Ethereum Holds Steady Amidst Sideways Movement, Awaiting Market Catalyst

Ethereum (ETH) remained relatively stable, with little movement, as the market continued to await a catalyst. 



This trend is not unique to Ethereum, as other major index funds are also experiencing similar sideways movement, indicating a positive correlation between ETH and the traditional financial market. What does this scenario suggest?

Since the launch of spot Bitcoin ETFs in the USA, Ethereum’s correlation with the traditional market has surpassed that of BTC. Ethereum has demonstrated a stronger correlation with indices like the Nasdaq 100, S&P 500, and Dow Jones Industrial Average compared to BTC. This is evident in recent price movements, where Ethereum has traded sideways in line with these indices.  

While Ethereum’s price remains stagnant, significant players are taking action behind the scenes. Spot on Chain reports that an individual involved in the initial coin offering (ICO) has sold 2,000 ETH for 6 million USDC at $2,997. This whale initially purchased 33,213 ETH at $0.31 during Ethereum’s Genesis ICO, has now sold 5,110 ETH, and retains approximately 29,700 ETH across three wallets. 

As per Lookonchain, a whale made significant moves yesterday by investing 10 million USDT acquiring 3,279 ETH at $3,050. Subsequently, on Thursday, they withdrew 21,474 ETH valued at $64.7 million from Binance. Since April 8, this whale has procured a total of 107,931 ETH from decentralized exchanges and Binance.

At press time, the Ethereum token has recorded a gain of 1.26% and is presently priced at $3,099.57. ETH’s market capitalization has increased by 1.14%, while the 24-hour trading volume has surged by 5.70%. This substantial price increase has quickly generated excitement within the crypto community, fueling speculation about a remarkable market recovery as the BTC halving approaches.

Asian Stock Market Saw Declines As Middle East Tension Intensifies, Nikkei 225 Drops By Over 3%

In today’s trading session, Asian stocks witnessed massive declines, marked by Japan’s Nikkei 225 plummeting by 3.5% due to substantial selling pressure on semiconductor-related shares and other major players in the market. 



Today’s downtrend started overnight, particularly impacting high-tech stocks in the US. In Tokyo, selling intensified as investors reacted to a report from US media indicating that Israeli missiles had targeted a site in Iran. 

According to ABC News, Israel had launched an attack on Iran, however, CBS News stated that their sources did not provide information regarding the location or scale of the Israeli attacks.

On the other hand, Reuters conveyed a report in which an Iranian official denied any missile attack against Iran. In response to the earlier reports by the Iranian media concerning explosions heard in Isfahan, the official informed Reuters that the sound was caused by the activation of Iran’s air defense systems. 

Meanwhile, the Nikkei 225 went down below the 37,000 threshold for the first time in over two months, driven by the sale of semiconductor-related stocks with perceived value, marking the largest single-day decline of the year. Key chip-related stocks, such as Tokyo Electron, Screen Holdings, and Lasertec all experienced temporary drops of over 7%.

Yutaka Miura, a senior technical analyst at Mizuho Securities, suggests that the current stock market sell-off is driven by speculative traders. He stated that the announcement of the Israeli attack on Iran likely activated a computer algorithm designed to sell stocks and purchase bonds, the yen, and oil through future contracts. 

Hong Kong’s Hang Seng index lost 0.9% to 16,231.40, while the Shanghai Composite was 0.3% lower to 3,065.26. South Korea’s Kospi also dropped by 1.6% to 2,591.86 while Taiwan’s Taiex is 3.8% lower with Taiwan Semiconductor Manufacturing Co shares tumbling 6.7%

In Australia, the S&P/ASX 200 dipped 1% to 7,567.30

Bitcoin (BTC) Bears Crushed As Bulls Target $66,000 Barrier Ahead Of The Halving Event – Will BTC Recover Further?

After days of volatility, Bitcoin (BTC) was able to bounce back above $59,000 as the market stabilized after reports indicating an Israeli attack on Iranian military sites caused minimal damage. 



The cryptocurrency market has surged upward quite strongly, attracting the interest of traders and investors. At press time, Bitcoin (BTC) is approaching the crucial $66,000 resistance level, potentially making way for a new all-time high if broken successfully. As the Bitcoin halving event approaches with only 100 blocks left, market volatility continues to rise.

There has been a strong bullish pressure on Bitcoin’s (BTC) price as buyers have continued to accumulate around the $59,000-$60,000 range. As a result, there has been a solid rebound in price, with expectations of meeting short-term buyers’ objectives in the hours ahead, triggering liquidations totaling $20 million.  

Despite the sudden surge, analysts are still closely observing the $66,000 level as it could potentially offer technical support for Bitcoin to overcome further resistance levels. Market analysts are also closely watching the US trading session, anticipating it to add momentum to the current trend potentially. 

According to Skew, if Bitcoin’s (BTC) price breaks above $66,000, it could potentially trigger another bullish trend possibly propelling BTC’s price towards a new ATH. Expectations suggest that prices will likely remain elevated due to the anticipated approval of the spot Ethereum ETFs, potential interest rate cuts by central banks, and regulatory changes, rather than being predominantly influenced by the halving event. 

Meanwhile, Arthur Hayes, co-founder of BitMEX, has highlighted Bitcoin as the only viable solution amidst the expansion of central banking balance sheets during the current Token2049 conference in Dubai. 

Hayes further stated that real yields are expected to remain negative, which the US Fed and Treasury are actively managing to sustain. This is because they are allowed to borrow funds at lower rates. If that trend continues, Bitcoin (BTC) along with other cryptocurrencies will keep increasing in value. However, he also warned about the opposite but reassured that there’s very little chance the real yields will go positive anytime soon.

XRP News: SEC Appeals Court Loss, Bolstering Ripple’s Case

Ripple’s XRP closed the Thursday session dropping by 1.52%, reversing the 0.55% gain seen on Wednesday, with XRP closing the session at $0.6087. Notably, XRP’s performance lagged behind the broader crypto market. Yesterday, the total crypto market cap declined by 0.79% to 2.56 trillion. 



On April 10, Hayden Adams, the founder of Uniswap (UNI), notified the crypto community about receiving a Wells notice from the SEC. Given the ongoing SEC vs. Ripple case, XRP continues to be influenced by SEC activity, attracting significant attention from investors. 

Yet, another lawsuit filed by the SEC against a crypto company underscores the SEC’s commitment to regulating the industry through enforcement actions. Despite no clear regulatory framework for cryptocurrencies in the United States, SEC filings against crypto firms continue. 

Meanwhile, the cryptocurrency community supported Uniswap, closely examining the recent move by the SEC. Paul Grewal, Chief Legal Officer of Coinbase, commented on the matter, stating,

“Sometimes you have to laugh or else you’ll cry. Question: how can you square the SEC’s claim that Uniswap acts as a broker with the Court’s ruling against the SEC just a handful of days ago? Answer: you can’t.”

In addition, Uniswap Chief Legal Officer Marvin Ammori referenced a recent court ruling the SEC vs Coinbase case stating, 

“Sometimes you have to laugh or else you’ll cry. Question: how can you square the SEC’s claim that Uniswap acts as a broker with the Court’s ruling against the SEC just a handful of days ago? Answer: you can’t.”


SEC Continues To Lose

At this stage, there were no updates regarding the ongoing SEC vc. Ripple case to take into account. However, an unrelated court ruling could potentially boost Ripple’s case against facing severe penalties for alleged breaches of US Securities laws. 

As per Ripple Chief Legal Officer Stuart Alderoty, “The SEC continues to lose. The Second Circuit Court of Appeals refused to reconsider their decision in Govil, which held that if a buyer suffers no financial loss, the SEC is not entitled to disgorgement from the seller.”

The ruling might affect the SEC’s efforts to pursue a $2 billion disgorgement in the Ripple Case.

Bitcoin (BTC) Price Maintaining Its Bullish Momentum Surpassing $70,000

After a recent period of bullish activity, Bitcoin (BTC) has maintained its position above the $70,000 threshold, indicating the possibility of further price gains. 



Bitcoin’s (BTC) value has been ascending, currently trading above this significant threshold and the 100-hour simple moving average, suggesting strong market confidence. 

Traders are closely observing the hourly trend, noting that Bitcoin has surpassed a bearish pattern but is encountering resistance around the $70,800 and $71,250 levels. This means that a breakthrough beyond these thresholds could spark a stronger bullish momentum. 

However, if Bitcoin (BTC) struggles to surpass the $71,250 level, it could indicate a potential for another downtrend in the near term. At this time of writing, Bitcoin (BTC) is trading at $70,654.06. Nevertheless, in the event of a more substantial decline, the initial support level appears to be forming around $69,350. If the price closes below this level, it may lead to a further decline up to $68,500. In that case, the price could potentially regress to the support zone around $67,500 in the short term. 

Meanwhile, Bitcoin miners are hurrying to maximize their coin production before the Bitcoin halving event, which would result in a notable surge in mining difficulty. 

At this stage, Bitcoin mining difficulty has recently increased to unprecedented heights, reaching the 86.39 trillion hash mark before the Bitcoin halving. This surge aligns with an influx of Bitcoin miners striving to increase their coin production as the 2024 halving event draws near, leading to elevated hash rates that ultimately enhance network security. 

Furthermore, Bitcoin miners are in a race to accumulate as many coins as they can before the halving event. Miners see this event unfavorably as it decreases the pace of new BTC token creation. Consequently, they endeavor to amass as many coins as possible prior to the halving, leading to a surge in mining activity, as described earlier. 

Asian Stocks Struggles On Friday, China Trade Data in Focus

In today’s trading session, most Asian stocks showed declines as traders faced challenges in capitalizing on Wall Street’s high performance. Optimism towards interest rate cut in June is fading, while the attention shifted towards the earnings season in the United States, where there’s a sense of optimism surrounding companies’ profit forecasts. 



Today’s trade data from China demands investor’s attention. Any indication of weaker trade terms may challenge the prevailing optimism regarding the economic outlook. 

Economists anticipate a 3% year-on-year decrease in exports following a 7.1% increase in February. Additionally, economists project a 1.2% year-on-year growth in imports, compared to a 3.5% increase in February. Furthermore, economists predict a narrowing of the US dollar surplus from $125.16 billion to $70.20 billion. 

Weaker-than-expected imports and exports would coincide with recent inflation data from China, indicating a subdued demand environment as evidenced by producer and consumer prices. Furthermore, underwhelming figures could influence buyer demand for the Australian dollar.

Meanwhile, Tech giants contributed to the upward momentum in the Nasdaq and S&P 500 index, as the producer price index data largely met expectations. This helped alleviate concerns about inflation, which had escalated following Wednesday’s report showing a third consecutive successive upside turn in consumer prices. 

Japan’s Nikkei 225 slightly went up by 0.21%, trading at 39,523.55. While the Shanghai Composite plummeted by 0.48%, trading at 3,019.75. 

Hong Kong’s Hang Seng index also went down by 2.03%, trading at 16,751.38. South Korea’s Kospi also went down by 0.93%, trading at 2,681.82 while India’s Nifty 50 plummeted by 0.53%, trading at 22,632.45. 

In Australia, S&P/ASX 200 dropped by 0.56% trading at 7,788.1.