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  • Why Solana Beats Ethereum In This Bull Cycle: Crypto Expert

    Why Solana Beats Ethereum In This Bull Cycle: Crypto Expert

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    In a recent analysis, Andrew Kang, co-founder and partner of Mechanism Capital, provided a comprehensive analysis of the cryptocurrency market, focusing on the comparative strengths of Solana (SOL) over Ethereum (ETH) in the current bull cycle. Kang shared his insights via X, the platform formerly known as Twitter.

    Central to Kang’s argument is the idea that in the current market, Solana presents a more favorable trading option than Ethereum. He states, “The definition of insanity is repeatedly trying to long ETHBTC when longing SOLBTC (or SOLETH) is the much better trade in a bullish environment.” This succinctly captures his perspective on the shifting dynamics between these major cryptocurrencies.

    Why Solana Is The Superior Trade Than Ethereum

    Kang offers a retrospective view of Ethereum’s journey, noting, “Over the first 6-7 years of ETH’s life, there was a lot of uncertainty and lack of education around ETH. There were a lot of Bitcoin holders to be converted to Ethereum holders.” He recognizes Ethereum’s early volatility and its eventual emergence as a stable trading asset.

    However, he suggests that this relative stability has now become a double-edged sword: “ETH also became a ‘safe’ risk-on asset that traders could get into in size. That’s what made it a great cross to trade. But over time, people’s allocation to eth vs btc started to harden and the amount of people left to convert whittled away.”

    Addressing Ethereum’s advancements in technology, Kang points out a paradox. He states, “While these [Layer 2 solutions and Modular technology] might seem like good things, it is these characteristics/innovations that weighs heavy on ETH during risk on periods where ETH previously outperformed.” He suggests that these developments, though innovative, have introduced new complexities that impact Ethereum’s performance in bull markets.

    “Yes, you may have some conversion from BTC to ETH during risk on periods (much less so these days), but in this era ETH faces much more rotational pressure from those going from ETH as their base asset to these very L2s, modularity coins, SOL, those capitulating ETHBTC longs, and other shitcoins that it is supposed to benefit from,” Kang claimed.

    In contrast, the crypto expert highlights Solana’s advantages, asserting, “Not only does SOL not face these same issues but it also has crossed the chasm in becoming a blue-chip Layer 1.” He emphasizes Solana’s resilience and its appeal to conservative investors who previously focused mainly on Bitcoin and Ethereum.

    Kang further elucidates, “Conservative giants that previously were comfortable with BTC and ETH have SOL as an easy, safe next step. It is this transition phase of becoming a new major or base asset that you want to ride. A young fast horse, not a horse encumbered by the troubles of age, baggage and Jared Gray.”

    Significantly, Kang notes a major shift in market dynamics, stating, “There was a secular shift in the collapse of ETHBTC volatility in 2023.” He posits that this shift has redefined the comparative advantage in favor of Solana. Concluding his analysis, Kang confidently asserts, “Even if that ever changes, SOLBTC will be the superior trade.”

    At press time, SOL was just 30% short of a new all-time high against ETH.

    SOL/ETH, 1-week chart | Source: SOLETH on TradingView.com

    Featured image from securities.io, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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    Jake Simmons

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  • Ethereum Price Plunge To $2K Imminent as Key Support Line Crumbles

    Ethereum Price Plunge To $2K Imminent as Key Support Line Crumbles

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    Ethereum price extended losses and tested the $2,150 support. ETH is struggling to recover and might continue to move down toward the $2,000 support zone.

    • Ethereum started a fresh decline below the $2,350 and $2,250 levels.
    • The price is trading below $2,250 and the 100-hourly Simple Moving Average.
    • There is a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair attempt a fresh increase if it clears the $2,240 and $2,280 levels.

    Ethereum Price Extends Losses

    Ethereum price remained in a bearish zone below the $2,400 pivot level. ETH extended its decline and traded below the $2,250 support level, like Bitcoin.

    It even spiked below the $2,000 level. A new weekly low was formed near $2,165 and the price is now consolidating losses. There was a minor increase above the $2,220 level. The price tested the 23.6% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low.

    Ethereum is now trading below $2,250 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,240 level. There is also a key bearish trend line forming with resistance near $2,240 on the hourly chart of ETH/USD.

    The next hurdle could be $2,280, above which the price could aim for a decent recovery. The next major resistance is now near $2,360 or the 61.8% Fib retracement level of the downward wave from the $2,480 swing high to the $2,165 low.

    Source: ETHUSD on TradingView.com

    A clear move above the $2,360 level might start a decent increase. In the stated case, the price could rise toward the $2,415 level. Any more gains might send the price toward the $2,550 zone.

    More Losses in ETH?

    If Ethereum fails to clear the $2,440 resistance, it could start another decline. Initial support on the downside is near the $2,200 level.

    The next key support could be the $2,165 zone. A downside break below the $2,165 support might send the price further lower. In the stated case, Ether could test the $2,120 support. Any more losses might send the price toward the $2,000 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,165

    Major Resistance Level – $2,480

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

    Ethereum Price Reaches Support, Can ETH Start A Steady Increase Again?

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    Ethereum price extended losses and tested the $2,300 support. ETH is now attempting a recovery wave above the $2,340 level and might test $2,390.

    • Ethereum started a fresh decline below the $2,420 and $2,400 levels.
    • The price is trading below $2,400 and the 100-hourly Simple Moving Average.
    • There was a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair attempt a fresh increase if it clears the $2,390 and $2,400 levels.

    Ethereum Price Revisits $2,300

    Ethereum price struggled to start a fresh increase above the $2,550 and $2,580 resistance levels. ETH started a fresh decline and traded below the $2,400 support like Bitcoin.

    There was a move below the $2,350 level. A new weekly low was formed near $2,302 and the price is now consolidating losses. There was a minor increase above the $2,330 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low.

    There was also a break above a connecting bearish trend line with resistance near $2,340 on the hourly chart of ETH/USD. Ethereum is now trading below $2,400 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,365 level.

    The next hurdle could be $2,390 or the 50% Fib retracement level of the downward move from the $2,479 swing high to the $2,302 low. The next major resistance is now near $2,400. A clear move above the $2,400 level might start a decent increase. In the stated case, the price could rise toward the $2,480 level.

    Source: ETHUSD on TradingView.com

    The next key hurdle sits near the $2,500 zone. A close above the $2,500 resistance could start another steady increase. In the stated case, Ether price could rise toward the $2,650 zone.

    Another Decline in ETH?

    If Ethereum fails to clear the $2,390 resistance, it could start another decline. Initial support on the downside is near the $2,320 level.

    The next key support could be the $2,300 zone. A downside break below the $2,300 support might send the price further lower. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,200 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,300

    Major Resistance Level – $2,390

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Rangebound – Can ETH Pump Again To Retest $2,700?

    Ethereum Price Rangebound – Can ETH Pump Again To Retest $2,700?

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    Ethereum price corrected lower and tested the $2,440 support. ETH is now trading in a range and facing hurdles near the $2,550 and $2,585 levels.

    • Ethereum is attempting a fresh increase from the $2,450 level.
    • The price is trading just above $2,500 and the 100-hourly Simple Moving Average.
    • There was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could gain bullish momentum if it clears the $2,550 and $2,585 resistance levels.

    Ethereum Price Holds Key Support

    Ethereum price started a downside correction below the $2,620 support zone. ETH even declined below the $2,550 support, but the bulls were active near $2,440. A low was formed near $2,469 and the price is now trading in a range, like Bitcoin.

    There was a minor increase above the $2,500 level. The price climbed above the 50% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

    Besides, there was a break above a connecting bearish trend line with resistance near $2,510 on the hourly chart of ETH/USD. Ethereum is now trading just above $2,500 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,540 level or the 61.8% Fib retracement level of the recent decline from the $2,588 swing high to the $2,469 low.

    Source: ETHUSD on TradingView.com

    The next major resistance is now near $2,585. A clear move above the $2,585 level might start a decent increase. In the stated case, the price could rise toward the $2,650 level. The main resistance is now forming near the $2,720 level. A close above the $2,720 resistance could start another major increase. The next key resistance is near $2,780. Any more gains might send the price toward the $2,880 zone.

    Another Drop in ETH?

    If Ethereum fails to clear the $2,585 resistance, it could start another decline. Initial support on the downside is near the $2,495 level.

    The next key support could be the $2,445 zone. A downside break below the $2,445 support might send the price further lower. In the stated case, Ether could test the $2,380 support. Any more losses might send the price toward the $2,320 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now just above the 50 level.

    Major Support Level – $2,445

    Major Resistance Level – $2,585

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Rallies 5% and Outperforms Bitcoin – Is This Strong Bullish Sign?

    Ethereum Price Rallies 5% and Outperforms Bitcoin – Is This Strong Bullish Sign?

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    Ethereum price climbed higher above the $2,450 resistance. ETH outpaced Bitcoin and seems to be setting up for a larger increase toward $2,880.

    • Ethereum is gaining pace above the $2,450 resistance level.
    • The price is trading above $2,500 and the 100-hourly Simple Moving Average.
    • There was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair is already up over 5% and might rise further above the $2,650 resistance.

    Ethereum Price Gains Strength

    Ethereum price started a decent increase above the $2,350 resistance. Recently, BTC’s spot ETFs were approved. However, there was no major increase in Bitcoin, but ETH gained bullish momentum.

    There was a break above a key rising channel with resistance near $2,440 on the hourly chart of ETH/USD. The pair surged over 5% and even cleared the $2,500 resistance zone. There was a spike above the $2,600 resistance zone. A new multi-week high was formed near $2,642 and the price is now consolidating gains.

    There was a minor decline below $2,600, but Ethereum stayed above the 23.6% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. Ethereum is now trading above $2,500 and the 100-hourly Simple Moving Average.

    If there is a fresh increase, the price might face resistance near the $2,650 level. The next major resistance is now near $2,720. A clear move above the $2,720 level might send ETH toward $2,780. A close above the $2,780 resistance could push the price further into a bullish zone.

    Source: ETHUSD on TradingView.com

    The next key resistance is near $2,840. If the bulls push Ethereum above $2,840, there could be a rally toward $2,920. Any more gains might send the price toward the $3,000 zone.

    Are Dips Limited in ETH?

    If Ethereum fails to clear the $2,650 resistance, it could start a downside correction. Initial support on the downside is near the $2,580 level.

    The first key support could be the $2,500 zone or the 50% Fib retracement level of the recent rally from the $2,346 swing low to the $2,642 high. A downside break and a close below $2,500 might send the price further lower. In the stated case, Ether could test the $2,440 support. Any more losses might send the price toward the $2,350 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,500

    Major Resistance Level – $2,650

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300

    Ethereum Price Recovers Ground But Upsides Might Be Limited Above $2,300

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    Ethereum price tumbled and spiked below $2,000 on Kraken. ETH is now recovering above the $2,200 level, but the bears might be active near $2,300.

    • Ethereum started a major decline and dived below the $2,200 support.
    • The price is trading below $2,300 and the 100-hourly Simple Moving Average.
    • There is a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if there is a clear move above $2,290 and $2,300.

    Ethereum Price Nosedives

    Ethereum price struggled to settle above the $2,400 resistance zone. ETH also started a major decline like Bitcoin and broke the $2,200 support zone.

    There was a sharp decline and the price even spiked below the $2,000 support zone. A new yearly low was formed near $1,860 and the price is now recovering losses. There was a decent increase above the $2,000 and $2,080 resistance levels.

    The price climbed above the 50% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low. However, Ethereum is still below $2,300 and the 100-hourly Simple Moving Average.

    On the upside, the price is facing resistance near the $2,290 level. The first major resistance is now near $2,300. There is also a connecting bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. The trend line is close to the 76.4% Fib retracement level of the downward move from the $2,430 swing high to the $1,860 low.

    Source: ETHUSD on TradingView.com

    A close above the $2,300 resistance could send the price toward $2,400. The next key resistance is near $2,440. If there is a clear move above $2,400, there could be a drift toward $2,500. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,620 zone.

    Fresh Decline in ETH?

    If Ethereum fails to clear the $2,300 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.

    The first key support could be the $2,080 zone. A downside break and a close below $2,080 might start another steady decline. In the stated case, Ether could test the $2,000 support. Any more losses might send the price toward the $1,860 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is regaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,180

    Major Resistance Level – $2,300

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Momentum Reignites: Technical Signals Potential Surge To $2,600

    Ethereum Price Momentum Reignites: Technical Signals Potential Surge To $2,600

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    Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the $2,600 level.

    • Ethereum gained strength for a move above the $2,350 level.
    • The price is trading above $2,350 and the 100-hourly Simple Moving Average.
    • There is a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise if there is a clear move above $2,430 and $2,440.

    Ethereum Price Remains Supported

    Ethereum price started a decent increase above the $2,300 level, like Bitcoin. ETH gained pace for a move above the $2,350 level to move into a positive zone.

    The price even climbed above the $2,400 level. However, the bears appeared near the $2,440 resistance zone. A high was formed near $2,430 and the price is now correcting gains. There was a move below the $2,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high.

    However, Ethereum is still above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,390 level. The first major resistance is now near $2,440. A close above the $2,440 resistance could send the price toward $2,500. The next key resistance is near $2,550. If there is a clear move above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.

    More Downsides in ETH?

    If Ethereum fails to clear the $2,440 resistance, it could continue to move down. Initial support on the downside is near the $2,360 level and the trend line.

    The first key support could be the $2,350 zone or the 50% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. A downside break and a close below $2,350 might start another steady decline. In the stated case, Ether could test the $2,265 support. Any more losses might send the price toward the $2,200 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,350

    Major Resistance Level – $2,440

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Bulls Sight New High In 2024 As BTC Pumps Above $45K

    Ethereum Bulls Sight New High In 2024 As BTC Pumps Above $45K

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    Ethereum price is eyeing an upside break above the $2,440 resistance. ETH could rally like Bitcoin if there is a close above the $2,500 level.

    • Ethereum is moving higher from the $2,250 support level.
    • The price is trading above $2,350 and the 100-hourly Simple Moving Average.
    • There was a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could accelerate higher if there is a clear move above $2,400 and $2,440.

    Ethereum Price Eyes Key Upside Break

    Ethereum price found support near the $2,250 level and recently started a fresh increase. ETH managed to recover after Bitcoin pumped above the $44,400 resistance zone.

    The price cleared the $2,300 and $2,320 resistance levels. There was also a break above a major bearish trend line with resistance near $2,300 on the hourly chart of ETH/USD. The pair climbed above the 61.8% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

    Bitcoin is now trading above $2,350 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,400 level. It is close to the 76.4% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

    Source: ETHUSD on TradingView.com

    The first major resistance is now near $2,445. A close above the $2,445 resistance could send the price toward $2,500. The next key resistance is near $2,550. If the bulls remain in action and push ETH above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.

    Another Decline in ETH?

    If Ethereum fails to clear the $2,400 resistance, it could start another decline. Initial support on the downside is near the $2,350 level.

    The first key support could be the $2,320 zone. A downside break and a close below $2,320 might start another major decline. In the stated case, Ether could test the $2,250 support. Any more losses might send the price toward the $2,120 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,320

    Major Resistance Level – $2,400

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

    Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

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    Ethereum price is correcting gains below the $2,350 zone. ETH could attempt a fresh increase unless there is a close below the $2,200 support.

    • Ethereum is correcting gains and trading below the $2,350 level.
    • The price is trading below $2,320 and the 100-hourly Simple Moving Average.
    • There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase if there is a close above the $2,350 level.

    Ethereum Price Eyes Fresh Increase

    Ethereum price struggled to clear the $2,440 resistance zone and started a fresh decline. ETH declined below the $2,350 support zone to move into a short-term bearish zone, like Bitcoin.

    There was a close below the $2,320 level. A low was formed near $2,258 and the price is now consolidating losses. Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $2,300 level and the trend line. It is close to the 23.6% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low.

    Source: ETHUSD on TradingView.com

    The first major resistance is now near $2,350 or the 50% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. A close above the $2,350 resistance could send the price toward $2,400. The next key resistance is near $2,440. A clear move above the $2,440 zone could start another increase. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,550 zone.

    More Losses in ETH?

    If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,250 level.

    The first key support could be the $2,240 zone. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,200 support. Any more losses might send the price toward the $2,120 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,240

    Major Resistance Level – $2,350

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

    Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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    The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space. 

    According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes.

    Crypto Options Trading Hits Record High

    Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value of $11 billion, as highlighted by Bloomberg. Of this total, Bitcoin contracts accounted for $7.7 billion, while Ethereum (ETH) options represented $3.5 billion.

    Despite the expiration of many options, the impact on the major cryptocurrencies has been limited.  With its strong support floor at $42,000, Bitcoin has maintained its position for a potential uptrend once bullish momentum returns and buying pressure increases. 

    Over the past 24 hours, Bitcoin has traded within the same range as the previous day, at $42,200, experiencing only a 0.4% decline. Nevertheless, Bitcoin has yet to fully recover from its 3.4% drop over the past seven days.

    In contrast, ETH was hit by the expiration of options contracts. Ethereum, the second-largest cryptocurrency on the market, fell more than 2%. EHT dropped to $2,316 after hitting an annual high of $2,445 on Thursday.

    However, while heightened trading activity may accompany the expiration of options, it is unlikely to impact spot market prices, according to Luuk Strijers significantly, Deribit’s chief commercial officer. 

    Strijers notes that clients are rolling their positions to 2024 expiries, and additional activity is anticipated after the expiry. The focus of attention and trading activity will primarily be on the impending ETF decision, Bloomberg notes.

    Surge From Traditional Asset Managers 

    The cryptocurrency market has undergone a strong rally this year, with Bitcoin surging nearly 160% following a turbulent 2022 marked by industry scandals and price declines. 

    The recovery has been fueled partly by the optimism surrounding the potential approval of spot Bitcoin ETFs, which would attract a broader range of investors to the asset class.

    Ryan Kim, head of derivatives at digital-asset prime brokerage FalconX, highlights the growing participation from crossover macro accounts, referring to large traditional asset managers allocating a small percentage of their portfolios to cryptocurrencies and crypto-focused hedge funds.

    In addition, according to Bloomberg, perpetual futures, a favored tool for leveraging crypto trades, are trading at a significant premium compared to spot prices, indicating rising demand for such products.

    Overall, the surge in the cryptocurrency derivatives market, driven by options expiry and the pending decision on Bitcoin ETFs, reflects the growing interest of institutional investors in the crypto space. 

    The record-breaking trading volumes and increased participation from traditional asset managers highlight the evolving landscape of digital assets. 

    As the market awaits the regulatory verdict on Bitcoin ETFs, it remains to be seen how these developments will shape the future trajectory of the crypto market and its integration with traditional financial systems.

    Crypto

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Ethereum Price Hints At Potential Correction, Buy The Dip?

    Ethereum Price Hints At Potential Correction, Buy The Dip?

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    Ethereum price is correcting gains from the $2,320 resistance zone. ETH is moving lower and might even test $2,050 before the bulls take a stand.

    • Ethereum is correcting gains below the $2,250 support zone.
    • The price is trading below $2,240 and the 100-hourly Simple Moving Average.
    • There are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its decline and revisit the $2,050 support zone.

    Ethereum Price Extends Losses

    Ethereum price started a downside correction from the $2,325 level. ETH declined below the $2,300 and $2,265 levels. The bears were even able to push the pair below the $2,200 level, like Bitcoin.

    A low was formed near $2,180 and the price is now attempting a fresh increase. There was a move above the $2,200 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low.

    Ethereum is now trading below $2,240 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $2,230 level. There are two bearish trend lines forming with resistance near $2,230 and $2,260 on the hourly chart of ETH/USD.

    The second trend line is close to the 50% Fib retracement level of the downward move from the $2,326 swing high to the $2,180 low. A close above the $2,260 resistance could send the price toward $2,325.

    Source: ETHUSD on TradingView.com

    The main resistance sits at $2,350. A clear move above the $2,350 zone could start a decent increase. The next resistance sits at $2,420, above which Ethereum might rally and test the $2,500 zone.

    More Downsides in ETH?

    If Ethereum fails to clear the $2,260 resistance, it could start a fresh decline. Initial support on the downside is near the $2,200 level.

    The first key support could be the $2,180 zone. A downside break and a close below $2,180 might spark more bearish moves. In the stated case, Ether could revisit the $2,120 support. Any more losses might send the price toward the $2,050 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,180

    Major Resistance Level – $2,260

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

    Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

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    Ethereum price is struggling to climb again above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support.

    • Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.
    • The price is trading below $2,200 and the 100-hourly Simple Moving Average.
    • There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could climb further higher if it clears the $2,210 resistance zone.

    Ethereum Price Faces Hurdles

    Ethereum price attempted a fresh increase above the $2,200 level. However, ETH failed to gain pace for a move above the $2,250 resistance. A high was formed near $2,253 and the price started a fresh decline, like Bitcoin.

    There was a drop below $2,200. A low was formed near $2,136 and the price is now attempting a fresh increase. There was a move above the $2,180 level. The price tested the 50% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

    Ethereum is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,220 level or the trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,420 level, above which Ethereum might rally and test the $2,550 zone.

    More Losses in ETH?

    If Ethereum fails to clear the $2,210 resistance, it could start another decline. Initial support on the downside is near the $2,165 level.

    The first key support could be the $2,120 zone. A downside break and a close below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might send the price toward the $1,880 level in the coming days.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,120

    Major Resistance Level – $2,250

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

    Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

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    Ethereum price is consolidating above $2,250. ETH could start a fresh increase if there is a clear move above the $2,320 resistance zone.

    • Ethereum started a fresh increase above the $2,200 and $2,220 levels.
    • The price is trading above $2,240 and the 100-hourly Simple Moving Average.
    • There is a key rising channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a steady increase if there is a close above $2,320 and $2,350.

    Ethereum Price Eyes More Upsides

    Ethereum price started a steady increase above the $2,180 resistance. ETH gained bullish momentum after there was a close above the $2,200 resistance.

    The price even spiked above the $2,300 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,332 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average.

    There is also a key rising channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The main resistance is still near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,520. Any more gains could start a wave toward the $2,580 level.

    Fresh Decline in ETH?

    If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,165.

    The main support is now near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,275

    Major Resistance Level – $2,320

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • 2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

    2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

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    While the recent Bitcoin and crypto momentum is cooling off, Ethereum (ETH) rejects lower lows, especially against Bitcoin (BTC). Taking to X on December 8, decentralized finance (DeFi) researcher DefiIgnas shared insights that suggest ETH could be on the verge of a rally that would potentially see the second most valuable coin usurp BTC’s current position as the best-performing asset. 

    Reasons That Might Drive Ethereum Bulls

    The researcher observed that ETH is down 24% versus BTC in 2023. However, multiple fundamental indicators show that this is about to change. First, DefiIgnas noted that crypto investors are increasingly drawn to discounted Grayscale Ethereum Trust (GETH), which has been rallying over the past few months, outperforming Ethereum spot prices. 

    GETH surged by 298% in the past few months, while ETH only rose by around 100% in the same period. As GETH share prices increased, its discount with spot ETH decreased. This means more capital indirectly flowed into ETH, leading to higher demand.

    Money flowing into GETH | Source: @DefiIgnas on X

    Besides GETH rising, the researcher remains bullish on Ethereum because of the recent developments surrounding the approval of the first spot Bitcoin ETF. The crypto community expects the Securities and Exchange Commission (SEC) to authorize multiple products, including those proposed by Fidelity and BlackRock.

    In DefiIgnas’ assessment, once the spot Bitcoin ETF goes live, likely in early 2024, all “attention, narrative, and speculation” will shift toward the agency approving the first spot Ethereum ETF. BlackRock, the world’s largest asset manager, has already applied with the SEC to issue the first spot Ethereum ETF.

    The expected activation of the Cancun upgrade in H1 2024 will also likely support Ethereum prices. Over the years, Ethereum has integrated multiple upgrades. This includes shifting to proof-of-stake (PoS) from proof-of-work (PoW) and overhauling their fee auction mechanism, introducing ETH burning.

    However, with Cancun, the goal is to directly enhance the main net’s capabilities by activating several proposals, including EIP-4844 proto-dank sharding, which aims to reduce gas fees associated with rollups. This update will further cement Ethereum’s quest to significantly increase on-chain scalability and reduce gas fees over the years.

    ETH Looks Firm, Resistance At November Highs

    At spot rates, ETH is firm versus BTC, looking at the candlestick arrangement in the daily chart. How prices react in the days ahead remains to be seen.

    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView
    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView

    Even so, if there is confirmation of the December 7 gains, ETH might extend gains. In that case, it can break above the current consolidation as bulls aim to break above November 2023 highs of around 0.058 BTC.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

    Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

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    Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days.

    • Ethereum is gaining pace and recently surpassed the $2,250 resistance.
    • The price is trading above $2,200 and the 100-hourly Simple Moving Average.
    • There is a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its rally if it clears the $2,275 resistance zone.

    Ethereum Price Follows Bitcoin

    Ethereum price started a strong increase above $2,000, like Bitcoin. ETH cleared many hurdles near $2,120 to enter a positive zone. The price even surged above the $2,200 level to set the tone for a larger increase.

    A new multi-month high was formed near $2,275 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hourly Simple Moving Average.

    There is also a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $2,250 zone.

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,275 level. A clear move above the $2,275 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level.

    Are Dips Limited in ETH?

    If Ethereum fails to clear the $2,250 resistance, it could start a downside correction. Initial support on the downside is near the $2,220 level and the trend line.

    The next key support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The main support is now near $2,150 or the 100-hourly Simple Moving Average. A downside break below $2,150 might start a steady decline. The key support is now at $2,080, below which there is a risk of a move toward the $2,020 level in the near term.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,175

    Major Resistance Level – $2,250

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    Aayush Jindal

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  • Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

    Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

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    Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139.

    Ethereum Outshines Bitcoin And Altcoins

    According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.

    Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April. 

    However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.

    The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the collapse of FTX. 

    ETH’s daily spot trading volume surged to $7 billion. Source: Kaiko

    The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.

    The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC. 

    This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.

    Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.

    Crypto Expert Predicts ETH Breakout

    Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $2,150 resistance level, it could signify the end of the bear market. 

    Drawing a parallel with Bitcoin’s critical $30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $3,100 to $3,600. 

    Ethereum
    ETH’s 2.5% price surge over the past 24 hours on the daily chart. Source: ETHUSDT on TradingView.com

    However, Ethereum has yet to touch the $2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance. 

    As a result, Ethereum has been consolidating within a narrow range between $2,050 and $2,100 for the past three days.

    The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $31,000 level for over seven months before reaching its current trading price of $36,000.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

    Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

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    Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.

    • Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
    • The price is trading above $2,020 and the 100-hourly Simple Moving Average.
    • There is a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.

    Ethereum Price Holds Support

    This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin and cleared many hurdles near the $2,050 level.

    It traded to a new multi-week high at $2,137 before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.

    More Losses in ETH?

    If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,000

    Major Resistance Level – $2,085

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    Aayush Jindal

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  • Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

    Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

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    Ethereum sentiment is at extreme lows despite an ongoing recovery in the cryptocurrency market. Controversy continues to keep the top altcoin from joining in the fun.

    But a rising tide lifts all boats, and Bitcoin’s breakout could have been enough to revive Ether, albeit later than other coins. The recent rise has been enough to put the top-ranked altcoin on the cusp of a long-term bullish crossover. Here’s what the signal means.

    Ethereum Readies Monthly Bullish LMACD Crossover

    Ethereum price has consistently made higher lows throughout 2023 and since its June 2022 bottom. Nearly 18 months later, ETHUSD is poised for a bullish crossover of the 1M LMACD — the logarithmic version of the Moving Average Convergence Divergence indicator.

    This version of the tool is used to better compare historical price movements with current price action. A bullish crossover represents a major momentum shift, made even more powerful due to the crossover taking place right at the zero line in the indicator. Passing above the zero line acts as a secondary signal, showing that momentum has strengthened into bullish territory.

    Such a crossover in the past has led to a sustained bull market for Ether and altcoins, especially the DeFi space. The last bullish crossover appeared in May 2020, lasting until a bearish crossover in January 2022 caused a lengthy crypto winter.

    Is a major trend change beginning? | ETHUSD on TradingView.com

    Domino Effect Could Trigger Triangle Breakout, Revisit ATHs

    The bullish crossover in the LMACD is not confirmed, but a breakout of the 1M On-Balance Volume (OBV) indicator could hint at the eventual outcome. OBV is called the “smart money” indicator, able to help traders spot moves early by tracking subtle changes in volume.

    All of these signals point to a possible breakout from an ascending triangle pattern that ETHUSD has been trading in for nearly 18 months. The target of the chart pattern projects Ethereum price revisiting all-time highs, making a breakout especially meaningful.

    If Ether joins in the ongoing bullish price action next to Bitcoin and other altcoins, it could provide more breadth necessary for a dramatic crypto bull run.

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    Tony "The Bull" Severino

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  • US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

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    In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey. 

    Massive Crypto Bust

    The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey. 

    US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

    The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity. 

    According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

    In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

    Drug Trafficker’s Ethereum Stash Seized

    According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015. 

    In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

    Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents. 

    However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

    Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated. 

    However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

    The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure. 

    ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

    As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

    Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

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    Ethereum price is consolidating gains below the $1,850 resistance against the US dollar. ETH must stay above the $1,750 support to start a fresh increase.

    • Ethereum is still struggling to gain pace for a move above $1,850.
    • The price is trading above $1,770 and the 100-hourly Simple Moving Average.
    • There is a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its decline if it fails to stay above the $1,740 support.

    Ethereum Price Remains In Range

    Ethereum failed to continue higher above the $1,850 level and started a downside correction. ETH corrected lower below $1,800, but the bulls remained active near $1,750.

    A low was formed near $1,741 and the price is now making a fresh attempt to gain pace, like Bitcoin. There was a move above the $1,780 level. The price tested the 50% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Ethereum is now trading above $1,770 and the 100-hourly Simple Moving Average. There is also a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $1,800 level. The first major resistance is near the $1,815 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Source: ETHUSD on TradingView.com

    A close above the $1,815 resistance could start a decent increase. In the stated case, Ether could revisit the $1,850 resistance. The next key resistance is near $1,865, above which the price could accelerate higher. In the stated case, the price could rise toward the $1,920 level. The main hurdle sits at $2,000.

    Another Decline in ETH?

    If Ethereum fails to clear the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, the 100-hourly Simple Moving Average, and the trend line.

    The next key support is $1,740. A downside break below the $1,740 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $1,720

    Major Resistance Level – $1,815

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    Aayush Jindal

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