If bitcoin follows historical patterns post halving a rally could start between now and April, the broker said.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 30, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ether has been underperforming Bitcoin for several months, but that may be about to end.
Ether has been underperforming Bitcoin for several months, but that may be about to end.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 27, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Following the market’s recent pump, the leading cryptocurrencies have seen a remarkable performance. Bitcoin is trading above the $64,000 mark, while Ethereum (ETH) has surged 9% in the last week to consolidate above a key support level. Despite the bullish sentiment, some crypto investors remain cautious about ETH’s performance as the second-largest cryptocurrency faces the next crucial resistance level. Related Reading: Memecoin Sensation Popcat Hits New All-Time High After Surge To $1 Ethereum Consolidates Above $2,600 Ethereum recorded a 13% price jump in the last seven days after the US Federal Reserve (Fed) announced its decision to cut the interest rate by 50 basis points (bps). The bullish momentum propelled the ETH’s price to ranges not seen in a month, triggering a positive sentiment among many investors. Over the weekend, the “King of Altcoins” surged from the $2,300 support zone to the $2,500 mark before reclaiming the $2,600 resistance level as the week started. Since then, the cryptocurrency has hovered between the $2,600-$2,684 price range, momentarily dropping below the key support level on Wednesday afternoon. Nonetheless, Ethereum has faced resistance today after recovering from the recent drop to $2,500. Market analyst Crypto Yapper noted that ETH had been “running into critical resistance on the Daily chart,” as it had been unable to break successfully above the $2,650 mark since Tuesday. This performance worried some investors, who considered that not breaking above this level could hinder the cryptocurrency’s run and send the price toward the previous support zones. However, Ethereum’s price jumped 1% in the last hour to trade above $2,650. As of this writing, ETH exchnges hands at $2,660, recording a 2.1% and 9.3% price increase in the daily and weekly timeframes. ETH To Reach New Highs In October? Crypto Trader Daan highlighted that Ethereum’s price made a higher low (HL) but has not been able to make a higher high (HH) yet. The trader noted that an HH would occur above the $2,820 mark, which was lost over a month ago, and it would signify a trend reversal for the cryptocurrency. This level corresponds with the horizontal level that kickstarted the February-March run to $4,090 after the breakout. Additionally, it coincides with the Daily 200 Exponential Moving Average (EMA) around that area, which makes it “an important level to watch.” A breakout above this mark could further propel ETH’s price toward the $3,000 resistance level. Julien Bittel, Head of Macro Research at Global Macro Investor (GMI), noted that Ethereum’s chart is “looking a lot like a 2023 redux.” Related Reading: Cardano (ADA) Reclaims Top 10 Crypto Spot, Analysts Set New Targets Per the Chart, the cryptocurrency’s current market structure resembles its 2023 movements very closely. A repeat of ETH’s previous bullish trajectory suggests that ETH’s price is about to break out and hit a new all-time high (ATH) mid to late October. Additionally, the chart shows that if it follows the same bullish trend, Ethereum’s price has the potential to reach somewhere between the $10,000 to $20,000 targets by Q1 2025, which would represent a 669% surge from its current price and a 300% jump from its ATH. Featured Image from Unsplash.com, Chart from TradingView.com
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 25, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin may have outperformed stocks in the aftermath of the Federal Reserve’s decision to lower interest rates on Wednesday, but the true winners in the crypto universe are altcoins.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 20, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The recent Federal Reserve interest cut will fuel increased onchain activity, and this will strongly benefit the Ethereum blockchain, the report said.
Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 19, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 18, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Ethereum blockchain has the most active developers, the most active users and a market cap that is five times larger than its nearest competitor, the report said.
A rate cut could add to inflation and strengthen the Japanese yen, crashing markets, Hayes explained.
Bitstamp’s Bobby Zagotta said Ether ETFs came at a “burdened moment” for risk assets but was optimistic things would pick up at the end of the year.
Solana needs to hold above the crucial $120 support to avoid a potential correction below $100, according to market analysts.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 17, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ethereum, the second largest crypto by market cap, is trading at $2,420 after a recent price rally. Ethereum has been up by 3.4% and 6.3% in the past 24 hours and seven days, respectively, which has raised hopes for an extended bullish run. As the price performance continues to unfold, some major developments are taking root, which could pave the way for Ethereum’s price to rally back above the $4,000 mark. Stablecoin Transaction Volume Hits New High Despite the bearish sentiment which has lingered in a 30-day timeframe, on-chain data shows that the Ethereum blockchain continues to witness massive activity, especially in the stablecoin niche. The stablecoin trading volume on the blockchain soared massively in August to break its previous all-time high. Particularly, the stablecoin trading volume reached $1.46 trillion. This surge in stablecoin activity further solidifies Ethereum’s position as the go-to blockchain platform in the world of DeFi. As stablecoin adoption continues to rise, this could drive up Ethereum revenue due to demand for ETH tokens used to pay transaction fees. This increased utility could, in turn, contribute to its price reaching $4,000 or beyond. Watch Out For The 0.015 Point In Funding Rates Another key factor to watch now for Ethereum is the funding rate. The funding rate is a metric that tracks the cost of holding a long or short position in the perpetual futures market. Funding rates reflect market sentiment, as positive funding rates indicate that longs are paying short positions, suggesting a bullish outlook, while negative rates show a bearish trend. According to on-chain data from CryptoQuant, the Ethereum funding rate is approaching the 0.015 point. As an analyst at CryptoQuant pointed out, the Ethereum funding rate is currently hovering between 0.002 and 0.005. This movement is reminiscent of a pattern in September 2023, when the funding rate was similarly low. Although these figures might appear modest for a typical bull market, a CryptoQuant analyst has noted that this could be the calm before a major upward movement. This is because the funding rates eventually crossed 0.015 in 2023, allowing Ethereum to “surge from the $1,500s to $4,000s.” A similar occurrence could see Ethereum surging massively to $4,000 in the next few months. Ethereum: Network Growth According to Santiment, the Ethereum network has witnessed massive growth in the past week, recently reaching a four-month high. Apart from its L2 solutions like Optimism and Arbitrum, the platform remains the foundation for decentralized finance (DeFi) and non-fungible tokens (NFTs). This network growth was accompanied by an increase in the creation of wallet addresses and active addresses. At the time of writing, Ethereum is trading at $2,421. If these factors above align in favor of Ethereum, we could see ETH continue to approach the $4,000 mark. Featured image from StormGain, chart from TradingView
The Ethereum price has been one of the major talking points in the crypto space lately, having been under significant bearish pressure in recent weeks. However, the second-largest cryptocurrency seems to be on a recovery path following its first positive weekly performance in more than a month. Recent on-chain data shows that significant amounts of ETH tokens have made their way to centralized exchanges in the past day. The question now is — could this hamper the recent progress shown by the Ethereum price? Here’s How Rising Exchange Inflow Affects Ethereum Price Prominent crypto pundit Ali Martinez took to the X platform to reveal that Ethereum investors have been moving their assets to centralized exchanges in the past 24 hours. This on-chain observation is based on the CryptoQuant exchange reserve metric, which monitors the total amount of a particular cryptocurrency on all exchanges. Related Reading: Is Bitcoin Heading For A Bear Market? Analysts Weigh In On The Price Struggles Typically, the value of this metric increases when investors make more deposits than withdrawals of a token (Ether, in this case) into a centralized exchange. On the flip side, when the exchange reserve metric falls, it implies that the holders are moving their assets out of crypto exchanges. When investors move their assets from self-custodial wallets to centralized exchanges, it is often because they intend to use the platforms’ services, which include selling. As a result, an increase in the exchange reserve metric is often associated with increasing selling pressure. According to data from CryptoQuant, more than 112,000 ETH (worth around $257.6 million) were transferred to cryptocurrency exchanges in the last 24 hours. The movement of these significant Ether amounts could trigger downward pressure on the Ethereum price. Considering its delicate position at the moment, bearish circumstances, such as rising exchange inflows, could hinder the Ethereum price’s newly found momentum. Nonetheless, it is worth noting there has not been such an effect on ETH’s price in the past day. On the contrary, the altcoin is up by more than 3% while looking to breach the $2,500 level. Are Investors Fleeing The Market? The latest on-chain data shows that investors might be flooding out of the Bitcoin and Ethereum markets. According to Ali Martinez, over $2.6 billion has flowed out of the two largest cryptocurrencies in the last seven days. Related Reading: Cardano (ADA) Whales Securing Gains After 10% Upswing: What’s Next? This revelation is based on Glassnode’s aggregate market realized value net position change metric. And it somewhat supports the earlier notion that investors might be offloading their Ether tokens. Moreover, this outflow of capital could spell more trouble for the crypto market, specifically the Bitcoin and Ethereum prices. Featured image created with Dall-E, chart from TradingView
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 12, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Ethereum network could generate $66 billion in free cash flow from transaction fees by 2030, VanEck estimates.
North Korean hackers are reportedly targeting the billions of dollars in BTC and ETH held by crypto ETF custodians.
Options tied to bitcoin and ether show a bias for put options, according to QCP Capital.
Ether whale interest is slowly re-emerging after the summer illiquidity, as technical chart patterns point to an imminent price reversal.
Liquidity of Ether on US exchanges has plunged as much as 40% since the first spot Ether exchange-traded funds entered the market on July 23, 2024. Related Reading: Cardano Bull Sees ADA Jumping 1,000% In An ‘Insane’ Rally That is a move rather expectedly coming for traders and analysts that had previously viewed the ETFs as a means to improve market liquidity and therefore stabilize prices. Instead, what has taken place is rather different: the average market depth of 5% for ETH pairs has fallen to around $14 million. Meanwhile, offshore exchanges are posting a similar decline at about $10 million in liquidity. Ether Liquidity Down Following the launch of nine ETFs in July, Ether’s liquidity plummeted 20% on US markets and 19% on offshore locations. The decline in liquidity is one thing that raises concerns and, more importantly, it signals greater sensitivity to large orders. With shallow market depth, it follows that even minor trades can result in dramatic changes in prices. Jacob Joseph, a research analyst at CCData, said that liquidity is still better than at the beginning of the year but has really dropped almost 45% since its peak in June. Poor market conditions and seasonal effects are mainly responsible as summer months will have fewer trading activities. Market Dynamics And ETF Performance Their introduction was expected to increase liquidity, much as it had done in the case of the Bitcoin ETFs introduced earlier this year. However, the Ether market hasn’t responded as well. In the period since their introduction, Ether ETFs have suffered from over $500 million in cumulative outflows. That has contributed to a general decline in liquidity, making markets even more volatile. Surprisingly, ETFs have had their own performances. For instance, Grayscale’s ETHE ETF witnessed an outflow as high as $10.7 million, while BlackRock’s ETHA ETF saw an inflow as low as $4.7 million. Such mixed results hint that Ether markets are yet to come out of their troubled times, with investments reflecting investors’ reluctance to commit capital in unsure times. Related Reading: Aptos (APT) Dips 15% As New Innovations Fail To Spark Momentum Implications For Traders And Investors A drop in liquidity is a challenge for traders and investors alike, actually. In states of low liquidity, the slippage is much higher, and the price for the execution is costlier. The big problem lies in the fact that the institutional investors like their markets stable and with good liquidity. If these large players stop full operations, that could create some kind of vicious cycle when the liquidity will be even lower and prices go further down. For now, Ether trades hands at about $2,258, down over 4% in the past 24 hours. The wider cryptocurrency market is also under stress: All major altcoins, including Solana and Ripple, are in the red, posting losses in a range between 2% to 4%. Going forward, market participants will be in a position where expected benefits of the ETF introductions have not materialized for Ether. With potential interest rate cuts by the Federal Reserve, market attention in the future might shift to how these changes are going to affect liquidity and trading activity in the months ahead. Featured image from Getty Images, chart from TradingView
Order book liquidity refers to the market's ability to absorb large buy and sell orders without influencing the spot price.
The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 4, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Layer-2 monthly active users and daily transaction counts have both doubled since March 2024, according to Token Terminal.
The latest price moves in bitcoin (BTC) and crypto markets in context for Aug. 29 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.