Ethereum Finds Sell Wall At $4,090: What’s Going To Happen?

Posted on March 13, 2024 by Dalmas Ngetich

Ethereum is floating higher, following Bitcoin at press time. ETH is trading above $4,000, and bulls are firmly in control. Even though there were elements of weakness on March 11, the rebound in the Asian session has been spectacular.

To quantify, ETH is steady when writing, adding roughly 1%. However, it is up 7% in the past week, signaling strong upward momentum. As prices expand, its market cap is up 1% to over $486 billion. At the same time, the average trading volume has increased to more than $26 billion, adding 10% in the past trading day.

Technically, bulls are optimistic. The development in the fundamental front might affirm their upbeat forecasts. They include:

Dencun Upgrade plans: Ethereum will hard fork in the coming sessions, integrating proposals laid out by Dencun. Some include scaling enhancements via “Blobs”, making layer-2 transactions even cheaper. This hard fork might be a catalyst, lifting prices toward $4,500 in the coming sessions.
Vitalik Buterin has proposed a strategy to make Ethereum resistant to Quantum attacks. The proposal is primarily preemptive, designed to safeguard user funds over the long haul. Quantum computers can break code behind most cryptographic programs protecting public ledgers.

Ethereum Price Analysis

[[ETH/USD]] prices are firm at press time.

With the uptrend defined, buyers can look for entries on dips, trading above, ideally, $3,800 and $4,000 zone. This region marks immediate support and March 11 lows.

Though prices edged higher during the Asian session, the failure of bulls to follow through in the European session is a concern.

Risk-on traders can wait for a high volume close above the key resistance level of $4,090 before loading the dips, targeting $4,500. The level marks March 10 and 11 highs, where prices have been rejected the most.

However, losses below the key support level of $3,800 would invalidate this bullish outlook, potentially shifting the market sentiment in favor of sellers.

Bitcoin Erupts, Easily Breezes Past $73,000 As Bulls Flow Back

Posted on March 13, 2024 by Dalmas Ngetich

Bitcoin is trading at near new all-time highs, looking at events in the daily chart. It is up 3% on the past trading day and up 10% in the previous week. Technically, the uptrend remains and every low can be an opportunity to add for buyers angling for fresh all-time highs.

At press time, Bitcoin is changing hands above $73,400 and commands a market cap of $1.4 trillion. In the past 24 hours, its market cap is up roughly 2%. On the other hand, the average trading volume in the past 24 hours is up 14% to over $63 billion. As prices continue rallying, activity will expand, driving market cap, trading volume, and dominance even higher.

So far, the Bitcoin trading community is looking at multiple news developments, including:

CryptoQuant founder thinks that there will be a “sell-side liquidity crisis” in the next six months. With Bitcoin halving incoming and more users taking coins off exchanges, exchanges might run out of coins to sell. Currently, spot Bitcoin ETF issuers are buying en-masse, stacking on behalf of their clients.
In a research, Kaiko shows that the current Bitcoin rally is minting out 1,500 new millionaires every day. However, considering the pseudonymous nature of crypto and Bitcoin, it is hard to crack the identity of these individuals.

Bitcoin Price Analysis

At spot rates, [[BTC/USD]] bulls are in the driving seat, looking at developments in the daily chart.

Though there was a sharp liquidation of longs on March 12, the recovery throughout the Asian session has been impressive.

Bulls broke higher on March 13, pushing prices above $72,800.

Since buyers are optimistic and the market expects more gains, lows above $72,800 may offer entries.

This outlook is backed by the strong buyers when the market opened during the Asian session.

Immediate projections place BTC at over $75,000 by end week and close to $100,000 by end of March.

Forex Signals Brief March 13: UK January GDP Highlights the Day

Posted on March 13, 2024March 13, 2024 by Skerdian Meta

Yesterday started with the employment report from the UK, which came in softer than expected overall. The Claimant Count Change showed that the number of jobs increased more than expected, but the Unemployment Rate ticked higher to 3.9% while the Average Earnings Index 3m/y fell to 5.6% from 5.8% previously. That kept the GBP bearish for most of the day. Continue reading “Forex Signals Brief March 13: UK January GDP Highlights the Day” →

XRP Trading Volume Spikes By 255%: $1 Incoming?

Posted on March 12, 2024 by Dalmas Ngetich

XRP is one of the top performers, judging by its performance on the daily chart. Even though the uptrend has been slow and the coin is underperforming relative to other assets, the surge on March 11 may likely shape price action in the short to medium term.

When writing, XRP is up 14% on the last day and changing hands at $0.69, above the previous resistance, now support at $0.66. At the same time, the coin is up 7% in the last week, pushing the market cap to over $37 billion. Notably, the XRP’s market cap is up 10% while trading volume is up 255%, signaling interest from the market.

The coin’s sharp price action was influenced by multiple factors, including:

Impact of whales: Before the spike that temporarily took XRP to as high as $0.74; trackers noted a bulk transfer from Binance. The whale, on-chain footprints reveal, moved 300 million XRP worth $187 million to an unknown wallet. A transfer from a centralized exchange is often interpreted as bullish.
The CEO of Ripple, Brad Garlinghouse, also revealed that they have been working with regulators and regulated financial institutions. Amid this, he adds, people have noted XRP and its value proposition versus Bitcoin.

XRP Price Analysis

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

Since the March 11 bullish bar has a relatively high trading volume, traders can search for entries on dips.

The immediate support lies at March 5 high of $0.66. Any breach below this level may weaken the upside momentum.

On the flip side, a significant burst above $0.74, backed by equally high trading volume, could fuel the march towards July 2023 highs of $0.93, even $1.

Forex Signals Brief March 11: UK GDP and US Inflation CPI

Posted on March 12, 2024March 11, 2024 by Skerdian Meta

Yesterday started with the final reading for the Japan Q4 GDP, which as revised higher from -0.1% to 0.1%, which showed that the Japanese economy is not in a recession. This increased the odds of the Bank of Japan tweaking the monetary policy and raising interest rates, keeping the JPY bullish through the day. Continue reading “Forex Signals Brief March 11: UK GDP and US Inflation CPI” →

Ethereum Broke $4,000: Dencun A Catalyst To All-Time Highs?

Posted on March 12, 2024March 12, 2024 by Dalmas Ngetich

Ethereum broke above $4,000 on March 11 before cooling off to spot rates. Overall, buyers are still in a commanding position. Therefore, while [[ETHUSD]] prices are slightly lower in the last trading day, the odds of the coin rallying and shaking off weakness remain elevated.

ETH is up roughly 7% in the previous trading week. Because of the price contraction, the market cap is also lower by 0.61% when writing to $477 billion. However, what’s notable is the slump in trading volume. Even though it is relatively higher, rising to $24 billion, it is below the typical range, increasing by 8% on the last day.

Buyers are optimistic about what lies ahead. The following events will likely influence ETH price action in the short term:

Dencun is coming: Ethereum developers are looking to implement the proposal laid out in Dencun to scale and improve performance. With this hard fork, the network will process layer-2 transactions cheaply. Accordingly, more people will likely opt for layer-2 platforms to transact while benefiting from the security of the Ethereum mainnet.
A prominent ETF analyst has reduced the chance of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum ETF to 35%. Meanwhile, the commission remains silent on the product, which is a concern.

Ethereum Price Analysis

ETH buyers are in the driving seat, looking at the formation in the daily chart.

With immediate resistance capped at around $4,090, buyers must break above this level for the trend to continue. On the lower end, support lies at around $3,950.

With bars along the upper BB and the middle BB ascending, every low might offer entries for bulls targeting $4,500.

On the other hand, a complete reversal of the March 11 bar, forcing ETH below $3,700, will mark $4,090 as the local peak.

Bitcoin Flying, BTC Bulls Target $100,000 on Surging Institutions Demand

Posted on March 12, 2024 by Dalmas Ngetich

Bitcoin is trending at around all-time highs, looking at the formation in the daily chart. After erupting to as high as $72,800 on March 11, prices remain steady. The coin is stable on the last trading day, adding 8% in the past week of trading. Even though the trading community expects more gains, price action seems muted when writing, moving horizontally in lower time frames.

Overall, Bitcoin’s metrics are decent. The coin remains dominant, as the market cap rises to $1.4 trillion, adding roughly 0.50% in the last trading day. At the same time, the average daily trading volume is up 23% to $57 billion, a net positive.

From the news front, the crypto and Bitcoin trading community are buoyant, and there are possibly more liquidity channels opening up.

United Kingdom’s regulator says yes to Bitcoin and Ethereum ETNs: In a statement, the UK’s Financial Conduct Authority (FCA) removed all objections to crypto-based ETNs. Accordingly, it will be possible to list the exchange-traded notes (ETNs) and list them on the London Stock Exchange (LSE). This move has been widely received. Bitcoin and Ethereum supporters say more capital, mainly from institutions, will flow to these assets.
As Bitcoin soars, institutional demand for spot Bitcoin ETFs continues to soar. According to data, BlackRock’s IBIT broke records when it soared to $10 billion in AUM, the fastest of any ETF in history. As Bitcoin prices continue roaring, more capital will likely be funneled to the product.

Bitcoin Price Analysis

[[BTC/USD]] is trending higher, and bulls are in control.

From the daily chart, bars are banding along the upper BB. This development signals massive demand for the coin, buoying optimistic bulls.

Based on the candlestick arrangement, buyers can look to load on dips above $70,000, targeting all-time highs of $72,800.

A breakout above $73,000 may quickly propel BTC towards $100,000.

Forex Signals Brief March 11: UK GDP and US Inflation CPI

Posted on March 11, 2024March 11, 2024 by Skerdian Meta

Last week started with the Swiss inflation CPI report for February on Monday, which was stronger than expected, keeping USD/CHF bearish throughout the week. On Tuesday the US ISM services came below expectations, which was the first soft piece of data from the US, with more to come later in the week. Continue reading “Forex Signals Brief March 11: UK GDP and US Inflation CPI” →

XRP Building Momentum, Bulls Target $0.66

Posted on March 11, 2024 by Dalmas Ngetich

XRP is flat at sixth and stable in the past week and day. Technically, the uptrend remains, and the coin might benefit from the overall crypto expansion.

Currently, it is trading at $0.62, with a market cap of $34 billion. The 30% increase in trading volume over the last day indicates growing interest. However, the inability of prices to break free from the current resistance levels at $0.66 and $0.72 should be a point of caution. XRP prices, as of now, remain volatile and are moving sideways in the daily chart.

XRP is still one of the most liquid coins, considering its high market cap. Prices will be driven by internal, crypto, and market-wide events. For now, the following have been making headlines:

Although volatile, Ripple CTO Joel Katz thinks XRP is not a “lottery ticket.” He admits that the coin might appreciate over the years, benefiting holders. The coin might rally in the short to medium term due to shifting sentiment and the ballooning valuation of Bitcoin and Ethereum. The introduction of the XRPL AMM for holders to earn passive income via liquidity provision might also help stir demand.
Ripple–the blockchain company–plans to acquire Standard Custody & Trust Co. Acquiring the regulated company in New York will allow it to expand its operations while remaining compliant with existing laws.

XRP Price Analysis

[[XRP/USD]] prices are consolidating in the daily chart.

Prices are bound by the bear bar of March 5. From this, the coin has resistance at $0.66 and $0.53, respectively. This formation favors sellers.

In the 1-hour chart, XRP has local resistance at around $0.623. With rising volume and wide-ranging bars, prices are likely to break higher towards $0.668. If this happens, the coin might rally to $0.72 and eventually to $0.85.

Conversely, losses below $0.60 might lead to more losses toward the March 5 lows.

Ethereum Bulls Likely To Breeze Past $4,000 Ahead Of Dencun

Posted on March 11, 2024 by Dalmas Ngetich

Ethereum is firm. When writing, the coin continues to edge higher, rejecting attempts for lower lows. Even so, breaking $4,000 is proving to be hard. Over the weekend, prices were mostly in a tight trading range below the elusive psychological level, evident in the daily chart.

ETH is steady on the last trading day, and up 13% on the previous week. Despite the rejection of $4,000, momentum is building up in lower time frames. The average trading volume in the past day is around $18.5 billion, up 42%. With rising trading volume, ETH controls 17.8% of all the crypto market valuation. So far, the coin has a market cap of $471 billion, down roughly 0.55% in the last trading day.

As traders aim for $4,000, the following will likely shape Ethereum in the medium term:

Rising gas fees: Ethereum is a legacy chain struggling with scalability. Ahead of Dencun, gas fees have been increasing. Rising gas fees will impact user experience and route activity to other chains or layer-2 platforms like Arbitrum or Optimism.
Adoption of spot Ethereum exchange-traded funds (ETFs): Beyond the United States, there are plans for similar products launching in Hong Kong. Local media reports reveal that ten financial institutions plan to launch spot Bitcoin and Ethereum ETFs in the city-state.

Ethereum Price Analysis

[[ETH/USD]] bulls are in control.

$4,000 remains a strong resistance and psychological level. If broken, buyers can quickly retest all-time high of around $5,000.

Bars are banding along the upper BB, pointing to solid upside momentum.

In the 1 HR chart, traders can watch how prices react at around $3,970. There are higher highs printing with rising volume. Any expansion above last week’s high might see more capital flowing in.

Conversely, losses below $3,800 might trigger a sell-off toward $3,700 and $3,500.