Ethereum price dips by 2.50% amid broader market crash, sparking concerns of a drop to $3,000.

Despite recent setback, some investors hopeful for long-term gains, citing potential for a bullish trend triggered by Bitcoin Halving.

ETH finds support at $2,850 but faces resistance; mixed signals from technical indicators add to market uncertainty.

Ethereum, the largest altcoin by market capitalization, was not immune to the recent crash, with the ETH price declining by 2.50%. Concerns about a potential drop to $3,000 have arisen due to this recent setback and broader market fears of an intense correction.

Despite the current downturn, some investors remain optimistic about Ethereum’s long-term price trend. The history of Bitcoin Halving bringing an altcoin season has teased the possibility of a future bull run.

With a market cap of $382 billion, Ethereum has seen an 18% drop over the past few weeks. However, the ETH price has found support at the 50% Fibonacci level, around $2,850.

The weekly chart’s consolidation between the 50% and 61.80% Fibonacci levels has been extended by the most recent downturn. A possible bullish break is suggested by the smaller price rejection from the 50% Fib level, which results in a sustenance above $3,000.

Can Ethereum pick up pace?

The price of ETH is currently trading at $3,140 with an intraday Doji candle, which illustrates the erratic nature of the altcoin. Ethereum might be able to resume its upward trend if the market is able to avert any more losses.

Technical indicators paint a mixed picture for Ethereum. The bearish crossover in the MACD and signal lines in the weekly chart is a result of the recent pullback phase. However, a bounce back from the 50% Fib level in ETH price could restart the positive trajectory.  

The price of ETH might break over the $3,265 overhead resistance and indicate a breakout entry opportunity if the Ethereum bull run continues. This possible bull run might test the strong $4,000 resistance level, leading to a 25% increase.

On the other hand, the chances of a drop to $3,000 are minimal but still concerning for investors. The current market conditions have created a sense of uncertainty, leaving investors to weigh the potential outcomes for Ethereum’s price action.

According to CryptoPotato, Ethereum's price has been experiencing increased selling activity after a period of consolidation and corrective movements, leading to a slight decline toward the 100-day moving average. The key question is whether Ethereum sellers will manage to break below this significant moving average.

A detailed analysis of the daily chart reveals that following an extended phase of corrective retracements, with the price testing the critical resistance region of $3.2K, the market experienced heightened selling pressure, resulting in a slight downturn. Consequently, the Ethereum price is now testing a crucial support level marked by the 100-day moving average at $3086. This range holds significance as it typically attracts considerable demand, potentially limiting further downward pressure from sellers. However, given the current market sentiment and recent price action, Ethereum appears to lack sufficient momentum and buying activity, increasing the likelihood of a new bearish trend in the short term.

A closer examination of the 4-hour chart reveals that following a period of sideways consolidation near the lower boundary of the wedge pattern, which aligns with the support region around $3K, the price experienced notable buying pressure, leading to a bullish reversal. This intensified demand resulted in a significant surge towards a critical resistance region, encompassing the 0.5 ($3234) and 0.618 ($3324) Fibonacci levels. However, sellers regained control and halted the upward momentum, causing a renewed bearish downturn, indicating a notable bearish sign for the market.

With Ethereum’s price failing to surpass the $3.7K level, investors may be interested in understanding the behavior of futures market traders. The 14-day moving average of the Taker Buy Sell Ratio, a metric that gauges the aggressiveness of buyers relative to sellers, has been on a sharp decline over the past few weeks. Moreover, the ratio has recently been steadily decreasing, nearing its lowest point since September 2022. This downward trend is concerning and suggests that Ethereum’s bearish trend could last in the mid-term if current conditions persist.

According to Bloomberg, Consensys, a crypto software company, has filed a lawsuit in a federal court in Texas. The firm argues that if the Securities and Exchange Commission (SEC) is allowed to exert authority over Ethereum and its digital token Ether, it could potentially halt the blockchain, thereby 'crippling one of the internet’s greatest innovations.' This lawsuit comes at a time when Consensys is under increasing scrutiny.

In the lawsuit, Consensys is seeking a court ruling that Ether is not a security and therefore should not fall under the jurisdiction of the SEC. The company was founded by Joseph Lubin, who is also a co-founder of Ethereum. The SEC, however, has declined to comment on the lawsuit.

The case is officially known as Consensys Software Inc. vs. SEC, 4:24-cv-00369, and is being heard in the US District Court, Northern District of Texas, located in Fort Worth.

According to PANews, Justin Bieber has invested over $2 million in Non-Fungible Tokens (NFTs) during 2022. As per data monitored by Arkham, the current value of these investments is just slightly over $100,000 as of the early hours of today.

In addition to his NFT investments, Bieber's wallet on Arkham currently holds nearly $500,000 worth of Ethereum (ETH) and APE. This indicates a significant interest and investment in the digital asset market by the pop star.

However, the drastic decrease in the value of his NFT investments highlights the volatile nature of the cryptocurrency market. Despite this, Bieber's continued investment in Ethereum and APE suggests a sustained interest in the potential of digital assets.

According to PANews, a recent report published by Syncracy reveals that MakerDAO has dominated nearly 40% of the DeFi profits on Ethereum over the past six months. The data, derived from TokenTerminal, analyzed the top 25 projects on Ethereum for the past 180 days, up until March 12.

The report highlights the significant role MakerDAO has played in the Ethereum ecosystem, demonstrating its dominance in the DeFi sector. This analysis provides a clear picture of the distribution of profits within the Ethereum DeFi space, with MakerDAO leading the pack.

The findings underscore the growing influence of DeFi projects on the Ethereum platform, with MakerDAO setting the pace. The report serves as a testament to the increasing relevance and impact of DeFi in the broader cryptocurrency landscape.

According to PANews, blockchain data reveals that Justin Sun has recently purchased an additional 21,547 Ethereum (ETH) coins, valued at approximately $67.5 million. Since April 8, Sun has accumulated a total of 176,117 Ethereum coins, with his total investment reaching $559.7 million. The average purchase price per coin stands at $3,172.

According to Foresight News, Wormhole has announced that its native token, W, can now be seamlessly transferred across Solana, Ethereum, Arbitrum, Optimism, and Base. This development eliminates issues of liquidity fragmentation or liquidity pool problems. The W token remains an SPL token on Solana and an ERC20 token on EVM chains. This marks the completion of the second phase of W's launch roadmap. The implementation of native multi-chain for W is a significant step forward in the token's development.

According to Foresight News, Aligned Layer, a decentralized zero-knowledge proof verification layer for Ethereum developed based on EigenLayer, has announced the completion of a $20 million Series A funding round. The round was led by Hack VC, with participation from dao5, L2IV, and Nomad Capital.

Aligned Layer plans to launch its mainnet in the second quarter of 2024. As an EigenLayer AVS, Aligned Layer provides Ethereum with a new infrastructure to obtain economically affordable zero-knowledge proof verification for all proof systems.

Previously, on April 15, Foresight News reported that Aligned Layer had completed a $2.6 million seed funding round. The round was led by Lemniscap, with participation from Bankless Ventures, Paper Ventures, StarkWare, O(1)Labs, and angel investors including Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, and Weikeng Chen.

According to BlockBeats, on April 26, the US Securities and Exchange Commission (SEC) issued a Wells Notice to ConsenSys, an Ethereum infrastructure development company. The SEC has accused MetaMask, a product of ConsenSys, of operating without a proper license.

A Wells Notice is a letter that the SEC sends to people or firms when it is planning to bring an enforcement action against them. In this case, the SEC alleges that MetaMask, a decentralized application (DApp) browser built on the Ethereum blockchain, has been operating without the necessary brokerage license.

ConsenSys, the company behind MetaMask, is a leading Ethereum software development company. It is yet to respond to the allegations made by the SEC. The implications of this notice could be significant for the company and the wider Ethereum ecosystem, depending on the outcome of the SEC's enforcement action.

According to TechCrunch, Stripe, a leading fintech company, is making a comeback in the cryptocurrency market. The company announced on Thursday that it would begin accepting cryptocurrency payments, starting with USDC stablecoins. Initially, these payments will only be accepted on Solana, Ethereum, and Polygon. This marks Stripe's first acceptance of crypto payments since 2018 when it discontinued Bitcoin support due to its instability.

In 2022, Stripe made its initial reentry into the cryptocurrency market by announcing payouts in USDC, with Twitter being its notable customer for the service. However, no customer names have been attached to Thursday's announcement. The news is expected to be officially announced by Stripe co-founder and President John Collison at the company's Connect developer conference in San Francisco.

Stripe's reentry into the crypto market is part of a broader strategy to expand its services. On Wednesday, the company announced a series of launches, including allowing customers to integrate competing payment providers with Stripe's financial services tools for the first time.

Stripe's history with cryptocurrency has been a delicate balance. While the company has shown interest in blockchain-based technologies and their impact on financial services, it has also been cautious not to jeopardize its position as a stable financial powerhouse. In 2014, Stripe began testing Bitcoin, the first major cryptocurrency. However, by 2018, it withdrew from these activities, citing Bitcoin's volatility and instability.

In June 2019, Stripe became a founding member of Libra, Facebook's cryptocurrency project, but withdrew support by October 2019. It took three more years for Stripe to reengage with cryptocurrency, this time with Twitter and USDC payouts. It remains to be seen how long Stripe will continue with this latest launch and what its future efforts will look like. However, it is understood that the company is already considering other stablecoins and platforms.

Ethereum price is attempting a recovery wave above the $3,125 zone. ETH must clear the $3,200 resistance to continue higher in the near term.

Ethereum extended losses and tested the $3,075 support zone.

The price is trading below $3,180 and the 100-hourly Simple Moving Average.

There is a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below the $3,125 support.

Ethereum Price Faces Resistance

Ethereum price struggled to recover and extended losses below the $3,100 level. ETH traded as low as $3,074 and is currently attempting another recovery wave, like Bitcoin.

There was a minor increase above the $3,125 resistance. The price climbed above the 23.6% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low. However, the bears are active near the $3,200 resistance zone.

Ethereum is now trading below $3,180 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $3,140 on the hourly chart of ETH/USD. Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average.

The first major resistance is near the $3,200 level or the 61.8% Fib retracement level of the recent drop from the $3,292 swing high to the $3,074 low.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,240, above which the price might gain traction and rise toward the $3,280 level. A close above the $3,280 resistance could send the price toward the $3,350 resistance. If there is a move above the $3,350 resistance, Ethereum could even test the $3,500 resistance. Any more gains could send Ether toward the $3,550 resistance zone.

More Downsides In ETH?

If Ethereum fails to clear the $3,180 resistance, it could continue to move down. Initial support on the downside is near the $3,125 level. The first major support is near the $3,075 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might set the pace for more losses and send the price toward $2,880. Any more losses might send the price toward the $2,750 level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,125

Major Resistance Level – $3,200

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Ethereum Price Faces Crucial Test: Will $3,200 Withstand The Pressure? appeared first on Crypto Breaking News.

Ethereum price failed to clear the $3,280 resistance zone. ETH declined below the $3,200 support and is now consolidating losses above $3,100.

Ethereum struggled to clear the $3,250 and $3,280 resistance levels.

The price is trading below $3,200 and the 100-hourly Simple Moving Average.

There was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move down if it trades below the $3,100 support.

Ethereum Price Trims Gains

Ethereum price struggled to clear the $3,250 and $3,280 resistance levels. ETH started a fresh decline and traded below the $3,200 support to enter a short-term bearish zone, like Bitcoin.

Besides, there was a break below a key bullish trend line with support at $3,190 on the hourly chart of ETH/USD. The pair even declined below $3,150 and tested $3,100. A low has formed at $3,105 and the price is now consolidating losses.

Ethereum is now trading below $3,200 and the 100-hourly Simple Moving Average. It is testing the 23.6% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Immediate resistance is near the $3,180 level and the 100-hourly Simple Moving Average. The first major resistance is near the $3,200 level or the 50% Fib retracement level of the recent decline from the $3,291 swing high to the $3,105 low.

Source: ETHUSD on TradingView.com

The next key resistance sits at $3,220, above which the price might gain traction and rise toward the $3,250 level. A close above the $3,250 resistance could send the price toward the $3,280 resistance. If there is a move above the $3,280 resistance, Ethereum could even test the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone.

More Losses In ETH?

If Ethereum fails to clear the $3,200 resistance, it could continue to move down. Initial support on the downside is near the $3,120 level. The first major support is near the $3,100 zone.

The main support is near the $3,030 level. A clear move below the $3,030 support might increase selling pressure and send the price toward $2,850. Any more losses might send the price toward the $2,650 level in the near term.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now below the 50 level.

Major Support Level – $3,100

Major Resistance Level – $3,200

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post Ethereum Price Faces Rejection, Is This A Fresh Bearish Signal? appeared first on Crypto Breaking News.

On Apr 25, 2024, 10:11 AM(UTC). According to Binance Market Data, Ethereum has dropped below 3,100 USDT and is now trading at 3,099.199951 USDT, with a 4.63% decrease in 24 hours.

According to data from the analytical platform SpotOnChain, large investors bought almost $57 million in Ethereum (ETH). From this, we can conclude that whales remain confident in the price dynamics of the asset, despite the prevalence of bearish sentiment in the broader market.

Whales are still confident in Ethereum

According to SpotOnChain, whales have made several large transactions over the past 24 hours. The most notable of these was wallet transaction 0x3d4, which withdrew 8,877 ETH worth about $29 million from Binance. He previously transferred 14,877 ETH from the same exchange. This holder’s average purchase price for the asset is $2,863, which means it currently has an unrealized gain of $6.02 million.

Wallet 0x0d7 withdrew 1,800 Ethereum worth $5.71 million from Binance. It is noteworthy that this was the first transaction he registered. Another large transfer was made by whale 0x435, who sent 7,128 ETH worth about $22.2 million from the exchange.

Historically, significant whale activity, whether buying or selling, has served as a key indicator of potential changes in the market, signaling impending volatility or forecasting possible stabilization. Thus, the latest actions of large wallets can significantly affect the price dynamics of the second largest cryptocurrency by capitalization.

Crypto community reacts

Members of the crypto community speculate that whales are purchasing ETH in anticipation of the possible approval of spot ETFs in the US. The tool can democratize investments in the second largest cryptocurrency by capitalization. The deadline for applications from a number of market participants to launch spot ETH-ETFs will come in May 2024.

Approval of Ethereum ETFs are coming.. !!

— Open4profit (@open4profit) April 23, 2024

While the US is still discussing the viability of spot ETH ETFs, Hong Kong regulators have approved several applications to launch the instrument. 

Ethereum developer Consensys vs. SEC Over Ethereum Status

Ethereum developer challenges the SEC’s recent actions, which imply Ethereum might be categorized as a security. The company received a Wells notice on April 10, signaling the SEC’s intent to enforce securities regulations against Consensys for its MetaMask wallet product. Consensys rebuts the assertion that it functions as a broker, highlighting that MetaMask simply acts as an interface and does not oversee customer assets or transactions. The firm argues that this characterization could weaken the established perception of ETH as a commodity, not a security.

The lawsuit also cites a 2018 speech by former SEC Director Bill Hinman, which indicated that Ethereum was viewed as a commodity. Additionally, the Commodities Futures Trading Commission (CFTC), which supervises derivative products linked to Ethereum, has also acknowledged cryptocurrency as a commodity, contributing to the regulatory perplexity.

The post Whales bought $57 million worth of Ethereum (ETH) in 24 hours: what’s happening first appeared on The VR Soldier.

The on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”

MVRV Would Suggest Most Altcoins Are Ready For A Bounce

In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.

The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.

Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.

Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.

Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.

Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.

Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.

The data for the MVRV divergence for the various altcoins | Source: Santiment on X

Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.

The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,

Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.

Thus, if the model is to go by, now may be the time to go around altcoin shopping.

ETH Price

Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.

Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView

Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post 85% Of Altcoins In “Opportunity Zone,” Santiment Reveals appeared first on Crypto Breaking News.

According to Foresight News, Ethereum's second-layer network Taiko has announced the launch of its latest testnet, Hekla, which is now open to the public. The previous testnet, Katla, will be discontinued on May 10. Hekla introduces EIP-4844 blobs, which are used to initiate compressed DA. Additionally, Hekla adjusts the L2 block Gas issuance to 60 million Gas every 12 seconds, with a limit set to 2.4 billion Gas, and makes adjustments to the EIP-1559 configuration.

Hekla also adopts the same Based Contestable Rollup (BCR) mechanism as Katla, which Taiko will use to launch on the mainnet. Users can normally exchange, use DApp to deploy contracts, run nodes, propose, and prove blocks.

Taiko stated that Katla was originally the last testnet before the mainnet launch, but Hekla allows for thorough testing of the aforementioned additional features and improvements.

Amidst the struggling cryptocurrency market, the overall cryptocurrency market has massively plunged in the last 24 hours. During this situation, crypto whales appear bullish and are heavily accumulating. On April 25, 2024, an on-chain analytic firm, SpotOnChain, made a post on X (previously Twitter), stating that despite the massive fall in Ethereum (the world’s 2nd biggest cryptocurrency), whales appear to remain bullish.

Whales bullish on Ethereum

SpotOnChain also shared data indicating that since the opening of the Asian market, a Crypto Whale has spent over $4.19 million of stablecoins to buy 1,524 Ethereum at an average of $3,159. In the last 11 hours alone, the same whale added nearly 3,000 Ethereum worth $10 million with an average price of $2,991. With this massive buying activity in the last 11 hours, this whale currently holds over 3,384 Ethereum worth $10.7 million, with an unrealized profit of approximately $361K.

Additionally, two more whales have added a massive over 8,928 Ethereum worth $28 million with an average price of $3,111 and $3,170, respectively, from the world’s biggest cryptocurrency exchange, within the last 16 hours.

However, all these massive accumulations were done during a period when the market experienced a massive fall. This significant accumulation also highlights the whales’ and investors‘ interest in Ethereum amid the potential approval of a spot Ethereum ETF. Furthermore, these whales consider this an opportunity to continuously accumulate ETH and many other assets as well.

Ethereum price performance analysis

Currently, Ethereum is trading near $3,115, and in the last 24 hours, it has experienced over 4% downside momentum. If we look at Ethereum’s performance over a longer period, in the last 7 days, despite a massive fall in the market, it managed to surge over 3%. Whereas, in the last 30 days, it experienced nearly a 10% downside momentum.

According to expert technical analysis, Ethereum is currently looking bearish as it is trading below the lower level of the past 4 trading days. If the daily time frame gives a closing below this level, then there is a high possibility that in the coming days, the price will hit the $2,980 level. However, there is also a chance that it may touch the 200 EMA (Exponential Moving Average) which is at the $2,750 level.