Blockchain

Polygon has continued its recent bullish momentum in the past day, jumping a further 6%, as on-chain data shows the whales are highly active currently.

Polygon Is Now Up More Than 21% In The Past Week

The past month has been a great time for Polygon investors as the cryptocurrency has observed a substantial uplift. Earlier in this period, the growth had been slower, but recently the asset has really stepped up.

Here is a chart that shows how MATIC’s rally has looked over the last 30 days:

With the latest leg in the surge, Polygon has reclaimed the $0.80 level for the first time since July of this year. Earlier in the day, the coin had spiked to as high as $0.84, but since then it has registered a pullback towards the current price levels.

Nonetheless, even with the retrace, the asset is up a net 6% during the last 24 hours. As it stands, MATIC’s profits of 21% in the past week are among the best in the sector, with only Chainlink (LINK) showing a better performance inside the top 20 assets by market cap.

It would appear that the whales may be playing a major role in this latest rally if on-chain data is anything to refer to.

Polygon Whale Transaction Count Is At Elevated Levels Currently

As pointed out by the on-chain analytics firm Santiment, whales have been quite active in the market recently. The relevant indicator here is the “whale transaction count,” which keeps track of the total number of Polygon transactions that are carrying at least $100,000 in value.

The below chart shows the trend in this MATIC metric over the past few months:

As displayed in the above graph, the Polygon whale transaction count has been at high levels recently. To be more particular, the whales have been making more than 161 transactions per day, which is the highest the metric has been since July.

Generally, high activity from the whales can be a predictor of volatility, as a large number of moves of these humongous holders together can have the power to move the market.

Naturally, such volatility can take the cryptocurrency in either direction, as the whale transaction count metric merely tells us about the number of transfers that the whales are making, and not whether these are buying or selling transactions.

In the chart, Santiment has also attached the data for another metric: the combined supply held by the 100,000 to 10 million MATIC addresses. As is visible in the graph, the sharks and whales have been accumulating since 24th October, suggesting that their buying may have been providing support to the rally.

The supply of these key holders may be one to watch for in the coming days, especially given the high transaction activity that the whales in particular are making currently. If the indicator observes a significant drawdown, then it would be a sign that the group has decided to take their profits.

Shibarium, the highly anticipated layer-2 solution for the SHIB army, finally became functional on Aug. 28, following a rocky launch plagued by technical issues that drew scorn from the broader cryptocurrency community. The launch promised a new era of efficiency for SHIB holders who had eagerly awaited this solution for over a year. 

However, recent data paints a troubling picture of Shibarium’s current state, with a steep decline in user engagement and network activity levels reminiscent of its early days of operation.

Data from the Shibarium explorer reveals a significant drop in user engagement. On Nov. 6, Shibarium recorded a mere 9,740 transactions, a stark contrast to the network’s peak on Sept. 11, when daily transactions surged to over 202,000. This decline raises concerns about the project’s long-term viability and whether it can deliver on its promises of scalability and efficiency.

Shib Name Service (SNS) Launch

The decline in new address counts on the chain appears to be closely tied to the drop in daily transactions. This trend persists despite the introduction of Shiba Inu’s “Shib Name Service” (SNS) on Oct. 30. 

SNS, a decentralized naming service, allows users to create human-readable addresses for their Shibarium wallets. While the SNS launch aimed to enhance user experience and accessibility, it has not been able to reverse the declining user engagement on the network.

Impact On BONE Price

Shibarium’s struggles are not limited to user engagement; they are also affecting the price of the native token, BONE. As of the latest data from CoinGecko, the current price of BONE stands at $0.734137, with a 4.0% increase in the last 24 hours and a 2.5% rise over the past week.

On the token’s spot market, most participants have been distributing their BONE holdings, which is evident from the momentum indicators on a 24-hour chart. Selling pressure is outweighing accumulation, which is concerning for the token’s future value.

Shibarium’s failure post-launch raise several concerns within the cryptocurrency community. The project’s inability to maintain the initial momentum following a challenging launch is a red flag for investors and enthusiasts. The decline in user engagement, even after introducing user-friendly features like SNS, suggests that the core issues surrounding Shibarium’s technical infrastructure need attention.

@ShytoshiKusama has been selling stuff to shibarmy and amassing their own wallet.
More talk than action, since shib became successful, everything he has done has been a failure (shiboshis, land, Shibarium and sns) Fuk

— Mefam (@0xMefam) November 1, 2023

The dwindling user base has a direct impact on the value of BONE, with selling pressure dominating the market. To regain its footing, Shibarium will need to address the technical issues, improve its user experience, and regain the trust and enthusiasm of its user base.

Shibarium, which held significant promise as a layer-2 solution for the SHIB community, is currently facing a critical test of its long-term viability. The decline in user engagement and its effect on BONE’s price indicate that the project has some challenges to overcome. Investors and enthusiasts will be watching closely to see if Shibarium can bounce back and fulfill its potential.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Taokinesis/Pixabay

Amid the bullish sentiment around the cryptocurrency market, popular meme coin PEPE has recently experienced a significant surge in its price recording over a 15% increase in its price in the past 24 hours.

The Price Of PEPE Gains Traction

PEPE seems to be gaining traction and heading towards a bullish run indicating potential benefits for investors. The meme coin’s price is currently sitting at $0.0000013, indicating a 15% increase in price in the past 24 hours.

The surge in price might be traced back to the Dogecoin (DOGE) millionaire Glauber Contessoto, who picked PEPE to be among his top 10 choice cryptocurrency investments. According to the millionaire, PEPE seems to represent the same irreverent, internet-culture-focused approach that initially drew him to Dogecoin.

PEPE might have experienced a surge in its price, but the meme coin is still over 69% down from its all-time high of $0.000004354 in early May. However, the bullish sentiment circling in the crypto market has propelled the meme coin’s price by 89% over the past 30 days.

The token has also experienced a significant increase in whale transactions in the past 24 hours. The number of whale transactions involving at least $100,000 in PEPE increased by 50% over the past 24 hours. 

According to data from Santiment, show that its deposits to crypto exchanges have since fallen by 33% in just 3 days, the report, despite the increase in whale transactions. This could be because investors are choosing to hold for higher prices rather than sell now.

In addition, PEPE’s recent social media dominance seems to have significantly contributed to the increase in price by the token. It was revealed by Santiment that the memecoin experienced an impressive 105% surge in its social media volume in the past 24 hours.

Decline In Active Address Doesn’t Hinder Memecoin’s Performance

PEPE’s performance this month is nothing compared to that of last month just yet. In October, the price of PEPE grew by 60%, this might be due to the bullish nature of the month of October also known as ‘Uptober’ in the crypto space. 

PEPE has seen a consistent decline in the number of active addresses. According to IntoTheBlock, it was revealed that the number subsequently fell from a total of 3,700 to 2,020 active addresses. This pattern suggests that, due to memecoin’s failure to live up to investor expectations, they may be selling their PEPE holdings in favor of trending altcoins.

Related Reading: Pepe Conquers The Weekend Charts With 61% Rally – Here’s Why

The meme coin’s daily active addresses (DAA) divergence currently stands at 5.8% according to Santiment. Initially, a “buy” signal is indicated when the DAA divergence indicator increases.

As the market continues to rally, many begin to feel that they have missed the chance to get in early on their favorite altcoins, including XRP. However, a prominent crypto analyst has provided hope to those still looking to get in on the token as he talks of the possibility of a correction and the ideal price to accumulate the crypto token. 

The Right Time To Be A “Buyer”

In a post shared on his X (formerly Twitter) platform, the CEO and founder of MN Trading, Michaël van de Poppe, acknowledged how the price of XRP has been rallying in recent times. He further went on to hint at the fact that XRP has always corrected whenever it experienced such rallies. The one that he pinpointed was when the token corrected from $0.93 to $0.45 before its resurgence.

As such, his belief seems to be that the XRP will dip once again. This time, he stated that an ideal time to be a buyer will be if XRP is able to correct to around $0.54. 

However, many in the XRP community will be hoping that XRP continues to rally from henceforth, especially considering that it just recently hit the $0.7 price mark. The technical and fundamental analysis surrounding the XRP ecosystem seems to be bullish, with many predicting more upward trend from the $0.7 mark.

In a recent X post, renowned crypto analyst Egrag, who had predicted that a god candle was coming for XRP, mentioned that that XRP just witnessed an “exciting development.” This is because the 21 Exponential Moving Average (EMA) has crossed over the 55 MA. According to him, this “bullish crossover” historically signifies the beginning of “significant price explosions.”

Source: X

To consolidate this development, he stated how XRP closing above the $51.3 billion Fib 0.702 level was critical as it could be the “watershed moment for our victory.”

XRP Fundamentals Are Also Bullish 

The Ripple Swell Conference 2023 is currently ongoing, and the event has lived up to the hype following Ripple’s latest announcements. Apart from the rebranding of its payment service as Ripple Payments, the crypto company also announced how its partner Onafriq will begin utilizing its payment service. This move would see Ripple open up the cross-border payments structure across three continents: Africa, Europe, and Australia. 

The crypto company is also expected to make more announcements before the conference comes to a close on November 9. Ripple isn’t resting on its laurels, as the company feels more confident than ever to keep expanding. By extension, this will increase the utility of the XRP token, which is an important piece in its Ripple Payments service. 

In a detailed analysis, crypto analyst Egrag has forecasted a remarkable 2450% rise in the XRP price, citing a bullish crossover in the 2-week XRP market cap chart, where the 21 Exponential Moving Average (EMA) has exceeded the 55 Moving Average (MA). This pattern is typically seen as a precursor to substantial price increases.

Egrag, through a post via X, emphasized the significance of this development: “XRP CONFIRMED KABOOM: […] On the 2-Week Time Frame, we’ve witnessed an exciting development as the 21 EMA has crossed over the 55 MA. This bullish crossover historically signifies the onset of significant price explosions.”

Bullish Crossover Heralds Massive XRP Price Surge

The analysis highlights two previous instances where similar patterns led to significant price movements. The first, referred to as “Kaboom A,” occurred between early 2015 and early 2017. During this phase, XRP’s market capitalization varied between $142.642 million and $349.476 million. Following the bullish crossover of the 21 EMA over the 55 EMA in the 2-week chart, XRP’s market cap experienced a significant rise, breaking through the 1.618 Fibonacci extension level at $2.592 billion and peaking at over $126 billion in January 2018.

From December 2020 to April 2021, there was a shorter cycle. Again, a bullish crossover of the 21 EMA above the 55 MA in the 2-week chart was seen initially. As a result, the XRP market capitalization rose from $.7.67 billion to over $88 billion (and with it the price to $1.96)

In the current “confirmed KABOOM Cycle”, XRP’s market cap is hovering above the $35.235 billion mark, which again equates to the 0.5 Fibonacci level. At press time, it stood at $37.516 billion.

Delving into the current situation, Egrag explained:

Notably, in the previous ‘Kaboom A’ phase, the Fib 0.5 level acted as a clear launch pad. In the current ‘Confirmed KABOOM Cycle,’ XRP’s Market Cap is once again rebounding from Fib 0.5, hinting at an imminent ‘Kaboom Cosmic Ignition.’

However, XRP’s market capitalization is currently facing several key levels. Egrag emphasizes the critical nature of the $51.3 billion market cap, which coincides with the 0.702 Fibonacci level. A close above this threshold on the 2-week chart could trigger a significant rally for XRP, or as Egrag puts it: “XRP closing above the $51.3 billion Fib 0.702 level could be the watershed moment for our victory.”

Remarkably, Egrag highlights another crucial resistance level in his chart, a descending trend line (dashed red line) that has formed since the peak in January 2018. According to Egrag, a breakout above this level could trigger a rally of more than 2450% (from the current market cap and price).

The final target for the XRP market cap could be the 1,618 Fibonacci extension level at $283.489 billion and the 2,618 Fibonacci extension level at $959.663 billion. The latter would translate to an XRP price of $17.94.

Questions From The Community

In response to questions from the community, Egrag explained the significance of the $51.3 billion level: “This is a macro resistant range, because closing multiple weekly candles above this range means u will never see XRP below this price or in cents, we will see XRP price only in dollars.”

When inquired about the likelihood of another price test prior to an increase, Egrag conceded, “Possible but it will be a wicking process while we are sleeping,” suggesting that any pullbacks could be short-lived.

At press time, XRP traded at $0.6928.

Cardano (ADA) experienced a significant shift in its ownership landscape during the month of October. Large holders, defined as addresses holding over 0.1% of a cryptocurrency’s circulating supply, accumulated nearly 1.89 billion ADA coins. But is this development good news or bad news for the Cardano ecosystem?

Large Holders Netflow is a metric that measures the number of inflows minus outflows pertaining to addresses held by large ADA investors. This metric provides valuable insights into the behavior of major stakeholders and their impact on the ADA market.

When large holders accumulate more ADA than they are selling, it suggests a bullish sentiment among the biggest investors. In this case, it indicates that they believe in the long-term potential of Cardano and are willing to hold onto their assets, possibly anticipating future price appreciation.

$ADA got a strong vote of confidence last month. Big holders accumulated 1.89 billion ADA last month, translating to over $600 million at current prices.

The majority of the accumulation took place between $0.249 and $0.271.
https://t.co/FCp16WINDG pic.twitter.com/cIRpSDC1fR

— IntoTheBlock (@intotheblock) November 7, 2023

Conversely, if large holders were offloading their ADA holdings in large quantities, it could be perceived as a bearish sign, signaling a lack of confidence in the project or an impending market downturn. However, the data suggests that they are accumulating, which could be seen as a positive indicator.

ADA’s Current Price And Recent Performance

As of the latest data from CoinGecko, Cardano (ADA) is trading at $0.369344. Over the past 24 hours, the ADA price has experienced a 3.3% increase, and it has surged by 20.4% in the last seven days. These price movements suggest a growing interest and confidence in ADA among investors.

In addition to the large holders’ accumulation, Cardano has been making waves in the blockchain development sphere. According to Santiment, a prominent analytics firm, Cardano ranks as the top blockchain in terms of development activity over a 30-day period. The project has recorded an impressive 502.57 GitHub commits during this timeframe.

Cardano’s Strong Development Activity

Santiment has previously emphasized that heavy development activity is a strong positive indicator for a cryptocurrency project. It signifies that developers believe in the protocol’s potential for success and are actively working on improving the technology. Such activity also reduces the likelihood that the project is an “exit scam” or a token without substance.

The recent accumulation of ADA by large holders, coupled with its positive price performance, suggests growing confidence in the Cardano ecosystem. Additionally, the blockchain’s active development and commitment to enhancing its technology indicate a bright future for ADA.

While the crypto market is known for its volatility, these factors point towards a favorable outlook for Cardano in the eyes of investors and developers alike.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Bitcoin has risen above $36,000 and is currently targeting $37,000 as Bloomberg analysts Eric Balchunas and James Seyffart have revived hopes that a Spot Bitcoin ETF could be approved this year. The analysts maintain their belief of a 90% chance that any of these funds get approved by January 2024. 

An Approval Order “Could” Occur This November

In a post shared on his X (formerly Twitter) platform, Seyffart highlighted a new research note that he and Balchunas had just worked on. From their research, they noted that there is a “brief window” that allows the US Securities and Exchange Commission (SEC) to approve all 12 Spot Bitcoin ETF applications at once. 

This brief window (which opens up on November 9) will last for at least eight days, before which it is almost possible for the SEC to approve all applications at once until next year. The reason for their assertion is that the SEC cannot approve an application that is in the comment stage. It so happens that the comment stage of the last applications that the SEC delayed ends on November 8, which is why they highlighted the window that starts from November 9. 

As to why the window is only going to last for about eight days, the SEC is expected to decide on Hashdex and Franklin’s application on November 17, which could put both applicants in the comment stage. This is because it is expected that the SEC will opt to delay its decisions on those funds and ask the general public for comments on them. 

Meanwhile, the analysts noted that this window only applies to the SEC approving all 12 applications at once. They explain that “theoretically,” the Commission could decide on the other applications from now until January 10, 2024, even if it chooses to delay its decision on Hashdex and Franklin’s application on November 17. Whatever happens, they still believe that there is a 90% chance that any of these funds get approved by January 10 next year.

A Spot Bitcoin ETF Launch Isn’t So Straightforward

When quizzed about how long it will take for these funds to launch after approval, Balchunas mentioned in an X post that he guessed that the “19b-4s” applications would be approved in the “not so distant future.” Then it will further take a while for the SEC to approve the “S-1s” after which it “would likely be days till launch.”

Seyffart also echoed similar sentiments as he stated that there are “two paths” that need to be completed before an ETF launches. One is the 19b-4 approval, after which the division of Corporation Finance at the SEC will still need to sign off on the S-1s. However, there is no sign that any of that has been done yet. As such, it could take “weeks or even months” between approval and launch. 

Irrespective of that, Bitcoin has picked up on the possibility that Spot Bitcoin ETFs could be approved this month and has ridden on that wave to above $36,000. At the time of writing, the foremost cryptocurrency is trading at around $36,700, up over 4% in the last 24 hours, according to data from CoinMarketCap.

The Bitcoin price has seen a significant increase of more than 4% within the last 24 hours. The price has risen to $36,800. Several key factors have contributed to this rally.

#1 Spot Bitcoin ETF Buzz

The surge in BTC’s price can be attributed to renewed speculations about the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). Yesterday, Bloomberg’s James Seyffart put out a new note, highlighting that the SEC is in a unique position within the next eight days where they could approve all 12 spot ETF applications, as Bitcoinist reported.

Seyffart further pointed out that the SEC has the opportunity to approve 9 applications (excluding Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF) at any point until January 10, 2024. Bloomberg’s Seyffart and Eric Balchunas still estimate a 90% chance of approval for at least some of the pending applications before January 10, 2024.

The ETF buzz was further fueled by news that Grayscale is in active discussions with the SEC regarding the conversion of its GBTC trust into a spot ETF. Grayscale’s recent court victory over the SEC on August 29 has added to the anticipation.

#2 Bitcoin Whales

There has been a notable increase in activities by Bitcoin whales, which can be interpreted as a sign of market optimism. Crypto analyst MartyParty pointed out a pattern of substantial purchases, with a whale reportedly buying $15 million of BTC every three hours, suggesting anticipation of positive developments in the ETF front.

Keith Alan from Firecharts observed that Bitcoin whales are actively shifting liquidity in the market, with noticeable changes in bid levels. He stated, “FireCarts shows BTC whales continuing to move liquidity around the order book. Bids that were moved down to $34k earlier have now returned to the $34.5k level.”

Additionally, an increase in TWAP (Time-Weighted Average Price) buying on Coinbase has been reported. Crypto analyst Exitpump noted, “BTC Spot Delta: Someone on Coinbase twapping / market buying.” TWAP buying is a trading strategy used by big players to execute large orders in a way that aims to minimize price impact and achieve an average execution price close to the market average over a specified time period.

#3 Short Squeeze

The Bitcoin market has also experienced a significant short squeeze, with approximately $51 million in BTC short positions being liquidated today (according to Coinglass data, as of press time). This amount marks the largest short squeeze since October 23 and 24, when $161 million and $68.5 million in Bitcoin short positions were liquidated on consecutive days, leading to a substantial price increase of more than 18%. Today’s short squeeze certainly caught some traders on the wrong foot who believed that $36,000 – the previous range high – was a “safe” short trade.

#4 Bitcoin Supply Dynamics

The supply of Bitcoin on exchanges has been steadily decreasing, reaching a six-year low at the end of October. Daan Crypto Trades, a noted crypto trader, highlighted the downward trend in Bitcoin inflows to exchanges. He remarked:

Bitcoin Exchange inflows have been trending down on the higher timeframe. Compared to for 2021-2022 there’s a clear trend down in BTC inflows to exchanges. Would expect that to start ticking back up once the bull market really gets going and people start taking profits.

Furthermore, on-chain data reveals that a significant 76% of the Bitcoin supply is currently held by long-term holders, who haven’t moved their coins for over 155 days. Analyst Dylan LeClair emphasized the strength of hodlers, noting that a staggering 88.5% of the supply has remained static over the last three months.

“The hilarious thing is that 88.5% of the Bitcoin supply hasn’t moved in the last three months. Wall Street is gonna have to really pump this thing to get hodlers to part with their coins,” LeClair stated.

At press time, BTC traded at $36,585.

In a recent speech at the DC Fintech Week conference, Ripple CEO Brad Garlinghouse addressed the company’s regulatory hurdles. He expressed his views on the cryptocurrency landscape in the United States. 

Ripple CEO Warns Of US Risking Market Share Loss

According to a Fortune Magazine report, Garlinghouse acknowledged during his speech that despite Ripple’s success in court against the SEC, some US banks must be more cautious about engaging meaningfully with cryptocurrencies. 

Garlinghouse attributed this reluctance to the perception that the US government and the Office of the Comptroller of the Currency (OCC) are “hostile to the crypto industry.” 

While Ripple’s court victory in July was seen as a positive development, Garlinghouse believes that the SEC’s overall approach, coupled with Chairman Gary Gensler’s characterization of crypto as the “Wild West,” is hindering the industry’s growth in the US.

Garlinghouse emphasized that while the US has hostility towards crypto, other countries actively welcome crypto companies and investments by providing clear regulatory policies. 

As a result, the US risks losing its market share and failing to capitalize on its early advantage in the crypto space. Garlinghouse expressed his belief that the US can still become a leader in the industry but highlighted the urgency for clear and constructive regulatory frameworks to be established.

CEO Vows To Escalate Legal Battle With SEC To Supreme Court

Given the challenges faced in the US, Garlinghouse announced that Ripple would continue to expand its operations in other countries. He revealed that 80% of Ripple’s hiring in the current year will be conducted outside of the US, reflecting the company’s need to operate in more favorable regulatory environments. 

Garlinghouse emphasized the importance of creating a hospitable environment for innovation and growth, suggesting that the current hostility in the US hinders Ripple’s ability to operate effectively within the country.

During the conference, Garlinghouse expressed his willingness to escalate Ripple’s legal battle with the SEC to the Supreme Court. 

Garlinghouse stated that Ripple is prepared to pursue legal avenues until a resolution is reached. This firm stance underscores Ripple’s commitment to addressing regulatory uncertainties surrounding XRP.

Brad Garlinghouse’s remarks at the DC Fintech Week conference shed light on the ongoing regulatory challenges faced by Ripple and the wider cryptocurrency industry in the United States. 

Despite recent court victories, Ripple encounters obstacles due to perceived hostility and a lack of clear policy guidance. Garlinghouse’s readiness to escalate the legal battle to the Supreme Court demonstrates Ripple’s determination to seek a resolution and establish a constructive regulatory framework.

As Ripple expands its operations globally, the hope remains that the US will adopt more welcoming and supportive regulations to foster innovation and maintain its competitive edge in the evolving cryptocurrency landscape.

As of the current market update, XRP is trading at $0.6902, indicating sideways price movement over the past 24 hours. However, in the fourteen-day timeframe, the token has experienced a notable gain of 13%. 

Featured image from Shutterstock, chart from TradingView.com 

Ethereum price is moving higher above the $1,900 resistance against the US dollar. ETH could accelerate higher toward $2,000 or even $2,120 in the coming sessions.

Ethereum is showing positive signs above the $1,900 level.
The price is trading above $1,880 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move higher toward the $2,000 barrier in the near term.

Ethereum Price Looks Set To Rally

Ethereum is forming a base above the $1,850 support zone. ETH remained in a bullish zone and slowly moved higher above the $1,880 resistance, like Bitcoin.

There was also a move above the $1,920 resistance. The price traded to a new multi-week high at $1,925 and is currently consolidating gains. The current price action is positive above the 23.6% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high.

Ethereum is trading above $1,880 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support near $1,905 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,925 level. The next major resistance sits at $1,950, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,000 resistance. The next key resistance is near $2,050, above which the price could aim for a move toward the $2,120 level.

Are Dips Supported in ETH?

If Ethereum fails to clear the $1,925 resistance, it could start a downside correction. Initial support on the downside is near the $1,905 level and the trend line.

The next key support is $1,880 or the 100 hourly SMA or the 61.8% Fib retracement level of the recent wave from the $1,852 swing low to the $1,925 high. The main support sits at $1,850. A downside break below the $1,850 support might spark bearish moves. In the stated case, Ether could drop toward the $1,780 level.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 level.

Major Support Level – $1,880

Major Resistance Level – $1,950