Ethereum Rockets Past $3,300 on Spot ETF Approval Hopes: Next Stop $4,100?

Posted on May 21, 2024 by Dalmas Ngetich

Ethereum is quickly shifting direction, pumping and trending higher like Bitcoin. After weeks of downward movement, the rejection of bears and the breakout above a critical liquidation level points to the presence of bulls. As it is, the [[ETH/USD]] candlestick arrangement in the daily chart signals a shift in trend. A confirmation of yesterday’s gains could trigger another sharp leg up, possibly pushing Ethereum toward March 2024 highs.

The resurgence in Ethereum is evident. The coin is up 18% on the last day and 26% on the previous trading week. With prices also trading above $3,300, interest is rising. Reflecting this state of affairs is the obvious upsurge in participation to over $37 billion, a decent increase. If prices continue floating higher in the days ahead, the odds of ETH easing past $4,000 will be elevated.

In light of this shift in trend, bulls should closely monitor the following Ethereum news:

Ethereum whales are stepping up and loading ETH on dips. According to trackers, they have bought a whopping 110,000 ETH in the past 24 hours. This development is massive and could suggest shifting dynamics that are supportive of buyers.
The odds of the United States SEC approving a spot Ethereum ETF have increased tremendously from 25% to 75%. This is a huge leap, indicating that even with Gary Gensler, the chair of the SEC, expressing doubts; the community expects the commission to greenlight the product.

Ethereum Price Analysis

Ethereum is bullish at spot rates.

As it is, there is a clear breakout above $3,300, a local resistance level.

The bar is wide-ranging and has a high trading volume.

Every dip may offer an opportunity for buyers to load up, targeting $4,100 in the short term.

If there are more sharp gains, Ethereum will likely break above $4,100 and push harder toward the 2021 all-time high of around $4,900.

Bitcoin Skyrockets to Nearly $72,000, Trading Volume Swells To Over $51 billion

Posted on May 21, 2024 by Dalmas Ngetich

Bitcoin is taking off. Looking at the daily chart, the coin broke above the local resistance of last weekend and spiked to nearly $72,000. The uptick is welcomed, setting the coin back in alignment with the impressive gains of Q1 2024. At this pace, traders can search for entries to load on dips, expecting bulls to thrust the coin toward all-time highs or even $100,000.

The upswing of May 20 now means bitcoin is back in green territory in the past day and week. At press time, Bitcoin is up 6% in the previous 24 hours and 15% in the last week. Traders expect prices to extend today. As expected, rallying prices have seen participation rise. On the last day, engagement pushed trading volume above $51 billion.

Buyers are confident, looking at events on the last day. With price action positive, Bitcoin traders should watch for the following news:

Researchers now claim that should BTC remain above $67,500, it will likely fly to fresh all-time highs. Since prices are firm, Coinglass data shows that over $300 million of leveraged short positions have been liquidated, further pumping the leg up.
Yesterday, the nine spot Bitcoin ETFs bought 3,077 BTC worth over $207 million. Impressively, even Grayscale bought coins on behalf of their clients. Over the past months, GBTC has been unloading BTC, heaping selling pressure on the world’s most valuable coin.

Bitcoin Price Analysis

[[BTC/USD]] is within a bullish breakout formation.

Following the gains of May 20, the upswing of May 15 has been validated.

Yesterday’s bull war was wide-ranging and had a decent trading volume, suggesting interest from traders. At the same time, it comprehensively broke above $68,000.

Accordingly, traders can find entries on dips targeting all-time highs and $75,000 in the coming session.

Ethereum 1-hour candle more valuable than Solana

Posted on May 21, 2024 by Olumide Adesina

Ethereum’s value increased by about a fifth of its value amid reports that the U.S. Securities and Exchange Commission (SEC) might approve some spot ether exchange-traded funds (ETFs). At about Monday midnight the hour, Ethereum’s hour candle surged by $82+ billion, slightly more than Solana’s market valuation

The mega altcoin broke $3,700 per token amidst circulating reports on social media and forums regarding the possible SEC approval of multiple spot Ethereum ETFs, Exchanges were reportedly given orders by the SEC to amend their 19b-4 filings “on an accelerated basis.

There has been no official confirmation from the regulator, but it is alleged that the SEC asked exchanges such as the NYSE and Nasdaq to alter their disclosures. However, according to Nate Geraci, president of the ETF Store and co-founder of the ETF Institute, the final decision about requiring individual funds (S-1s) to register is still pending.

Interest in the weekly and monthly Ethereum options expiries has increased dramatically due to the approaching decision on the spot Ethereum ETF. Ether options open interest at the top derivatives exchange, Deribit, is $867 million on May 24 and a staggering $3.22 billion on May 31. By contrast, the monthly open interest for ETH options on CME is a mere $259 million, while that of OKX is $229 million.
This month’s breakout rally is anticipated to pick more steam due to the elevated likelihood of ETF approval. Furthermore, the odds of an uptrend are increased by the wider market rebound, which may easily breach the $4000 levels

On the other hand, Ethereum might drop below $2,800 if it cannot maintain above the $3,000 mark, resulting in further losses and driving ETH closer to $2,500. Ethereum’s price might enter a bear market and experience additional drops if it drops below $2,500.

The attitude displayed by the oscillators for ETH/USD is still mixed. While the amazing oscillator and momentum suggest positive signals, reflecting underlying strength, most are neutral, indicating a lack of significant momentum or overbought/oversold circumstances. Moving averages (MAs), on the other hand, are a reliable indicator of bullish sentiment throughout all timeframes since they show a strong upward trend and prevailing market optimism.

Forex Signals Brief May 20: FOMC Member Speeches on Agenda

Posted on May 20, 2024May 19, 2024 by Skerdian Meta

Last week the attention was on the US CPI (Consumer Price Index) for April, with markets fearing a soft number mostly. Consumer inflation posted a slight slowdown from 0.4% to 0.3%, which was enough for markets to raise the odds of FED interest rate cuts, sending the USD tumbling lower.

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Bitcoin Bulls in Control – Is $72,000 the Next Stop?

Posted on May 20, 2024 by Dalmas Ngetich

Bitcoin is flat at spot rates after temporarily breaking $67,800 over the weekend and cooling off. While the drop was expected, the breakout above $66,000 and the general bulls’ resilience is important. For this uptrend to stand, prices must remain above the psychological $60,000 and ideally stay above the May 6 highs. So far, buyers are steady and in the driving seat, even with the overly choppy nature of price action.

Considering the confirmation of last week’s breakout, buyers are upbeat. Even so, prices must be firm and bullish for last week’s momentum to be sustained. As things stand, Bitcoin has support at $66,000 and, on the lower end, $60,000. The good news is that prices are flying, adding 8% in the last week on the back of decent participation of over $22 billion.

The following Bitcoin news events are worth watching:

Unlike Ethereum, Bitcoin lacks programmability; thus, deploying smart contracts is impossible. However, it is now emerging that developers are considering adding this feature to Bitcoin. It is a move that, if activated, some supporters claim, will catalyze the next rally.
Even with Bitcoin prices edging higher in the last few days, on-chain trackers show that trading fees are at a three-month low. The contraction in transaction fees could be due to the general apprehension among market participants.

Bitcoin Price Analysis

[[BTC/USD]] is within a bullish breakout formation.

From the daily chart, prices rose before cooling off. Because prices didn’t wipe out gains of May 15, traders can search for entries on every dip above $66,000.

With the May 15 being a breakout bar and boosted by relatively high trading volume, it guides the short term price action.

If bulls press on, clearing $68,000, the next targets would be $72,000 and all-time highs.

Ethereum Holds $3,000 But Is It Losing Against Solana?

Posted on May 20, 2024 by Dalmas Ngetich

Ethereum is stable and continues to move sideways in an overly bearish formation. Supporters are optimistic, expecting bulls to push prices above the local resistance levels for the uptrend of Q1 2024 to resume. Before then, sellers are still in control, at least looking at candlestick arrangement. As long as ETH is trending below $3,300, the path of least resistance is southwards, defined by the bear bars of mid-April 2024.

So far, Ethereum prices are firm, moving sideways. The coin is down 1% on the last day but up 5% in the previous week. Since bulls have failed to break free from the current consolidation, participation is muted. At just over $10 billion, there is an evident contraction that might change as liquidity flows throughout the week.

The following Ethereum news events are worth monitoring even as prices move sideways:

Through its CEO Larry Fink, BlackRock believes Ethereum will be the anchor of tokenization. The asset manager’s tokenized treasury fund on the legacy smart contract platform is the largest in the world. However, the approval of its spot ETH ETF application will be a game-changer. Multiple applicants are waiting for the United States SEC’s green light.
Solana recently processed over $91 million transactions in a day, outperforming Ethereum and some of its scaling platforms. Still, Ethereum remains the largest network by total value locked (TVL) and the ecosystem of protocols.

Ethereum Price Analysis

[[ETH/USD]] is moving sideways at spot rates.

Changing hands at around $3,070, prices remain boxed inside the $2,800 and $3,300 zone.

For the upside to pick up momentum there must be a conclusive close above $3,300. Ideally, this leg-up must be done with expanding volume. If this prints out, losses of April 13 would be reversed, a relief for optimistic bulls.

Conversely, if sellers of mid-April take over, ETH must slip below $2,800. In that event, the coin could plunge to register new Q2 2024 lows.

XRP Traders “Fearful” But Analyst Predicts Spike Above $3

Posted on May 20, 2024May 21, 2024 by Dalmas Ngetich

XRP is in seventh place on the market cap leaderboard and has been looking stable in the past few trading days. Even with supporters expecting explosive growth, the coin is fixed within a narrow range. Sellers are still in control, and prices are inside a descending wedge, signaling general weakness. How prices react at the $0.55 and $0.46 levels will be critical in the short term. Bulls need to flow back and sustain the momentum from mid-last week as things stand.

The XRP coin is stable, adding 3% in the previous week. Even though there are hints of strength, the coin is within a bear breakout formation following sharp losses below a multi-week trend line in mid-April. Any recovery above the descending wedge, ideally backed by rising volume, might ignite demand. In that case, engagement could expand above $1 billion from the current $682 million mark.

The following XRP and Ripple news might influence price action in the short term:

As the smart contracts scene heats up, the XRP Ledger has emerged, processing over 251 million transactions in Q1 2024, a 2X increase from the previous quarter. Even with the spike in transaction count, fees fell by 45% to around $0.000856.
According to the “Fear and Greed” indicator, XRP traders are mostly fearful and in the neutral zone. However, this doesn’t prevent some optimists from predicting sharp price movements. Some say XRP is headed to $3.

XRP Price Analysis

[[XRP/USD]] is stable at spot rates.

Looking at the daily chart, the $0.50 level is still important.

Prices are still moving inside a bear breakout formation and the descending wedge.

For the uptrend to remain, there must be a conclusive close above the liquidation zone of $0.50 and $0.60. This will invalidate the bears of April 13.

Conversely, losses below $0.46 will mark bear trend continuation, ushering in another possible wave of lower lows to $0.40.

Solana’s solo ride to $250 price mark

Posted on May 19, 2024May 19, 2024 by Olumide Adesina

Solana is driving the recent surge in the altcoin market with price action affirming bulls are on the bandwagon. Solana’s robust fundamentals, such as its high speed and scalability, which continue to draw in both retail and institutional investors, fuel this future growth.

This month, the altcoin’s price has increased by 33% as it has recovered from the $130 mark. Throughout the week, Solana prices demonstrated the ability to break out. The current rally suggests that, following the consolidation phase, a bullish victory is possible.

Solana has noticed a noticeable increase in wallets engaging with its NFTs for the first time over the past week, especially among top collections. Tiexo data indicates that Solana NFT volumes have somewhat increased, mostly due to these collections.

Solana is currently the fastest blockchain globally. The network handled more than 95 million transactions in a single day as per recent research by CoinGecko

Solana focuses on throughput and latency reduction, even at the price of some verifiability. It accomplishes this by utilizing a special combination of technologies, such as parallel transaction processing, the block propagation protocol Turbine, and a novel timestamp technique known as proof of history.

In addition, high interest in Solana-based memes riding the newest wave of the cryptocurrency craze, an increase in the volume of trading in decentralized finance (DeFi), and encouraging news in the Solana ecosystem, have contributed to an increase in SOL’s value thus far in May. Recently, the trading platform Robinhood introduced its first SOL-staking offering to its European customers

Historical data showed, SOL reached its current record high of $259.96 in late 2021, almost 32.8% more than the current price. After Sam Bankman-Fried’s FTX empire collapsed in December 2022, it fell to $8, although it has since sharply increased. It has increased by an astounding 739.2% in just the last year.

Solana recently surpassed Ethereum (ETH) in daily trading volumes, marking a significant shift within the decentralized exchange (DEX) sector and igniting speculations about its ability to challenge Ethereum’s long-standing dominance in the cryptocurrency market

Price action affirms SOL may reach $250 if the bullish momentum holds. On the other hand, SOL can retreat to the $155 support level during a market downturn. The price may fall to $150, signaling a negative turn, in bearish patterns resume. The altcoin’s future appears bright, as evidenced by the present recovery tendencies, which indicate that SOL is well-positioned for future gains despite setbacks.

Binance Coin shows a yellow sign

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

Binance Coin traded around $575, somewhat above its key support amid the bulls’ inability to break the altcoin’s $600 resistance line.

The digital asset posted a weighted sentiment pegged at about 0.607 and trending upward, according to Santiment’s data. The positive value of the indicator indicated that participants in the BNB market had favorable sentiments.

The primary momentum indicators for BNB also supported this optimistic assessment. Its Money Flow Index (MFI) was 65.61 at the time of publication and was still growing, indicating that market participants preferred to accumulate BNB rather than distribute their holdings.

Similarly, at 0.07, the altcoin’s Chaikin Money Flow was above the zero line and trending upward. This suggested that the BNB market was seeing a consistent influx of liquidity. The demand for crypto assets would increase if this metric kept rising.

For the first month, the price of BNB showed a neutral trend, suggesting that the altcoin’s price action in the cryptocurrency market was poor. But when the market became more volatile, the bulls gained ground and the altcoin surged 113.5% in the next month, reaching a monthly high of $635.

On the other hand, if this bullish forecast proves false and bearish pressure increases, the price of BNB may break below the triangle and trade near the $520 mark.

The fact that the altcoin’s negative funding rate has been so noticeable over the past few weeks increases the likelihood that this will occur. A negative funding rate on an asset encourages more traders to hold short positions. This shows that a greater number of traders are purchasing the asset in anticipation of a price rally and anticipating a decline in the asset’s value.

The bulls will regain momentum and the Binance token will test its resistance level of the $630 mark if the market maintains its price above the $565 support level. If that price is maintained, the BNB coin price will be ready to test its previous high of $691 in the coming weeks. Alternatively, should the bulls be unable to maintain the price above the $568 support level, the BNB token will begin to trade in a bearish manner and, thus could likely drop toward its crucial support level of $498 this month.

Forex Signals Brief May 17: Chinese Data Closes the Week

Posted on May 17, 2024May 17, 2024 by Skerdian Meta

Yesterday started with the Prelim Q1 GDP numbers from Japan which showed a -0.5% contraction, sending the JPY down and USD/JPY around 200 pips higher after the 3 cent retreat post the soft US CPI inflation report earlier this week. The employment report from Australia was mixed, with the unemployment rate jumping 3 points higher to 4.1% while employment change came above expectations, which left the Aussie trading in a range throughout the day.

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