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Bitcoin Rallies Back to $60K Despite Soft Economic Data & MoreTakeaways Bitcoin's value dropped below $50,000 early this week, marking its lowest point since mid-February: But prices quickly bounced back, briefly pushing near $60,000 on Thursday, as major indices regained their footing despite fears of a US recession. Amid global market turbulence, US spot Bitcoin ETFs saw $168.4 million in net outflows on Monday: Grayscale’s GBTC led the withdrawals, while macroeconomic issues and crypto-specific factors intensified the market selloff. Crypto coalition asks for clarity on digital assets: A group of more than 50 crypto asset firms, dubbed The Crypto Market Integrity Coalition, wrote a letter to President Joe Biden and Vice President Kamala Harris asking the White House for more regulatory clarity around digital assets. New Ethereum wallet addresses have fallen to their lowest level this year amid the launch of spot ether ETFs: Solana, however, saw an uptick in new addresses due to its growing DEX ecosystem and interest in memecoins. Ripple is advancing its stablecoin strategy with the upcoming launch of Ripple USD (RLUSD): Set to debut on XRP Ledger and Ethereum, RLUSD will reportedly help advance the company’s focus on cross-border transaction innovation. Bitcoin Drops Below the $50,000, then Pushes Back to $60,000 Amid Economic and Geopolitical Concerns Bitcoin saw its fourth consecutive day of decline during Asian trading on Monday, plummeting under $50,000 before recovering to around $60,000 at the midpoint of the week. The cryptocurrency's downturn is attributed to increasing geopolitical tensions in the Middle East and growing concerns about the global economy, both of which have shaken investor confidence. Many are also concerned the Federal Reserve has not been fast enough in responding to signs of a weakening US economy. Gemini data indicates that bitcoin hit a low of $49,540 before slightly rebounding. Meanwhile, ether fell to almost $2,000, its weakest point since early January this year. This sell-off resulted in more than $1 billion worth of liquidations in the crypto futures market, with ether accounting for more than $350 million. The sharp decline in cryptocurrency values was part of a broader market downturn fueled by fears of a global recession, turmoil in Japan’s market, and heightened tensions in the Middle East. The start of the week was not positive for global markets. Japan's Nikkei 225 Index tumbled by 12.4%, the Stoxx Europe 600 Index decreased by 2.8%, and S&P 500 micro futures lost 2.9%. The NASDAQ also tumbled by almost 2.5%. This panic selling reflects investor anxieties about potential economic instability and geopolitical unrest. 🏖️ Topic of the Week: Solana (SOL): Scaling Crypto to the Masses ➡️ Read more here
GEMINI:BTCUSD
by Gemini
Ethereum's Revival A Prime Opportunity for a Strong Rebound Analyzing the current market conditions for ETH/USDT, there are several technical indicators suggesting that Ethereum might be poised for a significant upward movement from its current price of $2,444. The recent sharp decline in price has brought Ethereum to a crucial support level, which has historically acted as a strong foundation for upward reversals. Firstly, the Relative Strength Index (RSI) has dropped below the 30 level due to the recent sell-off, indicating that Ethereum is currently in oversold territory. This suggests that the selling pressure may have been overextended, providing a potential opportunity for buyers to enter the market and capitalize on the discounted price. The Moving Average Convergence Divergence (MACD) is also starting to show signs of a bullish crossover. The MACD line is approaching the signal line from below, which often precedes a bullish trend reversal. This potential crossover, coupled with the oversold RSI, strengthens the case for a price rebound. Additionally, the Bollinger Bands have expanded significantly during the recent price drop, reflecting increased volatility. However, the price has begun to stabilize around the lower band, suggesting that the downward momentum is waning and a reversal could be on the horizon. Furthermore, the trading volume has spiked dramatically during the sell-off, indicating heightened market interest and participation. Historically, high volume during price declines can precede reversals as it suggests that new buyers are stepping in to absorb the selling pressure. The Fibonacci retracement levels also align with this analysis, as the price is currently hovering around the 61.8% retracement level from the previous rally. This level is often considered a strong support area where price reversals are likely to occur. From a fundamental perspective, Ethereum continues to see strong network activity and development progress, further supporting the potential for a rebound. The recent pullback may have been driven by broader market sentiment rather than any Ethereum-specific issues, providing an attractive entry point for long-term investors. Given these factors, it seems like an opportune moment to consider buying ETH/USDT in anticipation of a medium-term price increase. The combination of oversold conditions, technical support levels, and strong fundamental backing suggests that Ethereum is well-positioned to recover from its recent dip and potentially target new highs in the coming weeks and months.
Long
by SafeCryptoSignals
ETH ForecastTrend Channels and Correction: There are two distinct descending trend channels visible on the chart. Currently, the price is near the lower boundary of these channels and might make an upward correction. This correction could aim towards the resistance levels marked above. Fibonacci Levels: The price appears to have touched the 1.618 Fibonacci extension at the 2,914.76 level. A reaction from this level is likely, and the price could move upwards to test the resistance levels. Support and Resistance Levels: Several important support and resistance levels are drawn on the chart: Resistance Levels: 3,125.86, 3,232.67, 3,306.00, 3,390.57, and 3,581.27. Support Level: 2,914.76. RSI (Relative Strength Index): The RSI indicator is close to the oversold region. This suggests that the price might soon experience an upward recovery. MACD (Moving Average Convergence Divergence): The MACD indicator might be signaling a potential upward reversal. Conclusion: The Ethereum price could potentially rebound from the lower boundary of the descending channel and initiate an upward movement. The first target for this upward movement could be the 3,125.86 resistance level. If it can break this level, it may test the 3,232.67 and 3,306.00 resistance levels subsequently. However, market conditions and the overall trend should be considered, and risk management is essential.
Long
by alemicihan
#ETH/USDT#ETH After the approval of Ethereum ETFs, the current correction is expected Ethereum price has been moving in an upward trend on the four-hour frame since the beginning of July The price has now touched the rising trend and produced a reversal candle on a 4-hour frame Expected to rise on targets Entry price 3177 First target 3315 Second goal 3424 Third goal 3546 This is supported by the bearish saturation on the RSI indicator The rise also supports stability above the Moving Average 100 And stability is above the current trend The pattern is canceled if it closes 4 hours below the upward trend in orange
BINANCE:ETHUSDLong
by CryptoAnalystSignal
#Ethereum Update:Today was the first day ETH ETFs were traded. The price of ETH is now correcting because this news is already known and has become just a formality. What’s important about these ETFs are the volumes, which in the case of the #BTCETF approval initially put selling pressure on the market, followed by a larger upward movement. I have two scenarios for this 1-day (1D) timeframe: 🟢 Green Scenario (Bullish): Possible recovery and increase in the coming days. ⚫ Black Scenario (Bearish): Short-term correction, but potentially very bullish in the medium term because a lot of liquidity has formed in that marked area and we also have an FVG (imbalance) on the W timeframe + resistance on that parallel channel. Watch the market closely 3100-3300 and consider these scenarios in your trading strategies!
Long
by TraderX10101
ETH: Reaction to leve-priceAnalysis by ahmadArz📊 ETHUSDT This chart represents the Ethereum to Tether (ETHUSDT) pair on a 4-hour timeframe. The analysis of the chart includes several key price levels and potential price movement patterns. 1. **Key Price Levels:** - **$3950.23**: A strong resistance level where the price has reacted in the past. 📈 - **$3720.77**: Another resistance level near the current price (3736.24). 📊 - **$3410.90**: A support level to which the price might return. 📉 2. **Potential Patterns:** - Two curved arrows indicate two possible scenarios: - **Bullish Scenario**: If the price breaks above the $3720.77 level, it is likely to move towards the $3950.23 level. 🚀 - **Bearish Scenario**: If the price fails to break the $3720.77 level and declines, it might reach the support level of $3410.90. 🔻 3. **Reaction to Price Level:** - The text on the chart "Waiting for reaction to level-price" suggests that the analyst is waiting for the price to react to the $3720.77 level to decide which direction the price will move. ⏳ 4. **Black Arrows:** - The black arrows on the chart indicate key points where the price has reacted in the past. 📍 In summary, this analysis suggests that if the price can break the $3720.77 resistance level, it will likely move towards the next resistance at $3950.23. However, if it fails to break this level, it might return to the support level at $3410.90. The analyst is waiting for the price reaction at these key points to determine the next direction.
Long
by ahmadarz
4
Trading opportunity. ETH, BNB, NEAR, RNDRHi traders and investors! I have chosen 4 assets on which to look for purchases. The price of each asset formed a sideways trend on the daily TF and is now at the lower boundaries of these sideways (above the lower boundaries). ETHUSDT. Current buyer vector 10-11 on the daily TF. Potential target – 3977. On the hourly timeframe, the price has formed a sideways trend and now the buyer is attacking the upper boundary of the sideways trend. You can search for purchases: after the launch of a long trend on the hourly timeframe (the buyer protects the exit from the sideways trend on the hourly timeframe and the formation of a new buyer impulse) from protection by the buyer of the lower boundary of the sideways trend 2822 -2810. BNBUSDT. Current buyer vector 10-11 on the daily TF. Potential target – 645.2 On the hourly time frame, the price has formed a sideways trend and now the price is near the upper boundary of the sideways pattern. You can search for purchases: after the launch of a long trend on the hourly timeframe (the buyer protects the exit from the sideways trend on the hourly timeframe and the formation of a new buyer impulse) from protection by the buyer of the lower boundary of the sideways trend 471 - 454. NEARUSDT. Current buyer vector 5-6 on the daily TF. Potential target – 6.89 There is a short trend on the hourly timeframe. It is advisable to look for purchases when the buyer overcomes the beginning of the last impulse of the seller 5.003, protects this level, and forms a new impulse. RNDRUSDT. Current buyer vector 8-9 on the daily TF. Potential target – 11.88 There is a short trend on the hourly timeframe. It is advisable to look for purchases when the buyer overcomes the beginning of the last impulse of the seller 8.273, protects this level, and forms a new impulse.
by AlexeyWolf
2