Ethereum Is Fragile? ETH Bulls Fail To Break Above $3,300

Posted on April 22, 2024 by Dalmas Ngetich

Ethereum, like Bitcoin and other top altcoins, remains inside a trade range and technically bearish. From the daily chart, the coin is changing hands just above $3,100 and moving sideways. Since bulls have been firm but unable to reverse the losses of April 13, sellers still have the upper hand. Of note, the coin remains within a bear breakout formation, with the probability of further losses on the cards if bulls fail to step in. So far, $3,000 and $2,800 are crucial reaction levels to monitor. On the flip side, the momentum could change if buyers break $3,700.

In the past day and week, ETH prices have been flat, looking at price action in the daily chart and trackers. CoinMarketCap data shows that the coin is down 2% in the past week. Meanwhile, trading volume is stable, at $10 billion in the past trading day. Unless otherwise there is a sharp spike in participation, lifting prices as a result, sellers will be in charge in the days to come.

Today, these Ethereum news developments dominated headlines:

As Bitcoin halves miner rewards, Ethereum has integrated a burning mechanism following the implementation of EIP-1559. Now, based on projections and the current burning rate, ETH will become a deflationary asset. Analysts say its supply will drop below 1% in roughly a year.
After a week of approval, spot Ethereum ETFs will hit the markets in Hong Kong. These derivative products provide a legal way for institutions to get exposure, injecting more liquidity into the market—a huge development for bulls.

Ethereum Price Analysis

[[ETH/USD]] is within a bear formation, even with solid fundamentals.

Looking at the candlestick arrangement in the daily chart, ETH has resistance at $3,700. Meanwhile, support is at around $2,800.

Even with confidence, bulls need to break above $3,300 to incentivize bullish participation.

If not, any drop below $2,800 will trigger more losses, confirming the current sideways movement as distribution.

If sellers take over, Ethereum could crash to $2,600.

Bitcoin Halving Hype Fails To Pump BTC Above $68,000: What Happens Next?

Posted on April 22, 2024 by Dalmas Ngetich

Bitcoin is relatively stable a few days after the all-important Halving event. At the time of writing, the coin is still within last week’s trading range and technically bearish from a volume analysis perspective. Even though traders expect prices to gain in the short to medium term, the coin remains within a bearish breakout formation, aligning with losses of April 13. From now on, traders should track how prices react at $68,000 and $61,000, respectively.

So far, Bitcoin is firm in the last trading day and week. Changing hands at around the $66,100 level, the coin is bearish as it is unless there are sharp gains above the immediate liquidation levels in the short term. As it is, bulls should watch participation, a measure relayed by the average trading volume in the past day. Even with optimism, participation is at around $24 billion, up 11%.

The following Bitcoin news events will shape prices in the short term:

In the fifth epoch, the network rewards miners with 3.125 BTC, slashing daily emissions by half. At this rate, inflation will drop even further. However, whether this will immediately impact prices remains to be seen.
Amid the surging interest in Halving and Bitcoin as a store-of-value asset, one address has been rapidly accumulating BTC over the past few months. The address, purchasing 100 BTC in batches, sometimes within 24 hours, has accumulated over $4 billion worth of the world’s most valuable coin.

Bitcoin Price Analysis

[[BTC/USD]] is flat at spot rates.

In the upper end, traders can watch how prices react at April 13 highs of around $68,000.

Conversely, buyers have support at the $61,000 level.

As prices move sideways, the path of least resistance remains southward following recent losses.

Therefore, as long as prices distribute horizontally, aggressive traders can short on attempts higher but below $68,000, targeting $61,000 and lower.

A sharp break above $72,000, backed by rising volume, invalidates this bearish outlook.

Bitcoin Halving Complete: What’s Next for BTC Prices?

Posted on April 20, 2024April 20, 2024 by Konstantin Kaiser

The Bitcoin halving event was completed less than two hours ago, reaching block 840,000. Today, April 20th, 2025, marks the official date of this halving.

Given the recent completion of the Bitcoin halving, which traditionally reduces the supply increase rate by halving the block rewards, we’ve observed a not unexpected moderate price rally. Historically, halving events have been bullish catalysts for Bitcoin as the reduced supply rate often leads to upward price pressures, assuming demand remains constant or increases.

Bitcoin Experienced A Moderate Correction this Month

Currently, Bitcoin is undergoing a correction phase, having pulled back nearly 20% from its recent all-time high of approximately $73,800. Despite this retracement, key technical indicators suggest underlying strength in the market. The MACD histogram displays an ascending trend, and a bullish crossover on the MACD lines, coupled with a reentry into neutral territory on the RSI, underscores potential for continued bullish momentum.

From a support perspective, Bitcoin holds above significant levels: the golden ratio near $36,000 and the 50-month EMA around $31,675 provide robust long-term support.

Bitcoin Price Analysis Tradingview — Bitcoin Monthly Chart Analysis Tradingview

Is Bitcoin Set To Rebound From The Fibonacci Support?

More immediately, Bitcoin is testing the 0.382 Fibonacci support at $60,322, where a potential bounce could occur. Failure to hold this level might expose the next significant Fib support around $51,000.

However, the MACD histogram has been declining for the third consecutive week, suggesting the possibility of an imminent bearish crossover in the MACD lines. In contrast, the EMAs continue to display a golden crossover, affirmatively signaling a bullish trend.

Is Bitcoin Poised To Surpass The 50-day EMA Resistance?

In terms of resistance, Bitcoin faces immediate hurdles at the 50-day EMA ($64,508) and Fibonacci levels at $65,129 and $68,950. A decisive break above these resistances, particularly the $68,950 Fibonacci level, would invalidate the current correction, potentially setting the stage for a new all-time high.

At present, the technical indicators predominantly suggest a bullish outlook. The EMAs have exhibited a golden crossover, a typically bullish signal. Additionally, the MACD histogram is ticking upward, indicating increasing bullish momentum. However, the RSI remains neutral, providing no clear directional cues. The only bearish note comes from the MACD lines, which are currently crossed in a bearish configuration. Nevertheless, this situation may change swiftly if Bitcoin resumes its upward trajectory.

The 4-Hour Chart Indicates A Short-Term Confirmation Of A Bearish Trend

In summary, while the short-term 4H-chart suggests a bearish configuration with a death cross on the EMAs, the broader bullish setup remains intact, supported by multiple technical indicators. The market’s response to these key Fibonacci levels and EMAs in the coming days will be critical in determining whether Bitcoin resumes its uptrend or deepens its correction. Monitoring these levels closely will provide valuable insights into Bitcoin’s near-term directional bias.

Telegram supports USDT payments

Posted on April 19, 2024April 24, 2024 by Olumide Adesina

Telegram with around 900 million users globally, announced on Friday that it will now allow users to send USDT, a stablecoin created and distributed by Tether, over The Open Network (TON).
TON is a blockchain network Telegram created, but open-source developers now control it. It’s connected to the Telegram application. Users of Telegram can now begin exchanging stablecoin USDT payments with one another via the blockchain connected to the encrypted chat service.

How it functions
To begin with, users must create a cryptocurrency wallet on Telegram by visiting the Wallet bot, which can be located using the app’s search bar. Following that, users can choose to pay with Tether’s token to buy USDT and send money to other users. The action might contribute to the wider acceptance of Tether’s USDT token. Stablecoins like USDT are digital currencies whose value is linked to an underlying asset, usually a fiat currency such as the US dollar.

Nevertheless, they are debatable. Regulators, investors, and commentators have expressed skepticism about the source of reserves for many stablecoins, particularly Tether’s. Following multiple instances in which Tether’s token briefly fell below $1, detractors have also questioned whether the company is adequately financed to withstand a “bank run.”Tether, for its part, claims that even in difficult circumstances, its token can always support withdrawals and is completely backed by high-quality reserves.

In the meantime, Apple banned Telegram, WhatsApp, and Threads from its Chinese app, in response to directives from Beijing to plug more breaches in the nation’s long-standing internet firewallstore.The iPhone maker which has continuously agreed with one of the strictest internet censorship policies in the world, said that the apps were removed on the orders of the Chinese Cyberspace Administration due to concerns about national security.

XRP On Edge at $0.50: Will The SEC-Ripple Case Go To The Supreme Court?

Posted on April 19, 2024 by Dalmas Ngetich

XRP is flat at spot rates, and there are no signs that buyers will take over by breaking above immediate resistance levels. The zone between $0.46 and $0.51 is where most of the past day’s price action has been; a win for bears. This outlook is especially important considering prices are within the April 13 conspicuous bear bar. Nonetheless, buyers will find relieve if there is a confirmation of yesterday’s gains, driving the coin above $0.52.

At spot rates, XRP is, as mentioned earlier, steady, in the past day. At the same time, it is down 18% in the previous trading week. Although the selling momentum has slowed, bears are in control from a volume analysis.

The following XRP and Ripple news events are noteworthy:

A former United States lawyer said the Ripple versus SEC case could move to the Supreme Court. This, the litigator added, will be necessary for the top judges of the land to determine what precisely makes a digital asset like ETH or XRP a security.
Crypto, Brad Garlinghouse, the Ripple CEO, says the market will grow massively, doubling from the current valuation to reach $5 trillion by the end of the year. Even at this mega valuation, Garlinghouse thinks he’s being conservative.

XRP Price Analysis

[[XRP/USD]] remains under immense selling pressure.

Though XRP prices moved slightly higher on April 18, sellers are still in control.

In lower time frames, traders can watch the reaction at the current consolidation at $0.52 and $0.46.

A break below $0.46 is required for the bear trend to continue. In that case, XRP will likely fall, aligning with the drop of April 13. The next target will be $0.40.

Conversely, any uptick above $0.52 with rising volume might be the base for more gains towards $0.57 and $0.62.

Ethereum Faces Major Regulatory Headwinds: Will Bulls Break $3,300?

Posted on April 19, 2024 by Dalmas Ngetich

Ethereum is firm at press time but trending inside a narrow range defined by the April 13 bear candlestick. There are flashes of strength. However, if buyers are to take over, there must be a conclusive breakout above local resistance levels, backed by expanding participation. Thus far, this has yet to print, and the coin remains under pressure from a technical perspective.

The slump reflects on how Ethereum has been performing in the past day. The coin is stable, up 4%. Nonetheless, it is down 13% in the previous week. These statistics show that despite optimism and expectations of price gains, bears have the energy to absorb demand.

The following Ethereum news events might impact price action in the coming days:

Rumors of Gary Gensler‘s imminent resignation continue to swirl. If the United States SEC chair resigns, some observers think Ethereum will have a better chance of its spot ETF being approved. While bullish, only an official confirmation of Gensler’s step down will drive prices. Before then, the Commission has yet to approve a spot Ethereum ETF and classify the status of the second world’s most valuable coin.
ConsenSys Senior Counsel and Director of Global Regulatory Matters Bill Hughes has revealed that the United States SEC is investigating the Ethereum Foundation. There are even concerns that the agency could build a case to declare ETH a security.

Ethereum Price Analysis

[[ETH/USD]] remains within a bearish formation, per the candlestick arrangement in the daily chart.

Unless there are sharp gains above the April 13 range, the path of least resistance is southwards.

Therefore, from the chart, every attempt higher but below $3,300 might offer entries for sellers to short, targeting $2,600.

A price dump below $2,800 and the current range will accelerate the sell-off further toward crucial support levels in the daily and weekly charts. The key ones being $2,600 and $2,000.

Bitcoin Halving Today: Will BTC Crash Like Litecoin And BCH?

Posted on April 19, 2024April 19, 2024 by Dalmas Ngetich

Bitcoin stabilized yesterday, but bulls didn’t pull through enough to reverse recent losses. Technically, and looking at the BTC arrangement in the daily chart, sellers are still in charge. Notably, the path of least resistance is southwards, with the April 13 bar setting the pace of the current trend. Though the uptrend remains, at least from the top-down preview, how prices pan out today will largely depend on sentiment.

On the last day, Bitcoin added 6% but is still down 9% in the previous week. Traders are generally upbeat, expecting prices to rebound strongly, perhaps rising to the multi-week range established in mid-March. So far, the average trading volume of the past 24 hours is around $48 billion, up 15%.

In the past 24 hours, the following Bitcoin news dominated headlines:

Bitcoin Halving is set for today. With this adjustment, the network will automatically halve miner rewards, reducing inflation. Lessons could be learnt from recent halving events in Bitcoin Cash and Litecoin. After the initial pump, prices fell sharply in subsequent sessions. A key level to watch in the next few trading days is $60,000.
Traders are optimistic. One analyst recently said Bitcoin Halving will be different from the rest. Though experts say the coin will peak in 2025, one is bullish, expecting prices to float higher in the coming years. The drive higher will be driven by institutional demand via spot ETFs.

Bitcoin Price Analysis

[[BTC/USD]] is firm in the past day but remains within a bearish formation, capped inside the April 13 bar.

Optimists expect prices to rise sharply, even above the current range, and break $74,000.

However, before then, traders should watch how prices react within the April 13 bar at $65,000 and $61,000.

In the short term, any break below $61,000 might trigger a sell-off towards $56,000.

Conversely, a bounce above $65,000—ideally with rising volume—will propel the coin back to the range with caps at March 2024 highs.

XRP Bulls Upbeat: Will Prices Explode Above $1 In Less Than A Week?

Posted on April 18, 2024 by Dalmas Ngetich

XRP is down the market cap rankings, and so are prices. Although the downtrend momentum has slowed, the path of least resistance remains southwards for now. Price action around the psychological round number, $0.50, will remain key. While some traders expect volatility in the coming days, as long as XRP is inside the April 13 bear bar, sellers have the upper hand. Accordingly, even with rising confidence, the coin will likely crash to $0.40 rather than unexpectedly rally toward $0.58—or higher.

Thus far, XRP remains stable in the past trading day, and down 20% in the previous week. Traders are generally bearish but this overview will change if prices rise with expanding trading volume. Over the past day, the average trading volume fell to $1.8 billion, up by 7%.

Traders are also watching the following XRP and Ripple news:

Ripple’s partner, Tranglo, one of the multiple adopters of the on-demand liquidity (ODL), has processed over $46 million worth of transactions. As more financial institutions adopt, the more bullish it is for the coin.
The Ripple versus United States SEC’s grand trial will be on April 23. Then, it will be decided whether the blockchain company will pay the rumored fine or not. Most importantly, clarity will be given on the status of XRP.

XRP Price Analysis

[[XRP/USD]] is within a bear breakout formation following losses of April 13.

While prices hover around the $0.50 level, bears are in control. Every high below $0.55 technically offers entries for sellers targeting $0.40.

For this preview to change, prices must soar above $0.55 and ideally the strong liquidation zone of $0.57 and $0.58.

If there is positive news on April 23, XRP could surge to as high as $1.

Ethereum Is Fragile: Will This Stablecoin Draft Bill Pump ETH To $3,300?

Posted on April 18, 2024 by Dalmas Ngetich

Ethereum is teetering at the $3,000 zone, looking at price action in the daily chart. Like Bitcoin, ETH is under immense selling pressure. Though prices are within a bear breakout formation, the coin is within the conspicuous bear bar of last week. The sideways movement, clear in lower time frames, might allow aggressive sellers to accumulate. This preview is valid as long as prices are below the $3,300 local resistance.

As it is, bears are in control. On the previous trading day, the coin is down 3% and 18% in the past week of trading. Even though traders are confident, dropping participation levels should be a concern. At spot rates, the average trading volume in the past 24 hours is $18 billion, up 11%. This contraction can be used as a gauge for sentiment. As prices fall, more users will likely stay away. Any uptick with crashing ETH prices suggests seller engagement.

In the coming day, the following Ethereum news events will likely impact prices:

Layer-2 platforms are crucial for Ethereum. Though popular, most of these solutions are technically centralized. However, in a major step towards decentralization, Arbitrum released its permissionless fraud-proof system, BOLD, for public Testnet.
A stablecoin draft bill has been submitted in the United States. Analysts say the bill, if adopted, will create channels that will significantly boost Ethereum. In all, the bill legitimizes stablecoins in public ledgers. Since most of these stablecoins are launched on Ethereum, it represents a big win for the network.

Ethereum Price Analysis

[[ETH/USD]] is bearish.

Though the coin is moving lower, prices are inside the April 13 bear bar. Technically, this is bearish from an effort-versus-result perspective.

There is a chance that the April 13 bear bar is climactic, marking the end of the bear run. For this preview to be valid, prices must break above $3,300 with rising volumes.

Conversely, as long as prices are trending lower, a breakout below $2,800 will compound the misery for HODLers. If this is the case, ETH could drop to as low as $2,600 and $2,000.

Bitcoin Drops 13%: Will GBTC Outflows Force Price To $53,000?

Posted on April 18, 2024 by Dalmas Ngetich

The Bitcoin sell-off is not slowing down, at least looking at the performance in the daily chart. After a brief consolidation period, BTC fell harder on April 17, extending losses and inducing more pain for HODLers. At the current formation, it is evident that sellers have the upper hand, and the coin could slump even more if buyers fail to plug the bleed.

Bitcoin is down 3% in the past trading day and 13% in the previous week. Overall, the path of least resistance is southwards in the short term. Though buyers are still in control from a top-down preview, further losses today might weaken the grip of bulls, turning the tide around. In the past 24 hours, the average trading volume stands at $42 billion, up 9%.

Traders are looking at fundamental factors. The following Bitcoin news might influence price action:

Inflows into spot Bitcoin ETFs continue to slow down. In the past day, there have been more outflows from GBTC, which is unwinding and converting the product into an ETF. At the same time, BlackRock is accumulating more BTC and may soon flip GBTC, a net positive for price.
Halving is less than 36 hours from now. Once it happens, a supply crisis is expected. While its impact might not be immediate, prices might benefit if the current demand is sustained. In the meantime, there are concerns about possible miner centralization.

Bitcoin Price Analysis

[[BTC/USD]] is under pressure at spot rates.

With more outflows from GBTC, the coin is selling off hard. This can only be countered by more inflows into spot Bitcoin ETFs; creating demand.

Considering the current candlestick arrangement, every high might offer entries for sellers targeting $60,000.

From the daily chart, if Bitcoin breaks below $60,000, confirming the bear breakout of April 13, the coin might slip to as low as $53,000 in the near term.