Ethereum

Price analysis 12/6: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, TON

Bitcoin is witnessing profit-booking by short-term holders, but institutional investors continue to put money into BTC investment products.

Bitcoin (BTC) has been on a tear, rising more than 10% this week. This shows that traders are urgently scrambling to buy Bitcoin as they anticipate the price to rally further. CoinShares data shows that investors have pumped in more than $1.44 billion into Bitcoin investment products in the past ten weeks.

The expectation is that the approval of a spot Bitcoin exchange-traded fund (ETF) will attract huge investments. Animoca Brands CEO Robby Yung, while speaking at the Next Block Expo conference in Berlin, said that Bitcoin ETFs could generate a potential income of “$10 to $12 billion.”

While long-term investors have been accumulating Bitcoin, the short-term holders (STHs) holding coins for 155 days or less have been busy booking profits in December. CryptoSlate research and data analyst James Van Straten, while sharing a Glassnode chart on X (formerly Twitter), said that STHs in profit sent roughly $5 billion worth of Bitcoin to exchanges in the first four days of December.

SEC pushes deadline to decide on Grayscale spot Ether ETF

The commission said it will have until January 2024 to reach a decision on the spot Ether investment vehicle or institute proceedings to extend the deadline again.

The United States Securities and Exchange Commission has delayed its decision on whether to approve or disapprove of a spot Ether (ETH) exchange-traded fund, or ETF, offering from asset manager Grayscale.

In a Dec. 5 notice, the SEC said it would designate a longer period on whether to approve or disapprove of a proposed rule change that would allow NYSE Arca to list and trade shares of the Grayscale Ethereum Trust. The commission’s announcement was one of the first following an appellate court ordering the SEC to review Grayscale’s Bitcoin (BTC) ETF offering in October.

“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” said the SEC. “Accordingly, the Commission […] designates January 25, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

Price analysis 12/4: SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, DOGE, LINK

Altcoins show compelling technical setups after Bitcoin price blew past $42,000 on December 4.

Bitcoin (BTC) and Ether (ETH) surged above their respective overhead resistance levels on Dec.

Cryptocurrency exchange Bybit said in its 4th quarter report that institutional traders held 35% of their assets in Bitcoin, 15% in Ether and a large portion kept 45% of their assets are in stablecoins. Only a miniscule 5% was held in rest of the altcoins.

This shows that there is still enough firepower available with institutional investors to buy the cryptocurrency of their choice by selling stablecoins.

*Daily cryptocurrency market performance. Source:* *Coin360*

Matrixport research head Markus Thielen said in a recent note that the three previous crypto bear markets were followed by a three-year bull cycle, and this time is going to be no different, with 2023 being the first year.

Could bulls hold on to the gains in Bitcoin and select altcoins, or will higher levels attract aggressive selling by the bears? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The bulls kicked the S&P 500 Index (SPX) above the overhead resistance of 4,541 on Nov.

*SPX daily chart. Source:* *TradingView*

The up-move is likely to face selling in the zone between 4,607 and 4,650.

Ethereum price rallies toward key resistance but is ETH’s strength sustainable?

Ethereum’s price rally toward $2,100 is driven by new developments in the layer-2 space and investors’ anticipation of a spot BTC ETF.

Ether (ETH) is trading higher on Dec.

*Ether 12-hour price index, USD. Source: TradingView*

However, the current positive momentum is supported by several factors, including applications for spot ETFs and the expansion of Ethereum’s ecosystem, driven by layer-2 solutions.

ETH benefits from ETF expectations and negative news related to competing blockchains

A pivotal development occurred on Nov. Securities and Exchange Commission (SEC) initiating the review process for Fidelity’s spot Ether ETF proposal, filed on Nov.

Despite analysts predicting the SEC might delay its decision to early 2024, interim deadlines for applications by VanEck and ARK 21Shares on Dec.

The Ethereum network’s growth, especially in transaction activity and layer-2 development, is noteworthy.

This growth is reflected in Ethereum’s total value locked (TVL), which recently hit a two-month high of 13 million ETH, spurred by a 13% weekly gain in Spark and a 60% increase in Blast user deposits.

*Ethereum network top DApps by TVL. Source: DefiLlama*

In contrast, Tron, another leading blockchain in TVL terms, witnessed a 12% decline over the past ten days. Recent high-profile hacks linked to Tron’s founder Justin Sun have also swayed investor confidence toward Ethereum.

Price analysis 12/1: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, TON, LINK, AVAX

Bitcoin price hit a new 2023 high on Dec.1 and multiple altcoins are following suit. Is the crypto market preparing for a Santa Claus rally?

Bitcoin (BTC) rallied about 9% in November, with $38,000 proving to be a difficult obstacle to cross. Coinglass data shows that in the past five years, Bitcoin rose only in 2020, but the extent of the rise at 46.92% was impressive.

Entering into the new year, several analysts are bullish on Bitcoin. 28 research note, Standard Chartered said that the possibility of the earlier-than-expected approval of spot Bitcoin exchange-traded funds could boost the price of Bitcoin to $100,000 before end-2024.

Galaxy Digital CEO Mike Novogratz also sounded upbeat about Bitcoin while speaking to Bloomberg on Nov. Additionally, the Federal Reserve cutting rates may act as a further trigger that could send Bitcoin’s price near the all-time high by this time next year.

Could Bitcoin sustain above $38,000 and clear the path for a rally to $40,000, or will bears again play spoilsport?

SEC solicits comments on Fidelity’s spot Ether ETF application

“Interested persons” will have 21 days to comment on a proposed rule change allowing the Cboe BZX Exchange to list and trade shares of the Fidelity Ethereum Fund.

The United States Securities and Exchange Commission called on the public to comment on a proposed rule change that could allow asset management firm Fidelity to offer shares of its spot Ether (ETH) exchange-traded fund, or ETF.

In a Nov. 30 notice, the SEC said “interested persons” may comment on the Fidelity offering, proposing the Cboe BZX Exchange list and trade shares of its Fidelity Ethereum Fund. Fidelity first filed for approval of the fund on Nov.

Has been long known that Fidelity entered the spot ETF race but this filing *essentially* starts the ~240+ day clock for their spot #Ethereum ETF. Will have definitive deadline dates in the coming weeks https://t.co/0C6NKcxNNz pic.twitter.com/gdW9ZQDgs9

— James Seyffart (@JSeyff) November 30, 2023

The filing noted that investors in other countries, “including Germany, Switzerland and France,” had opportunities to gain exposure to Ether through exchanges offering exchange-traded products.

“U.S.

The filing added:

“Approval of a Spot ETH ETP would represent a major win for the protection of U.S. investors in the crypto asset space.”

Ethereum is going to transform investing

Expect to see tokenized securities proliferate in the years ahead — along with heavy investments in Ethereum staking pools.

Ethereum is often depicted as traditional finance’s adversary in a Manichean struggle for decentralization. In reality, there isn’t any conflict at all. Rather than subverting the traditional financial sector, Ethereum is improving it. Soon, the two systems will be inextricably entwined.

Ethereum’s core value propositions — self-custody, transparency and disintermediation — are enormously relevant to financial institutions, and they can be realized within existing regulatory frameworks. Ethereum has already taken the first steps toward institutional adoption, and with its unmatched network decentralization, it is all but destined to become the primary settlement layer for the world’s financial transactions.

Neutrality in a multipolar world

Ethereum isn’t here to deliver a stateless alternative currency or an anonymized shadow economy. What it offers is simple: neutrality.

Ethereum is the global financial system’s first truly unbiased referee, and its arrival couldn’t be more timely. The geopolitical stability afforded by the United States’ preeminence is eroding, and domestic politics in major economies have become increasingly volatile. In a multipolar world, the financial system urgently needs to maintain reliable rules of the road.

Ethereum’s system for settling transactions and storing data is practically incorruptible. That is largely because of the unrivaled decentralization of its consensus layer, which spans more than 500,000 validators distributed among more than 10,000 physical nodes in dozens of countries. Despite concerns to the contrary, Ethereum is trending toward greater decentralization over time, not less.

To be sure, Ethereum will never replace traditional contracts or legal authorities for mediating disputes. What it promises, with its inviolable and unbiased code, is to prevent countless disputes from arising in the first place.

Solving the principal-agent problem

From Celsius to FTX and Silvergate, the events that led up to “crypto winter” speak more to the shortcomings of traditional finance than to the failings of crypto. In each instance, the classic principal-agent problem was worsened by lax oversight and overcentralization.

Historically, the default approach to this problem has been regulation. Greater oversight is certainly needed, but Ethereum offers more foundational solutions. Trustless smart contracts and distributed ledgers can remove certain dimensions of the principal-agent problem entirely.

Soon, Ethereum and its scaling chains will permeate traditional banking and asset management. From savings accounts to retirement portfolios, virtually every investor will self-custody their assets in trustless smart contracts, and carefully regulated on-ramps will render the tokenization of fiat currencies virtually frictionless.

*Ethereum’s market capitalization, 2016-23. Source: CoinGecko*

Meanwhile, investors and, eventually, regulators will insist that asset managers report fund performance using trustless on-chain oracles. In these areas, Ethereum won’t run afoul of regulations, it will reinforce them. Eventually, authorities will become as attentive to the technical specifications of smart contracts as they are to required liquidity reserves.

The future of Ethereum is not permissionless. Identity-based permissioning will be standard fare, but so seamless as to be practically unnoticeable. With the proliferation of central bank digital currencies, state censorship will be a serious concern. Laws restraining governments from arbitrarily freezing digital assets will gather significant political momentum.

In short, Ethereum has the potential to dramatically reduce private financial malfeasance, but its impact on state censorship will be more limited.

Nascent institutional adoption

Ethereum’s future may still be far off, but its building blocks are already here. Decentralized finance (DeFi) overheated into a speculative conflagration in 2021, but that frenzy of activity spurred considerable innovation. The technology now exists to create a wide array of disintermediated markets and tokenized financial instruments.

What is missing is connectivity with the broader financial system. That is the focus of an emerging class of regulated fiat-to-crypto on-ramps and custodians, such as Circle. The U.S.-based company had laid the foundation for the digital economy with USD Coin (USDC), its tokenized dollar. Circle is now building out additional critical infrastructure, such as hybrid fiat-and-crypto accounts that on-ramp directly to Ethereum and its scaling chains.

In the coming years, expect to see a proliferation of tokenized securities, starting with risk-off fixed-income assets. There will also be heavy investment in Ethereum staking pools, which will emerge as a critical strategic asset in the institutional crypto market. Other areas of focus will include on-chain financial reporting, streamlined user flows for regulatory compliance and institutional-grade tokenized derivatives.

To be sure, a recent spate of enforcement actions has cooled development activity in the U.S., but it will remain a major market for the coming wave of regulated protocols.

Tending the infinite garden

The surge in regulatory pressure on crypto, particularly DeFi, marks the end of an era. Large swaths of Ethereum’s ecosystem, especially protocols that can’t or won’t adapt to the changing landscape, will effectively be weeded out. Those that remain, however, will be well adapted to integration with the existing financial system. Ethereum’s transformative impact on traditional finance has only just begun.

Alex O’Donnell is the founder and CEO of Umami Labs and worked as an early contributor to Umami DAO. Prior to Umami Labs, he worked for seven years as a financial journalist at Reuters, where he covered M&A and IPOs.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Price analysis 4/21: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin and select altcoins have fallen below their respective support levels — a worrying sign that the bulls could be losing their grip.

Bitcoin (BTC) and most major cryptocurrencies have pulled back from their recent local highs, signaling profit-booking by traders. Is the current pullback a buying opportunity, or has the trend turned lower? This is likely to be the question in every trader’s mind.

Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank, near its breakout level. He said it was a “logical place” and advised traders to “pay attention.”

The correction could worry short-term crypto traders, but for long-term investors who believe that a bottom is in, this could prove to be an opportunity to build their portfolio with cryptocurrencies of their choice. It is generally a good strategy to avoid buying on the way down and wait for the price to stop falling before resuming purchases.

What are the levels that may act as strong support? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin fell and closed below the 20-day exponential moving average (EMA) ($28,869) on April 19. This was the first close below the 20-day EMA since March 13, indicating weakness.

*BTC/USDT daily chart. Source: TradingView*

Buyers tried to stage a recovery on April 20, but they could not overcome the barrier at the 20-day EMA. This suggests that the bears are trying to flip the level into resistance. The BTC/USDT pair may next slip to $26,500 and thereafter to the neckline of the inverse head-and-shoulders (H&S) pattern at $25,250.

If the price rebounds off $25,250, it will indicate that the neckline is acting as a higher floor. The bulls will then try to propel the price back above the 20-day EMA. If they manage to do that, the pair may rise to $32,400.

Ether price analysis

The bulls tried to maintain the price of Ether (ETH) above the 20-day EMA ($1,942) on April 19 and 20, but the bears had other plans. They maintained their selling pressure and yanked ETH below the 20-day EMA on April 21.

*ETH/USDT daily chart. Source: TradingView*

The first support on the downside is the 38.2% Fibonacci retracement level of $1,846. This level is likely to attract strong buying by the bulls. If the price turns up from this level, it improves the prospects for a rally to $2,200.

Contrary to this assumption, if the price continues lower and breaks below $1,846, the ETH/USDT pair could tumble to the 50% retracement level of $1,755 and thereafter to the 61.8% retracement level of 1,663.

BNB price analysis

BNB (BNB) rebounded off the $318 support on April 21 and rose above the 20-day EMA ($324). This suggests that the bulls are making a strong effort to arrest the decline at $318.

*BNB/USDT daily chart. Source: TradingView*

The flattish 20-day EMA and the relative strength index (RSI) just above the midpoint do not give a clear edge either to the bulls or the bears. If bulls thrust the price above the $338–$350 resistance zone, the BNB/USDT pair may pick up momentum and soar toward $400.

On the contrary, if the price once again turns down and breaks below $318, it will suggest that the bears remain active at higher levels. The pair may then slump to the 200-day simple moving average (SMA) ($295), which is an important level for the bulls to defend.

XRP price analysis

The bulls tried to start a recovery in XRP (XRP) to push the price above the 20-day EMA ($0.49) on April 19 and 20, but the bears were in no mood to relent.

*XRP/USDT daily chart. Source: TradingView*

The bulls tried to arrest the fall near the 50% Fibonacci retracement level of $0.47, but the bears maintained the selling pressure and pulled the price below it. The XRP/USDT pair may next drop to the 200-day SMA ($0.41).

It looks like the pair may trade inside a large range between $0.56 and $0.30 for a while longer. If the price rebounds off the 200-day SMA, the pair may trade in the upper half of the range while a break below it may keep the pair stuck in the lower half.

Cardano price analysis

The bears succeeded in pulling Cardano‘s ADA (ADA) back below the neckline of the inverse H&S pattern on April 20. This suggests that the bears are making a comeback.

*ADA/USDT daily chart. Source: TradingView*

If bears pin the price below the neckline, it will signal that the breakout on April 13 may have been a bull trap. That could lead to long liquidation, which may extend the decline to the 200-day SMA ($0.35). This level is likely to attract solid buying by the bulls.

The flattish 20-day EMA ($0.40) and the RSI near the center do not give a clear advantage either to the bulls or the bears. If bulls want to come out on top, they will have to kick and sustain the price above the neckline. The ADA/USDT pair may then rise to $0.46.

Dogecoin price analysis

Dogecoin (DOGE) witnessed hugely volatile moves on April 19 and 20. The bulls are trying to hold the 200-day SMA ($0.08) but are facing stiff resistance from the bears.

*DOGE/USDT daily chart. Source: TradingView*

If the price turns down from the 20-day EMA ($0.09), it will suggest that the bears are selling on every minor rally. That will increase the risk of a collapse below the 200-day SMA. If that happens, the DOGE/USDT pair may dive to the crucial support at $0.07.

This negative view will be invalidated if the price turns up from the current level and soars above $0.10. That will indicate solid buying near the 200-day SMA. The pair may then reach $0.11, where the bulls may again face formidable resistance from the bears.

Polygon price analysis

The uncertainty of the symmetrical triangle pattern in Polygon‘s MATIC (MATIC) resolved to the downside with a break below the support line on April 19.

*MATIC/USDT daily chart. Source: TradingView*

The bulls are trying to protect the 200-day SMA ($1.01), but any recovery is likely to face stiff resistance at the 20-day EMA ($1.11). If the price turns down from the 20-day EMA, it will increase the possibility of a break below the 200-day SMA. That could intensify selling and sink the MATIC/USDT pair toward the pattern target of $0.74.

Contrary to this assumption, if bulls thrust the price above the 20-day EMA, it will suggest strong buying at lower levels. The pair may then rise to the resistance line of the triangle. A break and close above this level may turn the table in favor of the bulls.

Solana price analysis

Solana‘s SOL (SOL) has been stuck between the 20-day EMA ($22.61) and the 200-day SMA ($20.91) for the past two days.

*SOL/USDT daily chart. Source: TradingView*

Although the bears have yanked the price below the 20-day EMA, they have not yet been able to retest the 200-day SMA. This suggests a lack of aggressive selling at lower levels.

The 20-day EMA is flattening out, and the RSI is just below the midpoint, indicating a range-bound action in the near term.

The SOL/USDT pair may swing inside the large range between $27.12 and $15.28 for some time. If the price slips below the 200-day SMA, the pair may drop to $18.70; but if the price turns up and rises above the 20-day EMA, the pair may surge to $27.12.

Polkadot price analysis

Polkadot}s DOT (DOT) turned down sharply and plunged below the uptrend line on April 19. This indicates aggressive selling by the bears.

*DOT/USDT daily chart. Source: TradingView*

The bulls tried to push the price back above the 20-day EMA on April 20, but the long wick on the candlestick shows the bears protected the level successfully. That started a downward move toward the 200-day SMA ($5.93).

Buyers are expected to fiercely guard the zone between the 200-day SMA and $5.70 because if they fail to do that, the selling may intensify further and the DOT/USDT pair could dive to $5.15. This bearish view will invalidate in the near term if bulls push and sustain the price back above the uptrend line.

Litecoin price analysis

Litecoin (LTC) plunged below the 20-day EMA ($93) on April 19, indicating that the bullish momentum has weakened.

*LTC/USDT daily chart. Source: TradingView*

Buyers tried to push the price back above the 20-day EMA on April 20, but the bears did not relent. This suggests that the bears are trying to flip the 20-day EMA into resistance.

The sellers will next try to strengthen their position further by sinking the price below the strong support at $85. If they manage to do that, the LTC/USDT pair may reach the 200-day SMA ($78).

If bulls want to prevent this decline, they will have to quickly drive the price above the 20-day EMA and the overhead resistance of $96.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Former Ethereum miner CoreWeave raises $221M in Series B

The company ceased its Ether mining operations long before the Merge Upgrade was completed.

On April 20, specialized cloud provider CoreWeave announced that it had secured $221 million in a Series B funding round, putting the company on track to expand operations and increase capacity in various emerging technologies.

The raise was led by Magnetar Capital with contributions from NVIDIA and rounded out by Nat Friedman and Daniel Gross. In November 2021, CoreWeave secured a $50 million investment from Magnetar Capital.

According to CoreWeave, the money will be used to expand its cloud infrastructure for computational workloads such as artificial intelligence, machine learning, visual effects, rendering, batch processing and pixel streaming. The firm’s CEO and co-founder, Michael Intrato, said NVIDIA’s support would help the company continue to scale.

Founded in 2017, CoreWeave uses cloud technology to scale graphics processing unit (GPU) computational resources that the company claims are “35 times faster and 80% less expensive” than competitor solutions. The firm started as an Ethereum miner, utilizing GPUs to verify transactions on the former proof-of-work blockchain.

In September 2022, Ethereum completed its much-anticipated Merge upgrade, transitioning the network into proof-of-stake from the previous proof-of-work protocol. The move rendered the practice of Ethereum mining and, subsequently, Ethereum mining GPUs obsolete. That said, CoreWeave ceased its Ethereum mining operations long before the Merge was completed.

Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable

Ethereum is up 15% versus Bitcoin since Shapella — More ETH price gains ahead?

Ether stakers have withdrawn $1.21 billion worth of ETH from Ethereum staking contracts since the Shapella upgrade.

Ether (ETH) entered a sharp price recovery a week after hitting a six-month low versus Bitcoin (BTC).

On April 18, the widely-tracked ETH/BTC pair reached 0.0709 BTC, up about 15% from its local bottom of 0.0602 BTC six days ago. Now, the pair eyes a run-up toward 0.075 BTC by June, based on the fractal setup previously discussed here .

*ETH/BTC daily price chart. Source: TradingView*

Ethereum’s Shapella FOMO

Interestingly, Ether’s local bottom formation versus Bitcoin occurred on the day of Ethereum’s long-awaited Shapella upgrades .

The hard fork enables Ether stakers to withdraw their rewards — around 1.1 billion ETH — from Ethereum’s proof-of-stake smart contract. This update may have boosted ETH’s appeal compared to BTC, beating anticipations that a freshly unlocked Ether supply would increase sell pressure.

Stakers have withdrawn 574,700 ETH — worth about $1.21 billion — since the Shapella upgrades on April 12, according to data fetched by Nansen. Interestingly, Ether’s price in U.S. dollar terms has increased by 14.25% in the same period.

*ETH deposits vs. withdrawals. Source: Nansen*

It means that many stakers have decided to hold onto their Ether rewards. On the other hand, Bitcoin has failed to log a decisive breakout above its technical resistance of $30,000, possibly making ETH a more attractive short-term bet for traders.

Weak institutional inflows versus Bitcoin

Institutional investors have shown more interest in Bitcoin than Ether in the past week, according to CoinShares’ weekly report.

For instance, Bitcoin-based investment vehicles witnessed $103.8 million in inflows in the week ending April 14. In comparison, Ethereum funds attracted $300,000, showing that mainstream investors may have followed the “sell the news” strategy after the Shapella upgrades.

*Net flows into crypto funds. Source: CoinShares*

Ether’s price, meanwhile, is also at risk of a possible bearish reversal move due to its overbought daily relative strength index.

If ETH price retreats from its current resistance level of around $2,140, its immediate downside target appears at around $1,984, which acted as resistance in May 2022 and August 2022.

*ETH/USD daily price chart. Source: TradingView*

An extended sell-off could push Ether price down to its 50-day exponential moving average (50-day EMA; the red wave) near $1,800, down about 15% from its current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.