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Ethereum About to See “Liftoff” if It’s Able to Hold One Crucial Level

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Ethereum Rally

Ethereum gained pace above the $4,250 resistance zone against the US Dollar. ETH must stay above $4,150 to accelerate higher in the near term.

  • Ethereum started a recovery wave above the $4,000 and $4,250 resistance levels.
  • The price is now trading above $4,150 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh rally if it stays above $4,150 and the 100 hourly SMA.

Ethereum Price Gains Momentum

Ethereum found support near $3,350 and started a fresh increase. ETH gained pace for a move above the $3,800 and $3,880 resistance levels. It even broke the $4,000 level and the 100 hourly simple moving average.

Besides, the price climbed above the 50% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low. There was also a break above a key bearish trend line with resistance near $4,150 on the hourly chart of ETH/USD.

The pair is now trading above $4,150 and the 100 hourly simple moving average. It is consolidating near the $4,350 resistance zone and the 76.4% Fib retracement level of the key decline from the $4,660 swing high to $3,327 low.

Source: ETHUSD on TradingView.com

An initial resistance on the upside is near the $4,380 level. The first major resistance is near the $4,400 level. The next major hurdle is near the $4,550 level. A clear move above the $4,550 could send the price further higher. In the stated case, the price could drift towards the $4,700 level in the near term.

Dips Limited in ETH?

If ethereum fails to start a fresh increase above the $4,400 level, it could start a downside correction. An initial support on the downside is near the $4,300 level.

The key support is now forming near the $4,150 level and the 100 hourly simple moving average. If there is a clear break below the $4,150 support, the price could accelerate lower. The next major breakdown support is $4,000, below which the price could decline towards $3,850.

Technical Indicators

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

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $4,150

Major Resistance Level – $4,400

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Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%

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Crypto Market Fumbles Yet Again, Global Market Cap Shrinks by 7.67%
  • The market’s momentum might be influenced after the FOMC meeting.
  • An 8-10% drop in the price of almost all of the top ten cryptocurrencies.

During the past three hours, the crypto market has seen a 7.67 percent drop, resulting in the loss of more than $150 billion in investors’ capital. Bitcoin (BTC), the world’s most popular cryptocurrency, has fallen 7 percent. Since August 2021, Bitcoin has been trading below the $40,000 mark for the first time. Bitcoin now has a support level at $37,500. It might fall below $30,000 or even lower. 

BTC/USDT: Source: TradingView

According to CoinMarketCap, the Bitcoin price today is $38,857.07 USD with a 24-hour trading volume of $33,829,769,732 USD. Bitcoin is down 7.16% in the last 24 hours.

Read More: Bitcoin Price Prediction

Bitcoin critic Peter Schiff writes:

“Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.”

Efforts by the Federal Reserve to curb inflation have begun to impact the equities and crypto markets. The market’s momentum might be influenced after the FOMC meeting next week.

Altcoin Market Witnesses Significant Correction

Ethereum, a Bitcoin rival, is down by 9% and has fallen below its critical support level of $3,000. Ethereum (ETH) has a market capitalization of $341 billion. The altcoin market has seen a significant correction. 

1642745542 700 Crypto Market Fumbles Yet Again Global Market Cap Shrinks by
ETH/USDT: Source: TradingView

According to CoinMarketCap, the Ethereum price today is $2,855.69 USD with a 24-hour trading volume of $17,850,250,761 USD. Ethereum has been down 8.43% in the last 24 hours.

Read More: Ethereum Price Prediction

There has been an 8-10% drop in the price of almost all of the top ten cryptocurrencies. For the first time in a long time, Polygon’s MATIC has fallen below $2.0. As bears seize power, it’s tough to predict what will happen in the near term.

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GARI’s First-day Trading Volume Exceeds $100m on 12 Major Exchanges

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GARI's First-day Trading Volume Exceeds $100m on 12 Major Exchanges

On the first day of trade, Chingari, an Indian-based short video-making app, revealed that its native token, GARI, has reached the $100 million mark in trading volume. The “Indian Tiktok” reached the milestone just hours after being launched on Huobi Global, Kucoin, OKEx, FTX, MEXC Global, and Gate.io, among others.

BTXEC, CoinW, BitMart, Zebpay, Hotbit, Bitbns, and LATOKEN are among the 12 biggest centralized crypto exchanges that presently list the GARI coin. During its first listing on January 18, 2021, GARI became the first of its sort to be listed on more than 10 exchanges at the same time.

The Chingari app, which is accessible on iOS and Android app stores, was launched in 2018 and has quickly received attention in India and South Asia, paving the way for the shift to decentralized social media platforms. The GARI token was unveiled three years later to great hoopla, with Salman Khan, the iconic Bollywood actor-turned-brand ambassador, revealing the token in front of millions of Indians last October. 

The GARI token was introduced to the public only about two months after its creation in an oversubscribed initial decentralized exchange (DEX) offering, IDO, on Solana’s SolRazr launchpad, raising $4 million dollars in a matter of minutes. Republic, Galaxy Digital, Alameda Research, Solana Capital, and Kraken Ventures are among GARI’s major investors.

Later, as Chingari surged to the top of India’s social media app rankings, media exposure and market for the token skyrocketed to great heights. While the country’s prohibition on Facebook and Tiktok aided Chingari’s rise to fame as a leading social media app, the app’s success is mostly due to its creator benefits and censorship-free network to all its users. The app was named “India’s #1 application on Google Play Store” in 2021, with more than 32 million active monthly users and more than 100 million downloads.

The recent achievement demonstrates Chingari’s and GARI’s ability to transform the video-sharing market, with the goal of defeating Web2 large tech behemoths like Tiktok, Youtube, and Instagram. Furthermore, such high volumes demonstrate traders’ and investors’ excitement about what is yet to come on Chingari’s platform.

Despite this success, the GARI token will be merged into the Chingari app, giving the game’s 30 million users access to a whole new world. The token, which is based on Solana, allows users to tip their favorite creators and artists instantly, efficiently, and affordably. Participants who make, post, and watch videos on the app will also be rewarded with GARI.

Ultimately, the token strives to allow artists to create, share, buy, and sell on the Chingari e-commerce arena, due to its strong community. On the platform, users can also make NFTs (short films) that allow users to buy products from or communicate with their favourite content providers.. 

About Chingari

Chingari, which launched in 2018, is a platform for creators that allows them to upload short films and earn money through merchandise shops, subscriptions, and unique ways to communicate with their followers. Chingari has been branded the “TikTok of India,” and it has more than filled the void left by the banning of TikTok and a number of other social media applications in India. The app has exploded in popularity after it was updated in June 2020 to better fit with their crypto and creator focus. The number of active users on Chingari has grown at an exponential rate, reaching milestones of 100,000, 1 million, 10 million, and finally 100 million.

About GARI

GARI, the Chingari app’s native token, debuted in October 2021, with a creator-centric strategy and additional incentives to encourage content creation. The token became the first cryptocurrency to be listed on all six major centralized crypto exchanges at the same time, including FTX, Huobi, and OKEx.

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TA: Ethereum Nosedives, Indicators Show Signs of Larger Downtrend

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Ethereum

Ethereum extended decline below the $3,000 support zone against the US Dollar. ETH price could extend losses towards the $2,650 support in the near term.

  • Ethereum extended decline below the $3,050 and $3,000 support levels.
  • The price is trading below $3,000 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend losses if there is a clear move below the $2,800 support zone.

Ethereum Price Dives 8%

Ethereum failed to gain strength above the $3,250 level and started a major decline. ETH formed a high near $3,272 before there was a major decline.

There was a sharp move below the $3,120 and $3,050 support levels. Besides, there was a break below a key bullish trend line with support near $3,120 on the hourly chart of ETH/USD. Ether price even settled below the $3,000 level and the 100 hourly simple moving average.

The price spiked below the $2,900 level and traded as low as $2,808. It is now consolidating losses above the $2,800 level. An initial resistance is near the $2,900 zone. It is close to the 23.6% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

The first major resistance is near the $3,000 level or the 50% Fib retracement level of the recent decline from the $3,272 swing high to $2,808 low.

Source: ETHUSD on TradingView.com

If there is an upside break above $3,000 resistance, zone, the price could rise towards the 100 hourly simple moving average. The next major resistance is near the $3,200 level.

More Losses in ETH?

If ethereum fails to start a recovery wave above the $2,900 level, it could continue to move down. An initial support on the downside is near the $2,820 level.

The first key support is now forming near the $2,800 level. A downside break below the $2,800 level might start another strong decline. The next major support for the bulls may perhaps be near the $2,650 zone. Any more losses could push the price towards the $2,500 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now in the oversold zone.

Major Support Level – $2,800

Major Resistance Level – $3,000

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