Over some days, the price of Ethereum has been in a consolidation zone, moving between $3,949 and $3,627. This is a result of the rally that happened a few days ago which led to the crypto asset’s price making over 10% movement on the upside. When prices are consolidating, it can only be considered that it is building momentum to either break above the consolidation zone or below it. At this point, we cannot tell the next action the price will take. In this article, we will see the possible outcome if there is a break out from the consolidation. As of the time of writing, the price of ETH was up by 0.66%, trading around $3,752 above the 100-day Simple Moving Average (SMA) in the last 24 hours. Ethereum On The 4-Hour Chart Looking at Ethereum’s chart on the 4-hour timeframe, it can observed that the price is trading above the 100-day moving average, suggesting ETH’s price is on a bullish trend and could break above the consolidation zone. Also, with the help of the MACD indicator, although the MACD histograms are trending below the MACD zero line, these are already showing signs of weakness as the histogram color is becoming faint. The MACD line and the MACD signal line are also seen moving toward the MACD zero line but as long as they are still above the zero line, there could be a possible reverser. With this MACD formation, it could be suggested that the price of Ethereum is still bullish and there is a possibility it could break above the consolidation zone Finally, using the Relative Strength Index (RSI) also to analyze the price action in the 4-hour timeframe, it can be seen that the RSI line is attempting to back up after failing to cross below the 50 lines, suggesting that the price is still bullish. Possible Outcomes If There Is A Breakout In Either Direction Conclusively, if there is a break out above the consolidation zone, the price of ETH might continue to move upward toward the $4,094 resistance level. Should the price surpass this resistance level, it might move further upward to create a new high for the year. On the contrary, if Ethereum breaks below the consolidation zone, the price might begin to move toward the $3,263 support level. A breakout below this level might cause a continuous downward movement toward the $2,864.04 support level. Featured image from iStock, chart from Tradingview.com
The long-drawn legal battle between Coinbase and the US Securities and Exchange Commission (SEC) continues to provide more twists and turns in what may be a pivotal case in crypto regulatory history. In a recent development, the American crypto exchange has now filed a response to the commission’s petition against an initial motion for an […]
Crypto analyst Javon Marks has laid out a bullish narrative for Terra Classic (LUNC). Based on his analysis, the crypto token could eventually see a 13x increase from its current price levels. The analyst alluded to LUNC’s historical pattern as what could drive such parabolic price surge. Related Reading: XRP Declares War On Uncertainty: Analyst Predicts Breakout Fueled By Regulation How LUNC’s Price Could Jump By 1,300% Marks mentioned in an X (formerly Twitter) post that LUNC has confirmed a “major bullish pattern,” signaling a continuation of its bullish run to the first price target at $0.00058046. He noted that this move of over 400% was likely to be attained with the crypto token holding above levels that it had earlier broken out from. The crypto analyst then raised the possibility of LUNC making a 1,300% move instead. He claimed that LUNC’s previous breakout and run pattern suggests that three targets could be broken above, meaning that the crypto token rising to the price target of $0.00139122 from here is “possible.” Marks has remained bullish on LUNC for a while now and has suggested that LUNC’s parabolic rally is a question of when and not if. However, he has failed to provide any specific timeframe for when this move will likely occur. LUNC’s fundamentals are also expected to contribute to this upward trend and push its price to such heights. One way that is likely to happen is through the LUNC’s burns, which are carried out regularly. The Terra community has burnt over 113 billion LUNC tokens since the burning initiative came into place following Terra LUNA’s crash in 2022. This has helped reduce the crypto tokens’s circulating supply and could be significant as demand for the token picks up. It is worth noting that LUNC is well below its all-time high of $119. However, this suggests that the crypto token has enough room to move significantly to the upside. Recent Developments In The Terra Classic Ecosystem Genuine Labs, a Terra Classic developer group, recently announced that the latest version of SDK 47 was ready. The proposed upgrade is expected to be put up for governance voting. The upgrade will introduce significant changes to the Terra network, including a fix to the dyncomm decorator. Furthermore, the upgrade will handle peer-to-peer (p2p) storms on the network and add new features to the Terrad client, which connects developers to the Terra blockchain. It is uncertain when the proposal will go live, but it should be soon enough. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Meanwhile, the Terra community also recently passed a proposal to make Allnodes an official organization for the community. Allnodes will be the official source for information regarding the circulating supply of LUNC, USTC, and other native tokens. At the time of writing, LUNC is trading at around $0.0001151, up over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Space.com, chart from TradingView
Following the Bitcoin halving in April, analysts and investors remain on the edge of their seats in anticipation of a major price breakout by the maiden cryptocurrency. While Bitcoin did rise to $71,443 in the past week, the token soon suffered a retracement falling as low as $66,936. Interestingly, renowned analyst with X handle Rekt Capital has provided an interesting insight into this recent price movement and also predicted the period BTC may finally embark on a highly-anticipated bullish run. Related Reading: Bitcoin Price Enters Make Or Break Zone: Analyst Reveals Important Levels To Watch Bitcoin To Consolidate For A Long Time – Analyst In a series of X posts on May 24, Rekt Capital noted that after the halving event, Bitcoin entered the “post-halving danger zone”, a period during which the token lost about 11% of its value. Following this phase, the most-priced cryptocurrency attempted a breakout which encountered a rejection at the range high zone ($71,500) of the macro re-accumulation range. #BTC Since the Bitcoin Post-Halving “Danger Zone” ended, Bitcoin broke out to $71500 However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from The consolidation continues and history suggest it will… https://t.co/YjZzimnFj9 pic.twitter.com/JGji7ZYOSe — Rekt Capital (@rektcapital) May 24, 2024 For context, this range represents a long-term consolidation phase where Bitcoin accumulates value before potentially breaking out to new highs. Rekt Capital states that Bitcoin being rejected at the $71,500 price region is quite expected as BTC never breaks through the high side of the re-accumulation range on the first attempt after halving. Based on historical price data, Rekt Capital anticipates Bitcoin will now remain in consolidation for multiple weeks until 160 days after halving before finally experiencing its major price breakout in September. During this time, the premier cryptocurrency is expected to trade between $60,000 and $70,000 which will result in variations in the portfolio valuation for long-term investors. However, this price consolidation can also present opportunities for these investors to buy Bitcoin near the lower boundary of the range thus consistently accumulating at relatively stable prices. Meanwhile, short-term traders such as swing traders or day traders are likely to capitalize on these expected price fluctuations between an established support and resistance which could result in significant profit. Related Reading: Bitcoin Bulls Gain Breathing Room As Long-Term Holder Activity Eases – Glassnode BTC Price Overview Bitcoin is currently trading at $68,720, marking a 2.27% gain in the last day, a 2.31% gain over the past week, and a 6.90% increase in the last month. Despite these gains, its daily trading volume has dropped by 45.68%, now valued at $24 billion. BTC is also 6.94% below its all-time high of $73,750. The recent price rise amid declining trading volume suggests cautious investor sentiment, with Bitcoin consolidating within a narrow range as the crypto market leader once again approaches significant resistance levels. Featured image from The Economic Times, chart from Tradingview
The post Core(CORECHAIN ) Price Analysis: Can The Renwed Buyer Interest Hold The Price Above $1.9? appeared first on Coinpedia Fintech News
CORE, today up by 22.4% with a trading volume surge to 174.5 million (106 %). This is clearly after the Coinbase exchange announced the inclusion of listing CORE in its roadmap. Corechain is an EVM Compatible layer 1 blockchain, that supports Ethereum smart contract execution and development of DApps on its own. CORE Finds Bullish …
Due to legal constraints, UK-based users still have restricted access to the Bitcoin white paper on the Bitcoin.org website.
Following rumors of a potential Ethereum spot exchange-traded fund (ETF) approval, the Bitcoin price made a run at its current all-time high of $73,737. While the momentum was not sufficient to push the premier cryptocurrency to a new record price, BTC still managed to cross the $70,000 level for the first time in over a […]
In a week marked by consolidation across the cryptocurrency market, the native token of Uniswap, UNI, has defied the trend, surging over 15%, and surpassing the $10 mark. This bullish run comes amid positive developments within the Ethereum ecosystem and Uniswap’s ongoing legal battle with the US Securities and Exchange Commission (SEC). Related Reading: Tiny Pepe, Big Dreams: Memecoin Explodes, Eyes Dominance In The Dog House Riding The Ethereum Wave Beyond the legal battle, the current momentum within the Ethereum ecosystem is also propelling UNI’s price upwards. On-chain data reveals significant whale withdrawals from crypto exchanges following news of a potential spot Ethereum ETF. Another fresh wallet withdrew 213,166 UNI($1.96M) from #Binance just now.https://t.co/u15CE864hm pic.twitter.com/kyOBv0TB5G — Lookonchain (@lookonchain) May 24, 2024 This flight to safety, coupled with the overall bullish sentiment surrounding Ethereum, is creating a ripple effect that benefits UNI, a key player within the Ethereum DeFi landscape. From a technical standpoint, UNI’s breakout from a monthly consolidation phase paints a promising picture. Both technical indicators and on-chain data suggest a potential 25% price increase for UNI. The token’s recent surge indicates a potential bull run, with analysts eyeing a price target of $12.80 if the current momentum continues. Adding fuel to the fire is Santiment’s Age Consumed index, which measures the movement of dormant tokens. Spikes in this index often precede price rallies, and the latest uptick by the latter part of April seems to have foreshadowed UNI’s current uptrend. This on-chain metric reinforces the bullish outlook for UNI, suggesting that investors are awakening to its potential. Short Sellers Get Burned As Bulls Take Charge The recent price rally has also been accompanied by a significant rise in trading activity. Data from Coinalyze reveals over $1 million in Uniswap liquidations in the last day. The majority of these liquidations (over $750,000) were short positions, indicating that traders betting against UNI are feeling the heat. This surge in open interest, with more traders going long on UNI, further strengthens the bullish control over the token’s price. Uniswap Takes A Stand Against The SEC This display of defiance has instilled confidence among investors, who view it as a positive sign for Uniswap’s future. The popular decentralized exchange (DEX) recently received a Wells notice from the regulatory body, alleging that UNI is a security. However, Uniswap has vowed to challenge this claim, asserting that the SEC’s case is weak. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree The SEC case against Uniswap remains unresolved, and a negative outcome could dampen investor sentiment. A broader market correction could still impact UNI’s price. Featured image from Wallpapers, chart from TradingView
Bitcoin's price dropped 15% after spot Bitcoin ETFs started trading, but traders aren't so sure that Ether's price will react the same way.
The post Crypto Trader Crowns ONDO the RWA King, Forecasts Price Target of $2.35 appeared first on Coinpedia Fintech News
Following the SEC’s approval of eight Ethereum spot ETFs, the leading RWA crypto project ONDO experienced a significant price surge. Before the announcement, ONDO was trading at $0.92. However, within 24 hours of the news, the token saw a remarkable increase of 13.26%, surpassing the crucial psychological threshold of $1 and reaching $1.22. Meanwhile, renowned …
Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.
The floodgates have opened for Bitcoin in the US, with spot Bitcoin exchange-traded funds (ETFs) experiencing a record-breaking eight days of consecutive net inflows. This surge in investor appetite, totaling more than $150 million on a single day, signifies a new era for cryptocurrency accessibility and traditional market acceptance. Related Reading: Crypto Bounces Back, But […]
The post Will Pepecoin (PEPE) Price Yield A 10x-15x Rally in 2024? appeared first on Coinpedia Fintech News
With a massive jump 65% jump this week, the PEPE price action showcases increased momentum and buying pressure. Further, as the broader market recovers with Bitcoin near $69K and Ethereum ETFs approval, the bull run chances are improving for the meme coins. With the increasing demand for cryptocurrencies, will the meme coins explode this year? …
The post Chainlink (LINK), Bitcoin Cash (BCH), and Litecoin (LTC) Are Likely To Be The Next Crypto ETFs! appeared first on Coinpedia Fintech News
With the approval of the BTC and ETH ETFs, the crypto market is set to witness more ETFs and will be focused on large-cap altcoins. However, the SEC will not approve ETFs for coins they have previously demanded to be securities in complaints. This makes the LINK, BCH, and LTC tokens the only large-cap cryptocurrencies …
The post Ethereum Price Prediction: How High Can ETH Price Rally in 2024 With ETF Approval appeared first on Coinpedia Fintech News
In a landmark move for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) has approved the listing of spot Ethereum ETFs on major exchanges such as NASDAQ and NYSE. This decision, lauded as a significant step forward, positions Ethereum as the “digital oil” in the crypto landscape, akin to Bitcoin’s status as “digital …
While Bitcoin is often marketed as "digital gold," Ethereum hasn't quite found its simple elevator pitch yet, according to crypto analysts.
The post XRP ETF and Solana ETF Likely by 2025: Predicts Standard Chartered’s Geoffrey Kendrick appeared first on Coinpedia Fintech News
Geoffrey Kendrick, the Head of Forex and Digital Assets Research at Standard Chartered Bank, recently said that he believes cryptocurrency ETFs for coins such as Solana and XRP could be approved by 2025. XRP ETFs likely by 2025 The recent approval of Ethereum spot ETFs by the SEC could signal a major shift in the …
The post SEC vs Terraform Labs: Montenegro Appeals Court Halts Do Kwon’s Extradition for Retrial appeared first on Coinpedia Fintech News
The Montenegro Appeals Court has halted Do Kwon’s extradition to South Korea, calling for a retrial in the initial court. This move contradicts the previous High Court ruling. Interestingly, this decision follows a meeting between Montenegro’s Justice Minister and the SEC’s Director of Enforcement, raising questions about potential influences on the legal proceedings. Do Kwon’s …
The post Delaware Court Revives BitGo’s $100M Lawsuit Against Galaxy Digital appeared first on Coinpedia Fintech News
Delaware’s Supreme Court reversed the dismissal by a lower court of BitGo’s $100 million lawsuit against Galaxy Digital over a failed $1.2 billion merger. The May 22 ruling found the language of the merger agreement to be “ambiguous,” allowing BitGo to pursue the case. BitGo alleges that Galaxy intentionally breached the acquisition agreement by terminating …
The post Bitcoin to Outperform Nvidia, Say Analysts appeared first on Coinpedia Fintech News
According to crypto executives, Nvidia’s (NVDA) last decade of outperforming Bitcoin (BTC) will not be repeated. Swan Bitcoin CEO Cory Klippsten and strategist Lyn Alden are inclined towards Bitcoin for the upcoming ten years. Nvidia returned 21,558% from May 2014 to May 2024, whereas Bitcoin did 13,048%. Additionally, Bitcoin outspaced Nvidia, profiting 31.7% vs. 30.2% …
The post Elon Musk: AI to Transform Jobs into Hobbies appeared first on Coinpedia Fintech News
Elon Musk envisions a future where AI will transform human life and employment. At the VivaTech conference, he predicted that AI will make human employment optional, as robots can provide all the necessary goods and services. Although there is a fear of job loss due to AI, Musk is hopeful of a utopian society where …
The post Why Ethereum ETFs Could Spark the Next Major Altcoin Season? appeared first on Coinpedia Fintech News
News of the U.S. SEC’s approval of Ethereum ETFs set off ripples in the crypto community. At the same time, some famous crypto traders and analysts, including Ash Crypto, Sajad, and Virtual Bacon, shared their opinions regarding the implications of such a move for the wider altcoin market. Why ETH Spot ETF Approval Is Bigger …
The post Spot ETFs and Beyond: Why Ethereum is the Next Big Thing for Institutions appeared first on Coinpedia Fintech News
The recent approval of spot ETFs for Ethereum by the U.S. SEC has catalyzed a change in sentiment, setting up ETH as a potential candidate for institutional adoption. What will follow will be the doors opening to significant institutional investment in cryptocurrency, marking a vital milestone. Lindy Effect and Network Effects Ethereum is an almost …
On Wednesday, a Texas federal court judge ruled in favor of the US Securities and Exchange Commission (SEC) in the case against crypto influencer Ian Balina. The case is part of the Sparkster saga that started in 2018. Related Reading: Crypto Investment Fund Exec Sentenced To 3 Years For $55 Million Scheme The Case Against […]
The post Why Are Traders Heading Back to Dogecoin? Is This a Fleeting Drift? appeared first on Coinpedia Fintech News
Dogecoin is again receiving attention, as the volume has soared by over 35% since the early trading hours. This has caused a marginal rise in the price, which has surged by nearly 5% above $0.16. Besides, the market sentiments have also flipped to bullish ever since the launch of the spot Ethereum ETF. Therefore, now …
Dogecoin, like the rest of the crypto market, has seen a slow down over the last day that has greatly impacted its price. However, this slowdown isn’t completely limited to the price as the open interest-weighted funding rate of the meme con has seen a significant decline over the last day. Dogecoin OI-Weighted Funding Rate […]
Technology company Nvidia outperformed Bitcoin over the past decade, but cryptocurrency executives see slim chances of a repeat.
Lido (LDO), the liquid staking protocol for the Ethereum (ETH) and Polygon (MATIC) blockchains, has seen a significant price spike in the last 24 hours following the long-awaited approval of spot Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday. The protocol’s native token, LDO, has successfully regained the $2.30 level and is looking to break out of its one-month downtrend structure that has been in place since the market correction in April. LSD Sector Set To Soar With Ethereum ETF Approval? As reported by our sister website, Bitcoinist, the SEC’s approval of the Ethereum ETFs was detailed in an official filing, highlighting that the proposals meet the provisions of the Exchange Act and relevant regulations governing national securities exchanges. The Commission has determined that proposals from notable entities such as BlackRock, Grayscale, Bitwise, VanEck, Ark Invest/21Shares, Invesco Galaxy, Fidelity, and Franklin Templeton fulfill the requirements to prevent fraud and manipulation, protect investors, and safeguard the public interest. Related Reading: Analyst Says Ethereum Spot ETFs Approval Will See “Animal Spirits” Reignite Crypto – What This Means Crypto analyst Daan Crypto Trades, commenting on the Ethereum ETF approval on X (formerly Twitter), pointed out that the new index funds approval has led to two sectors emerging as clear winners. One of these sectors is Liquid Staking Derivatives (LSD) coins, with Lido at the forefront. Lido provides staking support for the Ethereum blockchain without the need to lock tokens or maintain infrastructure, allowing participants to engage in on-chain activities such as lending and farming. Key Levels To Watch For Lido During the early hours of Friday, LDO reached a peak of $2.49 but has since retraced to its current trading price of $2.35. Large investors are interested in the token, as Spot On Chain data reveals that six fresh wallets/whales withdrew 4.3 million LDO ($9.59 million) from crypto exchange Binance over the past 24 hours. This indicates a growing interest in holding the token, as sentiment suggests a potential increase in price parallel to Ethereum once the newly approved index funds for the second-largest cryptocurrency enter the market in the coming months. Moreover, CoinGecko data shows that Lido has experienced a trading volume of $350 million within the last 24 hours, marking a 78.60% increase compared to Thursday’s. However, the token remains 68% below its all-time high (ATH) of $7.30, achieved during the 2021 bull market. Related Reading: Ethereum Eyes $4,000 Comeback Fueled By Bullish Buying Spree Looking ahead, bullish investors should closely observe the next resistance level on the LDO/USD daily chart, situated at $2.55. Breaking this level is crucial for breaking the downtrend structure that has persisted over the past month, potentially leading to retests at $2.70 and $2.90. Conversely, the $2.21 zone serves as a significant support level, as it acted as a strong barrier for Lido in the past week and a half before the breakout. Featured image from Shutterstock, chart from TradingView.com
A recent report by the Financial Times reveals that a British-Chinese woman, Jian Wen, has been sentenced to six years and eight months in prison for her involvement in laundering Bitcoin (BTC) allegedly derived from a £5 billion fraud in China. Wen, aged 42, was convicted in March of one count of money laundering on […]
Farallon Capital Management, Cetera Investment Advisers, and BigSur Wealth Management have reported multi-million dollar investments in spot Bitcoin ETFs in the first quarter. Farallon Capital, a San Francisco-based hedge fund manager, disclosed an $85.2 million investment in Grayscale’s GBTC on May 24. Based on Fintel data, the company is among the 10 firms with the […]
The post Farallon Capital discloses $85 million in GBTC, Cetera discloses $22 million in GBTC appeared first on CryptoSlate.