Bitcoin And Ethereum May Awaken Bears If Fail To Hold This Level! Here’s Where BTC And ETH Price Are Heading This Weekend
As the crypto market brings a worrying situation by trading on the verge of a flip price range, investors are keeping a close eye on leading assets: Bitcoin and Ethereum. With the weekend approaching at a fast pace, several analysts are wondering if BTC and ETH prices will be able to make a bullish comeback or form a price bottom.
BTC And ETH Prices Face Intense Pressure From Sellers
This week seems to bring a barrier in the price chart of Bitcoin and Ethereum as both face an ongoing consolidation near a critical price level. Market leaders claim that a slowdown in the upward journey may cause another bearish reversal, slumping leading assets to December price levels.
Bitcoin Price Analysis
This month has brought a high of $24K for Bitcoin since August 2022, pushing the trendline of BTC dominance exponentially. However, on-chain metrics suggest that Bitcoin’s dominance has recently started forming a dip after facing rejection near $24K, signifying an upcoming altcoin rally. Moreover, the largest Bitcoin corporate holder, MicroStrategy’s quarterly financial report, posts substantial losses, creating turmoil in the BTC price chart.
As of writing, BTC price trades at $23,665 with a decline of nearly 1%. A pseudonymous trader predicted a potential dip in Bitcoin’s price trend. The analyst predicts that the Bitcoin price may drop heavily if it witnesses profit-taking sentiment from investors at $24K. If Bitcoin falls below $23K, it may reach its November high of $21K, from which Bitcoin may trigger a possible upward retracement.
Ethereum Price Analysis
Ethereum price chart looks bullish as it maintains its momentum near the $1,650 price level. Moreover, the ETH network will activate its Zhejiang public testnet next week ahead of the Shanghai upgrade, which may develop a bullish scenario for the asset. However, a downtrend near $1,700 remains a concern as investors are looking to liquidate their holdings to avoid any upcoming risk that happened during the Merge event last September.
According to CoinMarketCap, ETH’s price trades at $1,662. Analyzing the daily price chart, Ethereum may face a rejection near the $1,700 level as the RSI-14 trades in an overbought region. Ethereum price may form a support level near the EMA-100 trend line at $1,563, which may spark a fresh bull run ahead of the much-anticipated Shanghai upgrade.
However, a bullish trend is expected if Ethereum breaks its monthly resistance level of $1,700, above which the ETH price may take bulls to the $2K price level.
What’s Next For Bitcoin and Ethereum? Experts Weigh In
On Saturday, the cryptocurrency market showed a decrease in its previous level of volatility, with a 1.5% drop in the prices of Bitcoin and Ethereum. Despite this, profit-taking in the crypto market remains high, with over $98 million liquidated in the past 24 hours. Analysts believe that the crypto market is currently in a period of calm before the next bout of volatility.
Analyst Rekt Capital predicts that the next few weeks will be a crucial moment for the entire cryptocurrency market. If the previous rally continues, it would signal the end of the bear market and the start of a multi-week consolidation stage.
However, if there is a significant drop below $18k, a bearish trend could be indicated by a death cross between the 50 and 200 WMAs.
A similar narrative has been shared by on-chain analytic firm Santiment which cited a significant spike in whale transactions on altcoins.
According to Santiment, Ethereum traders are less convinced that the bull case scenario will persist in the coming weeks. As such, a significant increase in Ethereum profit-taking has been recorded.
DonAlt’s Analysis
According to popular pseudonymous crypto trader DonAlt in a recent YouTube video, the crypto market has more upsides in the coming months. However, the analyst warned if Bitcoin closes February below $20.7k, the bullish thesis will be invalidated.
“You have a lot of upsides. I think the upside on the monthly is basically if you don’t want to be too greedy, is $34,000,” DonAlts noted.
The analyst shared a similar thought on Ethereum, which hit $17k for the first time in months. As such, the analyst thinks Ethereum will hit $2.5k if the bullish thesis is not invalidated in the coming weeks.
With conflicting opinions from different experts, the future of the cryptocurrency market remains uncertain. Some predict a continuation of the bull market, while others see the possibility of a bearish trend. With so much at stake, it’s important to stay informed and make informed decisions.
Snowfall Protocol (SNW) Presale Set To Sell Out As Bitcoin (BTC) and Ethereum (ETH) Prices Signal Increased Market Enthusiasm
As the year begins, the crypto market is obviously regaining its feet after the crypto winter of 2022. Bitcoin (BTC) and Ethereum (ETH) are at the forefront of this new rally, trading around the $23,000 and $1,500 mark, respectively.
This could only mean one thing; market enthusiasm is once again on the rise, and groundbreaking protocol Snowfall Protocol (SNW), currently in its final presale phase, is sailing on this wind as it is set to sell out very soon.
Bitcoin (BTC)’s Recent Rally Hints At A Healthier Ecosystem
Since its inception in 2009, Bitcoin (BTC) has had a rollercoaster journey up until 2023. In November 2021, the King coin achieved a feat that seemed impossible when Bitcoin (BTC) first launched. It hit an all-time high of $65,000. However, by 2021 in the heat of the bear market, Bitcoin (BTC) had plummeted below $20,000, going even lower at times.
But following FTX filing for bankruptcy, Bitcoin (BTC) is beginning to rally again. According to Cointelegraph, on-chain data revealed that the recent short liquidation dominance is behind this rally. This is because it creates automatic Bitcoin (BTC) buys, driving up its price. Apparently, this dominance helped clear the market of unhealthy investments and has made room for the futures market to trend toward longs.
Ethereum (ETH) Updates Will Attract Favorable Investments, Says Expert Observers.
Additionally, the second largest crypto by market cap, Ethereum (ETH) launched its newest update, the Zhejiang testnet on the first of February ahead of the Shanghai and Capella hardfork. A move that would potentially allow validators on the network to safely withdraw Ethereum (ETH) from the network without destabilizing it.
This move was highly anticipated since the blockchain for smart contracts had switched from a proof-of-work mechanism to a proof-of-stake one in a massive event called the Merge in 2022. This was especially important for Ethereum (ETH) users because some of their investments had been locked in for more than two years.
Analysts have predicted that the upgrades would be advantageous to Ethereum (ETH) staking. And the crypto’s price has not only rallied but also remained relatively stable throughout the preparation and launch of the testnet.
Snowfall Protocol (SNW) is Not Left Out From This Rising Market Enthusiasm
Another beneficiary of this market turnaround is the Snowfall Protocol (SNW), a cross-chain transfer ecosystem for both Fungible and Non-fungible tokens. This platform is the very first of its kind, built to provide secure, reliable, and autonomous transactional highways between the myriads of blockchains and ecosystems scattered all around the world of crypto.
Although Snowfall Protocol (SNW) is still in the final part of its presale phase, the crypto promises to spike over 1000% before it is over. This is because it is providing groundbreaking technology, bridges that can link EVM to non-EVM compatible chains, and wrapping and swapping non-fungible tokens between blockchains.
Snowfall Protocol’s token (SNW) was sold at $0.05 in the first phase of its presale, and by the end of this third phase, it would be going for $0.75. Of the total supply of Snowfall Protocol (SNW), only 30% is available, and the price would just keep rising as buyers increase.
The developers of Snowfall Protocol (SNW) have created a platform that offers users a secure way to navigate all their numerous holdings from one place in a secure and user-friendly manner. As a result, savvy investors are buying out the multi-chain solution presale offer as fast as possible.
These three tokens, Bitcoin (BTC), Ethereum (ETH), and Snowfall Protocol (SNW), among others, are restoring investors’ faith in the crypto market. Bitcoin (BTC) with its price recovery, Ethereum (ETH) with its continuous efficient upgrades and stability, and Snowfall Protocol (SNW) with its innovative technology that is changing the way crypto transactions are conducted forever, with its mission of creating a bridge that would link the entire world of crypto.
Learn more about SnowFall Protocol from the links below:
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Ethereum Price Analysis: ETH Price To Have a Bullish Ride Soon! Here Are The Levels To Watch
Ethereum (ETH) is noticeably on the rise along with the overall increase in performance of most crypto assets. Though general crypto market sentiment continues to be the key driver of Ethereum price growth, network activity has boosted confidence among all Ethereum investors. In January 2023, Ethereum emerged from a downturn that had been in place since May.
According to the Titan of Crypto, Ethereum is forming a Bullish Cypher Pattern. “Just like for #BTC, a bullish cypher pattern is currently playing out on #ETH weekly chart as well,” he said on Twitter.
According to the anonymous cryptocurrency analyst Crypto Yoddha, Ethereum has successfully broken out of the symmetrical triangle or “pennant,” paving the path for its price to perhaps reach $3,500 soon.
This pattern specifically appears when the price of an asset consolidates in a way that results in two trend lines that are converging and have about equal slopes. Price is poised to either break through the top trendline for a breakout or the lower trendline for a breakdown as it progresses toward the apex.
According to experts, ETH’s Aroon Indicator shows a decline in positive sentiment. An analytical tool for determining trend strength and trend alterations is the Aroon indicator. The strength of the uptrend is measured by the “Aroon up” line, and the strength of the downtrend is measured by the “Aroon down” line. The Aroon Indicator shows that the bullish mood has dramatically waned during the last few weeks on the daily chart and at 21.43%, the Aroon Up line was seen.
At the time of writing, Ethereum is trading at $1,680 and is up by more than 7 percent in the last 24 hours.
Ethereum (ETH) Bulls Weaken As Profit-Taking Intensifies
The largest altcoin, Ethereum (ETH), saw a rally of over 30% during the first month of January. As a result, Ethereum opened February with a 10% increase and is currently trading around $1,666. On-chain data suggests that a significant number of ETH holders have been taking profits after a tumultuous 2022.
According to Coinglass, approximately $34 million has been liquidated in the Ethereum market in the past 24 hours.
The upcoming Shanghai upgrade, which will allow for the withdrawal of staked Ethers, is expected to lead to increased sell pressure both before and after the event. Additionally, staked ethers have been locked for the past two years and some validators may choose to take profit.
Taking into account these and other on-chain factors, Santiment predicts that Ethereum holders should be prepared for a challenging February, with the possibility of a reversal.
Ethereum: Price Action Analysis
According to on-chain intelligence firm Santiment, the Ethereum bulls have weakened in the past few weeks as more traders continue taking profits.
“…. as profit-taking intensifies, the alt might be gearing up to shed some (if not all) of its gains in February. A look at ETH’s Aroon Indicator on the daily chart revealed that bullish sentiment has weakened significantly in the past few weeks,” Santiment noted
Notably, the Aroon Up line was spotted at 21.43 percent, and the uptrend momentum tends to weaken as the indicator approaches zero. As such, Ethereum’s price could end up wiping out gains accumulated in January during this month.
Additionally, Santiment has indicated that the demand needed to keep the Ethereum price rallying further has been diminishing in the past few weeks. Nonetheless, the Ethereum developers continue to build DeFi protocols for users to interact with including GameFi.
IRS Wants You to Declare Your Crypto Activities; What This Means for Bitcoin, Ethereum, and Snowfall Protocol Users?
The latest reporting obligations published by the Internal Revenue Service (IRS) require the general public in the USA to provide details of their crypto activities, whether they are a part of the crypto world or not. As of 2021, the IRS does not use the term “virtual money”. It has been replaced by “digital assets”. Every US citizen is required by law to answer all the questions related to their crypto activities.
Answering the Questions
Individuals have to answer questions about their crypto activities in three different tax forms. These are:
- 1040 Individual Income Tax Return
- 1040-SR U.S. Tax Return for Seniors
- 1040-NR U.S. Non-resident Alien Income Tax Return
All these 3 forms have questions about digital assets and income from them. IRS requires all individuals to answer their questions with a “yes” or a “no”. All U.S. citizens are now required to answer questions about cryptocurrencies irrespective of whether they participated in any digital asset transactions or not.
The IRS also wants to know if an individual has acquired, transferred, or sold digital assets in the financial year. Individuals should also report any financial gains from their crypto activities, including mining or staking cryptocurrencies.
IRS Tracks Popular Cryptos
Privacy is vital to the crypto space. After all, it is one of the tenets of the crypto-verse. But, in the U.S., IRS has many ways to reach crypto users and make them pay their taxes.
IRS has gotten better at tracking Bitcoin for multiple criminal investigations. They can also easily freeze assets in such cases. So, those who transact in famous cryptocurrencies like Bitcoin and Ethereum should keep tabs on legal changes and calculate their tax liabilities accordingly.
It is common for the IRS to gain information about the crypto trading of U.S. citizens by filing subpoenas against companies that run those cryptocurrencies. If you fail to report a loss, gain, or any activity in the crypto market, the IRS will charge you a fine in addition to the tax levied on your income. That can get quite costly.
Snowfall Protocol (SNW) Users & IRS Reporting
Snowfall Protocol (SNW) is yet to be launched in February. However, since its presale in the latter part of 2022, it has created impressive gains for its users. This includes the continuous appreciation in the price, and passive income from staking activities. Moreover, Snowfall Protocol (SNW) is predicted to grow from 1000% to 5000%.
However, when it comes to the new IRS ruling, Snowfall Protocol (SNW) users do not have to declare any gains from selling the tokens or staking the coin. The reason is simple. Snowfall Protocol (SNW) is based out of Europe. So, it does not come under the purview of U.S. laws. All users who buy Snowfall Protocol (SNW) outside the U.S. do not have to worry about paying taxes per the new US IRS laws.
The Snowfall Protocol (SNW) users do not have to go through the tedious process of filling out three forms declaring their “digital assets”.
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ETH Price Is Rising, May Hit $1800 in February: Is Now the Time to Sell Bitcoin for Ethereum?
Ethereum price has been maintaining a significant strength and consolidating heavily along the interim resistance. The trend currently appears to remain capped below $1650 but also flashes bullish signals that may uplift the rally in the coming days. The price slipped below $1600 after the fresh trend reversal and is failing to reclaim the position at the moment.
The volume has dropped significantly, which appears to have kept the price compressed. Moreover, the possibility of some bearish divergence is flashing due to which the price could further drop below $1500. This could be the trigger of a massive upswing fueled by the bulls and the whale who may enter at the interim bottoms.
Ethereum price is trading within a falling wedge which is largely considered bullish. The price was expected to face rejection and drop below $1500 as it holds these levels tightly, it indicates the price may revamp with a significant bullish trend soon.
However, the bearish divergence in RSI may be a little concerning which may loosen the grip of the rally. Unless MACD is hovering within the positive range, the possibility of a notable upswing may not be eliminated.
The ETH price is trading at $1575.29 with a slight jump of 0.23% in the past 24 hours. The trading volume has dropped extensively by more than 23%, while the market cap is advancing towards $193 billion at the moment. The levels at $1650 can be considered pivotal that may determine the direction of the impending rally.
Here’s Where Bitcoin, Ethereum & Cardano Prices Are Heading This Week
As the last year made heart-stopping dips and now the stunning recoveries in the price chart, many investors are left questioning the future trend of the market. However, the bullish reversal in the market’s sentiment has once again sparked rays of hope of a potential comeback from its bottom price range.
These Coins May Bring Bull Market Opportunities!
After pulling out of a prolonged crypto winter, investors are finally witnessing a glimmer of hope in early 2023 as popular coins like Bitcoin and Ethereum surged over 25% in just a few days. Moreover, the Cardano network has been dominating the altcoin market due to its much-awaited launch of stablecoin ‘DJED.’ Hence, crypto traders believe this mini-bull run may turn out to be a solid gain in the long term.
Bitcoin Price Analysis
Bitcoin’s technical outlook promises a bull market for the asset as it faces intense buying pressure to prevent any freefall in the price graph. As of writing, the price of BTC tumbles near the crucial level of $23K. However, the asset has witnessed a huge accumulation as its dominance over stablecoin hits a multi-year high, hinting at a historically bullish trend continuation.
If BTC breaks its current consolidation and holds above $23.5K, it may stretch its bullish trend and fly to the crucial price level of $30K. As the RSI-14 trades in the overbought region at 80, it may build up a panic situation which may force investors to liquidate positions, plunging BTC price near the support level of EMA-100 at $20.9K.
Ethereum Price Analysis
This weekend has brought a bearish trading session for Ethereum as it has entered its crucial support level. ETH price currently hovers at $1,579 and is heading toward trading below its immediate support level if it breaks $1,550.
However, bulls are pushing the asset to $1,600 to confirm a further uptrend to $2K, and a failure to fulfill the bullish goal may slump ETH price to retest its support zone near EMA-200 at $1,470-$1,510.
ADA Price Analysis
Cardano price is preparing for a bullish breakout soon as the launch of its stablecoin DJED inches closer. However, the token initiates a downward retracement to its 23.6% Fib levels, but it can be a catalyst in igniting a bull run by the end of January.
The ADA price trades at $0.38, and it may retest its support level at $0.35 to validate an upcoming uptrend. A successful trading session above $0.356 will gain investors’ trust and buying pressure to head toward its EMA-200 resistance at $0.42. However, a bearish sentiment may pile up if ADA price drops below $0.34, plunging the altcoin below $0.27.
Massive Ethereum Price Correction Ahead
Bitcoin is the path builder for Ethereum and other major altcoins as most of the cryptocurrencies follow the path of Bitcoin price. Ethereum, the second largest cryptocurrency. After Ethereum hit a high of $1,673 on Jan 21, the lead altcoin started its downward journey and has been struggling for a major push since then.
However, the bulls are quite active near $1550 as the currency is holding strongly above this level. At present, Ethereum is changing hands at $1,578 after a pullback of 1.59% over the last 24hrs, but has gained nearly 4% in the last seven days. The immediate resistance for Ethereum is positioned at $1585 and support is at $1,570.
However, one of the popular crypto analysts and traders, Benjamin Cowen, is not so happy with the current price action of Ethereum. The analyst tries to inform his 783,000 subscribers at Youtube that Ethereum will most likely be pulled back towards the $600-$800 area. If that happens, Ethereum will face a downfall of nearly 60% from its current trade price.
Ethereum Price At $600
As per the analyst, Ethereum will not witness any bull market until ETH drops near the $600-$800 area which he calls as home base. Furthermore the analyst quotes that
“Despite that, I still do think it is more likely than not that eventually it’s going to go into this lower regression band. Whether that means we go to it or it comes to us of course is up for interpretation. I think it’s more likely going to eventually break to the downside.”
Meanwhile, it is important to note that Ethereum’s Shanghai upgrade which is scheduled to be completed by March 2023 is set to have a huge impact on the network. Through this upgradation which is also known as Ethereum Improvement Proposal (EIP) 4895, users will be allowed to withdraw their staked ETH. If the upgradation is successful, the market experts believe that Ethereum price might hit its next bull run.
How Much Robinhood is Holding in Shiba Inu and Ethereum?
Robinhood Markets Inc. (NASDAQ: HOOD) holds approximately 8 percent of its assets in Ethereum-based Shiba Inu. According to Coinbase director Conor Grogan, Robinhood holds approximately $266 million in Shiba Inu, per publicly tagged wallets. In total, Grogan noted that Robinhood holds approximately $3.37 billion in digital assets on Ethereum Virtual Machines (EVM).
Robinhood has significantly shifted to the crypto market in the past three years with its launch of the Polygon (MATIC) Web3 wallet. According to the trading company, Robinhood Wallet allows users to swap crypto with no fees through the Polygon network.
“Not including BTC, Robinhood holds less than half of a percent of assets on chains outside of Ethereum, and only about a million on MATIC. I found this interesting because Robinhood’s Wallet is on Polygon,” Grogan added.
The company holds Ethereum mostly in its assets amounting to about $3.35 billion. Otherwise, the company does not hold Polygon assets but has about $17.42 million on the Avalanche network.
Shiba Inu Bigger Picture
With about 1,287,999 holders, Shiba Inu has grown to a $6.3 billion valued ecosystem. However, it is the Shibarium beta launch that has sparked optimism in the Shiba Inu ecosystem. Notably, the layer 2 Shibarium network is expected to bring scalable Web3 development to the Shiba Inu ecosystem.
As such, several non-custodial crypto wallets including Atomic have announced the support of the Shibarium network.
Nonetheless, Shiba Inu’s price seems to have hit a rather strong psychological resistance level of around $ 0.000011521. Notably, it is at this level that Shiba Inu capitulated after the FTX fiasco late last year.
Ethereum Price Up For Another 31% Spike, ETH Price At $1700 ?
The world’s first cryptocurrency, Bitcoin, is hovering between $22,000 and $23,000 level. In the early hours today, the flagship currency did surpass its crucial level of $23K before making a slight downfall. However, the overall crypto market is flashing a positive sign with Ethereum, XRP, BNB, Cardano, Solana and other major altcoins trading green.
At the time of publishing, Bitcoin is selling at $22,992 after a surge of 1.27% over the last 24hrs.
Ethereum Price
Meanwhile, a renowned crypto trader and strategist who is anonymously known as Altcoin Sherpa is forecasting a bullish target for Ethereum, XRP, and Aptos. The analyst addresses his 189,700 Twitter followers saying the second largest cryptocurrency by market cap, Ethereum, is now testing its important support level of $1,5000. Hence, the analyst believes this lead altcoin will see another 31% upward movement and surpass the $2000 area in the coming days.
At the time of writing, Ethereum is valued at $1,606 with an upswing of 3.37% over the last 24hrs.
XRP Price
The next currency that has caught the strategist’s attention is Ripple’s XRP on which he is positive. Recently, XRP was not in a good position as it was underperforming compared to other altcoins. However, now Altcoin Sherpa claims that XRP is all set to make its move towards $0.50 once the altcoin surpasses a resistance of $0.44.
Currently, XRP has gained 0.19% over the last 24hrs and is now trading at $0.4112.
Aptos (APT)
Next, the strategist talks about Aptos which has gained 112% in the last one week. As per Altcoin Sherpa, this Solana competitor will see a bull run towards a high of $23.70 very shortly.
At the moment, Aptos is changing hands at $18.94 after an upwards movement of 39.44% in the span of a day.
Lido (LDO)
Lastly, the analyst winds up his analysis with Lido (LDO) which is an Ethereum staking service. As per Altcoin Sherpa, Lido is about to witness a correction.
Will Ethereum Take a Dip Amid the Rising FUD? Here’s what Experts are Saying
On January 20, the price of Ethereum recovered above $1,600, wiping out its losses from the collapse of the FTX exchange. However, after reaching a recent high of $1,638, the price crashed to $1,527. The large profit-taking transaction ratio increased on January 20 according to experts at Santiment.
The FUD around ETH, according to analysts at Santiment, may in the medium term feed a bullish narrative for the asset. 21% of conversations on social media sites involved currency.
They saw a sharp increase in the ratio of transactions for profit-taking. The social dominance of the second-largest cryptocurrency by market capitalization also increased at the same time. Data from Whale Alert indicates that a whale today dumped 24,768 ETH worth $38 million into the cryptocurrency exchange Coinbase. Over the previous three days, whales moved ETH worth around $200 million to liquidity pools and crypto exchanges.
What’s Next for Ethereum?
Popular cryptocurrency analyst Michael van de Poppe predicted a further decline in the price of Ethereum to around $1,450. The critical support level of $1,550, according to him, may see some rebounding in the price of Ethereum, but the real bounce for another rally will only come from below that level.
He wrote on twitter, “Some slow grind upwards and then one more sweep in the coming days and the correction should be over and we’ll continue the party.”
Rekt Capital wrote, “$ETH is dipping in an effort to retest the black diagonal multi-month downtrend as support. The diagonal needs to hold firmly however as there is a danger of this Monthly Candle ending up as an upside FOMO wick beyond resistance.”
However, the price of ETH will continue to be under pressure until the U.S. Federal Reserve’s rate hike decision on February 1 and until the release of the fourth-quarter GDP statistics on Thursday. At the time of writing, Ethereum is trading at $1,548 and has lost more than five percent in the last 24 hours.
Top Altcoin to Watch: With a 50x rally, this Layer-1 Token May Soon Outperform Bitcoin and Ethereum!
As the markets are turning a little bullish some of the altcoins are gaining significant gains. Among them is Avalanche (AVAX) which is believed to explode in the coming days. Crypto Bull and CIO of Morgan Creek Capital, Mark Yusko says Avalance (AVAX) has the potential to skyrocket by 50x in the next bull market.
In an interview, the veteran says that the popular smart contract platform may even outperform the entire crypto space.
“The key to investing in this ecosystem is diversification. Don’t pull all your eggs in one basket. You want to have a big chunk in Bitcoin. But if you think about it, if Bitcoin is as successful as we all think it will be, it won’t be the best performing, full stop.
Just because it’s the largest. It’s just the law of large numbers. You’re not going to go from $400 billion today-even if you go to $4 trillion, that’s a 10-bagger. Ethereum is at almost $200 billion – if it gets to $4 trillion that’s almost twice as much.
But if Avalanche actually becomes that intermediate layer, or becomes a bridge to connect Ethereum..it could be maybe 50x.”
Avalanche (AVAX) price is currently trading at $17.30 with a massive drop of 6.89% in the past 24 hours.
The AVAX price which was trading within a rising wedge, dropped down slicing through the lower support of the wedge. However, after undergoing a minor bearish action, the price has ignited a notable correction phase. As a result, the bearish influence is expected to fade quickly, but it may remain valid until the price rises above $18.
Ethereum (ETH) Price in a Catch-22-What Will Be Its Next Move?
After undergoing a magnificent bull run since the beginning of the year 2023, the ETH price began to face a significant pullback that appears to be premature to be validated as a rejection. Currently, the ETH price is trading in a tricky situation where-in either of the possibilities emerges where-in the token may be prone to a giant leap or a drastic pullback in the next few hours.
The beginning of the year was considered bullish for most of the cryptos including the ETH price which inflated to some extent. The price was trading along the lower trend line which does not appear to be strong enough to withstand the bearish pressure.
Despite a drop in the trading volume, the price drops hard indicating the buying volume is drying up due to which the bears may intensify their actions. Hence a notable drop may kick in if the bulls fail to hold the price at these levels.
In a bearish case, the ETH price may continue to test the lower support levels and begin by plunging below $1600. A couple of support levels may offer a base to rebound, but the lowest support at around $1520 could be a feasible option. One of the well-known analysts, Micheal van de Poppe also predicts the bounce area for the Ethereum price could be around $1525 as the ETH price is rejecting one of the crucial resistance.
Besides, the platform is gearing up for the Shangai Hard Fork and the developers have already created a shadow fork of the same. Hence, the bullish momentum is believed to mount significantly in the coming days.
ETH Price Takes Charge To Bring Another Upward Rally! Will Ethereum Meet Its Bullish Expectation?
Ethereum has been giving tough competition to its rival, Bitcoin, as it witnesses an astronomical rise again after a steep decline in November. The ongoing upward rally in the ETH price chart has led investors to bet on an upcoming bull market.
As Ethereum’s price hovers on an upward trajectory after breaking above crucial resistance levels, it creates belief among investors that ETH is preparing to enter a bullish phase ahead. Moreover, several analysts predict that Ethereum may aim for a new all-time high as it becomes a rising star in the crypto market.
Ethereum’s Investors Eye For A Bull Market
The price trend of Ethereum is on fire as investors continue to invest in this asset heavily despite current bearish sentiments in the market. Ethereum is slowly climbing to the North with the growing interest from institutional investors and adoption in DeFi, promising another round of bullish trends.
Ethereum has gained much attention from whale investors to bring enough liquidity and volume to support its current uptrend. According to on-chain data provider, Glassnode, the number of millionaires in Ethereum continues to surge as addresses holding 1,000 ETH or more made a new high of 6,599 today. Hence, it can be concluded that the ETH price has more room to surge despite Bitcoin’s price flattening.
Additionally, Glassnode noted that Ethereum’s dominance over stablecoins has seen an exponential rise and touched the highest level in three months. As ETH’s price trades above $1,600, its dominance on USDT, USDC, BUSD and DAI has seen significant growth, signifying solid interest from traders.
ETH Price Soars To New Monthly Highs
Investors are optimistic about Ethereum’s upcoming price goals as it forms higher highs with bulls’ support. Ethereum prints long green candles in the price chart, which leads to speculation that a bullish rally may be on the horizon.
The second largest cryptocurrency by market capitalization is showing no sign of slowing down ahead of the anticipation of the Shanghai upgrade.
A well-known crypto trader, Jerry Manders, predicts that Ethereum’s price will soon surge over the $2K price level if it gets continuous support from investors. The analyst predicted that Ethereum might smoothly climb to the range of $1,749-$2,049.
However, he forecasts a slight downward correction as ETH price may face resistance at $2K and drops below 23.6% Fib retracement to $1,547. The analyst believes investors such as Ethereum may form an ascending pattern from $1.5K and aim for a high of $2,643 by mid-February.
However, Ethereum’s further price validation will solely depend on the market’s mood, and traders are eagerly waiting to see if ETH will continue its uptrend or make a fake breakout.
John Deaton Predicts the Fate of Bitcoin (BTC), Ethereum (ETH) & XRP After 5 Years
It appears that cryptocurrencies are recovering from a phase of collapse in the industry, which was caused by FTX and Alameda. On significant spot exchange platforms, Bitcoin (BTC) briefly jumped to $23,330 on January 21, 2023, reaching heights not seen since August 19, 2022 and hitting new five-month highs.
John E Deaton recently tweeted that he believes that Bitcoin (BTC), Ethereum (ETH), and the XRP token will still be standing in five years’ time. Let’s explore the meaning behind this statement.
Future Outlook For BTC, ETH, and XRP
Blockchain enthusiast and founder of CryptoLaw John Deaton predicts that XRP (XRP), Bitcoin (BTC), and Ethereum (ETH) will all still be standing in five years.
Returning to a forecast he made in August of last year, John E Deaton referenced research by the Head of Assets at Zurich-based Sygnum Bank that suggested three digital assets of the future: Bitcoin as a store of value, Ethereum for infrastructure, and XRP for payments. Deaton maintains his projection because, except for the ongoing Ripple litigation, nothing has changed for XRP since 2020, when the prediction was made.
XRP Remains Resilient
The SEC filed a lawsuit against Ripple Labs and two of its officials in December 2020, stating that $1.3 billion in XRP sales constituted unregistered securities. The price of XRP plunged significantly to roughly 20 cents shortly after the lawsuit was filed. Despite this, and the subsequent removal from certain exchanges’ lists, XRP has maintained its position as one of the top 10 cryptocurrencies by market capitalization.
This demonstrates the resilience and the value proposition of XRP, which remains unaffected by external factors. XRP has remained one of the top 10 cryptocurrencies for the past ten years. Since its debut in June 2012, the XRP Ledger platform has been functioning seamlessly.
Between the close of 2017 and the start of 2018, XRP saw a tremendous rise, surging by thousands of percent and briefly overtaking Ethereum as the second-largest cryptocurrency.
Community Reacts
The crypto community paid close attention to this prediction made by Deaton. Many of them agree with the prediction, while others agree only partially. Some have even gone so far as to predict that Ethereum (ETH) won’t last very long. Some have additionally contributed to the list Deaton has stated.
Coinbase Set to Profit Big with Ethereum Shanghai Upgrade: JPMorgan Analyst
Ethereum Shanghai upgrade is coming in March, centralized exchanges led by Coinbase are providing staking services not willing to store private keys. According to JPMorgan analysts, the upcoming Shanghai upgrade, which will make over 16,097,225 staked Ethers available for withdrawal, will be a huge boost to Coinbase operations. Notably, Ethereum stakes have not been withdrawing their Ethers since 2020.
“Staking in Ethereum forced holders to lock up their Ether indefinitely, which we have viewed as a big dis-incentive to stake ETH historically,” JPMorgan analysts noted in a letter to investors. “We think the Shanghai Fork could usher in a new era of staking for Coinbase.”
Coinbase is heavily reliant on trading fees to make quarterly earnings aside from the digital assets on its balance sheet. The introduction of staking programs significantly diversifies the company’s revenue collection avenues. With Ethereum being the second largest digital asset – about $28.15 billion in total value locked (TVL) – the exchange is keen to tap into the network’s future.
“In Q3, we launched Institutional staking for Ethereum globally and while adoption is still in its early days, we are optimistic about the long-term opportunity. In addition, we offered users additional utility for their staked Ethereum through our wrapped cbETH product. This product allows users who own Ethereum to “wrap” it, allowing them to continue to earn yield on their assets via staking, while also being able to buy or sell that asset,” Coinbase noted in 2022 third-quarter earnings results.
Coinbase launched Cardano (ADA) and Solana (SOL) staking during the first quarter and second quarter of 2022 respectively. Notably, the crypto exchange generated approximately 11% of its 22Q3 revenue from staking, compared to 6.2% during the same period the year before.
Top Crypto Predictions for January 2023- Bitcoin (BTC) & Ethereum (ETH) May Hit These Levels in the Coming Week!
Bitcoin price is going up today and the major altcoins have also absorbed a significant bullish momentum. During the past weekend, BTC prices surged by nearly 15%, inciting a strong bullish trend for the rest of the week.
Although the tokens witnessed a minor pullback with some consolidation, the trend continues to remain bullish. Presently, the markets are about to encounter another weekend with the possibility of producing another bullish wave during the upcoming weekend.
Will Bitcoin (BTC) Price Hit $24,500?
Bitcoin price is failing to surpass $23,000 as the bears are hindering the rally at $22,900. The past few hours witnessed significant selling pressure accumulated that was observed a couple of days ago that slashed the price by 5% then.
Moving ahead, the bears were exhausted to some extent which helped the bulls to uplift the price beyond the crucial resistance at $21,410. Further, the prices exploded and marked highs beyond $22,500 for the first time in the past 4 months.
The BTC price after rebounding from $20,500, sliced through the crucial resistance levels at $21,500 and soared beyond $22,500 marking new highs for 2023. Now the bulls appear to be perplexed as the assets are being impacted with minor bearish pressure. However, the upcoming weekend may witness a breakout after experiencing excessive price compression.
A breakout may lead the price to rise beyond $24,000 while in case of rejection, the price may test the lower support at $22,500. If failed to sustain at these levels then a drop to $20,550 may be imminent.
Ethereum (ETH) Price Poised to Hit $1700 this Weekend
After facing a rejection of $1780, Ethereum’s price dropped heavily to mark the bottom just above $1000. However, since the start of 2023, the price maintained a significant upswing and rose above $1650. Presently, the second-largest crypto is facing notable bearish pressure which may be overcome during the upcoming weekend.
The ETH price is currently trading close to one of the important resistance levels at $1657 and facing bearish actions. In case of extended bearish pressure, the price may drop toward the lower support at $1596 and ignite a rebound. However, the next price zone to cross could be between $1750 to $1770 which may clear the path toward $1800.
Ethereum Price Holds $1500-Flashes Bullish Signals to Reach $1600 During Next Bullish Move
Ethereum price struggled finely around $1600 with an intent to clear these levels at the earliest but the fresh bearish action destroyed the bullish momentum. After reaching the higher resistance close to $1610, the price began with a fresh decline.
The move failed to respect the support zones between $1580 to $1550 due to the lack of bullish momentum at these levels which assisted the bears to slash the price below $1545.
The second-largest crypto was trading above the pivotal 100-EMA after rebounding from the recent lows below $1500 at around $1480. However, the fresh plunge slashed the price below these levels in the hourly chart.
Therefore, a minor consolidation may be expected for a while between $1512 and $1548 which may assist the bulls to accumulate some strength.
The impending resistance is around $1550 which is close to 0.5 FIB levels of the recent decline from $1610. However, after a notable upswing beyond $1560 a notable upswing may begin that could enhance the possibility of surging back beyond $1600. If the bulls keep up their strength then a notable upswing may be expected close to $1650 which could be further escalated close to $1700.
However, the upswing may be certainly hindered by the bearish action which is expected to drop at frequent intervals.
If the ETH price fails to clear the interim resistance at $1550, which appears likely, it could again lose support at $1500 and reach $1480. Failing to sustain at these levels may intensify the bearish action towards $1435 and later at $1400.
Bitzlato Scandal Triggers $100 Million Liquidation, Bitcoin (BTC) & Ethereum (ETH) Prices Plunge
After experiencing a surge that began at the beginning of this year, Bitcoin and Ethereum have seen a significant plummet in the past 24 hours. Long traders have lost a total of $100 million worth of assets due to liquidations.
The cause of this decline can be attributed to the allegations of money laundering made against Bitzlato, a relatively unknown cryptocurrency exchange. This news was sufficient to trigger the sharp drop in value.
Specifically, the price of Bitcoin fell from a four-month high of around $21,550 to roughly $20,700, while the price of Ethereum dropped from $1,700 to $1,500.
According to recent allegations, Bitzlato, a Hong Kong-based cryptocurrency exchange, is accused of illegally transferring a total of $700 million in both direct and indirect transactions over the course of several years.
The United States Department of Justice has accused Bitzlato of marketing itself to criminals as a cryptocurrency exchange that did not require any identification or verification, which subsequently led to deposits totaling hundreds of millions of dollars. As a result, the plaintiff is now responsible for the damages caused by the negative impact that Bitzlato’s actions had on the cryptocurrency market.
Statistics provided by CoinGlass indicate that more than $106 million worth of futures bets that gambled on the growth of Bitcoin and Ethereum were liquidated in the last 24 hours, representing over 76% of all futures trades.
It is also alleged in the lawsuit that Bitzlato facilitated the laundering of illegally obtained cash by requiring minimal identification from its customers and that over $4.5 billion in cryptocurrency transactions had been conducted by the exchange since 2018.
As of this writing, Bitcoin is valued at $20,783 (down 2.3% in the last 24 hours), whereas Ether is at $1,527 (down 3.4% in the last 24 hours).
Ethereum Price To Skyrocket To $2000 With A Twist! These Are The Important Levels To Watch Out
Last year, Ethereum made its historic shift to the proof-of-stake (PoS) mechanism, which is the ‘Merge’ event in the network, and now the eyes of the crypto community are on the upcoming ‘Shanghai’ upgrade, which may take place in March. ETH traders eagerly await the Shanghai hard fork, which will allow users to access their locked Ether staked on the beacon chain. Thus, the price of Ethereum remains on the bullish verge as the mood in the crypto market gradually improves.
ETH Price May Retrace To These Levels
Ether’s price has made over a 22% increase by the first two weeks of January due to the anticipation of the upcoming Shanghai upgrade. Moreover, the demand for the second-largest digital asset has witnessed an exponential surge as whale investors continue accumulating massive holdings.
However, several analysts believe Ethereum may flash a downward retracement if it brings fear situations near resistance levels, forcing investors to liquidate huge ETH holdings.
According to a well-known crypto analyst, TheNewsCrypto, ETH has formed a descending channel pattern and developed crucial levels in the price chart to validate further momentum. The analyst predicted Ethereum’s price might spike to its initial resistance level of $1,697.90 if it holds above its support level of $1,407.87.
He further noted that the ETH price might head toward its next resistance level of $2,041.14 if it breaks above its immediate resistance level. However, a price reversal is expected if ETH’s price trades below $1,400, from which it can witness a freefall of $1,067.18.
Will Ethereum Hit A Big Milestone?
After several big trading sessions in the ETH price chart, the asset’s trend has now slowed down near its crucial region of $1,500 as it faces intense selling pressure from bears. According to CoinMarketCap, Ethereum is currently trading at $1,557 with a minor downward retracement after failing to break above $1,600.
Looking at the daily price chart, both RSI-14 and Stochastic RSI trade in the overbought region at the level of 82 and 96, respectively. Hence, a downward correction to $1,425 for Ethereum is predicted as ROC starts to decline to 23.6% Fib retracement.
However, the 200-week MA indicates that the asset is under the bull’s control. If Ethereum holds above the EMA-200 trend line, it may consolidate further and again make an attempt to cross smaLong. A breakout above $1,600 may send Ethereum to trade near Bollinger band’s upper limit at $1,690. Conversely, a trade below $1,500 may plunge Ethereum to the bottom levels, challenging December’s price trend as it can again bring volatility near the $1,320-$1,400 region.
Shiba INU Coin News Today: SHIB Price Explodes After Being the Most Favoratie Token of Ethereum Whales
The crypto markets seem to have inculcated acute strength as the bears are not finding enough room to expand. After maintaining a narrow upswing since the beginning of 2023, the SHIB price exploded and has risen by more than 21% since the early trading hours. Apart from breaking the descending trend line that it maintained for nearly 5 months, SHIB has become the most preferred token among the top 100 Ethereum whales.
As per the data from the Whalestats, the Shiba INU coin has entered the list of top traded assets, top sold tokens and top purchased tokens. It is also featured in the top holdings of these whales. Other than Ethereum, the ETH whales hold nearly 505.52 billion SHIB worth more than $6 million.
SHIB Price Analysis
After receiving enough boost from the positive market sentiments and massive whale accumulation, SHIB price now appears to be poised to reach the next target above $0.000013. The price underwent a parabolic recovery to overcome the losses incurred after the collapse of the FTX exchange. However, a fresh bullish divergence is witnessed that may uplift the price towards the interim resistance.
The SHIB price broke out of the falling wedge during the previous trading day and surged magnificently to reach levels above $0.000012. However, the price is facing a minor rejection after testing the resistance at $0.00001299 and experiencing a pullback to reach $0.00001261 at the press time. However, the RSI is maintaining ascending trend while MACD just displayed a bullish cross-over within the positive ranges.
Therefore, after a brief consolidation, the Shiba INU may resume the upswing intending to close the weekly trade above $0.000015. Presently, SHIB’s price is trading around $0.00001262 with a jump of 20.63% in the past 24 hours with a market capitalization of $6.9 billion and a trading volume of $761.66 which witnessed a huge jump of 133.62%.
Are Ethereum (ETH) Bulls Exhausted for Rallying Beyond $1,600?
With over 52,606,127 holders, Ethereum’s (ETH) price has rallied over 28 percent in the last 14 days to trade around $1,568.46 on Tuesday. The second largest digital asset by market capitalization is likely entering the early stages of multi-week consolidation before the onset of the next bull market. Furthermore, Ethereum price has fully recuperated from the FTX and Alameda implosion
After briefly breaking out of the 2022 bear market in mid-October, Eth’s price has rebounded and converted the resistance trend line to a support level. The theory is also reiterated by the 200W MA and last week’s closing candle that indicates bulls are in control.
Having traded in a perfect wedge since hitting lows in June last year, the weekly bar close in the next few months will significantly influence the next trend in the Ethereum market.
The ETH bull case scenario is also supported by the RSI indicator that shows rising divergence over a lengthy consolidation period. A further rally beyond the current levels could completely invalidate the 2022 bear market.
The undisputed king of blockchain smart contracts continues to attract institutional investors and developers seeking to build scalable and secure Web3 projects. This is evident by the high transaction count of over 1,843,304,923, according to on-chain data provided by tokenview. Additionally, over 15,990,446 ETH have been staked by about 499,701 network validators.
Furthermore, the Ethereum ecosystem takes pride in over $46.99 billion locked-in Defi platforms. However, the figure is bound to decline significantly after the Shanghai upgrade which will allow withdrawals of staked Ethers on the beacon chain.
Bitcoin & Ethereum To Mirror 2019 Trade
The world’s two largest cryptocurrencies Bitcoin and Ethereum have surged nearly 20% in just a week. This momentum pushed almost every cryptocurrencies in the market, resulting in the rise of global crypto market cap that hit $1 trillion for the first time since November 2022.
However, currently the global crypto market cap has slightly dropped at $981 Bln along with Bitcoin falling back to $20,000 levels.
Meanwhile, a well-known crypto analyst and former associate at ARK Invest, Burniske has put forth his analysis on the crypto market. The analyst claims that the current market situation might not be a short-term rally, hence we might see a 2019 like situation.
Earlier in 2019, the analyst had stated that the first two cryptocurrencies, Bitcoin and Ethereum had surged by 4X during that year. The analyst expects that the crypto market will repeat the similar phenomenon.
However, Burniske also mentions that if the market decides to reverse its trend he would be happy enough to buy the dip. His stance towards buying the dip or increasing his crypto holdings has always been strong. It is important to note that Burniske’s predictions are based on wave-trading where investors and traders flip between mid and long-term trends. During this time, the traders don’t really look at the market’s condition, be it corrections or accumulations.
At the moment, Bitcoin is changing hands at $20,985 after a surge of $0.25% over the last 24hrs.
Ethereum and Major Altcoins Are Set To For Massive Rally! Here’s What To Expect
In spite of the fact that 2022 finished on a depressing note and economic headwinds gave little hope for a comeback in 2023, the beginning of a new year has astonished bears with tiny and big spikes in altcoin prices.
Even at the time, this article was being written, statistics from CoinGecko showed that virtually all alternative cryptocurrencies, including Ether, are in the green on both the 24-hour chart and the seven-day chart. Are the values of the tokens about to see a sharp increase in the near future?
Analyst Thinks Altcoins Will See a Huge Spike Soon
According to TechDev, a well-known pseudonymous technical analyst, the cryptocurrency market as a whole, including Ethereum (ETH), is about to make an unexpectedly large move to the upside on a macro scale.
In his newsletter dated December 27, the analyst presented a chart that purports to indicate the altcoin market cap, as well as Litecoin (LTC) in its Bitcoin (BTC) pair (LTC/BTC), building bullish structures at the same time as the US dollar index (DXY) and Bitcoin domination exhibit signs of weakness. See chart below:
TechDev added:
“All 4 of these points together continue to suggest a broader market setup much closer to late 2016/early 2017 than any other prior position. It’s just taking 1.5-2x longer to develop, as has the rest of the structure thus far.”
Furthermore, on his Twitter page, the analyst has said Ethereum is doing well in comparison to Bitcoin, which is more evidence of an approaching optimistic chapter for other cryptocurrencies. He provides a chart of the ETH/BTC exchange rate with three-week candles that shows the relative strength index (RSI) possibly breaking out of a downward trend.
Is the current altcoin bull run going to stick?
The most notable price increases among these alternative cryptocurrencies have been witnessed in Solana (SOL), Cardano (ADA), Lido (LIDO), and Ethereum (ETH). The negative financing rate in the futures market, notably for SOL, and the impending Ethereum Shanghai upgrade are the key causes encouraging the surge in these tokens.
Since the majority of traders are probably short due to the negative rates, this might be a good time for the whale buyers to run their stop losses. Funding rates for other tokens continue to be vulnerable to a short squeeze.
Due to the latest prolonged downward trend, it is unclear if the current altcoin bull run can be sustained and possibly extend into a massive spike. While TechDev’s forecasts shouldn’t be taken at face value since it’s hard to pinpoint the underlying force driving this bull run, neither can they be ignored. Anything can happen!
Ethereum Sharks Pushes the Price Above $1400-While the Risk of a Bull Trap Increases
The crypto markets have been pleasant on the market participants as the majority of cryptos are heading towards their pivotal resistance, as soon as Bitcoin ignited a minor bull rally. Additionally, the global crypto market capitalization is also heading toward $900 billion, soaring by nearly 5% in the past 24 hours. Following the star crypto, the second largest crypto, Ethereum also sliced through its critical resistance at $1385 and jumped above $1400 in no time.
As Coinpedia reported earlier that Ethereum’s Knock-back is impeding, the current upswing may still be nullified, trapping the bulls close to $1500.
In a recent update, the number of Ethereum’s shark addresses holding 100 to 10,000 ETH tokens has swelled adding up to 3000 addresses in the past 10 weeks. As per the data from Santiment, the number of addresses has now reached 48,556 which is the highest level recorded since February 2021.
As seen clearly in the chart that the sharks tend to extract their profit after the price records significant gains. Previously, the no. of addresses continued to rise immediately after the markets crashed in May 2022.
The whales kept on adding ETH until the price regained levels close to $1800 after facing rejection from $2000. This was when the majority of the sharks just extracted their profits which is one of the reasons, the ETH prices dropped below $1300 in the next 2 months.
Now when the addresses count is raising since then, yet another possibility of a drastic drop haunts the Ethereum price rally. Presently, the ETH price is attempting very hard to hold above the gained levels at $1400 as the bear’s pressure has intensified. If the price is able to sustain above the crucial resistance-turned-to-support at $1385 until the day’s close, the bearish narrative may be invalidated for sometime ahead.
Ethereum Knock-Back Impeding! Will it Ignite an Inverse Rally Amid Bullish Market Sentiments?
The crypto market is gearing up significantly as the star crypto, Bitcoin rose high and induced the much-required bullish momentum among the other cryptos. Moreover, the upswing is speculated to persist for a long time now. Meanwhile, the second-largest crypto Ethereum, which usually follows Bitcoin may part ways and plunge heavily in the coming days.
No sooner than Bitcoin sliced through $17,000 and rested above these levels, the altcoins geared up and range high. Ethereum too raised above $1300 but despite multiple attempts to clear $1350, faced rejection at $1346 a couple of times. However, the other altcoins also underwent a similar trend but flash bullish signals as the technicals appear to be strong.
But the ETH price is believed to retest $1300 in the coming days as predicted by a popular analyst Micheal van de Poppe.
“ People getting extremely enthusiastic going towards CPI and prices are getting into resistance areas
Would be watching a scenario like this on ETH
(And yes, the markets are probably going to continue trending upwards coming 1-3 months),”
The Ethereum price has witnessed a couple of rejections at the same levels around $1346 and a third rejection. With this, it may invalidate the double-bottom pattern but may remain within a bullish ascending triangle. However, the upper resistance may still remain the same, and hence until it reaches the pinnacle of the triangle, it may face another couple of rejections at the same levels.
Bearish Flags Flutter for Ethereum, Is it the Right Time to Plunge back Below $1250?
The Ethereum price hovered around the liquidity zone below $1220 for quite a long time and quickly dropped heavily below $1200 to mark the bottom. However, at the beginning of the year 2023, the price inflated significantly and soared high to mark the yearly high of $1344 within just a couple of days. Meanwhile, the bears have dragged the levels lower which appears to get intensified in the coming days.
It is worth noting that the trading volumes have dropped considerably and moreover, the bullish volume has slashed largely. Additionally, the deliverances for trend reversals have already formed. Therefore, even if the ETH price bounces back to the interim resistance may face a strong rejection that may drag the price lower below $1280 initially.
With the first leg down, the ETH price may drop notably to test the immediate support levels at $1284. If the bulls fail to hold at this level then the plunge may get intensified and reach below $1250 and maintain a horizontal trend for a while. Further, the possibility of re-entering the liquidity still prevails if the bears manage to take back control of the rally.
Such a steep plunge may occur only if the market undergoes a steep bearish pressure led by some events. However, to undertake a notable upswing, the price is required to undergo a notable descending trend. A popular analyst believes that the ETH price may retrace from $1283 to $1235 to get triggered towards $1600, as ETH meets resistance at the X-axis of an ascending triangle.
To do so, the Ethereum price which has been witnessing a slight pullback from the interim highs needs to rebound and reclaim the levels at $1355. The current rejection may certainly not be considered the end of the bullish trend, but a minor consolidation to propel high.
Ethereum To Lead The Bull Market in 2023 : ETH Price To Outperform Bitcoin
Ethereum’s price, along with that of several other cryptocurrencies, saw an increase to start the week. The leading alternative cryptocurrency has broken beyond the $1,300 threshold for the first time in a considerable amount of time.
At the time of this writing, one token is worth $1,325, which represents an increase of 1.9% over the course of the previous twenty-four hours and 3.8% over the course of the previous week. Many people believe that this will be the beginning of an extended bull run.
Analyst Thinks Ether Will Lead Bull Run This Year
Jiang Zhouer, a miner from China and the CEO/co-founder of Bitcoin (BTC) mining service B.TOP, predicts that the long-term consolidation of ETH, which began in June 2022 and has continued since then, will soon come to an end.
He went on to say that this narrowing of the range will come to an end between the months of March and May in 2023, after which the price of Ethereum will finally exit this region and begin a bull run.
He said that Ether would be the primary driver of the subsequent wave of bull market activity and that it would get a head start on Bitcoin’s price appreciation. The miner expects that the price of ETH will start to increase between two and four months later (that is, between March and May 2023), at which point it will definitely break away from the present Bottom range.
In his word:
“Looking at the data of Ethereum, the inflation rate was 3.59% when ETH was in Proof-of-Work (POW). Bitcoin’s inflation rate is 1.72%.”
Moreover, since macro signs are becoming favorable for risk markets in the medium term, Ethereum options traders have become more optimistic about the possibility of a price rise in the first three months of 2023.
According to the data shown by Glassnode, the bulk of the open interest in Ethereum contracts that will expire on March 31 is bullish, and the majority of the strike targets will fall somewhere within the area of $3,500 to $4,000.
Only time will tell whether the recent surge in the price of Ether is going to be sustainable or if this is yet another incidence of a bull trap.
Orbeon Protocol (ORBN) Thrives in Presale While Ethereum (ETH) and Polkadot (DOT) Price Up
Orbeon Protocol (ORBN) continues to thrive in presale with an expected ROI of 6000%, according to market analysts.
Meanwhile, Ethereum (ETH) and Polkadot (DOT) are seeing price surges while they recover from the 2022 crypto winter and the effects of the FTX crash.
If you didn’t take advantage of the 2021 bull run of Ethereum and Polkadot, you can still make good returns with Orbeon Protocol (ORBN). It is currently in phase 3 of its presale.
Orbeon Protocol (ORBN)
Orbeon Protocol is a new blockchain investment platform that brings together startups looking to raise capital and retail investors of all sizes.
Prior to Orbeon Protocol, the crowdfunding industry was only available to large venture capitalists. However, thanks to Orbeon’s NFTs-as-a-service (NFTaas) anyone can invest in a startup company for as little as $1.
The new Orbeon Protocol (ORBN) approach to the venture capital industry means that startups have better access to a wider pool of retail investors and the ability to engage with their communities on a web 3 platform.
There are many investors in the crypto community to help a new company reach its funding goals faster and cheaply.
The platform also offers security and transparency in every stage of the process. Each smart contract comes with a “Fill or Kill” feature that will automatically refund each investor’s funds if the business fails to meet its funding target.
The platform is powered by the ORBN token. The token has a total supply of 888,000,000 of which 40% is currently available in the public presale.
At present, more than 71,040,000 ORBN tokens have already been sold. Experts predict the presale will sell out in January and the price of ORBN rise by 6000%. Orbeon Protocol is definitely set to surge more in 2023.
Polkadot (DOT)
Polkadot (DOT) is another promising project to keep your eyes on in 2023. Polkadot is a blockchain platform where users can make fast and easy transactions without a 3rd party.
Polkadot makes cross-chain transfers between different blockchains possible. Developers can also build decentralized applications on Polkadot and enjoy the benefits of blockchain interoperability.
The native token of the Polkadot platform, DOT, has seen some ups and downs in the last year but industry experts agree that Polkadot will bounce back from its current low in 2023.
Ethereum (ETH)
Judging by the small returns seen in December, Ethereum is set to bounce back in 2023. Ethereum (ETH) is the second-largest cryptocurrency next to Bitcoin.
Ethereum is also used to make crypto transactions, build dApps, trade NFTs, and hold digital assets on a fully decentralized platform. Ethereum’s practical utility has made it quite popular among dApps developers, NFT traders, and investors.
The Ethereum (ETH) platform has been quite successful thanks to its early adoption of smart contracts. Although Ethereum’s price is still down from its all-time high, it has increased in value in the last few weeks and is expected to rally although not as high as Orbeon Protocol.
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