2023-10-27 17:03

Ethereum (ETH) is currently facing a volatile market, with its value fluctuating between key resistance and support levels. After rebounding from a mid-October low of $1,536 to peak at $1,851 by Tuesday, ETH is now trading at $1,772, failing to sustain above the $1,850 resistance level. This instability follows Ethereum's struggle with a descending trendline since hitting its yearly high of $2,141 in April. The future of ETH is uncertain; if it manages to break the $1,850 resistance again, it could potentially reach up to $1,900. However, should it fail to overcome the $1,815 resistance level, another drop towards the $1,775 support level may be imminent. Adding to this uncertainty, troubled crypto firms Alameda Research and FTX have transferred over $59 million in assets including Ethereum for undisclosed reasons. FTX is currently facing allegations of criminal mismanagement and bankruptcy with around $9 billion in client funds missing. As a result, they are considering liquidating assets including Ethereum, Solana, and MATIC to repay creditors. Despite these challenges and uncertainties surrounding Ethereum's future performance, there has been a resurgence in buying interest at the $1,780 support level for ETH. The daily trading volume for ETH stands at $10.7 billion as of today. This resurgence follows Bitcoin's recent 18-month high and a market share of $35,116 which has seemingly influenced ETH's market movements. https://www.investing.com/news/cryptocurrency-news/ethereum-struggles-to-sustain-gains-amid-market-volatility-and-crypto-firm-bankruptcy-93CH-3212331

2023-10-27 17:01

Copyrighted Image by: Reuters Bitcoin continues its bullish stride this week, breaking key trendlines and moving averages (MA), including the crucial 200-week simple MA at $28,400, according to the "The Week On-Chain" newsletter by Glassnode. The cryptocurrency's climb to $35,200 has outpaced these critical markers, a development that has notably bolstered profitability for various investor groups. This surge follows a month of bullish momentum during which Bitcoin shattered essential metrics in crypto analysis: the 111-day, 200-day, and 200-week averages. This progression is expected to mirror Bitcoin's performance at the start of 2023, underpinned by recent bullish activity laying the groundwork for a potential BTC price surge. Despite certain profitability hurdles, the cost basis - a key investment measure - for Short-term holders (STH) and newcomers stands at approximately $28,000. With the STH cost basis currently at $28k, recent investors are experiencing an average profit of +20%. In a significant market ownership shift, Long-term holders (LTHs) now control over three-quarters of the available Bitcoin supply. This development underscores the growing confidence among long-term investors in the cryptocurrency market and their increasing influence on Bitcoin's price dynamics. https://www.investing.com/news/cryptocurrency-news/bitcoins-bullish-momentum-propels-investor-profitability-lths-control-most-supply-93CH-3212327

2023-10-27 16:57

Cryptocurrencies exhibited a mixed trend in the Friday trading session on October 27, 2023. Amidst the varying performances, Cardano (ADAUSD) emerged as a leader, registering a 1.34% rise to reach 29 cents. On the other hand, Polkadot (DOTUSD) experienced a drop of 1.57%, bringing its value down to $4.17. Other cryptocurrencies including Dogecoin (DOGEUSD), Polygon (MATICUSD), Ethereum (ETHUSD), and Bitcoin (BTCUSD) also saw declines during the session. Meanwhile, Uniswap (UNIUSD), Solana (SOLUSD), and Ripple (XRPUSD) managed to record gains. Among crypto-related stocks, Block Inc., Overstock.com (NASDAQ:OSTK) Inc., and Coinbase (NASDAQ:COIN) Global Inc. faced downtrends. However, NVIDIA Corp (NASDAQ:NVDA)., Advanced Micro Devices (NASDAQ:AMD) Inc., Ebang International Holdings Inc., Tesla (NASDAQ:TSLA) Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Marathon Digital (NASDAQ:MARA) Holdings Inc., and Grayscale Bitcoin Trust bucked the trend and posted gains. Additionally, the Amplify Transformational Data Sharing ETF and Bitwise Crypto Industry Innovators ETF also rose in value, indicating an overall mixed performance in the sector. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-exhibit-mixed-trends-cardano-leads-with-slight-gain-93CH-3212326

2023-10-27 16:55

Copyrighted Image by: Reuters After reaching their yearly highs, Bitcoin (BTC) and the overall cryptocurrency market cap (TOTALCAP) have seen slight decreases. The BTC price and TOTALCAP are now trading within specific patterns that could indicate potential future movements. On Sunday, October 24, BTC breached the $31,200 resistance level, peaking at its yearly high of $35,280. Since then, it has experienced a minor decrease and is now trading within a symmetrical triangle pattern. If this pattern results in a successful breakout, the BTC price could see an increase of 7% to $36,530. Conversely, a breakdown could lead to an 8% drop to $31,350. Similarly, TOTALCAP broke through the $1.15 trillion resistance on Saturday, October 23. The following day it sharply surged to reach its yearly high of $1.26 trillion. Currently, TOTALCAP is trading within an ascending parallel channel. A breakout from this pattern might trigger a 14% surge to $1.42 trillion while a breakdown may cause a 6% fall back to $1.15 trillion. In other cryptocurrency news, MINA's price has dipped since hitting its yearly peak of $0.96 also on Sunday, October 24. Presently, it is trading inside a descending wedge pattern. If MINA breaks out from this pattern, it could surge by 20% to $0.75; otherwise, it risks a steep plunge by 25% to $0.47. During this period of market fluctuation, Sam Bankman-Fried, the embattled founder of the FTX crypto exchange shared his experience about numerous security breaches during his tenure as CEO. Concurrently, a survey suggests that most crypto traders are holding onto their assets in anticipation of the Bitcoin spot ETF approval. These events underline the volatile nature of the cryptocurrency market and the potential for significant price movements based on both technical patterns and external factors such as regulatory developments. https://www.investing.com/news/cryptocurrency-news/crypto-market-shows-minor-decline-after-hitting-yearly-highs-93CH-3212295

2023-10-27 15:22

Copyrighted Image by: Reuters Despite trading at a historical low against Bitcoin, Ethereum's price is showing bullish signs, including a recent 15% rally in the ongoing bull market cycle. This comes as part of the typical pattern where Bitcoin surges first, followed by Ethereum and other cryptocurrencies. The ETH/BTC weekly timeframe chart displays both bullish price action and an Elliott wave count, suggesting potential growth. Crypto trader @cryptotony__ has predicted that Ethereum's price could exceed $2,000. However, Ethereum continues to face bearish pressure as it trades below a 190-day descending resistance trendline. Despite this, bullish signals are emerging that suggest the price may bottom out soon. Ethereum has bounced at long-term support levels at ₿0.051 and has a low Relative Strength Index (RSI) value of 27, which is the lowest since July 2019. These indicators may suggest a potential turnaround for Ethereum's price against Bitcoin in the coming period. The cryptocurrency market will be closely watching these developments as Ethereum navigates its current challenges and opportunities in the ongoing bull market cycle. https://www.investing.com/news/cryptocurrency-news/ethereum-shows-bullish-signs-despite-historical-low-against-bitcoin-93CH-3212142

2023-10-27 15:04

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN)'s recent Q3 State of Crypto report, crafted in partnership with Bovitz and Morning Consult, has revealed a widespread disillusionment with the American financial system. According to the study, less than 10% of respondents expressed approval for the current system. Specifically, only 7% felt that the system serves their interests adequately. The survey identified a generational divide in attitudes towards the financial system. Millennials described it as "outdated," voicing their frustration, while Gen Z respondents found it "confusing" and "inadequate." These sentiments are indicative of the financial pressures younger generations are experiencing. Despite this disillusionment, nearly 40% of respondents see potential in crypto and blockchain technology as tools for future opportunities and job creation. The report suggests a shift in political landscape is on the horizon as these generations grow in influence. By 2028, millennials and Gen Z are projected to dominate the electorate, with over half expected to vote for crypto-friendly candidates in the 2024 elections. While Coinbase awaits U.S. approval for a Bitcoin ETF, they have expressed concerns over enforcement-led regulation hindering crypto development. This has led them to take a stand against an ongoing SEC lawsuit and has prompted tech experts to consider establishing "crypto hubs" abroad. https://www.investing.com/news/cryptocurrency-news/coinbase-report-reveals-disillusionment-with-us-financial-system-93CH-3212121