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Tag: ETHUSD

  • 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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  • After Bitcoin ETFs, watch for the next most popular crypto to go the same route

    After Bitcoin ETFs, watch for the next most popular crypto to go the same route

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    After long-awaited spot bitcoin exchange-traded funds made their debut this week, investors are now weighing the prospects of eventual approval of similar ether ETFs.

    The U.S. Securities and Exchange Commission on Wednesday greenlighted 11 spot bitcoin
    BTCUSD,
    -1.58%
    ETFs for the first time. The products, which made its debut trading on Thursday, logged a relatively strong first day. 

    However, bitcoin fell 6.8% on Friday, leaving it with a 3.2% gain over the past seven days, according to CoinDesk data. It underperformed ether
    ETHUSD,
    +1.82%    ,
    which rose 17.6% over the past seven days while it declined 1.2% on Friday.  

    The news about bitcoin ETFs was mostly priced in, while investors are now looking past it to a potential approval of ether ETFs, analysts said.

    “I see value in having an ETH ETF,” Larry Fink, chief executive at the world’s largest asset manager BlackRock, told CNBC’s Squawk Box on Friday. BlackRock, which just launched its iShares bitcoin Trust
    IBIT,
    in November filed an application for a spot ether ETF.

    “It’s hard to know exactly what the U.S. regulators would do” about ether ETF applications, said Alonso de Gortari, chief economist at Mysten Labs, an internet infrastructure company.

    However, “I would expect that once you open the door, it becomes easier and I think the industry is very excited about it,” de Gortari said. If bitcoin ETFs see an impressive institutional inflow in the coming months, it could make such products more established and set a good precedent for other crypto ETF applications, he said.

    Read: Vanguard’s decision to shun bitcoin ETFs triggers backlash — with some customers moving to crypto-friendly competitors like Fidelity

    Also see: Why the debut of bitcoin ETFs could be bad news for crypto stocks, futures ETFs

    The enormous competition and huge inflows into bitcoin ETFs will only boost investors’ interests in an ether ETF, according to Paul Brody, EY’s global blockchain leader. “There’s no doubt that ETH is the next big market and has immediately become a priority for financial services companies,” Brody said in emailed comments.

    Compared with bitcoin, the Ethereum blockchain offers more utility and has unique advantages, noted Fadi Aboualfa, head of research at digital assets custodian Copper. 

    Sandy Kaul, head of digital asset and industry advisory services at Franklin Templeton, said she eventually expects the arrival of ETFs that track a basket of cryptocurrencies. Such products, instead of those based on single crypto, would dominate the space if they are approved, she said.  

    “Just like the S&P 500 has 500 stocks in it, right? You don’t have just one stock.” Kaul said in a phone interview. The arrival of a bitcoin ETF, is just a “baby step into really beginning to think about the future market structure of crypto,” Kaul added. 

    However, not everyone is that optimistic. Will McDonough, founder and chairman of Corestone Capital, said the approval of an Ethereum ETF has “a long way to go.” 

    SEC chairman Gary Gensler previously said bitcoin was the only cryptocurrency he was prepared to publicly label a commodity, rather than a security. 

    The agency also went after companies that offered crypto staking, which allows investors to earn yields by locking their coins to secure blockchains such as Ethereum. The SEC shut down crypto exchange Kraken’s staking business in the U.S. last year.  

    One possibility is that “companies will be able to offer an ETH ETF, but they will not be allowed to stake that ETH and earn yield,” noted EY’s Brody.

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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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  • Vitalik Buterin 'Super Important' Blessing Boosts ENS Price

    Vitalik Buterin 'Super Important' Blessing Boosts ENS Price

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    ENS, which stands for the Ethereum Name Service, witnessed a phenomenal increase of more than 50% in the value of its governance token on Wednesday.

    The abrupt increase in price may be ascribed to the influential endorsement provided by Vitalik Buterin, one of the co-founders of the Ethereum blockchain.

    Investors were energized and the ENS token reached unprecedented heights as a result of Buterin’s unequivocal declaration concerning the project’s importance.

    Buterin’s Endorsement: ENS And Ethereum’s Future

    With Buterin calling ENS “super important”, the project’s potential influence on the Ethereum community and the decentralized web is clear.

    The endorsement of Buterin frequently acts as a catalyst for increased interest and investment in the cryptocurrency and blockchain industries, where his words carry considerable weight.

    The Ethereum Name Service initiative offers a decentralized domain name system and is renowned for its contribution to the Ethereum ecosystem’s user experience simplification and improvement.

    ENS simplifies blockchain interactions by linking human-readable names to complex Ethereum addresses, thereby increasing accessibility and user-friendliness.

    The current value of the ENS token, according to the most recent update, is around $14.37, representing a significant increase of 40% over the past 24 hours.

    Notably, the token has maintained a robust 50% increase over the past week, accumulating an impressive market capitalization of around $423.20 million.

    ENSUSD currently trading at $15.596 on the daily chart: TradingView.com

    During the same 24-hour period, the trading volume of the ENS token reached an impressive value of over $360 million, showing a heightened level of market activity.

    According to CoinMarketCap, the current trading price of ENS has risen from a low of $8.50 on Wednesday to its highest level since April.

    The considerable volume of transactions highlights the ever-changing characteristics of the market, as investors proactively participate in purchasing and selling in reaction to the latest advancements and endorsements within the ENS ecosystem.

    Source: Coingecko

    Token Metrics And Buterin’s Support

    ENS presently has a circulating quantity of 30 million tokens, resulting in a market capitalization of over $404 million.

    Buterin emphasized in a statement on X the necessity for all Layer-2 solutions to concentrate on the development of trustless, Merkle-proof CCIP resolvers. The objective of this endeavor is to facilitate the registration, modification, and perusing of ENS subdomains directly on Layer-2 blockchains.

    Buterin underscored the significance of ENS, pointing out the imperative for cost-effectiveness in its functioning. The designation “L2s” refers to blockchains at the most fundamental layer, Layer-2, which significantly improves the scalability of a Layer-1 blockchain by enabling transactions to occur at a quicker pace and at a lower cost.

    Buterin brought attention to the markets’ need for universal name systems by describing ENS as extremely crucial, highlighting their importance to the blockchain experience.

    Featured image from ICRYPEX

    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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    Christian Encila

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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 “Set For Further Gains,” Analyst Puts This Target

    Ethereum “Set For Further Gains,” Analyst Puts This Target

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    An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing.

    Ethereum Has No Significant On-Chain Resistance Ahead

    In a new post on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis, the potential for any level to provide any notable amount of support/resistance to the price depends on the number of investors who acquired their coins.

    Here is a chart that shows the amount of ETH that was bought at some of the price ranges that the asset has visited before:

    The density of cost basis at each of the different ETH price ranges | Source: @ali_charts on X

    The graph shows that the $2,235 to $2,302 range carries the cost basis of a significant number of coins. More specifically, 1.84 million addresses acquired more than 6 million ETH inside this range.

    Currently, the Ethereum price is trading just above this range, implying that all these investors are in the green. If the Ethereum spot price retraces into this range, these holders could show some reaction, as their profit-loss boundary would be retested.

    Since these holders would have been in profits just before the retest, they might want to buy more, as they may believe that this same price range that was profitable earlier might turn out to be a worthy buy again.

    Since the range is thick with investors, this buying effect that may arise on a retest could end up providing support to the price. If the support fails, the price might be between $1,958 and $2,029.

    This range is much more robust, hosting a cost basis of over 37 million ETH. Ali notes that this support could potentially help cushion any corrections that may take place.

    Now, Ethereum has strong support below, and as is apparent in the chart, there is no major demand wall above it simultaneously. Investors in loss (those with a cost basis higher than the current spot price) may be desperate to escape the market, so the price rising to their break-even can be an enticing exit opportunity.

    If many holders are sitting at a loss, their demand zone could provide significant resistance to the price because of such selling. ETH has no such obstacles in the nearby price ranges so that the coin could rally further. “The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond,” explains the analyst.

    The market intelligence platform IntoTheBlock has also shared a chart that could provide further evidence for a bullish case of Ethereum.

    Ethereum Long-Term Holders

    The trend in the HODLer ratio for Bitcoin and Ethereum | Source: IntoTheBlock

    As is visible in the above graph, the percentage of Ethereum investors who can be classified as “HODLers” (1 year+ holding time) has shot up recently. “This year, the percent of long-term ETH holders surpassed that of Bitcoin for the second time ever!” notes IntoTheBlock.

    ETH Price

    Ethereum is currently at the $2,316 mark, not too far above the support zone mentioned earlier.

    Ethereum Price Chart

    Looks like the price of the coin hasn't been moving much recently | Source: ETHUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.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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    Keshav Verma

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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: Balancing Act At $2,300

    Ethereum: Balancing Act At $2,300

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    The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum’s price surged towards critical resistance levels near $2,500.

    Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum’s long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?

    Ethereum Rises: Growth, Innovations, And Challenges

    Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum’s impressive 87% year-on-year market cap surge, catapulting it from $140 billion to a hefty $267 billion, paints a picture of robust growth.

    The Merge upgrade, a landmark event streamlining Ethereum’s blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.

    However, lurking beneath this facade is a critical bottleneck: Ethereum’s Layer 1 scalability limitations. The network’s notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.

    As of writing, on this 26th of December, Ethereum’s price hovers around $2,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further intrigue to the complex dance Ethereum is performing near the critical $2,500 resistance level.

    This delicate dance between bullish aspiration and bearish pressure underscores the fragile equilibrium in the market. On one hand, the optimism surrounding Ethereum’s future potential continues to draw in traders.

    On the other hand, the specter of high transaction fees and scalability woes, alongside whispers of a potential bear market, keeps selling pressure simmering just below the surface.

    Ethereum At $2,300: Bulls’ Battle, Bears’ Threats

    For Ethereum bulls, the $2,300 level is a crucial battleground. If they can muster enough buy-side force to sustain a climb above this mark, it could pave the way for a surge towards the coveted $2,500 resistance level. This breakthrough would be a significant psychological victory, injecting fresh confidence into the market and potentially triggering a new upward trend phase.

    However, the bears are not out for the count. Their sights are set on breaching the $2,200 support level, which would solidify their grip and potentially trigger a more substantial decline. Should this scenario unfold, the $2,000 mark could come into play, with further losses possible if selling pressure remains unchecked.

    Adding to the intrigue is the factor of exchange supply. A recent increase in Ethereum tokens on exchanges indicates more readily available ETH for sellers, potentially amplifying downward pressure. This highlights the delicate balance between market sentiment and technical factors in determining Ethereum’s future trajectory.

    Meanwhile, the ETH traders’ profit-taking is evident in the Network Realized Profit/Loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.

    Ethereum’s Critical Crossroads Ahead

    Looking ahead, Ethereum’s path hinges on its ability to navigate this complex landscape. Addressing its scalability issues through Layer 2 solutions and potential future upgrades will be crucial for maintaining and expanding its DeFi dominance.

    Rekindling developer and user confidence by reducing transaction fees and improving network throughput is also paramount. Only by tackling these internal challenges and adapting to the ever-evolving crypto sphere can Ethereum truly reclaim its throne as the king of DeFi.

    The next few weeks are likely to be pivotal for Ethereum. Will it scale the $2,500 height and cement its position as a leader in the crypto revolution? Or will internal limitations and external pressures force it to face a precipitous drop?

    Featured image from Shutterstock

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    Christian Encila

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  • Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

    Ethereum (ETH) Lags In Market Cap Growth Despite Positive Year – Details

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    According to a report from crypto analytics firm IntoTheBlock, Ethereum has recorded an 85% increase in its market cap over the last year, moving from around $149.18 billion to its current value of $275.98 billion. However, in comparison with other major assets, ETH performance still leaves more to desire, especially considering the many positive developments experienced by the asset in 2023.

    Ethereum Underperforms

    Ethereum (ETH) has been one of the major headliners in the crypto space in 2023. The second-largest cryptocurrency and the most prominent altcoin has continued to retain investor interest marked due to several factors. 

    One of these factors is the Shanghai/Capella upgrade in April which has so far produced a significant increase in ETH staking activity as investors are now allowed to freely withdraw their assets from the Ethereum network.

    Furthermore, Ethereum has also recorded an increase in institutional adoption amidst the launch of Ether Futures ETF in the US and a growing competition among several asset managers to gain approval for the first-ever spot Ether ETF. Nevertheless, these developments could only boost the altcoin market shares by 85%, which while impressive, is overshadowed by the performance of other cryptocurrencies. 

    For context, Bitcoin, the market leader, recorded a 163% gain in market cap value, while other top coins, such as ADA and AVAX, also experienced gains to the tune of 145% and 341%, respectively. 

    Trending meme token Bonk (BONK) produced the largest market cap increase of 1,574%, followed by Optimism (OP) with 916% and Solana (SOL) with 744%. Other notable mentions include Celestia (TIA) and Chainlink (LINK), with 459% and 199%, respectively. 

    ETH Price Prediction 

    At the time of writing, Ethereum trades around $2,292.13 with a 0.04% gain on the last day. Looking at the token’s daily chart, ETH is currently headed for the $2,400 resistance zone, which has proven effective in recent weeks.

    Interestingly, price prediction site Coincodex reports that investor sentiment surrounding Ethereum is strongly bullish, with a Fear & Greed Index of 71. This indicates that many investors currently consider altcoin to be a favorable investment. 

    However, if the $2400 resistance zone holds strong again, ETH could experience a price dip, finding support around the $2120 price region. And in the presence of overwhelming selling pressure, Ethereum could fall as low as $1,921.

    Ethereum (ETH) trading at $2,294.60 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from Money/Fortmatoriginal, chart from Tradingview

    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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    Semilore Faleti

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  • Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target

    Ethereum Retests Breakout Zone, Analyst Sets $3,500 Target

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    An analyst has explained how Ethereum is retesting a breakout zone currently and that this might lead toward a price target of $3,500.

    Ethereum Is Retesting The Breakout Line Of An Ascending Triangle

    As pointed out by analyst Ali in a new post on X, Ethereum may be preparing for a further climb right now as it’s retesting the breakout zone of an ascending triangle.

    An “ascending triangle” is a pattern in technical analysis that, as its name implies, resembles a triangle. The pattern involves a horizontal line made by connecting highs and a slant line that strings together higher lows.

    When the price retests the upper, horizontal level, it could be probable to feel some resistance. On the other hand, a touch of the lower level could lead to the price rebounding back up.

    A break out of either of these lines suggests a potential sustained continuation of the trend. Naturally, an escape out of the triangle towards the upside implies bullish momentum, while a fall under means bearish momentum.

    Like the ascending triangle, there is also the “descending triangle,” which is a similar pattern except for the fact that the two levels are switched around (as the prevailing trend is towards the downside).

    Now, here is the chart shared by Ali that displays how the price is interacting with an ascending triangle right now:

    Looks like the asset's value has plunged back towards the triangle in recent days | Source: @ali_charts on X

    As is visible in the graph, Ethereum found a bottom at the lower line of this ascending triangle pattern back in October. Following this low, the asset turned itself around with a sharp rally and went on to challenge the upper line.

    The cryptocurrency succeeded in finding a break above the triangle and observed a continuation of the bullish momentum, exploring new highs for the year. Recently, though, the asset has slumped back again and has now fallen towards the triangle’s breakout line.

    So far, the line has provided support to the asset, as its price has been able to remain above it. The analyst believes that this retest could be a sign that the coin is preparing for a further rally.

    “The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500,” explains Ali. From the current price, such a target would mean a rally of almost 60% for the asset.

    October, the month when Ethereum turned itself around off the triangle’s slope, was also an inflection point for the asset in terms of on-chain activity, as the analytics firm Glassnode has explained in its latest weekly report.

    Ethereum On-Chain Activity

    The trend in three on-chain indicators for ETH | Source: Glassnode's The Week Onchain - Week 51, 2023

    From the chart, it’s visible that the Ethereum transaction count and transfer volume have both been trending up since the inflection point a couple of months back, which could be bullish for the price.

    ETH Price

    Ethereum has gone a bit stale recently as it has been consolidating around the $2,200 mark.

    Ethereum Price Chart

    The price of the coin appears to have been moving sideways recently | Source: ETHUSD on TradingView

    Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.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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    Keshav Verma

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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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  • JPMorgan Says Ethereum Will Rise Above Bitcoin In 2024

    JPMorgan Says Ethereum Will Rise Above Bitcoin In 2024

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    JPMorgan analysts, while maintaining an overall cautious stance on the cryptocurrency market, foresee Ethereum (ETH) surpassing Bitcoin (BTC) and other digital currencies in market price performance by 2024.

    This bullish outlook for Ethereum reflects a distinctive perspective within the institution, suggesting that the analysts see unique potential and favorable prospects for Ethereum relative to other digital assets, even amid an overall cautious sentiment towards the broader crypto landscape.

    In a published note on Wednesday, a team of analysts headed by Nikolaos Panigirtzoglou conveyed their expectation that Ethereum (ETH) will reclaim its prominence and regain market share within the cryptocurrency ecosystem in the upcoming year.

    Ethereum Will Overtake Bitcoin – JPMorgan

    Source: Coingecko

    “We believe that next year Ethereum will re-assert itself and recapture market share within the crypto ecosystem,” Panigirtzoglou wrote in a note.

    The analysts underscored the pivotal role of the EIP-4844 upgrade, popularly known as Protodanksharding, as the primary catalyst for Ethereum’s anticipated resurgence.

    This crucial upgrade, scheduled for implementation in the first half of 2024, is poised to bring about substantial improvements in Ethereum’s network activity.

    Danksharding is a more efficient sharding method for Ethereum, and protodanksharding is the first step toward its complete implementation. Danksharding sidesteps the tedious procedure of dividing Ethereum into several shard chains, as contrast to the initially intended sharding method.

    ETH market cap currently at $273 billion. Chart: TradingView.com

    Data blobs, which are connected to blocks and can hold more data than blocks but are not permanently stored or accessible by the Ethereum virtual engine, are instead introduced.

    Meanwhile, JPMorgan’s optimistic forecast aligns with Standard Chartered’s, as they previously stated in a communication that Ether might experience a 400% surge within a few years, followed by a more sustained upward movement towards $35,000.

    Geoff Kendrick, the Head of FX Research, West, and Digital Assets Research, expressed the viewpoint that the upward trajectory for Ether might unfold at a more gradual pace compared to Bitcoin.

    Ethereum Price Prediction: 5x Increase

    Despite this potentially more extended timeframe, Kendrick envisions Ethereum eventually attaining a higher price multiple than Bitcoin relative to their current levels. Specifically, he anticipates Ethereum reaching a price multiple of 5.0x, surpassing Bitcoin’s expected 3.5x multiple.

    Layer 2 networks, such as Optimism (OP) and Arbitrum (ARB), would gain the most from the upgrade, according to the JPMorgan analysts.

    Ether seen rising to $2,426 this month. Source: Coincodex

    Layer 2 networks on Ethereum would benefit from the increased temporary data space, which would increase network throughput and decrease transaction fees. Data blobs improve Layer 2 network efficiency without changing the size of an Ethereum block.

    In the meantime, as ether discovers new applications, demand for it will rise, and cryptocurrency-related trends will only grow. For example, the most common Ethereum use case is NFT transactions, which Kendrick believes will grow.

    At the time of writing, Ether was trading at $2,281, up 5.0% in the last 24 hours, while Bitcoin was exhanging hands at $42,910, with a 2.3% increase in the same timeframe.

    Featured image from Pixabay

    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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    Christian Encila

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  • Ethereum Rises: ETH Remains Steady At Over $2,300

    Ethereum Rises: ETH Remains Steady At Over $2,300

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    Recent patterns indicate that the impetus fueling Ethereum’s climb is far from diminishing, and the price trajectory of the cryptocurrency has shown resilience. Ethereum may not be as advanced as some of its L1 competitors, but it stands out from the crowd thanks to its large developer community, immense acceptance, and crucial role in DeFi and other blockchain-based applications.

    Ethereum Remains Firm At $2,347

    At the time of writing, ETH was able to keep a strong footing at the $2,300 level, trading at $2,347, nearly unchanged in the last 24 hours, but tallied a 10% increase in the last seven days, data from Coingecko shows.

    There is still a lot of room for profit in the current bull market, even though Ethereum’s price spike hasn’t been as dramatic as other altcoin’s. Size, liquidity, and being the leading platform for smart contracts all contribute to Ethereum’s continued appeal as an investment.

    Ethereum currently trading at $2,341.6 territory. Chart: TradingView.com

    This means that ETH’s price performance could be greatly enhanced by any further market increases. Ethereum, according to technical research, is about to see growth, and it is now testing key resistance levels. Both retail and institutional investors would be interested if the price breaks out above these levels, as it could indicate that the positive trend would continue.

    For the first time in more than a year, Ethereum’s price has moved into a new range. The accumulation patterns seen in several top addresses indicate that this new range has created a chance for persistent price increases.

    Ethereum’s Growing Holdings And 2024 Roadmap

    The most popular Ethereum addresses on exchanges and those outside of them have shown clear patterns of accumulation in the last several months, according to new data from Santiment.

    A large number of top non-exchange addresses have been buying Ethereum at different prices, which has caused their holding volume of ETH to rise steadily and now surpass 54 million.

    At the same time, following their most recent execution layer meeting on December 8, Ethereum developers have laid out a detailed strategy for the network’s future in 2024, including new suggestions, major upgrades, and more.

    Meanwhile, Ethereum is predicted to significantly outpace mega-cap tech stocks. After the Bitcoin miners’ payouts are halved,  investment firm VanEck thinks Ethereum will soar. In the past, this has caused a fresh spike in the price of Bitcoin, with the proceeds going into altcoins.

    Ethereum won’t surpass Bitcoin, despite surpassing large stocks, and what “flippening” rumors claim. It is still believed that Bitcoin will continue to lead in market capitalization even though there is a chance that ETH may gain value in daily transaction volume.

    (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

    Featured image from Shutterstock

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    Christian Encila

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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 Price Makes New 2023 High, Sets Sights On $3,000

    Ethereum Price Makes New 2023 High, Sets Sights On $3,000

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    Ethereum price action is pushing higher over the weekend, setting a new 2023 high. The move is also a significant sign that an uptrend is forming. Could $3,000 be the next stop for Ether?

    Ethereum Sets New 2023 High, Uptrend In Progress

    ETHUSD has struggled to catch up to Bitcoin’s unstoppable dominance throughout most of 2023, but that could soon change.

    That’s because Ethereum is finally joining in on the bullish price action across crypto, making a new 2023 high.

    The move is also a local higher high. A series of higher lows and higher highs is the pure definition of an uptrend. Ether has also satisfied the increasingly higher low market structure.

    Ether makes new 2023 high, breaks up out of ascending triangle | ETHUSD on TradingView.com

    ETHUSD Ascending Triangle Targets $3,000 To $4,000

    Leaving $2,000 behind after weeks of consolidation above it immediately puts $3,000 in play. Ethereum is also breaking upward out of a 18-month-long ascending triangle pattern, with a target of $4,000 per ETH.

    If the top altcoin makes it back to such levels, it has a strong chance given the recent momentum in the crypto market, to reach new all-time highs.

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    Tony "The Bull" Severino

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