Category: Cryptocurrency News

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At spot rates, Ethereum prices have been edging lower, recently even retesting the immediate support at $3,700. Even though the coin is still hovering around this level, optimism is high that it will spike higher in the coming days. Ethereum Whales Are Now Accumulating Cementing this outlook, one analyst, citing on-chain events, notes that a bullish narrative may be unfolding. Pointing to the sharp increase in Ethereum addresses controlling over 10,000 ETH, the analyst is now convinced that investors are through with their distribution and are not accumulating, expecting more price gains.   Glassnode data cited shows that the number of addresses controlling over 10,000 ETH has been on the uptrend since May 20. Notably, on this day, prices shot strongly, breaking above $3,300 and $3,700. Related Reading: MATIC In Consolidation: Key Price Levels To Watch After A Breakout The uptick boosted sentiment, possibly explaining why whales are now accumulating and not opting to liquidate, accepting to be shaken off from their position following the recent correction from $3,900. When writing, ETH is changing hands at around $3,700, up nearly 20% from May 2024 lows. From the daily chart, the coin is still within a bullish breakout formation after clearing two crucial resistances (now support) at $3,300 and $3,700. Therefore, despite the retracement from $3,900, the uptrend remains. The coin, reading from the candlestick arrangement in the daily chart, will likely ease above $4,100 as buyers set their eyes on $4,900 or 2021 highs. It is highly that these whales are institutions, most of whom are optimistic about what lies ahead and positioning themselves for the leg up. The sharp expansion in whale count means institutions are increasingly confident in the vast Ethereum ecosystem. Continuous Development And Spot ETH ETF Hopes One reason for this positive outlook is the continuous development in the Ethereum network. After the successful activation of Dencun in March, platform developers are now focusing on the upcoming Pectra upgrade. This hard fork is expected to further enhance the network, making transaction processing more efficient and cost-effective. These continuous developments are positioning the network as the preferred host for decentralized finance (DeFi) and meme coin activities. Related Reading: Political Memecoin Mania: Super Trump Token Explodes With 200% Surge Beyond platform-related factors, the United States Securities and Exchange Commission (SEC) recently approved the listing of all spot Ethereum exchange-traded funds (ETFs). The agency is yet to clarify its position on the status of ETH. However, this will change with the approval of all S-1 registration forms for spot ETFs. Analysts believe the second most valuable coin would have received the much-needed clarity if these forms are given the go-ahead. Feature image from DALLE, chart from TradingView

Summer Mersinger anticipates extensive coordination and potential delays in the implementation of FIT21 across U.S. regulatory agencies if it is enacted.

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Hester Pierce said her “sandbox” pitch would offer opportunities for cross-border collaborations between blockchain firms without fear of regulatory threats.

Amidst the backdrop of this year’s skyrocketing BTC transaction fees and a congested network, the latest Binance Research report, “The Future of Bitcoin #3 – Scaling Bitcoin,” unveils several approaches to addressing Bitcoin scalability. As average onchain fees have climbed in 2024, Binance researchers say stakeholders across the ecosystem are poised to redefine Bitcoin’s infrastructure […]

A crypto strategist who accurately predicted the current Bitcoin downtrend has shown where the price is headed from here. If the analyst’s prediction is anything to go by, then the decline in the crypto market may only just be in its beginning stages. Bearish Indicators Pile Up For A Bitcoin Crash Earlier this week, when the crypto market was still euphoric with the Bitcoin climb above $70,000, crypto analyst Xanrox was one of the few who called a possible decline in price. The analyst took to the TradingView website to share this analysis, where he showed that indicators point to a Bitcoin price retrace. Related Reading: Shiba Inu Price Prediction: SHIB Shows Unusually High Strength Against Dogecoin According to the analyst’s initial post, Bitcoin is going to crash in June and the reason lie in the price action that was seen in May. One of the indicators that Xanrox points to is the “FVGAP” that was created at $62,000, and as the analyst explains, this can signal a bullish trend for the digital asset. This is mainly because this gap that was created at $62,000 are filled out “sooner rather than later,” suggesting that the retrace could be happening soon. Another indicator that the analyst points to is the Elliott Wave perspective, pointing out that the Bitcoin price has finished the first impulsive Wave 1. Naturally, as the market moves in waves, the next wave, Wave 2, is expected to be bullish. But that is not all, as Xanrox points out the creation of a corrective ABC pattern from here. Last but not least, the analyst points out a small red trend line that has formed in the chart and is already breaking down. Such breakdowns in the trend line are bearish; add in the rising wedge pattern that the analyst sees in the chart, and it seems to be a perfect recipe for a decline. Xanrox initially posted his analysis on Wednesday, May 29, and since then, the Bitcoin price has broken down below $68,000, suggesting this prediction could come to pass. As a result, the analyst has now updated the post, showing where the price could be headed next. Next Steps For BTC In the follow-up posts, Xanrox points out that another red trend line is now breaking down after the first. With two in a row, it paints a very negative picture from the Bitcoin price from here. Additionally, the crypto analyst revealed that the BTC price has formed a symmetrical triangle, which he expected to break down. When this happens, the price is expected to fall. Related Reading: Shiba Inu Open Interest Explodes 85% Amid 15% Price Jump, Why This Is Important As for how far Bitcoin can fall from here, the analyst’s original chart shows a breakdown toward the $62,000 level. This would mean an over 10% decline in the price, something that could shake prices all across the market. “Currently, I am bearish, so be careful during the summer as the price action is not the most volatile for Bitcoin during this season,” the analyst warned. As for Bitcoin, it is currently sitting just below $68,000, at the time of writing, with 2.7% losses in the last week. However, the monthly remains green for the pioneer cryptocurrency as it’s seeing 10.28% gains. Featured image created with Dall.E, chart from Tradingview.com

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