Ethereum (ETH)
Ethereum Price To $2k or $4k? Here’s What To Expect In August
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1 month agoon
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adminEthereum price remained stable throughout Thursday’s sessions, as cryptocurrencies stabilized following the post-CPI release sell-off. Despite the bullish outlook, a host of other effectors, including a potential death cross, could derail the uptrend in Q3.
Ethereum Price Struggles Uphill
Ethereum price could be gearing up another sell-off to $2,000 and below considering the decline in derivatives volume and open interest as observed on Coinglass. This can also be interpreted as a consolidation phase after a period of heightened volatility and a shift in investor sentiment following the crash to $2,111 on Monday last week.
A subsequent drop in options volume is particularly noteworthy for ETH price, as it suggests reduced speculative activity and possibly lower implied volatility. Ethereum may experience less pronounced price swings in the short term.
Ethereum sits between two key levels, starting with support at $2,060, as highlighted by the 200-day Exponential Moving Average (EMA) and a confluence resistance at $2,817 established by the 50-day EMA and the 50% Fibonacci retracement ratio.
A break on either side on the above range will shape the trend based on ETH price prediction. Considering a death cross is in the cards, a bearish outcome can be anticipated toward $1,500.
Remember, a death cross occurs when a long-term moving average flips below a short-term moving average. The 20-day EMA in the weekly time frame is grinding down toward the 50-day EMA to confirm the pattern.
After Ethereum price validated the last death cross of this kind in May 2022, a staggering 68% decline followed from $2,885 to $887, underscoring the severity of this pattern.
The Relative Strength Index (RSI) downtrend and neutral position at 42 adds credibility to the bearish thesis. It implies that ETH price is not oversold yet and that sellers have more room to wiggle before the second largest cryptocurrency reverses the trend for a bigger leg up above $4,000.
Ethereum price has been moving within a descending channel since topping out at $4,100 in March, 2024. Note that a potential recovery from the critical $2,500 support could validate a bull flag breakout, boosting ETH to ATH later in the year. With the potential bull flag in mind, traders should watch out for key levels at $3,000, $3,500 and $4,000 to help ascertain the probability of a stronger leg up.
Market sentiment appears to have improved after Ethereum ETFs posted three consecutive days of daily net inflows for the first time since launch. According to SoSoValue, all nine ETFs combined achieved $10.77 million in inflow volume on Wednesday, reducing the cumulative total net outflow to $365.89 million.
Frequently Asked Questions (FAQs)
Ethereum shows resilience above $2,500 support but if the looming death cross confirms, losses would extend below $2,000.
With a potential bull flag, ETH may rally above $3,000 and close in on $4,000 in August. However, due to mixed signals, a correction below $2,000 cannot be ruled out.
If ETF inflow volume increases, it will increase demand for ETH eventually creating momentum for a major breakout as seen with BTC price in Q1.
John Isige
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bank of Japan Keeps Interest Rates Unchanged, Bitcoin and Altcoin Rally Ahead?
Published
1 hour agoon
September 20, 2024By
adminIn a major macro development, the Bank of Japan (BOJ) has decided to keep interest rates unchanged at 0.25%. The development sent the Nikkei index soaring by 2.10% and 700 points today itself. As the fears of the further unwinding of the Yen carry trade subside, Bitcoin and altcoins have also been showing strength with further upside.
Bank of Japan on Future Rate Hikes
In the latest policy update, the Japanese central bank has revised its assessment of consumption. Thus, it showed confidence in a solid economic recovery that would allow the central bank to raise interest rates again in the coming months.
“Private consumption has been on a moderate increasing trend despite the impact of price rises and other factors,” the BOJ said in a statement.
The markets are keeping a close watch on how Governor Kazuo Ueda plans to roll out future BOJ rate hikes amid global economic uncertainty. Moreover, the unprecedented rate hikes this year by the Bank of Japan have exacerbated the fears of Yen carry trade unwinding and the rising Japanese Yen. The Japanese central bank ended the negative interest rates earlier in March, shifting away from its decade-long stimulus program to boost inflation.
In the last month of August, the core consumer inflation hit 2.8% rising for the fourth consecutive month. If inflation remains on track to hit its 2% target, the BOJ will continue with its rate hike said Ueda. The recent Reuters report suggests that a majority of economists expect the BOJ to raise interest rates in December.
Bitcoin and Altcoin Rally Ahead?
With the Bank of Japan holding interest rates steady, risk-ON assets like cryptocurrencies are enjoying the upside. The Bitcoin price surged by 3% moving further closer to $64,000. On the other hand, altcoins led by Ethereum have registered gains anywhere between 4-10%.
Bitcoin has been showing strength following the Fed rate cuts earlier this week, for the first time in nearly four years. Interestingly, per the data from Sanitment, this strong recovery has come without any high FOMO. This shows that the Bitcoin and altcoin market recovery is healthy and can continue going further.
On the technical chart, the Ethereum price is also showing signs of recovery with the recent jump. Despite the Vitalik Buterin address moving ETH recently, the below chart shows a strong recovery with the potential to rally to $5,000.
The TD Sequential is now signaling a buy on the #Ethereum $ETH weekly chart, suggesting a potential rebound if the crucial $2,200 support level holds strong. pic.twitter.com/Fdor0G7waz
— Ali (@ali_charts) September 19, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BTC Below $58K, BEAM Up 12%, & QNT Soars 10%
Published
1 week agoon
September 13, 2024By
adminThe crypto prices today have sparked a tidal wave of speculations among investors globally. Bitcoin (BTC) price encountered turbulence at the $58K level, whereas Ethereum (ETH), Solana (SOL), and XRP mimicked a volatile movement. However, Quant (QNT) and Beam emerged among the day’s top gainers.
Simultaneously, the global crypto market cap jumped marginally by 0.15% to $2.04 trillion today. Nonetheless, the total market volume noted a 15% drop in value to $61.35 billion.
Here’s a brief report on some of the top cryptocurrencies by market cap and their price action today, September 13.
Crypto Prices Today: BTC, ETH, SOL, and XRP Battle Market Turbulence
Bitcoin Price Today
BTC price traded at $57,893 today, a decline of 0.76% in the past 24 hours. The coin’s intraday low and high were recorded as $57,354.41 and $58,534.36, respectively.
BTC price encountered volatility despite $39.02 million inflows in Bitcoin ETFs as of September 12, per Soso Value data. Bitcoin’s dominance slipped 0.03% over the past day to 56.18%.
Ethereum Price Today
ETH price traded at $2,359 today, a decline of 0.39% in the past 24 hours. The coin’s intraday lows and highs were $2,316.16 and $2,379.03, respectively.
This waning movement falls in line with $20.14 million outflows registered in spot Ethereum ETFs. Ethereum’s market cap rested at $283.85 billion today.
Solana Price Today
The crypto SOL’s price witnessed a nearly 1% drop in value to reach $134 today. The coin’s 24-hour low and high were $133.53 and $136.61, respectively. Solana’s market cap rested at $63.03 billion today.
XRP Price Today
Besides, XRP price defied the broader market trend, gaining 4.5% in the past 24 hours to $0.5616. The coin’s intraday low and high were $0.5355 and $0.5809, respectively. XRP’s market cap rested at $31.66 billion today.
Meme Coins Prices Today
Simultaneously, Dogecoin (DOGE) price slipped by 0.6% in the past 24 hours to trade at $0.102. Besides, Shiba Inu (SHIB) price traded at $0.00001342 with marginal gains at press time.
Also Pepe Coin, Dogwifhat, and FLOKI prices surfed along the red territory today.
Top Crypto Gainers Prices Today
Quant
QNT price surged nearly 9% to trade at $77.27, defying the broader market trend. The coin’s intraday low and peak were $70.41 and $77.88, respectively.
Beam
BEAM price noted a 7% uptick in value over the past day and is currently trading at $0.0144. The coin’s 24-hour low and high were $0.01343 and $0.01454, respectively.
Worldcoin
WLD price soared 8% in the past 24 hours and is currently trading at $1.53. The coin’s intraday low and high were $1.39 and $1.61, respectively.
Top Crypto Losers Prices Today
Aave
AAVE price dipped 6% in the past 24 hours and is currently trading at $143. The coin’s intraday low and high were $142.12 and $151.38, respectively.
Helium
HNT price slipped 4% in the past 24 hours and is currently trading at $7.71. The coin’s 24-hour low and high were $7.63 and $8.15, respectively.
THORChain
RUNE price noted a 3% drop in value to $3.88. The coin’s 24-hour low and high were $3.81 and $4.07, respectively.
Besides, the hourly time frame charts indicated the presence of further downside movement, raising investor concerns over the crypto prices today. BTC price slipped 0.04%, while ETH dropped 0.03% within the hourly time frame.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Metalpha on Ethereum Selling Spree, Can Dump 51,300 ETH By End of Week
Published
1 week agoon
September 10, 2024By
adminTop market players have recently been dumping their ETH amid criticism of the slow growth within the Ethereum ecosystem. On-chain data shows that Hong Kong-based asset manager Metalpha has liquidated 37.5% of the ETH holdings in just the last four days. Well, if Metalpha continues selling at the same rate, it might liquidate all of its holdings by the end of this week.
Metalpha on Ethereum Selling Spree
Bitmain-affiliated Hong Kong-based asset manager Metalpha deposited 10,000 more Ethereum, worth $23.5 million, to crypto exchange Binance in the past few minutes. On-chain analytics platform LookonChain stated that in the last four days, Metalpha has deposited a total of 33,589 ETH, worth around $77.55 million, to the exchange.
However, it turns out that the firm still holds 51,300 ETH, valued at roughly $120 million in its treasury. But if the asset manager continues to sell at the same rate, it can empty its Ethereum stash by the end of this week.
Metalpha deposited 10,000 $ETH($23.45M) again 15 mins ago.#Metalpha has deposited a total of 33,589 $ETH($77.55M) to #Binance in the past 4 days and currently holds 51.3K $ETH($120M).https://t.co/fTHHLpCEfr pic.twitter.com/SAJYTaSPp0
— Lookonchain (@lookonchain) September 10, 2024
The significant deposits have drawn the attention of market analysts and the crypto community, as large transactions like these can impact the ETH price. While such actions may result in short-term price fluctuations, their long-term effects remain uncertain.
Interestingly, this ETH dump comes at a time when both the Ethereum Foundation and Vitalik Buterin have been reducing their ETH holdings in the past few weeks. On the other hand with the Ethereum revenue dropping significantly, the broader market sentiment has taken a hit.
ETH Price Shows Resilience to Dumping
As of press time, the ETH price is trading 1.92% up at $2,345 levels with its market cap above $282 billion. This comes as the broader crypto market shows recovery ahead of the US CPI data for August.
Market analysts remain optimistic about ETH, stating that if the US macros support and the Fed proceeds with the interest rate cut decision next week, there’s a high likelihood of a 75% ETH price rally all the way to $3,500 levels.
Although big players like Metalpha, Ethereum Foundation and Vitalik Buterin have been moving their ETH to exchanges, CryptoQuant data suggests a negative net flow exceeding 40,000 ETH on derivative exchanges.
This indicates a significant withdrawal of ETH from these platforms, which may suggest reduced selling pressure or a decline in borrowing for new short positions. Analysts believe this could signal a potential shift in market sentiment for ETH.
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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