On-chain Highlights DEFINITION: The Estimated Leverage Ratio is defined as the ratio of the open interest in futures contracts and the balance of the corresponding exchange. Ethereum’s Futures Estimated Leverage Ratio has shown notable fluctuations over recent months. Beginning the year around 0.26, the leverage ratio experienced a steady climb, peaking at approximately 0.34 in […]
The post Ethereum leverage ratio peaks at 0.48 amid price surge, declines with downturn appeared first on CryptoSlate.
Funding rates in perpetual futures tied to TIA are most negative since January, indicating a bias for shorts or bearish bets.
The post Crypto Market at a Glance: Bitcoin Surges Above $59,000 & Ethereum Above $3,100, While Pepe Tumbles Down appeared first on Coinpedia Fintech News
The past weekend was pretty brutal, as the markets dropped heavily. The BTC price slumped below, dragging the ETH price close to $2,800. However, the trade appears to have flipped in bullish favour as the buying pressure is slowly increasing. It seems like the Mt. Gox & German terror have faded as Blackrock’s fresh accumulation …
Investors have piled into Bitcoin ETFs over the last three trading days, but it wasn’t enough to offset Germany’s BTC selling spree.
The United States Senate Committee on Armed Services recently recommended exploring Blockchain usage to enhance the country’s national security. The Committee issued a report directing the Department of Defense (DoD) to consider the emerging technology and test its potential applications within the defense sector. Related Reading: Crypto Investors Beware! Coinbase Phishing Scam Swipes $1.7 Million […]
In recent months, the correlation between surging US equities and Bitcoin (BTC) has shown signs of collapse, as the cryptocurrency faces a combination of excess supply and weakened demand that has led to an over 20% price drop from June highs above $70,000 for the largest cryptocurrency on the market. Bitcoin Correlation With Nasdaq 100 According to Bloomberg, the 90-day correlation coefficient between Bitcoin and the Nasdaq 100 index dropped to 0.21 on Tuesday, marking its lowest level since the beginning of May. This decline reflects a more than 50% drop in correlation over the past two months. Market experts attribute this decoupling to several “idiosyncratic” supply events affecting Bitcoin. Joshua Lim, co-founder of trading firm Arbelos Markets, explains that the cryptocurrency is grappling with the impact of spot sales from seized BTC held by the German and US governments experienced over the past month, as well as the distribution of funds from the defunct Bitcoin exchange Mt. Gox. Related Reading: Football Takeover? Solana-Based Token Skyrockets 350% Following Messi and Ronaldinho’s Promotion As reported by NewsBTC, Bitcoin’s decline since its March all-time high of $73,700 has been accelerated by the recent process initiated by Mt. Gox’s administrators to return approximately $9 billion worth of tokens to creditors. In addition, German authorities sold more than half of the 50,000 BTC seized from a pirate website in January, adding to the ongoing selling pressure seen last month. Manuel Villegas, research analyst at Julius Baer, highlights the looming supply overhang as the primary factor impacting market confidence. Villegas stated: Excess token supply is expected to reach centralized exchanges in the next few days, likely putting pressure on prices. The looming supply overhang has been the main factor affecting confidence. Miner Capitulation And Falling Profits In addition to these challenges affecting BTC’s price, Bitcoin miners face pressure to sell tokens due to declining profitability. These miners, responsible for powering the Bitcoin blockchain, are dealing with the financial fallout from April’s Halving event, which reduced the number of new tokens they receive for their mining activities. In response, some miners sell some of their BTC holding inventory to offset their fiat-based operating costs. Data from crypto analytics firm CryptoQuant shows that miner capitulation mirrors December 2022 levels with a 7.7% hashrate drop, similar to post-FTX collapse conditions. Related Reading: Solana Mirroring 2021 Bullish Pattern, Crypto Analyst Reveals According to estimates made by Bloomberg, the average all-in cost of production for miners is approximately $54,500. When prices fall significantly below this threshold, miners may need to liquidate some token holdings to cover operational expenses. Ultimately, the combination of supply overhang from seized coins, the Mt. Gox distribution, and miners’ selling pressure has increased uncertainty for investors, further affecting BTC’s price recovery. At the time of writing, BTC has managed to recover the $57,850 level, surging over 2% in the past 24 hours. Featured image from DALL-E, chart from TradingView.com
The post Ripple (XRP) Price To Hit $0.56 As Market Crash Bottoms Out? appeared first on Coinpedia Fintech News
The cryptocurrency market has displayed a bullish price action for the second straight day, indicating an increase in the buying-over-selling pressure. Further, the market leader, Bitcoin price has jumped over 3% with a 24-hour high of $59,416.96. Following this, Ripple’s XRP price has displayed a similar price trend by adding 8.64% to its portfolio over …
The post Bitwise Faces $2M Lawsuit : Executives Accused of Defrauding Investors appeared first on Coinpedia Fintech News
Bitwise Asset Management is facing a lawsuit from Vandelay Industries, representing the Mukamal family, which has accused Bitwise and its top executives of fraud, negligence, and executing a “pump and dump” scheme that resulted in significant financial losses for investors and seeks $2 million in damages. Bitwise Executives’ Alleged Misrepresentation In early 2018, Mukamal’s family …
Italy’s central bank will soon share how the country should apply the EU’s MiCA crypto laws, with its governor slamming Bitcoin and Ethereum as “unbacked” cryptocurrencies.
The post Bitcoin Price Climbs Above $59k: Institutional Activity And ETF Inflows Hint At Trend Reversal appeared first on Coinpedia Fintech News
The current Bitcoin market is showing signs of potential movement, as recent price action confirms a bullish divergence. Meanwhile, the German government continues to offload Bitcoin into the market, while notable entities like Black Rock are actively accumulating new Bitcoin holdings. According to analyst Josh of Crypto World, Bitcoin charts have shown minimal changes recently …
The post Bitcoin’s Critical Moment: Will July 10th-11th Propel BTC Price to $67K or Crash to $48K? appeared first on Coinpedia Fintech News
Bitcoin’s (BTC) price has rebounded from the recent selloff in the past three days. During the early European session, the flagship coin pumped more than 3 percent in the past 24 hours to hover around $59,200 on Wednesday. As a result, the altcoin industry registered similar gains led by Avalanche (AVAX), Cardano (ADA), and Polkadot. …
Bitwise’s chief compliance officer Katherine Dowling says “fewer and fewer” issues in the S-1 filings are being pushed back and forth between the SEC and prospective ETF issuers.
The post Binance vs SEC Update: Key Deadline Set for July 29 by Judge Amy Berman Jackson appeared first on Coinpedia Fintech News
The legal saga between the U.S. SEC vs Binance Holdings Limited began when the SEC filed a lawsuit on June 5, 2023, in the District Court for the District of Columbia. The case, overseen by Judge Amy Berman Jackson and referred to Magistrate Judge Zia M. Faruqui, accuses Binance of violations under the Securities Exchange …
In a recent episode of Crypto Banter’s “The Sniper Trading Show,” the analyst dissected Bitcoin, discussing various hurdles and approaches to handle trading through these challenges. With Bitcoin currently teetering around the $57,403 mark, up by 2.4% in the past 24 hours yet still down 21.9% from its March peak, the market sentiment is cautiously tinged. This cautious stance is echoed by the Crypto Fear and Greed Index, which the analyst shows stands at a wary 28, indicating that buyers are getting “cold feet”—a sentiment that historically signals buying opportunities though with a careful approach. The analyst reminded the viewers to keep an eye on longer time frames, drawing from a consistent bullish stance on Bitcoin since its $10,000 valuation in 2020. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? Is Bitcoin Setting a Trap? The analyst pointed to critical resistance levels at $65,000 and $70,000, cautioning that the market could see a bounce back or bull traps set to liquidate over-leveraged positions. Throughout the conversation, the analyst then discussed Bitcoin’s current struggle to maintain support above a very important range of $60k-$61k recently– one that proved strong as support has now become a formidable resistance. According to the analyst, this inability to break through this price range, now seen as resistance, suggests a changing market structure where previous supports become resistant, potentially stalling further price ascents. The analyst discussed the possibility of Bitcoin entering a range or getting ensnared in a trap that could precipitate a flurry of liquidations, emphasizing the need for traders to be versatile and prepared for sudden market movements. Outlook On Altcoin Adding to the mix, the analyst identified that the small dip in market dominance for Bitcoin hints at a possible uplift for altcoins should the broader market sentiment pivot to bullish. He emphasized that this gradual change might indicate a potential upside for altcoins, consistent with prior times when Bitcoin dominance started to fall before any uptrend amongst the alternative cryptocurrencies. Meanwhile, recent technical analyses from prominent Analyst Ali reveal Bitcoin is inside a parallel channel on higher time frames, and TD Sequential has just presented with a buy signal hinting at a possible short-term rebound to around $58,300. Related Reading: Legendary Trader Peter Brandt Says Bitcoin Could Crash To $44,000, Here’s Why In contrast, CryptoQuant CEO Ki Young Ju offered a more subdued viewpoint toward the ongoing miner capitulation, suggesting that the market might lack excitement for the next few months. He advised maintaining a long-term bullish outlook but cautioned against taking excessive risks during this period. The market is absorbing all #Bitcoin sales nicely. Demand is strong. — Samson Mow (@Excellion) July 9, 2024 Featured image created with DALL-E, Chart from TradingView
As inflation rips through Argentina’s economy, the nation appears to be turning its gaze toward cryptocurrencies as a financial haven. Particularly, with inflation soaring to as high as 276% per year, according to a report, Argentina is now witnessing a massive turn in the monetary strategy as citizens chase after stability, even if it comes […]
AVAX price is gaining pace above the $26.50 resistance. Avalanche could rise further if there is a clear move above the $27.75 resistance zone. AVAX price is moving higher from the $24.70 support zone against the US dollar. The price is trading above $26.50 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair (data source from Kraken). The pair could continue to rise if it stays above the $26.00 and $25.50 support levels. AVAX Price Aims Higher After a steady decline, Avalanche’s AVAX found support near the $22.00 zone. A support base was formed above $22.00, and the price started a fresh increase, like Bitcoin and Ethereum. The price gained over 7% and broke many hurdles near $25.00. There was a break above a key bearish trend line with resistance at $26.50 on the hourly chart of the AVAX/USD pair. It cleared the 76.4% Fib retracement level of the downward move from the $27.17 swing high to the $24.72 low. The pair even cleared the $27.00 resistance to move into a positive zone. AVAX price is now trading above $26.50 and the 100-hourly simple moving average. On the upside, an immediate resistance is near $27.75. The next major resistance is forming near the $28.70 zone or the 1.618 Fib extension level of the downward move from the $27.17 swing high to the $24.72 low. If there is an upside break above the $28.70 level, the price could accelerate higher. In the stated case, the price could rise steadily toward the $30.00 level or even $32.00. Dips Supported in Avalanche? If AVAX price fails to continue higher above the $27.75 or $28.70 levels, it could start a downside correction. Immediate support on the downside is near the $26.50 level. The main support is near the $26.00 zone and the 100 simple moving average (4 hours). A downside break below the $26.00 level could open the doors for a drop toward $24.70. The next major support is near the $22.50 level. Technical Indicators Hourly MACD – The MACD for AVAX/USD is gaining momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for AVAX/USD is now above the 50 level. Major Support Levels – $26.50 and $26.00. Major Resistance Levels – $27.75 and $27.70.
The post Bitcoin’s Price Volatility Signals Potential Bull Run by Q3: Key Metrics Explained appeared first on Coinpedia Fintech News
Bitcoin’s recent price volatility, dipping to $53,500 amid significant sell-offs by the German government and Mt. Gox creditors, has sparked investor attention. Despite this, the price has rebounded to $57,500, indicating resilience in on-chain metrics. Major US institutions like BlackRock and Fidelity are buying Bitcoin ETFs despite the price drop. However, one analysis reveals that …
The post German Government’s Bitcoin Activity appeared first on Coinpedia Fintech News
In the past 24 hours, the German government’s Bitcoin wallet has been notably active, transferring out 6,307 BTC ($362.1M) and receiving 2,810 BTC ($161.6M). This suggests a net sale of 3,497 BTC ($200.5M), reducing their current holdings to 23,964 BTC ($1.38B). From June 19 to July 5: The German, US, and Mt. Gox wallets collectively …
The post Polychain Accuses Former Employee Of Secret Deal With Eclipse Labs appeared first on Coinpedia Fintech News
Polychain has accused a former employee, Niraj Pant of making a secret deal with portfolio company Eclipse Labs that broke the fund’s policies. The former CEO of Eclipse Labs had allocated Pant 5% of a forthcoming Eclipse crypto token in September 2022, just days after Pant directed Polychain to lead the company’s $6 million pre-seed …
The post US House Unlikely To Overturn Biden’s Veto On SAB 121 appeared first on Coinpedia Fintech News
While there were reports earlier that the US House could vote to overturn Biden’s veto on SAS 121 regulatory oversight, there seems to be a turnaround just ahead of the voting on July 10th. It was reported that the resolution to repeal the SAB 121 wouldn’t get enough votes for a two-thirds majority in the …
The dog-themed meme coin, Bonk Inu (BONK), has seen a significant price increase over the past 24 hours, reaching a one-month high of $0.00002698. The meme coin’s price jumped 10%, coinciding with the broader market rally, resulting in Bonk Inu becoming the largest meme coin by market capitalization in the Solana ecosystem, surpassing Dogwifhat (WIF). Bonk Inu Surges Ahead Of Competitors According to CoinGecko data, the recent surge propelled Bonk Inu’s market capitalization to $1.735 billion, surpassing WIF’s market cap of $1.69 billion. This places BONK in the 52nd spot among the largest cryptocurrencies in the market, trailing behind Optimism (OP) and Sui (SUI). Related Reading: Bitcoin Crash: Here’s What The Data Says About Buying The Dip However, in the top 100, Bonk Inu still lags behind larger meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepecoin (PEPE), which have market caps of $15 billion, $9 billion, and $3 billion, respectively. Despite this, Bonk Inu has outperformed these tokens in price action, as the trio recorded significant losses of 13%, 5%, and 20%, respectively, over the past week, while BONK has surged by 3% during the same time frame. Token Burn Proposal The recent surge in Bonk Inu’s price comes after an announcement from the coin’s decentralized autonomous organization (DAO). The BONK DAO revealed on Monday that it had received a proposal to burn approximately 84 billion BONK tokens from its Treasury, representing the Q2 amount of BONK sent to the DAO from BONKBot, which is currently being voted on by the community. Burning tokens is a common practice employed by crypto projects such as Shiba Inu to control inflation and overall token supply. By reducing the supply of tokens, the aim is to increase the value of the remaining coins and create a healthier ecosystem. In the long run, burning tokens tend to support an asset’s price, making it a positive move, which may be one of the catalysts behind the recent surge in Bonk Inu’s token price observed over the past week. Whale Accumulation In addition to these positive developments, Bonk Inu has caught the attention of large investors, commonly referred to as whales. A report from smart money tracker FishTheWhales reveals that there have been five alerts of whale accumulation and buyouts in the past week alone, with a 24-hour trading volume reaching $150 million. Furthermore, crypto analyst Crypto Bull has identified an inverse head and shoulders pattern in Bonk Inu’s daily chart, indicating a potential continuation of the current price recovery. The analyst suggests that BONK is the most “obvious” coin to experience a pump from its current position, with expectations for other meme coins to follow suit. Related Reading: Bitcoin Trending Below Crucial Support: Do BTC Bulls Have What It Takes? While the token is undergoing a minor correction from its trading price of $0.00002610, it remains positioned to retest its next significant resistance level at $0.00002885. This level is crucial for the meme coin’s prospects of regaining momentum and potentially revisiting its all-time high of $0.00004547, achieved in March. Featured image from DALL-E, chart from TradingView.com
The post Bitcoin ETF Inflows Signal Potential Bull Run Above $60,000 appeared first on Coinpedia Fintech News
On July 9, 2024, Bitcoin ETFs saw a significant net inflow of $216 million, marking the third consecutive day of positive gains. Leading the charge was BlackRock’s IBIT with a $121 million boost, while Grayscale’s GBTC experienced a $37.5 million outflow. Despite last week’s 10.92% correction, Bitcoin has rebounded with a 5.91% jump over three …
XRP price is consolidating above the $0.420 support zone. The price could gain bullish momentum if there is a move above the $0.440 and $0.4450 resistance levels. XRP price is attempting a recovery wave above the $0.4220 zone. The price is now trading above $0.430 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair might start a decent upward move if it clears the $0.440 and $0.450 resistance levels. XRP Price Aims Higher XRP price formed a base above the $0.4050 level and recently started a recovery wave, like Bitcoin and Ethereum. The price was able to climb above the $0.420 and $0.4250 resistance levels. The bulls were able to push the price above the 61.8% Fib retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. However, the bears seem to be active near the $0.4380 and $0.440 levels. There is also a short-term contracting triangle forming with resistance at $0.4370 on the hourly chart of the XRP/USD pair. The pair is now trading above $0.4270 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $0.4370 level. The first major resistance is near the $0.4400 level or the 76.4% Fib retracement level of the downward move from the $0.4500 swing high to the $0.4035 low. The next key resistance could be $0.450. A clear move above the $0.450 resistance might send the price toward the $0.4720 resistance. The next major resistance is near the $0.480 level. Any more gains might send the price toward the $0.4880 resistance. Another Drop? If XRP fails to clear the $0.440 resistance zone, it could start another decline. Initial support on the downside is near the $0.4320 level. The next major support is at $0.420. If there is a downside break and a close below the $0.420 level, the price might continue to decline toward the $0.4050 support in the near term. Technical Indicators Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. Major Support Levels – $0.4200 and $0.4050. Major Resistance Levels – $0.4400 and $0.4500.
The post Uniswap Labs Urges SEC to Refrain From Adopting Proposed Amendments appeared first on Coinpedia Fintech News
Uniswap Labs, the developer behind the Uniswap Decentralised Exchange, has urged the SEC to drop its proposal to rule over Defi, citing a recent Supreme Court decision claiming that the proposed changes would intrude the SEC’s authority over the DeFi platforms and are likely to be rejected by the Supreme Court. Uniswap Cites Supreme Court …
Celebrity endorsements in crypto can significantly impact token prices but also raise concerns about potential pump-and-dump schemes and credibility issues.
The post Ronaldinho shills Solana-based meme coin on Instagram appeared first on Crypto Briefing.
The post Bitcoin ETFs Record $438M Inflows Despite Bitcoin’s Dip appeared first on Coinpedia Fintech News
The Bitcoin ETFs recorded nearly $300 million in inflows on a single Monday, marking the highest buying activity since June when Bitcoin was trading above $70,000. As reported by Bloomberg, over $438 million has been poured into US ETFs in just two days. BlackRock’s IBIT ETF was the top performer with nearly $180 million in …
The post Andrew Tate’s DADDY Now Accepted For Bookings on Travala appeared first on Coinpedia Fintech News
Recently, Tate shared a short video on social media where he revealed his plans to tour the world. Now, in an X Tate posted, “To prepare for the $Daddy world tour you can now purchase car rentals, flights, and hotels directly in $Daddy on Travala”. Travala is a booking service built on Binance’s BNB Smart …
Data shows that ‘paper’ Bitcoin has observed a notable surge recently while the cryptocurrency’s spot price has plunged down. Paper Bitcoin Has Been Rising While Spot BTC Has Stayed Stale In a new thread on X, analyst Willy Woo has talked about the state of the Bitcoin market. BTC has been seeing a bearish trend […]
Bitcoin is preparing itself for a substantial bull run in the years ahead. One of the latest price trend models predicts significant gains by late 2025 from an analysis rooted in ‘power law,’ a statistical method that has historically proven to be a solid support band for Bitcoin’s value. Revisiting the theory, an engineer named Apsk32 on X has shared an update on Bitcoin price action. Based on his analysis, despite a notable 25% price drop from March’s peak, the potential for a substantial rally looms, anticipating up to 300% gains by the end of 2025. The optimism is built on the fact that cycle patterning has been a theme in Bitcoin’s past, indicating that we are just months away from a forming and observable move higher. Related Reading: Bitcoin Nears Bottom? QCP Analysts Spot Signs of Capitulation as Prices Tumble Below $59K Examining the Predictive Power of the Power-law The power law isn’t just a mathematical abstraction; it’s a practical tool that reliably indicates where Bitcoin’s price might find its footing. According to Apsk32, this metric provides a lower support band that has held strong since Bitcoin’s early days when it was valued merely at a dollar. The same model forecasts a rise to $1 million by 2036, assuming the trend continues. Further analysis by Apsk32 shows that Bitcoin’s journey follows a four-year cycle, a pattern that has seen it rebound from periodic lows to new highs. This cycle is currently in a phase that typically precedes significant growth, as detailed in Apsk32’s analysis. The application of this model today considers various market factors, including recent regulatory changes and shifts in investment strategies, such as the arrival of ETFs. These elements have recently nudged Bitcoin’s price out of its typical range, but if history is any guide, a correction toward growth is likely on the horizon, according to Apsk32. The engineer referred to the Power Law Fractal Cloud, a conceptual tool that predicts price movements within specific bands. The ETFs pushed us out of the cloud and now we’re reverting back. We’re 3+ months away from upwards acceleration and we could see prices go up 4x by the end of 2025. Bitcoin Market Performance Meanwhile, Bitcoin has managed to reclaim its $57k mark and is now stabilizing above it. This follows the asset’s notable drop from last week, which brought the asset to trade as low as $53k on Friday following the German government selling some BTC holdings worth millions of dollars. Bitcoin trades for $57,646 at the time of writing, up by 2.6% in the past 24 hours. Samson Mow, the former Chief Strategy Officer at Blockstream and CEO of Jan3 – a Bitcoin-centric company, has recently expressed his faith concerning the demand for Bitcoin, which would not succumb to heavy market sell-offs. Related Reading: Bitcoin MVRV Ratio At Make-Or-Break Test: Will Support Hold? Mow added that while the big players are selling — the German government and Mt. Gox transactions–their sales have been absorbed by the market with consistently strong Bitcoin demand support thus far. The market is absorbing all #Bitcoin sales nicely. Demand is strong. — Samson Mow (@Excellion) July 9, 2024 Featured image created with DALL-E, Chart from TradingView
Ethereum price seems to be aiming for a decent recovery. ETH could gain bullish momentum if there is a clear move above the $3,110 resistance. Ethereum is slowly moving higher above the $3,000 level. The price is trading above $3,000 and the 100-hourly Simple Moving Average. There is a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a close above the $3,110 resistance. Ethereum Price Eyes Steady Recovery Ethereum price remained stable above the $2,880 support zone. ETH started a decent upward move and climbed above the $2,950 resistance, like Bitcoin. The price even cleared the $3,050 resistance before the bears emerged. The pair tested the $3,120 resistance zone. A high was formed at $3,110 and the price is now consolidating gains. There was a minor decline below $3,080. The price declined below the 23.6% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. Ethereum is now trading above $3,000 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $3,080 level. There is also a short-term declining channel or a bullish flag forming with resistance near $3,080 on the hourly chart of ETH/USD. The first major resistance is near the $3,110 level. The next major hurdle is near the $3,150 level. A close above the $3,150 level might send Ether toward the $3,220 resistance. The next key resistance is near $3,320. An upside break above the $3,320 resistance might send the price higher toward the $3,500 resistance zone. Another Decline In ETH? If Ethereum fails to clear the $3,110 resistance, it could start another decline. Initial support on the downside is near $3,020. The first major support sits near the $2,975 zone and the 61.8% Fib retracement level of the upward move from the $2,895 swing low to the $3,110 high. A clear move below the $2,975 support might push the price toward $2,920. Any more losses might send the price toward the $2,820 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 zone. Major Support Level – $2,975 Major Resistance Level – $3,110