Ethereum Bulls Targeting $4,000, Will They Succeed?

Posted on March 7, 2024 by Dalmas Ngetich

Ethereum is on an uptrend, looking at the candlestick arrangement in the daily chart. ETH is at around 2024 highs, charting closer to the elusive $4,000. Even at spot rates, the coin is at multi-month highs, levels last seen in the 2021. Buyers are determined, rejecting every attempt for lower lows—especially if yesterday’s price action guides.

At present, Ethereum is outperforming Bitcoin, adding 8% in the past week. It is also more volatile than Bitcoin in the past 24 hours. This preview is despite ETH/USD prices trading within a tight narrow range.

Ethereum remains to be the second most valuable currency when writing. There are no formidable challenges, at least in valuation. At current prices, it maintains a market share of 18.2%. The average daily trading volume in the last 24 hours stands at over $30.7 billion; highlighting its liquidity depth and interest across the board.

With buyers buoyant, and expecting more gains, the following events might shape ETH’s trajectory:

Liquidation risks: So far, the uptrend is clear, and it appears that traders are doubling down in droves. However, the spike in the ETH futures premium, which measures the divergence between prices in perpetual and spot exchanges, recently rose to around 23% on March 6. This makes ETH price more susceptible to flash crashes, and thus, liquidation.
On-chain enhancements: Dencun is on focus, and will be the foundation of addressing scaling in the long term. This fundamental event is crucial for ETH, and could be triggering demand for the coin. After this update, FOMO will likely subside, perhaps forcing the coin lower.

Ethereum Price Analysis

The path of least resistance is upward, looking at price action in the daily chart.

For HODLers and swing traders, the local resistance is at around $3,900. If broken, [[ETH/USD]] will likely float to $4,000 and later $4,500.

In the short term, traders are closely monitoring reactions at $3,900 and $3,700. If the support at $3,700 is broken, the odds of ETH flash crashing to $3,200 will be elevated.

XRP Price Rejected At $0.66, End Of Bull Run?

Posted on March 7, 2024 by Dalmas Ngetich

XRP remains one of the top altcoins. Even so, it remains to be seen whether it will reclaim its past glory. Currently, the coin is trading at around $0.62, and relatively stable in the past 24 hours. Equally, gains in the previous week remains low, especially when compared to meme coins like Dogecoin and Shiba Inu. DOGE and SHIB are up double and triple-digits in the last week of trading.

Regulatory hurdles present a major hurdle for XRP. If this is resolved, it is highly likely that the coin will see more inflows, pushing prices from current levels, perhaps to above the main resistance at $0.85 and, later, to $1.

*XRP price chart for March 7 | Source: XRPUSDT on Binance, TradingView*

XRP boasts of a market cap of $34 billion. However, less than 10% of this was traded in the last trading day. This could mean that though the uptrend is clear, traders may be considering alternatives. As it is, more DOGE and SHIB are traded in the same period.

Traders can watch the following XRP and Ripple events in the coming sessions:

XRP transfers: Recently, Ripple, the blockchain company, moved 800 million XRP to an escrow account in three batches. With this, the coin slightly rose as the community interpreted the transfer as a net positive for price. The more coins are taken off from circulation, and assuming constant or higher demand, the scarcer it becomes. Accordingly, this might lift prices.
Regulations: Besides the protracted lawsuit pitting Ripple and the United States Securities and Exchange Commission (SEC), it appears there will be more setbacks for the company. Recently, Californian regulators filed a lawsuit. They are claiming Ripple sold XRP without registering.

XRP Price Analysis

[[XRP/USD]] prices are in an uptrend, but moving horizontal.

With bulls in charge but prices inside a bear bar, buyers must flow back and overcome this supply risk.

From the 1 HR chart, the coin has resistance at $0.63. Resurgence in buying pressure may lift the token to March 5 highs of around $0.66.

Conversely, a dip below $0.61 and $0.59 support zone will open up the coin to more losses toward $0.56.

Ethereum Outpaces Bitcoin, Trails Shiba Inu: $4,000 Incoming?

Posted on March 6, 2024 by Dalmas Ngetich

Ethereum looks unstoppable at spot rates. Looking at the performance in the daily and weekly charts, the surge is almost perpendicular. From coin trackers, Ethereum is up nearly 10% when writing on the past trading day. At this rate, ETH has extended gains, adding 17% in the previous week, outperforming Bitcoin.

Besides the sharp gains posted by Shiba Inu (SHIB), ETH is the second top performer in the top 10. Nonetheless spike is a feat for Ethereum considering its relatively high liquidity of over $463 million versus $20 billion of Shiba Inu. Therefore, pound-to-pound, ETH has recorded impressive gains that highlight the surging demand in the network.

At this pace, [[ETH/USD]] bulls expect to break above $4,000, before surging to around $5,000—its all-time high. Analysts are closely monitoring how Bitcoin reacts at spot rates. A break above $70,000 would ignite more demand ETH as historical performance shows. The odds of ETH rallying above $5,000 will be elevated after this.

Possible Ethereum bull triggers in the short and medium term include the following:

The pace at which spot Bitcoin exchange-traded funds (ETFs) receive capital: BlackRock, Fidelity, and other Wall Street heavyweights are accumulating. This is bullish for Bitcoin but is also trickling down to ETH. The United States Securities and Exchange Commission (SEC) will decide on the fate of a similar product for ETH in May. ETH supporters remain upbeat.
DeFi and Layer-2 total value locked (TVL): Interest in decentralized finance (DeFi) and deployment on layer-2 protocols like Arbitrum is soaring. DeFi protocols prefer launching on low-fee and highly scalable networks while also benefiting from Ethereum security. Arbitrum, Base, Optimism, and others provide the perfect platform. So far, DeFi and layer-2 TVLs are up above $95 billion and $36 billion, respectively. The number will likely expand in the coming days, possibly driving ETH even higher.

Ethereum Price Analysis

ETH bulls are in the driving seat.

In the weekly and daily charts, bull bars are banding along the upper BB. This development points to strong upside momentum.

Accordingly, buy entries may be considered.

Traders can look for buys on dips above $3,600 from the daily chart.

From the 1hr chart, any high-volume breakout above $3,900 will likely accelerate the leg up to $4,000.

Forex Signals Brief March 6: BOC and JOLTS Jobs Ahead of Powell

Posted on March 6, 2024March 6, 2024 by Skerdian Meta

Yesterday the bond market signaled challenges for traders as Treasury rates began to decline. This trend was followed by stock markets and yen crosses which plunged lower, while Gold kept surging higher, although the foreign exchange (FX) market’s price action was relatively subdued. Continue reading “Forex Signals Brief March 6: BOC and JOLTS Jobs Ahead of Powell” →

Buying BTC, As Bitcoin Price Dives Below $60,000 After ATH

Posted on March 5, 2024March 5, 2024 by Skerdian Meta

The BTC continued the surge today, with the Bitcoin price touching a new record high, before tumbling lower below $60,000. However, the decline stopped there and now BTC/USD is reversing back up. We decided to open a long term Bitcoin signal, which is looking good at the moment, as the price climbs back up. Continue reading “Buying BTC, As Bitcoin Price Dives Below $60,000 After ATH” →

Binance pauses all naira transactions from March 8

Posted on March 5, 2024March 5, 2024 by Olumide Adesina

Binance, the world’s largest crypto exchange by trading volume announced that it will cease all transactions and trading in Nigerian local currency from March 8, amid a nationwide crackdown on cryptocurrency exchanges that authorities have accused of fueling the unofficial market for foreign exchange.

After this Friday, it will no longer allow withdrawals, and any balances in Nigerian Naira will be automatically converted to Tether, a stablecoin with a value based on the US dollar. The cryptocurrency exchange will stop accepting deposits after 14:00 UTC today, however, it will automatically convert Naira holdings to USDT starting on March 8 at 8:00 a.m. UTC. The support for withdrawals will end on March 8 at 6:00 a.m. UTC.

An announcement states that the exchange rate for automatic conversions will be 1 USDT for N1,515.13 On March 7 at 3:00 a.m. UTC, all spot trading pairs against the naira will be removed from the market. For these pairings, open-spot orders will be terminated automatically.

At different times and dates, Binance Convert, Binance P2P, the exchange’s Auto Invest function, and Binance Pay will likewise stop supporting the naira. As part of the crackdown, two senior officials of the crypto exchange were detained by Nigerian federal authorities last week on unspecified allegations. Peer-to-peer trading on Binance, a popular cryptocurrency exchange with over 170 million users globally, has been at loggerheads with the country’s regulatory environment

The network, sometimes referred to as the P2P market, enables users, buyers, and sellers to deal without the involvement of a middleman. Following the administration of former President Buhari’s ban on the nation’s thriving cryptocurrency business, it became more and more popular among Nigerians in 2021. After the naira quickly declined in value, leading to inflation that surged to an almost three-decade high of 29.9%, the FG turned its focus to websites that provided services related to cryptocurrencies. These websites are now a practical means of conducting business and determining the naira’s informal worth.

Concerns regarding the $26 billion that came through Binance Nigeria from “unidentified sources” the previous year were expressed by the Central Bank of Nigeria.

According to CBN Chief Olayemi Cardoso, “In the case of Binance, $26 billion has passed through Binance Nigeria in the last year alone from sources and users who we cannot adequately identify.”. To combat such illicit financial operations, the chairman of CBN also recommended that the Securities and Exchange Commission (SEC), the Police, the Office of the National Security Adviser (NSA), and the Economic and Financial Crimes Commission (EFCC) collaborate.

To stop what it views as ongoing manipulation of the foreign exchange market and unlawful money transfers, the Federal government recently disabled the websites of Binance and other crypto-based companies.

XRP In Focus: Prices Choppy—Will Bears Take Over?

Posted on March 5, 2024 by Dalmas Ngetich

XRP prices are choppy but bulls have a chance. From the daily chart, prices swung lower in the Asian and remains under pressure in the European session. There have been no notable price gains, filtering through price action in lower time frames.

As it is, the sixth most valuable coin is steady in the last 24 hours but up 14% in the past week of trading. The flat price action hasn’t affected its position in the market cap ranking, as coin trackers show. At sixth, XRP is trailing Solana and BNB but is ahead of Cardano and Dogecoin.

At current valuation, XRP also trails Shiba Inu and Dogecoin, two leading meme coins that are up 272% and 85%, respectively in the last week of trading.

While confidence reigns, it is not immediately clear where the coin is headed. The ongoing case pitting Ripple and the United States Securities and Exchange Commission (SEC) is a huge hurdle for bulls. In recent developments, the presiding judge gave SEC lawyers more time to prepare their remedy-related briefs. It is also likely that Ripple lawyers will take more time to prepare. As such delays are expected as the court case grinds on.

Overall, the case seeks to clarify whether or not XRP is an unregistered security as the agency claims. In a July 2023 ruling, a judge ruled that programmatic sales of XRP were not securities. However, when sold directly to institutions, then the coin qualified to be a security.

XRP Price Analysis

The medium to long term trend is bullish. The coin has resistance at around $0.66. If broken, XRP will likely continue grinding higher, targeting $0.72. This preview is possible considering that bars are aligning along the upper BB, clear in the daily chart, a net bullish for optimistic traders.

In the short-term, [[XRP/USD]] traders are watching the $0.622 to $0.634 support. On the upper end, resistance is at $0.647. A break in either direction will shape the short-term day trend. If buyers take over, XRP could reach $0.66. Conversely, losses below $0.622 may force the coin to $0.60.

Ethereum Grinds Higher, ETH Adds 14% But Finds Resistance At $3,750

Posted on March 5, 2024 by Dalmas Ngetich

Ethereum continues to accelerate, looking at events in the daily chart. With buyers determined, the coin can easily retest $4,000 in the coming trading sessions. So far, the uptrend is defined, and bulls will continue ramping up momentum

At spot rates, ETH is already outperforming Bitcoin, looking at price action in the past 24 hours. A notable formation is that buyers drove prices strongly, decisively breaking above the February 29 high. The marked expansion in trading volume pointed to determination and resolve. As such, the odds of this trend continuing remains elevated.

Coin trackers show that [[ETH/USD]] is up 14% in the last week of trading, adding approximately 5% in the last day. However, while attention is on ETH, it is trailing Dogecoin and Shiba Inu in the top 10. The two meme coins are up 95% and 282%, respectively, when writing on March 5.

In the next few trading sessions, ETH prices will likely be impacted by several developments:

Spot Ethereum exchange-traded fund (ETF) ruling postponement: The United States Securities and Exchange Commission (SEC) has postponed their ruling on several spot Ethereum ETF applications. The filings, submitted by Fidelity and BlackRock—two of the world’s largest asset managers, initially triggered a wave of FOMO to Ethereum. In their statement, the SEC also requested more comments from the public. The agency seemed concerned about the proof-of-stake consensus algorithm, citing chances of manipulation.

The state of decentralized finance (DeFi) and rising total value locked (TVL): For the better part of 2022, TVL slumped to as low as $38 billion but sharply recovered throughout late 2023 and early 2024. This metric is an indicator of interest. If TVL continues to rise, it is highly likely that ETH prices will expand higher.

Ethereum Price Analysis

Ethereum is in an uptrend, looking at the formation in the daily chart.

Adding 5% in the last day, buyers can search for entries in the short term since the coin is in a bullish breakout formation.

The support lies at around $3,500. Accordingly, every potential dip above this level might offer entries for buyers targeting $4,000—a round number.

In the short term, a decisive break above $3,750—at the back of high trading volume—might see ETH soar to $3,800.

Conversely, losses below $3,650 might see ETH drop to $3,600.

Forex Signals Brief March 5: Will ISM Services Raise FED Cut Odds?

Posted on March 5, 2024March 5, 2024 by Skerdian Meta

The week started slow in forex, with the CHF making the biggest move, which fell around 50-60 pips across the board after the CPI inflation report, which in fact came in stronger than expected. The GBP emerged as the strongest currency on the other hand, followed closely by the Euro. The USD ended the day with small gains due to a lack of economic releases. Continue reading “Forex Signals Brief March 5: Will ISM Services Raise FED Cut Odds?” →

Bitcoin Finds Wall At $68,700: Will Bulls Break Higher?

Posted on March 5, 2024 by Dalmas Ngetich

The Bitcoin uptrend remains, looking at events in the daily chart. Bitcoin is trading above the $66,800 levels with a clear bias to the upsides. As it is, the coin is up roughly 3% in the last 24 hours, extending gains by 15% in the previous week of trading.

With the trend remaining and traders looking to add to their longs, it appears that the immediate targets will be at $70,000. So far, more capital is flowing to Bitcoin and crypto, signaling investor and trader interest.

Looking at coin trackers, the overall crypto market cap is up roughly 3% for the day, pushing valuation to over $2.5 trillion. Even so, this is a contraction from yesterday when market cap added 4% over 24 hours. At this level, Bitcoin is the dominant coin, controlling 52.5% of the total market share, a slight drop from 52.7% of March 4.

Traders are nonetheless concerned, and are upbeat. Still, there are fundamental factors to consider in the short term.

Some of them include:

Altcoin boom: At spot levels, [[BTC/USD]] might not post 10X in the next couple of weeks or months. These opportunities are presented by altcoins, especially meme coins as seen with the boom in PEPE, FLOKI, and BONK. Accordingly, though institutions will continue doubling down on BTC, retailers will look to ride the meme coin wave as seen with the sharp expansion in meme coin industry’s valuation.

Regulations: Focus is on the United States where the Securities and Exchange Commission (SEC) scored a win against a former Coinbase employee. A judge ruled that altcoins traded in secondary exchanges are unregistered securities. This is a blow for unconfirmed altcoins but a win for Bitcoin. SEC officials have so far endorsed BTC as a commodity while not clarifying the status of other altcoins.

Bitcoin Price Analysis

The tables are tilted, favoring Bitcoin.

However, after the extended rally, bulls found a wall earlier today.

It is yet to be seen whether buyers will find strength to overcome this dump. Presently, the long lower wick suggest upside momentum. But, the break above $68,700 will confirm the presence of buyers, offering potential entries for traders targeting $70,000 and new highs.

Immediate support lies at around $64,000. A high volume dump below this level might invalidate the bullish preview, setting BTC to a retest of $53,000.