Steno Research, an independent macroeconomics, geopolitical, and crypto research house, has predicted that the spot ether ETF, presumed to start trading in early July, will take ETH to ,500. Steno’s latest post on the subject forecasts that Ether ETFs will perform better than leading analysts have predicted, bringing up to billion in inflows this […]
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NFT Sales Take a Hit — Last Month’s Sales Dropped 46% Compared to May
Although non-fungible token (NFT) markets showed improved performance over the past week, June’s sales figures were significantly worse compared to May. Over the last 30 days, NFT sales have decreased by 46.31%. June’s NFT Market Faces Steep Decline June proved to be challenging for digital collectible sales, experiencing a 46.31% drop compared to May, which […]
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Bitcoin Price Spikes 5%, Can BTC Bulls Take Back Control?
Bitcoin price is up nearly 5% and there was a move above ,500. BTC is now testing the ,500 resistance zone with a positive angle.
- Bitcoin started a decent increase above the ,200 and ,400 levels.
- The price is trading above ,500 and the 100 hourly Simple moving average.
- There was a break above a major bearish trend line with resistance at ,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to continue higher above the ,650 resistance zone.
Bitcoin Price Starts Recovery
Bitcoin price formed a base above the ,000 zone. BTC remained stable and was able to start a decent increase above the ,500 resistance zone.
There was a break above a major bearish trend line with resistance at ,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the ,500 resistance. It is up nearly 5% and trading near the ,650 resistance zone.
Bitcoin price is trading above ,500 and the 100 hourly Simple moving average. It is stable and well above the 23.6% Fib retracement level of the upward move from the ,949 swing low to the ,675 high.
If there is another increase, the price could face resistance near the ,650 level. The first key resistance is near the ,000 level. The next key resistance could be ,400. A clear move above the ,400 resistance might start a steady increase and send the price higher.
In the stated case, the price could rise and test the ,500 resistance. Any more gains might send BTC toward the ,000 resistance in the near term.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the ,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the ,800 level.
The first major support is ,800 and the 50% Fib retracement level of the upward move from the ,949 swing low to the ,675 high. The next support is now forming near ,250 and the 100 hourly Simple moving average. Any more losses might send the price toward the ,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,800, followed by ,800.
Major Resistance Levels – ,650, and ,400.
Is Ethereum About To Take Off? Analysts Weigh In Amid ETF Approval Date Rumors
Ethereum (ETH)’s struggles to regain the last cycle’s heights have brewed a bearish sentiment among some sectors of the crypto community. Its performance during Q2 has seemingly continued to fuel the sentiment. However, with rumors of an ETH ETF (Exchange-Traded Fund) approval being around the corner, analysts believe the ‘King of Altcoins’ is about to hit the “ETH season.”
Will Ethereum Spot ETF Come Next Week?
On Wednesday, Reuters revealed sources close to some investment firms believe that Ethereum ETFs will be approved next week. The rumors follow the Securities and Exchange Commission (SEC) Chair, Gary Gensler, comments regarding the investment products’ approval.
Earlier this week, Gensler spoke at the Bloomberg Invest Summit, revealing that the approval process is “working smoothly.” The launch of the highly anticipated products is expected to come this summer and could be as early as July.
According to Reuters, industry executives and lawyers involved with the applicants believe the Ethereum ETF could be approved within the next two weeks. Per the report, the ETH approval could come as soon as July 4.
A month ago, ETH’s price soared by over 30% in anticipation of an SEC’s approval, going from the ,000 mark to the ,900 price range. Since then, the second-largest cryptocurrency has retraced to the ,200 support zone.
Nonetheless, the ‘King of Altcoins’ saw a positive impact from the recent ETF rumors. Ethereum rose by 2.5% following the news, recovering the ,400 support zone it lost at the beginning of the week.
Is ‘ETH Season’ Around The Corner?
Crypto analyst Jelle believes that ETH might be ready for take-off despite the expectations of “an underwhelming ETF launch.” To the analyst, ETH “looks ready for a massive push higher” as it tests key levels the week before the alleged approval.
Per his chart, the cryptocurrency is testing the support of a downtrend within the accumulation range. Jelle considers that if ETH pushes into ,000 again, it might not “stop anytime soon.” To him, the “nearly three years in the making breakout” into the expansion zone will kickstart the “ETH season.”
Similarly, Daan Crypto Trades pointed out that Ethereum is still consolidating against a “massive 2-year-long downtrend line.” Per the trader, the May pump highs are the place to break. A “higher high above 0.0575” would “flip the market structure to bullish.”
Moreover, Crypto Yoddha highlighted the falling wedge pattern in the ETHBTC chart. The trader suggested that a breakout will come “anytime now.” This analysis was also shared by trader Miky Bull, who considers Ethereum “fully ripe for a rally from the retest of fib .618 level.”
Despite being down by over 10% from the May pump, ETH has seen a 3.6% increase in the last 24 hours. As of this writing, the ‘King of Altcoins’ is exchanging hands at ,450.
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SEC Chair Gensler: Spot Ether ETFs ‘Will Take Some Time’ to Begin Trading
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Crypto Expert Reveals Top 3 Trades To Take Now
In a video update, Miles Deutscher, a widely followed crypto expert, provided his 502,800 followers on X with an in-depth analysis of the current market conditions. This update came in response to what Deutscher described as “massive ramifications” for certain altcoins following a notable Bitcoin price surge.
Deutscher began his discussion by pointing out a significant rally in Bitcoin’s price, which soared from ,500 to over ,000. This movement aligns with his observation of substantial inflows into Bitcoin spot ETFs, which he highlighted as nearly reaching 0 million in a single day. This figure is distributed across various funds, with Fidelity, BlackRock and ARK contributing the largest shares.
“This is the highest inflow that Bitcoin has gotten since the major breakout in March,” Deutscher stated. He connected these inflows to a broader bullish sentiment in the market, suggesting that they indicate a robust institutional interest that had not been seen since Bitcoin’s previous highs around ,000.
Strategic Altcoin Play #1: BNB Ecosystem
Shifting the focus to the altcoin market, Deutscher honed in on Binance Coin (BNB) and its associated tokens. He elaborated on BNB’s performance, noting its breakout to new all-time highs and its defiance of typical market gravity. He advised potential investors to consider entering positions after a definitive weekly close.
“When a coin is in price discovery, it’s often very hard to fade that coin. If you’re interested in a long here, wait for a close above on the weekly if you’re a higher timeframe trader, and then you have very clear invalidation for this next leg to the upside,” Deutscher said.
In the BNB ecosystem, Deutscher pointed out specific tokens poised for growth, especially FLOKI and Cake. FLOKI, which gained the analyst’s nod as “one of the leading meme coins on the Binance Smart Chain,” has shown similar price actions to another meme coin, Pepe. Observing these patterns, Deutscher predicted a possible 20% upside potential for Floki following its breakout.
Cake, known for its role as the largest DEX on the Binance Smart Chain, has started to show promise by reclaiming key support levels. “Cake is an interesting play. Because Cake, on the weekly chart, has been pretty unimpressive, but it’s now finally starting to show signs of wanting to reclaim that major support level, […], a reclamation of that level could send it to .”
#2 Ethereum Is Ready To Surprise
A significant portion of Deutscher’s analysis was dedicated to Ethereum and the speculative impacts of the upcoming spot Ether ETFs in the United States. He discussed how Ethereum’s potential underperformance relative to Bitcoin could set up a lucrative buying opportunity ahead of the ETH ETF’s launch.
Deutscher quoted market sentiment from various tweets, indicating a general consensus that Ethereum might underperform in ETF inflows, which he believes is an undervalued viewpoint.
“Given the fact that Bitcoin is significantly upticking, the ETH inflows could surprise. And the ETH chart really hasn’t done as much as you think it would, considering they’re on the verge of a major, major catalyst ” he explained, suggesting that the market might be underestimating Ethereum’s appeal to institutional investors.
#3 Crypto Trend: Real-World Assets
Third, Deutscher explored the concept of real-world asset (RWA) staking as an emerging investment opportunity within the Ethereum ecosystem. He cited Ondo Finance as a leader in this area, already showing strong performance and potential for further gains.
“It’s actually consolidating into another bull flag here on the 1-hourly and the 4-hourly after breaking above that .33 level. The price action here is absolutely absolutely amazing. It’s a thing of beauty,” Deutscher noted.
He also highlighted projects like Mantra and Pendle as other key players benefiting from the shift toward RWA staking. “Mantra recently announced their staking as well. Pendle is obviously a platform to enable you to earn yield. This is a clear beneficiary. These tokens, in my opinion have been the RWA leaders, […]. All of these can perform well.”
At press time, ETH traded at ,799.
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Hong Kong Reveals 17 Crypto Trading Platform Applicants as New Regulations Take Effect
Hong Kong’s Securities and Futures Commission (SFC) has published a list of two licensed crypto trading platforms and 17 pending applicants under the new regulations that went into effect on June 1. The financial regulator stresses that operating without a license is a criminal offense and commits to taking appropriate actions against any legal breaches. […]
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Ethereum Investors Take On Sky-High Leverage: Brace For Volatile Storm?
Data shows the investors in the Ethereum derivatives market have been taking on very high leverage recently, something that could lead to volatility for the asset.
Ethereum Estimated Leverage Ratio Has Been At Extreme Levels Recently
As pointed out by an analyst in a CryptoQuant Quicktake post, the ETH Estimated Leverage Ratio has been on the up recently. The “Estimated Leverage Ratio” (ELR) refers to an indicator that keeps track of the ratio between the Ethereum Open Interest and Exchange Reserve.
The former of these, the Open Interest, here is a measure of the total amount of derivatives positions related to ETH that are currently open on all centralized exchanges.
The second metric, the Exchange Reserve, naturally tells us about the total number of tokens of the cryptocurrency that are sitting in wallets attached to all exchanges.
When the ELR’s value rises, it means that the Open Interest is increasing at a faster rate than the Exchange Reserve. Such a trend implies that investors are opting for a higher amount of leverage on average. On the other hand, a decline in the indicator suggests the derivatives market users are moving towards a lower amount of risk as they are deleveraging their positions.
Now, here is a chart that shows the trend in the Ethereum ELR over the last few years:
As displayed in the above graph, the Ethereum ELR has observed some steep growth recently. This sudden sharp uptrend in the asset came about as news around the spot exchange-traded funds (ETFs) gained traction in the buildup to the approval.
The cryptocurrency’s price also registered a sharp rally during the same time. Thus, the conditions were perfect for attracting fresh speculation related to the coin, so it’s not surprising that the indicator’s value saw a spike.
The rise has also continued beyond the approval of the ETFs, but the price has fallen to a sideways movement. It would appear that the investors are willing to take even higher risk despite this consolidation, trying to bet big on where Ethereum could escape from here.
Historically, a high value of the leverage ratio has meant a higher volatility for the asset’s price. This is because mass liquidation events can become more probable to take place when the investors are sitting in overleveraged positions.
With ETH trading sideways recently and all these positions building up, it might take only one break in either direction before a lot of these positions come crashing down. A large number of such liquidations happening at once would only fuel further into the price move that caused them, thus amplifying it.
It now remains to be seen how the Ethereum price develops in the coming days and if a volatile move is waiting for it given the trend in the ELR.
ETH Price
May has been a good time for Ethereum investors as the asset is looking to close the month with positive returns of more than 18%.