Category: Cryptocurrency News

Ethereum price is again moving lower from the $2,325 resistance. ETH could decline heavily if there is a move below the $2,270 support zone. Ethereum is showing a few bearish signs from the $2,325 zone. The price is trading below $2,300 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair might start a fresh increase if it manages to clear the $2,325 resistance zone. Ethereum Price Struggles Below $2,325 Ethereum price attempted a fresh increase above the $2,300 level. However, ETH faced strong selling interest near the $2,325 zone. A high was formed near $2,327 and the price started a fresh decline, like Bitcoin. There was a move below the $2,300 support zone. The price even spiked below $2,280 and traded below the 50% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. Ethereum is now trading below $2,300 and the 100-hourly Simple Moving Average. The bulls are now protecting the $2,270 support or the 61.8% Fib retracement level of the upward move from the $2,241 swing low to the $2,327 high. On the upside, the first major resistance is near the $2,300 level. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The next major resistance is near $2,325, above which the price might rise and test the $2,380 resistance. If the bulls push the price above the $2,380 resistance, they could aim for $2,440. A clear move above the $2,440 level might send the price further higher. In the stated case, the price could rise toward the $2,500 level. More Losses in ETH? If Ethereum fails to clear the $2,325 resistance, it could start another decline. Initial support on the downside is near the $2,270 level. The next key support could be the $2,240 zone. A clear move below the $2,240 support might send the price toward $2,200. The main support could be $2,120. Any more losses might send the price toward the $2,080 level. 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 – $2,240 Major Resistance Level – $2,325

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Bitcoin price struggled to continue higher above the $43,800 resistance. BTC is moving lower and might decline heavily if it breaks the $41,800 support. Bitcoin price is declining from the $43,800 resistance zone. The price is trading below $42,800 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to decline if there is a clear move below the $41,800 support. Bitcoin Price Takes Hit Bitcoin price made another attempt to gain pace above the $43,000 and $43,200 resistance levels. However, BTC struggled to extend its gains and recently started another decline below $42,800. There was a move below the $42,500 support. A low is formed near $42,232 and the price is now consolidating losses. There is also a key bearish trend line forming with resistance near $42,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $42,750 level. It is near the 50% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low. The next key resistance could be $42,850 and the trend line. The trend line is close to the 61.8% Fib retracement level of the downward wave from the $43,250 swing high to the $42,232 low, above which the price could start a decent increase. Source: BTCUSD on TradingView.com The next stop for the bulls may perhaps be $43,250. A clear move above the $43,250 resistance could send the price toward the $43,800 resistance. The next resistance is now forming near the $44,200 level. A close above the $44,200 level could push the price further higher. The next major resistance sits at $45,000. More Losses In BTC? If Bitcoin fails to rise above the $42,850 resistance zone, it could start another decline. Immediate support on the downside is near the $42,250 level. The first major support is $41,800. If there is a close below $41,800, the price could gain bearish momentum. In the stated case, the price could dive toward the $40,500 support. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $42,250, followed by $41,800. Major Resistance Levels – $42,750, $42,850, and $43,250.

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Bitcoin, the largest crypto asset, is currently at a standstill from the viewpoint of many investors considering current market factors. The crypto mostly traded between $41,000 and $45,500 last week after recovering from a brief dip below $40,000 on January 23.  Although the price action has been underwhelming, on-chain data indicates that large holders have been adding more to their wallets, bringing the total number of wallets to the highest it has been in 15 months. At the same time, the holding pattern indicates smaller whales have been adding to their holdings to join the next tier of holders. Related Reading: Ethereum Exodus: The Inside Scoop On The Massive $500 Million Weekly Flight Large Holders Accumulating It would seem Bitcoin holders have been making moves to push the cryptocurrency up, as indicated by the increasing number of whale wallets. According to on-chain analytics platform Santiment, the number of Bitcoin addresses holding between 1,000-10,000 BTC, saw an increase of 47 more wallets representing a 2.5% growth, in six days. Consequently, the number of addresses in this tier reached 1,958 on February 1st, its highest point since November 2022. 🐳 #Bitcoin is ranging between $41K and $44K, but whale wallets are moving big this week: 🔴 Number of 1K-10K $BTC Wallets: 1,958 on Feb. 1st (Most since November, 2022) 🟡 Number of 100-1K $BTC Wallets: 13,735 on Feb. 1st (Least since November, 2022)https://t.co/MTOnjURnfV pic.twitter.com/QrxW8CH5c2 — Santiment (@santimentfeed) February 3, 2024 Furthermore, Santiment data showed the decline of wallet addresses in the tier below. That is, those holding between 100 and 1,000 BTC. The number of wallets in this range dropped by 154 addresses within the same time period, representing a 1.1% decrease. Consequently, the number of addresses in this tier fell to 13,735 on February 1st, its lowest point since November 2022.  Bitcoin currently trading at $43,055 on the daily chart: TradingView.com What Does This Say About Bitcoin? The accumulation by a vast number of large holders points to continued faith in the crypto despite the current consolidation, but whale accumulation is only one of many market factors that influence the crypto’s price. Bitcoin’s price trajectory might look unclear at the moment, but the macro outlook points to a positive movement on the fundamental side of things. One of these is the recent capital flows of $1.7 billion into Bitcoin spot ETFs in the past 14 days.   Related Reading: Avalanche To Unleash 9.5 Million Tokens, Traders Brace For Impact According to crypto analyst Michaël van de Poppe, Bitcoin’s current consolidation could continue in the coming months before the next halving. The analyst noted a resistance at $48,000, to $50,000, and another correction towards $36,000 to $38,000.  My general theory is that #Bitcoin is consolidating in the coming months. Pre-Halving a final run towards resistance at $48-50K, after that another correction to $36-38K and from there #Altcoins to continue outperforming Bitcoin. pic.twitter.com/sYiqpg3T93 — Michaël van de Poppe (@CryptoMichNL) February 3, 2024 In a different perspective, Justin Bennett, another popular crypto analyst on social media, predicted a bearish Bitcoin in the near future. According to him, Tether’s dominance chart suggests a further BTC decline to around $30,000. This price range coincides with analyst PlanB’s absolute Bitcoin price floor of $31,000.  Bitcoin 200 week moving average is 31k. When bitcoin price diverges from 200WMA, in accumulation (blue) and bull markets (orange/red), bitcoin has never gone below 200WMA. So 31k might be the absolute floor, and bitcoin might never see 31k ever again IMO. Also 200WMA is rising… pic.twitter.com/3kqSbXWLjU — PlanB (@100trillionUSD) February 3, 2024 Bitcoin is trading at $42,909 at the time of writing. Featured image from Adobe Stock, chart from TradingView