Ethereum

Ethereum Shanghai hard fork: ETH price set for more gains versus Bitcoin in April

Ethereum price has gained momentum in April, even against Bitcoin, as the much-anticipated Shanghai hard fork is just days away.

Ether (ETH) dropped by over 7.5% in its Bitcoin (BTC) pair in 2023. But ETH/BTC may wipe its year-to-date losses entirely in April, as Ethereum’s long-awaited Shanghai hard fork is just days away.

The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.

ETH price undergoes key technical bounce

Many experts see the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April.

As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20.

The bounce was largely expected , particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a “sell zone” in the chart below.

*ETH/BTC three-day price chart. Source: TradingView*

The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels. Meanwhile, the pair’s upside target for April appears to be its 50-3D exponential moving average (50-3D EMA; the red wave) near 0.069 BTC.

Conversely, a decisive close below the 200-3D EMA (the blue wave) near 0.066 BTC, coinciding support/resistance level near 0.067 BTC, risks delaying or — in the worst case scenario — invalidating the bullish retracement setup.

This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.

*ETH/BTC weekly price chart. Source: TradingView/CrediBULL Crypto*

Ethereum vs. U.S. dollar outlook

The ETH/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.

A weakening dollar, lower U.S. Treasury yields and expectations of a Federal Reserve pivot on interest rate hikes have helped cryptocurrencies rise across the board in Q1. These catalysts will likely remain in the spotlight until May’s Federal Open Market Committee meeting.

Shanghai bringing the first greenshoots of #AltcoinSeason ?$ETH is perking up to an 8 month high as we approach one week until the Shanghai fork update @ 10:27:35 PM UTC on the 12th (Epoch #620,9536)

The rally has mostly been a Fed/USD rates story, causing BTC to lead the way.… pic.twitter.com/dI0bpywR16

— Rich Rosenblum (@Rich_GSR) April 4, 2023

As a result, Ether could sustain its yearly gains in April, consolidating inside the $1,800–2,000 range until the Fed decision.

Moreover, a decisive breakout at current levels could result in extended gains with a second-quarter ETH price target of over $3,000.

*ETH/USD three-day price chart. Source: TradingView*

On the other hand, the bears will attempt to pull the price down for a close below $1,800, with the triangle’s lower trendline near $1,600 as its downside target.

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.

Price analysis 4/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin’s failure to clear the overhead resistance at $30,000 is attracting profit-booking in select altcoins.

Bitcoin (BTC) has been trading below $29,000 for the past several days. The analyst community remains divided on the near-term prospects of Bitcoin. While some believe that Bitcoin could rise to $30,000, others are of the opinion that a local top has been made.

Bloomberg Intelligence senior macro strategist Mike McGlone said that cryptocurrencies, along with the stock market, crude oil and copper may find it difficult to sustain the recent bounce because bank liquidity levels remain tight.

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

On the other hand, SkyBridge Capital founder Anthony Scaramucci, while speaking with Yahoo Finance, said that Bitcoin’s bear market may be over, but he added that it was a guess. However, Scaramucci highlighted that Bitcoin has repeatedly outperformed other asset classes over the long term.

Will Bitcoin turn down from the current level, or will bulls regroup and push the price above $30,000? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin (BTC) has formed a symmetrical triangle near $29,000, which suggests uncertainty among the bulls and the bears about the next directional move.

*BTC/USDT daily chart. Source: TradingView*

The upsloping 20-day exponential moving average (EMI) ($27,406) and the relative strength index (RSI) above 58 suggest that bulls have a slight edge. If the price rebounds off the support line, the buyers will attempt to thrust the BTC/USDT pair above the triangle.

If they manage to do that, the pair may start the next leg of the up-move. The pattern target of a breakout from the triangle is $31,280.

Conversely, a break below the support line will tilt the short-term advantage in favor of the bears. The pair may then plummet to the breakout level of $25,250. Buyers are expected to protect the level with all their might.

Ether price analysis

Ether’s (ETH) rally turned down from $1,943 on April 5, indicating that the bears are guarding the psychological level at $2,000 with vigor.

*ETH/USDT daily chart. Source: TradingView*

The first support is at $1,857. If this level gives way, the ETH/USDT pair could pull back to the 20-day exponential moving average (EMA) ($1,794). This remains the key level for the bulls to defend if they want to keep the up-move intact.

If the price rebounds off the 20-day EMA, the bulls will again try to overcome the obstacle at $2,000. If they do that, the pair may ascend to $2,200.

On the other hand, if the price breaks below the 20-day EMA, it may tempt short-term traders to book profits. The pair may then tumble to $1,743 and later to $1,680.

BNB price analysis

BNB (BNB) is turning down from the 20-day EMA ($314), indicating that the bears are fiercely defending the level.

*BNB/USDT daily chart. Source: TradingView*

The gradually downsloping 20-day EMA and the RSI just below the midpoint signal a minor advantage to the bears. If the $306 support cracks, the BNB/USDT pair could slide to $300 and then to the 200-day SMA ($291).

If bulls want to prevent the downward move, they will have to drive the price above the immediate resistance at $318. That could open the gates for a rise to the overhead resistance zone between $338 and $346.

XRP price analysis

XRP (XRP) has stayed above the 38.2% Fibonacci retracement level of $0.49 for the past few days, indicating that the bulls are buying on shallow dips.

*XRP/USDT daily chart. Source: TradingView*

The upsloping 20-day EMA ($0.47) and the RSI in the positive territory indicate that bulls have the upper hand. Buyers will next try to propel the price to the overhead resistance zone of $0.56 to $0.58. A close above this zone will signal the start of the next leg of the recovery.

Contrarily, if the price fails to break above the overhead zone, it will suggest that bears remain active at higher levels. Sellers will then try to tug the price below the 20-day EMA. If that happens, the pair may plunge to $0.43.

Cardano price analysis

The bears did not allow Cardano’s ADA (ADA) to break above the neckline and complete the inverse head-and-shoulders (H&S) pattern.

*ADA/USDT daily chart. Source: TradingView*

The price has reached the 20-day EMA ($0.37), which is a crucial level for the bulls to defend. If the ADA/USDT pair rebounds off the 20-day EMA, the buyers will make one more attempt to overcome the barrier at the neckline. If they can pull it off, it will suggest the start of a new uptrend.

On the contrary, if the price falls below the 20-day EMA, it will suggest that the short-term bulls may be booking profits. The pair could then decline to the 200-day SMA ($0.35).

Dogecoin price analysis

Traders used Dogecoin’s (DOGE) rise on April 3 to lighten their positions. This shows that the sentiment remains negative and traders are selling on rallies.

*DOGE/USDT daily chart. Source: TradingView*

The sharp pullback in the past four days suggests that the DOGE/USDT pair will continue to trade inside the large range of $0.07 to $0.11 for some more time. The price has reached the moving averages, which may act as a strong support. If the price turns up from the current level, the pair may recover to the 50% Fibonacci retracement level of $0.09.

Alternatively, if the price plummets below the moving averages, it will suggest a slight advantage to the bears. The pair may then slump to $0.07.

Polygon price analysis

Polygon’s MATIC (MATIC) has formed a symmetrical triangle pattern, indicating indecision among the bulls and the bears.

*MATIC/USDT daily chart. Source: TradingView*

If the price rebounds off the support line of the triangle, it will suggest that the bulls are protecting this level. That could keep the pair inside the triangle for a while longer. If the price climbs above the 20-day EMA ($1.11), the bulls will again try to propel the MATIC/USDT pair to the resistance line of the triangle.

On the downside, a break and close below the support line of the triangle will indicate that the bears have overpowered the bulls. That could open the doors for a potential drop to the 200-day SMA ($0.98).

Solana price analysis

Buyers could not sustain Solana’s SOL (SOL) above the 20-day EMA ($20.81) in the past few days, indicating that demand dries up at higher levels.

*SOL/USDT daily chart. Source: TradingView*

The 20-day EMA is flattish, and the RSI is just below the midpoint, indicating that the SOL/USDT pair may stay between the downtrend line and $18.70 for some time. A break below $18.70 will indicate that bears have come out on top. The pair may then extend its decline to the vital support at $15.28.

Conversely, if the price turns up from the current level and breaks above the downtrend line, it will suggest that the bulls are back in the game. The pair may then ascend to $27.12.

Polkadot price analysis

Polkadot’s DOT (DOT) has slipped below the 20-day EMA ($6.22), indicating that the bulls are losing their grip. The price could slide to the strong support at $5.70.

*DOT/USDT daily chart. Source: TradingView*

If the price rebounds off $5.70, the DOT/USDT pair may attempt a rally to the downtrend line and oscillate between these two levels for some time. A rally above the downtrend line will clear the path for a possible rally to the neckline of the developing inverse H&S pattern.

Alternatively, if the price breaks below $5.70, the advantage will tilt in favor of the sellers. The pair may then slump to $5.15. This is an important level to keep an eye on because if it cracks, the pair may tumble to $4.50.

Litecoin price analysis

The failure of the bulls to push Litecoin (LTC) above $96 has emboldened the bears who are trying to strengthen their position by dragging the price below the 20-day SMA ($90).

*LTC/USDT daily chart. Source: TradingView*

If they succeed, the next stop could be $85. This is an important level to watch out for because a break and close below it may result in a retest of the 200-day SMA ($75).

Another possibility is that the price turns up from the current level but fails to cross $85. In that case, the LTC/USDT pair may stay range-bound between $85 and $96 for a few days.

The 20-day EMA is sloping up gradually, but the RSI has dropped near the midpoint, suggesting a consolidation in the near term. Buyers will have to clear the overhead hurdle at $96 to extend the recovery to $106.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

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Ethereum ‘re-staking’ protocol EigenLayer launches on testnet

The re-staking collective aims to address Ethereum validator economic incentives.

A new protocol that allows Ethereum validators and stakers to “re-stake” their assets onto other emerging networks has just launched on testnet.

The mainnet launch of the EigenLayer protocol is not expected until Q3, however, and testing will be phased in three stages to onboard various participants into the ecosystem. The first stage is using Ethereum’s Goerli testing network.

The project has some serious backing and announced $50 million in a Series A funding round in late March led by crypto venture firm Blockchain Capital, along with Coinbase Ventures, Polychain Capital, Electric Capital and Finality Capital Partner.

EigenLayer aims to become a decentralized marketplace for Ethereum node operators and validators to earn fees on additional services. It allows them to restake assets they received in exchange for staking Ether on platforms such as Lido (stETH) and RocketPool (rETH). The assets can be reused to validate and secure other networks, such as sidechains or non-EVM blockchains.

According to the white paper, EigenLayer also has plans to enable restaking for ETH withdrawn from the Beacon Chain following the Shapella upgrade.

“Ethereum validators can set their beacon chain withdrawal credentials to the EigenLayer smart contracts, and opt-in to new modules built on EigenLayer.”

The protocol aims to address issues with validator economic incentives. EigenLayer founder Sreeram Kannan said that facilitating the moving and re-staking of ETH onto other networks would incentivize validators and stakers with additional yields and allow smaller networks to grow securely.

We are excited to announce the release of the testnet for the first stage of the EigenLayer protocol, which supports liquid and native restaking.

Please read the full details here: https://t.co/1eoriZOcwo

1/8 pic.twitter.com/xLs3CC2EOK

— EigenLayer (@eigenlayer) April 6, 2023

In late March, Ethereum co-founder Joseph Lubin said that “[t]he Eigen Labs team is at the forefront of some of the most exciting work happening in Ethereum.”

“Eigenlayer is a new paradigm for fostering protocol-centric innovation through a programmatic, decentralized trust marketplace,” he added. High praise, but it’s worth noting that Lubin’s Ethereal Ventures fund has invested in EigenLayer.

There are currently 17.9 million ETH staked on the Beacon Chain, according to the Ultrasound.Money tracker. At current prices, this is valued at around $33.6 billion, which is more than the entire market capitalization of USDC. It represents almost 15% of the entire Ethereum supply.

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Ethereum price turns bullish ahead of next week’s Shanghai and Capella upgrades

ETH price found news bullish momentum as traders gear up for next week’s major network upgrades.

With one week to go until the Ethereum Shanghai and Capella upgrades on April 12, all eyes are on Ether(ETH). The second-largest cryptocurrency by market capitalization shrugged off rumors and regulatory action against exchanges to hit a seven-month high of $1,922 on April 5.

Ether price has momentum, and here are three strong reasons why.

Multiple positive price achievements

According to data from Cointelegraph Markets Pro and TradingView, Ether price has posted gains on the seven-day, one-month and three-month timeframes despite market volatility. Ether price gains are also notable from the year-to-date perspective, showing 59% growth.

*ETH/USD price chart. Source: Cointelegraph Markets Pro*

Ether’s ability to break resistance levels is leading some analysts to believe a $3,000 price target is on the horizon in Q2 2023. The trend shows that whale accumulation remains strong, growing by 0.5% in March, according to data from analytics provider Santiment.

The bullish buying activity may prove on-chain data correct that Ether sell pressure after the Shanghai hardfork will be a non-event.

The uptick in proof-of-stake validation by placing Ether in staking contracts is bullish for the Ethereum ecosystem. Since launching on Aug. 4, 2021, the Ethereum network has witnessed over 18 million ETH staked on the blockchain.

*Total Ether staked. Source: TradingView*

The emergence of liquid staking derivatives has reduced the barrier to entry to participate in Ether staking. Lido, the leader in LSDs and the largest single entity by value, has close to one-third of all staked EtTH. Including interest received, Lido contracts hold 5.9 million ETH from 137,000 unique depositors.

*Lido Ether deposits overview. Source: Nansen*

Ethereum network TVL surges

The total value locked in the Ethereum network is also rising, partially as a result of Lido’s protocol comprising 22.4% of the TVL on the Ethereum network. Despite the TVL starting to drop on March 10 due to regulatory and macro headwinds, the decentralized finance market seems to be recovering.

On April 5, TVL reached $50.8 billion, nearly reaching the yearly high of $51.4 billion from Feb. 21.

The strength of Ether price ahead of the Shanghai and Capella upgrades is visible on-chain through increased usage, whale accumulation and a steady uptick in staking. With only seven days remaining until the upgrade, traders expect continued volatility in Ether price.

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.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Price analysis 4/5: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

Bitcoin continues to face resistance near $29,000 and Ether has decided to take charge of the wider crypto markets’ bullish momentum.

Bitcoin (BTC) remains pinned below the psychologically crucial level of $30,000 as cryptocurrency investors search for positive triggers. That has not stopped business intelligence firm MicroStrategy from adding 1,045 Bitcoin to its treasury, which has now swelled to 140,000 Bitcoin.

Even after the sharp recovery from the November 2022 low, monitoring resource Material Indicators believes the current up-move is a bear market rally.

Usually, a bear market rally does not turn around until the last bear has thrown in the towel. This suggests that Bitcoin’s recovery may have some more legs before it turns down to shake out the weaker hands.

A survey conducted by financial services firm Brown Brothers Harriman shows that institutional investors remain interested in the cryptocurrency space despite the crypto winter. It found that 74% of institutional investors were “extremely/very interested” in adding exposure to exchange-traded-funds with cryptocurrency related exposure.

Will Bitcoin continue its northward march and rise above $30,000? Will that move boost the altcoins higher? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin price analysis

The bulls again tried to drive Bitcoin above $29,000 on April 5, but the long wick on the candlestick shows aggressive selling by the bears at higher levels.

The bears will try to build upon their advantage by pulling the price below the 20-day exponential moving average ($27,273), which is an important level to watch out for. If this support cracks, several short-term bulls may exit their positions. That could open the gates for a retest of the neckline of the inverse head and shoulders (H&S) pattern at $25,250.

Conversely, if the price rebounds off the 20-day EMA, it will suggest that bulls continue to defend this level with all their might. That may enhance the prospects of a break above the overhead resistance at $29,185. If that were to occur, the BTC/USDT pair may climb to $30,000 and later to $32,500.

Ether price analysis

Ether (ETH) rebounded off the 20-day EMA ($1,778) on April 3 and broke above the overhead resistance at $1,857. This suggests the start of the next leg of the up-move.

The path is clear for a potential rally to $2,000. This level is likely to act as a strong resistance, but if bulls flip the $1,857 level into support during the next decline, it will suggest that buyers are in command. The ETH/USDT pair could then attempt a rally to $2,200.

Time is running out for the bears. If they want to make a comeback, they will have to halt the rally and pull the price below $1,857. If they manage to do that, the aggressive bulls may get trapped. The pair could first drop to the 20-day EMA and subsequently to $1,680.

BNB price analysis

BNB’s (BNB) fall below the $306 support was aggressively purchased by the bulls, as seen from the long tail on the April 3 candlestick.

The bulls are trying to strengthen their position further by pushing the price above the overhead resistance of $318. If they manage to do that, it will suggest that the corrective phase may be over. The BNB/USDT pair could first rise to $330 and, subsequently, to the strong resistance at $338.

On the contrary, if the price fails to clear the obstacle at $318, it will suggest that the bears are using every minor rally to sell. That may pull the pair down to the 200-day SMA ($291) which is likely to act as a strong support.

XRP price analysis

XRP (XRP) dipped below the 38.2% Fibonacci retracement level of $0.49 on April 3, but the long tail on the candlestick shows solid buying at lower levels.

The price turned up on April 4 and the bulls tried to push the price toward the overhead resistance at $0.56, but the long wick on the April 5 candlestick shows that sellers are offering a formidable challenge to the bulls near $0.53.

If the price continues lower, the bears will again try to sink the price below the 20-day EMA ($0.47). If this level gives way, the XRP/USDT pair may slide to $0.43.

On the other hand, if buyers thrust the price above the $0.56-to-$0.58 overhead zone, the pair may surge to $0.65 and then to $0.80.

Cardano price analysis

Cardano’s (ADA) price is getting squeezed between the 20-day EMA ($0.37) and the neckline of the inverse H&S pattern.

The upsloping 20-day EMA and the RSI above 59 indicate that bulls are in command. A break and close above the neckline will complete the reversal pattern. The ADA/USDT pair could then start a new uptrend that has a pattern target of $0.60.

If bears want to seize control, they will have to pull the price back below the moving averages. If they do that, several short-term bulls may close their positions, resulting in a long liquidation. The pair may then slump to $0.30.

Dogecoin price analysis

Dogecoin (DOGE) bounced off the 20-day EMA ($0.08) on April 3 and skyrocketed above the strong resistance at $0.10.

The long wick on the April 3 and 4 candlestick shows that the bears are trying to defend the $0.10 level with vigor. A minor positive in favor of the buyers is that they have not ceded ground to the bears.

If the price stays above $0.09, the possibility of a rally to $0.11 increases. This is the last major barrier for the bulls because a break above it could open the doors for a potential rally to $0.16.

Alternatively, if the price turns down from $0.11, it will suggest that the bears are active at higher levels. The DOGE/USDT pair may then oscillate inside a large range between $0.11 and $0.07 for a while longer.

Polygon price analysis

Polygon’s (MATIC) tight consolidation near the 20-day EMA ($1.11) resolved to the upside on April 4, but the bulls are struggling to build upon this advantage.

The bears will try to tug the price back below the 20-day EMA and trap the aggressive bulls. If they succeed, the MATIC/USDT pair could decline to $1.05 and, thereafter, to the vital support at the 200-day SMA ($0.98).

Instead, if the price rebounds off the 20-day EMA, it will suggest that the bulls are trying to flip this level into support. There is a minor resistance at $1.17, but if bulls overcome this barrier, the MATIC/USDT pair could ascend to $1.25 and thereafter to $1.30.

Solana price analysis

Solana (SOL) continues to trade inside a tight range. Usually, periods of low volatility are followed by an increase in volatility.

If the price breaks and closes above the downtrend line, it will suggest that the bulls have overpowered the bears. That could start a new up-move, which could first rise to $27.12. If this level is scaled, the SOL/USDT pair is likely to pick up momentum and soar toward $39.

Another possibility is that the price turns down from the downtrend line or fails to sustain above it. In that case, the bears will try to sink the price below $18.70 and challenge the critical support near $15.28.

Polkadot price analysis

Polkadot (DOT) has continued to grind higher toward the 61.8% Fibonacci retracement level of $6.85. This level could see strong selling by the bears.

The 20-day EMA ($6.22) remains an important level to keep an eye on. If the price turns down from $6.85 but rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are buying the dips.

That will increase the possibility of a break above $6.85. The DOT/USDT pair may then attempt a rally to the neckline of the inverse H&S pattern. Sellers will have to sink the price below $5.70 to gain the upper hand.

Litecoin price analysis

Litecoin (LTC) jumped off the 20-day EMA ($89) on April 1 and rose above the downtrend line. However, the bulls are facing strong resistance from the bears at higher levels, as seen from the long wick on the April 3 and April 5 candlesticks.

The upsloping 20-day EMA and the RSI in the positive territory indicate advantage to buyers. There is a minor resistance at $96, but if that is crossed, the LTC/USDT pair may climb to the stiff overhead resistance at $106.

If bears want to prevent the up-move, they will have to quickly yank the price back below the 20-day EMA. The pair could then drop to $85. This is an important level to keep an eye on because a break below it will indicate that the bears are back in the game.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.

Bitcoin whales push ‘choreographed’ BTC price as Ether nears $2K

Bitcoin and Ethereum are both attempting to tackle major price boundaries, but suspicions over the cause of the rally remain.

Bitcoin (BTC) headed back toward $29,000 into April 5 as data showed whale orders guiding price action.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Analysis: BTC price push still “bear market rally”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit $28,780 on Bitstamp.

The pair continued a rebound from one-week lows under $27,300 at the start of the week courtesy of rumors around the Binance crypto exchange and its CEO, Changpeng “CZ” Zhao.

After reclaiming $28,000, Bitcoin saw fresh momentum as Binance order book data showed large-volume “whale” traders buying.

$BTC Binance Spot
Keep an eye on the $28K area, those stacked buy walls will either support market buying here or will be pulled later.

Supply is consistently being filled in these squeezes.

6K BTC bought in past 1H candle pic.twitter.com/Dv7YzggCDu

— Skew Δ (@52kskew) April 5, 2023

This was not all as it seemed for bulls, monitoring resource Material Indicators nonetheless warned, as those same traders could be artificially pushing the market higher in order to sell closer to $30,000.

“Likely a choreographed attempt to push the distribution range up in the short term,” part of the accompanying commentary stated.

“Personally still treating this as #BearMarketRally until proven otherwise.”

A subsequent print of the order book with liquidity levels showed the spot price eating into a dense cloud of asks, potentially stranding latecomers choosing to go long BTC believing that the upside may continue.

*BTC/USD order book data (Binance). Source: Material Indicators/ Twitter*

Others were more hopeful that $30,000 could see a genuine challenge after being absent from the chart for nearly a year.

Among them was Michaël van de Poppe, founder and CEO of trading firm Eight.

“Bitcoin looks eager to break the crucial barrier at $30K, while altcoins are also waking up,” he told Twitter followers on the day.

“If Bitcoin makes that breakout, we’ll probably see significant breakout across the board on altcoins as confidence comes back in the markets.”

Analytics account IncomeSharks was similarly optimistic when it came to altcoins, in particular, opting to swap BTC exposure for alternatives at current prices.

“Been waiting all year for this,” it announced.

“If we can hold this and keep pushing up get ready to not care what Bitcoin does and make multiple X’s on alts. Part of me selling some $BTC at $28,000 is me wanting more exposure to alts.”

*Total crypto market cap annotated chart. Source: IncomeSharks/ Twitter*

The day prior, popular trader Crypto Tony had agreed that liquidity was “moving” away from Bitcoin on short timeframes.

ETH must hold crucial range high

With that, the largest altcoin Ether (ETH) looked primed for an attack on $2,000 at the time of writing, having gained nearly 5% in the past 24 hours.

*ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Analyzing moves on ETH/USD, now at eight-month highs, trading suite DecenTrader noted that funding rates had already been hinting at the upside to come.

#Ethereum Funding Rate functioning perfect as a leading indicator for the multiple moves higher. https://t.co/zypZt1kq5M pic.twitter.com/oYadIkIN44

— Decentrader (@decentrader) April 5, 2023

“The goal now is for Ethereum to now stay above the range high at $1,840,” Crypto Tony added in his own ETH/USD analysis.

*ETH/USD annotated chart. Source: Crypto Tony/Twitter*

“If we begin closing back below, the we have a deviation and we know what that means.”

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Ethereum Archive Node service shuts down saying it ‘succeeded’

ArchiveNode.io has closed its doors following three years of providing archived Ethereum blockchain node data.

Ethereum mainnet Archive Node service, ArchiveNode.io, said it will be shutting down, claiming that the project has been a success.

On April 4, ArchiveNode.io announced it was “sunsetting” its services after more than three years of providing free Ethereum mainnet Archive Node services to developers, students, and researchers.

An Ethereum Archive Node is an instance of an Ethereum client configured to build an archive of all historical states. This type of node is a useful tool for querying historical blockchain data that is not accessible on full nodes.

While we appreciate everyone’s support over the years, it’s time for ArchiveNode to hang it up and say gm for the last time.

This isn’t a sad ending, but a happy one – we just aren’t needed anymore, and are shutting down.

gm and gn. https://t.co/truuXmDgbT

— Archive Node (@ArchiveNode) April 3, 2023

Additionally, Archive Nodes are not required to participate in block validation so they can theoretically be built from scratch, however, they do require much greater storage capacity.

The announcement was made by “DeFi Dude” who initiated the project and claimed the project was being shut down as “we succeeded,” before adding:

“Our service is no longer necessary and other alternatives exist today that did not exist when we got started.”

He added that nobody was running Archive Nodes when the project started. The only option was to pay Ethereum infrastructure provider Infura $250 monthly to access archive data.

The goal of the project was to “get archive data into the hands of developers, students, and researchers who wanted to build cool shit, but didn’t have the time, money, or resources available to run their own archive node.”

He confirmed the project was never to “make money or profit.”

He added there is currently a robust remote procedure call (RPC) provider market offering access to archive data making the project obsolete.

ArchiveNode.io thanked the Ethereum Foundation for their initial grant of $10,000 in Amazon Web Services (AWS) credits to get the project off the ground.

According to a Cointelegraph report in August, just three centralized cloud providers account for more than two-thirds of Ethereum nodes. More than half of the total nodes were hosted on AWS, according to data at the time.

Features: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

Ethereum Archive Node service shuts down, saying it ‘succeeded’

ArchiveNode.io has closed its doors following three years of providing archived Ethereum blockchain node data.

Ethereum mainnet archive node service ArchiveNode.io says it will be shutting down, claiming that the project has been a success.

On April 4, ArchiveNode.io announced it was “sunsetting” its services after more than three years of providing free Ethereum mainnet archive node services to developers, students and researchers.

While we appreciate everyone’s support over the years, it’s time for ArchiveNode to hang it up and say gm for the last time.

This isn’t a sad ending, but a happy one – we just aren’t needed anymore, and are shutting down.

gm and gn. https://t.co/truuXmDgbT

— Archive Node (@ArchiveNode) April 3, 2023

Additionally, Archive Nodes are not required to participate in block validation so they can theoretically be built from scratch; however, they do require much greater storage capacity.

The announcement was made by “DeFi Dude,” who initiated the project and claimed it was being shut down because “we succeeded,” adding:

“Our service is no longer necessary and other alternatives exist today that did not exist when we got started.”

He added that nobody was running Archive Nodes when the project started. The only option was to pay Ethereum infrastructure provider Infura $250 monthly to access archive data.

He confirmed the project was never to “make money or profit.”

He added there is currently a robust remote procedure call (RPC) provider market offering access to archive data making the project obsolete.

ArchiveNode.io thanked the Ethereum Foundation for their initial grant of $10,000 in Amazon Web Services (AWS) credits to get the project off the ground.

According to a Cointelegraph report from August, just three centralized cloud providers account for more than two-thirds of Ethereum nodes. More than half of the total nodes were hosted on AWS, according to data at the time.

Features: ‘Account abstraction’ supercharges Ethereum wallets: Dummies guide

Ethereum ERC-4337 ‘bundlers’ — How hard is joining the network?

Ethereum’s new account abstraction features make crypto more user-friendly, but how hard is it to join the new network?

A new decentralized layer has been added on top of Ethereum to make smart accounts possible with the introduction of ERC-4337 and account abstraction — but infrastructure providers suggest it may be tricky to participate profitably right now.

ERC-4337, commonly called “smart accounts” or “account abstraction,” was deployed on the Ethereum mainnet on March 1. “Smart accounts” are essentially a supercharged version of an Ethereum wallet. Although smart contract wallets already exist, they rely on centralized components. ERC-4337 changes that with a distributed network of “Bundlers” and “Paymasters.”

Under the hood, there are a few subtle but significant changes — namely the addition of the “User Intent Layer,” explained Matt Cutler, the co-founder and CEO of Blocknative, a core Ethereum infrastructure provider.

According to Cutler, an Ethereum transaction today involves several discrete steps.

*A model explaining the current Ethereum transaction flow. Source: Blocknative*

A user accesses their standard externally-owned account (EOA) or private key to compose a signed transaction — for example, transferring a nonfungible token (NFT) to another user.

This transaction is then sent to the public mempool — which could be described as a shared queue for transactions — to be plucked out by a “Builder” who organizes it into a “profitable block.” From there, the block is proposed to a Validator, who ultimately proposes and publishes it on-chain, completing the transaction.

Under ERC-4337, the new “User Intent Layer” is introduced before the current EOA step.

*A mental model explaining the new Ethereum transaction flow with ERC-4337. Source: Blocknative*

This additional layer allows a user to initiate more complex transactions in a single step. To make this possible, ERC-4337 introduces an “Alternative Mempool” and a network of transaction Bundlers, and along with it — a new way to earn fees.

Becoming a undler

A Bundler is a node that does a very similar job to the block “Builder.” Instead of organizing signed transactions from the public mempool to assemble a profitable block, a Bundler grabs User Operations, or userOps, from the Alt-Mempool to create the most profitable bundle which is signed and submitted to the network as a single transaction. This is all part of the newly added layer that makes smart accounts possible.

Bundlers get compensated via userOp gas fees for providing their much-needed service.

Will Account abstraction bring a billion people to crypto?

NO. Solving a problem that billions of people have will bring a billion people to crypto.

Account abstraction enables the distribution of the solution.

— John Rising (@johnrising_) March 24, 2023

While anyone can be a Bundler in theory, in reality, being a successful one might be another story, Cutler warned.

Like Builders, Bundlers are “specialized actors” made up of “relatively sophisticated development teams operating substantial computational, storage, and networking infrastructure,” he said.

“ERC-4337 is trustless and permissionless. So if you’re technically adept, by all means, you can stand up and operate your own Bundler. The challenge is Bundling is a competitive market. So you will be competing against relatively sophisticated teams that are investing heavily into being a competitive Bundler,” he said.

“Bundlers are not the sort of tooling that you just stand up, forget about and it starts printing you money. We expect Bundling to be substantially more technically sophisticated than being a validator, for instance.”

Cutler noted there are already a number of open-source bundler code repositories.

There is an ongoing debate about whether ERC-4337 will have an impact on Ethereum gas fees, particularly given the increase in transaction complexity associated with the introduction of the new User Intent layer.

ERC-4337 and AA are all over the news, but with that comes a lot of misinformation. Here are some common misconceptions (and valid concerns): https://t.co/MkVoOvR44y

— ZeroDev (@zerodev_app) March 9, 2023

“While it is still too early to tell, my current expectation is that, on average, gas fees will not change all that much. If ERC-4337 has an impact, it’s going to be pretty slight — either up or down. We do not expect transaction fees to suddenly go to zero or suddenly become 100x more expensive,” said Cutler.

Magazine: ‘Account abstraction’ supercharges Ethereum wallets : Dummies guide

Price analysis 4/3: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

Macroeconomic headwinds continue to pressure the crypto market, but bulls appear steadfast on holding $28,000 for support, and this could provide tailwinds for altcoins.

Bitcoin’s (BTC) price initially dipped, but then recovered on April 3. The volatility happened after several OPEC+ members announced plans to cut oil production, totaling 1.65 million barrels per day until the end of the year. Some analysts expect this move to tighten supply, resulting in higher prices at the pump. That may, in turn, boost inflation, warranting a continued hawkish stance from central banks.

Initially, the United States dollar index (DXY) rose, but it could not sustain the intraday rally. This suggests that the market participants believe the event will not cause any major deviation in the U.S. Federal Reserve’s policy. A weaker DXY is generally considered a positive for risky assets.

Cryptocurrencies have remained strong in the face of adverse macroeconomic news and regulatory action against crypto firms in the past few days. When the price of an asset does not crack with negative news, it shows that traders are not panicking and selling their holdings.

Could Bitcoin overcome the obstacle at $30,000 and start a bull run? Will altcoins also join the party? Let’s study the charts to find out.

S&P 500 index price analysis

The S&P 500 index (SPX) picked up momentum after breaking out of the wedge pattern. Buyers will try to push the price to $4,200 which is likely to act as a strong barrier.

If the price turns down from $4,200 but rebounds off the 20-day exponential moving average ($4,002), it will suggest that the sentiment has turned bullish. That could increase the possibility of a break above the $4,200-to-$4,325 resistance zone.

On the contrary, the bears will try to protect the overhead resistance zone and pull the index back below the moving averages. If they do that, several aggressive bulls may get trapped. The index may then collapse to the crucial support at $3,764.

U.S. dollar index price analysis

The U.S. dollar index broke below the 20-day EMA ($103) on March 17, indicating that the recovery is fizzling out.

Buyers tried to drive the price above the 20-day EMA on April 3, but the long wick of the candlestick shows that the bears did not relent. The bears will try to strengthen their position further by pulling the price to the horizontal support at $100.82.

On the other hand, the bulls will try to push the price back above the 20-day EMA. If they manage to do that, the index could rise to the 200-day SMA ($106). The bears are expected to mount a strong defense at this level.

Bitcoin price analysis

The bears could not even pull Bitcoin to the 20-day EMA ($27,105) on April 3, suggesting that the bulls are buying the intraday dips.

The rising 20-day EMA and the RSI in the positive zone indicate that the bulls are in control. Buyers will try to clear the overhead hurdle at $29,185. If they can pull it off, the BTC/USDT pair could jump to $30,000.

This level could witness a strong defense by the bears, but the possibility of a break above it remains high. The pair may then gradually rally to $32,500.

If bears want to stall the up-move, they will have to tug the price below the 20-day EMA. If they do that, several short-term traders may rush to the exit. That could drag the price to the breakout level of $25,250.

Ether price analysis

Ether (ETH) once again turned up from the 20-day EMA ($1,753) on April 3, indicating that the sentiment is positive and traders are buying on dips.

The vital level to watch on the upside is $1,857. If buyers overcome this obstacle, the ETH/USDT pair is likely to pick up momentum. The $2,000 level may act as a strong resistance but it is likely to be crossed. The pair may then attempt a rally to $2,200. This level is likely to attract strong selling by the bears.

The first important support on the downside is the 20-day EMA. If this level cracks, the pair may fall to $1,680. A break and close below this support may tilt the advantage back in favor of the bears.

BNB price analysis

The bulls tried to push BNB (BNB) above the downtrend line, but the bears held their ground. This suggests that the bears are selling on every minor rally.

The 20-day EMA ($315) is flattish and the RSI is just below the midpoint, indicating a balance between supply and demand. This balance will tilt in favor of the bears if the price breaks below $306. The BNB/USDT pair could then dive to the 200-day SMA ($290).

Alternatively, if the price turns up and breaks above $318, it will suggest that lower levels continue to attract buyers. The pair may then jump to the overhead resistance zone between $338 and $346.

XRP price analysis

Buyers are trying to arrest XRP’s (XRP) correction near the 38.2% Fibonacci retracement level of $0.49 while the bears are attempting to sink the price below it.

If the price turns up from the current level, it will enhance the prospects of a rally above the overhead resistance zone of $0.56 to $0.58. There is a minor resistance at $0.65, but it is likely to be crossed. The XRP/USDT pair could then march toward $0.80.

Conversely, if the price continues lower and breaks below $0.49, it will suggest that the short-term traders may be booking profits. The pair could then descend to the 20-day EMA ($0.46). This is an important level for the bulls to defend because a break below it may sink the pair to $0.43.

Cardano price analysis

Cardano (ADA) rebounded off the 20-day EMA ($0.36) on April 3, indicating a change in sentiment from selling on rallies to buying on dips.

The upsloping 20-day EMA and the RSI in the positive zone increase the likelihood of a break above the neckline. If that happens, the inverse H&S pattern will complete. The ADA/USDT pair could then signal the start of a new uptrend. The pattern target of this reversal setup is $0.60.

If bears want to prevent the upward move, they will have to yank the price back below the 200-day SMA ($0.35). If they do that, the pair may tumble to $0.30.

Polygon price analysis

Polygon (MATIC) has been clinging to the 20-day EMA ($1.11) for the past few days, indicating that every minor dip is being bought.

The 20-day EMA is flattening out and the RSI is just below the midpoint, indicating that the selling pressure is reducing. If buyers propel the price above the $1.15 resistance, the MATIC/USDT pair could rally to the overhead resistance zone between $1.25 and $1.30.

Contrarily, if bulls fail to sustain the price above the 20-day EMA, it will suggest that bears are fiercely defending the level. The sellers will have to sink the price below the 200-day SMA ($0.97) to regain control.

Dogecoin price analysis

Dogecoin (DOGE) climbed above the 200-day SMA ($0.08) on April 1, but the bulls could not sustain the higher levels. The bears sold aggressively and pulled the price back below the 200-day SMA on April 2.

A minor positive for the bulls is that the DOGE/USDT pair has not broken below the 20-day EMA ($0.07). This suggests that lower levels continue to attract buyers. If the price rebounds off the 20-day EMA, the bulls will again try to push and sustain the price above the 200-day SMA. If they succeed, the pair could rally to $0.10 and then to $0.11.

This positive view could invalidate in the near term if the price turns down and plunges below the crucial support at $0.07. The pair may then nosedive to the support near $0.06.

Solana price analysis

Solana (SOL) continues to trade near the 20-day EMA ($20.83), indicating that both the bulls and the bears are not waging large bets.

Generally, periods of low volatility are followed by an uptick in volatility, but it is difficult to predict the direction of the breakout with certainty. Hence, it is better to wait for the price to make a decisive move before establishing trading positions.

If the price breaks above the downtrend line, the SOL/USDT pair could quickly rise to $27 and then surge to $39. Instead, if the price turns down and plummets below $18.70, the pair may slip to $15.28 and then to $12.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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.