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Ethereum Price Sets Its Sights on Higher Levels: Can Bulls Maintain Momentum?

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Ethereum price started a recovery wave above the $2,650 zone. ETH is showing positive signs and might aim for a move above the $2,880 resistance.

  • Ethereum started a decent upward move above the $2,650 zone.
  • The price is trading below $2,850 and the 100-hourly Simple Moving Average.
  • There was a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh decline if it stays below the $2,880 level.

Ethereum Price Recovery Gains Pace

Ethereum price started a recovery wave after it dropped heavily below $2,500, underperforming Bitcoin. ETH tested the $2,120 zone and recently started a decent upward move.

The price was able to surpass the $2,550 and $2,650 resistance levels. It even climbed above the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. There was also a break above a short-term declining channel with resistance at $2,780 on the hourly chart of ETH/USD.

Ethereum price is now trading below $2,850 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,840 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $2,880 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,120 resistance zone or even $3,250 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,840 resistance, it could start another decline. Initial support on the downside is near the $2,700 level. The first major support sits near the $2,640 zone.

A clear move below the $2,640 support might push the price toward the $2,550 support. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,640

Major Resistance Level – $2,880



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XRP Price Struggles to Keep Pace: What’s Holding It Back?

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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BlackRock to Launch Bitcoin ETP in Switzerland for EU Market

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BlackRock is going to list a Bitcoin ETP in Europe and likely launch the product in Switzerland. The firm recently launched a BTC ETF in Canada, but this marks its first offering like this outside North America.

Bitcoin’s price has proved volatile after a major rally in November, but BlackRock has consistently shown complete confidence in it. This ETP offering may substantially impact European markets.

BlackRock to Offer ETP in Europe

BlackRock has undergone substantial changes since becoming the world’s biggest Bitcoin ETF issuer. Its IBIT product has been hailed as the “greatest launch in exchange history,” and the firm holds 2.7% of the entire BTC supply.

BlackRock recently launched an ETF in Canada, and it’s continuing these expansion plans with a Bitcoin ETP in Europe.

“Being able to gain Bitcoin exposure via the ETP wrapper has proven to be a compelling combination for investors,” Samara Cohen and Jay Jacobs, BlackRock’s Chief Investment Officer of ETFs and Index Investments and US Head of Thematic and Active ETFs, respectively, wrote in a blog post last month.

According to reports, BlackRock is likely to domicile this new ETP in Switzerland. Over the past few years, the country has become a hub for friendly crypto regulation, with its “Crypto Valley” in Zug attracting much acclaim.

While Switzerland may have friendlier laws than the EU, it will need to comply with the MICA regulations to do business in the region.

For BlackRock, this European ETP is a strong signal of its executives’ confidence in Bitcoin. The asset’s price has been on a roller coaster for the past few months, generally holding onto gains from Trump’s election in November.

bitcoin price
Bitcoin Three-Month Price Performance. Source: BeInCrypto

Still, these price wobbles are not enough to deter BlackRock’s new ETP strategy. Last December, IBIT boasted higher AUM than over 50 European ETFs, and it’s been growing since.

Recently, it also saw huge trading volumes despite continued tumult in Bitcoin. Ethereum ETFs recently overperformed their underlying asset by large margins; perhaps this will happen for BTC.

BlackRock may begin marketing this Bitcoin ETP in as little as one month. The company hasn’t made any public statements or responded to press requests, but a few employees spoke off the record.

Overall, the firm has a huge amount of capital and market influence, and this offering may substantially shake up EU markets. This plan may reap huge rewards.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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ONDO Price Stalls as Whales Reach All-Time Highs

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Ondo Finance (ONDO) price has shown little movement in the last 24 hours. Yet, its long-term growth remains impressive, with a 519% increase over the past year. As one of the biggest Real-World Assets (RWA) players in the market, ONDO has attracted strong interest from both retail and institutional investors.

While RSI has recovered from oversold levels and whale holdings have reached all-time highs, ONDO remains in a consolidation phase with its EMA lines closely positioned. Whether it forms a golden cross for a bullish breakout or faces further downside pressure will depend on upcoming market momentum and investor activity.

ONDO RSI Is Currently Neutral, Recovering From Oversold Levels

ONDO Relative Strength Index (RSI) is currently at 54.7, a sharp recovery from 20.6 just two days ago. This significant rebound indicates that buying pressure has returned after ONDO was previously in deeply oversold conditions.

An RSI below 30 typically suggests that an asset is oversold and could be due for a bounce, which aligns with ONDO’s recent surge.

Now that RSI has moved above 50, momentum appears to be shifting in favor of buyers, though it remains in a neutral zone rather than strongly bullish.

XRP RSI.
ONDO RSI. Source: TradingView.

RSI is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100. Readings above 70 suggest overbought conditions and potential for a pullback, while readings below 30 indicate oversold conditions and possible price recovery.

With ONDO’s RSI now at 54.7, the asset is in a neutral-to-bullish zone, suggesting that it still has room to climb if buying momentum continues.

If RSI pushes above 60, it could indicate stronger bullish momentum, but if it stalls or declines, ONDO price may consolidate before making its next move.

ONDO Whales Are Reaching All-Time Highs

The number of whales holding between 1,000,000 and 10,000,000 ONDO has dropped slightly from 193 to 190 on the last day. However, despite this minor decline, the overall number of ONDO whales has been steadily increasing since January 12, when there were only 120.

This long-term growth suggests that whales have been accumulating ONDO, reflecting increasing confidence in the asset. Even with the recent dip, these whale holdings remain at their highest levels ever, indicating strong interest in RWA from major investors.

Addresses holding between 1 million and 10 million ONDO.
Addresses holding between 1 million and 10 million ONDO. Source: Santiment.

Tracking whale activity is crucial because large holders can influence price movements through accumulation or distribution. A rising number of whales typically signals strong institutional or high-net-worth investor confidence, which can provide price stability or fuel bullish momentum.

While the slight drop from 193 to 190 suggests some short-term distribution, the overall trend remains positive. If whale numbers continue to grow, ONDO price could see further upside, but if more whales begin to sell, it might lead to increased volatility or price corrections.

ONDO Price Prediction: Will A Golden Cross Form Soon?

ONDO is currently one of the largest RWA coins in the market, with a market cap of around $4.5 billion. Its EMA lines are very close to each other, indicating a period of consolidation since yesterday.

If the short-term EMAs cross above the long-term ones, it would form a golden cross, a bullish signal that could push ONDO toward the $1.53 resistance. A breakout above this level could fuel further momentum, with the next target at $1.66.

ONDO Price Analysis.
ONDO Price Analysis. Source: TradingView.

On the other hand, if ONDO fails to establish an uptrend, it may face downside pressure. A drop to the $1.25 support could be the first sign of weakness, and if that level breaks, ONDO could decline further toward $1.00.

Given the current consolidation, the market is at a critical point, and the next major move will determine whether ONDO resumes its bullish trend or enters a deeper correction.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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