Category: Crypto market

Ethereum Breakout Imminent: BlackRock, Spot ETH ETFs Will Be Key Drivers

Posted on by Dalmas Ngetich

Ethereum continues to move within a narrow range, looking at the performance in the daily chart. Even though the uptrend is clear, it is only after ETH bulls break immediate local resistances at $3,900 and $4,100. Then, prices will likely expand, rallying to as high as $4,100 and all-time highs. Still, the trigger to these lofty levels will be fundamentally driven, with the spot ETH ETF launch date a big factor.

For now, Ethereum is moving sideways and possibly accumulating; an opportunity for whales—most of whom are HODLers. As things stand, ETH is flat in the last day and week. There are signs that buyers will take charge since prices are above $3,700. The average trading volume in the past 24 hours is low, at around $13 billion. Going forward, how engagement swells will hint at where traders stand, especially once there is a decisive breakout.

Ethereum daily chart for June 7

Buyers are upbeat, but whether prices move or not depends on the following Ethereum news events:

  • BlackRock, the asset manager with a product running on Ethereum, plans to launch TXSE. The NYSE competitor will also run on a layer-2 platform, translating to higher reliability. Once it goes live, this will be the first tokenized securities exchange in the country.
  • One analyst notes that Ethereum is a fee king. It continues to rake in high revenue for validators while keeping layer-2 fees after Dencun to less than a cent.

Ethereum Price Analysis

[[ETH/USD]] is one tick away from registering fresh 2024 highs.

While prices move sideways, all that’s needed is a slight push above $3,900 registered in the past few weeks.

As prices move inside a rising wedge, aggressive, risk-off traders can load on dips, targeting $4,100—or March 2024 highs.

On the other hand, any dip, backed by rising volume, forcing Ethereum below $3,700 will nullify this outlook.

If that’s the case, the coin will likely slump to $3,300; deflating hopes.

XRP Stalls in a $0.05 Zone Amid Phishing Scam Warning and Ripple Expansion

Posted on by Dalmas Ngetich

XRP is moving higher but lower at press time. After yesterday’s choppy price action, it is evident that prices are all over. In the short term, buyers stand a chance. However, the lack of conviction and prices swinging inside the $0.05 zone mean traders can wait on the sidelines for clear trend definition. As it is, Ripple is inside a rising wedge, though sellers are dominant from a top-down preview.

At press time, Ripple bulls are upbeat, but the coin continues to move in a tight range. In the past day and week, XRP is stable. At the same time, the average trading volume is flat, standing above $1.1 billion. Despite the general confidence, there must be a sharp breakout in either direction to spark participation. If not, wavy prices inside the $0.05 will continue to impact sentiment.

XRP daily chart for June 6

The following XRP and Ripple news events will influence price action:

  • As Ripple seeks to establish its presence in Southeast Asia, it is now emerging that up to 805 banks in Japan can tap into XRP. In April, the blockchain company partnered with HashKey DX, introducing blockchain solutions running on the XRPL.
  • Meanwhile, David Schwartz warns the XRP army to stay vigilant against phishing scams. Often, fraudsters target influencers like the CTO to steal from unsuspecting followers.

XRP Price Analysis

[[XRP/USD]] is wavy but bearish, looking at the formation in the daily chart.

As long as prices remain inside the $0.50 and $0.55 range, sellers have the upper hand.

Aggressive traders might look to short on any attempt higher but below $0.55. Their immediate targets will be $0.50 and $0.46.

Any uptick above $0.55, buoyed by expanding volume, could trigger a total reversal of April 13 losses and $0.66.

Forex Signals Brief June 6: First ECB Interest Rate Cut Today

Posted on by Skerdian Meta

Yesterday started with the Australian GDP report for Q1, which was disappointing. Expectations were for the economic expansions to remain stable in Q1 at 0.2%, the same as in Q4 of 2023, however, we saw a slowdown to 0.1% instead. However, that didn’t have much impact on the Australian Dollar, with AUD/USD ending little changed by the end of the day.

The Euro will likely go down if the ECB keeps the door open for more rate cuts

Continue reading “Forex Signals Brief June 6: First ECB Interest Rate Cut Today” →

Bitcoin Bulls Eyeing $74,000 As Global Liquidity Breaks $90 Trillion

Posted on by Dalmas Ngetich

Bitcoin bulls are relentlessly pushing higher at spot rates, soaking any attempt for lower lows. The immediate roadblock lies at $72,000. If broken, BTC will likely fly to as high as $74,000 in a welcomed buy trend continuation formation. How today’s candle closes will be crucial in determining the short-term trajectory. This will especially be the case now, especially as the market is buoyant, expecting a break above stubborn liquidation lines.

At press time, Bitcoin is stable on the last trading day but up 5% in the previous week. Rising prices have seen trading volume stabilize above $36 billion, which is just within the average. In the coming days, it will be critical for bulls to press on, breaching $72,000. In that event, the odds of engagement bursting will also be elevated, a net positive.

Bitcoin Daily Chart for June 6

The following Bitcoin news developments will likely shape price action:

  • Analysts note that global liquidity is at fresh all-time highs, breaking above the 2021 levels. At well over $90 trillion, it means central banks are printing more and more money. The last time they did this, BTC prices soared, registering new all-time highs in Q4 2021.
  • Chartists have picked short stop losses running into billions above $72,000 all the way to all-time highs. If they are broken today, the resulting short squeeze, they project, will lift the coin towards $75,000 or higher.

Bitcoin Price Analysis

[[BTC/USD]] is in a clear uptrend.

The close above $66,000 and $70,000 was crucial for bulls. As prices trend in fresh Q2 2024 highs, the probability of Bitcoin racing above $74,000 remains high.

For now, traders can look for entries on dips above the support zone emerging at $66,000 and $70,000.

The immediate target will be $73,800, or March 2024 highs.

Any unexpected crash below $66,000 or the lower limit of the support zone will cancel this preview.

Ethereum Ranging While ETH Whales Rapidly Accumulate: Primer To $4,100?

Posted on by Dalmas Ngetich

Ethereum, like Bitcoin, is firm and bullish but struggling for momentum. Even amid this optimism, there need to be clear signals on the daily chart for confirmation. Buyers are ecstatic, but perfect entries for conservative traders stand above $3,900 and $4,100. If these levels are surpassed this week, sentiment will sharply turn from neutral, further driving the current leg up.

When writing, Ethereum is flat in the last day and week. Even though the uptrend remains, participation is unusually low at around $14 billion. Only a sharp price breakout might spark demand, helping drive the average trading volume above $40 billion like it was on May 20 and in the lead-up to the spike to $4,100.

Ethereum Daily Chart for June 6

As traders wait for bulls to flow back, the following Ethereum news events might help revive demand:

  • On-chain data shows that whales and HODLers are accumulating more ETH. Surprisingly, prices remain largely unchanged and within last week’s ranges. The lack of movement could mean that a parabolic surge is in waiting, a welcomed development for optimistic bulls.
  • Tether, the issuer of USDT, the largest stablecoin by market cap and actively minted on Ethereum, has invested $18.75M in XREX Group to drive innovation in emerging markets. The goal is also to “innovate regulatory technology” by ensuring that USDT payments for B2B comply with existing laws.

Ethereum Price Analysis

[[ETH/USD]] is moving inside a narrow range, with caps at $3,900 and $4,100.

Though buyers are confident that they are ready to push the coin higher, the current situation suggests neutrality.

Even so, aggressive buyers may search for entries, buying on dips above $3,700.

Meanwhile, conservative but bullish traders can wait for a refreshing high-volume close above $3,900 before taking advantage of the rally.

Immediate targets will be $4,100 and later $4,500.

Any dump below $3,700 will slow down the uptrend.

XRP Is Flat Even As CEO Predicts a Spot Ripple ETF in 2025

Posted on by Dalmas Ngetich

XRP is flat but realigned with the higher highs from May lows. Overall, traders are confident that there is more room for growth. However, with traders failing to break higher, breaching $0.55, chartists doubt the strength of the uptrend. How prices perform is primarily fundamentally driven. Once the Ripple versus the United States SEC case is settled, there will be a clear picture. Before then, the current uncertainty continues to influence prices.

Looking at the performance over the last day and week, it is evident that there are bullish winds, but they aren’t strong enough to impact prices. The path of least resistance is southwards, but it will change if there are sharp gains. As things stand, XRP is stable, though engagement has been encouragingly expanding, now breaching $1.2 billion when writing in the previous 24 hours.

XRP Daily Chart for June 6

The following XRP and Ripple news are closely being monitored:

  • In a recent interview, the Ripple president, Monica Long, revealed that they might launch a stablecoin tracking the USD later this year. The product will be an alternative to the more dominant USDT and USDC.
  • Brad Garlinghouse, the CEO of Ripple, is also optimistic about what lies ahead. Garlinghouse, despite Ripple’s troubles with the United States SEC, says a spot XRP ETF is inevitable. By his estimation, the derivative could launch in 2025.

XRP Price Analysis

[[XRP/USD]] is see-sawing, currently bullish within a predominantly bearish formation.

There are hints that buyers could flow back, driving XRP to $0.55 or higher.

However, by the look of things, the upswing is a mirage.

A firm, high-volume close above $0.55 could see the coin rally back to the $0.66 to $0.66 zone.

Nonetheless, this will change if the coin drops below $0.46, mirroring the bear bars of April 12 and 13.

Meme excitement: Bitcoin’s Runes protocol gains 200% within a month  

Posted on by Olumide Adesina

The surge in meme-coin activity that has seen companies like SHIB, PEPE, and FLOKI add billions of dollars to their market valuations contributed to the ascent of the Runes protocol(DOG). The market valuation of Bitcoin’s Runes protocol is getting close to $1 billion after increasing 200% in the last month.  The Bitcoin Runes protocol is a fungible token standard on the platform. These fungible tokens can be used and maintained on the Bitcoin network are made simpler by a new token standard known as Runes Protocol 

Like Ordinals, BRC-20 tokens function by inserting data into each satoshi (sat), the smallest unit of Bitcoin. This implies that as information moves around the Bitcoin network, it becomes inextricably linked to Sat once it is tied to it. 

In contrast, Runes uses the Unspent Transaction Output (UTXO) architecture in Bitcoin. Taking advantage of Bitcoin’s current infrastructure is essential as it reduces the quantity of new data that needs to be kept on the blockchain. 

On April 20, during the Bitcoin halving event, the token came into existence. It was dubbed “Rune Number 3” and grew to be the biggest meme coin on Bitcoin as the ninth biggest meme coin overall in the cryptocurrency market. The biggest, dogecoin (DOGE), is valued at $23.6  billion.

Despite the slow speed of the Bitcoin blockchain, DOG is contributing to Rune’s creation as a legitimate layer-2 network. A recent report by cryptocurrency exchange Bybit indicates that meme coins are becoming an important part of cryptocurrency portfolios; institutional holdings of meme coins increased by 226% between February and March, while retail holdings increased by 478% between February and April. However, when market sentiment soured, they “aggressively sold off” their meme coins. 

The research also notes that dogecoin (DOGE) remains the top option for both institutional and retail investors, based on a snapshot of user holdings taken on May 1. Retail investors devote 24.58% of their meme coin holdings to DOGE, compared to 36.17% for institutions. Retail investors have 20.95% of PEPE and 14.61% of SHIB, while institutions hold 22.23% of PEPE and 10.39% of SHIB. These two categories also prefer Ethereum-based meme currencies. 

 

 

Forex Signals Brief June 5: BOC Rate Cut and ISM Services Today

Posted on by Skerdian Meta

Yesterday the JOLTs job vacancies data for April continued to depict a bleak image of the labour market, falling to the lowest level in more than three years. Markets are susceptible to declining employment trends, so yesterday’s data improved the sentiment in the US session. The JOLTs report revealed that openings had fallen to 8.059 million in April, down from the estimated 8.355 million previously.

The BOC is expected to cut rates by 25 bps today to 4.75%

Continue reading “Forex Signals Brief June 5: BOC Rate Cut and ISM Services Today” →

Bitcoin Rising: Will BTC Bulls Break From The 3-Month Consolidation To $100,000?

Posted on by Dalmas Ngetich

Bitcoin is rising. After roughly three months of consolidation below the all-time high, there are signs that bulls are back. Yesterday, the coin broke $70,000, impressively closing above this psychological level. If buyers maintain prices at or above the current valuation, BTC will likely breach $72,000 by the end of the week. Overall, buyers are in control, and the uptrend will be valid, especially if a convincing breach is above all-time highs.

With BTC prices breaking higher on June 4, optimism is high. This development is shown clearly in price action. So far, Bitcoin is up roughly 3% in the past day and week. At the same time, there is a clear expansion in trading volume, exceeding $36 billion. Any uptick above $72,000 could see participation spike, drawing even more interest to the world’s most valuable coin.

Bitcoin daily chart for June 5

The following Bitcoin news events are worth watching today:

  • After over three months of consolidation, analysts are convinced a combination of fundamental or market events will drive Bitcoin above $74,000. So far, spot ETF issuers are accumulating more coins, a positive development, especially considering dwindling emissions.
  • El Salvador, leading the way in Bitcoin adoption among sovereign states, now controls 5,770 BTC worth over $400 million. As the country promotes crypto integration and infrastructure development, it could benefit immensely in the years to come.

Bitcoin Price Analysis

[[BTC/USD]] is breaking higher at spot rates.

Following the confirmation of June 3 gains, technically, every low should offer entries for aggressive traders.

So far, the May 20 bull bar is setting the trend. However, buyers will be squarely in charge once a decisive high volume is close to $72,000. In that event, conservative traders may double down, targeting $74,000 and even $100,000 in the sessions ahead.

Conversely, this outlook will be invalidated if there is an unexpected dump below the 20-day moving average.

Ethereum Priming for $4,000, Traders Pulling ETH from Exchanges in Droves

Posted on by Dalmas Ngetich

Ethereum, like Bitcoin, is tracking higher, looking at the performance in the daily chart. Even though the coin remains within a consolidation with clear caps at $3,700 and $3,900, the uptrend remains. Still, for this to be confirmed, there must be a welcomed close above $4,000 and, ideally, March highs. Before then, the June 4 expansion is a boost for bulls considering the upside momentum which had slowed down after the surge on May 20.

The uptrend is clear. Nonetheless, prices are within a range, as mentioned above. Ethereum is relatively stable. The static participation, now around $13 billion at spot rates, illustrates this state of affairs. If volatility increases today, the average trading volume will also likely rise, signaling interest from the community.

Ethereum daily chart for June 5

The following Ethereum news events might catalyze demand, helping revive ETH bulls:

  • Prices are firm, and bulls are upbeat primarily because of spot Ethereum ETF expectations. Now, analysts project that these derivative products, once approved in the United States, will mop up to over 1 million ETH in less than six months after launch.
  • Traders and investors are increasingly withdrawing their coins from leading crypto exchanges like Binance and Coinbase. According to statistics, ETH reserves in these centralized platforms now stand at roughly 10% of the circulating supply, the lowest in years.

Ethereum Price Analysis

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

Even though there were roadblocks following the recent consolidation, buyers are in control.

In light of the current uptrend, the immediate resistance is at $3,900.

A breach of this line may open up Ethereum to $4,100.

Considering this, aggressive traders might look to buy any retracement above $3,700, targeting May highs.

Further gains above March 2024 highs open up entries for conservative traders aiming for all-time highs.

Any sharp, high-volume dump below $3,700 will cancel this outlook.