Kraken Sees Ethereum Surge as ETH Outshines Bitcoin in Bullish Rally
On July 16, 2025, Ethereum showcased remarkable strength in the cryptocurrency market, outperforming Bitcoin as it surged past critical resistance levels. The second-largest crypto asset broke through a bearish trend line at $2,990 on hourly charts, with significant trading volume observed on Kraken. ETH climbed above $3,050 and is now consolidating near $3,150 after testing the 23.6% Fibonacci retracement level from its recent upward swing starting at $2,935. This bullish momentum highlights Ethereum's relative strength against Bitcoin, reinforcing its position as a leading digital asset in the current market cycle. Kraken's liquidity and trading activity played a notable role in this price action, demonstrating the exchange's importance in Ethereum's market dynamics.
Ethereum Flexes Muscle, Outperforms Bitcoin Amid Market Momentum
Ethereum surged past key resistance levels, climbing above $3,050 as bullish momentum builds. The second-largest cryptocurrency broke a bearish trend line at $2,990 on hourly charts, with trading volume flowing through Kraken. ETH now consolidates NEAR $3,150 after testing the 23.6% Fibonacci retracement level of its recent upswing from $2,935.
The asset demonstrates relative strength against Bitcoin, maintaining support above the psychologically important $3,000 level. Market structure suggests potential for further gains if ETH holds above this threshold, with immediate resistance observed near $3,120. A decisive break above $3,220 could propel prices toward $3,300.
XRP Price Eyes Fresh Gains Amid Bullish Momentum
XRP has surged past the $3.00 mark, signaling renewed bullish momentum as traders position for further upside. The cryptocurrency now consolidates above key support at $2.840, with technical indicators suggesting potential for another leg higher.
A decisive break above $3.00 could accelerate gains, particularly if the asset maintains its foothold above the 100-hour moving average. Market participants are closely watching the $2.880 support level, where a bullish trendline has formed on hourly charts.
The move mirrors broader market strength seen in Bitcoin and Ethereum, with XRP demonstrating relative outperformance. Liquidity appears concentrated near the $2.80-$2.85 zone, creating a potential springboard for another test of recent highs.
Pump.fun Launches $16M SOL Buyback to Stabilize PUMP Token After 75% Crash
Pump.fun has initiated an aggressive buyback program, transferring 101,900 SOL (worth $16 million) to repurchase 3.04 billion PUMP tokens at an average price of $0.006. The MOVE comes after the token plunged 75% from its pre-market highs of $0.0072 to $0.005 within 24 hours of its July 12 launch, sparking heavy shorting and investor flight.
The platform has allocated $30.6 million in fee revenue for the buyback initiative, with 118,351 SOL already deployed. This marks a strategic pivot for Pump.fun, which previously sold 4.1 million SOL ($741 million) since May 2024 through Kraken exchange conversions rather than supporting token price stability.
On-chain data reveals 25% of revenue will now FLOW to token holders, generating roughly $538,000 in daily buybacks based on 180-day trailing metrics. The question remains whether this intervention can restore confidence after PUMP's catastrophic post-presale decline from its $500 million debut valuation.
Peter Thiel Invests in Ethereum Treasury Company as Crypto Presales Gain Momentum
Bitcoin's surge past $122,000 has ignited fresh interest in crypto presales, with early-stage projects outperforming established assets. Today's spotlight falls on Peter Thiel's strategic move into ethereum infrastructure through BitMine Immersion Technologies.
SEC filings reveal Thiel-linked entities acquired a 9.1% stake in BitMine, triggering a 45% weekend stock rally. The $ETH-focused firm now counts Kraken and Galaxy Digital among its backers, signaling institutional confidence in Ethereum's growth trajectory.
Market analysts note the presale sector's heightened activity coincides with Bitcoin's record run. 'When blue-chip cryptos break levels, capital flows downstream to high-growth opportunities,' observes BitMine CEO Jeffrey Murphy. The company's shares currently trade at $47.25, maintaining an 18% daily gain after volatile swings.
