Category: Cryptocurrency News

Bitcoin is slowly moving lower below $24,500 against the US Dollar. BTC could drop in the short-term if it stays below the 100 hourly SMA. Bitcoin started a downside correction after it failed to settle above $25,000. The price is now trading below the $24,500 level and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend losses below the $23,780 and $23,500 support levels in the short-term. Bitcoin Price Breaks Support Bitcoin price attempted another increase above the $24,500 resistance zone. BTC was able to jump above the $25,000 resistance level and traded to a new monthly high. However, the price failed to stay above the $25,000 level. A high was formed near $25,200 and the price started a downside correction. There was a move below the $24,800 and $24,500 levels. Besides, there was a break below a key bullish trend line with support near $24,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below the $24,500 level and the 100 hourly simple moving average. A low is formed near $23,789 and the price is now consolidating losses. There was a minor move above the 23.6% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. On the upside, an immediate resistance is near the $24,300 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The next key resistance is near the $24,500 zone. It is near the 50% Fib retracement level of the recent decline from the $25,200 swing high to $24,789 low. A close above the $24,500 resistance zone could start another increase. In the stated case, the price may perhaps climb above the $25,000 resistance. Any more gains might send the price towards the $25,800 level. Dips Limited in BTC? If bitcoin fails to clear the $24,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $23,780 level. The next major support now sits near the $23,500 level. A downside break and close below the $23,500 level might spark a sharp decline. In the stated case, the price might drop towards the $22,750 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level. Major Support Levels – $23,780, followed by $23,500. Major Resistance Levels – $24,300, $24,500 and $25,000.

Shiba Inu Price had registered substantial gain over the last week. In the last 24 hours however, the coin moved down on its chart. The meme-coin had broken past its cup and handle pattern that was being formed for the past several months. This had pointed towards signs of bullishness. Despite a fall in Shiba Inu price, the technical outlook of the coin continued to remain positive at the time of writing. If Shiba Inu manages to remain above the $0.000015 level then the meme-coin could trade near the $0.000021 price mark. This meant that Shiba Inu price could rally by almost 50% in the upcoming days. Buying strength remained strong for the meme-coin. There needs to remain considerable buying strength in the market for Shiba to maintain its uptrend. This rally happened after Binance announced that it will add SHIB support on the payment cards which are issued in Europe. This has in turn increased Shiba Inu’s potential to help find new users in the crypto space. Shiba Inu Price: One Day Analysis SHIB was trading at $0.000015 at the time of writing. This is after Shiba Inu price broke above the cup and handle pattern. Shiba Inu’s cup and handle pattern means bullish momentum for the coin. A push from the buyers can help Shiba Inu price to propel higher. The immediate resistance for the coin stood at $0.000016. A fall from the current price level would drag the coin down to $0.00009. The amount of SHIB traded in the last trading session declined slightly which meant that selling pressure increased slightly. Despite the fall in price, buying strength remained substantially high. Technical Analysis The meme-coin had registered overbought conditions previously on its one day chart. Buyers still dominated a market despite a small fall in Shiba Inu price. The Relative Strength Index was above the 60 mark after it retraced from the 80-mark. SHIB was still in the overvalued zone at the time of writing even after the small retracement. SHIB price was above the 20-SMA line that indicated buyers driving price momentum in the market. Related Reading: Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable SHIB’s technical indicators had pointed towards a rise in buying strength. The Moving Average Convergence Divergence depicts the price momentum and change in the same. MACD flashed green histograms which meant that there was buy signal on the chart. Directional Movement Index indicated the direction in which the asset’s price is headed and also if there will be any reversals. DMI was positive as the +DI line was above the -DI line. The Average Directional Index (Red) noted an uptick which meant that the current price momentum had gained strength. Related Reading: Skybridge CEO Lists Factors To Spur Crypto Market Recovery Featured image from Thewistle, Chart from TradingView.com  

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JPMorgan CEO Jamie Dimon has shared his predictions for the U.S. economy, including a chance of “something worse” than a recession. “There are storm clouds,” the executive said, citing interest rates, QT, oil, Ukraine, war, and China. JPMorgan Chief Jamie Dimon’s Economic Forecasts JPMorgan’s chairman and chief executive officer, Jamie Dimon, reportedly shared his predictions […]

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The Ethereum deposit staking contract has seen increased interest since developers announced that the Merge is likely to happen next month in September. This move to proof of stake will see miners be flushed out in favor of validators who earn rewards for staking their ETH, and more investors want to take advantage of this. This has seen Ethereum hit new milestones, while the most recent one has to do with the amount of ETH staked. Staked ETH Crosses 13.3 Million Staked ETH on the Ethereum network has now reached a new milestone of 13.3 million. This number has been a long time in the making and has recorded tremendous growth since the announcement about a month ago. The contract now sits at a whopping 13.308 million ETH now staked, rising with each passing day. Related Reading: Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone The total number of ETH now staked accounts for about 11% of the total supply. This means that 11% of Ethereum’s available supply has been rendered unmovable for the foreseeable future. As expected, this has had a big impact on the price since scarcity equals higher value. Ethereum had been able to cross $2,000 for the first time in more than 2 months. The anticipation around the Merge has turned into a ‘buy the news’ event. More people are moving into the digital asset, given the promises held by Ethereum during this time. Add in the fact that withdrawals are not expected to come to the network until 6 months to 1 year after the Merge, the reduced market supply will continue to pump the price. Ethereum Investors Strap In An important byproduct of the announcement that the Merge is coming in September has been the accumulation trend that has been triggered. An example is the number of addresses holding at least 10,000 ETH, hitting a new 1-month high of 1,186. The same trend was seen in smaller investors holding at least 10 coins that touched a new all-time high of 313,562 wallet addresses. Related Reading: Cardano Price Sits Pretty At $0.5, Why A Breakout Is On The Horizon In the early hours of Monday, Wu Blockchain reported that a long-dormant Ethereum wallet had been activated. This wallet which had a balance of 145,000 ETH, was said to be active during the ICO era of the network, garnering a total of 150,000 ETH during this time. When the price of ETH hit $219 back in 2019, the owner of the wallet had made a single transaction o 5,000 ETH but had not had any other activity since then. The wallet has since gone on to transfer out 145,000 ETH to multiple wallets since its reactivation. These trends are becoming more common as the Merge draws closer. Mostly, as investors buy the news, the price of ETH is on a dramatic rise. However, as has been seen in the past, it is expected that the price of ETH will likely decline after the Merge. Featured image from Greek Reporter, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

The current Ethereum price analysis is bearish due to multiple instances over the previous day of rejection for additional upward. As a result, we anticipate ETH/USD to drop below $1,900 and then retest $1,800 as support. Ethereum Rejects Upside Since reaching a daily high of $2012, Ethereum has corrected by 6.6%. The price range between $1700 and $1800 is the crucial support level, and it is crucial for ETH to maintain above it to stop any further falls. Technically speaking, Ethereum is advancing inside a rising wedge (in yellow), which is a bearish trend. The trade volume on Binance is also declining concurrently. This implies that the number of buyers is gradually dropping. Assume that the bulls can prevent the pair from breaking below the important support in the $1,700–$1,800 region (shown in green). In this instance, it is anticipated that after a temporary retreat, the rising trend will carry on with $2200 as the target. On the other hand, if the price drops below the indicated support, bears will have a chance to hit $1350-1280. (in light blue). ETH/USD 4-hour chart. Source: TradingView Since the beginning of August, when a significant higher high was recorded slightly below $1,600, the price of ethereum has been moving strongly in the direction of the bulls. After some consolidation, the ETH/USD pair on Wednesday overcame previous resistance at $1,800. After that, positive momentum increased until it reached the $1,900 resistance, where it briefly stabilized once more. Retracement, however, did not occur because another upward spike led to the current swing high being made at $2,000. Yesterday, as the $2,000 barrier was momentarily surpassed before bearish momentum rapidly returned, the price of ethereum tried to rise even higher. Another lower local high was established overnight to today, leading to a breach below the $1,900 support over the last few hours and paving the door for much more decline. Related Reading: Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone On-chain Info The graph below demonstrates how the decline in exchange reserve has coincided with the growing trend of ETH. The outflow is greater than the intake, as seen by the red histogram bars. The histogram bars have changed color to green during the past four days. Source: Cryptoquant This suggests that investors put their coins on deposit in anticipation of a potential selloff. Knowing that this influx is connected to the spot market is helpful. Related Reading: Will Ethereum Breach $2,000 Before The Merge? Featured image from Coinmarketcap, chart from TradingView.com, Cryptoquant