Professor Wang Yang, vice president for institutional advancement and chair professor at the Department of Mathematics at the Hong Kong University of Science and Technology (HKUST), criticized China’s cryptocurrency mining ban during a panel discussion in Hong Kong last week. He called the decision “very unwise” because it shifted businesses to the U.S., boosting American […]
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Solana ETF Approval Odds Rise Amid Potential Political Shifts, Analyst Says
Bloomberg’s senior ETF analyst has stated that the odds of a Solana exchange-traded fund (ETF) being approved within the next 12 months are closely linked to the likelihood of a change in the U.S. presidency. He noted that it is “safe to say the chances of both are higher today than they were yesterday.” Potential […]
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Ethereum Price Retreats: Market Sentiment Slowly Shifts Bearish
Ethereum price struggled to climb above the ,650 resistance and trimmed gains. ETH is now signaling a downside break and might decline below ,450.
- Ethereum is trimming gains from the ,620 resistance zone.
- The price is trading below ,550 and the 100-hourly Simple Moving Average.
- There was a break below a short-term rising channel forming with support at ,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bearish momentum if it dips below the ,485 and ,450 support levels.
Ethereum Price Trims Gains
Ethereum price started a decent increase above the ,500 zone. ETH outperformed Bitcoin and broke the ,550 resistance. However, the price struggled to surpass the ,620 level and failed to test ,650.
A high was formed at ,620 and the price is now trimming gains. There was a minor decline below the ,550 level. The price dipped below the 23.6% Fib retracement level of the upward move from the ,351 swing low to the ,620 high.
There was a break below a short-term rising channel forming with support at ,540 on the hourly chart of ETH/USD. Ethereum is still trading below ,550 and the 100-hourly Simple Moving Average.
The bulls are now active near the ,485 support zone and the 50% Fib retracement level of the upward move from the ,351 swing low to the ,620 high. On the upside, the price might face resistance near the ,520 level. The first major resistance is near the ,560 level.
The main resistance sits at ,620 or ,650. An upside break above the ,650 resistance might send the price higher. The next key resistance sits at ,720, above which the price might gain traction and rise toward the ,750 level. Any more gains could send Ether toward the ,880 resistance zone in the coming days.
More Downsides In ETH?
If Ethereum fails to clear the ,560 resistance, it could start another decline. Initial support on the downside is near ,485. The first major support is ,450.
A clear move below the ,450 support might push the price toward ,420. Any more losses might send the price toward the ,350 level in the near term.
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 zone.
Major Support Level – ,450
Major Resistance Level – ,560
Dogecoin’s Ownership Shifts: Whales Downsize As Prices Dip, Who’s In Charge Now?
As the crypto market endures another tumultuous period, Dogecoin has seen significant changes in its ownership structure. Recent data from IntoTheBlock reveals a notable shift, with major Dogecoin whales—those holding more than 0.1% of the total supply—reducing their stakes.
Dogecoin Redistribution: Who Is In Charge Now?
IntoTheBlock data indicates that this position reduction from these whales has been ongoing for the past year. Specifically, the share of Dogecoin controlled by these large holders has decreased from 45.3% to 41.3%.
This trend suggests a possible decentralization of ownership or a strategic shift in the holdings of larger investors, perhaps in response to market conditions or broader cryptocurrency trends.
Simultaneously, this decrease among major holders has been accompanied by increased ownership among retail and mid-sized investors. These smaller investors have seized the opportunity to accumulate more Dogecoin, raising their collective stake in the total supply.
This redistribution of Dogecoin holdings could indicate a growing democratization in the investment landscape of this particular cryptocurrency.
As more individuals and smaller investors become significant stakeholders, the dynamics of market reactions to news and events could shift, potentially leading to increased market stability or different volatility patterns based on these new majority holders’ trading behaviors.
Price Dips: Traders Suffer, Analysts Remain Optimistic
Meanwhile, the decentralization of Dogecoin holdings contrasts with the current market conditions, where the price of Dogecoin has fallen nearly 10% in the last 24 hours to .211.
This decline is part of a broader downturn that saw the cryptocurrency shed 12.5% of its value over the past week, bringing its market capitalization below billion.
This downward trend in Dogecoin’s price is impacting traders significantly. According to Coinglass, the last 24 hours have seen 165,199 traders liquidated, contributing to 9.04 million in total market liquidations.
Dogecoin traders alone have faced about .89 million in losses. Liquidation in the crypto market refers to the forced closure of leveraged positions due to a partial or total loss of the trader’s initial margin. This happens when they cannot meet the margin requirements for their leveraged position.
Despite the prevailing bearish trends, the sentiment isn’t universally negative. Santiment reports a decrease in crowd sentiment towards Dogecoin, suggesting that the current low prices might offer a buying opportunity for patient investors.
This perspective aligns with observations from market analysts who see the potential for recovery. Particularly, Trader Tardigrade, a renowned crypt analyst on X, describes a “Ladle Pattern” in Dogecoin’s price movements, indicating a potential bullish trend.
$DOGE has been forming Ladle Pattern in each cycle.
The bowl is ready
Are you ready for the shaft??
Ride on it#Dogecoin pic.twitter.com/zJQBnWuoSv
— Trader Tardigrade (@TATrader_Alan) June 15, 2024
Meanwhile, Crypto analyst Javon Marks predicts a significant upswing for Dogecoin, anticipating a price surge based on historical performance and projecting an optimistic future for the meme coin amidst its current lows.
Featured image created with DALL-E, Chart from TradingView
Ethereum Shifts Gears: Breaks Key Resistance, New All-Time Highs Next
Ethereum (ETH) is currently at the forefront of an impending market surge, as indicated by a significant technical breakout. According to crypto analyst Jelle, Ethereum has recently emerged from a bearish pattern particularly breaking out from the “falling wedge” and flipping key resistance into support zones.
Jelle reveals that Ethereum is currently pushing for the ,000 mark which makes the possibility of reaching new heights seems more tangible. This movement marks a significant turnaround from previous trends, setting the stage for potentially record-breaking price levels.
The Bullish Shift: Ethereum Breakout from a Falling Wedge Explained
Jelle’s recent observations come during a period of strong performance for Ethereum, with the cryptocurrency showing a 30% increase in value over the past week alone.
Ethereum stands at ,951 at the time of writing, having climbed an additional 2.5% in just 24 hours. This notable uptrend underscores the growing investor confidence and market momentum that could drive Ethereum’s value to new records.
Notably, a falling wedge pattern in technical analysis is a signal that often precedes a bullish market reversal. Characterized by converging trend lines that meet at a downward slope, this pattern typically concludes with a breakout to the upside as buying pressure overcomes selling momentum.
$ETH broke out from the falling wedge, then flipped key areas into support & now pushes for ,000.
New highs, and new all-time highs are next.
Higher. pic.twitter.com/pjrk8X2FYA
— Jelle (@CryptoJelleNL) May 27, 2024
Ethereum’s recent breakout from this pattern signifies a potential reversal of its prior downtrend and transforms previous resistance levels into new supports, laying a foundational bullish sentiment.
This technical progression is critical as it indicates a shift from bearish to bullish sentiment, suggesting that Ethereum might recover from its previous lows and embark on a sustained upward trajectory.
Analysts like Jelle see this as a precursor to more aggressive buying behavior, potentially propelling the asset toward unprecedented price levels.
Broader Market Sentiments And Predictions
The positive outlook for Ethereum isn’t isolated. Notable crypto analyst Defi Mochi predicts that the ETH price could soar to between ,500 and ,000.
According to Mochi, this projection is based on a combination of factors, including increasing political support for cryptocurrencies and the fact that Bitcoin has yet to reclaim its all-time high.
With that said my realistic target for $ETH is approximately in the .5k to k range.
Given
◆ increased political support for crypto
◆$BTC being barely at previous ATHs
◆ increased adoption of $ETH by institutionsI Think none of us are bullish enough on Ultrasound Money.
— Defi_Mochi (@defi_mochi) May 26, 2024
Institutional investors’ adoption of Ethereum is also a critical factor in the prediction. As more institutions integrate ETH into their portfolios, their market dynamics are expected to stabilize further, attracting more significant investment flows.
Arthur, the founder of DeFiance Capital, aligns with this bullish sentiment, forecasting that Ethereum could reach ,500 shortly.
Featured image created with DALL·E, Chart from TradingView
FDUSD Supply Shrinks by 29% Amid Stablecoin Supply Shifts
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Fred Ehrsam Predicts Future Crypto Growth Driven by Demographic Shifts
In a recent social media post, Fred Ehrsam, co-founder of Coinbase and crypto investment firm Paradigm, predicts that the cryptocurrency market will continue to gain momentum due to the growing influence of younger generations. He points out that ownership of crypto assets is currently highest among the 18-45 age group, with a significant drop-off after […]
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Macquarie Bank to Go Cashless as the Banking Sector Shifts to Digital-Only in Australia
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Amid Shifts in Bitcoin Mining Economics, Steep Discounts Emerge for Older ASIC Rigs
According to current metrics, older bitcoin mining rigs are not generating the same revenue as they did before the halving, particularly with the hashprice at approximately .056 per terahash per second (TH/s) per day. On April 25, Luxor Technologies reported a significant decline in the prices of application-specific integrated circuit (ASIC) bitcoin mining rigs, highlighting […]
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Binance Shifts $1 Billion in SAFU Bitcoin Reserves to USDC
Binance, the leading cryptocurrency exchange globally in terms of trading volume, has shifted its SAFU (Secure Asset Fund for Users) reserves into the stablecoin USDC to bolster “its reliability.” During the early hours of Thursday, the platform transferred two substantial amounts of BTC and BNB. Binance Executes Dual Crypto Moves on Thursday: What’s Behind the […]
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