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Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

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Ethereum

Ethereum gained pace above the $4,550 resistance against the US Dollar. ETH is trading above $4,700 and it could accelerate further higher in the near term.

  • Ethereum is trading in a bullish zone above the $4,550 level.
  • The price is now well above $4,650 and the 100 hourly simple moving average.
  • There was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue higher if it stays above the $4,650 support level in the near term.

Ethereum Price Rallies Above $4,700

Ethereum remained stable above the $4,500 level and started a fresh increase. ETH broke the $4,600 level to move further into a bullish zone.

There was a clear break above the $4,650 level and the 100 hourly simple moving average. Besides, there was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD.

The pair climbed to a new multi-week high above the $4,700 level. It traded as high as $4,774 and is currently correcting lower. It is trading above the 23.6% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,775 level. The first major resistance is near the $4,800 level. A close above the $4,775 and $4,800 levels could start a fresh increase in the near term. In the stated case, the price might rise towards the $5,000 level. Any more gains could lift the price towards the $5,200 zone in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,800 level, it could start a downside correction. An initial support on the downside is near the $4,675 level. The first key support is now forming near the $4,550 level.

It is near the 50% Fib retracement level of the upward move from the $4,352 swing low to $4,774 high. A downside break below the $4,550 support zone could p a sharp ush the price further lower. In the stated case, the price is likely to revisit the $4,400 support zone and the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now correcting lower towards the 60 level.

Major Support Level – $4,550

Major Resistance Level – $4,775

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TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal

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Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move.

  • Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels.
  • The price is now trading near $36,500 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a major increase if there is a clear move above the $38,000 resistance.

Bitcoin Price Eyes Recovery

Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave.

There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair.

The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level.

Source: BTCUSD on TradingView.com

The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. An upside break above the $38,000 resistance could start a steady recovery wave towards $40,000. The next key resistance is near the $41,200 level, above which the bulls might aim a test of $42,000.

Fresh Decline in BTC?

If bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support on the downside is near the $36,000 zone.

The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $35,400, followed by $34,000.

Major Resistance Levels – $37,000, $38,000 and $38,200.

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Are We In A Bear Market? Glassnode Analyses The Latest Bitcoin Crash

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Are We In A Bear Market? Glassnode Analyses The Latest Bitcoin Crash

Let’s cut to the chase: Glassnode thinks we’re in a bear market. In their latest “The Week On-Chain” newsletter, the company tries to “establish the likelihood that a prolonged bear market is in play” by “using historical investor behaviour, and profitability patterns as our guide.” One thing’s for sure, the recent crash was severe, and “such a heavy drawdown is likely to change investor perceptions and sentiment at a macro scale.”

Related Reading | Bitcoin Leads As Markets Sees Record Outflows. Bear Market Incoming?

How severe was it? According to Glassnode, “this is now the second worst sell-off since the 2018-20 bear market, eclipsed only by July 2021, where the market fell -54% from the highs set in April.” Apart from the price, investors “capitulated over $2.5 Billion in net realised value on-chain this week.” Who were those paper hand investors? “The lion’s share of these losses are attributed to Short-Term Holders.” Of course.

Glassnode Points Out The Bear Market Indicators

  • The first indicator Glassnode goes for is “The Net Unrealised Profit/Loss (NUPL) metric.” Which measures “the overall market profitability as a proportion of market cap.” How is Bitcoin doing on that front? “NUPL is currently trading at 0.325 which indicates that an equivalent to 32.5% of the Bitcoin market cap is held as an unrealised profit.”
BTC Price Drawdown from ATH | Source: Glassnode

How does this point to a bear market? “Considering previous cycles, such low profitability is typical in the early to mid phase of a bear market (orange). One could also reasonably argue that a bear market started in May 2021 based on this observation.” This is not enough, though. But Glassnode has more.

  • The second indicator the company hit us with is “The MVRV Ratio.” This one “is calculated as the market cap, divided by the realised cap; and is a useful tool for identifying periods of high, and poor investor profitability.”

How does this point to a bear market? “With a current MVRV-Z reading of 0.85,  the market is well within territory visited in bearish markets, and a bearish divergence is noted, similar to the NUPL metric above.” Is this enough? No way. But Glassnode has an ace up its sleeve.

  • The third indicator is “the Realised-to-Liveliness Ratio (RTLR).” They use “the Realised Price using Liveliness in the denominator” to calculate this one. 

How does this point to a bear market? “The market is now trading below the RTLR price of $39.2k, but above the Realised price of $24.2k. Again, this is often observed during early to mid stage bear markets.”

Who Sold And Who Is Still Holding Strong?

There’s no surprise here. The “Short-Term Holders (STH)” are selling. How does Glassnode define STHs, though? By the age of their coins. “Coins are considered to be owned by STHs when they are younger than ~155-days, and are statistically more likely to be spent in the face of volatility.” No surprise there either.

It’s worth pointing out that the STH’s coins are “currently held at a loss.” In fact, “as of this week, almost the entire STH supply is underwater.” That could be scary for newcomers, so those coins are at risk of being sold. At a loss. These people are going to regret their emotional decisions for life, but that’s a topic for another article.

BTCUSD price chart for 01/24/2022 - TradingView

BTC price chart for 01/24/2022 on Oanda | Source: BTC/USD on TradingView.com

The other question here is, who’s holding strong? According to Glassnode, “Interestingly, STH supply remains near multi-year lows, which is indicative of their counter-part, the Long-Term Holders (LTHs), who appear impressively unfazed by such a severe drawdown.” Of course. People who already understood the game are not easy to shake.

How are the LTH’s coins doing? “Over 59.3% of the circulating supply has now been dormant for over 1yr, increasing by 5.8% of circulating supply in the last three months.” This sounds bullish, but Glassnode finds a way to rain on the LTH’s parade. “Whilst a rising, and large proportion of mature coins is generally considered constructive, it once again bears similarities to a bear market, a time when only the HODLers and patient accumulators remain.”

Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

Conclusions And Hopium

According to Glassnode, one could argue that the “bear market started in May 2021.” Does it feel like a bear market, though? No, it doesn’t. It doesn’t feel like a bull market, either. We may be in a new phase and the Bitcoin cycle is dead. Or maybe we’re just in a bear market as Glassnode tried to prove. Either way, LTHs are not selling.

Featured Image by mana5280 on Unsplash  | Charts by Glassnode and TradingView
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AscendEX Lists the Synthetify Token, SNY

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AscendEX Lists the Synthetify Token, SNY

AscendEX is excited to announce the listing of the Synthetify token, SNY, under the trading pair SNY/USDT on the AscendEX platform, starting January 25 at 2 p.m. UTC.

Synthetify is a multi-collateralized, decentralized exchange of synthetic assets built on Solana. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies, and other financial instruments directly from one location. Synthetify solves critical problems seen on other synthetic asset platforms including high fees, long confirmation times, and losses caused by arbitrage during sharp market moves. 

Unlike other layer-1 blockchains, Solana prioritizes convenience by offering fast, low-cost transactions, making it the ideal host for synthetic asset exchanges like Synthetify. While a handful of Synthetify’s competitors also operate in the Solana ecosystem, Synthetify offers unique capabilities that allow it to better service its customers. For example, Synthetify features crypto assets both inside and outside of the Solana ecosystem, as well as key features such as minting and exchanging synthetic assets. Synthetify will also allow its users to short crypto assets in the coming weeks, further diversifying itself from other platforms in the space.

Synthetify Token (SNY) is the platform’s native token, which allows users to participate in the protocol by staking SNY in a smart contract and posting it as a collateral for creation of synthetic assets. Although Synthetify allows users to stake a variety of tokens, the use of SNY comes with several benefits. With SNY, users have the ability to participate in debt pools and earn pro-rata fees for providing liquidity, vote in governance decisions for the future development of the platform, and receive discounts on swap fees.

With a wealth of professional experience in crypto and finance, Synthetify’s team is well-equipped to understand the growing needs of its user base. The platform’s developers are highly concentrated on curating a top-tier user experience through continuing to improve upon Synthetify’s features and performance. Synthetify is currently active on mainnet and working to build strong partnerships with Solana-based projects to develop a promising future, full of possibilities, for synthetic assets. 

About AscendEX

AscendEX is a global cryptocurrency financial platform servicing more than one million institutional and retail traders with the resources needed to obtain more value from their crypto investments. Operating at the nexus of centralized finance and decentralized finance, AscendEX’s platform features access to margin, futures, and spot trading, a robust wallet infrastructure, and staking support for over 200 industry-leading blockchain projects, all producing industry leading yields and returns, further driving the growth of the crypto ecosystem. In efforts to cultivate scalable and secure forms of decentralized financing, AscendEX has emerged as a leading platform by ROI on its “initial exchange offerings” through supporting some of the industry’s most innovative projects from the DeFi ecosystem.

To learn more about how AscendEX leverages best practices from both Wall Street and the cryptocurrency ecosystem to extract the highest value per dollar to its users, please visit:

About Synthetify

Synthetify is a multi-collateralized, decentralized exchange of synthetic assets built on Solana. The platform aims to provide a bridge between cryptocurrencies, stocks, fiat currencies, and other financial instruments directly from one decentralized exchange. Synthetify solves critical problems seen on other synthetic asset platforms, like high fees, long confirmation times, and losses caused by arbitrage during sharp market moves. 

For more information and updates, please visit:

Disclaimer: This is a paid Press Release. Any information contained in this website is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. TheNewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release.

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