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.

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 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 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 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 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.

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

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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.

According to U.Today, Ethereum (ETH) is currently facing a significant resistance zone between $3,170 and $3,270 as it continues its journey past the $3,000 price point. This resistance zone is not just a simple price point, but represents a significant concentration of ETH held by 1.63 million addresses, totaling 4.45 million ETH. This accumulation of holdings could play a crucial role in determining whether Ethereum can break through and reach the much-anticipated $3,650 level.

Crypto analyst Ali highlighted this formidable resistance zone for ETH, characterized by a concentration of Ethereum holdings among a large number of addresses. On-chain data reveals that approximately 1.63 million addresses collectively hold a significant 4.45 million ETH at these price levels. The large number of addresses holding onto their ETH within this range indicates a potential sell-off point, where many investors may decide to take profits, thereby increasing the selling pressure and making it harder for the price to push through.

If a significant portion of these holders were to sell, it could lead to a price drop. However, if these holders remain confident and continue to hold, or if new buyers step in with enough volume, the price could break past the resistance and head toward the next target of $3,650. Ali indicated in his tweet that breaking past the barrier between $3,170 and $3,270 could propel ETH toward $3,650. At the time of writing, ETH was up 1.51% in the last 24 hours to $3,243.

If the current bullish momentum sustains, Ethereum might aim for $3,302 ahead of the 50-day SMA at $3,488. This would aim for $3,650 and further the $3,729 barrier. Conversely, if the ETH price turns down from current levels, it could slip toward the $3,000 price point. This remains a critical support for the bulls to maintain because, if it fails, the next stop could be $2,850.

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.

According to PANews, data from Coinglass reveals that the cryptocurrency market experienced a total contract liquidation of $193 million in the past 24 hours. This liquidation affected 85,846 individuals.

The majority of the liquidation, amounting to $151 million, was from long positions, while short positions accounted for approximately $41.88 million. Bitcoin (BTC) and Ethereum (ETH) were significantly impacted, with liquidation amounts of approximately $43.60 million and $38.72 million respectively.

Recent reports, initially shared by Walter Bloomberg, hint at the potential denial of spot Ethereum (ETH) Exchange-Traded Funds (ETFs) by the United States next month. While not confirmed by officials, these rumors carry weight due to the absence of positive signals regarding ETF approval. Significance of ETFs in Crypto Markets ETFs play a crucial role …

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