The Ethereum Foundation, a non-profit organization that supports the Ethereum ecosystem, recently transferred a significant amount of ETH. Given what this transaction could imply, it has drawn the crypto community’s attention, which is already speculating about whether the market top might be in. Ethereum Foundation Moves 1,000 ETH On-chain analytics platform SpotOnChain revealed in an X (formerly Twitter) post that the Ethereum Foundation transferred 1,000 ETH ($3 million) to a middle multi-signature wallet (0xbc9) on May 8. This development is more concerning as SpotOnChain revealed that the Foundation has made other transactions since the start of 2024. Related Reading: What Triggered The 6,350% Spike In XRP Long Liquidations Compared To Shorts? According to the platform, the Ethereum Foundation has sold 1,766 ETH for 4.81 million DAI at an average price of $2,725 for each ETH. These transactions are said to have occurred in “several small batches via the same multi-signature wallet. Interestingly, SpotOnChain noted that these transactions often occur ahead of a price drop. It is worth mentioning that the Ethereum Foundation already has a reputation for selling at the top, suggesting that their selling ahead of a drop might not be a coincidence. In 2022, NewsBTC reported that Ethereum dropped by 40% after the Foundation sold off 20,000 ETH. Meanwhile, in 2021, ETH experienced a downtrend for months after the organization sold off 35,000 ETH. ETH’s price action after the Ethereum Foundation sold 20,000 ETH in 2022 | Source: Tradingview.com Journalist Colin Wu also revealed back then that Ethereum’s founder, Vitalik Buterin, had persuaded the foundation to “sell 70,000 ETH at the top of 2018 to support the work of developers.” Wu further claimed that the Foundation’s sell-off is a “normal operation, but it also means that the Foundation thought that bear market was coming.” Therefore, from Wu’s revelation, one can deduce that the Ethereum Foundation could have an idea of when the market top is, which prompts them to always make these sales before ETH makes a significant decline. An ETH Decline May Already Be On The Horizon A crypto analyst known as Shin Forex recently predicted that Ethereum could soon drop to as low as $2,500. The analyst explained that there has been a slowdown in liquidity flowing into the Ethereum ecosystem. This could affect ETH’s price since it suggests a lack of interest in the token among investors. Related Reading: CryptoQuant CEO Predicts Where Bitcoin Price Is Headed, Is $265,000 Too Ambitious? From a technical analysis perspective, Shin Forex also revealed that the ETH/BTC pair has now broken below its support of 0.05. Ethereum is said to have experienced a significant crash when this happened in the market cycles in 2016 and 2019. As such, the analyst does not doubt that ETH will likely spiral down again, with the crypto token dropping to as low as $2,500. At the time of writing, Ethereum is trading at around $3,000, according to data from CoinMarketCap. ETH price looking to establish support above $3,000 | Source: ETHUSD on Tradingview.com Featured image from The Motley Fool, chart from Tradingview.com
Ethereum price is correcting gains from the $3,220 resistance. ETH could start a fresh increase if it clears the $3,055 and $3,080 resistance levels. Ethereum started a fresh decline after it faced resistance near $3,220. The price is trading below $3,100 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $3,000 support to start another increase toward $3,220. Ethereum Price Revisits $3K Ethereum price faced resistance at $3,220 and started a downside correction, like Bitcoin. ETH declined below the $3,120 and $3,080 levels. It even tested the $3,000 support. A low was formed at $3,005 and the price is now consolidating losses. Ethereum is trading below $3,100 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,050 level or the 23.6% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low. There is also a key bearish trend line forming with resistance at $3,055 on the hourly chart of ETH/USD. The first major resistance is near the $3,080 level or the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The next key resistance sits at $3,120 or the 61.8% Fib retracement level of the recent drop from the $3,217 swing high to the $3,005 low, above which the price might gain traction and rise toward the $3,200 level. If there is a clear move above the $3,200 level, the price might rise and test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,055 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,950 zone. The next support is near the $2,920 level. A clear move below the $2,920 support might push the price toward $2,840. Any more losses might send the price toward the $2,720 level in the near term. 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 – $3,000 Major Resistance Level – $3,080
An Ethereum whale was recently revealed to have made $16 million from a single trade involving the second-largest crypto token by market cap. This whale’s story again highlights how conviction in an investment can be very rewarding in the crypto space. How This Ethereum Whale Made $16 Million In A Single Trade On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that the whale withdrew 12,906 ETH ($24.39 million) from Binance when the crypto token was still trading at $1,890 a year ago. With Ethereum currently trading at around $3,100, the whale’s ETH investment is now worth over $40 million, signifying a profit of about $16 million. Related Reading: Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target Interestingly, his profits from this trade will likely be more than $16 million, as the trader deposited those tokens in the staking platform Lido when he withdrew them from Binance last year. That means he also earned significant staking rewards to go alongside his $16 million profit. On-chain data shows the whale recently withdrew 7,000 ETH ($21 million) from Lido back to Binance but has yet to offload these tokens. However, that is something to keep an eye on as the whale offloading those tokens could have a negative impact on Ethereum’s price. Tron’s founder, Justin Sun, looks to be another Ethereum whale that could make such significant returns on their ETH investment. Two wallets believed to belong to Sun are reported to have accumulated 295,757 ETH ($891M) at an average price of $3,014 since February 12. Since then, Sun has made some notable moves that could be profitable for him. One such move is that the Tron founder recently deposited 120,000 eETH into Swell L2, a liquid restaking protocol. Although Sun claims that this move isn’t profit-motivated, he could still make huge profits from his venture, considering that restaking is one of the leading narratives at the moment. The Bull Run Presenting A Lot Of Opportunities There have been a lot of reports highlighting how crypto investors and traders have been making life-changing, which suggests that the bull run is already in full force despite Bitcoin’s unimpressive price action lately. One opportunity that these traders have taken advantage of in this market cycle is meme coins. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Before the bull run began, there was the belief that memes would be one of the leading narratives, and that has been the case. Bitcoinist recently reported two Solana meme coin traders turned $6,400 into $8 million. Meanwhile, Lookonchain revealed a Solana trader who turned 60 SOL ($8,673) into $1.26 million in 2 months, making a 144x return on his investment. ETH price sees sharp drop | Source: ETHUSD on Tradingview.com Featured image from Reddit, chart from Tradingview.com
A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions. Analyst Predicts ETH/BTC Bottom Timeline In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle. Sharing insights on the market conditions, Cowen noted striking similarities between the present market’s dynamics and the one seen in 2019. He disclosed that ETH/BTC’s recent bounce mirrored the market’s behavior in 2019, two months before the Federal Reserve (FED) cut down rates. Cowen predicts that the ETH/BTC ratio will reach the lowest point in its price cycle when the FED makes a significant change in its monetary policy, often referred to as a “pivot.” The crypto expert expects this pivot to occur in a few months, ultimately suggesting that Ethereum would bottom against Bitcoin in the coming months. His analysis is also based on the assumption that macroeconomic conditions and the FED’s monetary policies can significantly impact the cryptocurrency market. Sharing a price chart of Ethereum against Bitcoin in another post, Cowen projected that the ETH/BTC ratio will head towards a range of 0.03 and 0.04 by summer. Commenting on his prediction of ETH/BTC’s bottom, a crypto community member expressed skepticism about the FED’s likelihood of cutting down rates while inflation was still high. Cowen responded that the absence of a rate cut further reinforced his beliefs that the ETH/BTC ratio has not yet reached its lowest point. He suggests that unless inflationary pressures are addressed, the ETH/BTC ratio may continue on its downward trend. Crypto Expert Calls Ethereum A Higher Risk Asset In another post, Cowen referred to Ethereum as a higher-risk asset and Bitcoin as a lower-risk asset. The crypto analyst’s forecast on Ethereum against Bitcoin is underpinned by his interpretation of capital migration dynamics, suggesting that higher-risk assets typically depreciate relative to lower-risk assets. He highlighted the uncertainty surrounding the future market movements of ETH/BTC following the halving event. Cowen predicted that if ETH/BTC witnesses a “relief rebound” after the halving, then he expects a rejection by the bull market support band, particularly in the context of weekly closing prices, estimated to range between $0.053 to $0.054. While acknowledging his past successes in predicting ETH/BTC price movements, Cowen highlighted that his predictions remain speculative, stating, “Just because I have been right so far about ETH/BTC does not mean I will continue being right.” ETH bulls fail to hold $3,000 | Source: ETHUSDT on Tradingview.com Featured image from Finbold, chart from Tradingview.com
EigenLayer, a decentralized restaking protocol built on Ethereum (ETH), has made significant announcements, paving the way for new developments within the crypto ecosystem. The protocol unveiled its native token, EIGEN, which the newly formed Eigen Foundation will distribute. Alongside this, EigenLayer introduced a major plan for an airdrop and released a comprehensive new Whitepaper. EigenLayer Unveils EIGEN With Novel Mechanism According to the protocol’s announcement, the introduction of the EIGEN token brings forth a complementary mechanism designed to address “intersubjective” faults, which cannot be resolved through ETH restaking alone. By expanding ETH restaking, EigenLayer positions ETH as the Universal Objective Work Token, while the universality of EIGEN makes it the Universal Intersubjective Work Token. EIGEN’s universality is reportedly aimed at allowing it to fork and slash for intersubjective errors committed by EIGEN stakers in any AVS (Automated Verification System) within the protocol. To ensure widespread adoption of EIGEN across applications, EigenLayer has designed an application-independent mechanism to maintain the system’s cryptoeconomic security. Related Reading: Ethereum Fees Dive: Will This Spark A Surge In Network Activity? In EigenLayer, EIGEN staking and ETH restaking play complementary roles. EIGEN addresses safety properties through objective slashing, and ETH restaking ensures liveness and censorship-resistance properties dependent on stake decentralization. The launch of EIGEN also introduces intersubjective staking, marking a significant milestone for the protocol and the Ethereum ecosystem. However, due to its newly introduced design, the concept requires widespread adoption and discussion among ecosystem participants. At launch, the Eigen token will have a total supply of 1.67 billion tokens, with the Foundation allocating 45% of the tokens to the community. This allocation is further divided into staked drops, community initiatives, and ecosystem development. Investors will reportedly receive almost 30% of the tokens, while early contributors will receive over 25%. Both these groups are subject to a three-year lockup period for their allocations. A complete lock will be in place during the first year, followed by a gradual release of their total holdings at a rate of 4% per month over the subsequent two years. EIGEN Token Launches Meta-Setup Phase While the initial implementation of intersubjective staking at launch mirrors only a limited extent of the full protocol, several parameters still need to be determined for its full actuation. To address this, EIGEN is being launched in a meta-setup phase, serving as a call to action for researchers, experts, and the broader community to engage in public discourse. As EigenLayer announced, this collaborative effort aims to help define the necessary parameters to make the protocol and its interaction with the rest of the Ethereum ecosystem as effective as possible. Related Reading: Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here’s Why Featured image from Shutterstock, chart from TradingView.com
Ethereum price rallied above the $3,300 level. ETH tested the $3,350 resistance and recently started a sharp decline below $3,300. Ethereum rallied toward $3,350 before the bears appeared again. The price is trading below $3,220 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below the $3,165 support. Ethereum Price Trims Gains Ethereum price started a strong increase above the $3,200 level. ETH outperformed Bitcoin and even cleared the $3,300 resistance. However, the bears were active near the $3,350 level. A high was formed at $3,355 and the price started a fresh decline. There was a sharp move below the $3,300 level. The price declined below the 50% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. There was also a break below a key bullish trend line with support at $3,250 on the hourly chart of ETH/USD. Ethereum is now trading below $3,220 and the 100-hourly Simple Moving Average. However, the bulls are active near the $3,165 support and the 61.8% Fib retracement level of the upward move from the $3,070 swing low to the $3,355 high. Immediate resistance is near the $3,210 level and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The first major resistance is near the $3,250 level. The next key resistance sits at $3,350, above which the price might gain traction and rise toward the $3,465 level. A close above the $3,465 resistance could send the price toward the $3,550 resistance. If there is a move above the $3,550 resistance, Ethereum could even test the $3,680 resistance. Any more gains could send Ether toward the $3,750 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,210 resistance, it could continue to move down. Initial support on the downside is near the $3,180 level. The first major support is near the $3,165 zone. The main support is near the $3,070 level. A clear move below the $3,070 support might set the pace for more losses and send the price toward $3,030. Any more losses might send the price toward the $2,880 level in the near term. 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 – $3,165 Major Resistance Level – $3,210
Paul Grewal, the Chief Legal Officer (CLO) of Coinbase, has become a major voice in the continuing discussion about the legal classification of Ethereum by the United States Securities and Exchange Commission (SEC), arguing in favor of the platform’s non-security status. Broader Recognition Of Ethereum Security Nature Taking to the X (formerly Twitter), the Coinbase […]
Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term. Ethereum extended losses and tested the $3,075 support zone. The price is trading below $3,180 and the 100-hourly Simple Moving Average. There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it trades below the $3,125 support. Ethereum Price Faces Resistance Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin. There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone. Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. Source: ETHUSD on TradingView.com The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone. More Downsides In ETH? If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone. The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term. 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 – $3,125 Major Resistance Level – $3,200
The second-largest crypto token by market cap, Ethereum (ETH), looks set to make a massive market recovery following recent buys suspected to be made by Tron’s founder, Justin Sun. Sun’s accumulation spree again highlights crypto whales’ recent bullishness on Ethereum despite fluctuating prices. Sun Allegedly Buys $405 Million Worth Of ETH In an X (formerly Twitter) post, the on-chain analytics platform Lookonchain drew the crypto community’s attention to a mysterious wallet suspected to belong to Justin Sun. This wallet is said to have bought 127,388 ETH ($405.19 million) from Binance and decentralized exchanges (DEXs) since April 8 at an average price of $3,127. Related Reading: Brazil Wants BTC: 7,400 Bitcoin Futures Contracts Created On First Day Of Trading Source: Etherscan Meanwhile, Lookonchain tried to prove further its theory that this wallet likely belonged to Justin Sun. The platform alluded to a previous tweet mentioning that a suspected Justin Sun wallet bought 168,369 ETH at $2,894 from Binance and a DEX between February 12 and 24. It noted that the “transaction behavior” of both wallets was similar, which suggests that they are both likely owned by Justin Sun. If indeed both wallets are owned by Justin Sun, that means the Tron founder has accumulated 295,757 ETH ($891 million) at an average price of $3,014 since February 12. Like every whale activity, Sun’s alleged transactions have caught the crypto community’s attention, with many wondering why he is gaining so much exposure to the second-largest crypto token. Ethereum Whales Are Bullish Sun’s actions highlighted the bullish sentiment that Ethereum whales have towards the crypto token despite its recent unimpressive price action. Bitcoinist recently reported about an Ethereum whale who, despite already losing $4.5 million, opened another long position on the second-largest crypto token. Related Reading: Crypto Analyst Predicts Cardano Recovery After ABC Wave Completion, Here’s The Target This whale also borrowed 17.3 million USDT just to increase their exposure to the crypto token. In a recent X post, Lookonchain again highlighted how Ethereum whales are still making bullish moves in the market. On-chain data shows a fresh wallet (0x9EB0) that withdrew 7,182 ETH ($23.06 million) from Binance, which suggests long-term holding by this whale. Another wallet (0x1958) withdrew 5,181 ETH ($16.28 million) from Binance and put their ETH holdings to work by staking it into Bedrock and Pendle while anticipating further price gains in the crypto token. Such bullish sentiment towards Ethereum could be good for ETH’s price as whales are known to have a significant impact on a token’s price discovery. It could also prove crucial during this period when Ethereum is experiencing declining network growth, which means that the rate at which new users come into the ecosystem has slowed. At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap. ETH price moves toward $3,200 | Source: ETHUSDT on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com
Data shows the Ethereum Open Interest has been trading at relatively low levels recently. Here’s what this could mean for the asset’s price. Ethereum Open Interest Has Been Moving Sideways Since Its Plunge As explained by an analyst in a CryptoQuant Quicktake post, the ETH Open Interest has followed a similar trajectory as the price of the cryptocurrency recently. The “Open Interest” here refers to the total number of derivative-related contracts open for Ethereum on all exchanges. Related Reading: Dogecoin To $1: Analyst Thinks Dream Milestone Could Be Hit In Coming Weeks When the value of this metric goes up, it means that investors are currently opening up new positions on these platforms. Generally, this kind of trend leads to an increase in the market’s total leverage, so the asset price could become more volatile. On the other hand, a decline in the indicator implies the investors are either closing up their positions of their own volition or getting forcibly liquidated by their platform. Such a drawdown may accompany violent price action, but once the drop is over, the market could become more stable due to the reduced leverage. Now, here is a chart that shows the trend in the Ethereum Open Interest over the last few months: The value of the metric appears to have witnessed a sharp plunge recently | Source: CryptoQuant As displayed in the above graph, the Ethereum Open Interest registered a sharp drop earlier alongside the asset’s price. The plunge in the metric was naturally caused by the long contract holders being washed out in the price drawdown. As the price has mostly consolidated sideways since the decline, so has the value of the Open Interest. The quant notes, This alignment suggests a cooling down of activity within the futures market. Consequently, the market appears poised for the resurgence of either long or short positions, potentially initiating a fresh and decisive market movement in either direction. Another indicator related to the derivative market that could be relevant for Ethereum’s future price action is the funding rate. This metric tracks the periodic fees that derivative contract holders are currently paying each other. Related Reading: Bitcoin Mega Whales Are Buying, Time For Rally To Return? Positive funding rates imply that the long holders are paying the shorts a premium to hold onto their positions; hence, that bullish sentiment is dominant. Similarly, negative values suggest that a bearish sentiment is shared by the majority of the derivative traders. The chart below shows that the Ethereum funding rate has recently turned red. The data for the ETH funding rates over the last few months | Source: CoinGlass Historically, the market has been more likely to move against the opinion of the majority, so the fact that the funding rate has flipped negative may be a good sign for the chances of any potential uptrends to start. ETH Price Ethereum has gradually increased over the last few days, as its price has now reached $3,200. Looks like the value of the coin has gone up a bit over the past few days | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, CoinGlass.com, CryptoQuant.com, chart from TradingView.com
Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May. The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%. Pessimism Deepens As Ethereum ETFs Remain Uncertain As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store. Related Reading: Cloudy Future For Ethereum ETFs – What’s Casting Doubt On Their Fate? According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions. “Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission. Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise. It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May. He stated: The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned. In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations. ETH Price Sees Positive Movement While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend. Related Reading: Ethereum Price Hints At Potential Fresh Rally, Buy The Dip? Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day. Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months. Featured image from iStock, chart from Tradingview.com
On-chain data shows that Ethereum transaction fees have dropped to their lowest level since January, a sign that a bottom could be close. Ethereum Transfer Fees Has Plunged As Network Has Gone Cold According to data from the on-chain analytics firm Santiment, Ethereum transaction fees have taken a notable hit recently. The “transaction fees” here […]
Ethereum price is still facing many hurdles near $3,200. ETH could start another major decline if the price stays below $3,200 and $3,280. Ethereum is struggling to recover above the $3,200 resistance zone. The price is trading below $3,200 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another decline if there is a close below the $2,900 support zone. Ethereum Price Consolidates Ethereum price found support and attempted a recovery wave above the $3,000 resistance zone. ETH was able to climb above the $3,200 level. However, the bears were active near the $3,280 resistance zone. A high was formed at $3,278 and the price reacted to the downside, like Bitcoin. It dipped below the 23.6% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,100 level. There is also a key bearish trend line forming with resistance at $3,120 on the hourly chart of ETH/USD. The first major resistance is near the $3,200 level and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com The next key resistance sits at $3,280, above which the price might rise toward the $3,350 level. The key hurdle could be $3,500, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,620 zone. If there is a move above the $3,620 resistance, Ethereum could even climb toward the $3,750 resistance. Another Decline In ETH? If Ethereum fails to clear the $3,200 resistance, it could start another decline. Initial support on the downside is near the $3,000 level. The first major support is near the $2,900 zone or the 50% Fib retracement level of the upward move from the $2,536 swing low to the $3,278 high. The next key support could be the $2,710 zone. A clear move below the $2,710 support might send the price toward $2,650. Any more losses might send the price toward the $2,550 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 above the 50 level. Major Support Level – $2,900 Major Resistance Level – $3,200
Ethereum price stayed above the $3,400 support zone. ETH is recovering losses, but it must clear $3,600 to continue higher in the near term. Ethereum extended its decline and tested the $3,400 support zone. The price is trading above $3,500 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it stays above the $3,500 support zone. Ethereum Price Aims Higher Ethereum price extended its decline below the $3,500 level. ETH even spiked below the $3,450 support before the bulls appeared. The price traded as low as $3,408 and recently started a recovery wave, like Bitcoin. There was a move above the $3,500 resistance zone. The price climbed and tested the 50% Fib retracement level of the downward move from the $3,726 swing high to the $3,408 low. Besides, there was a break above a connecting bearish trend line with resistance at $3,500 on the hourly chart of ETH/USD. Ethereum is now trading near $3,500 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,600 level or the 61.8% Fib retracement level of the downward move from the $3,726 swing high to the $3,408 low. Source: ETHUSD on TradingView.com The first major resistance is near the $3,650 level. The next key resistance sits at $3,725, above which the price might test the $3,780 level. The key hurdle could be $3,800, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,880 zone. If there is a move above the $3,880 resistance, Ethereum could even rise toward the $4,000 resistance. Another Decline In ETH? If Ethereum fails to clear the $3,600 resistance, it could start another decline. Initial support on the downside is near the $3,520 level. The first major support is near the $3,500 zone. The next key support could be the $3,400 zone. A clear move below the $3,400 support might send the price toward $3,320. Any more losses might send the price toward the $3,240 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 – $3,520 Major Resistance Level – $3,600
The recent volatility in the Bitcoin (BTC) price and its struggle to consolidate above the $70,000 mark has raised questions about the sustainability of its ongoing bull run. However, market expert Charles Edwards, co-founder of Capriole Invest, believes that the decentralized finance (DeFi) protocol Ethena Labs (ENA) could significantly extend and boost Bitcoin’s bull market to new heights. In a recent post on social media site X (formerly Twitter), Edwards suggested that Ethena’s actions, such as constraining over-leverage in derivatives markets and reducing spot supply, can propel Bitcoin’s price higher for a longer period. Bitcoin Bull Market Boost To provide further context as to why Edwards is suggesting this possibility, on April 4th, Ethena Labs announced its intention to engage in a cash-and-carry trade involving Bitcoin. According to the protocol’s announcement, Ethena Labs can manage risk and provide a more stable backing for its product by buying and shorting Bitcoin. Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? One of the key factors Edwards highlights is Ethena’s ability to constrain over-leverage in Bitcoin derivatives markets. By doing so, Ethena aims to prevent excessive risk-taking and potential market instability. Additionally, Ethena’s taking spot supply off the market can reduce selling pressure, thus supporting Bitcoin’s price and prolonging the bull market. The protocol also noted that Bitcoin derivative markets offer superior scalability and liquidity compared to Ethereum (ETH). This characteristic reportedly makes Bitcoin a suitable asset for delta hedging, a risk management strategy employed by Ethena. With $25 billion of Bitcoin open interest available for Ethena to delta hedge, the capacity for its synthetic dollar product, USDe, to scale has increased significantly. Ethena Labs noted in their announcement the following: In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging Weighing The Risks While Edwards’ statement is optimistic about Ethena’s impact on Bitcoin’s bull market, one user raised concerns about potential downsides. Edwards acknowledges that execution risks, such as custody failure or delta neutrality failure, could have adverse effects. Edwards identifies custody risk as the most significant risk in this context. However, he highlights that any negative impacts will likely be short-lived, and market forces will ultimately dictate Ethena’s net annual percentage yield (APY). Related Reading: Bitcoin To $150,000 Is “Programmed” With Halving Approaching: Analyst In short, by limiting over-leveraging in future markets and reducing spot supply, Ethena could significantly support the price of BTC and extend the current bull run. Currently, BTC’s price has experienced a significant decline, plummeting to the $68,800 level. This marks a 4.3% decrease compared to Monday’s price. In parallel, Ethena’s native token, ENA, has also followed the overall downtrend of the market, reflecting BTC’s price movement with a 4% decrease. Presently, ENA is trading at $1.22. Featured image from Shutterstock, chart from TradingView.com
Ethereum price is gaining pace above the $3,600 resistance zone. ETH could extend its upward move if it clears the $3,725 resistance zone. Ethereum is aiming for more gains above the $3,725 and $3,740 levels. The price is trading above $3,650 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its rally if there is a close above the $3,725 resistance zone. Ethereum Price Jumps Over 8% Ethereum price formed a base and started a decent increase above the $3,500 resistance, like Bitcoin. ETH surpassed the $3,600 and $3,650 levels to move into a positive zone. A new weekly high was formed at $3,726 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. It is up over 8% and there are chances of more upsides. Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. Immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next key resistance sits at $3,800, above which the price might test the $3,880 level, above which Ether could gain bullish momentum. Source: ETHUSD on TradingView.com In the stated case, the price could rise toward the $3,880 zone. If there is a move above the $3,920 resistance, Ethereum could even rise toward the $4,000 resistance. Are Dips Limited In ETH? If Ethereum fails to clear the $3,725 resistance, it could start a downside correction. Initial support on the downside is near the $3,620 level. The first major support is near the $3,500 zone or the trend line. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,220 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 – $3,500 Major Resistance Level – $3,725
The recent ratio between Bitcoin (BTC) and Ethereum (ETH) prices suggests a potential decline in risk appetite within the crypto market. The ratio has reached its highest level since April 2021, indicating a stronger demand for Bitcoin than its smaller rival, Ethereum. This development has led crypto asset trading firm QCP Capital to speculate that this shift in the ratio could be an early indication of a transition from “fear of missing out” (FOMO) to outright fear. Bitcoin And Ethereum Performance Regarding recent market trends, the second quarter of 2024 has begun with relatively subdued activity. Bitcoin’s price has dipped below the $70,000 mark and has remained range-bound between $65,000 and $68,000 for the past few days despite briefly touching the $70,000 mark on Monday. Related Reading: XRP To $20 And Ethereum To $20,000: Crypto Analyst Reveals When This Will Happen According to QCP’s analysis, the inflow of funds into the spot Bitcoin Exchange-Traded Fund (ETF) market has not been substantial enough to drive significant price movements in either direction. As a result, the company has observed that funding rates have stabilized, and the front end of the forward curve has declined from previous highs of 50% to less than 20% currently. Interestingly, while the front end of the forward curve has decreased, the back end remains elevated. This has led to interest in rolling spot-forward basis positions further out, potentially driven by the continued demand for long-dated Bitcoin calls extending into 2025. On the other hand, Ethereum’s performance has been relatively weak. QCP also notes that the ETHBTC ratio cross-tests a critical support level after breaking below 0.05. Notably, there has been sustained selling of Ethereum calls, resulting in lower volatility and downward pressure on the price. Ultimately, QCP finds that these developments are prompting speculation as to whether this could be an early sign of FOMO turning into fear, particularly about Ethereum’s role as a proxy for altcoins. While Bitcoin may find support from topside demand and ETF inflows, Ethereum’s performance and its impact on altcoins will be important factors to watch closely. Will BTC Experience A Double-Top? Renowned crypto analyst Crypto Con has raised an intriguing question about whether BTC is poised for a double top similar to the patterns observed in 2013 and 2021. Analyzing previous market cycles, Crypto Con highlights that more evident double tops, such as those witnessed in the first and third cycles of 2021, triggered significant initial surges on the Fisher Transform indicator. In contrast, the 2017 double-top formation showed a more subtle initial rise in June. Notably, all final cycle tops ended with a regular bearish divergence, where the price reached higher levels while the indicator declined, as seen in the chart below. Related Reading: Polygon Observes Buy Signal: Analyst Suggests MATIC Rebound To This Level Currently, Bitcoin is approaching levels similar to those seen in 2017, as seen in the lower part of the chart. Crypto Con suggests that if the Fisher Transform indicator can consolidate around these levels without spiking to the line seen in 2013 and 2021, it could indicate a higher likelihood of a single top formation, which is the analyst’s most likely outcome, for December 2024, marking the top of this cycle. Featured image from Shutterstock, chart from TradingView.com
Crypto analyst CrediBULL Crypto has laid out a bullish narrative for Ethereum (ETH) and XRP. He claimed that both tokens could rise to as high as $20,000 and $20, respectively. Additionally, he stipulated when this parabolic price surge is likely to happen. Ethereum Could Hit A Market Top Near $20,000 CrediBULL Crypto mentioned in an X (formerly Twitter) post that there is a chance that Ethereum could hit a market peak near $20,000. He further explained that ETH could attain this price level based on his belief that BTC can “realistically” see a 2x in this market cycle from its last high of $69,000 in the 2021 bull run. As such, altcoins like ETH will do “multiples of that.” Related Reading: Fantom Supply On Exchanges See Drastic Increase, A Cause For Alarm? Specifically, he foresees ETH doing a 3x to 4x of its prior all-time high (ATH) of $4,800, which puts the second largest crypto token by market cap in a price range between $15,000 and $20,000. Meanwhile, CrediBULL asserted that Ethereum will surely rise to $10,000 at the minimum. Following CrediBULL’s prediction, another X user questioned how possible it was for ETH to rise to a market cap of $2 trillion, stating that it seems “crazy.” However, the crypto analyst responded that ETH rising to such levels is a “blow off top, ” so the market cap will look “outrageous.” He jokingly added that there is a problem if the market caps don’t look outrageous. XRP Is Another Altcoin That Could Experience Exponential Growth In a different X post, CrediBULL also made a case for XRP, stating that XRP could also rise between $10 and $12 if ETH were to hit $10,000. He suggested that XRP wasn’t to be underrated despite its current underperformance, noting that XRP actually flipped ETH in terms of market cap at some point in the last cycle. Related Reading: Crypto Expert Releases List Of Top 10 Altcoins To Buy For Maximum Profit In The Bull Market Therefore, the crypto analyst added that anyone who thinks ETH hitting $10,000 is “realistic” should also believe that XRP rising to $10 is possible. In a subsequent X post, CrediBULL claimed that XRP could even rise to as high as $20 based on ETH hitting $10,000 at its current circulating supply. Again, he noted that XRP is very capable of attaining such price levels, seeing as it is a top 10 coin, which means that the market demand for it is evidently there. CrediBULL’s sentiment echoes that of Nick, the founder of Web3Alert, who previously predicted that XRP could rise to $10 since there were predictions that Bitcoin and Ethereum would rise to as high as $150,000 and $10,000, respectively. At the time of writing, ETH and XRP are trading at around $3,290 and $0.58, according to data from CoinMarketCap. XRP price at $0.57 | Source: XRPUSDT on Tradingview.com Featured image from Bitcoin Sistemi, chart from Tradingview.com
Ethereum price is struggling to recover above the $3,440 resistance zone. ETH is moving lower and might decline further if it clears the $3,250 support. Ethereum is struggling to climb above the $3,370 and $3,440 levels. The price is trading below $3,380 and the 100-hourly Simple Moving Average. There was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend losses if there is a close below the $3,250 support zone. Ethereum Price Recovery Fades Again Ethereum price attempted a fresh recovery wave above the $3,300 and $3,320 levels, like Bitcoin. ETH even climbed above the $3,400 level, but the bears were active near the $3,440 zone. A high was formed near $3,443 before there was a fresh decline. There was a break below a major bullish trend line with support at $3,300 on the hourly chart of ETH/USD. The price trimmed gains and retested the $3,250 support. The price traded as low as $3,253 and is currently consolidating losses. It is trading just above the 23.6% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. However, Ethereum is trading below $3,380 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,320 level. The first major resistance is near the $3,350 level or the 50% Fib retracement level of the downward wave from the $3,443 swing high to the $3,253 low. The next key resistance sits at $3,440, above which the price might test the $3,500 level. Source: ETHUSD on TradingView.com The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 zone. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,750 resistance. More Losses In ETH? If Ethereum fails to clear the $3,350 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level. The first major support is near the $3,220 zone. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 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 – $3,250 Major Resistance Level – $3,350
Banking behemoth VanEck has valued Ethereum Layer-2 (L2) solutions at an astounding $1 trillion in a daring prediction, emphasizing the critical role that efficiency gains and scalability improvements will play in the development of blockchain technology. Ethereum Layer 2s Poised For Significant Increase In Valuation According to VanEck researchers, Ethereum Layer 2 scaling networks are expected to soar to the aforementioned market valuation by 2030. Leading the comprehensive prediction were Patrick Bush, the senior investment analyst at VanEck, and Matthew Sigel, the head of digital research. Related Reading: Ethereum Layer 2 Networks Just Set A New Record Specifically, the bold forecast was carried out while evaluating Ethereum Layer 2s in five distinct important areas. These include Layer 2s transaction pricing, developer experience, user experience, trust assumptions, and L2s ecosystem size. In addition, it was made by first assessing the amount of assets in the Ethereum ecosystem and then projecting that ETH would account for about 60% of the market share among public blockchains. It is noteworthy that Layer 2s, by managing the majority of transactions off the main blockchain, addresses scalability issues. In this case, Zero-knowledge roll-ups (ZKUs) and optimistic roll-ups (ORUs) are the two major forms of layer 2 networks. Given the limits of the main blockchain’s transaction processing, these L2 technologies may be able to generate more funds than Ethereum since they handle scalability by processing transactions off the main network. As the researchers stated, in the future, a few general-purpose L2s will be in control, but a plethora of roll-ups tailored to certain use cases will also arise, making it possible to host social media networks on different rollups. The report read: Beyond the dominance of a few roll-ups among general-purpose L2s, we forecast a future of thousands of use-case-specific roll-ups. These L2 will be segmented by sector, application, or function. Other types of chains may be specifically geared towards hosting a whole sector, such as a roll-up that hosts a social media network, as well as applications that want to build products and services for that social media network. This forecast by VanEck primarily points to the possibility that L2 solutions could perform better in terms of value than Ethereum in the next six years. The report also claims that Layer-2 blockchains will benefit from Ethereum’s restricted processing power, as well as its data-storing and computation capabilities. ETH Price Experiences Bearish Activity Presently, Ethereum’s price is declining after failing to rise above the $4,000 mark once more. Even though the market is currently correcting downward, a positive bounce is still anticipated to occur soon. Related Reading: Ethereum Price Fails Again, Signs Of More Losses Below $3,300 Compared to other notable coins in the crypto market like Bitcoin, ETH has underperformed over the past month. Consequently, there have been speculations within the cryptocurrency community, if a further decline is imminent. ETH has seen a decrease of more than 10% since March, following a surge to $4,091 ahead of the Dencun upgrade. As of press time, Ethereum was trading at $3,343, displaying an increase of 1% in the past day. Its market cap is now valued at $401,42 billion, with a 1% rise in the last 24 hours. However, its daily trading volume has plummeted by over 30%, pegging at $13,50 billion. Featured image from iStock, chart from Tradingview.com
Ethereum price extended its decline below the $3,320 support zone. ETH is now consolidating and might start a fresh increase if it clears $3,320. Ethereum remained in a bearish zone and traded below the $3,320 support zone. The price is trading below $3,400 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it settles above the $3,320 resistance zone. Ethereum Price Faces Resistance Ethereum price remained in a bearish zone below on the hourly timeframe below the $3,500 level. ETH extended its decline below the $3,320 support level, like Bitcoin. It even spiked below $3,220. A low was formed at $3,215 and the price is now attempting a recovery wave. There was a move above the $3,250 level. It tested the 23.6% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low. Ethereum is now trading below $3,400 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,320 level. There is also a major bearish trend line forming with resistance near $3,320 on the hourly chart of ETH/USD. The first major resistance is near the $3,350 level. The next key resistance sits at $3,440 or the 50% Fib retracement level of the downward wave from the $3,655 swing high to the $3,215 low, above which the price might test the $3,500 level. Source: ETHUSD on TradingView.com The next key resistance is seen near the $3,550 level, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,680 hurdle. If there is a move above the $3,680 resistance, Ethereum could even climb toward the $3,780 resistance. Any more gains might call for a test of $3,850. Another Rejection In ETH? If Ethereum fails to clear the $3,320 resistance, it could continue to move down. Initial support on the downside is near the $3,250 level. The first major support is near the $3,220 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,040. Any more losses might send the price toward the $3,000 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 – $3,220 Major Resistance Level – $3,320
Ethereum price faced rejection and dropped from the $3,650 zone. ETH retested the $3,320 support and might start another increase. Ethereum started another decline and traded below the $3,500 support zone. The price is trading below $3,500 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $3,420 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it settles above the $3,450 resistance zone. Ethereum Price Dips Again Ethereum price struggled to continue higher above the $3,650 resistance. ETH faced rejection and started a fresh decline below the $3,550 level, like Bitcoin. There was a sharp move below the $3,500 and $3,450 levels. Finally, it retested the $3,320 support zone. A low was formed at $3,324 and the price is now attempting a recovery wave. There was a move above the $3,360 level. Ethereum is now trading below $3,500 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,400 level. It is near the 23.6% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low. The first major resistance is near the $3,420 level and the trend line. The next key resistance sits at $3,450, above which the price might test the 50% Fib retracement level of the downward move from the $3,654 swing high to the $3,324 low. The next key resistance is seen near the $3,520 level and the 100-hourly Simple Moving Average, above which Ether could gain bullish momentum. In the stated case, the price could rise toward the $3,650 barrier. Source: ETHUSD on TradingView.com If there is a move above the $3,650 resistance, Ethereum could even climb toward the $3,720 resistance. Any more gains might call for a test of $3,880. More Losses In ETH? If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,320 level. The first major support is near the $3,250 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,120. Any more losses might send the price toward the $3,040 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 – $3,320 Major Resistance Level – $3,420
Analysts’ optimism on the likelihood of Ethereum Spot Exchange-Traded Funds (ETFs) approval in May is constantly waning, as the once optimistic senior Bloomberg Intelligence analyst Eric Balchunas has lowered his prediction for the products being approved to a mere 25%. Ethereum Spot ETFs Odds Continues To Drop Eric Balchunas, who noted that his chances of […]
In a joint effort, Republican lawmakers led by House Financial Services Committee Chair Patrick McHenry and House Agriculture Committee Chair Glenn Thompson have called upon Securities and Exchange Commission (SEC) Chair Gary Gensler to provide further clarification on the agency’s stance regarding the custody of Ethereum (ETH) by Prometheum. The lawmakers, including Representatives French Hill, […]
A recent development highlights the ongoing interagency drama between the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC): the classification of major cryptocurrencies has become a focal point of contention. Once again, the CFTC has affirmed its position that Ethereum (ETH) and several other cryptocurrencies should be classified as commodities, […]
Ethereum price is attempting a fresh increase above the $3,500 zone. ETH must clear the $3,680 resistance to continue higher in the near term. Ethereum is gaining pace above the $3,500 support zone. The price is trading above $3,600 and the 100-hourly Simple Moving Average. There is a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it settles above the $3,680 resistance zone. Ethereum Price Eyes Steady Increase Ethereum price started a decent increase above the $3,550 resistance zone. ETH bulls were able to push the price in a positive zone above the $3,600 level, like Bitcoin. ETH climbed above the $3,650 resistance zone. A high was formed at $3,680 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high. Ethereum is now trading above $3,600 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,560 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com On the upside, immediate resistance is near the $3,680 level. The first major resistance is near the $3,720 level. The next key resistance sits at $3,750, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,880 level. If there is a move above the $3,880 resistance, Ethereum could even climb toward the $4,000 resistance. Any more gains might call for a test of $4,080. Are Dips Limited In ETH? If Ethereum fails to clear the $3,680 resistance, it could start another decline. Initial support on the downside is near the $3,600 level. The first major support is near the $3,580 zone and the trend line. The next key support could be the $3,500 zone or the 50% Fib retracement level of the upward move from the $3,301 swing low to the $3,680 high. A clear move below the $3,500 support might send the price toward $3,380. Any more losses might send the price toward the $3,120 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 – $3,600 Major Resistance Level – $3,680
Ethereum price is attempting a fresh increase wave above the $3,400 zone. ETH must clear the $3,580 resistance to continue higher in the near term. Ethereum is holding gains above the $3,250 support zone. The price is trading above $3,400 and the 100-hourly Simple Moving Average. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it settles above the $3,500 resistance zone. Ethereum Price Eyes Fresh Increase Ethereum price remained stable above the $3,250 support zone. ETH formed a base and started a fresh increase above the $3,350 resistance level, like Bitcoin. ETH climbed above the $3,400 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. There was a break above a key bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD. Ethereum is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,500 level. It is near the 76.4% Fib retracement level of the downward move from the $3,587 swing high to the $3,250 low. Source: ETHUSD on TradingView.com The first major resistance is near the $3,550 level. The next key resistance sits at $3,580, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,720 level. If there is a move above the $3,720 resistance, Ethereum could even climb toward the $3,880 resistance. Any more gains might call for a test of $4,000. Another Decline In ETH? If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,400 level. The first major support is near the $3,250 zone. The next key support could be the $3,060 zone. A clear move below the $3,060 support might send the price toward $3,000. Any more losses might send the price toward the $2,880 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 – $3,400 Major Resistance Level – $3,580
The legal battle between the United States Securities and Exchange Commission (SEC) and Ethereum (ETH) has transformed into an intriguing case within the entire cryptocurrency landscape, with several experts predicting possible outcomes regarding the dispute. Ripple CEO Warns US SEC’s Inevitable Defeat Against Ethereum As the battle wages on, the Chief Executive Officer (CEO) of […]
Ethereum price is attempting a recovery wave above the $3,500 zone. ETH must clear the $3,580 resistance to continue higher in the near term. Ethereum started a decent recovery wave above the $3,350 zone. The price is trading above $3,450 and the 100-hourly Simple Moving Average. There was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it settles above the $3,580 resistance zone. Ethereum Price Holds Support Ethereum price started a decent upward move above the $3,250 and $3,350 resistance levels, like Bitcoin. ETH even surpassed the $3,500 resistance to move into a positive zone. A high was formed at $3,587 and there was a minor pullback. The price declined below the $3,500 level and spiked below the 23.6% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. However, the bulls are active near $3,400. Recently, there was a break above a short-term bullish flag pattern with resistance at $3,480 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,500 and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com On the upside, immediate resistance is near the $3,550 level. The first major resistance is near the $3,580 level. The next key resistance sits at $3,670, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,800 level. If there is a move above the $3,800 resistance, Ethereum could even climb toward the $4,000 resistance. Any more gains might call for a test of $4,080. Another Decline In ETH? If Ethereum fails to clear the $3,580 resistance, it could start another decline. Initial support on the downside is near the $3,410 level. The first major support is near the $3,320 zone or the 50% Fib retracement level of the recovery wave from the $3,059 swing low to the $3,587 high. The next key support could be the $3,200 zone. A clear move below the $3,200 support might send the price toward $3,060. Any more losses might send the price toward the $3,000 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 – $3,400 Major Resistance Level – $3,580
Ethereum price started a recovery wave from the $3,050 zone. ETH is up over 10% and is now struggling to clear the $3,550 resistance zone. Ethereum started a decent recovery wave from the $3,050 zone. The price is trading above $3,350 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if it settles above the $3,550 resistance zone. Ethereum Price Starts Recovery Ethereum price extended its decline below the $3,350 and $3,200 levels, like Bitcoin. ETH even declined below the $3,150 support level before the bulls appeared. It tested the $3,050 zone. A low was formed at $3,059 and the price is moving higher. There was a strong recovery wave above the $3,350 resistance. The price cleared the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. There was also a break above a major bearish trend line with resistance at $3,400 on the hourly chart of ETH/USD. Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,520 level or the 76.4% Fib retracement level of the downward wave from the $3,675 swing high to the $3,059 low. The first major resistance is near the $3,550 level. The next key resistance sits at $3,675, above which the price might gain bullish momentum. Source: ETHUSD on TradingView.com In the stated case, Ether could rally toward the $3,820 level. If there is a move above the $3,820 resistance, Ethereum could even rise toward the $4,000 resistance. Any more gains might call for a test of $4,080. Another Decline In ETH? If Ethereum fails to clear the $3,550 resistance, it could start another decline. Initial support on the downside is near the $3,380 level. The first major support is near the $3,320 zone. The next key support could be the $3,220 zone. A clear move below the $3,220 support might send the price toward $3,150. Any more losses might send the price toward the $3,050 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 – $3,380 Major Resistance Level – $3,550