Ethereum News Today: OKB Surges 66% as Crypto Market Rotates to Ethereum-Backed Gainers

This week in the cryptocurrency market was defined by sharp divergences between top-performing and underperforming tokens. OKB, ARB, and Morpho (MORPHO) stood out among the winners, while PUMP, SKY, and SPX6900 (SPX) fell sharply, reflecting a mixed but largely bullish overall sentiment driven by Ethereum’s strength and shifting market rotation [1].

OKB, the token of the OKX exchange, was the standout performer, surging 66% from an opening price of $117 to a high of $258. The token showed strong buying pressure throughout the week, particularly on August 20 and 21, when back-to-back candles of more than 40% signaled strong conviction among buyers [1]. Despite a 24% retrace from its peak, OKB remains above key support levels, with the MACD indicating ongoing bullish momentum. According to AMBCrypto, if bulls can defend the $190–$200 range, the token could see another upward leg, potentially toward $300 [1].

MORPHO, the yield-focused DeFi platform, rose 26% from a base of $2. The token initially faced some bearish pressure with a 3.9% drop early in the week but managed to regain ground with four consecutive days of buying pressure. Although it faced a 5% pullback toward $2.60, it remains above its quarterly resistance. However, declining volume by 66% raises concerns about potential further retracement if bullish momentum stalls [1].

Arbitrum (ARB) closed third among the winners with a 6% increase. Unlike OKB and MORPHO, ARB showed a more measured and sustainable move, closing three consecutive weeks in positive territory. The token tested the $0.50 supply wall and then rebounded to $0.60, suggesting strategic accumulation. A 7% intraday dip to $0.56 may set the stage for another rebound, potentially targeting Q1 levels [1].

Among notable altcoin performers, Alturu (ALU) led the way with a 222% gain, followed by Huobi (HT) at 141% and Wayfinder (PROMPT) at 137%. These surges highlight the growing momentum in the mid-cap and altcoin space as capital shifts away from the top-10 cryptocurrencies [1].

On the other side of the ledger, Pump.fun (PUMP) suffered the most significant loss, dropping nearly 20% from $0.036 to below $0.03. This marked the first red week for PUMP in a month. The token failed to hold key resistance levels, and a 14% decline on August 18 signaled weak buying interest. PUMP now faces a critical consolidation zone near $0.03, and failure to stabilize could lead to a deeper retrace toward $0.024 [1].

SKY followed closely as the second biggest loser, falling 14% from $0.07. The token failed to hold the $0.07 level, dropping to $0.06 and forming a bearish structure. While a rebound to $0.07 is possible, the broader trend remains downward. The MACD has not turned bullish, reinforcing the bearish bias [1].

SPX6900 (SPX) ended as the third biggest loser, down 13% from $1.52. The index token hit a two-month low as it failed to defend key support levels. The breakdown below $1.30 marked the third consecutive lower low, indicating a lack of buying interest. If the $1.30 level fails, SPX could drop closer to $1 in the coming weeks [1].

Other notable underperformers included Codatta (XNY), down 71%, Ket (KET), down 54%, and MYX Finance (MYX), down 44%. These sharp declines point to a cooling of speculative momentum and a potential shift in market sentiment [1].

The broader crypto market also showed signs of rotation, with Bitcoin easing slightly after hitting highs, while Ethereum gained traction. The shift in sentiment from fear to greed, partly influenced by Fed Chair Jerome Powell’s dovish remarks, contributed to a more bullish outlook [1].

Sources:

[1] Crypto market’s weekly winners and losers – OKB, ARB, PUMP, SPX. https://ambcrypto.com/crypto-markets-weekly-winners-and-losers-okb-arb-pump-spx/