Ethereum shows bullish signal amid increased activity

Posted on August 18, 2024August 18, 2024 by Olumide Adesina

A five-year low in Ethereum’s gas fees was reached earlier this week, with some blaming the decline on users and apps switching to more popular blockchains. After stabilizing following the August 5 decline, Ethereum has been in consolidation mode, but activity on the chain has been elevated.

Analyzing past data, a sharp decline in transaction fees on Ethereum may portend a positive development for the ether (ETH) tokens that power the network. Gas denotes the required expense incurred by a user to execute a transaction on the network. A low-priority transaction could cost as little as 1 gwei or less, which hasn’t happened in years. Earlier this week, fees dropped as low as 0.6 gwei

Compared to the 83.1 gwei levels in March, when the network experienced a surge in activity, the fees indicate a more than 95% decrease. The migration of meme season and Dapp interactions to faster and less expensive blockchains like Solana and Layer 2, along with the eagerly anticipated Dencun upgrade that increased network efficiency and consequently lowered gas fees, are the main causes of Ethereum’s gas fee price decline to a five-year low.

Ethereum bulls also benefit from Donald Trump’s news. Trump, whose estimated net worth by Forbes is $4.5 billion, revealed that he received $7.2 million from an NFT license agreement and invested at least $1 million and maybe as much as $5 million in a “virtual Ethereum key.”

Historically, a major topic of discussion surrounding Ethereum has been whether or not its gas fees are excessive. Its gas fees have significantly decreased this year, partly because of rollups. When they were disproportionately elevated, there was a crash. A systemic market should exhibit periodic spikes when demand is at its highest. Those who see problems with these developments are misguided in their predictions for the direction of cryptocurrency.

Though there is less selling pressure now, the altcoin is still below the moving average lines and above the $2.3K support level. The resistance at $2,800 or the 21-day moving average has capped bulls from further upsides.

The altcoin is presently holding the $2.6K support level. However, the super altcoin could drop to as low as $2,000 or $1,674 if it breaks below the current $2.2K support level. Ether was valued at $2.62K at the time of writing.

Ethereum Bulls must break $2,700 resistance line

Posted on August 17, 2024August 17, 2024 by Olumide Adesina

Ethereum maintained the $2,600 bandwith, on Saturday. Due to a descending trendline that has continuously blocked any attempt at an upward move, ETH has been consolidating since the market decline on August 5.

Trader caution is warranted if Ethereum can’t maintain its position above $2,700, particularly in light of growing selling pressure. A decline towards $2,500 may be imminent.

ETH saw a similar move from August 2022 to November 2022 and July 2023 to October 2023 before witnessing a rally, as shown by significant descending trendlines in the above chart.

The present trendline indicates that ETH may drop further toward the $2,000 to $2,200 region. After a large cascade on Aug 5, Ethereum found support at $2.1K and saw a modest bullish rebound.

But now that the wedge’s lower boundary has broken, the price is retracing, suggesting that the pullback may be completed. This bias projected that the next few days could see a bearish continuation.

The recent rally in Ethereum from $2,505 to $2,720, along with rising volume, is depicted on the 1-hour chart. This suggests some short-term bullish momentum. Despite this, the price is having difficulty staying above $2,700, indicating that there may be difficulties ahead.

ETH is trying to break above a rising lower trendline of an ascending triangle on the 4-hour chart. the super altcoin may try to move toward the upper trendline of a three-year symmetry triangle if this move is successful.

The bearish momentum will gain strength from such a move. A bullish reversal could be indicated, though, a successful move above the triangle’s horizontal line. If this happens, ETH will rise toward the $3,230 resistance level.

The upper trendline of the three-year symmetry triangle may be the target for ETH if it breaks above this resistance. The recent price decline has resulted in a significant drop in Open Interest, indicating high liquidations. The market may see a more sustained uptrend if there is enough demand in the spot market. This could be advantageous.

Bitcoin in choppy waters after failing to break through

Posted on August 17, 2024August 17, 2024 by Olumide Adesina

Bitcoin traded above $59K levels on Saturday morning after being probed earlier in the week and failing to break through the resistance level at about $62K.

Though SEC gave its green light on MicroStrategy leveraged ETF this week, which might expand investor exposure to Bitcoin, while Marathon Digital increased its holdings of 4,141 BTC, contributed to a resumption of the risk-on mentality in the markets.

However, the false information spread by traders on Mt. Gox and US government fund transfers kept Bitcoin from benefiting from these advancements. Although Bitcoin looks to be finishing the workweek largely unaltered, on-chain data shows that the negative bias is still present and suggests a gloomy trend for the cryptocurrency in the days ahead.

The price action of Bitcoin shows its recent movements are similar to those observed in past election years in the United States, and its recent lack of momentum may be greatly reversed.

The recent protracted consolidation of BTC followed by a decline, which saw the cryptocurrency drop below $50,000 at the start of August, is reminiscent of trends observed before US presidential elections in 2012, 2016, and 2020.

The funding rate for Bitcoin fell to minus 7% on Thursday—the lowest amount in the previous 365 days. A negative financing rate lends credence to a Bitcoin gain thesis by showing that holders of short positions are paying long holders.

According to Glassnode data, long-term investors’ holdings in bitcoin reached all-time highs. Long-term holders contributed 284,740 Bitcoins to their accounts between July 18 and August 14. The number of long-term Bitcoin owners rose from 13,538 million to 13,823 million. Election Day for the US presidential contest, is set for November 5. Some traders, meanwhile, think there might be more downside below its present range.

Donald Trump owns $5 million worth of tokens based on Ethereum

Posted on August 16, 2024 by Olumide Adesina

Donald Trump, the Republican nominee, possesses up to $5 million in cryptocurrency and has made over $7 million from his venture into non-fungible tokens (NFTs), according to a recent financial disclosure.

In a personal financial disclosure, that Citizens for Ethics obtained, Trump owned between $1 million and $5 million in cryptocurrency assets based on Ethereum. The criminal indictment-focused “Mugshot” project and two distinct series of Donald Trump Trading Card collections are among the three NFT collections, in which he also revealed that he has made more than $7.15 million.

This month, the former president unveiled a collection of “official crypto-sneakers.”. 1. Despite costing $499, a limited edition run of 1,000 orange hi-top sneakers sold out in hours. At the time of publication, Trump’s Ethereum-based cryptocurrency holdings were valued at $3,5 million by blockchain analytics platform Arkham

Intelligence. In August, the TRUMP meme coin was introduced to protect children and give to US veterans. Despite having the former president’s name on it, Donald Trump is not formally associated with or in favor of it.

The disclosure revealed that the former President earned over $300,000 from selling several branded Bibles. in addition to $216 million from the Mara-a-Lago resort and his golf course in Doral, Florida, outside of the cryptocurrency space. It’s a significant departure from August 2023, when Trump declared he owned over $2 million in cryptocurrency assets based on Ethereum, and made over $4 million from NFTs. It is legally required of him to provide thorough financial disclosures to candidates seeking federal office in the United States.

Once a harsh critic of cryptocurrencies like Bitcoin, Trump has recently changed his ways and emerged as a vocal supporter of digital assets, making his stance on cryptocurrencies a focal point of his 2024 campaign. At the Bitcoin 2024 conference in Nashville, Trump pledged to build a national Bitcoin reserve and turn the US into the “crypto capital of the world” by enacting some laws supportive of the cryptocurrency industry if elected president.

Bitcoin in a Bull Flag: A Break above $63,000 Will Be Massive

Posted on August 16, 2024 by Dalmas Ngetich

Bitcoin slid yesterday, slipping into the lower limit of the support zone. What’s needed for the uptrend to be questioned is for prices to break $57,000 and June 2024 lows. If that’s the case, the probability of Bitcoin dipping into August lows, preferably if trading volume rises, will be high. As it is, the uptrend remains, at least as long as prices stay inside the August 8 trade range. However, there must be more convincing, requiring a solid break above $63,000.

The events of the past day mean Bitcoin is in red, losing 4% in the previous week. Now that the coin is swinging lower, the broader markets remain under significant selling pressure. The dip visible in the past day is why trading volume is also lower, dropping to around $34 billion. For now, conservative traders can wait on the sidelines, aware that any expansion above August 8 highs may trigger more buying.

Traders are also tracking the following Bitcoin news:

Even as prices print lower lows, apparent in the daily chart, on-chain data shows that HODLers are accumulating, loading the dips. Presently, there are signals that the coin could be undervalued.
The recent transfer of 10,000 BTC to a custodian by the United States government did spook the market. Nonetheless, analysts are convinced even if they were to sell, the amount would easily have been absorbed by the markets.

Bitcoin Price Analysis

[[BTC/USD]] is edging lower at press time.

While the horizontal consolidation is clear, buyers must break higher to confirm the bull bar of August 8.

Presently, the coin is within a bullish formation and inside a bull flag. Notice that the sideways movement means bulls have a chance from an effort-versus-result perspective.

A break out above $63,000 will likely trigger demand, subsequently lifting Bitcoin to $70,000.

Conversely, if sellers press on, aligning price action with sellers of August 4 and 5, BTC might drop below August lows. In that case, the probability of a bear trend continuation to $40,000 will be highly likely.

Forex Signals Brief August 16: UK Retail Sales Close the Week

Posted on August 16, 2024August 15, 2024 by Skerdian Meta

The release of strong Australian jobs data and the positive UK Q2 GDP report earlier today helped keep both the AUD and GBP strong throughout the trading session. Additionally, upbeat U.S. retail sales and initial unemployment claims data reinforced the view that the economy is resilient and not on the brink of a hard landing. Following these results, the market’s expectations for a 50-basis-point rate hike by the Federal Reserve dropped significantly, from 49% to 24%.

Continue reading “Forex Signals Brief August 16: UK Retail Sales Close the Week” →

Ethereum To Dump Now That Vitalik Buterin Is Dumping His Meme Coin Stash?

Posted on August 16, 2024 by Dalmas Ngetich

Ethereum is fragile, considering how prices have been printing out in the past few trading days. Though the psychological impact of spot ETFs is evident, the failure of buyers to build on August 8 gains points to weakness. In the coming days, buyers must push Ethereum above the current consolidation. If ETH breaches $2,800, expanding with rising volume, buyers can expect a retest of $3,000 and $3,500.

Presently, the dip on August 15 means Ethereum is lower. To put it in numbers, the coin has been stable in the last day. At the same time, the sideways chop means the average trading volume is much lower, at around $16 billion.

Today, traders can keep track of the following trending Ethereum news:

Vitalik Buterin has revealed that he donated all “animal coins,” meaning meme tokens, worth roughly $530,000 to a charity. He also called for more complex funding to begin in the course of the year.
Dropping fees enhances the user experience on Ethereum. However, this also means the network is dropping down the pecking order. According to Justin Sun, Tron flipped Ethereum in revenue generated.

Ethereum Price Analysis

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

Technically, the coin is within a bear breakout formation following the sharp losses of early August.

Though August 8 gains are worth considering, the path of least resistance, from a top-down preview, is southwards.

A close above $2,700 will be ideal for buyers to take over in the short term.

Then, Ethereum may expand to $3,300 and, ideally, $3,500.

Any further gains beyond this level would usher in conservative buyers angling for $4,100.

On the flip side, a complete reversal of August 8 gains will set the base for ETH to retest $2,100, even breaking below this level.

XRP Stagnates: Ripple CLO Upbeat, Gives SEC A 10% Chance of Winning If They Appeal

Posted on August 16, 2024 by Dalmas Ngetich

XRP is moving within a narrow range, but buyers are in control. Unless there is a close above the local resistances, sellers might have an opportunity to push lower. The zone between $0.50 and $0.55 will be critical to watch, at least for now. Conversely, should buyers take over, breaching $0.66, there might be a rapid expansion in prices and engagement as a follow-through. Before then, conservative traders, even with the completion of the Ripple-SEC case, must stay on the sidelines.

The state of price action means XRP is flat, dipping slightly in the past 24 hours. However, the drop of August 15 means the coin is down 6% in the previous week. For now, trading volume remains low, below last week’s average, at just $1.1 billion.

Traders are keeping track of the following XRP and Ripple news:

The Chief Legal Officer of Ripple thinks there is a 10% chance of the United States SEC choosing to appeal and win. As directed by the court, the blockchain firm will pay the fine as they wait for resolution within the next 24 days.
Crypto, including XRP, stands to benefit massively now that United States politicians support this tech. Combined with the settlement of the Ripple versus United States SEC case, supporters are upbeat about what lies ahead.

XRP Price Analysis

[[XRP/USD]] is bullish and in a better position of recovery than Bitcoin or Ethereum.

The drop of early August didn’t reverse the gains of July.

At the same time, prices are trending above the $0.50 to $0.55 support zone.

While prices are inside the August 5 bar, meaning buyers have the upper hand, a close above the July high will be crucial.

Traders can wait for this trend definition, while aggressive supporters may choose to load the dips above $0.50.

Losses below $0.45 will cancel this bullish outlook, paving the way for XRP sellers to press on and target July lows.

XRP Up 50% from July Lows: Why Are Bulls Struggling Below $0.65?

Posted on August 15, 2024 by Dalmas Ngetich

XRP, like Bitcoin, Solana, and other top altcoins, remains inside a range. However, in the case of XRP, buyers have the upper hand following the rapid expansion on August 7 and 8. Fundamental factors at play may prop up optimistic buyers in the days to come. For now, traders are cautious, looking at the arrangement in the daily chart. As long as XRP is below $0.66, the uptrend will be slow.

Even with XRP surging by nearly 50% after the drop below $0.40 in July, the uptrend is losing momentum. Looking at the chart, prices are moving sideways in an otherwise bullish formation. The state of affairs reflects on the daily performance. To put in the numbers, XRP is stable on the last day though the average trading volume is down, dropping to $1 billion.

The following XRP and Ripple news developments are worth tracking:

Ripple and SBI Digital are joining hands to push for the adoption of the XRP Ledger. The deal will focus on the integration of the blockchain into the Bto3Web3 community, as they aim to enhance the functionality of the ledger and increase its appeal.
Traders are closely tracking price action on the daily chart. If buyers force prices above the local resistances, analysts predict the next stop to be within the $0.70 and $1 range.

XRP Price Analysis

[[XRP/USD]] is firm when writing and looking at the daily chart.

The uptrend remains, but buyers must first close $0.66 and July highs.

On the lower end, support is at around $0.55.

Since XRP is within a bull flag, traders can wait for a clean breakout before committing.

If buyers take over, any surge confirming the bull bar of August 7 will lift sentiment and prices to fresh Q3 2024 highs.

Ethereum Struggling Even As Spot ETFs Post Inflows: What’s Next?

Posted on August 15, 2024 by Dalmas Ngetich

Ethereum remains choppy when writing, finding a solid sell wall between $2,600 and $2,700. Though bulls have a chance, the sell-off of last week remains a big impediment. Sellers of early July are in control, ideally until there is a sharp uptick above $3,500 in the days to come. Before then, the consolidation favors sellers from a top-down preview.

The current state of price action points to caution. Even so, aggressive traders, looking at fundamental triggers might look for entries as long as prices trend above $2,100—or August lows. Before then, ETH is down 4% on the last day but up 8% in the previous week. At the same time, trading volume remains suppressed, with just $15 million of ETH traded in the past 24 hours.

Traders are closely monitoring the following Ethereum news events:

Despite major outflows from spot Ethereum ETFs, data shows that the redemption has slowed down as demand picks up steam. With rising inflows, ETH prices might find support in the coming days.
Amid stagnant prices, over $1 billion in USDT was moved from leading exchanges in the past 48 hours. The impact of this development on the secondary market remains to be seen.

Ethereum Price Analysis

[[ETH/USD]] is moving sideways in a bear flag, following the dip from late July and early August.

As prices find resistance at around the $2,700 and $2,800 zone, traders can adopt a risk-on approach and wait for a breakout.

Any uptick above $2,800 must be with rising volume, setting the base for a leg up above $3,000. Even then, bulls must overcome $3,500 for the uptrend to take shape and confirm buyers of July.

Conversely, should prices drop sharply below $2,100 and August lows, it may mean the start of a new trend and the end of the rally from Q1 2024.