Author: dfmines

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Key takeaways:Ethereum’s market dominance has hit overbought RSI levels not seen since May 2021, historically followed by major pullbacks.ETH/USD is showing a bearish divergence on the four-hour chart, hinting at a potential 10–15% price correction.Despite the near-term risks, some analysts view a pullback as a “buy-the-dip” setup before a possible move toward $3,500–$3,800.Ether (ETH) has surged over 50% month-to-date in May, vastly outperforming the broader crypto market’s 15.25% gain. The rally has pushed Ethereum’s market dominance (ETH.D) toward the critical 10% threshold for the first time since March.But the rising dominance accompanies signs of overheating, indicating that Ethereum bulls should not celebrate the rally just yet.Ether’s RSI most overextended since May 2021The strong recovery in Ethereum’s crypto market share has pushed its daily relative strength index (RSI) to its most overbought zone since May 2021, raising red flags for traders betting on further upside, at least in the short term. Historically, such extreme RSI levels on ETH.D have marked the beginning of major pullbacks. One notable instance occurred in early July 2024, when ETH dominance peaked near similar RSI levels. ETH.D daily performance chart. Source: TradingView Over the following 315 days, ETH.D dropped by more than 17.5%. The current RSI spike, again above 80, mimics a similar setup, suggesting that Ethereum could be nearing a local top in its market share.Adding to the bearish outlook, ETH.D remains below its 200-day exponential moving average (200-day EMA; the blue wave). This resistance level has repeatedly capped Ethereum’s dominance during previous recovery attempts.Previous overbought pullbacks have initially pushed Ethereum’s market share toward its 50-day EMA (the red wave).The ETH.D metric, therefore, risks declining toward its current 50-day EMA support at around 8.24% by June, suggesting potential capital rotation out of Ethereum markets to other coins in the coming weeks.Bearish divergence signals 15% ETH price dropOn the four-hour ETH/USD chart, a classic bearish divergence is emerging, where Ethereum’s price continues to print higher highs, but momentum indicators trend lower. Crypto trader AlphaBTC noted that ETH is showing “three clear drives of divergence,” a setup often preceding trend exhaustion. He added that key Fibonacci levels align with potential support zones, suggesting a pullback could be imminent.ETH/USD four-hour price chart. Source: AlphaBTCWith ETH hovering near the $2,740 Fibonacci extension, profit-taking pressure may intensify, opening the door for a short-term correction toward lower Fib levels at around $2,330 or even $2,190, down 10%-15% from the current prices.Independent market analyst Michaël van de Poppe suggests ETH’s decline in the coming weeks could serve as a “buy-the-dip opportunity,” indicating that the cryptocurrency would eventually climb over $3,500. Related: Altcoins’ roaring returns and falling USDT stablecoin dominance suggest ‘altseason’ is hereVeteran trader Peter Brandt further predicts a “moon shot” rally to over $3,800.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin is trading at $104,071, with a total market capitalization of $2.067 trillion and a 24-hour trading volume of $30.25 billion. Over the last 24 hours, bitcoin moved within a price range of $103,108 to $104,836, indicating a narrow consolidation near recent highs. Bitcoin Despite exhibiting strong bullish momentum on the daily chart, bitcoin appears […]

South Korea could soon follow Hong Kong in legalizing spot Bitcoin exchange-traded funds (ETFs), as the country’s top presidential candidates have expressed pro-crypto positions. Still, some industry observers remain cautious about the likelihood of near-term regulatory change.“All three major South Korean presidential candidates support #Bitcoin ETFs and institutional investment,” Ki Young Ju, the founder and CEO of onchain data platform CryptoQuant, wrote in a May 14 X post.Currently, Bitcoin ETFs and institutional crypto investments are banned in South Korea, meaning that “100% [of the] volume comes from retail,” Ju added.From left: Democratic Party of Korea presidential candidate Lee Jae-myung, People Power Party presidential candidate Kim Moon-soo and New Reform Party presidential candidate Lee Jun-seok. Source: Ki Young JuRelated: Bitcoin more of a ‘diversifier’ than safe-haven asset: ReportOn May 6, South Korea’s Democratic Party leader Lee Jae-myung promised to legalize spot crypto ETFs, lower transaction fees and “create a safe investment environment so that young people can [build] assets and plan for the future, according to a report from The Korean Economic Daily (KED).The Democratic Party made similar promises in its 2024 election campaign, including the legalization of spot crypto ETFs, but progress has been delayed, KED reported.Related: SEC delays Solana ETF as decisions for Polkadot, XRP loomCandidates back ETFs, but history casts doubtWhile the crypto-friendly perspectives of the leading candidates suggest a promising future for digital asset legislation in South Korea, regulation experts remain skeptical.“The candidates’ pro-crypto pledges to push to legalize spot Bitcoin ETFs and reduce fees signal a potential shift. But history tempers optimism,” Anndy Lian, author and intergovernmental blockchain adviser, told Cointelegraph, adding:“They will take on similar stances as Hong Kong. Whether the ETFs can perform or not depends on various other factors.”“A pro-crypto president could drive reform, aligning South Korea with global trends like the US, where Bitcoin ETFs have attracted over billions in net inflows,” Lian said, adding that the Financial Services Commission’s tone also suggested “regulatory openness” for cryptocurrencies.However, the People Power Party, elected in 2022, also promised to lift the crypto ETF ban and revise the controversial one-exchange-one-bank rule, “but failed to act before President Yoon’s impeachment,” Lian said.Over in Hong Kong, the first batch of Bitcoin and Ether-based ETFs launched for trading on April 30, 2024, but saw disappointing trading activity compared to their US counterparts, Cointelegraph reported.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

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XRP is facing a strong resistance level on its path to the $3 price level and above, with the past 24 hours witnessing some sort of rejection at this resistance level. XRP price action has gradually built momentum in May, leading to a sharp move toward the upper $2.60 range. On May 12, XRP briefly touched $2.63 before retreating slightly, now trading around $2.57. Directly ahead is the major resistance at $2.69, and technical analysis shows that this zone now holds the key to whether XRP can continue its march toward $3.00 or undergo a pullback for consolidation.  $2.69 Resistance Is Technical For XRP Price Crypto analyst CasiTrades has highlighted the $2.69 price point as an important resistance level for the XRP price moving forward. According to the analyst’s chart, which accompanied a post on social media platform X, this level represents the 0.236 Fibonacci retracement from XRP’s all-time high and is a key level to watch for correction.  Related Reading: XRP Price Marks Confluence Support, Technical Indicators Put Next Stop At $3 Notably, this zone has led to multiple retracements since December 2024, with each attempt seeing sellers quickly step in to defend it. It even proved difficult to break when XRP broke to reach $3.3 in January, and an order block was created on the daily candlestick timeframe just before the ensuing rally above it. As noted by the crypto analyst, momentum indicators have remained relatively muted during XRP’s recent rally. The crypto has also completed what appears to be a full 5-wave Elliott count from the analyst. However, instead of a retracement, the price has pressed forward slowly alongside the rest of the crypto market. This slow, controlled push higher often signals strong underlying demand, strong trend, and heavy accumulation. As it stands, the only thing left to do is to see how the XRP price performs at the $2.69 resistance. Breakout Or Rejection: Two Opposite Outcomes With High Impact The analyst warns that the $2.69 level could be a final barrier before XRP is cleared for a run toward $3.00 and beyond. A confirmed breakout, ideally with a strong daily candle close above this level, would invalidate short-term bearish pressures and cause a run above this level. Related Reading: XRP Price Still On Bullish Path To $5 As Long As This Level Holds However, if $2.69 once again proves too strong for bulls to overcome, the altcoin may enter a temporary cooling-off phase. In this case, the next logical support level is around $2.30, which is close to the 0.382 Fibonacci retracement level. This is another breakout/rebound zone that could offer a healthy reset for the XRP price.  In either scenario, the price behavior at $2.69 is expected to set the tone for the rest of May and determine whether XRP can extend its 2025 bullish trend. At the time of writing, XRP is trading at $2.57, up 4% in the past 24 hours. Featured image from Getty Images, chart from Tradingview.com

This content is provided by a sponsor. PRESS RELEASE. Dubai, United Arab Emirates, 14th May – The landmark 30th edition of HODL (formerly known as the World Blockchain Summit), the world’s longest-running Crypto & Web3 Summit series, returns to Dubai today, 14 May 2025, at Madinat Jumeirah, continuing through 15 May 2025. HODL will bring […]

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