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Ethereum Technical Analysis: ETH’s Strong Averages Clash With Oscillator Signals
As ethereum marks a significant price of ,250, its movement within a 24-hour range of ,151 to ,271 reflects strong activity in the crypto market. With a substantial trade volume of .82 billion and a market capitalization of 9 billion, ether demonstrates its continued and dynamic presence in the digital currency landscape.
Ethereum
Ethereum’s current oscillators present a mixed view. The relative strength index (RSI) at 81.5 suggests neutrality, whereas the Stochastic and commodity channel index (CCI) lean toward a more bearish sentiment. These mixed signals from the oscillators indicate a nuanced market sentiment, with traders potentially weighing the robust performance against possible overvaluation concerns.
The moving averages present a unanimously bullish outlook for ethereum. Exponential moving averages (EMAs) and simple moving averages (SMAs) across all periods (10, 20, 30, 50, 100, 200 days) advocate a strong positive position. This consensus among moving averages highlights an underlying strength in ether’s price trajectory, suggesting sustained trader confidence.
The 4-hour chart underscores a clear uptrend, characterized by higher highs and lows, indicative of bullish momentum. The 15-minute chart reveals more granularity in ethereum’s price action, showing notable volatility. The chart displays a bullish reaction after a drop, suggesting a potential entry point during rebounds. However, the smaller subsequent candles and volume spikes point to moments of indecision, highlighting the need for cautious short-term trading strategies.
Bull Verdict:
Ethereum’s current market indicators, particularly the strong signals from moving averages, suggest a continuing bullish trend. The consistent buying signals across various timeframes indicate sustained trader confidence and potential for further price appreciation.
Bear Verdict:
Despite the overall bullish indicators, the mixed signals from oscillators cannot be overlooked for a cautious bear perspective. The high RSI and mixed messages from the Stochastic and CCI hint at possible overvaluation risks and potential market saturation. Short-term volatility, as seen in the 15-minute chart, suggests a precarious market that could be prone to sudden corrections.
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What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?
Ethereum fees remain high as the network continues to see some of the highest traffic in the industry. Daily transaction volumes put Ethereum in the billions per day and all of these transactions carry a higher than average fee. This fee structure which has caused concern among users seems to not be going anywhere, but there looks to be a light at the end of the tunnel.
Recently, the average transaction fee for Ethereum transactions has dropped significantly. In the past week, the average transaction fee for ETH transactions topped 35% in total, but it still remains on the high side compared to other blockchains.
Ethereum Fees Are Down
Data from BitInfoCharts shows that Ethereum fees are down over the past week. It correlates to a 35% drop in fee rates, however, the blockchain remains one of the highest in terms of fees. Leading up to last week, transaction fees were averaging around per transaction. With the recent decrease, this number has now dropped to on average per transaction.
Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block
This is expected given the amount of activity the blockchain houses but it is still on the high side. According to this report, Ethereum users are paying about million in fees daily, whereas rival Cardano only sees about K spend in fees on an average despite recording almost identical transaction volumes as ethereum.
ETH trading at ,257 | Source: ETHUSD on TradingView.com
The median gas fee for the network sits at about 0.0047 ETH or .78 for each transfer, considerably higher compared to other leading blockchains in the space. ETH miners are also getting some of the highest miner rewards, ahead of bitcoin miners. This fee structure is a pain point that is expected to be addressed in the move to ETH 2.0 in the coming year.
ETH Getting Ready For A Pump?
The decrease in transaction prices could spell good news for the digital asset. With transaction fees tumbling, it would allow for faster transactions. Also, with transaction fees down, it most likely means that more investors are opting to hold on to their digital assets rather than deciding to move them around, which could point to consolidation and accumulation on the part of these investors.
Related Reading | American Rapper Lil Baby On Holding Bitcoin And Ethereum Over Fiat
With less ETH moving around on the network and onto exchanges for sale, then supply on exchanges are down during this time. Usually, notable recovery periods are preceded by periods of stretched out accumulation, where investors choose to pile on to their current holdings.
This, in addition to the fact that the price of the digital asset has been dropping for a while and is primed for a correction, ethereum may be getting ready for a bounce-back towards ,500.
Chart from TradingView.com
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Yearn.finance (YFI) Just Surged 20%: Moving Averages Show More Upside Is Likely
Yearn.finance (YFI) has surged higher in the past 24 hours despite stagnation in the price of Bitcoin and Ethereum. The leading cryptocurrency, which is in the top 30 by market capitalization, is up 20% in the past 24 hours, having moved from around ,000 to ,000 as of this article’s writing. It is one of the top-performing altcoins in the top 100.
Related Reading: MicroStrategy’s Stock Continues to Soar After Bitcoin Purchase
Yearn.finance (YFI) May Have Room to Rally After Retaking ,000
Analysts say that YFI has room to move higher after gaining 20% in the past 24 hours.
One trader shared the chart below on September 26th. It shows that while YFI remains far below its all-time high, it recently secured a crucial exponential moving average that it held above during the previous rally.
YFI doing so, the trader explains, suggests that the ongoing rally has “juice.”
Chart of YFI's price action over the past few weeks with analysis by crypto trader Crypto Krillin. Chart from TradingView.com
Related Reading: Critical On-Chain Signal Predicts That Bitcoin’s Next Move Will Be Upward
All of DeFi Set to Grow
Analysts think that all of the DeFi space is set to grow. With Yearn.finance acting as a pseudo-index for the entire market, YFI will benefit if the rest of the industry gains traction.
Andrew Kang, the founder of Mechanism Capital, recently touched on the topic of DeFi’s growth in an extensive Twitter thread.
Kang explained that the fundamentals and technicals of this industry suggest that DeFi is poised to move higher. Mechanism Capital previously came out with a report stating that YFI could hit 0,000-350,000 in the coming years assuming a bullish discounted cash flow analysis.
On DeFi as a whole, Kang explained:
“In terms of new funds entering, I’m aware of at least a dozen that have recently raised or just finished raising. Many of these intend to play in the public secondary markets. Unclear how much gets deployed over what timeline… In terms of DeFi activity growth, TVL continues to advance parabolically after a small dip even in the face of price stagnation indicating more assets moving in. For both public and private DeFi projects, the innovation and pace of development continues forward at a blistering pace – even faster than it was two months ago.”
Spencer Noon, head of DTC Capital, has echoed the optimism. He recently said that the fundamentals for Ethereum and Defi “have actually never looked better.”
As aforementioned, YFI stands to benefit from a further recovery in DeFi.
Related Reading: Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch
Featured Image from Shutterstock Price tags: yfiusd, yfibtc, yfieth Charts from TradingView.com Yearn.finance (YFI) Just Surged 20%: Moving Averages Show More Upside Is Likely
Ethereum’s Moving Averages Point to “Bullish Continuation” With a $1,000+ Target
Ethereum has seen some slight weakness throughout the past couple of days. This has come about despite the intense strength that Bitcoin has displayed, signaling that the resistance ETH faces between 0 and 0 may be insurmountable.
Although ETH has yet to post any sort of technical breakout, it remains a strong likelihood that the digital asset sees further upside in the mid and long-term.
One trend seen while looking towards ETH’s daily moving averages is incredibly bullish and is strikingly similar to one seen in 2016.
If history repeats itself, this signals that the cryptocurrency will be trading at over ,000 in the coming couple of years – a possibility that one analyst is calling likely.
It is important to note that this potential macro uptrend will depend somewhat on Bitcoin, as it is unlikely that Ethereum will see fresh all-time highs in the coming few years while BTC remains either bearish or stagnant.
Ethereum Fails to Break Above 0, Incurs Inflows of Selling Pressure
At the time of writing, Ethereum is trading down just over 2% at its current price of 9. This marks a notable decline from its recent highs of 0 that were set earlier this morning.
After tapping this price level, the cryptocurrency instantly began plunging lower, with it now attempting to find support within the upper-0 region.
This shows just how strong the selling pressure at this price level truly is. Over the past few days, ETH bulls have attempted to break above 0 on multiple occasions.
Each time this price region has been broken above, the cryptocurrency has only been able to sustain above it for a handful of hours.
This shows that, at least for the time being, bears remain in firm control of the upper-0 region.
ETH’s Moving Averages Signal a Macro Uptrend is Brewing
Despite seeing some short-term weakness, Ethereum’s long-term outlook still remains incredibly bright.
One analyst is pointing towards a trend seen while looking at the cryptocurrency’s daily moving averages.
He said that it is similar to a similar trend seen in 2016 and signals that Ethereum could see a move to ,000+ in the coming years.
“ETH daily MA’s have now aligned in a perfect bullish configuration as for BTC in 2016. Extending the Daily MA200 (in red) as if it is a trend line we can have a projection of ETH by 2023.”
Image Courtesy of Wolf. Chart via TradingView.
If Ethereum is to see this type of uptrend in the coming few years, the entire cryptocurrency market must continue seeing organic and stable growth as well.
Featured image from Unsplash. Charts and pricing data from TradingView.
Bitcoin Falls Below Moving Averages that Made Super-Bullish Golden Cross
Bitcoin recently made a “Golden Cross” where the 50-day moving average closed above the 200-day moving average, a positive development for traders who see it as a very bullish indicator. However, the benchmark cryptocurrency fell sharply right after forming the bullish crossover.
The bitcoin-to-dollar exchange rate slipped below both the 50- and 200-DMA earlier this week, going against the perceived upside sentiment that was led by the Golden Cross formation. The pair on Friday established a weekly low at ,428.80. At its week-to-date high, it was trading at ,030 on US crypto exchange Coinbase.
BTC/USD slips below its bullish Golden Cross | Source: TradingView.com, Coinbase
Bitcoin fell into a sell trap shortly after investors started losing faith in global stocks and commodities. Sitting atop attractive profits, the cryptocurrency became an attractive asset among people who were looking to generate cash. They sold anything for bid and ran under the safety of whatever they perceived was their haven.
Even Gold, often treated as an outdated version of a digital bitcoin, slipped huge ahead of closing the week. Investors sold it for hard cash, similar to how they did during the 2008 financial crisis.
Despite today's decline, the price of #gold is still up over 6.5% so far this year. Yet the GDX, an index of gold mining stocks is down almost 10%. Traders still don't get it. Gold is headed much higher, as are the earnings & reserve values of companies that mine it. Buy the dip!
— Peter Schiff (@PeterSchiff) February 28, 2020
Little Predictive Power
Bitcoin’s downside moves showed that investors, in general, did not treat the Golden Cross as a signal to enter the market. The trend also presented that the indicator has little predictive power against severe macroeconomic fundamentals. Sometimes, the prices go up, and sometimes, they go down.
But taking cues from the Dow Jones, a US index that formed the Cross in 2019 for the first time in three years, one can notice that they tend to give consistently positive results after six months or so. The Dow had surged by more than 14 percent as of February 12, 2020, after making the Golden Cross on March 19 last year.
DJI plunges below its moving averages as well | Source: TradingView.com
The super-bullish technical indicator failed nevertheless, hit by the spreading of the Coronavirus in and outside China. Even the Dow fell below its own Golden Cross in the latest sell-off, showing how investors just wanted liquidity. Bitcoin, which had surged by more than 40 percent before the plunge, stood no chance.
Hopeful Tomorrow for Bitcoin
On Friday, the US Federal Reserve came to rescue the market by assuring investors that “the fundamentals of the US economy remain strong.” Nevertheless, the chairman Jerome Powell also said that they would “ act as appropriate to support the economy.”
“The coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook,” he stated.
The statements came at the time when the market clamored for the Fed to introduce fresh rate cuts. Unlike the European Central Bank, whose dovish policies have pushed the rates way below zero, the Fed still has scope to trim its own. They are currently 1.5 percent to 1.75 percent.
Easy borrowing could give investors more money to support their portfolios. Some part of that cash could also reach bitcoin, leading it to continue the uptrend above the Golden Cross, especially in the wake of its own supply rate cut in May 2020.
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