Bitcoin’s supply on exchanges has significantly decreased, reaching new lows amid a bullish market trend, which analysts interpret as a shift towards long-term holding rather than short-term trading. A report by Bybit claimed that the diminishing supply could deplete within the next nine months, driven by factors such as the recent Bitcoin halving event and […]
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Ethereum Price Anticipates Upside Break To Shift Sentiment Towards Bullish
Ethereum price is eyeing an upside break above the ,900 level. ETH must settle above ,900 and ,940 to continue higher in the near term.
- Ethereum is forming a base above the ,860 support zone.
- The price is trading below ,950 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance at ,905 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a decent increase if there is a close above the ,940 and ,950 resistance levels.
Ethereum Price Eyes Fresh Increase
Ethereum price struggled to settle above the ,000 level and started another decline, like Bitcoin. ETH traded below the ,950 and ,940 support levels.
The price even traded below ,900. However, the bulls were again active near the ,860 support zone. A low was formed at ,860 and the price is now consolidating losses. It is slowly moving higher above the ,885 level.
Ethereum is now trading below ,950 and the 100-hourly Simple Moving Average. Immediate resistance is near the ,900 level. There is also a key bearish trend line forming with resistance at ,905 on the hourly chart of ETH/USD. The trend line is close to the 23.6% Fib retracement level of the recent decline from the ,992 swing high to the ,860 low.
An upside break above the trend line might send the price toward the ,925 level and the 100-hourly Simple Moving Average. The first major resistance is near the ,940 level or the 61.8% Fib retracement level of the recent decline from the ,992 swing high to the ,860 low.
Source: ETHUSD on TradingView.com
The next key resistance sits at ,950, above which the price might gain traction and rise toward the ,000 level. If there is a clear move above the ,000 level, the price might rise and test the ,050 resistance. Any more gains could send Ether toward the ,150 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the ,925 resistance, it could start another decline. Initial support on the downside is near the ,880 level.
The first major support is near the ,860 zone. The next support is near the ,810 level. A clear move below the ,810 support might push the price toward ,740. Any more losses might send the price toward the ,650 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 – ,860
Major Resistance Level – ,925
Solana’s Defi Landscape to Shift With Marginfi’s Introduction of YBX Stablecoin
The decentralized lending protocol built on the Solana blockchain, Marginfi, announced the upcoming launch of YBX, which is expected to be the first notable decentralized stablecoin on Solana, aiming to provide an alternative to the network’s heavy reliance on Circle’s centralized stablecoin usd coin (USDC). The stablecoin, backed by SOL-based liquid staking derivatives (LSDs), is […]
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Crypto Expert Predicts A Narrative Shift Post-Bitcoin Halving
Crypto expert Michaël van de Poppe has provided insights into what to expect when the Bitcoin halving occurs on April 19. As part of his analysis, van de Poppe suggested that the attention might shift from Bitcoin once the event occurs.
A Narrative Shift To Occur Post-Halving
Van de Poppe mentioned in an X (formerly Twitter) post that narratives will change as the halving event approaches but failed to specify what the new narrative will be when this happens. However, in a previous X post, the crypto expert laid out some of his expectations for the crypto market going forward, which included what he expected the new narrative to be.
According to Van de Poppe, the narrative will shift to Ethereum (ETH) and projects that are focused on Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA). These sectors, along with Artificial Intelligence (AI) and meme coins, have been projected to be among the leading narratives in this bull run.
Meanwhile, the crypto expert, who has so far continued to state that altcoins are greatly undervalued, expects these crypto tokens to bounce “in their Bitcoin pairs” once the hype around the halving is over. Furthermore, Van de Poppe mentioned that altcoins will show bullish strength from this second quarter until the summer after which a correction will come in the third quarter of the year.
Before now, the crypto expert listed ten altcoins he believes could make the most price gains when the altcoin season begins in full force. These tokens include Chainlink (LINK), Celestia (TIA), Arbitrum (ARB), Polkadot (DOT), Cosmos (ATOM), DYDX (DYDX), WooNetwork (WOO), Sei (SEI), Skale Network (SKL), and Covalent (CQT).
Expectations For Bitcoin
In the short term, Van de Poppe expects Bitcoin to experience a relief bounce to around ,000. However, he didn’t sound so bullish about the flagship crypto’s long-term trajectory, predicting that Bitcoin will face a period of consolidation that he doesn’t expect to change in the “coming months.”
In another X post, he said, “It’s a waiting game on Bitcoin currently, as momentum is relatively gone.” He added that he expects Bitcoin to continue “the retracement and consolidation,” while altcoins will bounce up in their BTC pairs during this period.
This predicted consolidation period looks to be the re-accumulation phase in the stages of Bitcoin halving, which crypto analyst Rekt Capital once referred to. Elaborating on what this period is like, Rekt Capital stated back then that many investors get “shaken out in this stage due to boredom, impatience, and disappointment with lack of major results in their BTC investment in the immediate aftermath of the Halving.”
Once this period is over, Bitcoin is expected to make its “parabolic uptrend,” a phase that Rekt Capital noted historically lasts just over a year. In line with this, it is worth noting that most of Bitcoin’s price gains usually come between six months to a year after the Bitcoin halving has occurred.
Bitcoin Technical Analysis: Indicators Suggest a Potential Shift in Market Momentum
As of April 15, 2024, bitcoin presents a mixed landscape of consolidation and subtle recovery hints, reflecting a crucial moment for potential bullish or bearish trends. Bitcoin Despite the current market indecisiveness indicated by the 1-hour chart, the 4-hour and daily charts suggest underlying movements that could influence future price actions. The 1-hour chart displays […]
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Litecoin (LTC) Breaks Records: 5 Million Long-Term Holders Signal Major Market Shift
Recently, reports from IntoTheBlock revealed that the Litecoin (LTC) network has exceeded five million long-term holders. This achievement represents approximately 62.5% of all LTC addresses with a balance, underscoring Litecoin’s widespread adoption and long-term viability within the crypto community.
Rising Long-Term Holder Trend Signals Optimism
The surge in long-term holders has been particularly noticeable in recent months, underscoring a growing inclination towards holding LTC for quite a long time. In February’s closing days alone, the number of long-term holders soared by 170,000, signaling robust investor confidence in Litecoin’s long-term prospects.
In tandem with this surge in long-term holders, the number of individuals holding LTC for more than a year has steadily risen, now totaling 2.54 million addresses. Apart from the numerical growth, the profitability of holding LTC over the long term adds another dimension of interest.
Amazing milestone for Litecoin!
The network now counts over 5 million long-term holders of $LTC.
This figure represents 62.5% of all Litecoin addresses with a balance. pic.twitter.com/K5FHz3Ivjs
— IntoTheBlock (@intotheblock) April 12, 2024
According to on-chain data, roughly 67.67% of all LTC addresses currently stand in profit, collectively holding 49.76 million LTC. In contrast, approximately 26.8% of LTC holders, totaling 2.15 million addresses, are currently at a loss.
Meanwhile, a smaller segment, constituting 5.53% of holders, is situated at breakeven, which means they are neither in a loss nor a profit.
Bullish Sentiment Surrounds Litecoin Amidst Rumors of ETF Approval
So far, Litecoin has seen relatively stable movement, experiencing a minor increase of 0.3% over the past week, followed by a slight downturn of 0.1% in the last 24 hours. As of the current writing, LTC is trading at .72.
Despite the altcoin’s current stability in price, analysts such as World of Charts anticipate a potential surge in the coming months, with projections suggesting a climb to 0. This bullish momentum is fuelled by growing institutional interest, particularly surrounding rumors of a potential LTC Exchange-Traded Fund (ETF).
Fox Business journalist Eleanor Terrett has hinted at institutional intrigue towards a Litecoin ETF, citing LTC’s functional similarities to Bitcoin as a potential factor in its approval by the US Securities and Exchange Commission (SEC).
SCOOP (with fixed ticker)
: Hearing rumblings on the institutional level about possible interest in a Litecoin ETF. The logic is that because of $LTC functional similarities to $BTC, the @SECGov may be more inclined to approve it, possibly even more so than $ETH.
Last week,… https://t.co/nsrhE87OLm
— Eleanor Terrett (@EleanorTerrett) March 26, 2024
Additionally, Coinbase Derivatives’ recent launch of futures contracts for Litecoin further contributes to the buzz surrounding the cryptocurrency.
Renowned crypto analyst Luke Martin echoes this sentiment, suggesting that the approval of an Ethereum ETF could pave the way for other “old altcoins” like Litecoin to gain regulatory approval. Martin emphasizes that LTC and Dogecoin may have a stronger case for not being classified as securities, particularly in comparison to Ethereum.
Featured image from Unsplash, Chart from TradingView
Is It Time for Altcoins to Shine? Analyst Predicts Shift in Crypto Dynamics
Throughout this week, while bitcoin and ethereum have been consolidating, vibrant discussions about the elusive ‘Altcoin Season’ have intensified across forums and social media platforms like X. Some anticipate that a rally among altcoins is on the horizon, even though the Altcoin Season Index still suggests it is “not Altcoin Season.” Altcoin Season Index Inches […]
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FOMO Gives Way To Fear: Bitcoin-Ethereum Ratio Signals Shift In Crypto Sentiment
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 ,000 mark and has remained range-bound between ,000 and ,000 for the past few days despite briefly touching the ,000 mark on Monday.
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.
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
Tether Formally Announces a Shift Towards Open-Source AI
Tether, one of the largest cryptocurrency-based companies, has announced a formal expansion into AI, looking to develop open-source models and setting standards in this new industry. For this task, Tether is opening a global recruitment for “top-tier talent” to help them establish a new division dedicated to these developments. Tether Turns to AI, Opens Recruitment […]
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Coinbase to Shift USDC Accounts to Its Layer Two Blockchain Base
Coinbase plans to transition more customer and corporate Usd coin (USDC) stablecoin accounts to Base, its Ethereum layer two blockchain, aiming for reduced fees and quicker settlement times, as announced by Coinbase VP Max Branzburg. The move is seen by some in the crypto industry as a positive step towards an on-chain financial future, setting […]
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