The cryptocurrency market, led by the largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), surged on Tuesday to levels not seen in over a month in anticipation of the Federal Reserve’s (Fed) imminent announcement of its first interest rate cut since the COVID-19 pandemic.
However, despite these expectations or what the outcome of the Fed’s announcement could have on the market, on Bitcoin Halving years, the fourth quarter (Q4) is usually significantly bullish for the two largest digital assets and the broader market.
Interestingly, Ethereum’s performance following past Bitcoin Halving events has displayed notable variations. Data reveals that in the year following the 2016 Halving, Ethereum experienced a 45% drawdown before embarking on a notable rally that culminated in a 3,400% increase.
Similarly, after the 2020 Halving, ETH surged by 150% before rocketing to a 2,150% gain. However, since the latest Halving in April, ETH has mirrored Bitcoin’s volatility, encountering notable price fluctuations and establishing lower support levels.
The recent month has not been kind to Ethereum, marked by two significant crashes. On August 5, ETH retraced over 25%, plummeting to a six-month low of $2,110. The downward trend continued into September, with increased selling pressure leading to a drop from $2,800 to approximately $2,150 in just one week.
Despite these challenges, analyst CryptoBullet remains optimistic about Q4’s potential for a turnaround. Notably, the analyst identified a “triple bottom” formation on the ETH/USDT daily chart see in the image below, reminiscent of price action observed in 2021.
This pattern suggests that Ethereum may be poised for a rebound similar to that seen in 2021, when it surged from around $1,650 to its all-time high of $4,730. Yet, currently trading at approximately $2,330, Ethereum sits over 52% below its previous all-time high.
Predicting further price volatility for ETH on Wednesday ahead of the upcoming Fed rate cut, there are key levels to monitor. In the past week, ETH has established the $2,260 mark as a significant support level. This price point is crucial, as it could act as a buffer against a further decline toward $2,200 or even a retest of the next major support at $2,100.
On the upside, the 50-day exponential moving average (EMA) is currently positioned at $2,350, serving as a formidable barrier for Ethereum. This resistance level has been preventing the cryptocurrency from retesting the $2,400 mark in the near term.
Should ETH manage to break above these resistance levels, bullish investors will set their sights on the next major resistance at $2,520. Just above this level lies another critical hurdle at $2,620, where the 200-day EMA is situated. This level has not been surpassed since July of this year, when Ethereum’s price fell below it, initiating the current downtrend.
Featured image from DALL-E, chart from TradingView.com
Ethereum price started a recovery wave above the $2,320 resistance. ETH is now struggling to gain pace for a move above the $2,385 resistance.
Ethereum price formed a base near $2,250 and started a fresh increase like Bitcoin. ETH was able to clear the $2,300 and $2,320 resistance levels.
There was a break above a short-term declining channel with resistance at $2,290 on the hourly chart of ETH/USD. The pair was able to climb above the 50% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low.
The price even spiked above $2,260 before the bears appeared. There was a rejection near the 61.8% Fib retracement level of the downward wave from the $2,465 swing high to the $2,252 low.
Ethereum price is now trading below $2,350 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,340 level. The first major resistance is near the $2,385 level. The next key resistance is near $2,420.
An upside break above the $2,420 resistance might call for more gains. In the stated case, Ether could rise toward the $2,450 resistance zone in the near term. The next hurdle sits near the $2,550 level.
If Ethereum fails to clear the $2,340 resistance, it could start another decline in the near term. Initial support on the downside is near $2,300. The first major support sits near the $2,250 zone.
A clear move below the $2,250 support might push the price toward $2,180. Any more losses might send the price toward the $2,120 support level in the near term. The next key support sits at $2,050.
Technical Indicators
Hourly MACD - The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level - $2,300
Major Resistance Level - $2,385
Bitcoin price started another increase above the $58,500 resistance. BTC is back above $60,000 and again struggling to continue higher.
Bitcoin price remained supported above the $57,500 level. BTC formed a base and started another increase above the $58,500 resistance zone. There was a clear move above the $60,000 level.
The price tested the $61,200 resistance zone. A high was formed at $61,300 and the price is now correcting gains. There was a move below the $60,500 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high.
Bitcoin is now trading above $59,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $60,500 level. There is also a connecting bearish trend line forming with resistance at $60,500 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $60,650 level. A clear move above the $60,650 resistance might start a steady increase in the coming sessions. The next key resistance could be $61,200. A close above the $61,200 resistance might spark more upsides. In the stated case, the price could rise and test the $62,500 resistance.
If Bitcoin fails to rise above the $60,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $60,000 level.
The first major support is $59,750. The next support is now near the $59,400 zone and the 100 hourly Simple moving average or the 50% Fib retracement level of the upward move from the $57,488 swing low to the $61,300 high. Any more losses might send the price toward the $58,450 support in the near term.
Technical indicators:
Hourly MACD - The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.
Major Support Levels - $60,000, followed by $59,400.
Major Resistance Levels - $60,500, and $61,200.
Synthetix, a popular DeFi protocol, is facing challenges regarding its plans for Arbitrum, a layer-2 platform for Ethereum. According to the recent voting results, the community voted against its plans to extend its Long-Term Incentive Program (LTIP) grant.
The goal was to support the launch of Multi-Collateral Perps. The feature would have permitted traders to trade using margin with ETH, BTC, and USDx acting as collateral when initiating perpetual futures on Arbitrum via Synthetix perpetuals.
If the Arbitrum community had agreed, it would have allowed Synthetix to distribute 900,000 ARB as trading fee rebates. According to the Synthetix proposal, they intended to incentivize users and, thus, boost the active trading volume of Synthetix on the layer-2 platform.
While novel and a net positive for Synthetix, the ARB community deemed the extension, which would have started from September 16 through November 16, unnecessary. Subsequently, 66% of all ARB votes were against this extension, and 9% supported this proposal.
Now that ARB holders have rejected the extension, the launch of the Multi-Collateral Perps feature will face delays. For this reason, Synthetix users on Arbitrum would have to wait longer to trade trustless perpetual with the freedom to use various margin assets.
At the same time, there are now reduced incentives to engage. Fewer users will be willing to trade on Arbitrum using Synthetix perpetual without the extension. Accordingly, this would negatively impact the DeFi trading portal.
Combining the above, engagement on Arbitrum would be impacted as Synthetix traders, angling for the fee rebates sent from the 900,000 ARB, would withdraw.
In the future, it remains to be seen how Synthetix will proceed on Arbitrum, the largest Ethereum layer-2 by trading volume. As it is, the protocol might now have to explore other strategies to incentivize traders and launch the crucial Multi-Collateral Perps feature.
Though SNX prices might suffer, ARB might find support now that supply will be lowered. Looking at the daily chart of the ARBUSDT, sellers are in control.
After peaking in January 2024, ARB has been plunging lower, sliding by as much as 80% to spot rates. The token finds itself in critical support. If bears take over, ARB will fall, printing fresh all-time lows.
As the crypto community awaits the Federal Reserve’s (Fed) rate cut announcement on September 18, the stakes are high for Bitcoin (BTC) and the broader financial landscape. This upcoming decision marks the first central bank rate cut since the Fed slashed its key rate to near zero in March 2020 amid the COVID-19 pandemic.
According to CME Group’s FedWatch tool, markets are currently pricing in a 59% chance of a half-percentage-point rate cut and a 41% chance of a quarter-point cut. There's an overwhelming expectation that by the end of 2024, the Fed could implement up to 100 basis points in cuts, with nearly 60% odds of 125 basis points.
This suggests that investors anticipate at least one or two substantial rate cuts in the three remaining Fed meetings of the year, starting with this week’s announcement.
The potential effects of a 50 basis point cut remain hotly debated within the crypto industry. Market expert Crypto Rover argues that such a cut could reignite a bull run for Bitcoin, stating that the conditions could lead to "super bullish" prospects.
Similarly, analyst Lark Davis recalls how Bitcoin previously surged following past rate cuts, predicting that if history repeats, the next 6-12 months could see significant price increases for the largest cryptocurrency on the market.
In addition to optimism and bullish expectations, other analysts express caution. EmperorBTC predicts an initial market pump following the rate cut, driven by cheaper borrowing costs.
However, the analyst warns of profit-taking by short-term holders leading to a subsequent market dump, suggesting a “sell the news” scenario that could leave many investors disillusioned before the market stabilizes and resumes growth.
On the other hand, technical analyst Justin Bennett offers a more cautionary historical perspective. He points to the market’s performance during the Fed’s rate cuts in 2007, when the Nasdaq 100 Index retraced significantly after the initial cuts, suggesting that the same pattern could emerge in 2023.
Bennett’s analysis suggests that current market conditions may mirror previous downturns, calling into question the optimistic projections shared by some for the broader digital asset market.
In a similar vein, NewsBTC reported on Monday the analysis of crypto strategist Doctor Profit, in which he highlights a divided sentiment in the market regarding the rate cut, with equal chances of a 0.25% or 0.50% reduction.
However, the analyst is leaning towards the larger cut, arguing that failure to take decisive action could lead to turmoil reminiscent of “Blood Monday” on August 5, when Bitcoin experienced a sharp decline to $48,900.
Despite the divided sentiment in the market, Bitcoin has jumped from the $57,000 mark traded on Monday to a current price of $61,000, recording a surge of nearly 6% in a matter of hours in anticipation of tomorrow’s announcements.
Featured image from DALL-E, chart from TradingView.com
Cardano (ADA) is finally at stage three of this current market cycle, with analysts foreseeing a massive 4,500% price rally to $15. This projected price increase is set to offer dedicated investors and holders a small window of opportunity to make gains from the popular altcoin.
Crypto analyst, Remi Benays has announced on X (formerly Twitter) that Cardano is at a crucial stage of this market cycle, characterized by potential price rallies to new all-time highs around $15. Sharing a historical price chart of Cardano, Benays highlighted a unique recurring bullish pattern in the cryptocurrency's movements from 2018 till date.
The analyst noted that from 2018 to 2021, Cardano experienced a period of severe price decline, followed by a period of consolidation, a fake bounce and ultimately a dramatic price surge.
To be more precise, the cryptocurrency crashed by 98% between 2018 and 2019, then experienced a ghost chain fake bounce around 2020 and early 2021, and then exploded with an astonishing 18,000% gain after the Bitcoin halving event in 2020.
Benays has identified a similar trend from 2021 to 2024. The analyst disclosed in his chart that ADA was down by a whopping 92% in 2023, before experiencing a double fake bounce around April 2024.
Considering Bitcoin concluded its halving event on April 20 this year, the analyst foresees a mega pump to $15 for ADA by 2025. This substantial price increase would push ADA's market capitalization to $500 billion from its current value of $11.9 billion. Moreover, it would represent a massive price rally of over 4,500% for the altcoin.
While some may consider Benays $15 ADA forecast as overly ambitious, the analyst has envisioned an even more bullish scenario. He expects ADA to continue rising from his initial target of $15 to $31 by 2026. A rally to this substantial price level would place Cardano's market capitalization at $1 trillion, exceeding the combined valuations of Solana (SOL) and Ethereum (ETH).
Taking a more conservative approach, crypto analyst Sssebi has predicted a 20X to 30X rally for Cardano in the next 12 months. The analyst disclosed that Cardano is "exactly where it was last cycle around this time," suggesting that the cryptocurrency is well-positioned for a significant rally.
He projected that Cardano could potentially reach a minimum price level of $5 by 2025 and a maximum value of $10 at the top of the bull market. Currently, the price of ADA is trading at $0.33, reflecting a 2.58% decrease over the past week. A jump to $5 or even $10 would require the cryptocurrency to rally by approximately 1,415% and 2,930%, respectively.
BlackRock's iShare Bitcoin Trust (IBIT) registered its first daily net inflow in three weeks, leading to US spot Bitcoin exchange-traded-funds (ETFs) witnessing a combined net inflow of $12.8 million, data from Farside Investors confirms.
BlackRock forayed into the Bitcoin ETF space when the US Securities and Exchange Commission (SEC) approved IBIT in January 2024.
Dubbed the world's largest asset manager with a total asset-under-management (AUM) of $9 trillion, BlackRock's entry into the nascent crypto ETF ecosystem was met with much enthusiasm by investors as it not only brought a degree of sophistication but also exhibited institutional approval toward the industry.
Yesterday, the asset manager's regulated financial product pulled $15.8 million in daily net inflows, a first since August 26, 2024. The net inflow of funds into IBIT was strong enough to push the wider US spot Bitcoin ETF market into green territory, with a combined net inflow of $12.8 million.
IBIT’s three weeks of no net daily inflows consisted of 11 days with zero flows, while two days – August 29, and September 9 – saw net daily outflows to $13.5 million and $9.1 million, respectively.
Looking at the performance of other spot Bitcoin ETFs, Grayscale's GBTC product witnessed a net daily outflow of $20.8 million. At the same time, Fidelity's FBTC, Franklin Templeton's EZBC, and VanEck's HODL experienced a net daily inflow of $5.1 million, $5 million, and $4.9 million, respectively.
According to data from cryptocurrency ETF tracker SoSoValue, BlackRock's IBIT reigns supreme among US-based spot Bitcoin ETFs, with an enviable cumulative net inflow of $20.9 billion since the product's inception early this year. FBTC follows this with $10.1 billion, Ark and 21Shares' ARKB with $2.6 billion, and Bitwise's BITB with $2.2 billion.
In contrast, GBTC has witnessed a cumulative net outflow of $20 billion. Analysts blame the product’s exorbitant fee of 1.5% as a major reason for GBTC's performance to date. For comparison, IBIT has a fee of 0.21%.
While spot Bitcoin ETFs ended the day with a combined net inflow of $12.8 million, spot Ethereum ETFs experienced a combined net outflow of $9.4 million.
Akin to its Bitcoin ETF, Grayscale's Ethereum ETF (ETHE) witnessed a net daily outflow of $13.8 million, followed by Bitwise's ETHW with a $2.1 million net outflow. Only Grayscale's mini Ethereum ETF (ETH) successfully attracted net inflows worth $2.3 million.
Since their approval in May 2024, Ethereum ETFs haven't performed as well as Bitcoin ETFs when attracting significant inflows.
The tepid performance of Ethereum ETFs is reflected in the digital asset's price as it continues to underperform against Bitcoin. Ethereum trades at $2,307 at press time, slightly up by 0.6% in the past 24 hours.
XRP is holding strong above a critical price level after weeks of choppy price action, now testing local demand to push higher. Many analysts and investors remain confident about a potential surge in the coming months, with some projecting significant price gains once XRP consolidates above current levels.
One top analyst and former asset manager, Amdtrades, shares this optimistic outlook, predicting a price increase above $1.26 shortly. Despite the confidence, uncertainty lingers across the broader market.
The next few days will be crucial in determining the overall direction of XRP and the crypto market. Analysts believe that how XRP performs during this period could either fuel bullish sentiment or lead to further consolidation. Investors are closely watching these developments, as XRP's movement could set the tone for market trends in the coming months.
XRP has recently demonstrated notable resilience compared to other altcoins. It has held firm above key liquidity areas and signaled a positive outlook for the months ahead. Many analysts and investors are beginning to notice the potential for a substantial price surge shortly.
One prominent crypto analyst, Amdtrades, with nine years of experience as an asset manager and derivatives trader, recently shared his technical analysis on X, highlighting XRP's strong positioning. In his analysis, Amdtrades showcased a weekly XRP chart that clearly outlines a defined uptrend. This uptrend has been consistently respected by the price, suggesting solid monthly support that could serve as the foundation for further upward momentum in this market cycle.
Amdtrades views XRP as one of the safest investments for those seeking a 100% return on investment (ROI) in the crypto space. He has identified several key price targets for XRP, specifically around $1.18 and $1.26, which he anticipates will be reached in the coming weeks.
According to his analysis, if XRP continues to hold above current levels and successfully clears out local supply near $0.70, an aggressive surge toward these targets is highly likely.
Such a breakout would not only validate XRP's uptrend but also position the cryptocurrency for even higher price levels as bullish sentiment strengthens. As the market faces uncertainty, XRP remains a strong contender for those looking to capitalize on its strength and potential upside in the near term.
XRP is currently trading at $0.587 after several days of volatility, following a 19% surge from local lows. The altcoin has struggled to break past this price level, but it remains above a critical support area.
XRP is trading above the 4-hour 200 exponential moving average (EMA) at $0.563, which has acted as a key indicator of short-term strength. This level was tested as support yesterday, confirming XRP’s recent stability despite volatile market conditions.
For bulls to maintain momentum, XRP must break above the $0.60 mark, confirming a higher high and signaling a move toward higher supply levels. Breaking this resistance would suggest the continuation of a bullish trend and potentially lead to a stronger recovery for the altcoin.
On the other hand, if XRP fails to maintain support above the 4H 200 EMA, it could face a deeper correction. A breakdown would likely lead the price to test local demand around the $0.545 level, putting short-term bullish hopes in jeopardy. Maintaining support at current levels is essential for a sustainable rally.
Featured image from Dall-E, chart from TradingView
The XRP price has experienced a notable surge in recent days amidst the wider backdrop of the crypto industry. At the time of writing, many cryptocurrencies are starting to reverse their seven-day gains due to Bitcoin’s failure to break above $60,000 on Monday. However, XRP continues to stand firm, registering a 2.23% gain in the past 24 hours. This positive price movement has sparked discussions within the crypto community about the potential for a significant breakthrough.
EGRAG CRYPTO’s highlight of the $0.75 price mark for XRP is based on an XRP/USD price chart on the weekly candlestick timeframe, which he shared on social media platform X. Interestingly, the latest highlight comes as an update to his XRP analysis from January 2024. This analysis focuses on XRP's price structural formation, sentiment status, MACRO range, and psychological zone, all in critical price zones. The most notable are the MACRO range, which starts at $0.71, and the psychological zone at $0.932.
According to crypto analyst EGRAG Crypto, the key resistance level for XRP is $0.75, which could make or break its journey to $1. As EGRAG noted, all these levels can be shattered with just one strong daily candle, with emphasis on $0.75. For XRP, the $0.75 mark is within the MACRO range.
Interestingly, XRP is yet to break above $0.75 this year, with its highest point so far being $0.718. Should the cryptocurrency manage to close above this level on a weekly timeframe, it could pave the way for a more substantial price rally.
At the time of writing, the XRP price is trading at $0.5851 and is still on 8.4% gains in seven days. Based on the recent update, EGRAG noted that the move towards $1 is still in play, as XRP is poised for a massive breakout.
Although EGRAG only noted the $0.75 price as the most crucial for a breakthrough, there exist other resistance levels that serve as forerunners. Looking at the XRP price chart, XRP has been trading below $0.62 since March. Interestingly, the cryptocurrency has retested this price level at least six times since then and has failed to break above.
From a technical perspective, $0.62 has emerged as a pivotal price point, acting as a short-term hurdle that XRP bulls must conquer before setting their sights on the more significant $0.75 resistance. A clear break above these levels would signal increasing buyer strength and potentially open the door for a campaign to $1.
From a fundamental point of view, the XRP price is starting to campaign to the $1 mark in light of recent events in the XRP ecosystem. One such event is Grayscale’s recent unveiling of the first XRP trust in the US. This move has prompted speculation that an XRP ETF will hit the market soon. Another noteworthy development is the relisting of XRP on the European version of Robinhood.
As we enter the final quarter of 2024, the cryptocurrency market is shifting gears, presenting both challenges and opportunities. After a rough August and a bearish start to September, major cryptocurrencies like Bitcoin are struggling to find stable ground. While BTC has dipped below key support levels, other altcoins like Ethereum (ETH), Starknet (STRK), and Mpeppe (MPEPE) are catching the attention of savvy investors as top picks for October.
Ethereum (ETH) has long been the backbone of decentralized finance (DeFi) and Web3 applications, but its scaling challenges have prompted the rise of Layer 2 solutions, such as Starknet (STRK). Starknet has gained traction as a scaling solution for Ethereum (ETH), improving transaction speeds and lowering fees through zero-knowledge rollups (zk-rollups), making it one of the most promising projects in the Layer 2 space.
In recent weeks, Starknet (STRK) has been one of the best performers in the market. Despite the overall market downturn, Starknet (STRK) rallied with a 15.5% increase in the past week. This surge was primarily driven by the release of over 1.26 million STRK tokens by Ethereum (ETH) co-founder Vitalik Buterin, signaling strong confidence in the project's future. Additionally, the upcoming staking mechanism for STRK, set to launch after a community vote in October 2024, has fueled investor enthusiasm.
Ethereum (ETH) continues to be the dominant force in the blockchain space, but with scaling issues persisting, Layer 2 solutions like Starknet (STRK) are providing much-needed relief. Investors see Starknet (STRK) as a long-term play, and the token's recent performance is a testament to its growing importance in the Ethereum (ETH) ecosystem.
While Ethereum (ETH) and Starknet (STRK) are focused on scaling and infrastructure, Mpeppe (MPEPE) has captured attention in a completely different sector--GambleFi. As the online gambling industry continues to grow, the demand for decentralized platforms offering transparency, security, and fairness has skyrocketed. This is where Mpeppe (MPEPE) shines.
Mpeppe (MPEPE) is a token designed specifically for decentralized gambling platforms. It provides users with the ability to engage in gambling activities with the added benefits of blockchain technology, such as reduced fees, faster transactions, and provably fair gaming. The token is currently priced at $0.0021, making it an attractive entry point for investors looking for a high-risk, high-reward opportunity.
Unlike traditional gambling platforms, Mpeppe (MPEPE) offers unique incentives for token holders. By holding and staking Mpeppe (MPEPE), users can earn rewards and participate in governance decisions, making it an integral part of the platform's ecosystem. As GambleFi continues to grow, Mpeppe (MPEPE) is positioned to capture a significant share of the market, especially with the rising trend of decentralized casinos.
So, why are Ethereum (ETH), Starknet (STRK), and Mpeppe (MPEPE) the top picks for October 2024? Each token represents a different segment of the market, offering unique value propositions:
In conclusion, while the broader market faces challenges, Ethereum (ETH), Starknet (STRK), and Mpeppe (MPEPE) offer promising opportunities for investors in October. Each token has a unique value proposition, whether it's scaling Ethereum (ETH), improving transaction efficiency, or revolutionizing the gambling industry. For those looking to navigate the current market volatility, these three tokens are worth watching.
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