Ethereum price is consolidating gains above the $2,550 resistance. ETH could gain pace if it clears the $2,650 resistance zone.

• Ethereum started a fresh increase above the $2,550 and $2,580 resistance levels.
• The price is trading above $2,600 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to rally if it clears the $2,650 and $2,680 resistance levels.

Ethereum Price Eyes More Upsides

Ethereum price remained stable above the $2,550 pivot level like Bitcoin. ETH cleared the $2,600 and $2,620 resistance levels. The price even spiked above $2,650 before there was a downside correction.

The price is again rising and trading above the $2,600 level. The bulls were able to clear the 50% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low. There is also a connecting bullish trend line forming with support near $2,610 on the hourly chart of ETH/USD.

Ethereum price is now trading above $2,600 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,635 level. The first major resistance is near the $2,650 level or the 76.4% Fib retracement level of the downward wave from the $2,685 swing high to the $2,538 low.

A clear move above the $2,650 resistance might send the price toward the $2,680 resistance. An upside break above the $2,680 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone in the near term. The next hurdle sits near the $2,880 level or $2,920.

Another Drop In ETH?

If Ethereum fails to clear the $2,650 resistance, it could start another decline. Initial support on the downside is near the $2,610 level and the trend line. The first major support sits near the $2,575 zone.

A clear move below the $2,575 support might push the price toward $2,550. Any more losses might send the price toward the $2,475 support level in the near term. The next key support sits at $2,450.

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 – $2,575

Major Resistance Level – $2,650

FractureLabs, a game developer, has filed a lawsuit against Jump Trading, accusing the firm of manipulating the price of the DIO token in late 2021.

Jump Trading, a US-based financial trading company specializing in algorithmic trading, is well-known for its investments in the crypto market.

Jump Trading Allegedly Breached its Market-Making Contract.

According to a Bloomberg report, FractureLabs planned to raise capital through an initial token offering for Decimated (DIO) on the Huobi exchange in 2021. The game developer hired Jump Trading as its market maker.

Read more: Top 5 Initial Coin Offerings (ICOs) To Watch For in 2024

In its complaint, FractureLabs claims that Jump committed to maintaining DIO’s price within a specific range. However, in practice, the token’s price surged to nearly $1 before steadily dropping to $0.006 over the following year. As a result, FractureLabs accuses Jump Trading of manipulation of DIO’s price for profit through pump-and-dump tactics.

The price chart of DIO shows a continuous decline since the beginning of 2022, with no recovery period.

“Jump then systematically liquidated its DIO holdings, generating millions of dollars in revenue for itself.” the lawsuit states.

FractureLabs also revealed that it had lent Jump Trading 10 million DIO tokens and sent 6 million tokens to the Huobi exchange as part of the agreement. At the time, the 10 million tokens were valued at $9.8 million. However, when Jump Trading returned the tokens, their value had dropped to just $53,000.

Read more: What Is a Rug Pull? A Guide to the Web3 Scam

In addition to FractureLabs, the US Commodity Futures Trading Commission (CFTC) is also investigating Jump Trading’s involvement in cryptocurrency trading and investment activities.

Jump Trading’s subsidiary, Jump Crypto, is focused on investments in the cryptocurrency market. Data from CryptoRank shows that the company’s investment activities have been sparse over the past two years.

Although Jump Trading had early success with investments in projects like Solana and Lido, it has also faced challenges, notably with investments in TerraUSD and Wormhole.

Several altcoins are trending today, despite prices being lower than at the week’s start. While the reasons may seem unclear to some, CoinGecko has identified the top three trending altcoins as (WELSH), Turbo (TURBO), and MAGA Hat (MAGA).

This analysis by BeInCrypto explores the factors behind the growing attention these altcoins are attracting, offering insights into their market movements and underlying trends.

Welshcorgicoin (WELSH) Leads the Trending Altcoins List

WELSH is trending primarily due to its impressive price action. Over the past 30 days, the altcoin has surged by 96%, catching the attention of investors. 

Although it remains relatively unknown in the broader market, WELSH has carved out a niche for itself. The project claimed it is the first dog-themed Bitcoin meme coin secured on the Stacks network. This unique positioning has contributed to its rising popularity and price momentum.

Currently, WELSH’s price is $0.0033, and its self-reported market cap is $31.55 million. The altcoin experienced a significant rally, climbing by 110% between September 18 and Monday, September 14. However, in the last 24 hours, it has given back 2% of those gains.

Read more: Top 9 Safest Crypto Exchanges in 2024

One possible reason for this recent drawdown is the Money Flow Index (MFI). The MFI is a technical indicator that measures buying and selling pressure. Beyond that, it also indicates whether an asset is overbought or oversold.

When the Money Flow Index (MFI) is below 20.00, the asset is considered oversold. Readings above 80.00 indicate an overbought condition. Given the current MFI readings, WELSH could be approaching an overbought territory. This suggests the possibility of a short-term decline. If this trend continues, the price might drop to $0.0026 in the near term.

On the other hand, if buying pressure picks up and profit-taking eases, the cryptocurrency could see a price rally beyond the $0.0035 mark, potentially resuming its upward momentum.

Turbo (TURBO) Has to Thank Binance

TURBO, which brands itself as “the first meme coin created by AI,” is gaining attention as one of the top trending altcoins today. The surge in interest comes after Binance announced the expansion of trading pairs for TURBO on October 15, fueling speculation about its potential in the market.

However, TURBO’s price movement also contributes to its trending status, with a 47.45% increase over the past week. Currently trading at $0.011, the cryptocurrency has seen an 8% decline in the last 24 hours.

This pullback may be attributed to increasing selling pressure. Spot On Chain, in a post on X earlier today, revealed that a wallet linked to the project deposited 810 million tokens to Binance and OKX exchanges. While this move has fueled speculation, the platform indicated that such transfers appear to be a regular occurrence whenever TURBO reaches new price peaks.

From a technical perspective, the Bull Bear Power (BBP) shows that bulls appear determined to send the altcoin back higher. This is because the BBP reading is green, showing the rising strength of buyers in the market.

If sustained, TURBO’s price could climb to $0.013. However, if bears overpower bullish power, this prediction might be invalidated. Instead, the altcoin’s price might decline to $0.0069.

MAGA Hat (MAGA) Gets More Attention as US Elections Near

The upcoming US election and the possibility of a Trump victory have made MAGA one of the top-trending cryptocurrencies today. With the election just 20 days away and Trump leading in the polls, MAGA and related altcoins have garnered significant attention.

However, MAGA’s price has dropped 17% in the past seven days, currently trading at $0.00013. It is now hovering near the 20-day Exponential Moving Average (EMA), which often signals a bearish trend when breached. If MAGA’s price falls below this key support level, the next target could be $0.00010, indicating a deeper correction and further bearish momentum.

Conversely, if MAGA’s price holds above the 20 EMA, which is still above the 50 EMA, the downward trend might reverse. In that case, MAGA could climb to $0.00019, signaling potential recovery.

Read more: Which Are the Best Altcoins To Invest in October 2024?

On the other hand, if the 20 EMA remains above the 50 EMA (yellow) and MAGA’s price stays above both indicators, the forecast might not come to pass. Instead, the price might climb to $0.00019.