Ethereum Dips, Over $44 Million Liquidated: Will ETH Dump Or Break Above $2,700?

Posted on November 1, 2024 by Dalmas Ngetich

Ethereum, following price action across the crypto board, fell yesterday. The result is a three-bar bearish formation, forcing the second most valuable coin far from the key liquidation level at $2,800. With prices closer to $2,500, which is discouragingly near $2,400 and $2,300, bulls need to flow back, propping up the uptrend. If not, confirmation of yesterday’s losses could wreak havoc on determined bulls. In the coming days, traders should closely watch the reaction at the $2,300 and $2,400 support band, and the $2,700 and $2,800 resistance region on the upper hand.

At press time, confidence remains, though the coin is trading within a known bearish range. Technically, prices could rip if bulls push higher, breaking out from the Q3 2024 bearish zone. As it is, Ethereum is down 5% in the past day, unwinding gain over the previous seven days. Amid this contraction, engagement is down, shrinking to around $21 billion in 24 hours.

Traders are monitoring the following Ethereum news events:

According to trackers, spot Ethereum ETFs in the United States posted inflows of $13 million. Although positive, it is lower than the average of the past few trading days. Grayscale’s ETHE continues to post massive outflows.
Falling prices, in a bullish backdrop, translate to millions of liquidation. In the past day alone, falling ETH prices saw over $44 million of leveraged positions closed. The majority were longs.

Ethereum Price Analysis

[[ETH/USD]] is back to the Q3 2024 range.

There is clear support at $2,300, while liquidation is seen at $2,700.

The 3-bar bearish formation of the past three days forces a reassessment for bulls.

Although there might be opportunities to consider buying the dip, losses below $2,470 or today’s low is a massive dent in confidence.

If prices break above $2,700, reversing October 31 losses, Ethereum might find the wings to fly to $3,000.

Conversely, losses will precede a worrying dump to $2,300—or worse.

Bitcoin Dips and BlackRock Is Buying: Will BTC Reclaim $72,000?

Posted on November 1, 2024 by Dalmas Ngetich

Bitcoin fell yesterday, following through with what was printed on October 30. Technically, the uptrend remains, but buyers need to reclaim $70,000 today. A sharp dump below today’s lows at around $68,800 could heap even more selling pressure on bulls, forcing a possible collapse. All the same, there are other key metrics to watch that may help catalyze demand in the days to come. Top of the list is the inflow of capital from spot Bitcoin ETFs and macroeconomic conditions, especially in the United States. Traders are looking at the Federal Reserve and whether they will continue announcing even more accommodative policies.

In the short term, price action swings to favor buyers. However, the uptrend is firm and could shape the short to medium-term. At press time, the coin is down 4% but up 3% in the previous week. At the same time, there is an expansion in trading volume to over $44 billion over the past day.

Traders are keeping tabs on the following trending Bitcoin news:

Bitcoin closed October strongly, surprisingly extending gains of September. Against all odds, prices turned green by the end of Q3 2024. Over the last month, BTC added nearly 14%, almost half of what was seen last year.
BlackRock clients doubled down, buying the dip. Onchain data shows that IBIT, its spot Bitcoin ETF, added 4,550 in the past day. Currently, the product manages over 400,000 BTC.

Bitcoin Price Analysis

[[BTC/USD]] is firmly in an uptrend.

A surprising dip confirming losses of the past two days could shake the confidence of optimistic traders.

In that event, there will be massive liquidation—a flush out—and late October highs would be a crucial local top.

If BTC prints above $70,000 and even reclaims $72,000, the coin can easily breach $74,000 in the coming sessions.

Losses below $68,800 at the end of the day cancel out this bullish outlook.

Coinbase posts worst day in over two years despite share buyback

Posted on November 1, 2024November 1, 2024 by Olumide Adesina

Coinbase’s share price posted its biggest daily fall, in over two years during a broader stock market downturn, but the street remains hopeful about the company’s 2025 earnings outlook.

The largest publicly traded cryptocurrency exchange virtually disappointed the street with its third-quarter miss. COIN experienced its largest intraday decline since July 26, 2022, plunging as much as 21%, ending the trading day at $179.25, a 15.34% decline. Although the earnings numbers were lower than expected, the company’s announcement of a large share buyback program, demonstrated good performance.

This was the biggest intraday drop since July 26, 2022, when the price dropped 21% because of an investigation by the US Securities and Exchange Commission.
Although the exchange’s transaction revenues decreased by 27% from the previous quarter to $573 million, however, increased by more than 98% from the third quarter of 2023.

Economic worries and election-related uncertainty have depressed the mood, notwithstanding some regulatory triumphs that have increased hope in the crypto business.
MicroStrategy with a $49.5 billion market valuation, is worth more than Coinbase, which is at $44.54 billion.

In a statement to shareholders, the business stated, “The next significant milestone in our ongoing work to drive regulatory clarity for crypto is the upcoming 2024 elections.”

“The crypto voter is being courted by the presidential contenders”. Coinbase CEO Brian Armstrong stated on a conference call that over 350 federal candidates have now taken pro-crypto stances.

In the third quarter, Coinbase’s overall trading revenue doubled to $572.5 million, contributing to the exchange’s $1.21 billion total revenue, up from $674.15 million in the same period last year.

Forex Signals Brief October 31: BOJ Meeting and US PCE Inflation

Posted on October 31, 2024October 31, 2024 by Skerdian Meta

Yesterday it started with the CPI inflation report from Australia, which came below expectations, sending AUD/USD some 30 pips lower, however the retreat in the USD during the day sent this pair close to 0.66. We also had the German and Spanish CPI figures which came slightly above expectations, helping keep the Euro bullish.

US GDP signaled a higher core PCE inflation today

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Bitcoin can’t save MicroStrategy

Posted on October 31, 2024 by Olumide Adesina

MicroStrategy’s shares plummeted about 6% after the company’s third-quarter earnings missed consensus projections by a small margin, analyst cautioned that the stock may face more challenges following the US election.

MicroStrategy reported $116.1 million in revenue on October 30, 10.3% lower than Q3 2023 and about 5.22% less than analysts had predicted. Along with an overall gross profit of $81.7 million, or a 70.4% gross margin, the company also reported a 5.1% return on its Bitcoin holdings for the quarter.

This was in line with the company’s rebranding this year as a “Bitcoin development company.”

Saylor compared MicroStrategy’s performance to Nvidia and Tesla’s growth. Since August 2020, MicroStrategy has achieved a noteworthy 1,989% increase, surpassing Nvidia’s 1,165% growth.

“They are all great companies, however, these companies haven’t embraced digital capital at the end of the day,” said Saylor.
He pointed out that while Nvidia’s approach is more challenging to imitate, MicroStrategy’s is easier, the company has been “publishing the playbook” and will keep doing so.

“We truly represent the start of a wave of digital transformation of capital; we don’t just represent a company that made a wise investment at the right time,” he continued.

The company also disclosed plans to raise $42 billion over three years to amass additional Bitcoin. The “21/21 plan,” will consist of $21 billion in equities and $21 billion in fixed-income securities over the next three years.

MrBeast allegedly made $23 million from crypto scams

Posted on October 31, 2024 by Olumide Adesina

MrBeast and his network of YouTube influencers allegedly made millions of dollars from suspicious cryptocurrency transactions.

MrBeast( James Stephen “Jimmy” Donaldson)—is one of the most well-known social media figures worldwide with 320 million YouTube subscribers.

His wide-ranging network has served as a marketing channel for bold and often contentious Bitcoin endeavors.

According to experts from guidance company Loock.io and blockchain researchers like SomaXBT, who previously accused Donaldson of making $10 million from low-cap cryptocurrencies, MrBeast allegedly leveraged his influence to profit from insider trading.

Researchers found nearly 50 wallets linked to the YouTuber as shown in on-chain data. For instance, MrBeast disclosed his Ethereum address when he purchased a CryptoPunk during the 2021 non-fungible token bubble.

This discovery helped observers to link more wallets to MrBeast’s network. Furthermore, other addresses used the same Gemini exchange deposit address, indicating the YouTuber’s control over the money’s ultimate destination.

Loock’s document claims that SuperVerse, originally known as SuperFarm, was one of MrBeast’s largest gains from some projects. The initiative took advantage of an initial coin offering (ICO), the cryptocurrency term for selling tokens at a discount. On X and YouTube, MrBeast and his network promoted the protocol. Even though SuperVerse has already taken down several of his ads, MrBeast continues to follow his page.

XRP Showing Weakness, Dumps 80% Versus Bitcoin: Will Ripple Hold $0.50?

Posted on October 31, 2024 by Dalmas Ngetich

XRP ticked lower on October 30, and there has been follow-through in the Asian session. Technically, sellers are in a commanding position and likely to stretch gains in future sessions. This outlook will rapidly shift if momentum drives prices above $0.53 and $0.55. From the daily chart, this zone is the upper limit of the range and needs to be decisively broken for the uptrend of Q3 2024 to continue. If not, and reiterated before, the downtrend set in motion by losses of early October could spill over in November and the last month of the year.

Overall, XRP is in a bad spot, and price action could worsen if prices range between $0.50 and $0.55. On the last day, prices slid 1% amid dropping engagement. The average trading volume is down to around $855 million, lower than the $1 billion average of the past two days. As prices deteriorate, traders will likely stay on the sidelines, waiting for trend definition.

Traders are actively watching out for the following trending XRP and Ripple news:

As XRP prices weave horizontally, the seventh most valuable coin is being hammered by BTC. The seventh most valuable coin is down by over 80% versus Bitcoin.
In the ongoing court case, Ripple is contesting the prior court ruling on Howey Test. The regulator is appealing, but the blockchain company’s lawyers maintain that XRP is a commodity, similar to BTC.

XRP Price Analysis

[[XRP/USD]] is down when writing.

Cracks are printing out, but the key levels to watch out for are $0.50 and $0.55.

Conservative, risk-off traders can stay on the sidelines. A favorable breakout above $0.55 could trigger their participation, targeting September highs.

However, any drop will only extend the correction from Q3 2024 highs.

In that case, if the uptrend remains, bulls will be loading the coin at a decent discount.

Presently, XRP is down nearly 22% from September highs.

Ethereum Inches Closer To $2,700 Despite Reddit Offloading ETH in Q3 2024

Posted on October 31, 2024 by Dalmas Ngetich

Ethereum printed higher highs yesterday but was unable to break $2,700. Even though there is hope among holders that the second most valuable coin has what it takes to reclaim the $2,800 level, bulls are yet to show. For this reason, despite the optimism, only time can tell. For now, the key levels to watch going forward have to be the upper limit of this range, at $2,800, while the support ranges between $2,300 and $2,400. As long as prices trend inside this zone, there is a possibility of Ethereum building on gains from August lows, shaking off weaknesses.

Although the general trend is bearish, shaped by price action for the better part of Q3 2024, ETH bulls are showing strength. Over the last day, the coin is up nearly 1%, extending weekly gains to approximately 5%. However, there has been a worrying drop in engagement to around $21 billion over the last day at press time.

Traders are actively monitoring the following Ethereum news:

Sentiment is balanced and skewed in favor of bears, but it is better than it was a few days ago. According to CMC data, 59% of traders are bearish, while there is a slight increase in bulls to over 40%. If prices break out from the stubborn range, the resulting FOMO could change the coin’s outlook, propping up bulls.
In Q3 2024, Reddit sold most of its crypto holdings, including BTC and ETH. This stash was used for financial reserves. When launching its IPO, the social media company said it purchased digital assets using excess cash.

Ethereum Price Analysis

[[ETH/USD]] is firm when writing.

Since the coin is still inside a $400 range, capped at $2,300 and $2,700, conservative traders can only watch.

As it is, there is a series of higher highs after the plunge in early August. As such, there is a bullish divergence printing.

Aggressive, risk-on traders may ride the improving sentiment by buying the dip as long as Ethereum is above $2,300.

However, clearer entries exist above $2,800.

When buyers take over, the breakout could see ETH violently break $3,000.

Bitcoin Stalls Above $70,000: Crypto Hedge Fund Manager Eyes $176,000 By 2026

Posted on October 31, 2024 by Dalmas Ngetich

Bitcoin stalled yesterday, pulling back lower temporarily before closing firmly. The result was a bar with a long lower wick pointing to rising demand at the day’s close. Whether buyers will continue adding to their longs, stacking in the hopes of breaking this week’s highs remains to be seen. Altogether, what’s clear is that the uptrend remains, and every low above $70,000 may offer entries for determined buyers targeting March 2024 highs. Interestingly, institutions are still in the equation, looking at inflows from spot Bitcoin ETFs over the last day. Although the number is lower than that seen on October 29, their involvement is a general sentiment booster.

The path of least resistance is northwards, with Bitcoin stable over the last day but up an impressive 8% in the previous week. Due to yesterday’s drop, engagement is also low, at around $39 billion. However, with bulls in charge, any uptick above $73,500 will be the primer for even more gains in the coming sessions.

The following trending Bitcoin news could shape price action today:

Antony Scaramucci, a hedge fund manager and BTC commentator, thinks the world’s first crypto will soar to $176,000 by 2026. Many analysts also predict Bitcoin to breach $100,000 by the end of the year.
Despite yesterday’s pullback, prices are within a breakout formation favoring bulls. Accordingly, every low may represent an undervaluation for buyers to load at a discount.

Bitcoin Price Analysis

[[BTC/USD]] is flat over the last day but the uptrend remains.

The immediate support is $70,000.

Conversely, traders can expect resistance at around $73,100.

Since the primary trend is upward, every low above the support and even inside the October 29 bar offers opportunities for buyers.

The next ideal target is $74,000 before Bitcoin moves to price discovery, perhaps to $100,000.

Forex Signals Brief October 30: Will ADP Employment Send the USD Lower Today?

Posted on October 30, 2024October 30, 2024 by Skerdian Meta

Today we have the US ADP employment which will take the headline after the soft JOLTS jobs yesterday, since the calendar in the European session was empty. In early U.S. trading, the dollar initially extended its recent strength, but this momentum faded over the session. Contributing to this shift was a softer JOLTS report, which revealed the lowest quit rate since 2015, barring the pandemic period. While this headline number was subdued, weather events such as hurricanes may have had an impact.

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