Ether: A dead cat bounce or Bull Run?

Posted on May 6, 2024May 6, 2024 by Olumide Adesina

Ethereum profited from the shift in market mood over the past few hours, as seen by the green turn on its daily chart. The king of altcoin is now moving inside a bullish trend, thus the most recent spike may only be the start of a big rise.

The optimistic move on Ethereum
ETH’s price increased by 3% for the day; as of this writing, its market capitalization was more than $383 billion, within striking distance of $3.2K
It is noted that breaking 3132.80$ will end the negative scenario and allow the price to try to establish a bullish wave that its targets begin by testing 3360.31$ areas. Breaking 3095.00$ will make it easier to reach the indicated target.
It’s interesting to note that ETH may get better in the coming days. According to Santiment’s research, the network expansion of ETH increased within the past several days. The token’s active withdrawal rate increased last week, meaning more addresses were made to transfer the token.
Furthermore, the amount of Ethereum held by the top addresses increased little, indicating strong buying pressure. Ethereum Whales have increased their holdings during the price decline. As of May 2, these whales’ total Ethereum holdings have increased by 6,000 ETH over the previous three days to reach 75.17 million ETH.
Ether’s future may be impacted by an uptick in whale purchases during its market decline. Whales’ big purchases give the market the much-needed liquidity that lets panic sellers complete trades without sharply dropping prices.
Ethereum’s recent behavior amid high volatility offers hope for the crypto long-term prospects based on recent accumulation by its whales. They are confident in the asset’s intrinsic value and potential for future growth, as seen by their measured accumulation of ETH despite market volatility.

Forex Signals Brief May 3: USD Buyers Waiting for A Strong NFP

Posted on May 3, 2024May 3, 2024 by Skerdian Meta

The Japanese yen has been in the spotlight since the intervention, resulting in aggressive price action. The selling pressure intensified again yesterday after the overnight bounce, pushing the pair below 153.00. There may be hesitancy to buy the falling knife ahead of non-farm payrolls or potential further action which will be released later today.

U.S. Non- Farm Payrolls Expected at 238K

Continue reading “Forex Signals Brief May 3: USD Buyers Waiting for A Strong NFP” →

XRP Impressive As $0.50 Holds: Will Prices Rip Higher From May 6?

Posted on May 3, 2024 by Dalmas Ngetich

XRP is firm at press time, impressively reversing losses of late April and readying for an upswing. This preview is going by the arrangement in the daily chart. Unless there is an unexpected dump pressing prices lower and peeling back gains of the past two days, XRP bulls have a chance. Currently, there is clear support at around April 2024 lows. As it is, support is emerging between $0.47 and $0.50.

XRP is relatively stable. When writing, however, participation is low. Yesterday, over $1 billion in average trading volume was registered, a nearly 35% contraction. This will rapidly change if XRP bulls follow through today, ideally closing above $0.51 and even $0.55.

As XRP prices oscillate, shifting from bearish to bullish, traders should watch the following news:

XRP Ledger (XRPL) developers propose a lending system that won’t rely on smart contracts. For this to work, developers plan to create a mechanism to power a fixed-term solution where loans from a collective fund will generate interest for lenders. The proposal is in the early stage but overly vital for the ledger.
The United States SEC lawyers must file its reply brief in the ongoing case by May 6. This is the last deadline, and probably their last submission before the presiding judge determines the penalty Ripple should pay.

XRP Price Analysis

[[XRP/USD]] has failed to breach $0.52 for five consecutive days, looking at the price action in the daily chart.

Even so, the breach of the 20-day moving average on May 2 is welcomed.

With the double bar bullish reversal pattern forming and selling momentum waning, XRP has a solid footing to recover.

As the XRP candlestick arrangement shows, sellers still have the upper hand. Price action is still within the April 13 bar. From volume analysis, this is bearish.

A close above $0.55 will invalidate this outlook, setting in motion a welcomed leg up to $0.60.

Any drop below $0.47 support confirms the presence of sellers. In that case, XRP could drop to April 2024 lows.

Ethereum Rejects Bears At $2,800: Are Bulls Preparing To Retest All-Time Highs?

Posted on May 3, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin, is also firm after yesterday’s relieving price action. The coin is trading close to the psychological $3,000 level, but bears are still in control. Nonetheless, the soaking up of selling momentum could be the foundation of further gains. Looking at the daily chart, it appears that the coin is finding strong support at the $2,800 and $2,900 zone. This is because there are long lower wicks every time prices retest this area. If bulls take over and are catapulted from this zone, ETH would likely find more strength going forward.

At press time, Ethereum is up 2% in the last day but down 6% in the previous trading week. Confidence remains now that sellers didn’t comprehensively close below $2,800. Though prices are up, participation is lackluster. At the time of writing, the average trading volume is down to $12 billion, shrinking by roughly 34%.

The following Ethereum news events are worth watching:

Activity on Ethereum is flat, and gas fees are low. As of early May, Bitcoin transaction fees and Ethereum gas fees are at almost the same level. This is after the initial FOMO surrounding the launch of the Runes Protocol on Bitcoin subsided. A few days after Bitcoin Halving, the average trading fees remained high, at one point rising to $40.
Eyes are on the Ethereum Foundation following news that the United States SEC has been investigating ETH for at least a year. Recent on-chain data showed that the foundation sold 100 ETH for DAI. However, this shouldn’t be a cause for concern since the non-profit regularly sells the coin.

Ethereum Price Analysis

There is panic across the crypto scene due to falling prices.

Nonetheless, [[ETH/USD]] is relatively firm, judging by the price action in the daily chart.

So far, ETH is cordoned between $2,800 on the lower end and $3,300 on the upper end. Sellers are dominant, moving in the direction set by April 13.

As long as prices move inside this bar, ETH will likely break $2,800.

A conclusive, high volume close above this line may see the coin tumble to $2,600 and $2,200.

If there is a close above $3,300 with similar participation, ETH’s fortune will change.

Bitcoin Turns Green on Dovish Fed, A Close Above $61,000 Vital

Posted on May 3, 2024 by Dalmas Ngetich

Bitcoin prices stabilized yesterday, closing with a green bar—a major relief. Though it is not yet clear whether sellers will pick up momentum, the downward trend remains. Of note, BTC is trading below April 2024 lows, and the breakout pattern of mid-this week remains valid. As long as the $60,000 to $61,000 resistance zone remains, aggressive sellers might consider unloading on every attempt higher. In the short term, $52,000 and $50,000 are targets sellers are eyeing.

At press time, Bitcoin is down 8% in the previous trading week but in green, adding 3% in the last day. Overall, there is a relief bounce. However, unless there is a recovery, following through on May 3, yesterday’s pullback will be nothing but a dead cat bounce. Currently, the average trading volume on the last day stands at $29 billion, down 36%.

The following Bitcoin news events are worth watching:

Even though GBTC has been leading outflows, there appears to be a change. On May 1, trackers show that Fidelity took over, leading and decreasing $191 million of BTC; a major blow for bulls. Over $563 million of BTC were offloaded, the largest single-day outflow since the product launch.
With the Federal Reserve turning “dovish”, signaling that they won’t consider raising rates in the coming months, analysts are bullish on BTC. Traders expect the coin to turn around if prices find support at the May 1 low.

Bitcoin Price Analysis

[[BTC/USD]] is weak at spot rates but steadily recovering.

For the uptrend to hold, buyers must prevent a drop below the April 30 and May 1 lows. This means that prices need to recover and close above $61,000.

If this print and trading volume picks up, then the May 1 bar will be climatic, and a two-bar formation signaling a possible bottom would have printed. This arrangement will likely anchor the next wave up toward $68,000 and better.

Conversely, any reversal of yesterday’s gains will dampen sentiment, fast-tracking the dump to $53,000 and $50,000 in alignment with late April 2024 losses.

Forex Signals Brief May 2: FED Sticks to Higher Rates-for-Longer

Posted on May 2, 2024May 1, 2024 by Skerdian Meta

Yesterday we had the DP Non-Farm Employment Change which came in stronger and JOLTS job openings which were weaker, ahead of the FOMC meeting. Besides that, a notable issue was the slowdown in the US manufacturing activity, with the US ISM manufacturing indicator falling below 50 points again, which means contraction.

The FED is not moving interest rates for now

Continue reading “Forex Signals Brief May 2: FED Sticks to Higher Rates-for-Longer” →

XRP Revival? Ripple Rejecting Bears As Whales Accumulate

Posted on May 2, 2024 by Dalmas Ngetich

XRP was firm on May 1, rejecting bears of April 30. By the close of yesterday’s bar, prices were in green with a long lower wick printing pointing to demand. If this spills over to today, bulls might benefit. Most importantly, it will keep prices above $0.50, even setting the base for more gains toward $0.52 and $0.55. Overall, sellers are still in control until after prices race above $0.55, shaking off the weakness of mid-April 2024.

So far, XRP is stable, adding 2% in the previous trading day. Even so, it is down 5% week-to-date. This means prices are firm in the immediate term, and bulls are trying to unwind recent losses. Rising prices on May 1 was at the back of expanding participation. The average trading volume on the last day rose to $1.5 billion, up 25%.

The following XRP and Ripple news are worth watching:

XRP prices remain in a Death Cross formation. This technical pattern is bearish. However, it appears that whales have been rapidly accumulating the coin, buying on dips. Still, it is yet to be seen whether this will support prices in the sessions to come.
Rumors are that the United States Judge presiding over the ongoing case will rule in favor of Ripple. If that’s the case, the blockchain company would have to pay the $10 million penalty, not the $2 billion the United States SEC wanted.

XRP Price Analysis

[[XRP/USD]] reversed strongly on May 1.

From the XRP candlestick arrangement, sellers remain in charge. The April 12 and 13 bars continue to set the short to medium-term trend.

Therefore, as long as prices remain below $0.55, sellers can look for entries to short. This preview is validated by the fact that prices are inside the April 13 bear bar.

The first target would be $0.46.

If not, and prices bounce sharply, breaking $0.55, XRP might rally above $0.60 towards $0.74, invalidating this bearish outlook.

Ethereum Drops To April Lows: Will ETH Fall To $2,200?

Posted on May 2, 2024May 2, 2024 by Dalmas Ngetich

Ethereum prices pierced through April 2024 lows yesterday before stabilizing. However, the trend remains southward, and sellers have the upper hand. So far, ETH is trading below the psychological $3,000 level and within the bear formation set in motion in mid-April. Even with the community expecting a recovery, weakness, especially in Bitcoin, is heaping more pressure on ETH and altcoins. Accordingly, the coin will likely drop, registering new Q2 2024 lows in future sessions.

At press time, ETH is down 3% on the last day and 9% on the previous week. Participation is low, falling by roughly 6% on the last day. Even though there is optimism, expanding volumes and dropping prices all combine to fuel the drop. Accordingly, unless a refreshing bounce pushes ETH above $3,000, the odds of the coin slipping past $2,600 remain elevated.

Traders should watch the following Ethereum news events:

There are now over 1.8 million Ethereum validators, pointing to the level of decentralization. The network only requires users to stake 32 ETH and meet validator requirements for a chance to win block rewards.
Rep. Patrick McHenry thinks Gary Gensler, the chair of the United States SEC, has been misleading Congress on the status of ETH. Recent court filings show that Gensler has considered ETH a security for the last year.

Ethereum Price Analysis

[[ETH/USD]] is under pressure, trading close to April 2024 after recovering from yesterday’s low.

Technically, Ethereum sellers have the upper hand.

Accordingly, traders can look for sells on every attempt toward $3,000.

Any dip below the May 1 low may accelerate the sell-off, pushing the coin to $2,600. There are even higher odds of ETH crashing to $2,200 if selling pressure persists.

Conversely, the Ethereum price chart shows that fortunes will change should prices rocket above $3,300. This formation will cancel out sellers of April 30 and May 1.

Bitcoin Falls After Fed Decision, BTC Bears Eyeing $50,000

Posted on May 2, 2024 by Dalmas Ngetich

The Bitcoin price action was no different than the day before: Sellers dominated, and the sell-off extended. As things stand, not only has the bear trend been defined, but bears are increasingly targeting $50,000. This level is a psychological round number and even the last frontier for optimistic bulls hoping for a recovery in the sessions to come. Before then, traders can best align with the current trend, lining up shorts of April 30.

As it is, Bitcoin is down 13% in the previous trading week, losing 7% in the past day. Additionally, losses are at the back of increasing trading volume. The average trading volume stands at $47 billion, up 18% from the previous day. The dump will only serve to attract even more sellers, pushing participation even higher and cementing bears’ position.

The following Bitcoin news events are worth watching:

Yesterday, the United States Federal Reserve kept interest rates unchanged at 5.50%. However, the central expressed their concerns about rising inflation. They will keep tracking this key economic metric and implement measures to curb rising price pressures.
Changpeng Zhao, the former CEO of Binance, was yesterday sentenced to four months in prison. In a post, Zhao said he would do his time and put everything behind. For now, he’s calling on crypto protocols to remain compliant with laid down laws.

Bitcoin Price Analysis

[[BTC/USD]] continues to slip when writing, dumping over 20% from all-time highs.

In a bear breakout formation, Bitcoin traders can look to trade with the trend. Accordingly, given the dump, every attempt higher in lower time frames may offer entries for shorts targeting $50,000.

Notice that prices are also trading below April lows, and trading volume is increasing, suggesting involvement of sellers. Most appear to be doubling down, fueling the sell-off.

Any unexpected surge above $60,000, backed by rising trading volume, might revive demand.

XRP Drops 25% In April, Sellers Unrelenting: Will Prices Retest $0.40?

Posted on May 1, 2024 by Dalmas Ngetich

XRP is falling, as is the trend across the board. Looking at the daily chart, the seventh most valuable coin found strong rejection from the middle BB. This dump means all gains from April 20 to 22 have been wiped out. As XRP weakens, it only cements the overall preview that sellers are in charge. This outlook aligns with the losses of April 12 and 13, acknowledging the presence of determined bears at the $0.55 and $0.60 zone.

The sell-off means XRP is down 25% from April highs at spot rates. However, prices fell 35% to the lowest point in April when it touched $0.41. So far, XRP is down 11% in the previous trading week.

Amid the broader crypto meltdown, XRP and Ripple traders should watch the following news:

USDT dominance is waning. Now, analysts say the planned release of the Ripple stablecoin is timely. This entry would be a big sentiment boost, giving XRP more exposure. In turn, this might support prices in the months ahead.
Reportedly, Ripple and the United States SEC agreed to expedite the lawsuit on Friday. Then, the public will get to known whether XRP is a security or a commodity like Bitcoin.

XRP Price Analysis

[[XRP/USD]] is down 37% from March 2024 highs.

Of note, prices are still waving inside the April 13 bear bar. This formation swings price action in favor of bears from a top-down preview.

Since prices fell on April 30, every attempt towards $0.52 might offer entries for sellers to double down, targeting $0.40 in the short term.

The sell-off will accelerate if there is a conclusive drop below $0.46, a local support level.

However, if an unexpected rally pushes the coin above $0.55, this bearish forecast will be invalid.