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Jul 13, 2024, 08:47 pm

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1
XRP Resilience Sparks Further Gains As Price Surpasses $0.466 Level

Recently, the price of XRP with a bullish momentum has made a significant surge above the $0.4663 resistance mark. This upside movement has jarred up optimism among investors and market analysts, leading to speculation about whether the next anticipated target of $0.5724 is within reach. 


As XRP continues to gain pace, this article delves into providing an in-depth analysis of XRP’s current price action and analyzes technical indicators to answer the question of whether this rally can sustain its momentum and achieve new heights or if a correction is imminent.


With a market capitalization of more than $28 billion and a trading volume of more than $2 billion as of the time of writing, the price of XRP is currently up by 11.55%, trading at around $0.5088 in the last 24 hours. Its market cap and trading volume are currently up by 11.60% and 73.65% respectively.


XRP Breakthrough At $0.466: Analyzing The Surge


On the 4-hour chart, the price of XRP has actively risen with strong momentum above the 100-day Simple Moving Average (SMA) and the $0.4663 resistance level. Additionally, it can be observed that the cryptocurrency asset is currently making a bullish move toward the $0.5724 mark.


XRP

The formation of the 4-hour Relative Strength Index (RSI) also suggests that XRP’s price may extend its bullish move toward the $0.5724 resistance level as the signal line of the indicator has been maintaining a steady movement above 50% and is currently trending inside the overbought zone.


On the 1-day chart, it can be observed that the crypto asset has been on a bullish move since after the failure to close below the $0.4088 support level successfully and is currently attempting to move above the 100-day SMA toward the $0.5724 resistance level.


XRP

Lastly, an analytical examination of the formation of the 1-day RSI reveals that XRP could sustain its bullish rally toward the $0.4233 resistance mark as the signal line of the indicator has risen above 50% and is heading for the overbought zone.


Potential Risks And Resistance Levels Ahead


If XRP can maintain its current bullish momentum to reach the $0.5724 resistance level and close above, it may continue to move upward to challenge the $0.6697 resistance level. If this level is breached, the digital asset may experience further price gain toward the $0.7342 resistance level and possibly other levels above.


Conversely, should XRP pull back at $0.5724, it will start to decline once more toward the $0.3389 support level. Furthermore, the crypto asset may see further price decline to challenge the $0.3483 support level and perhaps other levels below if this level is broken.


XRP

Source: XRP Resilience Sparks Further Gains As Price Surpasses $0.466 Level
2
Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up

Bitcoin has managed to record some price gains in the last week following a brutal market sell-off at the start of July which saw the crypto market leader lose 10% of its price on July 5.  At the moment, analysts continue to roll out observations and predictions that suggest that Bitcoin may soon pull off a market rebound and perhaps eventually embark on a highly-expected bull run.



Bitcoin's ‘Rare’ Underperformance Hints At Possible Bullish Rebound 


In an X post on Friday, prominent blockchain analytics company Santiment provided some intriguing insights into Bitcoin's recent price behavior. Santiment stated Bitcoin is largely behind the S&P 500 and other equities in relation to price performance, a development which they described as a "rare sight" over the last three years.


 




As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market sell-off mainly by the German Government who have now completely offloaded their total BTC holdings valued at $2.9 billion. 


Furthermore, the defunct crypto exchange Mt. Gox which collapsed in 2014, finally began the repayment of a $9 billion debt to creditors in BTC and BCH, the majority of which were expected to be sold, thus a prompting massive selling pressure. While Bitcoin showed some resilience this week gaining by 2.88%, the premier cryptocurrency still trails the positive price performance of the equities market on a larger timeframe.


For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&P 500 has recorded a 5.4% gain within that same period. However, as this development has been a rare occurrence in the last three years as both assets usually moved in tandem, Santiment suggests Bitcoin may experience a "bullish catch-up period."



Bitcoin To Challenge 1.5-Month Downtrend


In other news, crypto analyst Rekt Capital has noted that Bitcoin is currently battling to end a downtrend stretching over the last one-and-a-half month. During this period the premier cryptocurrency has lost over 18% of its price.


According to Rekt Capital, Bitcoin has attempted to break out of this downtrend multiple times including three times in the last three days. If Bitcoin eventually pulls a trend reversal, the market leader may be set for full price recovery reaching as high as $71,000.


At the time of writing Bitcoin trades at $58,170 with a 1.69% gain in the last day. However, this mild price pales in comparison to the comparison which has surged by 30.81% to a price of $5,615 in the last 24 hours.


Bitcoin

 Featured image from The Economic Times, chart from Tradingview.com


Source: Bitcoin Lags Behind S&P 500, Signaling Potential Bullish Catch-Up
3
Chainlink Investors In Accumulation Mode - LINK Price Primed For A Rally?

The price of Chainlink has mostly struggled in the past few weeks, mirroring the stagnant condition of the general market. Interestingly, investors seem motivated to keep faith in the altcoin rather than be discouraged by the sluggish price action observed in recent weeks.


According to the latest on-chain revelation, investors appear to be shifting to a long-term holding strategy, with a focus on the future promise of the Chainlink token. This leaves the question -- could the LINK price be primed for a rally?


$110 Million Worth Of LINK Leave Centralized Exchanges


According to the latest on-chain observation, the Chainlink token appears to be undergoing an accumulation trend, with investors moving their assets from centralized exchanges. Latest data from IntoTheBlock shows that approximately 8.7 Million LINK tokens (worth about $110 million) have been withdrawn from exchanges in the last two weeks.



This observation is based on the Netflows metric, which tracks the difference between the amount of tokens that are transferred in and out of centralized exchanges. When the value of this metric is negative, it implies that more assets are leaving than entering crypto exchanges. Conversely, a positive value of the Netflows metric indicates that more assets are flowing in than out of exchanges.


Chainlink

While it is difficult to unravel the rationale behind the increased outflow of Chainlink tokens from exchanges, the exodus of massive LINK amounts signals a shift in investor sentiment. Specifically, the direction of the funds' movement suggests an increase in investor confidence, as they appear to be moving their tokens away from trading platforms.


IntoTheBlock said in the post: 


Such activity is typically associated with an accumulation phase, indicating that investors are moving $LINK off exchanges and into long-term holdings.


A corroborating data point came from another blockchain firm, signaling major accumulation by major Chainlink stakeholders. According to Santiment's data, investors holding between 10,000 – 1,000,000 coins have added 9.2 Million LINK since June 24. This brings the holdings of this investor cohort to 207.29 million coins, an 8-month high.




Chainlink Price At A Glance


As of this writing, the price of LINK stands around $12.94, reflecting a 3.4% increase in the past 24 hours. According to CoinGecko data, the Chainlink token is up by 2.5% in the past week.


However, this recent show of strength hasn’t been to reverse Chainlink's almost 10% decline in the past two weeks. On a positive note, though, the declining supply of LINK tokens on centralized exchanges could set the stage for a bullish rally for the altcoin



Chainlink

Source: Chainlink Investors In Accumulation Mode - LINK Price Primed For A Rally?
4
Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals

Although Bitcoin recent price plunge has sent several Altcoins on a free fall, with declines ranging from 30% to 70%, there appears to be a beacon of hope set to shine through the murk.


The recent Bitcoin Halving in April is what the altcoin market needs to recover and surge beyond its highest levels.



Bitcoin Halving: A Gateway to Altcoin Prosperity?


Bitcoin usually undergoes a Halving every four years, and this major event halves the block reward for miners in half. This fall in supply has normally triggered a bullish rally not only for Bitcoin but also for the altcoin market.


Crypto analyst Wise Advice elaborates that following each Bitcoin halving, there is a pronounced potential for altcoins to surge. The analyst particularly noted:



I know when altcoin season will happen. And I’ll show you it… ‘Halving’ It all depends on it […] When halving happens, after 1-1.5 years, the BTC ATH come And near that, ETH and other altcoins boom.



Historically, this Halving period has seen an explosion of attention for altcoins, driving their prices higher due to the scarcity concerns from Bitcoin following this event.


For example, in the previous Bitcoin Halving on November 9, 2021, leading altcoins, including — Ethereum (ETH) and Solana (SOL), Polkadot. (DOT), Avalanche (AVAX) all recorded a new all-time high.


For context, ETH peaked at $4,800 on November 10, SOL came in too with its new peak at $250 5 days earlier as revealed by Wise Advice, while DOT’s peak at $55 happened on the 4th of that month, and AVAX peak at $144 occurred later that month on the 21st.


Altcoins hitting ATH after Bitcoin Halving

How Does The Halving Points To Alts Season Now?


As Wise Advice’ post suggests, such patterns underscore a recurrent theme: post-halving, money flows from Bitcoin into altcoins, significantly buoying their market positions.


Path to altcoin season.

The analyst explained:



The more they buy, the higher the price goes. And it makes investors profitable. They sell a part of it and send to Ethereum and other tokens. The market cap of these are way lower, so even the inflow of $100 million can make a huge change (a month before the ATH, Bitcoin MC was in 2.5 times larger than Ethereum.) That’s why Solana and Polkadot’s ATH was 4-5 days faster. Then money goes to even smaller Alts. And they start to overperform big ones. The smaller they were, the bigger the growth was.



Notably, this shift is often reflected in Bitcoin’s dominance index--a metric that measures Bitcoin’s market capitalization relative to the total market cap of all cryptocurrencies. As observed post-halving, a decline in this index signals a growing interest in altcoins.



Bitcoin dominance is now at 54.60%, a slight decrease from above 55%. Earlier this month, according to TradingView. Notably, the fact that the index is still somewhat high, as it still stands above 50%, suggests that the market still favors BTC.


Bitcoin dominance amid the Altcoin market performance

However, the recent decrease could be the early signs of an emerging altcoin season. Analysts at Glassnode make a similar point, linking present market circumstances with those in late 2020 when smaller stocks and riskier assets boomed, pointing towards an impending altcoin season.



Featured image created with DALL-E, Chart from TradingView


Source: Is Altcoin Season Around the Corner? Bitcoin Halving Points to Potential Boom, Analyst Reveals
5
Total Depletion Of German Bitcoin Reserves: Wallet Left With Zero BTC

In what is being hailed as a significant victory for the Bitcoin market, the German government has officially depleted its Bitcoin reserves after holding 50,000 BTC in its wallet just months ago.


Bitcoin Wallet Now Empty After Massive Selling Spree


Data from market intelligence firm Arkham shows that the German government recently transferred the remainder of its 3,846.05 BTC stash worth approximately $223 million to Flow Traders and 139Po, likely for over-the-counter (OTC) services. 


As a result, Arkham's platform reveals that the government’s wallet now stands empty, with zero BTC remaining, as seen in the image below. 



Bitcoin

Interestingly, data researcher Jay analyzed the German government’s selling activities and found that Germany sold a staggering 42,000 BTC in just one week, averaging 250 BTC per hour over 168 hours.


Earlier this year, the German police made headlines when confiscated 50,000 Bitcoin worth $2.17 billion in the country’s most extensive cryptocurrency seizure


The seizure occurred in January, and the Bitcoin was taken after the suspects voluntarily transferred the funds to official wallets provided by the BKA (Bundeskriminalamt), the German Federal Criminal Police Office.


This consistent selling pressure from the German government was notorious for contributing to the significant 25% price retracement experienced by the largest cryptocurrency, resulting in a low of $53,500 not seen since February.


Sell Pressure, Support Levels, And Investor Sentiment


Crypto analyst SkewA commented on this recent development, noting that in the future, market observers will closely monitor the passive flow of Bitcoin, particularly for signs of reduced supply. 


According to the analyst, this will serve as a gauge to determine if the market has effectively absorbed the recent sell pressure and highlighted the $60,000 level as the current market supply zone, with the potential for a retest of this crucial level.



On the other hand, market expert Dann Crypto Trades notes that Bitcoin is currently attempting to regain support from the May lows. 


Price action has been volatile in this range, and Dann believes that a true higher timeframe reversal will only occur once the “green zone” above $59,000 is successfully recaptured. The analyst sees the $56,500 level as crucial support for BTC’s upside momentum in the short to medium term.


Meanwhile, crypto analyst Ali Martinez has identified a bullish sentiment surrounding Bitcoin’s outlook, noting that the accumulation trend score indicates a shift in investor sentiment after an extended distribution phase since April.


Bitcoin price

At the time of writing, BTC trades at $57,600, remaining in its trading range between this level and the $59,000 zone for the past two days. 


Featured image from DALL-E, chart from TradingView.com 


Source: Total Depletion Of German Bitcoin Reserves: Wallet Left With Zero BTC
6
Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here's The Roadmap

The Celestia (TIA) token has suffered one of the worst price crashes following Bitcoin's decline, falling from as high as $20 to as low as $5 before a brief recovery. However, this crash has not deterred bulls, who believe that this altcoin is set to achieve great things in the market.


Celestia Could Explode 2,750% To $188


A recent analysis posted by crypto analyst 'House Of Crypto Kings' has caught the attention of the Celestia community. In the post, the crypto analyst maps out a rather impressive path for the coin to rally more than 2,700% and reach brand new all-time highs.



To start out, the crypto analyst lauds the Celestia token for its utility that spans various use cases across the ecosystem. Some of these includes fee payments, staking for rewards, as well as promoting data availability and validation.


However, moving to the meat of the analysis, the crypto analyst points out that the altcoin is still holding strong support at the $4.9 level. This was demonstrated in the latest crash this week, where TIA held strong at $4.9 and subsequently bounced above this level. This means that $4.9 is the level to hold if the rally is to continue.


Furthermore, the crypto analyst points to the approval of Spot Ethereum ETFs starting an altcoin rally, something that would extend to prominent players like Celestia. "Historically, new projects introduced shortly before a bull market often experience significant rallies," the analyst said. "We anticipate notable volatility in Q4 2024 and Q1 2025, presenting an excellent opportunity for TIAUSD to surge."


In the event of a surge, the analyst sets two prominent targets for the price, which are $80.2 and $188. On the lower end of this, the price would have to rise 1,100% from its current $6.6 level. While for the latter, the price would have to rise 2,750% to achieve it.


Exiting TIA At The Right Time


The crypto analyst's prediction coming to pass would mean that Celestia investors are in for a lot of gains in the bull market. However, knowing when to exit a coin is just as important as knowing when to enter in order to secure profits.



Given this, the analyst tells Celestia investors that they should be looking to exit their positions sometime between March and August 11 in 2025. This is because this is when they expect the top of the bull market cycle to take place and the altcoin season to come to an end.


On the bearish side, however, the analyst explains that if TIA fails to maintain the $4.9 support mentioned above, then the price could break down to the next critical support around $3.6. Nevertheless, the analyst expects this to be "a key level from which a bounce is highly probable, given the upcoming significant events and the anticipated approval of Ethereum ETFs."


Celestia price chart from Tradingview.com

Source: Analyst Predicts 2,750% Celestia (TIA) Price Explosion To $188, Here's The Roadmap
7
Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target

The Bitcoin price has recently shown signs of recovery, climbing back to the $58,000 level after hitting a five-month low of $53,500. However, technical analysis suggests that the digital asset may struggle to surpass crucial indicators, potentially revisiting lower price levels. 


In a recent post on social media platform X (formerly Twitter), market expert Jackis highlights the bearish D1 trend indicator on the 12-hour chart, indicating the need for Bitcoin to reclaim the $64,000 zone to reverse the prevailing bearish daily trend. 


Despite this cautionary outlook, there are encouraging signs, including significant inflows to Bitcoin exchange-traded funds (ETFs) and long-term holders accumulating more BTC.


BTC Struggles To Break Bearish Trend


Despite the recent recovery, Bitcoin’s technical analysis suggests that the bearish trend remains. Jackis emphasizes that even if the Bitcoin price makes a new leg higher to $60,300, the D1 trend indicator remains bearish unless BTC manages to recapture the $64,000 zone, which has already proven to be a major resistance for the bulls, as the price of BTC failed to breach it on its previous attempt on July 1st. 


According to Jackis' analysis, the target range for the next daily leg is projected to be between $51,000 and $49,000, with a pivotal level at $63,800 that bulls must target to reverse the daily trend.



However, there is potential to reverse this situation as “dip buyers” have returned, resulting in significant inflows into the US Bitcoin ETF market, supporting the Bitcoin price this week to prevent a deeper retracement with consecutive days of inflows to manage selling pressure from the German government’s holdings. 


ETF Inflow Data And Bitcoin Price Performance


JPMorgan data shows that spot Bitcoin ETFs witnessed inflows of $882 million during the week ending July 11, with an average of $175 million per day, marking the highest inflows since May 23. 


BlackRock's IBIT ETF and Fidelity's FBTC led the surge, attracting $403 million and $361 million, respectively. However, Grayscale’s ETF continued its trend of outflows, losing nearly $87 million after three weeks of outflows in the ETF market totaling over $1.1 billion.



Supporting the bullish outlook, crypto analyst CryptoSoulz conducted an in-depth analysis of Bitcoin’s price performance in July, finding that long-term holders have accumulated BTC, having purchased over 85,000 BTC in the past 30 days. 


Bitcoin price

According to the analyst, this accumulation by long-term holders is a bullish catalyst for the price, indicating confidence in Bitcoin’s potential. 


CryptoSoulz, similar to Jackis, suggests that Bitcoin is currently finding support in the higher time frame (HTF), anticipating a bounce from this level, particularly considering the recent bearish news. 


However, the analyst further explained that if the Bitcoin price fails to hold above the $54,000 zone in the coming days, the next level of support is expected at $49,500. 


Bitcoin price

When writing, the Bitcoin price stands at $58,300, surging merely 0.7% in the 24-hour time frame as BTC looks to consolidate above the aforementioned crucial levels. 


Featured image from DALL-E, chart from TradingView.com


Source: Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target
8
Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally?

A recent analysis from CryptoQuant has revealed that institutional investors have shown a notable level of activity in the Bitcoin market, snapping up a substantial 100,000 BTC over just one week.


Particularly, in the past month, these entities with wallets holding 1,000 to 10,000 BTC  have shown massive inflow levels that effectively match what was seen during March when US-based exchange-traded fund (ETF) introductions were at their peak.


This purchase surge is particularly noteworthy when Bitcoin prices saw a significant dip last week, trading as low as below $54,000 for the first time since February, prompting these seasoned investors to capitalize on lower prices.



Implications Of The Scooped BTC


Notably, the recent institutional buying of BTC shows a strategic method to buy the asset even during price drops. According to the data obtained from the on-chain analytics platform CryptoQuant, these large buyers are not just speculating but have a strong belief in Bitcoin’s future value.


Total balance change from large holders.

These investors have aggressively accumulated Bitcoin in the most recent downturn, showing a different motive behind the purchase than their previous accumulation in past periods. The analyst revealing this in a CryptoQuant QuickTake post noted:



Unlike what was seen in March, which was a demand more linked to fundraising, the current institutional accumulation may indicate a true process of “buying the dip” in large players.



According to the CryptoQuant analyst, the massive Bitcoin accumulation among institutional investors began in March. Despite Bitcoin’s price decline of more than 20% since then, these investors continued to buy heavily, even during last week’s dip. The analyst particularly stated:



While many novice investors capitulated last week, with special emphasis on coins purchased between 1 and 3 months ago, institutional players made the largest accumulation process since March.



Bitcoin Market Performance And Future Outlook


Following the notable plunge this last week, Bitcoin appears to have recovered to some extent alone. So far, the asset has reclaimed its $57,000 mark, and it is now looking to trade back above $58,000 with its current trading price at $57,920.


Bitcoin (BTC) price chart on TradingView

The asset is up 0.2% in the past 24 hours and 3.4% in the past week. Prominent crypto analyst Moutsache on X has earlier today revealed an interesting trend for Bitcoin. The analyst discloses that the “Russel 2000 and Bitcoin’s price action have always been highly correlated so far.”



Usually, if RUT increases in value, Bitcoin does the same, and currently, RUT appears to be attempting to break through a “strong resistance.” The analysts’ post suggests that should RUT break above this resistance, BTC’s price will likely follow suit by also experiencing a surge in value.



Featured image created with DALL-E, Chart from TradingView


Source: Institutions Grab Over $5 Billion Bitcoin in a Week: Are They Predicting a Mega Rally?
9
Crypto Analyst Predicts Bitcoin Decline From Here, But What Happens Next?

The Bitcoin price has crashed back toward the $56,000 level after a brief pump triggered by the CPI data release on Thursday, showing that inflation rates came out at 3%, lower than expected. This bearish trend has continued despite desperate attempts from bulls to keep the price up. Even then, one crypto analyst does not believe that the decline is done and expects the fall to continue from here.


Bitcoin Dump Far From Over


A crypto analyst on the TradingView website, who goes by the pseudonym 'Luca VIP,' has expressed bearish tendencies for the Bitcoin price going forward. In the analysis, the crypto analyst points out that the reason for the current Bitcoin price fluctuation is the fact that it has hit resistance at $59,000 following the pump.



As a result of this rejection, the cryptocurrency is currently in a consolidation phase, which threatens to continue from here. Furthermore, the BTC price is still showing sideways performance, even after the Thursday surge, which suggests that bears are still firmly in control of the price.


Additionally, the crypto analyst maps out a possible decline trend from here, putting it as low as $56,000 until the decline is done. However, what's important is what happens after the Bitcoin price hits this expected support level.


Luca explains that despite the decline, the BTC price has formed a W pattern, which is historically a bullish pattern. In this case, a bullish reversal is expected that could trigger a retest of the $59,000 level. If the retest is successful, then the crypto analyst puts the Bitcoin price above $60,000 once again.


"BTCUSDT may retest the resistance zone at $59,000. A successful breakout above this level could push the price to higher targets, potentially around $60,000 or higher," the crypto analyst said.


Is It Time To Buy BTC?


While the market is still reeling from the Bitcoin price dip, some crypto analysts believe that this is a good time to time. Another pseudonymous analyst who goes by 'RLinda' on the TradingView website shared this sentiment recently.



According to the analyst, the fall to $57,000 presents a good opportunity to get into position for Bitcoin, especially as the market has been plunged into fear by the continuous sell-offs. Apparently, the BTC price is headed toward a renewal of local highs.


RLinda's stance is buttressed by the fact that the Crypto Fear & Greed Index has fallen into Extreme Fear, which has historically been the best time to get positioned for cryptocurrencies. If historical trends are anything to go by, then the price could trade sideways for a while before finally finding strong support and seeing a bounce.


Bitcoin price chart from Tradingview.com

Source: Crypto Analyst Predicts Bitcoin Decline From Here, But What Happens Next?
10
Is Ethereum (ETH) About To Retest $4,000? Analyst Foresees 3x Rally

Amid the market slowdown, crypto analysts believe Ethereum (ETH) might be ready to retest key resistance levels again. Meanwhile, investors are expectant about the second-largest cryptocurrency performance as the final approval of spot ETH ETFs (exchange-traded funds) approaches.



Is Ethereum ETFs Approval Already Priced In?


The upcoming approval of spot Ethereum ETFs has crypto investors speculating about the launch's impact on ETH's performance. Renowned investor Daan Crypto Trades believes the news about the S-1 form approval won't affect Ethereum's price.


Per the trader, the announcement will play out like the 19b-4 approval news in May. Nearly two months ago, the rumors about the ETH ETFs decision by the Securities and Exchange Commission (SEC) fueled Ethereum's rally.


The 'king of altcoins' surged over 30% in anticipation, going from $3,000 to $3,900. However, the token's price did not see any further impact after the official announcement.


To Daan, the SEC's approval won't be bullish or bearish as it is "99%+ priced in." The analysts added that "the real test will be the actual flows once the ETFs are live."


Moreover, the trader considers the market will see a lot of Grayscale Ethereum Trust (ETHE) outflows, but not "as bad as we saw with GBTC." Regarding the demand for the Ethereum ETFs, the crypto investor affirmed that 20% of spot BTC ETF inflows are expected.



The expectations will be that it’s anywhere from 10-30% of what BTC got in terms of inflows. I think ~20% is a pretty safe estimate. Anything higher would obviously be a nice surprise. ETH doesn’t need as many flows as BTC does to make it move after all. The market cap is 1/3th and there’s a lot of supply locked up in staking/defi products etc. Pretty thin market compared to BTC.



ETH 3x Rally In The Next Year


Crypto analyst Jelle considers that ETH could soon be able to retest key resistance levels. The second-largest cryptocurrency is "reclaiming the 200-day EMA, with the ETFs approaching fast."


Ethereum

Per the post, If ETH successfully holds this level, the cryptocurrency could test the $4,000 mark. The analyst expects Ethereum to outperform Bitcoin in the following weeks. To him, the flagship cryptocurrency will have a "boring next few weeks" moving sideways.


Jelle also affirmed that investors are not "ready for it to melt faces," commenting on those who doubt ETH. "Every cycle, people give up on ETH, saying it's ‘dead tech’ – only to be proven wrong again," he said.



ETH’s price has increased by 5.4% in the last week, currently trading at $3,121. Despite registering a 13% decrease in the past month, some market watchers believe ETH's current price is a good inversion. "Anything close to $3k or below is free 3x in the next 12 months," said pseudonym crypto analyst Poseidon.


Ethereum, ETH, ETHUSDT

Source: Is Ethereum (ETH) About To Retest $4,000? Analyst Foresees 3x Rally
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