Uncategorized

Ethereum Price Analysis: ETH Rally Stalls After Rejection at $4,500, What’s Next?

Key Support levels: $4,000 

Key Resistance levels: $4,566, $4,868 (ATH)

ETH rallied after touching the key support level at $4,000 and came close to reaching $4,500, where bears stepped up. It appears the resistance at $4,566 will be a hard one to crack, as the bulls don’t seem to have sufficient momentum at the time of this writing.

On the ETH/BTC chart, the situation is looking better, and the price made a new local high at 0.088 BTC before retracing. Bitcoin’s market share dropped to 40%, which is a crucial support level. If BTC falls lower, it might catapult ETH higher. However, a reversal from BTC here would make it difficult for ETH to sustain the current gains unless momentum returns.

Chart by TradingView

Technical Indicators

Trading Volume: The volume disappeared as ETH’s price went higher, which was a bearish signal. Following the rejection at $4,500, the bulls appear to be on the defensive.

RSI: The RSI is curving back down. Unless momentum returns, ETH seems more likely to retest the key support level at $4,000.

MACD: The MACD was preparing for a bullish cross on the daily timeframe, which was delayed by this loss of momentum. The histogram continues to make higher lows, but the current price action does not favor the bulls.

Chart by TradingView

Bias

The bias for ETH has turned neutral due to this loss of momentum. Previously, the bias was bullish.

Short-Term Price Prediction for ETH

Ethereum appears unlikely to break above $4,500 in the near future, and it may even dip further before gathering enough strength to renounce meaningfully. The bears appear to be more in control at the time of this writing. The current daily candle is red and has engulfed the previous bullish candle from yesterday.

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Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: Following 8% Daily Surge, Can ETH Target New ATH?

Key Support levels: $4,000, $4,329

Key Resistance levels: $4,566, $4,868 (ATH)

ETH made a successful re-test of the $4,000 support level yesterday and ever since then, the price has been increasing. It also broke the resistance at $4,329 which has now turned into support. If this momentum is maintained, then ETH bulls can reclaim the psychological level at $4,500. At the time of this writing, the cryptocurrency is up about 8% in the past 24 hours.

Moreover, on the ETH/BTC chart, the rally continues and yesterday ETH made a new high at 0.087 BTC. However, any further increases might have to wait as Bitcoin is also increasing above $50K today.

ethusd
Chart by TradingView

Technical Indicators

Trading Volume: The volume yesterday was very strong. As soon as ETH bounced off the $4,000 support, the bulls came in force and quickly pushed price to $4,200. This showed that ETH is well-defended at this key support level.

RSI: The RSI is curving back up and since it made a higher low, despite the crash, the bulls came in swiftly to move price up.

MACD: The MACD is preparing for a bullish cross on the daily timeframe. This seems to be one or two days away, should the momentum remain the same. If that happens, ETH is posed to re-test its all-time high and give BTC a hard time on the ETH/BTC pair.

Chart by TradingView

Bias

The bias for ETH has turned bullish. This comes after a successful retest of the $4,000 level followed by a strong rally.

Short-Term Price Prediction for ETH

Ethereum’s fast recovery has restored the market confidence and risk-taking has returned. This is demonstrated by the price action and the momentum which can take it to $4,500 in the near future.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: ETH Reclaims $4K Post Crash, Reaching 3.5-Year High Against BTC

The bad news is that following the crypto market collapse, ETH crashed to $3,470 on Bitstamp on Saturday early morning UTC. However, the good news is that ETH showed strength and managed to recover most of the drop, reclaiming the critical support level at $4K.

Key Support levels: $4,000

Key Resistance levels: $4,284, $4,500, $4,868 (ATH)

Despite the market crash on Saturday morning, which saw significant liquidations of over-exposed leveraged traders, Ethereum managed to recover almost entirely, as of writing these lines.

This is an important signal to the market that ETH is firmly holding against Bitcoin, which appears much weaker following this weekend crash. While ETH managed to recover fast and reclaim the $4K milestone, the same cannot be said about Bitcoin.

For this reason, on the ETH/BTC chart, ETH just made a higher high at 0.085 BTC, which is the highest level since May 2018. The all-time high versus Bitcoin lies around 0.15 BTC, and Ethereum appears well on its way towards that target after breaking above the key resistance at 0.080 BTC, along with a horizontal triangle pattern (as shown on the following chart)

Against the USD, ETH has to remain above the key support at $4,000 to maintain the bullish price action and then likely to face resistance levels at $4,284, $4,500, and $4,868 (ATH).

ETH/BTC Chart by TradingView

Technical Indicators

Trading Volume: During the crash, the volume peaked. However, the recovery candle saw a lot fewer amounts of volume. Best to be cautious because of this, particularly once the price reaches the first resistance at $4,284. In other words, the volume is not in favor of the bulls right now.

RSI: The daily RSI made a higher low, despite the crash. This is a sign of strength and gives hope for a speedy recovery.

MACD: The MACD was bullish before the crash, but this quickly rolled over due to the collapse, as the moving averages flipped back down and the histogram went into the negative territory. If ETH stays above $4,000, the MACD will likely revert back to the bullish territory.

Chart by TradingView

Bias

The bias for ETH is neutral. It is too early to turn bullish and traders should be cautious as any significant rejection at the resistance levels may lead to an over-reaction from the market due to the recent crypto market crash.

Short-Term Price Prediction for ETH

Ethereum’s fast recovery back above the psychological level at $4,000 is a key win for the bulls and if they can sustain it, then confidence in ETH will return and build up momentum for a rally. ETH must not close a daily candle below $4,000. As long as this is so, ETH is well-positioned for higher targets.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Rejected at $60K Amid Fears of New COVID Variant: This Week’s Recap

The past seven were somewhat successful for Bitcoin, and the total market capitalization managed to increase by some $150 million. Some altcoins are really taking off, while others are seemingly in a stalemate situation.

But let’s start with Bitcoin. The market leader failed to produce any meaningful gains but is up slightly above 2% in the past seven days. This came after an excellent weekly close on Sunday. Unfortunately, bulls didn’t capitalize on the opportunity and failed to break the critical $59K resistance level on three separate occasions on Monday, Tuesday, and Wednesday.

A lot of this volatility had to do with broader market turmoil caused by the discovery of a new COVID variant called Omicron. Stocks are also looking shaky, and it’s likely that they will take some time before the risk-on trade can continue with full force, hence creating temporary headwinds for the crypto market as well.

Some altcoins were completely unfazed by all of the above. Solana is up 10.5% in seven days, while LUNA skyrocketed by almost 60%. However, others felt the weight of the market instability – DOT is down 9%, XRP – 7.3%, ADA – 3%, AVAX – 8.7%, and so forth.

It’s interesting to note that this was the first time when PlanB’s BTC floor model missed by a long shot. However, according to the analyst, his S2F model is still intact. We are heading into a historically bullish month for the cryptocurrency market, in general, and it’s exciting to see what December has in store.

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Market Data

Market Cap: $2,739B | 24H Vol: 132B | BTC Dominance: 38.9%

BTC: $56,283 (+2.1%%) | ETH: $4,531 (+0.4%) | ADA: $1.1.63 (-3%)

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This Week’s Crypto Headlines You Can’t Miss

PlanB’s Floor Model First Miss: Bitcoin Price Closed Way Below $98K In November. PlanB, the analyst who created the famed Bitcoin Stock-to-Flow (S2F) model, also created a “worst-case scenario” one known as the floor model. In November, the latter was off for the first time as the price closed way below its target.

Adidas Enters The Metaverse With BAYC, Punks Comic, and GMoney. Renowned shoemaker Adidas formed three more crypto-related partnerships, diving deeper into the Metaverse hole. Following its collab with Coinbase, Adidas has now joined various NFT projects such as GMoney, Bored Ape Yacht Club (BAYC), and Punks Comic.

Binance Smart Chain Activates Real-Time BNB Burning Mechanism. The Binance Smart Chain (BSC) activated the BEP-95, which integrates a real-time burning mechanism into its tokenomics structure. Going forward a fixed ratio of gas fees that are collected by BSC validators is going to be burned in every single block.

Ex-Chancellor: Crypto Could Give London an Advantage Over European Competitors. Philip Hammond, a former Chancellor for the Exchequer from 2016 to 2019 in the UK, argued that cryptocurrency adoption can give London a competitive advantage over other European competitors. He also added that failure to adopt might leave them behind.

Square Rebrands to Block, Expands Focus on Blockchain Industry. Jack Dorsey-led Square, the financial services company, changed its name to Block, hinting at further involvement in the broader cryptocurrency industry. This happened immediately after Dorsey stepped down from Twitter and is no longer serving as its CEO.

Meta Expands Avenues For Running Crypto Ads On Facebook. After rebranding the company to Meta, the platform has now expanded the range of cryptocurrency ads that are eligible. It now accepts 27 licenses compared to the previous 3, and they are publicly viewable on the policy page.

Charts

This week we have a chart analysis of Ethereum, Binance Coin, Cardano, Solana, and Luna – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Price Analysis Dec-3: Ethereum, Binance Coin, Cardano, Solana, and Luna

Ethereum (ETH)

Ethereum acted as a locomotive in the last seven days, pulling most of the altcoin market back on the uptrend after the $4,000 support held well. ETH broke above the key resistance at $4,350 and stopped just $80 from reaching the all-time high at $4,868.

Due to the high volatility, the price is very close to last week’s analysis, charting only a small 1% increase. Nevertheless, ETH outperformed Bitcoin and drew a lot of attention.

The key challenge now for ETH is to 1) sustain the price above the critical resistance-turned-support at $4,350 and 2) attempt a break above the all-time high at $4,868. If successful, this can lead the market to a significant uptrend. Either way, the month of December should be very exciting for market participants.

Chart by TradingView

Binance Coin (BNB)

After falling under $600, BNB managed to make a quick recovery above this key level. Despite this, the price did not manage to make a higher high compared to the last weekly review and is at -2.3% in the past seven days.

As long as BNB manages to hold above the support at $600, the price has a good chance to explore higher levels and even attempt a break of the all-time high at $692. The BNB indicators are not particularly bullish right now, with the daily MACD failing to complete a bullish cross yesterday. Should that happen later, then the chances for BNB to go higher will increase significantly.

Until then, BNB can continue to consolidate above $600. All eyes remain on the market leaders, Ethereum and Bitcoin, to set the tone in the coming week.

Chart by TradingView

Cardano (ADA)

Volatility returned to ADA yesterday when the price increased by 10% in less than 4 hours. This is a welcome change after a poor performance in the previous weeks. On November 16th, ADA broke below the critical support at $1.9, and this level turned into an important resistance. Overall, in the past seven days, ADA’s price remained almost the same with a -1% difference.

For the cryptocurrency to reverse the downtrend, it has to break the resistance at $1.7 and $1.9, with the latter being the true test of this renewed volatility and momentum. Failure there might cause the price to remain under $1.9 for some time.

Looking ahead, there are some positive signs for ADA holders. The daily MACD painted a bullish cross, thanks to yesterday’s rally. If bulls can maintain this bullish momentum, ADA can finally return on the uptrend. The volume was significant, which is a sign of strength.

Chart by TradingView

Solana (SOL)

SOL had a great week with a nice 13% increase after it successfully tested the $190 level as support. At the time of this post, the price is sitting just under the key resistance found at $236. It is unlikely this level will hold SOL under it for long because the bullish momentum is building up.

The MACD, on the daily timeframe completed a bullish cross, and this is a key bullish signal that SOL may be entering into a sustained rally. The first confirmation of this will come if the cryptocurrency breaks above the key resistance at $236. Volume has also increased in the past week, showing that bulls have the upper hand. It is important to see if bears will come in force at this resistance level because if they don’t, then bulls will continue on their march higher.

The all-time high for SOL is at $259.90, which is not far from the current price. If bears are unsuccessful to step in at $234, then the all-time high is their last line of defense before SOL re-enters price discovery.

Chart by TradingView

Luna

The strongest performer this week, Luna, increased by 53%. This is a testament to the fundamentals behind this push, with TerraUSD stablecoin reaching $7.8 billion in market cap at the time of this post. On November 1st, the market cap was $2.8 billion. More Luna tokens need to be burned to increase the market supply of TerraUSD. This creates demand for Luna, and it reduces its circulating supply. Taken together, this exercises a significant buy pressure on the token.

With that said, Luna made a new all-time high today and reached $69.66, the highest price on record. This level is likely to act as resistance as on lower timeframes like 4 hours, the RSI shows a bearish divergence. A short pullback would not be surprising as the bulls rest before the next rally. On larger timeframes, Luna’s indicators remain extremely bullish. However, it is always best to be cautious during extremes.

Looking ahead, Luna has great support at $55. Should it enter a correction in the future, these levels should be well defended by bulls.

Chart by TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: ETH Got 1% From New ATH, BTC Struggles to Break $58K

Bitcoin continues to struggle below $58,000 as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which came just inches away from a new ATH.

ETH’s ATH Push and Alts on the Rise

The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, the landscape around it has changed dramatically since then, and ETH now stands over $4,700.

Moreover, ETH touched $4,800 hours ago, which means that it came less than $80 away from painting a new all-time high.

Most other larger-cap alts are also in the green now. Binance Coin is nearly 5% up on the day and has increased to $640. Solana is among the best performers as a 9% surge has driven SOL to $220.

Cardano (2%), Ripple (3%), Polkadot (5%), Avalanche (6.5%), Terra (5%), CRO (7%), Litecoin (6%), Polygon (13%), and Chainlink (6%) have all marked substantial daily gains.

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In contrast, the two largest memecoins are in red. Dogecoin is down by 1.2%, while Shiba Inu, which skyrocketed following a listing on Kraken yesterday, is down by 8% now.

Further gains come from Voyager Token (33%), Stacks (27%), Curve DAO Token (19%), KuCoin Token (11%), and Nexo (11%).

The crypto market cap is up by $80 billion in a day and is close to $2.8 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Failed at $58K

While most alts charted impressive gains, bitcoin couldn’t do the same. The cryptocurrency had dipped below $54,000 during the weekend but surged by over $4,000 on Monday.

It continued in the following hours upwards and even touched $59,000. After a brief retracement, BTC did it again and exceeded $59,000 yesterday once again.

However, it failed to keep rising, and the subsequent rejection drove it south by $2,000. Following a few more fluctuations, BTC has now stalled around $57,000.

As bitcoin’s market cap has remained beneath $1.1 trillion, the dominance over the alts continues to fade away. The metric was above 44% just a few weeks ago, but it’s down beneath 41% now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: ETH Surges 8% Daily, Eyes All-Time High

Key Support levels: $4,350

Key Resistance levels: $4,868 (ATH)

ETH has finally moved above 0.08 BTC on the ETH/BTC chart. With this breakout, the cryptocurrency signals that it is ready to make significant gains against Bitcoin and lead the altcoin market to new heights. This breakout is essential because it represents a resistance line going back to the 2017 top when one ETH was 0.15 BTC.

Ethereum rallied on the USD pair as well and it is less than 3% from the all-time high at $4,868. As such, the current support is found at $4,350, and the resistance is represented by ATH. Considering the major breakout versus BTC, ETH seems likely to continue its rally and the only significant resistance left now is the all-time high on the USD chart.

Chart by TradingView

Technical Indicators

Trading Volume: The volume increased as the price moved higher which is bullish and a show of strength. It’s important to monitor the volume closely, especially as ETH approaches the key resistance.

RSI: The daily RSI is curving up and has plenty of space to go higher until it reaches the overbought area (>70) considering it is at 59 at the time of this post.

MACD: The MACD completed a bullish cross yesterday, which is very significant and highlights the start of a new rally for ETH. The last time this happened was on October 1st when ETH rallied 64% until November 10, which is also the date of the current all-time high.

Chart by TradingView

Bias

The bias for ETH is bullish. It is important for ETH to maintain this momentum and break above the key resistance.

Short-Term Price Prediction for ETH

Ethereum’s breakout on the Bitcoin chart and the fact that it is less than 3% from the current all-time high at $4,868 shows that Ethereum is likely ready for a new rally.  If it can break above the all-time high, then it will enter price discovery which could lead to a fast price increase.

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Cryptocurrency charts by TradingView.


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Uncategorized

Ethereum Price Analysis: ETH Resistance at $4350 Intact, Will Bulls Step Back In Soon?

Key Support levels: $4,000

Key Resistance levels: $4,350, $4868 (ATH)

ETH failed to chart any meaningful gains throughout the week as bears intercepted all attempts at a rally and managed to bring the price back towards the $4,000 support on a few occasions.

This price action shows that bulls don’t appear ready to push above the $4,350 resistance, and bears are seemingly in control of the momentum, at least for the short term. Until $4,350 is flipped into support, bulls need to be very careful of potential downward movements.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is decreasing, perhaps in anticipation of a major breakout. The previous attempts to break the key resistance level were on low volume, which is the reason why the bears were also successful to reject such attempts.

RSI: The daily RSI is making higher lows. This is somewhat bullish, but it is too early to get excited since the price can go either way.

MACD: The MACD is bearish on the daily timeframe, and the histogram and moving averages continue to fall. There’s o potential for a reversal in sight as of yet. On lower timeframes, the MACD is flat, suggesting a consolidation period before the next big move.

Chart by TradingView

Bias

The bias for ETH is neutral. So long as the price stays above $4,000, the bulls have a good chance to regain control. If they lose this key level, then they will be at a big disadvantage.

Short-Term Price Prediction for ETH

Ethereum’s consolidation can continue, which will keep the price around $4,000. The low volume, flat trend, and the failure to move the price beyond the key resistance level show that bulls do not yet have the strength to push ETH higher. The coming weekdays may lead to increased volatility, and it’s important to remain careful.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Correction Deepens: Market Cap Below $2.5 Trillion, Ethereum Amid $4K Again (Market Watch)

The landscape in the cryptocurrency market continues to look dim, with bitcoin falling to overcome $55,000. The altcoins also struggle as Ethereum is close to breaking below $4,000, while Polkadot dumped by another 6% in a day.

Bitcoin Suffers Below $55K

It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. The cryptocurrency challenged the coveted $60,000 mark on Friday before a sudden price dump, perhaps prompted by fears of a new COVID-19 variant, drove it south hard.

In just a matter of minutes, the asset lost more than $6,000 of value and bottomed at $53,500, causing nearly $400 million of liquidations in an hour.

This became the most severe price crash since September. Since then, BTC has attempted to recover some ground and even exceeded $55,000 on a few occasions but was stopped in its tracks.

As of now, bitcoin trades just over $54,000, and its market capitalization is close to dropping below $1 trillion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Red Again

Similarly to bitcoin, most alternative coins have suffered severely in the past few days. Ethereum, for example, traded above $4,500 before the correction drove it south to under $4,000.

After an unsuccessful attempt to challenge $4,200, the second-largest crypto is now slightly over $4,000.

The rest of the larger-cap alts are in a similar condition. Binance Coin (-3%), Solana (-4.5%), Cardano (-4%), Ripple (-4%), Dogecoin (-3.5%), Avalanche (-4%), and CRO (-4.5%) are all in red.

Polkadot has lost the most value in a day. Another 6% dump has driven DOT to $33.

The cryptocurrency market capitalization is just over $2.5 trillion on CoinGecko. This means that it’s down by more than $500 billion in a few weeks since it exceeded $3 trillion for the first time.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: Bitcoin Concludes Its Worst Day Since September

The last day was particularly tumultuous throughout the entire cryptocurrency market and bears clearly had the upper hand. While an argument can be made that this is a correction that (so far) failed to damage the long-term market structure, it’s a fact that BTC’s price saw its worst day of trading since September 7th.

Bitcoin Price Tumbled Below $54K

Yesterday, bears took full control over the market, and this resulted in the worst daily candle Bitcoin’s had since September 7th when the price dropped from $52K all the way down to $42K.

This time the damage wasn’t as serious, but still, BTC opened at around $59K and closed below $54K, charting a considerable loss. Analysts speculate of the exact reasons for the drop, though many seem to believe that it was the overleveraged long position that cascaded into a spree of liquidations.

In fact, at one point, the liquidations amounted to over $300 million in just an hour. In any case, the market has since recovered a bit, and bitcoin’s price currently rests above $55,000, while its dominance over the remaining cryptocurrencies hovers slightly below 42%.

img1_btcchart
Chart by TradingView

Altcoins in Recovery

While on a 24-hour log, most of the altcoins are currently painted green, if we extend that to 30 hours, the situation would be completely different. Ethereum’s price plunged below $4K, while BNB, Solana, and especially Cardano (ADA) all charted notable declines.

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However, since the dump, they are all now recovering, and this morning, the confidence seems to be resuming in the market.

img_alts
Chart by Coin360

At the time of this writing, the biggest gainers from the 24-hour fiasco (of the top 100 coins) are ENS with 23% and CRO with 14.6%, even though the latter’s price was just below $1 about three days from now.

On the other hand, those who lost the most were BAT with 7.3% and OHM with 7.1% declines.

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Cryptocurrency charts by TradingView.


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