Ethereum Facing Stiff Competition from Solana, Traders Aiming $4,000

Posted on April 11, 2024 by Dalmas Ngetich

Ethereum fell on April 10 but bounced back strongly by the day’s close. The bar ended with a long lower wick, suggesting buying pressure at the end of the day. If those gains spill over to today, prices might rise towards $3,500 and even April 8 highs. This development could spark demand, possibly forming the foundation for more gains in future sessions.

At press time, Ethereum remains stable in the past 24 hours. At the same time, it is up 8% in the previous trading week. The drop in early April 10 forced prices lower, impacting sentiment. Currently, the average trading volume on the last day is down 8% to around $15 billion.

In the next few trading sessions, traders should monitor the following Ethereum news events:

Competition is fierce in the smart contracts field. According to trackers, Solana settled more transactions than the cumulative amount processed by Tron and Ethereum, among others. This development shouldn’t be dismissed since it highlights the increasing role of scalable and low-fee alternatives.
One analyst on X is confident that Ethereum could soar to as high as $10,000 in the next cycle if prices not only soar above 2024 high of $4,100 and $4,900. The surge will represent a near 3X rally from current rates and roughly 2X from all-time highs.

Ethereum Price Analysis

[[ETH/USD]] remains within a bullish formation, looking at price action in the daily chart.

Even though the uptrend remains, bulls will be in control only if prices close above the April 8 highs. The upswing should ideally be fueled by rising trading volume.

This development will confirm buyers of April 8, affirming the presence of demand from an effort-versus-result perspective. In that case, ETH might surge to $4,000.

Conversely, if sellers press on, canceling out gains of April 8, Ethereum might slow down to $3,200.

Bitcoin Bulls Target $74,000 As

Posted on April 11, 2024 by Dalmas Ngetich

Bitcoin prices briefly fell on April 10 following the release of the United States CPI data. However, prices quickly reversed losses, increasing in the New York session. The snap back to trend is massive for sentiment as it could anchor more gains in the coming sessions, possibly lifting BTC towards $74,000.

At press time, Bitcoin is firm, adding roughly 3% in the past 24 hours. At the same time, the coin is up 8% in the previous trading week. Notably, the uptick in trading volume is a boost for buyers. In the last 24 hours, participation is up 6% to over $37 billion. However, this figure will likely increase should bulls flow back, rejecting attempts for lower lows.

The following Bitcoin news might accelerate the leg up:

The better-than-expected United States CPI data might prevent the Federal Reserve from slashing interest rates as fast as anticipated. While lower rates are ideal, rising inflation might force investors to flock back to BTC, holding the asset as a hedge.
The latest reports show that Hong Kong, the city-state, could approve the first spot for Bitcoin ETFs as early as April. The green-lighting of this product would help lift BTC’s liquidity, even driving prices higher.

Bitcoin Price Analysis

At spot rates, [[BTC/USD]] is firm.

Even though sellers reversed gains of April 8, the rejection of lower lows on April 10 is bullish.

Traders can buy the dips as long as prices stay above $64,500.

Even so, ideal entries are above April 8 highs of around $73,000.

If buyers take charge, a break above this level, buoyed by rising trading volume, might catalyze more demand. In that case, Bitcoin might rally to over $84,000.

XRP Bulls Reject Sellers: Time for Ripple Prices to Fly?

Posted on April 10, 2024 by Dalmas Ngetich

XRP has been relatively steady at spot rates over the past 24 hours. While the broader crypto market is collapsing under pressure, the resilience of XRP is bullish. The coin is changing hands above $0.61, and despite yesterday’s Doji bar, the uptrend remains. Buyers expect more gains in the days ahead, provided sellers don’t wipe gains of April 8.

At the current valuation, XRP is still perched at sixth with a market cap of over $33 billion. At the same time, it is steady in the previous trading day but up 4% in the past week. Overall, buyers have a chance if they manage to repulse bears and maintain prices above $0.60. Unlike Bitcoin, the overall trading volume in the past trading day is up 25% to over $2.4 billion.

For buyers to cement their position, traders should be watching the following XRP and Ripple news events:

Analysts are bullish following Ripple’s decision to foray into the $154 billion stablecoin market, which Tether dominates. Notably, how Ripple navigates through this scene and even becomes more popular than PayPal’s product will be key. If it becomes successful, XRP will directly benefit.
One analyst also predicts that XRP will reach $1,000 within five to ten years. He adds that the primary drivers of this run will be increasing capital inflow into crypto, especially from institutions.

XRP Price Analysis

[[XRP/USD]] is firmer than Bitcoin at spot rates.

The attempts to reject bears will only be confirmed today if bulls drive prices even higher.

Aggressive traders can buy on dips above the $0.57 to $0.60 support zone.

Conservative traders can wait for prices to crack above $0.66, with high volumes, before loading the dips.

If sellers take over, the reaction at $0.57 will determine how fast the drop to $0.50 will be.

Ethereum Dips, Hopes Of Spot ETH ETF Dims: Will Prices Rise Above $3,700

Posted on April 10, 2024 by Dalmas Ngetich

Ethereum is trading lower, as visible in the daily chart. However, a positive development is that sellers didn’t wipe out gains of April 8. Therefore, though prices are under pressure, the bullish breakout above $3,700 is valid from a volume analysis perspective. This outlook remains as long as prices don’t drop some more today.

So far, Ethereum is down 3% in the past 24 hours but up 6% in the previous trading week. Falling prices have affected sentiment, as can be seen from the average trading volume in the past trading day. Data shows participation is down from the average, shaving 16% to around $15 billion.

The following fundamental events might spur activities and help soak in selling pressure, if bears press on, in the sessions ahead:

The layer-1 scene is about to get even more competitive. Paradigm, a crypto venture capital firm, is leading a funding round for Monad Labs. The developer entity is building a new blockchain to take on Solana and Ethereum. Monad Labs plans to build a better version of Ethereum from the ground up while retaining compatibility with the first smart contracts platform.
VanEck and CoinShares, who are issuers of spot Bitcoin ETFs, think the United States SEC will not approve a similar product for Ethereum. The regulator has yet to give clarity on whether ETH is a security or not. Bitcoin is considered a commodity, similar to gold, in the eyes of the United States SEC and CFTC.

Ethereum Price Analysis

The broader crypto market is under pressure, and [[ETH/USD]] wasn’t spared.

Nonetheless, traders are confident of the coin’s prospects.

So far, Ethereum remains in a bullish formation as long as bears don’t reverse the gains of April 8 today.

If the dump is within the rising volume, forcing prices below $3,400, ETH might slip even lower in the days ahead.

For the uptrend to be valid, buyers must soak in selling pressure and push the coin above $3,700 and April 1 high.

Bitcoin Crash Ahead Of Crucial Inflation Data: Will Buyers Survive?

Posted on April 10, 2024 by Dalmas Ngetich

Bitcoin is down at spot levels but remains within a bullish formation. Of note, after yesterday’s slip, gains of April 8 have been reversed. Though it is a dent for buyers, they are optimistic. However, how today pans out will determine whether prices will snap back and align with Monday’s gains or bears will press lower toward $65,000.

When writing, Bitcoin is down 3% in the past 24 hours. At the same time, prices over the past trading week are up 4%. Yesterday’s dip didn’t dash sentiment. Looking at participation in the previous trading day, it appears that participants exited since trading volume is down 7% to slightly over $33 billion. Dropping prices meant the total market cap is down 3% to over $1.3 trillion.

Whether buyers will reverse gains remains to be seen. However, the following Bitcoin news might influence price action in the days ahead:

One analyst on X is urging users to double down on buying every dip before halving. He believes that not only will prices rally, but the surge will price out most retailers in the coming months. Halving, observers note, might create a supply crisis due to increased scarcity.
Today, eyes will be on the United States CPI. This reading will be key as it could influence whether the Federal Reserve will slash rates as originally projected or slow down.

Bitcoin Price Analysis

[[BTC/USD]] is in an uptrend, even with losses of April 9.

From the current setup, long-term traders might buy the dip since prices are within a broader bull flag and wedge.

Meanwhile, swing traders will be looking at how events evolve today.

If prices drop below the lower trend line, marking the base of the wedge, BTC could slip to $65,000 and later $60,000.

Conversely, any breakout completely reversing losses of April 9 above $74,000 might accelerate the uptrend towards $80,000 and $100,000.

Forex Signals Brief April 10: RBNZ is Done, US CPI and BOC Coming Up

Posted on April 10, 2024April 10, 2024 by Skerdian Meta

The USD is wrapping up the day as one of the weakest major currencies, second only to the EUR. However, despite this, the dollar has rebounded significantly from its earlier lows as selling pressure in US markets eased and buyers stepped in to take advantage of the dip. Lower interest rates have supported price activity in both Europe and the early US session. Continue reading “Forex Signals Brief April 10: RBNZ is Done, US CPI and BOC Coming Up” →

Forex Signals Brief April 9: Another Quiet Day Before the RBNZ and BOC

Posted on April 9, 2024April 9, 2024 by Skerdian Meta

Despite a weak economic calendar, the NY Fed’s inflation predictions saw some changes, with three-year expectations increasing while one-year expectations remained constant. The announcement had minimal influence on the foreign exchange (FX) market, but US rates remained elevated throughout the day.

Continue reading “Forex Signals Brief April 9: Another Quiet Day Before the RBNZ and BOC” →

XRP Revival: Is Ripple Preparing For An Explosion Above $1?

Posted on April 9, 2024 by Dalmas Ngetich

XRP bulls are rampant, looking at events in the past 24 hours. The expansion of Bitcoin and Ethereum has benefited other top altcoins, including XRP. When writing, the coin has reclaimed its sixth position, flipping USDC. At the same time, there has been confirmation of recent gains, which is massive for buyers and sentiment.

Overall, the tide is changing, favoring bulls. After a few turbulent trading sessions, the coin is steady in the past trading day and week. XRP is changing hands at $0.611 and trading volume is up 87% in the last trading day to over $2 billion. A confluence of rising crypto prices and favorable fundamentals might spark more demand in the days ahead, extending gains.

The pace at which XRP extends gains in the days ahead depends on the news front. Traders should closely monitor the following:

Brad Garlinghouse, the CEO of Ripple, thinks the crypto space will be worth over $5 trillion by the end of the year. At that valuation, it means prices of leading altcoins will likely double, driven by adoption and FOMO. The coin might reap big dividends as a result.
A whale recently moved a large batch of XRP, which is helping drive volume. The community is watching how the ongoing Ripple versus the United States SEC court case evolves. A favorable winning might lift prices above $1.

XRP Price Analysis

[[XRP/USD]] prices are shifting higher, which is a massive move for optimistic buyers.

Even though XRP is still within a range, with resistance at $0.66, buying pressure is building up.

Any break above $0.66 offers entries for traders to ride to $0.74 or higher in the short term. This formation will confirm buyers of April 4.

Conversely, losses below $0.57 support will heap more pressure on the coin. A drop below this line will invalidate the bullish outlook.

Ethereum On Fire: Scarce ETH Ready For $4,000?

Posted on April 9, 2024 by Dalmas Ngetich

Ethereum is following Bitcoin, looking at price action. After concerns over the past few days, ETH prices are tracking higher. When writing, not only are prices approaching $3,700, but bulls are rampant and firmly in control. As it is, traders can search for entries to ride the trend, especially if attempts for lower prices are soaked in.

At press time, buyers are in control. ETH is up 6% on the last trading day and 8% on the previous week. As interest rises, the average trading volume is also expanding, adding 110% to over $20.8 billion. Based on the current setup, buyers are in a solid position if prices are inside or above yesterday’s range.

Ethereum buyers are upbeat, but the following news might further drive demand:

In the past 24 hours, on-chain data shows more whales moving ETH from exchanges. The more coins are shifted, the more bullish prices are. These whales likely plan to engage in decentralized finance (DeFi) and other activities only possible on platforms like Ethereum.
EigenLayer is on fire. Data reveals that roughly 3% of ETH’s total supply has been locked in this re-staking protocol, surpassing $12 billion. The more coins locked, the scarcer it becomes—a net positive for prices.

Ethereum Price Analysis

Bulls are squarely in charge following the welcomed expansion on April 8.

While $4,000 is a key price level buyers must conquer, the rise of [[ETH/USD]] above $3,700 is critical.

If prices stay above this level, risk-off traders can double down on dips, targeting March 2024 highs of $4,090 in the sessions ahead.

This preview will only change if prices slip below $3,400.

In that case, prices will drop back to a range and turn bearish, with further losses toward $3,200 possible.

Bitcoin May Shatter March 2025 Highs: $100,000 Incoming?

Posted on April 9, 2024 by Dalmas Ngetich

Bitcoin is in green following solid gains on April 8. At the time of writing, the coin is trading above important liquidation levels recorded in the second half of March. Overall, traders are upbeat, expecting buyers to confirm yesterday’s gains. If that’s the case, the coin will likely record all-time highs, above the $74,000 level.

Currently, Bitcoin is stable in the past day of trading, adding 2%. However, the coin is up 6% in the last week of trading. Notably, the total market cap is above $1.3 trillion, looking at coin trackers. At the same time, there is an uptick in trading volume by over 89% to over $39 billion. This formation points to interest, a massive boost for liquidity.

In the coming sessions, traders can look at the following Bitcoin news events:

On-chain data from Glassnode shows that roughly 1.8 million BTC, or 9.5% of the total supply, was purchased at over $60,000. At spot levels, it means all these holders are in the green, and gains might rise should prices continue expanding.
Institutions continue to stack BTC on behalf of their clients. According to data, Fidelity and BlackRock, two of the world’s largest spot Bitcoin ETF issuers, currently control over 400,000 BTC. The more they stack, the higher the upside momentum becomes.

Bitcoin Price Analysis

The path of least resistance is north, as seen in the price action in the daily chart.

With [[BTC/USD]] prices approaching all-time highs and within a bullish breakout formation, buyers have the upper hand.

As it is, traders can look for entries on dips, buying and targeting $74,000.

This preview will be valid if prices trend above the psychological $70,000 level and the $71,600 price.

If the gains of April 8 are reversed, the trend might shift lower.

Conversely, any uptick confirming April 8 gains might see BTC float above $74,000 to fresh all-time highs.