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Ethereum Price Turns Red: Is This a Temporary Dip?

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Ethereum price started a fresh decline below the $2,550 support. ETH is struggling and might recover if it clears the $2,500 resistance zone.

  • Ethereum started a fresh decline from the $2,650 resistance zone.
  • The price is trading below $2,500 and the 100-hourly Simple Moving Average.
  • There was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a recovery wave if it surpasses the $2,500 and $2,550 resistance levels.

Ethereum Price Takes Hit

Ethereum price struggled to stay above $2,550 and started a fresh decline like Bitcoin. ETH declined below the $2,520 and $2,500 levels.

It tested the $2,420 support zone. A low was formed at $2,411 and the price is now attempting to recover. There was a move above the $2,450 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low.

Besides, there was a break above a connecting bearish trend line with resistance at $2,450 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,500 and the 100-hourly Simple Moving Average.

On the upside, the price seems to be facing hurdles near the $2,500 level and the 50% Fib retracement level of the downward move from the $2,582 swing high to the $2,411 low. The first major resistance is near the $2,520 level. The main resistance is now forming near $2,550.

Ethereum Price

A clear move above the $2,550 resistance might send the price toward the $2,600 resistance. An upside break above the $2,600 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,650 resistance zone.

Another Decline In ETH?

If Ethereum fails to clear the $2,500 resistance, it could start another decline. Initial support on the downside is near the $2,450 level. The first major support sits near the $2,400 zone.

A clear move below the $2,400 support might push the price toward $2,350. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,250.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $2,420

Major Resistance Level – $2,500



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Aptos Partners with Circle and Stripe to Revitalize Network

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The Aptos Foundation announced a new partnership with Circle and Stripe, hoping to revolutionize its network functionality. Circle’s CCTP and USDC stablecoin will enhance blockchain interoperability, while Stripe will attract TradFi by simplifying fiat interactions.

Aptos has set ambitious goals with this partnership, but APT’s upward momentum has stagnated.

Aptos Partners with Circle and Stripe

According to a new announcement from the Aptos (APT) Foundation, its network is integrating Circle’s USDC stablecoin and Cross-Chain Transfer Protocol (CCTP). Additionally, Aptos is integrating the payment platform Stripe, generally streamlining fiat-related features. These include on- and off-ramps, payment processing, and TradFi ease of adoption.

“Once the integration is complete, users will be able to seamlessly transfer USDC between Aptos and 8 major blockchains. In addition to USDC and CCTP, Stripe will soon launch its payment services on Aptos, creating a reliable fiat on-ramp to streamline merchant pay-ins and payouts using Aptos-compatible wallets,” the firm claimed via press release.

In other words, Aptos aims to use this partnership to make itself “the ultimate hub for interoperable DeFi.” These companies will approach this goal from both ends: enticing new users and investors while substantially improving the core experience. This partnership marks a new development for Stripe’s integration with crypto.

Indeed, Stripe took a six-year hiatus from cryptocurrency payments, which only ended this April. Since then, however, it’s been engaging seriously with the industry. The firm entered an earlier partnership with Circle this June, hoping to promote USDC adoption. Additionally, Stripe acquired Bridge, a crypto payment platform, last month.

For its part, Aptos is undertaking a recovery process. Despite a major price spike in March, it suffered a lingering decline for most of 2024. The asset began regaining steam in October, and the November bull market has brought increased optimism. Still, its gains have stagnated for about a week.

Aptos Price in 2024
Aptos Price in 2024. Source: BeInCrypto

This partnership between Aptos, Circle, and Stripe may help APT regain its forward momentum. These ambitious new features will greatly add functionality and accessibility to Aptos’ network. Still, the firm has set a very ambitious goal for itself: to solidify “its place as a leader in interoperable DeFi and enterprise-grade blockchain technology.” Only time can tell its success level.

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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SEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift

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The SEC is quietly meeting with several issuers to discuss approving a Solana ETF, claims Fox Business reporter Eleanor Terrett. With Trump’s impending pro-crypto administration, the SEC seems more inclined to approve such a product.

However, anti-crypto figure Gary Gensler is still nominally in charge of the SEC, and public progress might not begin until 2025.

Solana ETF Approval Is Getting Closer

According to a scoop from Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF. Currently, Brazil is the only country that has given this product a green light. As recently as September, Polymarket odds gave the SEC a dismal 3% chance of approving it. This reluctance, however, might soon be changing:

“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.

Terrett was very clear about the impetus for this progress in negotiations: Donald Trump’s re-election. On the campaign trail, Trump vowed to significantly reform US crypto policy, and one cornerstone was firing anti-crypto SEC Chair Gary Gensler. Gensler has apparently conceded to his impending ouster, and his replacement will undoubtedly support the industry.

Previous attempts have floundered at an early step in the process. Once the SEC officially acknowledges an application, it must confirm or deny it within a 240-day window. Previous filings have lingered in limbo at this stage. However, the list of candidates is now growing: Canary Capital filed for a Solana ETF in October, and BitWise did the same earlier today.

Timeline of Solana ETF Applications, with Previous Frozen Attempts
Timeline of Solana ETF Applications, with Previous Frozen Attempts. Source: Eric Balchunas

Nonetheless, these positive negotiations still only consist of anonymous rumors. The Commission has not publicly moved to begin this process, and Gensler is still nominally in charge. Terrett posits that the SEC will only make serious progress on the Solana ETF at the start of 2025. Compared to previous pessimism, however, this is a complete sea change.

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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ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge

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The ETH/BTC ratio, a metric measuring Ethereum’s price performance compared to Bitcoin, has reached its lowest point since March 2021. This development comes amid BTC’s brief rise to $98,000.

While the flagship cryptocurrency has increased by 7.45% in the last seven days, ETH has hovered around the same region, with investors raising concerns about the altcoin’s future.

Ethereum Continues to Lag Behind Bitcoin

In February, the ETH/BTC ratio climbed to a yearly high of 0.060. During that time, speculation spread that Ethereum’s price would begin to outperform Bitcoin and validate the altcoin season. However, that has not happened, as Bitcoin’s price has continued to make new highs

Ethereum, on the other hand, is yet to retest to reclaim its all-time high despite reaching $4,000 earlier in the year. This disparity in performance could be linked to several factors. For instance, both cryptocurrencies saw approval for exchange-traded funds (ETFs) this year.

However, while Bitcoin has seen billions of dollars in inflows, ETH has been inconsistent in attracting capital. Hence, the institutional inflow has driven BTC toward $100,000, ensuring that the ETH/BTC ratio drops to $0.033 — the lowest level in 42 months.

ETH/BTC performance
ETH/BTC Ratio. Source: TradingView

Further, the disparity in Ethereum’s performance can largely be attributed to sustained selling pressure. For instance, CryptoQuant data reveals that exchange inflows into the top 10 exchanges have climbed to 461,901 ETH, valued at approximately $1.50 billion as of this writing.

This surge in exchange inflow reflects large deposits by investors, indicating a heightened willingness to sell. Such movements typically increase the supply of ETH on exchanges, raising the likelihood of a price drop.

In contrast, a low exchange inflow generally indicates that investors are holding onto their assets, which is not the current scenario for ETH.

Ethereum Exchange Inflow
Ethereum Exchange Inflow. Source: CryptoQuant

ETH Price Prediction: Crypto Could Retrace

As of this writing, ETH trades at $3,317, which is a higher close than yesterday’s. Despite that, the altcoin is still below the Parabolic Stop And Reverse (SAR) indicator. The Parabolic SAR generates a series of dots that track the price movement, positioning above the price during a downtrend and below the price during an uptrend. 

A “flip” in the dots — shifting from one side to the other — often signals a potential trend reversal. As seen below, the indicator is above ETH’s price, suggesting that the cryptocurrency could reverse its recent gains.

Ethereum price analysis
Ethereum Daily Analysis. Source: TradingView

If this is the case and the ETH/BTC ratio declines, Ethereum’s price could decline to $3,083. However, if buying pressure increases, that might not happen. Instead, the value could surge above $3,500 and toward 4,000.

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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