Ethereum Price Prepares to Explode; Will It Reclaim the Levels Beyond $1900?
The crypto space is again consolidating within a very narrow range after experiencing a notable push in the past few days. Bitcoin’s price soared beyond $28,000, but sustaining at these levels appears to be a tedious job. Besides, Ethereum, which has been displaying enough strength nowadays compared to Bitcoin, is again primed to outpower the star crypto. Ethereum’s price is again heading towards the crucial resistance, which may offer the required boost to accomplish the target set at $2000.
The ETH price recently climbed to highs above $1900 for the first time in 2023, ahead of the Shanghai Hard Fork, which is scheduled on April 12. However, the present consolidation is speculated to be the ‘sell-the-news’ event. The price witnessed a spike earlier, pushing the price to higher levels at $1924.47.
Based on the on-chain tracking system Santiment, the largest Ethereum addresses are split between exchange and non-exchange as their balances are moving in opposite directions.
Meanwhile, the ETH balance is bifurcated into the 10 largest exchange addresses, which have hit an all-time low, but for the non-exchange addresses, it continues to surge. This indicates a decline in the selling pressure as the non-exchange players continue to accumulate, which appears to be bullish for the altcoin.
The ETH price has been trading within a rising parallel channel since November 2022, and despite a breakdown in March 2023, it managed to reclaim the lost positions. If the price manages to climb beyond the average levels of the channel, then a steep upswing may raise the levels beyond $2000 to hit $2232. This is when the bearish thesis may be invalidated.
Conversely, a decline below the lower trendline of the channel may validate yet another ‘buy the rumor, sell the news event ahead of the Shanghai Hard Fork.
Cryptocurrency News Today: Decentraland (MANA) To Reclaim the NFT Top Spot, But Will it Hit $1 in January 2023?
The Decentraland (MANA) price has seen a significant increase since the beginning of the year, indicating its potential for further growth. The price had been heavily trading within a descending trend since the market collapsed in May 2020.
However, after reaching a bottom below $0.3 just before the end of 2022, the MANA price broke through the crucial resistance at $0.6 and reached yearly highs around $0.758.
The upward trend was initially fueled by bullish market sentiment as the Bitcoin price rebounded, along with a significant increase in GitHub activity. Additionally, a major boost came from the announcement of a collaboration between the “Australian Open” tennis tournament and Decentraland.
With the current upward trend in the Decentraland price, the question remains whether the bullish momentum will be sustained and reach the next target of above $1.
The price has broken above the descending trend line it had been following throughout the second half of 2022 and is currently trading within these gained levels, leaving little room for bearish actions.
The bullish pressure has accumulated heavily due to which the price may maintain a notable upswing to reach the initial target close to $1 very soon.
In the meantime, the whale accumulation has intensified which had dropped heavily soon after the collapse of the FTX exchange. Whales holding tokens in the range of 100 million to 1 billion have become active.
However, it should be noted that a significant portion of the supply, around 50% around 1.23 billion, is held by whales who have been accumulating since December 2022. These whales hold nearly 1% of the entire circulating supply and may have a major impact on the upcoming MANA price rally.
This means that a pullback may be expected if these large holders begin to liquidate their holdings, as they did following the collapse of the FTX exchange. Therefore, the possibility of a short-term bounce appears high, which may trap bulls for a longer period in the coming days.
ETH Price Needs to Reclaim These Levels to Ignite a Strong Altcoin Recovery!
Ethereum price kicked off a magnificent recovery quickly after the asset found its bottom below $1100. The second-largest crypto rebounded well from the interim at $1240 and appears to be heading towards the next target levels, which are more than 6% higher than $1300. Meanwhile, the volume has dropped, due to which the price is expected to remain above the lower pivotal support.
Despite the freefall in June or the recent one in November, the ETH price continues to respect the support levels, indicating the resurgence of a bullish trend very soon. The current trading setup indicates the price will remain consolidated around $1250 levels for some more time until the next plan of action is determined.
The price may either rebound from the current levels or experience a notable drop towards $1200 and later flip to rise beyond $1300 to reach $1344. However, it may consume more time than required as the bulls continue to remain largely passive. On the other hand, ETH against BTC or ETH/BTC is mirroring a previous rally and appears to be at the foothill of a massive explosion.
The ETH/BTC is mirroring the 2016-17 price trend, where-in the price rebounded finding its lows after a gigantic drop. Further, the price broke out from the bull flag to mark interim highs, which were woefully followed by a major slump. However, the ETH/BTC price is repeating the same trend and appears to have completed its accumulation. Hence, a breakout from the current parallel channel may ignite the second impulse wave to mark new highs.
Bitcoin Hit An All-Time Low Volatility, Will Bitcoin Price Reclaim $20K Again?
On Oct 18 the crypto market had shown a sign of a rally with Bitcoin, the world’s largest cryptocurrency by market cap, having reached the $19,600 area. However, just a day after the flagship currency started its downward journey it is now trading slightly above $19,000.
At the time of publication, Bitcoin is selling at $19,158 with a surge of 0.60% in the last 24hrs. Immediate resistance lies at $19,200 and supports around $19,000 area.
It can be observed that though Bitcoin had too many ups and downs at the start of 2022, in recent days the currency is finding some stability. However, as the flagship currency is not moving any further from its trade between $19,000 and $20,000, BTC’s volatility has reached a lower level.
For example, on Oct 21, where Bitcoin’s volatility hit an all-time low, as portrayed by Crypto trader and influencer, Livercoin.
Bitcoin’s All-Time Low Volatility
As per the influencer, the last time when Bitcoin’s volatility dropped this low was two-year ago.
Nevertheless, the current macroeconomic events have pulled back Bitcoin nearly 70% from its all-time high of $69,000 in November 2021.
On the other hand, the main reason for such low volatility points towards many factors, and one such is decreased trader interest. The same was confirmed by Santiment in its Oct 19 report that there was an outflow of 40,572 BTC in a single day.
Conversely, this low volatility has become a matter of concern for market experts. This is because along with low volatility, Bitcoin trading volume has also dropped by almost 50%. Hence, the next few days are too crucial for the King’s currency.
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Bitcoin Price Reclaim $19k Level, BTC To See A Bull Run Soon!
The volatility in Crypto market is nothing new and this volatility is the one which has kept most of the market participants away from entering the space. The year 2022 has been one of the worst for cryptocurrencies, especially Bitcoin as the volatility began since the start of the year and is still continuing.
The market which was slightly recovering was pulled back yesterday, Oct 13 after the PPI (Producer Price Index) was released which turned out to be a negative one. However, at present the market seems to be recovering.
Bitcoin Bull Run Soon
The crypto market recovery is a long-awaited scenario which will get some stability for cryptocurrencies. Meanwhile, the analytic firm, Santiment is pointing towards a market recovery soon.
The firm claims that there is an inflow of USDT from suppliers, whales and sharks which has been redistributed. This return of supply into whale addresses has influenced Bitcoin to see some recovery movement. In recent times, there is a strong correlation seen between Bitcoin and USDT where the USDT’s supply increase is influencing Bitcoin’s price rise.
Whenever the stablecoin sees its supply rise, the buying power of market participants increase as stablecoins cannot be used anywhere other than getting to know a glimpse of Bitcoin, Ethereum and other crypto volatility. However, though USDT supply has increased, it’s nowhere near to the figure which was seen before the 2021 market crash.
On the other hand, Bitcoin price has regained its $19,000 level and is currently trading at $19,822 with a surge of 3.89% over the last 24hrs. If the market experiences favorable macroeconomic conditions, most likely there will be a bullish sentiment across the market.