Tag: ETH Price

Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce
Altcoins, Analysis, Bitcoin

Bearish chart pattern hints at $70 Solana (SOL) price before a possible oversold bounce

Solana (SOL) price may fall to $70 a token in the coming weeks as a head and shoulders setup emerged on the daily timeframe and possibly points toward a 45%+ decline.The chart below shows that SOL price rallied to nearly $217 in September 2021, dropped to a support level near $134 and then moved to establish a new record high of $260 in November 2021. Earlier this week, the price fell back to test the same $134-support level before breaking to a 2022 low at $87.73.SOL/USD weekly price chart featuring head and shoulders setup. Source: TradingViewThis phase of price action appears to have formed a head and shoulders setup, a bearish reversal pattern containing three consecutive peaks, with the middle one around $257 (called the "head") coming out to be higher than the other two around t...
3 reasons why Ethereum can reach $5,000 in Q1
Analysis, Bitcoin, Etherium

3 reasons why Ethereum can reach $5,000 in Q1

Ethereum's native token Ether (ETH) has plunged by more than 20% after establishing its record high at around $4,867 on Nov. 10, 2021. Nonetheless, the sharp price pullback does not mean ETH can't pursue a new record high in the next few months, as several widely-tracked technical, macroeconomic and on-chain indicators suggest. One of these indicators envisions Ether's price reaching $5,000 in the first quarter of 2022 while others look are poised to support the bullish bias.ETH price painting falling wedgeEther's recent price correction is painting a potential classic bullish reversal pattern known as "falling wedge."In detail, falling wedges begin wide at the top but contract as the price moves lower. As a result, the price action forms a conical shape that trends lower as the ...
Bitcoin open interest matches record high amid predictions of BTC price ‘fireworks’ this month
Bitcoin

Bitcoin open interest matches record high amid predictions of BTC price ‘fireworks’ this month

Bitcoin (BTC) is in line for "explosive" price action as derivatives markets return to form in 2022, a new forecast states.In a tweet on Jan. 4, Vetle Lunde, an analyst at Arcane Research, confirmed that BTC denominated open interest (OI) had returned to all-time highs seen in November.Open interest demands "fireworks" within weeksBitcoin futures and options have taken a beating during the end-of-year BTC/USD retracement, but as the holiday period ended, consensus began to form around a major comeback.Institutional traders should become the major force on Bitcoin markets, some say, and derivatives are already showing signs of that renewed interest.OI is now back at the levels it last hit in week three of November when BTC/USD itself reached all-time highs of $69,000.Unlike then, however, f...
Ethereum whales dumping ETH as price slides below $4K, data shows
Etherium

Ethereum whales dumping ETH as price slides below $4K, data shows

Ethereum is having difficulty keeping its richest investors in line as its native token, Ether (ETH), hints at logging more losses in the near term.Blockchain data analytics service Glassnode revealed that the number of Ethereum addresses holding at least 1,000 ETH dropped to 6,292 this Monday, the lowest reading since April 2017. At its year-to-date peak, the numbers were 7,239 in January.Number of Ethereum addresses with balance of at least 1,000 ETH. Source: GlassnodeOn-chain analysts typically observe ETH distributions among addresses to realize retail and institutional sentiments. They consider wallets that hold above 1,000 ETH (around $3.92 million at currency exchange rates) as “whales,” primarily for their ability to influence interim market trends via large sell and/or buy orders....
Bitcoin slips under $50K amid warning ‘new player’ Binance whale is pressuring BTC price
Altcoins, Bitcoin

Bitcoin slips under $50K amid warning ‘new player’ Binance whale is pressuring BTC price

Bitcoin (BTC) lost $50,000 for the first time in several days on Dec. 26 as exchange inflows caught up with the cautiously optimistic mood.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView"New player" beefs up $50,000 sell wallData from Cointelegraph Markets Pro and TradingView showed volatility hitting BTC/USD overnight on Saturday.The pair had reached $51,500 before starting to retrace, this culminating in a dip to $49,644. At the time of writing, Bitcoin was back circling $50,000.The move came in tandem with a rise in inflows to major exchange Binance, with order book data showing a new wall of resistance being built at $50,000.Binance order book heatmap chart. Source: Material IndicatorsThe behavior points to a large-volume investor shaping market bias, and Binance was a...
Bitcoin price flatlines as XRP hits $1 with ‘massive’ altcoin move set for 2022
Altcoins, Bitcoin

Bitcoin price flatlines as XRP hits $1 with ‘massive’ altcoin move set for 2022

Bitcoin (BTC) stuck rigidly to its tight range on Dec. 23 as price action continued to contradict strong buying activity.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewHodlers busy accumulatingData from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to hold $49,000 after hitting 10-day highs.The pair remained stuck in a trading zone only around $4,000 wide, a key factor fuelling bets that a “short squeeze” would hit over the holiday period.Against declining volatility, data reinforced conviction among investors, with the supply being bought up at roughly three times the rate of new BTC being mined.“Strong handed HODLers are absorbing supply at more than triple the rate of new coins being mined each day,” on-chain analytics firm Glassnode summarized in the...
Small Ethereum investors increase exposure as ETH loses $4K level
Etherium

Small Ethereum investors increase exposure as ETH loses $4K level

Ethereum's native token Ether (ETH) has dropped by over 18% after establishing an all-time high around $4,867 on Nov. 10, now trading near $3,900. Nonetheless, the plunge has not deterred retail investors from buying the token in small quantities.According to data gathered by Glassnode — a blockchain analytics platform, the number of Ether addresses holding less than or equal to 0.01 ETH reached a record high level of 19.95 million on Dec. 4, the day ETH dropped to as low as $3,575 (data from Coinbase).Ethereum addresses with balances less than or equal to 0.01. Source: GlassnodeMeanwhile, the number of Ethereum wallets with balances of at least 0.1 ETH also kept climbing despite Ether's correction from $4,867 to $3,575, eventually hitting a new all-time high of 6.37 million on Dec. 12. As...
3 reasons why Ethereum price can drop below $3K by the end of 2021
Etherium

3 reasons why Ethereum price can drop below $3K by the end of 2021

Ethereum’s native token, Ether (ETH), reached an all-time high around $4,867 earlier in November, only to plunge by nearly 20% a month later on rising profit-taking sentiment. And now, as ETH’s price holds $4,000 as a key support level, risks of further selloffs are emerging in the form of multiple technical and fundamental indicators.ETH price rising wedgeFirst, Ether appears to have been breaking out of a “rising wedge,” a bearish reversal pattern that emerges when the price trends upward inside a range defined by two ascending — but converging — trendlines.Simply put, as Ether’s price nears the wedge’s apex point, it risks breaking below the pattern’s lower trendline, a move that many technical chartists see as a cue for more losses ahead. In doing so, their profit target appears a...
Coinbase adds ‘ETH2’ despite tomorrow’s Ethereum upgrade postponing difficulty bomb
Analysis

Coinbase adds ‘ETH2’ despite tomorrow’s Ethereum upgrade postponing difficulty bomb

Cryptocurrency exchange Coinbase has added a mirrored version of the Ethereum blockchain's native token Ether (ETH) to its crypto price index, just ahead of a key network upgrade on Dec. 10.Dubbed "ETH2," the symbol appeared to have been tracking the original Ether market data synchronously. For instance, the cost to purchase ETH2 came out to be the same as that for ETH. Meanwhile, their market capitalization, volume, circulating supply and price changes were also identical.Coinbase is already promoting eth2 as a new coin? pic.twitter.com/C67UxooLU0— Nuno (@nvcoelho) December 6, 2021Nonetheless, unlike the original, the ETH2 token had no Trading Activity, Popularity Score, or Typical Hold Time, underscoring that its role — for now — is to merely track the ETH market data until at least mid...
Ethereum bulls retain hopes of $10K despite ETH price chart bear flag
Bitcoin, Etherium

Ethereum bulls retain hopes of $10K despite ETH price chart bear flag

Ethereum's native token Ether (ETH) looks poised to extend its selloff this week as it wobbles near a key support level of $4,000.ETH price dropped by over 5.50% on Dec. 6 to an intraday low at $3,913. In doing so, it slipped through upward sloping support that constituted an ascending channel that — more or less — appears like a bear flag, a bearish continuation setup.ETH/USD daily price chart featuring Bear Flag setup. Source: TradingViewConservative traders typically spot bear flags when an instrument consolidates higher inside a parallel channel after a considerable price drop (called flagpole). They anticipate the price to break below the flag's lower trendline. And when it does, traders set their profit target by measuring the flagpole's height and subtracting it from the breakout le...