Market
Is Ethereum (ETH) About to Exit the Bull Market?
![](https://coin2049.io/wp-content/uploads/2024/06/bic_Ethereum_1-covers_bearish.png)
Alongside many other altcoins, ETH’s price continues to struggle, and its future now hinges on some critical support levels. If these key levels fail to hold, ETH could face a prolonged bearish period.
Recent price action has shown that Ethereum (ETH) could be on the verge of bidding farewell to this cycle, which many have tagged as the enduring phase of the bull market.
Ethereum Is About to Lose the Battle
Six months ago, Ethereum’s Market Value to Realized Value (MVRV) Long/Short Difference hit a yearly high of 55%. This on-chain indicator is key during bull markets, as it reveals whether short-term holders have more unrealized profits than long-term holders.
When the MVRV Long/Short Difference rises, long-term holders gain the advantage. A drop, especially into the negative range, signals the opposite. As of now, the reading stands at 2.08%, indicating that many long-term ETH holders have exited profitable positions.
If this trend continues, the reading could turn negative. The last time this occurred was in February 2022, followed by a year-long bear market across cryptocurrencies, including Ethereum.
Read more: 9 Best Places To Stake Ethereum in 2024
![Ethereum MVRV Long/Short Difference.](https://beincrypto.com/wp-content/uploads/2024/09/ethereum-bear-market.png)
If the current trend mirrors previous patterns, expectations of Ethereum reaching five digits in this cycle may be unrealistic.
Another indicator reinforcing this sentiment is the Balance by Time Held metric, which measures how long participants hold a cryptocurrency. Typically, an increase in this metric shows that holders are not selling, indicating confidence in a bull cycle.
However, ETH’s balance held over the past 30 days has increased, suggesting that some holders are losing confidence in the altcoin’s short- to long-term potential, potentially signaling a shift in market sentiment.
![Ethereum Addresses by Time Held.](https://beincrypto.com/wp-content/uploads/2024/09/ethereum-balance-bull-market.png)
ETH Price Prediction: Bulls Can’t Hold On
The Moving Average Convergence Divergence (MACD) on the daily timeframe shows that Ethereum’s price continues to endure bearish momentum. The MACD uses the position of the 12 and 26-day Exponential Moving Average (EMA) to determine momentum.
A positive MACD reading implies a bullish momentum. Negative readings, on the other hand, suggest likely pressure to the downside. From the image below, ETH’s price needs to stay above $2,220 to prevent a notable price crash.
However, given the current market conditions, a drop below $2,000 seems likely. That said, consistent buying pressure could help stabilize Ethereum’s weak performance and prevent further declines.
Read more: How to Invest in Ethereum ETFs?
![Ethereum Daily Analysis.](https://beincrypto.com/wp-content/uploads/2024/09/ethereum-eth-price-daily-analysis.png)
If this happens, the price might jump toward $2,536 and probably $2.974, possibly invalidating the bull market exit.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Price Pushes Higher As The Bulls Set Sights on $65K
![](https://coin2049.io/wp-content/uploads/2024/09/Bitcoin-Rally.jpg)
Bitcoin price gained pace above the $61,500 resistance. BTC even cleared the $63,300 level and is now consolidating gains above $62,500.
- Bitcoin is gaining pace above the $62,200 resistance zone.
- The price is trading above $62,500 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it stays above the $61,500 support zone.
Bitcoin Price Extend Gains Above $63,000
Bitcoin price extended its increase above the $60,500 level. BTC was able to clear the $61,200 and $61,500 resistance levels to move into a positive zone.
The bulls pumped the price above $62,500 and $63,000 levels. A high was formed at $63,840 and the price is now consolidating gains. There was a move below the $63,500 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high.
Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair.
![Bitcoin Price](https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_7abc36.png?resize=1024%2C478)
On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $63,800 level. A clear move above the $68,400 resistance might send the price higher. The next key resistance could be $64,500. A close above the $64,500 resistance might spark more upsides. In the stated case, the price could rise and test the $65,000 resistance.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $62,700 level.
The first major support is $61,500 and the trend line. The next support is now near the $61,000 zone or the 61.8% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high. Any more losses might send the price toward the $60,500 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 – $62,700, followed by $61,500.
Major Resistance Levels – $63,500, and $63,800.
Market
Is Cardano Price Set to Break $0.47?
![](https://coin2049.io/wp-content/uploads/2024/07/bic_Cardano-covers_ADA_bullish.png)
Cardano (ADA) has seen a 5% increase in price over the past 24 hours. This reflects the general cryptocurrency market’s positive trajectory since the US Federal Reserve cut interest rates on Wednesday.
This surge is also fueled partly by the actions of ADA short-term holders, who appear to be holding onto their coins. Over the past 30 days, their reluctance to sell has positioned the altcoin to potentially break through the resistance level at $0.47.
Cardano Short-Term Holders Remain Resolute
According to IntoTheBlock, the number of ADA short-term holders who have held the coins for less than 30 days has increased over the past month. Often referred to as “paper hands,” these holders tend to sell their coins at the slightest sign of trouble.
However, they have adopted a more bullish approach over the past month. Their decision to refrain from selling reflects a gradual shift in market sentiment toward ADA.
Read more: How To Stake Cardano (ADA)
![cardano addresses by time held](https://beincrypto.com/wp-content/uploads/2024/09/ITB_ada_addresses_by_time_held_undefined_2024-09-19T09_31_08.230Z.png)
ADA’s attempt to rally above its Ichimoku Cloud on a one-day chart supports this outlook. As of this writing, the altcoin is poised to breach the Leading Span A of its Ichimoku Cloud indicator, which tracks its price trends, support and resistance levels, and potential market reversal points.
The Leading Span A has served as a resistance level where Cardano’s price has encountered significant selling pressure over the past few months. A successful breach of this level would confirm that bullish momentum is strengthening in the ADA market, signal increased buying interest, and hint at the potential for a further uptrend.
![cardano ichimoku cloud](https://beincrypto.com/wp-content/uploads/2024/09/ADAUSDT_2024-09-19_10-33-21.png)
ADA Price Prediction: $0.47 Is Likely Only If This Happens
Cardano’s Relative Strength Index (RSI) is climbing, signaling increasing demand for the altcoin. Currently at 51.52, the RSI shows that buying pressure is building.
If ADA breaks through Leading Span A, it could rally toward Leading Span B, a stronger resistance level. Successfully surpassing this would position Cardano for a potential 31% gain, targeting a price of $0.47.
Read more: 6 Best Cardano (ADA) Wallets You Should Consider in September 2024
![cardano price prediction](https://beincrypto.com/wp-content/uploads/2024/09/ADAUSDT_2024-09-19_10-36-01.png)
However, if demand slows and ADA fails to break Leading Span A, its price could drop to around $0.27.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
$1.6 Billion in Bitcoin and Ethereum Options Expire After Fed Cut
![](https://coin2049.io/wp-content/uploads/2024/09/bic_copy_trading-covers.jpg.webp.webp)
The crypto market is bracing for heightened volatility as nearly $1.6 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.
This event coincides with the Federal Reserve’s recent decision to cut interest rates by 50 basis points (bps).
Fed’s Decision Fuels the Crypto Market Rally Ahead of Major Options Expiry
According to data from Deribit, 20,037 Bitcoin options contracts worth approximately $1.26 billion will expire on September 20. These contracts have a put-to-call ratio of 0.85 and a maximum pain point of $58,500.
![Expiring Bitcoin Options.](https://beincrypto.com/wp-content/uploads/2024/09/image-89-850x334.png.webp)
Similarly, Ethereum’s options market is set to expire with 125,046 contracts worth $308.16 million. Today’s expiring Ethereum contracts have a put-to-call ratio of 0.65, with a maximum pain point of $2,350.
Read more: An Introduction to Crypto Options Trading
![Expiring Ethereum Options.](https://beincrypto.com/wp-content/uploads/2024/09/image-90-850x341.png.webp)
In options trading, the maximum pain point refers to the price level at which option holders would suffer the largest losses. It is essentially the price at which the highest number of options (both calls and puts) would expire worthless, inflicting maximum financial “pain” on traders. On the other hand, the put-to-call ratio gauges market sentiment by comparing the number of put options (bets on price declines) to call options (bets on price increases).
Greeks. live’s recent analysis outlined the impact of the Fed’s decision to cut rates for today’s expiring crypto options contracts. The analysts noted that the Fed’s move was largely expected and aligned with macroeconomic forecasts.
“Implied volatility declined significantly across all major maturities, with ultra-short-term IVs falling by over 25%, as short-term short-selling expectations by large investors fell short,” they wrote.
Looking ahead, Greeks.live also noted that there will be another interest rate meeting on November 8 and December 19 this year, where the market expects a cumulative 100 bps rate cut. The next rate cut could coincide with the US election, increasing the likelihood of heightened market volatility.
BeInCrypto reported that this week’s rate cut has positively impacted the crypto market. Following the decision, Bitcoin surged from the $59,000 level to surpass the $63,500 mark.
Similarly, Ethereum also experienced a significant increase during the period. Data showed that ETH skyrocketed from $2,293 to as high as $2,482.
However, both assets have now stabilized. At the time of writing, Bitcoin and Ethereum are trading at $62,890 and $2,450, respectively.
Read more: 9 Best Crypto Options Trading Platforms
Despite the positive momentum, traders are advised to remain cautious. Historically, options expiration often leads to short-term instability in the market. The next few days will be crucial in determining whether Bitcoin and Ethereum can sustain their upward trends or if a period of correction is imminent.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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