend may be losing steam. Yet buyer activity persists, and a decisive break above resistance could propel ETH past the psychological $3,000 threshold.
The Directional Movement Index (DMI) paints a nuanced picture: the +DI line’s sharp decline from 47.96 to 27.2 reflects growing bearish pressure, though the ADX remains elevated above the 40 threshold that typically confirms strong trends. Market watchers note Ethereum’s potential to outperform Bitcoin, but the path forward hinges on whether bulls can sustain momentum against these headwinds.
Abraxas Capital Acquires $84.7M in Ethereum, Fuels ETH Bullish Trend
Abraxas Capital, a global asset management firm, has significantly expanded its Ethereum holdings during the recent crypto market rally. On-chain data reveals the firm purchased 33,482 ETH worth $84.7 million on May 13, with transactions executed in rapid succession. The largest single acquisition involved $12.18 million in ETH sourced from Binance.
Ethereum’s price surge of 48.73% over the past week, outpacing Bitcoin, reflects robust demand from both institutional and retail investors. At press time, ETH traded at $2,657, according to CoinMarketCap. Abraxas’s aggressive accumulation of 211,030 ETH within six days underscores growing institutional confidence in Ethereum’s market position.
Ethereum Maintains Bullish Momentum Above $2,400 Despite Minor Pullback
Ethereum’s price action demonstrates resilience, holding firmly above $2,400 after a brief retreat from the $2,700 level. The asset’s sustained position above the 200-day exponential moving average signals a potential long-term bullish trend reversal.
Technical indicators reinforce optimism—the 26 EMA approaches a golden cross with the 100 EMA, suggesting accelerating upward momentum. Elevated trading volume indicates current selling pressure likely represents profit-taking rather than deteriorating fundamentals.
Ethereum Price Pops Above $2,700 as Rally Gains Traction
Ethereum extended its bullish momentum, clearing the $2,700 resistance level before undergoing a minor correction. The second-largest cryptocurrency now eyes the $2,575 support zone as a potential springboard for further gains.
The breakout follows a decisive move above a bearish trend line at $2,450 on ETH/USD hourly charts, with Kraken data showing sustained trading above both the $2,620 level and the 100-hour moving average. Market observers note the outperformance against Bitcoin during this leg up.
