Wednesday 28 September 2022
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Ethereum Barrels Past $1,700 – Next Target: $2,000

Ethereum (ETH) price overshoots above $1,700 hinting a bullish momentum. And everyone was blown away. James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.” Bitcoin, Ethereum, and other cryptocurrencies have soared following the Fed interest rate hike of 0.75%. It was indeed an optimistic kind of domino effect for the crypto space. Can ETH Stay Above $1,700? Now, that ETH was able to do the inconceivable, all that’s left for ETH to do is to maintain that momentum and do everything in its power to stay above the $1,700 line. More so, Nasdaq Composite stocks were also up by 2.67% on Thursday despite the U.S. economic slump revealed in the GDP report. This is regarded to be Nasdaq’s recent all-time high since April 2020. In addition, this is considered the biggest Nasdaq rate hike since December 16, 2008, wherein Ben Bernanke, Fed’s ex-chairman shaved off the interest to almost zero in the middle of a global financial crisis. Ethereum is set to showcase a bull run in line with the merge event happening in September. ETH price shows a forking movement sliced between the two impulse waves which may result in some problems with holding ETH. A possible retracement towards the $1,270 level remains a possibility. A breach on the $1,250 level can invalidate this recent rally. The weekly forecast on ETH price is validated as the second largest crypto made it through the 1.5-1 trading setup. Target Zone Hit July 28, Next Target: $2,000 Analysts have let in a couple of perspectives on July 22 regarding ETH’s potential knife catch or v-shape retracement and liquidation. The knife catch may occur at the $1,300-$1,350 level or target the $1,900 zone after the decline. Invalidation of an upswing has been moved to $1,250 to create some space for adjustments and accuracy. In fact, analysts and experts recommend waiting for a breach that offshoots $1,460 to gain more confidence in trading ETH. And that happened recently. The first target zone was punched through on July 28. Traders who went with the big moves of ETH are currently gaining strides in profitability with the coin. ETH price was able to successfully validate its bull run as it swishes towards $1,900 in the short term. ETH may probably hit the $2,000 level and all it needs to do is stay afloat and hover above $1,700. The 2,000 level is the next potential target, with a resistance zone set at $2,158. ETH total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com

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Polkadot (DOT) Grinds 15% Higher Amid Sustained Buying

There’s no stopping Polkadot (DOT) price as it continues to locomote up. It’s the second consecutive day of winning streak for Polkadot as it spiked by 15% in gains. According to CoinMarketCap, Polkadot (DOT) price is currently up by 5.92% or at $8.02. It currently has a total market cap of 7,916,976,700 as of this writing. DOT price has experienced sustained and robust buying pressure after touching on lows on Tuesday at $6.52. The coin has successfully bounced back from the $6.50 support line. Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump Can DOT Spike To $8.50? The coin has recovered steadily as seen in the past two sessions and has also generated heightened massive investor interest and price hike. A breach above the $8.00 level would reinforce gains for DOT. Looking at the daily chart, DOT price has been experiencing resistance close to the sloping line that stretches from $9.5.But, the downside is seen close to the $6.25 zone. Breaking through the resistance level of $8.05 requires strong buying pressure. Polkadot price is looking extremely volatile and continues to be unpredictable in terms of price movement. Meanwhile, the bulls are trying to jab the price pushing it further the descending trend line. As DOT/USD nears the 50-day EMA or Exponential Moving Average, the price could potentially shoot for $8.50. Additionally, RSI has also traversed the average line and could jump higher. RSI is currently at 56. With the hourly time frame, DOT price hints more gains or higher than 15% from yesterday’s $6.73. After retesting at $7.93, DOT price has retraced and swerved way up with the current session’s high. This implies that buying pressure is close to the lower zone. Related Reading: Tron (TRX) Extends Gains As Prices Break Away From Support Point Bulls In Command, Conquer Mode The histogram bars seem to plunge with the MACD indicator revealing a downward bullish trend. RSI is showing positive or is neutral and neither bearish nor bullish. DOT is definitely looking optimistic when perceived on a higher time frame. However, on the lower time frame, it still shows negative in perspective. So, it would be wise to hold your horses and await validation before pushing through more aggressive bids. DOT price shows that the bulls have been manning its price since September this year. The market has witnessed slopes or combinations of higher highs and higher lows, which implies that the bulls have the upper hand too on DOT price. DOT prices were previously seen to be merging in the $6.42 and $7.2 range. DOT’s RSI is above 50 which strongly indicate that the coin is bullish. On the other hand, if Polkadot prices plunge to $6.61 and under, this would hint that the bears were able to take over the market. It seems the bulls are in command and conquer position. Polkadot is set to continue with its bullish momentum as triggered by an overall positive market sentiment. DOT total market cap at $7.8 billion o..

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Expert Tells Investors To Be Careful In The Cryptocurrency Rally, Why’s That?

A crypto influencer, Alfonso Peccatiello, expressed his thoughts as regards the recent cryptocurrency rally. He stated that the current crypto rally is not a yardstick for investors to raise their hopes too high. This was revealed following the increase in certain digital currencies such as Bitcoin and Ethereum in the last 24 hours. A recent crypto market watch showed a 24-hour price appreciation of Bitcoin of more than 9%. Currently, BTC trades at a price of over $23,000. Meanwhile, Ethereum, the second largest digital currency, has also experienced a rise in its price. Its 24 hours price increase got over 13%. Presently, the token trades at a price above $1,600. The surge in the prices of these cryptocurrencies followed the Fed’s decision to hike its interest rate by about 75 bps. Alfonso’s Thoughts On The Current Rally A renowned crypto expert and author of The Macro Compass, Alfonso Peccatiello, gave his thoughts concerning the current crypto rally. According to Peccatiello, the recent digital currency surge should not be a reason for investors to be excited. He stated this, backing it up with an explanation. Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump Peccatiello first admitted that the speech of the Fed chair, Jerome Powell, triggered the rise in the prices of cryptocurrencies. But, there is a need for his speech to be guided. He added that if his speech lacks a backup, it will be a cause for alarm in the crypto market. Furthermore, he uncovered his portfolio, stating that he has little interest in risky assets. One of such risky assets is digital currencies. Trigger For Cryptocurrency Rally Drawing from Peccatiello’s speech, the increase in the prices of these digital tokens commenced after Powell’s statement. He added that Powell stated a relationship between inflation and neutral interest rates. Powell also cited that the Fed’s operations will base more on data. This results from the recent hikes of about 75 basis points. According to Peccatiello, the Federal Reserve would be a dreadful zone if it repeats its interest rate hike over time. Powell is more careful now that the Fed feels they reached neutral rates: why? Because every time the Fed hiked above that (restrictive policy) it ended up breaking something. Every single time. pic.twitter.com/OkQ51xzipB — Alf (@MacroAlf) July 28, 2022 Then, Powell made another statement, which happens to be a good cause for concern. He cited that there is another alarming increase that could be the trigger for the next meeting of the FOMC, scheduled for September. Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1 His final statement pointed to the fate of digital currencies and their yields. He revealed that there is a need for the Fed to carry out an aggressive tightening. Peccatiello stated that this action is necessary to prevent the decline of actual yields. Moreover, with reduced yields comes low performance in the crypt..

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Bitcoin Eyes $28k With A One-day Breakout

Bitcoin eyes $28,000 after a major breakout from the 1D 50 EMA resistance with a good volume. The Crypto market looks bullish on the low timeframe as major cryptocurrencies and altcoins gain relief bounces. Market Dumps Ahead Of FOMC Meeting The major buzz around the financial market over the past few days was focused on the FOMC. This has led to major cryptocurrencies dropping from key supports and resistance, with the likes of Bitcoin trading at around $20,700 and Ethereum going down to $1,376. Related Reading: Bitcoin Slips To 1-Week Low Ahead Of Fed Hike Rate Decision Before the FOMC meeting, rumors of a hike in rate led to the crypto market bouncing, with BTC rising to $22,000. On Wednesday, the Federal Open Market Committee (FOMC) raised its interest by 0.75% marking the highest rate increase since the 1980s. The Federal Reserve Chairman Jerome Powell stated, “unusually large increase could be ideal in future meetings and a period of economic slowdown will be vital to bring back price stability.” Major cryptocurrencies in the market after the news have seen a good response, with BTC trading above $23,100 and approaching a crucial 1D 50 EMA resistance. Leading to many discussions in the market applauding the rally as it could signal more upsides and relieve bounces for altcoins. Related Reading: Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump “If 75bps gave us this pump, 100bps would send us to ATH surely,” @Livercoin “Ideal ingredients for a Summer Relief Rally are there: Powell becoming dovish on policy and more data-dependent. $ETH merge is coming up in September. Serious impact on 3AC, Celsius, and more already priced in. I’m seeing $ETH to $2,400 and $BTC to $28,000-30,000.” @CryptoMichNL Bitcoin Breaks One-day 50 EMA With Good Volume Bitcoin rallies with good volume, surging to a 10% increase earlier today, and if bulls can breakout above $24,300, then we would be up for a relief bounce up to $28,000. This is a region that BTC has had a tough time breaking after trading for more than a month in a range. BTC 1D 50 EMA Breakout | Source: Tradingview.com If BTC fails to break this major resistance, bulls would likely revisit the $21,000 – $20,700 to build more momentum for a potential breakout. If BTC fails and falls below $20,000, this will be invalidated as bears will have more power over the bulls. The State Of Bitcoin On The 4H Chart BTC on the 4H timeframe looks good as it needs to break above a minor resistance of $24,200 to soar higher to the region of $26,800 – $28,000. BTC On The 4H Chart Approaches $24200 Resistance | Source: Tradingview.com The overall market sentiment is improving after months of downtrend and loss of interest in the crypto market. The crypto market is in high expectation of the Ethereum merge that will come up soon. As BTC recovers with other major altcoins, more relief and belief would return to the market.

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TA: Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum started a major increase above the $1,650 and $1,700 levels. The price is now trading above $1,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $1,750 level. Ethereum Price Rallies Above $1,700 Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels. The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level. Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone. Source: ETHUSD on TradingView.com The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone. Dips Supported in ETH? If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone. A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $1,700 Major Resistance Level – $1,750

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TA: Bitcoin Price Gains Momentum, Why The Bulls Could Aim $25K

Bitcoin started a fresh increase above the $23,000 resistance zone against the US Dollar. BTC might continue to rise towards the $25,000 resistance zone. Bitcoin started a fresh increase and climbed above the $23,000 resistance. The price is now trading above the $23,000 level and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $24,000 resistance to continue higher in the near term. Bitcoin Price Rises Steadily Bitcoin price remained well bid above the $22,000 support zone. It formed a base above the $22,500 level and started a fresh increase. The price was able to gain pace for a move above the $23,000 resistance zone. The bulls pumped the price above the $23,500 resistance. It even spiked above the $24,000 level and traded as high as $24,198. It is now trading above the $23,000 level and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $24,000 on the hourly chart of the BTC/USD pair. It is also trading well above the 23.6% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high. Bitcoin price is facing resistance near the $24,000 level. Source: BTCUSD on TradingView.com The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level. Dips Limited in BTC? If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,740 level. The next major support now sits near the $23,370 and $23,350 levels. Any more losses might send the price towards the 50% Fib retracement level of the upward move from the $20,696 swing low to $24,198 high at $22,450. A close below the $22,450 support zone might restart downtrend. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now correcting towards 60. Major Support Levels – $23,740, followed by $23,350. Major Resistance Levels – $24,000, $24,200 and $25,000.

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Elevated Bitcoin Open Interest Levels Puts Market In Vulnerable Position

Bitcoin has recovered above $23,000 multiple times now, but the digital asset remains in a perilous position. This is because the recovery alone has not been able to assure that the bull trend would endure. Rather, it has been falling the brief buying and selling pressures that have been plaguing investors in recent times. The bitcoin open interest also mirrors this fact and shows just how easy it would be for bitcoin to lose its position. Bitcoin Open Interest Stays Elevated For the past week, the bitcoin open interest has been on the rise. After hitting above 300k the previous week, there was no stopping this part of the market. However, it also pointed to more peculiarities about the current bitcoin uptrend. Related Reading | Why Cardano (ADA) May Breakout In A Bull Run To $1 For one, the elevated bitcoin-denominated open interest shows that there is very high leverage in the crypto market. As with any market, having such high leverage always puts the value of the digital asset in a perilous position. It could swing either way resulting in a short squeeze or a long squeeze. Whatever the case may end up being, the results are often the same; there are significant price swings that would go in either direction. BTC recovers above $23,000 | Source: BTCUSD on TradingView.com With the current movement of bitcoin, it is more likely that a long squeeze would be the end of it. This would likely see the price drop back down and touch $20,000. But if the off chance that it does end in a short squeeze, then bitcoin’s price could very well revisit $25,000. Funding Rates Fall Last week, the market had seen some much-needed bullish sentiment on the part of perpetual traders when the funding rates had recovered to neutral levels. Given that the funding rates had spent weeks swinging below neutral, this was a welcome change, however briefly. It would seem the positive recovery would only last a single week as bitcoin funding rates have begun to swing back into the negative. It shows a straight decline down from neutral, indicating that traders were returning to more careful trades. Funding rates fall below neutral | Source: Arcane Research Interestingly, though, is the fact that despite the decline in the funding rates, they still continue to maintain higher lows. It shows better prospects compared to the month of June, which was characterized by funding rates remaining perpetually below neutral. Related Reading | Bullish Sentiment Spills Over To Institutional Investors As Ethereum Inflows Balloons What this shows is that although bitcoin traders are being more careful, they have not entirely written off the digital asset. This improvement in market sentiment has shone through in bitcoin’s recent recovery. However, for this to continue, funding rates would need a reversal from here. Featured image from GoBankingRates, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tw..

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Top Analyst Predicts 60x Profits For Polygon, Cosmos, And Avalanche

The crypto market is trending to the upside and recovering some of its last week’s gains with Polygon (MATIC), and other altcoins following the general trend. Digital assets seem to be positively reacting to the earnings reports from legacy companies. Related Reading | Why The IMF Thinks The Crypto Market Could See “Further Selloffs” At the time of writing, Amazon (AMZN) beat earnings expectations generating over $130 billion in net sales. Apple (AAPL) also beat expectations with $83 billion reported in earnings. Amazon +10% pic.twitter.com/T4twX73AKG — TradingView (@tradingview) July 28, 2022 As a result, the S&P 500 recorded a 1.23% increase at the U.S. close with the Nasdaq and the Dow Jones trading in the green. The crypto market benefited from these reports, as it continues to move in tandem with legacy financial markets. Top crypto analyst Michaël van de Poppe celebrated AMZN and AAPL’s positive price moves. The analyst believes the price action in equities will continue to spill into the crypto market. Via Twitter, van de Poppe said: we’re definitely ready for fireworks (…). The entire market looks ready to continue moving heavily. Many altcoins & Bitcoin breaking above 50-Day Moving Average. Bitcoin breaking above 200-Week Moving Average. Looks to me to see a continuation on those altcoins for 100-200%. The analyst singled out Solana (SOL), Polygon (MATIC), Cosmos (ATOM), Avalanche (AVAX), and others with the best potential to benefit from a long-term bullish trend. These cryptocurrencies have the potential to record 60x returns “in the next bull cycle”, van de Poppe said. In the short term, as mentioned above, these altcoins could register as much as 100% to 200% gains if the bullish momentum extends. The analyst claims most of these altcoins have broken above key moving averages and might find little resistance as they reclaim previously lost territory. According to this analyst, Avalanche (AVAX) alone could hit a target of $37 to $41. Solana on the other hand might hit $62 to $84 and Polygon beyond the $1 mark. MATIC’s price records important gains on the 4-hour chart. Source: MATICUSDT Tradingview Can Polygon (MATIC) Benefit From A Crypto Summer Rally? The analyst claims the crypto market stands to benefit from a relief rally on the back of a dovish U.S. Federal Reserve (Fed). The financial institution has been trying to mitigate inflation by hiking interest rates, and according to market expectations, this metric should trend lower in its July print. In addition, the Ethereum “Merge” was set for September 2022. This event is considered highly bullish for the cryptocurrency which has provided ETH bulls with enough strength to push the market to the upside. Related Reading | Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump Polygon (MATIC), Avalanche (AVAX), Solana (SOL), and Cosmos (ATOM) might prove good bets in the long run due to the upcoming products, their partnerships with major players in and outs..

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Lido DAO: Ethereum’s biggest Merge staker soars 400% in July — but technicals flash warning

Lido DAO (LDO) price has skyrocketed by roughly 400% month-to-date to reach $2.22 on July 28, its highest level in over two months. LDO MergifiedLDO price has benefited majorly due to its association with Ethereum, the leading smart contract platform by total-value-locked (TVL) and market capitalization. Notably, LDO serves as a governance token inside the Lido DAO ecosystem, a project that offers staking services for Ethereum. The staking practice allows users to earn passive income without needing to sell their coins. It also helps validate transactions and secure the blockchain. In return, the protocol offers stakers rewards in the form of new tokens minted and fees collected. Lido DAO working mechanism. Source: Official WebsiteEthereum could become a full-fledged proof-of-stake blockchain by Sept. 19, the tentative date for the Merge. A successful transition to proof-of-stake could mean more demand for Lido DAO services in the future. Lido DAO has remained the leading Ethereum s..

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CoinGecko open to acquisition but now is ‘too early,’ co-founder says

Major cryptocurrency tracking website CoinGecko is open to acquisitions, but not right now, according to a co-founder of the platform. CoinGecko has been hit by the current crypto bear market, but the firm is far from selling off, CoinGecko chief operating officer Bobby Ong told Cointelegraph. Ong believes that all crypto-related companies are affected by the cyclical nature of the industry as they usually do well during bull runs and struggle during bear markets. “During this crypto winter, we at CoinGecko are similarly impacted. This will be our third crypto winter and we are focused on improving CoinGecko to prepare for the eventual bull run that will come again,” Ong said. According to the chief operating officer, CoinGecko had 100 million monthly pageviews in July, experiencing an 85% decrease in traffic compared to the peak in November 2021. The traffic decline comes in line with the price movement of Bitcoin (BTC), which reached an all-time high above $68,000 last November. “Th..

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