Market
Ethereum Bears Emerge: Is a Deeper Pullback Coming?
Ethereum price is struggling below the $3,400 resistance. ETH is showing a few bearish signs and might decline below the $3,150 support.
- Ethereum failed to gain pace for a close above $3,350 and $3,400.
- The price is trading below $3,300 and the 100-hourly Simple Moving Average.
- There was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start another increase if it stays above the $3,120 support level.
Ethereum Price Breaks Support
Ethereum price started a decent upward move from the $3,220 level but upsides were limited compared to Bitcoin. ETH cleared the $3,300 resistance before the bears appeared.
A high was formed at $3,361 and the price is now moving lower. There was a move below the $3,250 and $3,220 support levels. Besides, there was a break below a key contracting triangle with support at $3,270 on the hourly chart of ETH/USD.
A low was formed at $3,201 and the price is now consolidating. Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,280 level or the 50% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low.
The first major resistance is near the $3,300 level or the 61.8% Fib retracement level of the downward move from the $3,363 swing high to the $3,201 low. The main resistance is now forming near $3,350.
A clear move above the $3,350 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,550 resistance zone or even $3,580 in the near term.
More Losses In ETH?
If Ethereum fails to clear the $3,300 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,150.
A clear move below the $3,150 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,200
Major Resistance Level – $3,300
Market
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Market
CME Denies XRP and Solana (SOL) Futures Rumors
The Chicago Mercantile Exchange (CME) Group has clarified that no official decision has been made regarding the launch of futures contracts for Solana (SOL) and XRP (XRP).
The clarification follows the accidental publication of related information on the beta version of its website.
CME’s Statement: No XRP and SOL Futures Yet
On January 22, a beta version of CME’s website briefly displayed details about potential futures contracts for XRP and Solana. The page, which was quickly removed, included specifications for the contracts and a tentative launch date of February 10, subject to regulatory approval.
However, a spokesperson confirmed that no official decision had been made about launching these crypto futures contracts, and the website information was sent in error.
Fox Business reporter Eleanor Terrett addressed the matter on X (formerly Twitter), citing the CME spokesperson who explained the situation.
“A CME spokesperson tells that the beta version of the website, which is often used for mock-up drafts, was made public in error. No official decisions have yet been made about launching futures contracts for either token,” the post read.
The news caused a slight pullback in the prices of both altcoins. At press time, Solana’s trading price stood at $249.61, reflecting a 1.79% decline over the past 24 hours. Meanwhile, XRP was priced at $3.16, down by 0.98%.
Meanwhile, after initial the post went viral, speculation grew due to the lack of official confirmation.
“Honestly. If this is fake. Its a pretty good fakeout. I’m waiting for CME to officially confirm this via press-release or their actual website though,” Bloomberg analyst James Seyffart wrote on X.
He also questioned why the beta or test version of the website would be accessible to the public if the information was real, suggesting it reflected poor operational security.
Despite CME’s clarification, optimism regarding the potential launch of XRP and Solana futures remained high.
“So CME confirms the beta version website floating around out here was real,” said Nate Geraci, President of the ETF Store.
Although the listing may have been a mistake, there has been a notable rise in cryptocurrency ETF applications following Donald Trump’s return for a second term as US president.
Bloomberg’s senior ETF analyst, Eric Balchunas, observed that the number of cryptocurrency ETFs filed with the SEC has risen to 33, doubling since Gary Gensler’s departure.
“Won’t be surprised if it hits 50 within a week or two,” Balchunas added.
While the CME Group’s error has temporarily tempered excitement, the crypto community remains hopeful for future developments in this space.
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Market
XRP Price Pauses Rally: Healthy Pullback or Reversal Ahead?
XRP price struggled to continue higher above the $3.30 level. The price is now correcting gains and might find bids near the $3.00 level.
- XRP price started a downside correction from the $3.30 zone.
- The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
- There was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might start a fresh increase if it stays above the $3.00 support.
XRP Price Dips Again
XRP price managed to start a fresh increase from the $3.120 support zone, but upsides were limited compared to Bitcoin. The price was able to surpass the $3.250 level before the bears appeared.
A high was formed at $3.285 and the price recently started a downside correction. There was a move below the $3.20 support. The price dipped below the 50% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high.
Besides, there was a break below a connecting bullish trend line with support at $3.1450 on the hourly chart of the XRP/USD pair. The price is now trading below $3.20 and the 100-hourly Simple Moving Average.
It is now holding the 61.8% Fib retracement level of the upward move from the $3.012 swing low to the $3.285 high. On the upside, the price might face resistance near the $3.150 level. The first major resistance is near the $3.20 level.
The next resistance is $3.250. A clear move above the $3.250 resistance might send the price toward the $3.30 resistance. Any more gains might send the price toward the $3.4250 resistance or even $3.450 in the near term. The next major hurdle for the bulls might be $3.50.
More Losses?
If XRP fails to clear the $3.20 resistance zone, it could start another decline. Initial support on the downside is near the $3.120 level. The next major support is near the $3.00 level.
If there is a downside break and a close below the $3.00 level, the price might continue to decline toward the $2.880 support. The next major support sits near the $2.750 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $3.120 and $3.00.
Major Resistance Levels – $3.20 and $3.250.
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