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Ethereum Barrels Past $1,700 – Next Target: $2,000

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Ethereum (ETH) price overshoots above $1,700 hinting a bullish momentum. And everyone was blown away.

James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.” 

Bitcoin, Ethereum, and other cryptocurrencies have soared following the Fed interest rate hike of 0.75%. It was indeed an optimistic kind of domino effect for the crypto space.

Can ETH Stay Above $1,700?

Now, that ETH was able to do the inconceivable, all that’s left for ETH to do is to maintain that momentum and do everything in its power to stay above the $1,700 line.

More so, Nasdaq Composite stocks were also up by 2.67% on Thursday despite the U.S. economic slump revealed in the GDP report. This is regarded to be Nasdaq’s recent all-time high since April 2020.

In addition, this is considered the biggest Nasdaq rate hike since December 16, 2008, wherein Ben Bernanke, Fed’s ex-chairman shaved off the interest to almost zero in the middle of a global financial crisis.

Ethereum is set to showcase a bull run in line with the merge event happening in September. ETH price shows a forking movement sliced between the two impulse waves which may result in some problems with holding ETH.

A possible retracement towards the $1,270 level remains a possibility. A breach on the $1,250 level can invalidate this recent rally.

The weekly forecast on ETH price is validated as the second largest crypto made it through the 1.5-1 trading setup.

Target Zone Hit July 28, Next Target: $2,000

Analysts have let in a couple of perspectives on July 22 regarding ETH’s potential knife catch or v-shape retracement and liquidation.  The knife catch may occur at the $1,300-$1,350 level or target the $1,900 zone after the decline.

Invalidation of an upswing has been moved to $1,250 to create some space for adjustments and accuracy. In fact, analysts and experts recommend waiting for a breach that offshoots $1,460 to gain more confidence in trading ETH. And that happened recently.

The first target zone was punched through on July 28. Traders who went with the big moves of ETH are currently gaining strides in profitability with the coin. ETH price was able to successfully validate its bull run as it swishes towards $1,900 in the short term.

ETH may probably hit the $2,000 level and all it needs to do is stay afloat and hover above $1,700. The 2,000 level is the next potential target, with a resistance zone set at $2,158.

ETH total market cap at $384 billion on the daily chart | Source:

Featured image from TIME, chart from



TA- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

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Ta- The Price Of Axie Infinity Struggles Despite Crypto Relief Rally

The price of Axie Infinity (AXS) has struggled recently with a few bullish signs against Tether (USDT) despite market sentiments around the project.

As a result of the “Merge” sentiments, this has led to many altcoins showing relief rallies and newer altcoins making all-time highs; the price of Axie Infinity has struggled to rally despite many expectations on AXS holders.

The Merge is an upgrade on the Ethereum network from Proof-Of-Work (POW) to Proof-Of-Stake (POS) to increase its network efficiency in transactions. (Data feeds from Binance)

Axie Infinity (AXS) Price Analysis On The Weekly Chart

Weekly AXS Price Chart | Source: AXSUSDT On

From the chart, the price of AXS saw a weekly low of around $14.2, which bounced from that area and rallied to a price of $18.

The price has built more momentum as it faces resistance at $19.3.

If the price of AXS on the weekly chart continues with this structure, it could quickly revisit $18, acting as a good support area for buy bids.

Weekly resistance for the price of AXS – $19.3.

Weekly support for the price of AXS – $14.

Price Analysis Of AXS On The Daily (1D) Chart

1660424244 355 Ta The Price Of Axie Infinity Struggles Despite Crypto Relief
Daily AXS Price Chart | Source: AXSUSDT On

The price of AXS found strong support at around $17.5, which seems to be an area of interest on the daily chart.

AXS bounced from its support and has rallied as it faces resistance at $19.3. The price of AXS has continued to range in a channel; breaking out of this channel could send the price of AXS to $28.

At the point of writing, the price of AXS is $19.27, above the 50 Exponential Moving Average (EMA) with a price of $17.5.

If the price of AXS holds the support of $17.5 successfully, we could see the price trending higher with a successful breakout of the channel; if the price of AXS gets rejected, $17.5, which corresponds with 50 EMA, will be good support for buys.

The Relative Strength Index (RSI) for the price of AXS on the daily chart is above 55, indicating healthy buy bids for AXS.

Daily (1D) resistance for AXS price – $19.3.

Daily (1D) support for AXS price – $17.5.

Price Analysis OF AXS On The Four-Hourly (4H) Chart

1660424244 450 Ta The Price Of Axie Infinity Struggles Despite Crypto Relief
Four-Hourly AXS Price Chart | Source: AXSUSDT On

The price of AXS has continued to range in a channel having resistance at $19.3. 

AXS is trading above the 50 and 200 EMA with prices of $18.4 and $17.3, acting as its support on the 4H chart should the price of AXS gets rejected due to the weekend sell-off.

If the price of AXS holds above the support of 18.4 with the good volume, we could see prices trending and breaking out of the range channel. If AXS experiences a sell-off, 50 and 200 EMA prices would support AXS prices.

Four-Hourly (4H) resistance for AXS price – $19.3.

Four-Hourly (4H) support for AXS price – $18.4, $17.3.

Featured image from Coin News, Charts from 
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Tornado Cash Linked Sanctioned Addresses Blocked by Aave

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Firms Start Complying Following U.s Sanction On Tornado Cash
  • Reputable ENS addresses apparently got 0.1 ETH from sanctioned addresses.
  • A Tornado Cash developer was apprehended in the Netherlands yesterday.

The Office of Foreign Assets Control (OFAC) of the United States Treasury Department has sanctioned crypto mixer Tornado Cash, dealing a blow to the crypto sector. Several Twitter users have reported that the major DeFi lender Aave has begun banning addresses linked to Tornado Cash.

Reputable ENS addresses apparently got 0.1 ETH from sanctioned addresses. Platforms like Uniswap, Aave, and Balancer within the DeFi ecosystem have responded by freezing Tornado Cash-funded accounts.

Aave has been blocking the wallet addresses of notable users including Justin Sun (Tron’s creator), Sassal0x, and Shixing Mao (co-founder of Cobo crypto custodian). Over 600 addresses, including those of famous people and centralized exchanges, have received 0.1 ETH from the Tornado Cash 0.1 ETH contract, as reported by PeckShieldAlert.

Decentralization at Risk?

Because several DeFi systems have blacklisted addresses, including Aave, Uniswap, Balancer, dYdX, Alchemy, and Infura, the concept of “decentralization in DeFi” has gained negative attention. Even popular websites like Discord and Github have discontinued the crypto mixer-related services.

It poses a serious threat to the concept of decentralization. These blockchain-centric businesses are not subject to any government oversight. The whole idea of decentralization is undermined when people freely share information or conform to the law without oversight.

Furthermore, a Tornado Cash developer was apprehended in the Netherlands yesterday. Since just the wallet’s interface is being banned by the Dapps, users may still access it by simply switching to a different front end. It is unclear, however, whether or not these addresses would be blocked by DeFi platforms’ smart contracts.

After the Office of Foreign Assets Control of the United States, Treasury Department put Tornado Cash on its Specially Designated National list, it was quickly forbidden by numerous businesses and organizations.

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Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

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Ethereum Market Observes Pileup Of Leverage As Eth Breaks $2K

Data shows a large amount of leverage has been piling up in the Ethereum futures market as the price of the crypto breaks above $2k.

Ethereum Open Interest Surges To Highest Value In Last 4 Months

As pointed out by an analyst in a CryptoQuant post, the ETH futures market has seen the leverage sharply going up recently.

The “open interest” is an indicator that measures the total number of Ethereum futures contracts currently open in all derivatives exchanges.

When the value of this metric rises up, it means investors are opening up more positions on the market right now. Since more futures positions imply that leverage is also going up in the market, such a trend can lead to higher volatility in the price of the coin.

On the other hand, lowering values of the indicator suggest holders are closing up their positions at the moment. This kind of trend can result in a less volatile value of ETH.

Now, here is a chart that shows the trend in the Ethereum open interest over the course of 2022 so far:

Looks like the value of the metric has shot up in recent days | Source: CryptoQuant

As you can see in the above graph, the Ethereum open interest has observed some sharp uptrend during the past couple of weeks.

The indicator has now reached a value of 7.4 billion, the highest it has seen during the last four months. However, there is an interesting comparison here.

Around 4 months ago, when such values were previously observed, the price of ETH was about $3.3k. But today the price is just $2k, around $1.3k less than it was back then.

And yet, the open interest is at the same level, meaning the Ethereum market might be having the same degree of leverage this time as well, while the price is much lower.

When especially high leverage accumulates in the futures market, any sharp swing in the price can liquidate a large number of positions at once. These liquidations then further amplify this price move, which liquidates more positions.

In this way, liquidations can cascade together, and the event is called a “liquidation squeeze.” This is the reason behind the volatility of an overleveraged market.

If a long squeeze does end up taking place this time, then the latest rally in the value of ETH may hit the breaks.

ETH Price

At the time of writing, Ethereum’s price floats around $1.9k, up 5% in the past week.

Ethereum Price Chart

The value of ETH seems to have gone up during the last few days | Source: ETHUSD on TradingView
Featured image from Kanchanara on, charts from,
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Martin Shkreli’s New Token Drops 90%, Rug Pull Suspected

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North Korea Ranks Top In Crypto Crime As Per Recent Report