Connect with us

Ethereum

Ethereum Forms Falling Wedge Pattern That Could Send Price To $3,000

Published

on



Este artículo también está disponible en español.

Ethereum is still one of the worst-performer of the top largest cryptocurrencies by market cap despite being incredibly popular. This bearish movement has seen an increasing number of investors being moved into the red as the price drops. If this continues, then the ETH price could fall below $2,000 again. But there is still a possibility for a reversal as a bullish pattern has formed on the Ethereum price chart.

Ethereum Falling Wedge Pattern Appears

With the recent decline in price, there has been the formation of a falling wedge pattern for the Ethereum cryptocurrency, Now, with the rebound from its lows, this pattern has neared its completion, meaning the next steps will begin soon.

Related Reading

Crypto analyst CobraVanguard pointed this out in an analysis on TradingView which highlighted the falling wedge pattern. This pattern, while it can be quite bullish for an asset, it can also be very bearish for the Ethereum price. So, the crypto analyst outlines the two possible scenarios for the altcoin’s price.

The first of these scenarios is a breakout from the falling wedge pattern that has formed on the 1-Day timeframe. If this breakout happens, then the Ethereum price could rocket from here. In addition to this, the crypto analyst has also outlined a bullish divergence on the MACD for the Ethereum price, which lends credence to a possible breakout from the falling wedge pattern.

However, on the flip side, where the price does not break out from this pattern, the cryptocurrency’s price is expected to fall. This is due to the mounting bearish pressure on the second-largest crypto by market cap as large holders continue sell-offs over the last month. Also, the analyst explains that the fifth wave could end up playing out, something that could push the price even higher.

Where Can The ETH Price Go From Here?

The bullish scenario following a breakout is especially important for the Ethereum price as it could put an end to the bearishness that has rocked the price. In the analysis, the crypto analyst outlines that a breakout from here would send the ETH price as high as $3,000, which is a more than 30% increase from here.

Related Reading

However, if there is a breakdown in the price, then the Ethereum price could be seeing another decline below $2,000. The analyst’s chart puts the altcoin price as low as $1,778. Such a development, coupled with the poor volume for ETH so far, could trigger a further breakdown to $1,500.

Ethereum price chart from Tradingview.com
ETH price reclaims $2,300 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Ethereum

Is This The End For Ethereum Or A Generational Opportunity?

Published

on

By



Este artículo también está disponible en español.

Ethereum holders are definitely being tested by some tough times, with recent price action failing to create a bullish perspective for the digital asset. One of the major disappointments has been the performance of spot Ethereum exchange-traded funds (ETFs), which were launched in the U.S. with great fanfare. These ETFs were seen by numerous market participants as the key that could unlock significant upward movement for Ethereum. Since their introduction, they have not delivered the expected results, leaving investors frustrated.

Matt Hougan, Chief Investment Officer of Bitwise, a popular crypto index fund manager, continues to maintain a positive ETH outlook. According to him, Ethereum is still at the forefront of blockchain applications that are seeing breakthrough success.

This Is Not The End For Ethereum

The lack of positive momentum in the Ethereum market has been enough to shake the confidence of seasoned investors. The combination of uncertain macroeconomic factors, rising competition from Solana and other blockchains, and the unmet expectations surrounding the Ethereum ETFs has contributed to the pessimistic outlook for the digital asset. 

Related Reading

Among the optimists is Matt Hougan, who shared his views in a recent memo. Hougan has maintained a bullish outlook on Ethereum, standing firm in his belief that the current challenges are only temporary and that the asset still has the potential to rebound. Hougan argues that although Ethereum has fallen behind Bitcoin and Solana’s year-to-date growth of 38% and 31%, respectively, the cryptocurrency’s long-term prospects remain strong.

In his memo, Hougan highlighted ETH’s continued dominance as the leading blockchain for decentralized applications (dApps), stating that it retains the lion’s share of activity among developers building on blockchain technology. He went as far as to liken Ethereum to the “Microsoft of blockchains.” 

To support his claim, Hougan pointed to notable examples of Ethereum’s adoption by major companies. One such example is BlackRock’s tokenized money market fund, which launched in March 2024 and now has more than $500 million in assets under management. Another example is Nike’s Web3 gear platform called .Swoosh. 

Ethereum has the most active developers and users. As such, Hougan believes the blockchain will be first on the radar of the next large traditional company wanting to do a blockchain product.

Related Reading

What’s Next For ETH?

According to Hougan, Ethereum is a contrarian bet for the rest of the year. What this basically means is that he expects Ethereum to go against the ongoing market sentiment and surprise many investors with a bullish run by the end of the year. 

At the time of writing, ETH is trading at $2,440 and is up by 5.2% in the past 24 hours. This recent uptick brings Ethereum close to testing a key resistance level at $2,450 once again.

Ethereum price chart from Tradingview.com
ETH price holding $3,400 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Continue Reading

Ethereum

Bitcoin’s price jumps to a three-week high

Published

on

By


Bitcoin price jumps to a three-week high
  • Bitcoin’s price has surged 5.6%, hitting a three-week high of $61.1K on Tuesday morning
  • Altcoins like Celestia, Immutable X, and Near have seen double-digit percentage gains
  • Crypto stocks rose modestly ahead of the Fed’s expected rate cut announcement

Bitcoin’s price has surged to its highest level in three weeks, triggering gains across the cryptocurrency sector and related stocks.

It soared 5.6%, reaching $61.1K before returning to around $61k.

Bitcoin price jumps to a three-week high

The surge marks a sharp reversal from the quiet start to the week, signalling renewed interest in digital assets.

Altcoins and Bitcoin price soaring ahead of Fed cuts

Besides Bitcoin, other major cryptocurrencies have also seen significant gains, with Ethereum (ETH) advancing 4.2% to $2.38K.

Notably, some altcoins have outpaced the larger tokens. For example, Celestia (TIA) has seen a 15.7% increase, Immutable X (IMX) has risen by 14.8%, Near Protocol (NEAR) is up 9%, Uniswap (UNI) has climbed 8.9%, and Sui (SUI) has gained 8.1%.

The rally comes just ahead of the Federal Reserve’s highly anticipated decision on interest rates.

Market analysts widely expect the central bank to lower rates for the first time in four years. With inflation largely under control and the labour market showing signs of cooling, many believe the Fed will adopt a more accommodative stance.

Lower interest rates are typically bullish for cryptocurrencies, as reduced borrowing costs make traditional savings and investment vehicles less attractive. As a result, investors often turn to riskier assets like cryptocurrencies in search of higher returns.

Crypto-focused stocks also surge

Crypto-focused stocks have also benefited from Bitcoin’s rally, though their gains were generally more modest compared to digital tokens.

MicroStrategy (MSTR), a company known for holding large reserves of Bitcoin, inched up by 0.6%.

Crypto exchange platform Coinbase Global (COIN) has risen by 3%, while crypto investment firm Galaxy Digital (OTCPK) has gained 5.4%.

In the crypto mining sector, Riot Platforms (RIOT) has advanced 2.4%, MARA Holdings (MARA) has risen by 1.9%, and HIVE Digital Technologies (HIVE) has climbed 4.3%. Bit Digital (BTBT) saw the largest jump, gaining 13%, followed by Hut 8 (HUT) with a 6.6% rise, and CleanSpark (CLSK) up 3.1%.

As the broader stock market also experience buying pressure ahead of the Federal Reserve’s pivotal decision, the crypto sector continues to ride the wave of optimism surrounding the potential for lower rates and increased investment in digital assets.



Source link

Continue Reading

Ethereum

Bitcoin targets $63k as crypto market awakens after Fed rate cut

Published

on

By


Bitcoin (BTC) price breaks above $62K as crypto market awakens after Fed rate cut
  • Bitcoin has broken past $62K post-Fed rate cut; next resistance at $63K
  • Ethereum and Solana have also surged, reflecting a broader crypto market rally
  • Caution remains due to economic uncertainties and potential regulatory issues

Bitcoin’s (BTC) price has surged past $62,000 following the US Federal Reserve’s decision to cut interest rates by 50 basis points.

The move by the Fed, aimed at bolstering economic growth and mitigating recession risks, has ignited a rally across digital assets. The monetary policy adjustment not only energized Bitcoin but also lifted a broad range of altcoins and risk assets.

The next Bitcoin price resistance level at $63k

Currently trading around $62,096, Bitcoin’s price has demonstrated a solid 24-hour gain of 2.29% and a more impressive 7-day increase of 6.20%.

Most notably, the price breach above the $62,000 mark represents a crucial psychological milestone for Bitcoin, following a period of consolidation near $60,000.

Technical analysis highlights that Bitcoin’s next significant resistance level is positioned at $63,000, with the potential for further gains if this barrier is surpassed. The upper boundary of Bitcoin’s Bollinger Bands indicates heightened volatility, suggesting that while a short-term profit taking phase may occur, the overall trend remains strongly bullish.

Support is firmly established at around $60,100, acting as a critical floor that has been repeatedly tested and held firm.

Investor sentiment towards Bitcoin is largely positive, with increased trading volumes reflecting growing institutional interest.

As Bitcoin’s price continues to climb, it benefits from a broader narrative of cryptocurrencies serving as a hedge against traditional market volatility and inflation fears, which have been exacerbated by the Fed’s dovish stance.

Ethereum and Solana lead as altcoins mirror Bitcoin’s surge

The rate cut by the US Federal Reserve not only impacted Bitcoin’s price but has also spurred a broader rally in the cryptocurrency market, lifting major altcoins alongside Bitcoin.

Ethereum (ETH), for instance, has surged past $2,400, marking a 24-hour increase of 4.94% and a 7-day rise of 2.97%. Ethereum’s price reached $2,430 before settling slightly, mirroring Bitcoin’s bullish trend. Technical indicators show Ethereum facing immediate resistance at $2,430, with potential for further gains if it breaks above this level.

Solana (SOL) has also seen significant price movements, surging by 6.03% to reach $138.65. This gain underscores renewed confidence in Solana’s ecosystem and its applications in decentralized finance (DeFi) and non-fungible tokens (NFTs).

Other altcoins, such as Ripple (XRP) and Shiba Inu (SHIB), have also experienced notable increases, with XRP rising by 1.20% to $0.59 and SHIB climbing 7.85% to $0.00001427.

Analysts remain cautious

Despite the overall positive sentiment, market participants remain cautious. Mixed reactions and concerns about the sustainability of the rally are prevalent. Analysts suggest that while the rate cut has provided a significant short-term boost, the broader economic uncertainties and potential regulatory challenges could impact future performance.

In particular, Presto Research notes that the market remains divided, highlighting the need for relief from growth concerns to maintain upward momentum.

Amid the mixed market outlook, the coming months will be critical in determining whether the current Bitcoin (BTC) price rally can sustain momentum and push digital assets to new highs.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io