Ethereum Flying, ETH Bulls Aim at $3,500 after “Painful” Q3 2024

Posted on October 15, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is soaring. The solid bull bar of October 14 could shape the short to medium-term price action, influencing how prices perform. As it is, buyers are in charge, and the local support will remain at $2,300. Although the coin is firmly in an uptrend, clear entries will be present when the coin rockets above $2,800. Even so, aggressive traders can ride the positive sentiment following yesterday’s gains, expecting the coin to breach $2,800. Risk-off traders will consider loading opportunities once there are decent gains above September highs.

Traders are upbeat and expect Ethereum to fly even higher in the coming sessions. As sentiment improves, ETH is up nearly 4% in the past day Amid this, the average trading volume is up, rising to nearly $20 billion. ETH will attract more liquidity if prices continue printing higher highs, driving engagement to new multi-week highs.

As prices break out from the local range, the following Ethereum news events are worth watching:

Net flows into spot Ethereum ETFs will be crucial in fanning demand. While the optimism is high, all spot ETH ETF issuers registered outflows of $9.8 million last week. Grayscale ETHE tops the list.
Vitalik Buterin is net long ETH. Over the past few weeks, the co-founder has been liquidating meme coins like MooDeng and Popcat, receiving over $880,000 worth of ETH. Funds received are sent to charities.

Ethereum Price Analysis

[[ETH/USD]] is bullish at press time.

With the October 14 a wide-ranging bullish engulfing bar, aggressive traders can long on dips, targeting $70,000.

All the same, there are better entries above the local resistance at $2,800.

If the breakout bar is like the October 14 bull candlestick, risk-on traders can load up targeting $3,000 and $3,500.

Any unexpected drop below $2,300 will invalidate this bullish outlook.

Bitcoin Rockets, BTC Bulls Targeting $70,000: Is The “Uptober” On?

Posted on October 15, 2024 by Dalmas Ngetich

Bitcoin is on fire at press time, printing a mega bull bar. After yesterday’s impressive performance, the short- to medium-term trend has been defined and made clear on the daily chart. As it is, bulls are back in the equation. The close above $64,000, backed by expanding trading volume, as seen in the daily chart, means that the breakout was not only decisive but could anchor the next leg up. From this formation, traders can consider aligning with the trend with optimistic targets at $70,000, $72,000, and an all-time high. If this move higher is sustained, then it could be the much-needed continuation of the “uptober,” where the coin tends to close firmly.

From the daily chart, buyers are back in contention, shaking off weakness. Most importantly, after weeks of doubts, the coin is back above $64,000 and inching closer to $66,000. The expansion saw the coin add nearly 3% yesterday, stretching gains to 5% in the previous week. At the same time, the average trading volume is up, soaring to $40 billion.

The following Bitcoin trending news events are worth tracking:

As Bitcoin prints higher, supply is dwindling on exchanges. According to trackers, BTC reserves are at a five-year low and might drop if the coin extends gains.
While MicroStrategy stock is outperforming other S&P 500 companies, Samara AG wants to follow the business intelligence firm’s path in the United States. The German firm issued a $30 million bond to buy Bitcoin and invest in funds.

Bitcoin Price Analysis

[[BTC/USD]] is flying following yesterday’s sharp gains.

Technically, every low might offer traders entries with first targets at $70,000 and $72,000.

For this outlook to work, the leg up must be rising trading volume. In that case, the possibility of the coin defying gravity and aligning with September gains will be high.

Looking at the current state of price action, immediate support is at $64,000, while the next feasible target—going at this rate—is March highs.

Trump-Backed Crypto Project Whitelists 100K Investors

Posted on October 15, 2024 by Olumide Adesina

World Liberty Financial supported by the Trump family said in an X post on Monday that it had whitelisted over 100,000 approved U.S. investors before launching its token on Tuesday.

The presale of World Liberty Financial’s WLFI token launches in the US on Tuesday, exactly three weeks before the presidential election in the world’s largest economy.

Trump is the “chief crypto advocate” for the project. Donald Trump Jr. and Eric Trump, are “web3 ambassadors,” while Barron is a “DeFi visionary.”

The Securities and Exchange Commission in the United States has granted accredited investors permission to purchase unregistered securities, including shares issued before an initial public offering (IPO). They must meet certain income and net worth requirements, such as earning $200,000 a year and having more than $1 million in total assets.

Founders Zachary Folkman and Chase Herro stated that local restrictions are followed before non-U.S. investors can be added to the whitelist.

Luke Pearson, senior research cryptographer at Polychain Capital; Sandy Peng, co-creator of layer-2 network Scroll; and Stani Kulechov, founder of Aave, were among the prominent crypto personalities who attended the events

The project wants to sell tokens with a market valuation of $1.5 billion. Users can vote on protocol modifications and new tactics using WLFI, which serves as the protocol’s governance token. Users can also build liquidity pools, interact with stablecoins, and borrow and lend cryptocurrency on World Liberty Financial.

Bitcoin needs boosters to breach all time high

Posted on October 15, 2024 by Olumide Adesina

Bitcoin (BTC) was trading close to $65.8K in the early hours of Tuesday. The pioneer crypto asset overcame the significant $65,000 resistance mark for the first time since September 30.

The fact it rose more than 10% from its lowest point this month and 32% from its August low indicates that the market is in a bull market. The spike in Bitcoin coincided with a strong rally in the global share market after Chinese officials announced several stimulus programs.

Data from CryptoQuant highlighted the demand for the largest asset by market capitalization has been continuously increasing since April 2024

This increases the likelihood of Bitcoin’s upside in the mid-term. However, Bitcoin is 12 percent below its peak. To validate a bullish breakout from the descending channel pattern on the weekly time frame, the asset must close above a crucial resistance level at $66,849. Bitcoin may try to reach its all-time high of $73,777 if it can successfully breach the $70K resistance line.

Price action on Bitcoin’s monthly chart shows the digital asset might see additional long-term gains. It demonstrates that since reaching its top of $68,856 in 2021, Bitcoin’s price has been on a cup-and-handle pattern. This year, it retested the level and created a rounded bottom.

Such price patterns, usually come before a significant bullish breakthrough, amid the most recent consolidation. The midpoint, or roughly $60,000, is a critical support level for Bitcoin, affirming an underlying negative momentum in Bitcoin is likely slowing down.

The Moving Average Convergence Divergence (MACD) indicator shows red histogram bars gradually getting smaller beneath the neutral line. Traders should look for a crossover of the MACD line above the signal line to confirm a trend reversal.

XRP’s bullish run is highly dependent on BRICS and Japan

Posted on October 14, 2024 by Olumide Adesina

Japan and the BRICS Alliance, an intergovernmental group, still promote XRP and its infrastructure amid regulator fireworks in the world’s largest economy.

Most of its fans think Ripple might facilitate the BRICS payment infrastructure because of its impressive track record, which includes over 20 million transactions of over $30 billion. Renowned analyst Crypto Tank claimed that the SEC’s appeal didn’t deter Japan and the BRICS from adopting XRP.

Eighty percent of Japanese banks are collaborating with Ripple to revolutionize international payments successfully using Ripple. This move is a big step toward integrating cryptocurrencies into conventional finance and demonstrates how far blockchain technology has advanced in the financial sector.

The BRICS has announced the development of a blockchain-based payment system. Vladimir Putin, Russia’s President, claims that the system will enable international trade between the BRICS nations free from interference by Western financial institutions

Ripple’s technological advancements and global bank adoption will potentially boost the price trajectories of XRP in the coming years. The engagement from institutional investors and major financial institutions hints at growing confidence and potential integration of XRP in broader financial operations.

“The SEC appeal is irrelevant. According to Crypto Tank, BRICS, and Japan adopt XRP and are less concerned about the case. According to the analyst’s remarks, XRP is an essential option for the global financial system.

XRP provides exceptional usefulness in the payments industry because of the attractive features of its underlying blockchain, the XRP Ledger (XRPL). Notably, due to its use, many analysts believe that XRP should trade at a greater level than its percent face value, which has triggered discussions about price repression.

Market analysts therefore anticipate that XRP’s potential might be achieved if it experiences an increase in acceptance. The token might eventually capture a share of the number of payments processed by SWIFT, which could affect price fluctuations.

The Financial Crimes Enforcement Network (FinCEN) reported that SWIFT handles about $5 trillion in daily transactions. That is over $1.25 quadrillion per annum.

Though the XRP ledger is quicker and less expensive (processing transactions in 3–5 seconds with almost no fees), SWIFT has decades of confidence and an established network of more than 11,000 institutions.

SWIFT is a serious contender because of its strong integration into the financial system despite posting slower transaction speeds and higher costs, It’s interesting to note that although payments behemoth Ripple already forged significant alliances that may benefit from XRPL, it still has a long way to go before catching up. SWIFT’s wide-ranging influence.

Forex Signals Brief October 14: ECB Rate Cut and US Retail Sales This Week

Posted on October 14, 2024October 13, 2024 by Skerdian Meta

Last week started with the USD continuing the bullish momentum form the previous week, with the FOMC meeting minutes supporting the upside momentum further on Wednesday evening. A number of FED members also supported the USD with less dovish comments, rejecting a 50 bps November rate cut scenario. However, the USD started to retreat toward the end of the week, despite the sticky CPI and PPI inflation figures.

Continue reading “Forex Signals Brief October 14: ECB Rate Cut and US Retail Sales This Week” →

Bitcoin Floats Higher: Will The US Election Trigger A BTC Rally To $70,000?

Posted on October 14, 2024 by Dalmas Ngetich

Bitcoin is on a recovery path, two weeks after a rough start in October. Although traders expect more, the current state of price action points to strength. Considering the often strong historical performance in October, any uptick today could form a base for a strong leg up. Traders are watching $64,000, but if prices remain above this level by the end of the day and the coin rally to $66,000, it will be a shot in the arm of buyers. In the short term, traders should also watch how prices react at the support band at around $58,000 and $60,000. If prices are rejected from this zone, Bitcoin will be firmly supported.

As it is, Bitcoin is firm. After the upswing on Friday, the follow-through on Saturday before the dump on Sunday offers an opportunity for traders to consider their positions. Amid this, the average trading volume is still low, at around $25 billion over the last trading day.

The following Bitcoin news events are worth watching:

Although prices are firm at press time, one analyst thinks the uptrend remains. As it is, for the coin to trend higher, there must be a strong, high volume close above $64,500. If this happens, BTC can easily float above $70,000 in a buy trend continuation formation.
With roughly three weeks before the United States General Election, analysts think the outcome will trigger a massive Bitcoin rally. There are predictions that BTC can easily reach $120,000 if Donald Trump wins.

Bitcoin Price Analysis

[[BTC/USD]] is firm at press time.

Even though Bitcoin is up 8% from October lows, buyers must stay above $64,000 by the end of the day. This move higher will reverse the losses of October 1, perhaps setting the base for another leg up above $66,000.

For now, risk-off traders can stay on the sidelines.

Meanwhile, risk-on traders can load the dip, aligning with the gains of September. Their first target will be $66,000 and, later, $70,000.

However, if there are unexpected losses forcing the coin below October lows, BTC can easily crater to $50,000.

Ethereum Building Momentum, $2,300 Holds Despite Bearish ETH Holders

Posted on October 14, 2024 by Dalmas Ngetich

Ethereum is steady when writing. After gains in the second half of last week, there have been no meaningful gains, looking at price action over the past few trading days. The local support is at $2,300, while it will require a decisive breakout above $2,800, preferably with rising volume, for the uptrend to take shape. Sellers have the upper hand from a top-down preview with an even higher probability of Ethereum dropping below August lows should bulls fail to come through. The uncertainty of the upcoming elections and low inflow into spot Ethereum ETFs remain worrying concerns.

Traders are closely monitoring how prices behave. As ETH consolidates, moving inside the $2,300 and $2,800 chop, a breakout will define the short-term trend. The coin is stable now, and its engagement is below average at less than $15 billion. However, if there is a follow-through of late last week’s gains, trading volume can pick up, providing the necessary liquidity for bulls to conquer $2,800.

The following Ethereum news events are worth tracking:

A CMC poll shows that 66% of ETH traders and investors are bearish. This preview stems primarily from how prices have printed out in the last few trading weeks. If there is a trend definition aligning with Q1 2024 gains, sentiment will also improve in favor of bulls.
Andre Cronje, the founder of Yearn Finance—one of the first DeFi protocols and still one of the largest, thinks the increasing number of layer-2s will fragment liquidity. At the same time, Cronje projects even higher costs of operations.

Ethereum Price Analysis

[[ETH/USD]] is firm and moving sideways.

The downtrend remains as long as the coin remains below $2,800.

With the local support at $2,300, bulls are supported.

Aggressive traders can consider loading the dips, targeting $2,800 as long as the support remains.

However, any loss below $2,300 invalidates this outlook.

Conversely, any lift-off, preferably with rising volume, can easily lift Ethereum above $2,800 to over $3,000.

XRP Flat After A 80% Rally In Q3 2024: Are Ripple Bulls Accumulating Targeting $1?

Posted on October 14, 2024 by Dalmas Ngetich

XRP is flat, per the formation in the daily chart. Even though the downtrend remains, the decision for Ripple to cross-appeal the United States SEC decision briefly lifted prices. Presently, the coin is back within the early October trend. Unless there are sharp changes in momentum, lifting XRP above $0.55 and September highs, the downtrend remains. As prices move sideways, there is a high probability of the coin sinking below $0.50, a round number. If this happens, and even with Ripple taking on the strict regulator, XRP may tumble, retesting July lows.

The path of least resistance is northwards, as defined by the Q3 2024. All the same, cracks are forming. The sell-off in early October dented momentum, forcing holders to dump. However, the coin is recovering, buoyed by supportive fundamentals. After the sell-off on October 13, XRP is flat, and trading volume is even lower, below $800 million over the past day.

XRP and Ripple traders are watching out for the following news:

In the monthly chart, one analyst notices that the coin is inside a large symmetrical triangle. From this arrangement, a positive breakout could see XRP roar to $1.30 in a buy trend continuation formation. Such a pattern represents a 120% surge from around the spot rates.
Sentiment remains unchanged despite the recent sell-off in early October. Over 80% of XRP holders expect the coin to recover and rally hard in alignment with Q3 2024 impressive gains.

XRP Price Analysis

[[XRP/USD]] is flat at press time and struggling for momentum after the sell-off in early October.

The first support is at $0.50 while resistance is at $0.55.

After an 80% surge in Q3 2024, traders are bullish.

If prices recover, a close above $0.55 may provide entries for risk-on traders.

However, a high-volume rally above $0.66 and September highs might trigger even more gains. This expansion will be the confirmation bulls have been waiting for.

In that event, XRP can easily rally to $0.74 and $1.

Any unexpected dump below $0.50 cancels this forecast.

Ethereum creator sells $1.6 million worth of meme coins

Posted on October 14, 2024 by Olumide Adesina

Vitalik Buterin, a co-creator of Ethereum, has turned an additional $1.6 million in meme coins sent to him into Ether, which he had previously stated would be donated to charitable organizations. Additionally, Buterin sold off stakes in Vitalek Buteren (VITALIK), Fwog (FWOG), and Popcat (POPCAT).

Over the past nine days, he has now donated $884,000 to charity and changed $2.78 million worth of meme coins into Ether, according to a report published by Spot On Chain on October 13.

Buterin commended meme coin issuers for sending him coins to donate though he showed some pessimism. He has often criticized meme coins with celebrity themes that aim to benefit early investors and the celebrity.

An X posted on October 7 that he was giving all 10 billion meme-coin tokens he had been given to a company that develops technology to prevent airborne diseases.
On August 15, Buterin gave all of the animal-themed meme coins he had acquired in the previous 12 months to the Animal Welfare Fund of Effective Altruism Funds.

Spot On Chain data reveals his $700 million crypto portfolio still includes $2.4 million in MOODENG tokens, $144,000in Neiro (NEIRO), $117,000in MSTR, and $80,000 in Degen (DEGEN).

Buterin has long maintained that meme coins can benefit society by providing funds for significant public initiatives or enabling individuals from low-income nations to make a life.

Meanwhile, Vitalik Buterin, a co-founder of Ethereum, recently tackled the complex problem of transaction costs on the network’s levels 1 and 2. He suggests creative strategies to balance expenses and preserve the allure of the cryptocurrency ecosystem in the face of growing congestion.

Buterin stresses the importance of balancing Ethereum’s Layer 1 and Layer 2 cost structures. It is necessary to keep tiers’ fees consistent and non-zero while ensuring the ratio between them varies as little as possible. This strategy seeks to guarantee the best possible user experience while avoiding erratic swings that can upset the environment.