Earlier this week, Bank of America analysts revealed that gold might reach ,000 in the next 18 months, pushed by central bank demand and a Federal Reserve dovish turn. “Achieving this would require non-commercial demand to pick up from current levels, which in turn needs a Fed rate cut to happen,” Bank of America analysts […]
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XRP Price Set For 3,000% Rally To $22, Analyst Predicts
Crypto analyst Crypto Egrag has provided an update on his recent analysis, where he predicted that XRP would experience a significant price decline. Having called that correctly, Egrag has now predicted what the next move will be for the crypto token.
XRP Price Could Rise To As High As
Egrag mentioned in an X (formerly Twitter) post that XRP’s next move “could be between 1000% and 3000%.” He acknowledged that the current market conditions might make it hard for anyone to envisage XRP seeing such a move. However, he added that the chart indicates that XRP would rise to between and if historical moves from 2017 or 2021 repeat themselves.
Egrag also noted that XRP had hit the lower target he had predicted for the crypto token, suggesting it was well primed for such a parabolic rise due to this price correction. In his earlier analysis, the analyst had predicted that XRP could drop to as low as .44, which it eventually did on April 13. Since then, the token has recovered and is looking to break the .50 resistance level in preparation for its parabolic rise.
Meanwhile, crypto analyst Lunc Maxi’s recent analysis also echoes sentiments similar to those shared by Egrag Crypto. The crypto analyst shared XRP’s daily chart and noted that it looks exactly like 2017 and “even had the same drop.” If XRP’s current price action follows 2017, then there is a greater likelihood of XRP hitting than just stopping at since Egrag’s chart showed that a similar move to 2017 will take the crypto token to that price level.
XRP’s Short-Term Price Target
In a subsequent X post, Egrag suggested that XRP might be headed to .4 in the short term. While he admitted that there could be further price declines before this move occurs, he added that XRP bulls have shown that they are willing to match the selling pressure from the bears. Therefore, it shouldn’t be long before the bulls take control and cause XRP’s price to surge.
He further urged XRP holders not to be deterred, stating that these price dips are “just opportunities for your bids to be filled, and these bids could be life-changing opportunities.” XRP’s rise to such price levels would indeed be life-changing for XRP investors. However, considering its unimpressive price action so far, it remains to be seen if the crypto token will attain such heights.
At the time of writing, XRP is trading at around .49, down almost 4% in the last 24 hours, according to data from CoinMarketCap.
GBTC Drops Nearly 3,000 BTC in a Day as Blackrock, Fidelity Command Record Inflow Streaks
Recent market data highlights that spot bitcoin exchange-traded funds (ETFs) in the United States experienced a net outflow of 3.8 million on April 8, while Grayscale’s Bitcoin Trust (GBTC) saw a substantial outflow of 3 million. GBTC Continues to Face Steep Outflows As of yesterday, GBTC possessed 325,686.78 BTC, but as per Grayscale’s website, this […]
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Ethereum Price Bears Aim For $3,000, Can ETH Stay Above This Support?
Ethereum price extended its decline below ,200. ETH is struggling and it seems like the bears are now aiming for a move toward the ,000 support zone.
- Ethereum started a downside correction below the ,350 zone.
- The price is trading below ,350 and the 100-hourly Simple Moving Average.
- There is a major bearish trend line forming with resistance at ,420 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could resume its decline if it stays below the ,420 and ,500 resistance levels.
Ethereum Price Breaks Support
Ethereum price remained in a short-term bearish zone below the ,550 and ,500 levels, like Bitcoin. ETH declined below the ,350 support level to move further in a short-term bearish zone.
Finally, the price traded below the ,200 support. A low was formed at ,162 and the price is now consolidating losses. It is showing a few bearish signs below the 23.6% Fib retracement level of the downward wave from the ,675 swing high to the ,162 low.
Ethereum price is now trading below ,350 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the ,280 level. The first major resistance is near the ,350 level.
The next key resistance sits at ,420. There is also a major bearish trend line forming with resistance at ,420 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward wave from the ,675 swing high to the ,162 low.
Source: ETHUSD on TradingView.com
The next major resistance is near ,550, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the ,650 level. If there is a move above the ,650 resistance, Ethereum could even rise toward the ,800 resistance. Any more gains might call for a test of ,000.
More Losses In ETH?
If Ethereum fails to clear the ,420 resistance, it could continue to move down. Initial support on the downside is near the ,260 level.
The first major support is near the ,200 zone. The next key support could be the ,120 zone. A clear move below the ,120 support might send the price toward ,050. Any more losses might send the price toward the ,000 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 – ,260
Major Resistance Level – ,420
Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?
On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies.
These Memecoins Have Enjoyed 3,000% Average Volume Increase
According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector.
When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors.
On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades.
Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK).
As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally.
Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift.
Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods.
For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset.
Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this.
Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated.
As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days.
Shiba Inu Price
Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the .00002746 mark.
Microstrategy Augments Bitcoin Portfolio by 3,000, Reaching 193,000 BTC Worth $9.88 Billion
On Monday, Feb. 26, 2024, Microstrategy’s Executive Chairman, Michael Saylor, shared that his company has expanded its bitcoin holdings by 3,000, elevating its total to 193,000 bitcoins valued at .88 billion at the current market rates. Microstrategy Invests in Additional 3,000 Bitcoin Microstrategy (Nasdaq: MSTR) now possesses 193,000 BTC, valued at .88 billion, following its […]
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Ethereum Breaks Back Above $3,000, Will FOMO Lead To Top Again?
Ethereum has once again broken above the ,000 level after previous attempts ended in failure as FOMO took over the investors.
Ethereum Has Rallied 3% In Past Day To Break Back Above ,000
Earlier, Ethereum had made two attempts at the ,000 level, but both of them had turned out to be brief as the asset quickly retraced back to lower levels. In the past day, ETH has once again made a push towards the mark, as the chart below shows.
In this latest surge, ETH has seen a sharp recovery of more than 3% from around the ,900 mark to the current levels. The coin is now up 8% in the past week, making it the second-best performer among the top 10 cryptocurrencies, just behind BNB’s 10% profits.
From the graph, it’s visible that Ethereum is now within touching distance of setting a new high for the year. But ETH investors would be wondering if this rally would sustain or if it would end up losing steam, just like the previous ones. If data is anything to go by, market sentiment may have been the reason behind the demise of the last surges.
ETH’s Previous Surges Topped Out As FOMO Took Over Traders
According to data from the analytics firm Santiment, the latest top above ,000 occurred as the crowd euphoria spiked. The indicator of interest here is the “Social Volume,” which keeps track of the total amount of discussion that social media users are participating in around a given term or topic.
The metric calculates this value by counting up the number of posts/threads/messages across the major social media platforms that are making at least one mention of the topic.
The below chart shows the data of the Social Volume related to two Ethereum topics:
The first Social Volume here has been filtered for ,000. As is visible in the graph, this metric spiked as ETH broke above ,000 for the first time since April 2022 a couple of days back.
This would suggest that discussions around the topic had spiked high as traders had celebrated the break. As it had turned out, though, the surge was pretty short-lived.
In the second attempt, the Social Volume related to terms like “buy Ethereum” had registered a large spike, implying that FOMO had developed among the traders.
Historically, FOMO has been something that has made tops likely, as ETH’s price has tended to go contrary to the expectations of the crowd. This is likely the reason why the top coincided with this spike.
A similar phenomenon occurred with the small recovery surge observed yesterday, as Santiment has highlighted in the chart. It would seem that greed had once again led to the coin topping out.
It now remains to be seen how the market reacts to the latest rally above ,000. If FOMO around Ethereum once again spikes on social media, then it may very well be a sign that this surge, too, may only be temporary.
Ethereum Price Tops $3,000, But ‘Is Completely Detached From Reality’: Expert
The Ethereum (ETH) price has crossed the ,000 threshold for the first time since April 2022 yesterday. However, amidst the celebratory fireworks in the crypto community, Fred Krueger, a renowned Bitcoin ETF expert, has voiced a starkly contrasting opinion. Krueger, a Wall Street veteran and prop trader, took to X (formerly Twitter) to express his skepticism about the current valuation of ETH, stating, “ETH is completely detached from reality.”
Why Ethereum Is “Completely Detached From Reality”
Krueger’s comments come at a time when the crypto market is witnessing a resurgence in investor interest, with Ethereum at the forefront due to its recent price rally. Despite this, Krueger points out a concerning trend in the usage of the Ethereum blockchain.
ETH is completely detached from reality. A deep dive.———————————————————
ETH is at ,000. Surely this must mean that a ton of people are using ETH, and that this number is only going up, right?
Nope.
Eth, the chain has dropped from 120K… pic.twitter.com/141GwtB0yz
— Fred Krueger (@dotkrueger) February 21, 2024
“ETH is at ,000. Surely this must mean that a ton of people are using ETH, right? Nope. Eth, the chain has dropped from 120K active daily users in 2021, to just 66K over the last year. The top app, Uniswap V3 is only getting 16K DAUs. I remember, back in 2020 this number was 60K or more,” he noted, emphasizing a decline in the platform’s direct utility and engagement.
The Bitcoin ETF expert further criticized the valuation of Ethereum, drawing parallels to meme coins like Shiba Inu due to its inflated market cap, which stands at 1 billion despite the fall in active users. “It really has become a type of meme coin, similar to Shiba Inu,” Krueger remarked, pointing to the stark contrast between Ethereum’s high market cap and its diminishing direct use.
Krueger argues that Ethereum is not only overvalued but also faces stiff competition from other blockchains that outperform it in terms of transaction costs and speed. “It’s not particularly cheap (.50 per transaction), or fast. If you are just interested in reward points for games, or casino-style DeFi apps — Solana, Avalanche, Near etc.. all crush it.”
Krueger also expressed skepticism about the future regulatory landscape for Ethereum, particularly concerning the potential for an ETH exchange-traded fund (ETF). “Finally, I don’t think Gensler is going to allow an ETH ETF… I just don’t think Gary wants to make his second ETF a massive pre-mine. Sets a very bad precedent,” he stated, reflecting on the challenges Ethereum faces in gaining mainstream financial acceptance.
The Crypto Community Reacts
In response to Krueger’s critical take, the crypto community on X provided mixed reactions. One user challenged Krueger’s analysis by pointing to Ethereum’s rollup-centric roadmap and the misleading nature of using mainnet daily active users (DAU) as a metric for the platform’s health. Krueger, however, remained unconvinced, stating, “Even L2s like Arbitrum have been in decline for the last 12 months. This is not the case that all is well in ETH-land.”
Another user attempted to highlight the cyclical nature of DeFi and the broader crypto market, suggesting that the current downturn is a temporary phase of risk aversion. Yet, Krueger dismissed these arguments, reiterating his lack of interest in speculative DeFi activities and emphasizing his belief in Bitcoin as the true revolutionary cryptocurrency. “I am not interested in degen ape games. Have fun,” he stated.
Krueger’s critique extends beyond Ethereum to the broader landscape of cryptocurrencies, questioning the long-term viability and value proposition of altcoins, including Layer 1 solutions other than Bitcoin. He argues that these platforms are unlikely to become significant value generators in the long term, likening their control mechanisms to fiat currencies but with central figures like Vitalik Buterin in place of traditional central bankers.
Krueger’s overall stance on Ethereum and the broader crypto market is clear. “My position on ETH. At the end of the day, Bitcoin is the revolution… Every other cryptocurrency is fighting for some other much smaller use case,” he explained, underscoring his belief in Bitcoin’s unique value proposition as a decentralized, finite currency system.
At press time, the ETH price surpassed the 0.5 Fibonacci retracement level (at ,922), trading at ,935. A weekly close above this threshold could confirm another leg up for the ETH price.
Ethereum (ETH) Price Reaches $3,000 After Two Years, More Excitement To Come?
On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum’s native cryptocurrency momentarily surpassed the ,000 before quickly facing a price pullback.
Ether Briefly Touches The Sky
The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).
Since the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC), eyes have moved to the possibility of other spot crypto-based ETFs in other cryptocurrencies like ETH and XRP.
$ETH vs ,000 ( •_•) (•_• ) ( ง )ง ୧( ୧ ) /︶ /︶
— Binance (@binance) February 20, 2024
The speculation surrounding the approval of Ether ETFs in May has been one of several actors fueling the recent price surge. The expectation for the approval and launch of the Bitcoin-based investment products filled the crypto market with positive sentiment on the BTC’s price uptrend.
As previously reported, Options traders expect the cryptocurrency’s price to reach ,000 in the upcoming months. This predicted price range would come closer to the token’s all-time high (ATH) of ,800, seen during the previous market bull run in November 2021.
However, the first test in a journey to ,000 presents as the ,000 resistance level. Analysts have evaluated Ether’s movements as its momentum reignited and considered the ,000 a possible milestone after the digital asset showed a strong resistance in the ,800 support zone.
Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum’s native token could not maintain momentum for long and faced a price pullback to the ,900 level.
JUST IN: Ethereum surpasses ,000
— Watcher.Guru (@WatcherGuru) February 20, 2024
Whales Are pulling In Both Directions
Recent developments in Ether’s price have had many investors express a positive outlook for the second-largest cryptocurrency. Some analysts even made a bullish prediction on the Altcoin market in general.
Whales have also reacted to ETH’s recent uptrend. According to an X post by Spot on Chain, a whale allegedly bought 54,721 ETH at ,845 24 hours before the post. These transactions accounted for approximately 5.7 million and signaled a positive sentiment toward the asset by the large players in the market.
However, a dormant whale who participated in Ethereum’s ICO woke up after 8 years, according to the blockchain analyst platform Lookonchain.
After the price of $ETH surpassed ,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH(.15M) to #Kraken.
He received 3,465 $ETH(.3M) at #Ethereum Genesis, the ETH ICO price is ~.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP
— Lookonchain (@lookonchain) February 20, 2024
The whale seemingly deposited about half of its ETH holdings into Kraken after ETH’s price surpassed ,000. The transaction saw the transfer of 1,732 ETH worth approximately .15 million to the crypto exchange.
This transaction has raised a slight concern over the possibility of a massive sell-off that could affect ETH’s uptrend. Crypto investors now stay alert of large holders trying to offload their assets to profit from the market upsurge.
ETH Price Performance
At the time of writing, ETH is trading at ,923.50, representing a 1.6% decrease in the last hour. Despite this, the price has increased 11.2% in the last week.
More notably, Ether’s daily trading volume has shown a 47.10% increase, at .6 billion in the last 24 hours, suggesting a rise in market activity. Similarly, ETH comfortably maintains its spot as the second-largest cryptocurrency by market capitalization, with a 0.82% increase in the last day, totaling 1.29 billion.
Ethereum Taps $3,000 Barrier Amid ETF Speculation and Upcoming Dencun Upgrade
The value of ethereum, the crypto market’s second-largest asset by market cap, eclipsed the ,000 milestone on Tuesday, peaking at ,014 per unit in the morning trading hours. Over the last week, ether has seen a 13.1% climb against the U.S. dollar, and over the preceding two weeks, it has surged 28%. Ether Hits Two-Year […]
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