Blockchain

Ethereum (ETH), the second-largest crypto by market capitalization, has been in the spotlight due to its price action. A notable crypto analyst, Pentoshi, shed light on the asset’s price trajectory, suggesting a possible uptick in value if current conditions prevail.

It is worth noting that this analyst’s predictions come at a time when Ethereum trails behind Bitcoin’s recent price rally. Notably, while Bitcoin has recorded a 12.5% increase over the past week, Ethereum’s gains are modest, rising by 8.4% during the same timeframe.

Ethereum Price Bracket Significance

According to the analyst’s post, Ethereum’s immediate future could see an upward trend if it manages to close the week within a specific price range. The suggested target zone, between $1,796 and $2,148, is critical, as highlighted by Pentoshi.

Should ETH’s closing price fall within this bracket, the analyst posits a potential path cleared for Ethereum to reach or even surpass the $2,200 mark. While Ethereum lags Bitcoin’s recent performance, the analyst remains optimistic about its prospects.

Pentoshi indicates that Ethereum is approaching a “demand zone,” on the BTC/ETH ratio. Notably, this could stimulate buying activity and influence its price positively.

$ETH
Closing this weekly back inside the range opens up the doors to $2,200

Despite it severely underperforming BTC it’s now beginning to enter the demand zone on the btc /eth ratio

BTC is bullish as long as above the 31.5-32.5k area thus I’ll continue to have bullish bias… pic.twitter.com/Hwoi8jwr2O

— Pentoshi euroPeng (@Pentosh1) October 29, 2023

Bitcoin’s Bullish Standpoint Maintained

Pentoshi is bullish on Bitcoin, the pioneer cryptocurrency, provided it remains above a particular threshold. The $31,500 and $32,500 area is highlighted as Bitcoin’s support zone. The analyst maintains that staying above this range could sustain the positive outlook on Bitcoin.

However, a dip below these levels would suggest re-evaluating this bullish analysis. Regardless, Bitcoin does not currently appear to be moving towards any support but instead seems to be pushing above any resistance. 

In just four days, the asset has climbed from a trading price of $34,000 last Thursday to a present trading value of $34,760 at the time of writing. It’s worth noting that BTC has embarked on a significant uptrend, ascending more than 20% in the last two weeks.

Ethereum has also experienced a rally but hasn’t matched Bitcoin’s momentum. Over the past 14 days, ETH has seen a 14.8% increase and is currently trading at $1,820, marking a 1.4% rise in the last 24 hours alone.

Featured image from Unsplash, Chart from TradingView

The Bitcoin MVRV ratio, an on-chain indicator, could suggest the asset may not have hit its top for the current rally just yet.

Bitcoin MVRV Ratio Says Market Isn’t Overheated Right Now

According to data from the market intelligence platform IntoTheBlock, past bull markets hit their peaks when the MVRV ratio crossed the 300% mark. The “Market Value to Realized Value (MVRV) ratio” refers to an indicator that keeps track of the ratio between the Bitcoin market cap and realized cap.

The “realized cap” here is a capitalization model for BTC that calculates the total value of the cryptocurrency by assuming that each coin in circulation is worth the same as the price at which it was last moved, rather than the current spot price.

As the price at which a coin was last moved on the blockchain was likely the price at which it changed hands, the realized cap can be interpreted as the total amount of capital that the investors as a whole have put into the asset.

The MVRV ratio compares the price of the coin (the market cap) with the realized cap, so it can tell us whether the investors are holding more or less than they put in.

Now, here is a chart that shows the trend in the Bitcoin MVRV ratio over the last few years:

In the above graph, the Bitcoin MVRV ratio is shown as a percentage. At the 100% mark, the two capitalization models approach a equal value, suggesting that the market as a whole is just breaking-even.

Above this threshold, the investors are holding a net amount of profit, while below they are carrying loss. From the chart, it’s visible that the BTC MVRV ratio has remained above the break-even in recent months as the asset’s price has observed a rally.

At present, the metric is floating about the 150% level, suggesting that the market cap is 50% more than the realized cap. Historically, the larger the investors’ profits have gotten, the more likely they have become to take part in a selloff.

Because of this reason, tops have generally formed when the MVRV ratio has hit high levels. IntoTheBlock notes, however, that the bull markets in the past have usually only hit their peaks when the indicator has crossed the 300% mark.

Clearly, the indicator is still a significant distance away from this mark at the moment. This could be a potential sign that the Bitcoin rally hasn’t reached a state of overheat yet and thus, there might be more to come for the cryptocurrency’s price in terms of bullish momentum.

BTC Price

The Bitcoin rally has hit the pause button in the past week as the asset’s price has taken to sideways movement. Currently, the coin is trading around the $34,500 mark.

A solo Bitcoin miner has struck gold after successfully claiming a $200,000 block reward. The considerable achievement has captured the attention of fellow miners and crypto enthusiasts, highlighting the potential for lone miners to effectively compete with larger mining operations 

Lone Bitcoin Miner Hits Jackpot

On October 28, a software engineer of Bitcoin CGMiner and an admin of Solo Ckpool, Dr. Con Kolivas congratulated a lone Bitcoin miner in an X (formerly Twitter) post for accomplishing a rare milestone by solving the 278th solo block at Solo Ckpool. 

The lucky miner used 11 PH/s of hash power to discover block 814,308 and claimed a $200,000 (6.25 BTC) block reward.

“Congratulations to miner 3KCykmdpBpNKTtZJAvp3u2N2EQjGzbUF7c with ~11PH for solving the 278th solo block on solo.ckpool,” Dr. Kolivas stated. 

Presently, large-scale mining operations and pools are dominating the Bitcoin mining industry. When blocks are discovered, these mining companies often share the rewards. In contrast, mining pools like Solo Ckpool offer lone miners a higher level of independence allowing them to earn almost all rewards when they discover a block. 

This recent solo mining achievement has not been the only accomplishment this year. In August, a solo Bitcoin miner solved block 803,821, claiming 6.25 BTC worth $160,000. Multiple solo miners have also discovered substantial blocks and reaped significant rewards in the last few months. 

The lure of solo mining pools is growing as many miners are looking to increase their chances of earning large rewards while reclaiming a sense of independence in the competitive Bitcoin mining market. 

BTC Mining Hashrate On The Rise

Bitcoin Hashrate has continued to increase following the recent surge in the value of BTC. Earlier on October 12, the hash rate saw an alarming increase to 456 exahash per second (EH/s). Following this increase, the hash rate stabilized slightly dropping down to 443 EH/s sometime on October 28. 

Despite the increased level of mining difficulties, hash rates are rising. Bitcoin hash rate is slightly back up today to 452.63 EH/s with an estimated difficulty adjustment of 12.78% and network difficulty of 62.46T. The average block time for mining is also approximately 8 minutes and 52 seconds. 

In the past month, mining hash prices fell to significant lows, depicting the possibility of chain validators experiencing higher mining difficulties and pressure. Now, hash rates are on the rise and Bitcoin miners are taking advantage of these opportunities to increase their earnings.

The XRP price continues to enjoy positive performance as the crypto market trends to the upside. The current rally confluences with the sector’s historical performance; thus, cryptocurrencies could extend their bullish trend.

As of this writing, the XRP price trades at $0.58 with a 5% profit in the last 24 hours. In the previous seven days, the cryptocurrency recorded an 11% rally and stood as one of the best performers in the sector over the same period, along with Solana (SOL) and Cardano (ADA).

XRP Price Bull Run Incoming?

As XRP and other trend upwards, legendary trader Peter Brandt share his positive views on the nascent sector. Brandt has been known for expressing his views on BTC and crypto without reservations, and this time, the forecast is bullish.

On social media platform X, the legendary trader dismissed market actors trying to predict future performance. However, Brandt dared to make three predictions regarding Bitcoin: first, the cryptocurrency is likely to hit bottom, which will lead it to new all-time highs, as seen in the chart below.

This bullish price action is based on the cryptocurrency’s historical performance. Each time the BTC market drops around 78%, Bitcoin bottoms and re-enters price discovery. The XRP price, Ethereum, and other altcoins follow the trend.

In 2017, when BTC went into a bull run, the XRP price reached an all-time high above $3. If history repeats, and based on the fundamentals supporting XRP’s bullish momentum, the token could hit a similar level.

XRP In The Short Term, Levels To Watch

The optimistic forecast in the traditional financial market supports this scenario. If stocks and Bitcoin see further profits, everything will align for XRP and other altcoins to hit their previous all-time highs.

In short timeframes, a pseudonym analyst indicated that XRP formed a bull flag pattern. This bullish market structure hints at a potential run of the high area around $0.66. However, bulls must maintain the token above $0.52 and $0.54 to prevent a run of the lows.

The analyst stated the following about XRP and how close it is to completing a significant milestone for further profits:

The first break has just arrived. XRP close to the Mid resistance at $0.5557. Still, the following applies: Bull flag $0.5557 above, to be precise. Invalidation $0.54 below.

Cover image from Unsplash, chart from Tradingview

Crypto analyst Crypto Insight recently predicted that the price of XRP could be preparing to go past the $1 mark in just 16 days as the XRP’s Relative Strength Index (RSI) and open interest continue to gain momentum indicating a bullish trend.

XRP Weekly Relative Strength Index 

On Sunday, October 29, the crypto analyst shared his predictions on X (formerly Twitter) highlighting that XRP might be prepared for a significant upward trajectory due to the strength of the XRP’s weekly RSI, as it gains traction toward entering a bullish zone.

Related Reading: XRP Price To Go Parabolic, Here’s When

This is because the momentum of an asset’s price movement is measured by the Relative Strength Index (RSI). There are two indicator feature lines in the RSI chart and these include the RSI line (purple) and the RSI-Based MA line (yellow).

In the RSI chart, an indication of rising momentum and a bullish cross is produced whenever the RSI line crosses above the RSI-based MA line; as seen in the XRP weekly chart posted by Crypto Insight on X.

XRP experienced the cross for the first time in the first week of July, and after this happened, the cryptocurrency experienced a great surge in price by July 13, which led to XRP’s yearly high of $0.93. However, during the correction that followed, the RSI line fell below the RSI-based MA line.

According to crypto insight, the line is once again attempting to traverse above the RSI-based MA line as of the time of his discovery, and the crossing has been realized. As of the time of his revelation, the RSI line was sitting at 53.91, while the RSI-based MA line was sitting at 51.01 presenting a bullish sign.

The crypto analyst further shed more light on the timing for these potential developments. Crypto Insight speculated that XRP might be touching a resistance level as of the time of his disclosure, and the resistance level could be a vital point for XRP price movement.

He also added that a bullish cross for the RSI could buttress both bulls and punters to engage in the market and stake their bets. Notably, this surge in trading activity could provide XRP with the force it needs to swiftly break out into the target range.

Related Reading: XRP Price Could Blast Off In 18 Days, Here’s Why

So far, the target range that was set up by the crypto analyst in his chart was between $0.8875 to $1.3617. He believes that XRP could hit this price range in the next 16 days since the rally in July, saw the XRP price almost claiming the $1 mark, but failed due to the significant resistance it faced.

The crypto analyst also pointed out the XRP’s open interest in his projections. He highlighted that open interest has room to rise significantly, and it seems to be developing higher highs.

Open Interest is the overall number of pending futures contracts for a particular cryptocurrency. Therefore, an increase in open interest can indicate growing market participation and keenness among investors, and it can also lead to increased liquidity and potentially trigger a price rally for a cryptocurrency.

When Bitcoin price action is sideways and directionless for the better part of a year, bulls and bears argue over which direction will be ultimately chosen.

However, considering macro conditions like rising interest rates, a sinking stock market, and mounting ting debt, bears aren’t ready to throw in the towel. But they might want to after seeing this chart.

Bitcoin Price Chooses A Direction: Up And Away

Bitcoin and other cryptocurrencies are normally notoriously volatile. But volatility has dwindled to next to nothing since the FTX collapse struck.

Few have been willing to take the risk on BTC and altcoins while macro conditions are this on the edge of collapse. It resulted in a big move off the bottom, but also more than six months of consolidation and confusion.

But after several months of sideways price action, Bitcoin appears to have chosen a direction and broke out to form a new trend. Bears, however, remain stubbornly short per market sentiment.

Bearish traders might want to reconsider their positioning after taking a look at the Directional Movement Index.

Bullish Directional Movement Is Anything But Average

The Directional Movement Index is typically found bundled with the Average Directional Index, and consists of a negative and a positive directional indicator. The tool’s premise is simple: when DI+ (green) is above DI- (red) the asset is bullish and DI- is above DI+ when bearish.

This technical analysis indicator is currently showing the DI+ soaring, while the DI- is falling and below the 20 line. The 20 line is notable more for the ADX, which isn’t pictured. When the ADX rises above 20, the tool suggests a trend is active and strengthening.

Bitcoin isn’t above 20 on the weekly yet, but has begun to do so on lower timeframes. With how strong the recent move was, the ADX could confirm above 20 over the next week or two. At that point, bears might finally be forced to concede that a new bull trend has blossomed.

Artificial Intelligence crypto coins have recently experienced a significant surge in the market, drawing the attention of investors and enthusiasts alike. The sudden upward trajectory of these digital assets has raised questions about the underlying factors driving this extraordinary momentum. 

While the domain of artificial intelligence (AI) has rapidly expanded in recent times, its intersection with the world of cryptocurrencies has become a focal point of interest and speculation.

The surge in AI crypto coins, including Injective (INJ), The Graph (GRT), Render (RNDR), and Fetch.ai (FET), has been remarkable over the past 24 hours and the last seven days.

Notably, Fetch.ai (FET) has surged by an impressive 55.16%, followed closely by Injective (INJ) at 43.86%, Render (RNDR) at 28.19%, and The Graph (GRT) at 21.93%. 

These substantial gains indicate a growing trend in the market, reflecting an increasing demand for AI-focused digital assets. Investors are drawn to the potential of these tokens, recognizing the unique opportunities they present within the ever-evolving landscape of AI technology and blockchain integration.

The Artificial Intelligence Advantage In The Crypto Space

The recent surge in AI crypto coins can be attributed to various factors, including the rapidly expanding influence of AI technology across diverse sectors. The marriage of AI and cryptocurrencies presents a promising synergy, with AI’s capabilities enhancing the efficiency and security of various blockchain-based systems. Unlike traditional cryptocurrencies, AI crypto coins leverage advanced algorithms and data-driven insights to optimize performance and facilitate more robust decision-making processes.

Furthermore, the growing investment interest in AI startups by tech giants such as Google and Amazon has significantly fueled the momentum behind AI-focused digital assets. Google’s recent $2 billion investment in Anthropic, an AI startup, and Amazon’s substantial $4 billion investment in the same company in September have sent a clear signal to the market. These investments not only demonstrate the confidence of tech industry leaders in the potential of AI but also underscore the significance of AI’s integration with various technological domains, including the cryptocurrency space.

Insights Into The Future Of AI Crypto Coins

The current surge in AI crypto coins highlights a broader shift in the market sentiment, emphasizing the increasing importance of AI’s role in shaping the future of digital finance. As AI technologies continue to evolve and permeate various industries, the demand for AI-driven solutions within the cryptocurrency realm is expected to grow exponentially. 

This trend signifies a fundamental transformation in the way investors perceive the value and potential of digital assets, as they increasingly recognize the power of AI in driving innovation, efficiency, and security within the crypto space.

(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 Freepik

Dogecoin has also benefited from the general crypto market rally, gaining over 7% in the past week. DOGE has settled at the $0.069 price range today, with its market cap above $9 billion, showing its massive adoption. Also, on the weekly chart, DOGE shows signs of a breakout pattern as more buyers continue to accumulate the tokens.

According to crypto analyst Ali Chart, Dogecoin has broken out of a multi-year descending triangle pattern on the weekly chart. The analyst believes this confirms a buy signal for the asset on the weekly timeframe, making its future outlook bullish. 

DOGE Breaks Out Of Descending Triangle Pattern

DOGE entered a descending triangle pattern from July 2023 as bearish conditions in the market forced a decline. However, the buyers forced a breakout from this pattern in October as the general market moved into an uptrend. 

Remarkably, DOGE flipped the $0.067 resistance level into support, rallying to the $0.071 resistance level. Furthermore, DOGE has formed two consecutive green candles on the weekly chart, confirming its break out of the descending triangle. 

Related Reading: Ethereum Resilient Above $1,800 Pre-FOMC Meeting – Details

Additionally, the Relative Strength Index (RSI) displays a value of 51.8 in the neutral zone and moving sideways. It implies that while the buyers are dominant, some traders are beginning to make a profit, leading to a slight decline. However, if the RSI moves to 55, the buyers will likely resume the accumulation phase. 

Also, the Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a buy signal on the weekly chart. Moreover, the green Histogram bars confirm that the buyers are not yet done with the accumulation of DOGE. If DOGE breaks above the $0.071 resistance level, it will likely continue on its rally in the coming weeks. 

Whale Movement Aiding Dogecoin’s Price Gains

According to the crypto tracking platform Whale Alert, a dormant address holding over 5.39 million DOGE tokens valued at $372,461 has been reactivated. Notably, this address remained inactive for almost 10 years, with its last activity in 2013 when DOGE launched in the public market. 

Whale Alert confirmed that this whale transferred 392,000 DOGE to a new blockchain address. Also, a massive 350 million DOGE tokens were transferred to the crypto exchange Robinhood on October 27 from a whale address. 

These transfers are likely aiding Dogecoin’s rally in the past week due to increased on-chain activity. Also, the general price uptick in the crypto market led to a rally for meme coins. 

Furthermore, Dogecoin’s profile as one of the largest cryptocurrencies by market cap is aiding its price rally. Therefore, DOGE’s uptrend may continue in the coming weeks if the general market sentiment remains positive.

A massive amount of 19,197 BTC worth $652 million recently made its way out of Binance all at once, triggering a curious reaction from Bitcoin investors. The timing of the transfer is interesting, as Bitcoin is currently trading in a range and is looking to break the $35,000 resistance level. 

The big question is whether the whale behind the transfer plans to hold or sell, but recent price action points to the former.

Massive Amount Of BTC Leaves Binance

Recent data has shown Bitcoin trading volume on crypto exchanges recently hit its highest point since March, as trading activity increased in the overall crypto market. Whale activity, in particular, has grown exponentially. 

Whale transaction tracker Whale Alerts has uncovered various large Bitcoin transactions coming into and going out of cryptocurrency exchanges. Most of these transactions have been BTC exodus into cold or unknown wallets.

1,517 #BTC (52,009,789 USD) transferred from #Bybit to unknown wallethttps://t.co/4klCQQj5O8

— Whale Alert (@whale_alert) October 30, 2023

1,105 #BTC (38,199,041 USD) transferred from #BinanceUS to unknown wallethttps://t.co/NKzMkqT3Ce

— Whale Alert (@whale_alert) October 30, 2023

According to a post on social media platform X by @WhaleChart, there was a recent significant withdrawal of 19,197 BTC from Binance, the largest cryptocurrency exchange. This massive movement of digital currency has led analysts to speculate about the implications.

JUST IN:

19,197 Bitcoin ($652M) has been withdrawn from Binance

— Whale (@WhaleChart) October 29, 2023

Some believe transactions like these signal that whales see bullish things ahead for Bitcoin and want to hold their assets using their own private keys. 

Now, while the whale tracker didn’t provide the transaction address for an in-depth analysis, the transfer was probably into a cold wallet. This is most likely the case as on-chain data points to an ongoing intense buying pressure from the bulls to drive up Bitcoin’s price.

Trigger For Bitcoin Recovery?

When large amounts of BTC are moved off exchanges, it shows that investors are holding their coins long-term. At the time of writing, Bitcoin is trading at $34,611, and its price action is forming a flag in a 4-hour chart timeframe. 

Using the Fib indicator, a breakout above $35,000 puts the next target at $38,000. A more convincing breakout might bring the price of Bitcoin to $40,000. On the other hand, the creation of a lower low below $33,500 would render the flag invalid, and we’d most likely witness a retracement from that point to $31,000. 

4h $BTC

trying for a high n’ tight flag here, breakout target is yearly pivot at 38k

inside the flag we’ve got evidence for A&E and iH&S aka market refuses to break down

any new LL = flag is invalidated and we prob see retrace to 31k pic.twitter.com/QLUXBFSDFj

— Josh Olszewicz (@CarpeNoctom) October 29, 2023

However, ongoing buying pressure points to a bullish breakout rather than a bearish breakout. According to Santiment data shared no X by crypto analyst Ali Martinez, Bitcoin whales have purchased over 30,000 bitcoins worth nearly $1 billion within the last five days.

#Bitcoin whales have purchased over 30,000 $BTC within the last five days, worth nearly $1 billion! pic.twitter.com/oclJBY5j6a

— Ali (@ali_charts) October 28, 2023

Also, historical data points to an average price jump of 43% in November for Bitcoin. A similar jump in the coming month would see Bitcoin increase to around $48,000.

In a detailed analysis shared on social media today, renowned crypto analyst Egrag points to several bullish indicators in the XRP price structure, suggesting the potential for an imminent breakout. Egrag evaluated various timeframes, identifying a series of technical patterns and formations that bolster the bullish outlook.

XRP Shows Strong Bullish Structural Signs

“Last week’s candle closed within the confines of the Yellow structural formation,” Egrag tweeted with regard to the weekly XRP/USD chart, emphasizing the significance of recent movements within the timeframe. This observation is instrumental in understanding the underlying market structures influencing the upcoming price action.

The implication? If another weekly candle were to affirm its position within this formation, the odds of a bullish trend continuation could significantly increase. “To confirm a bullish trend continuation, we need to see another weekly candle close with a full body inside this structure,” Egrag added.

Next, his insights extend further to the three-day chart, where he keenly observes, “In just 16 hours, XRP is poised to complete the second full body candle within the structural formation, signaling a strong bullish sentiment.” This near-term projection underscores a sense of momentum that appears to be building within the XRP market.

The 1-day chart, too, garnered Egrag’s scrutiny. He highlighted the imminent completion of the seventh full-body candle within the current structure, stating this indicates an “extremely bullish trend.” This observation suggests that XRP’s bullish behavior isn’t just a fleeting phenomenon but has consistency across varying timeframes.

For traders with a penchant for shorter timeframes, Egrag’s insights into the 12-hour chart are particularly salient. While there have been multiple closures within the structural formation, he singled out the importance of the ongoing momentum: “The current candle and the next one are pivotal as they form a symmetrical triangle.”

He elaborated on the implications of this pattern, saying, “Typically, symmetrical triangle breakouts have a 50/50 chance, making this a decision point for XRP.”

XRP Price Targets

Circling back to a tweet from October 27, Egrag had demarcated significant price zones, highlighting the “$0.54 to $0.58” range as a make-or-break threshold. Beyond this, he indicated the “$0.63-$0.70” range as a pivotal indicator of market sentiment shifts.

For those with an eye on the psychological dimensions of trading, Egrag’s mention of the “0.93-$1” bracket is noteworthy. He cautioned traders about this zone, advising them to “Stick to your plan and resist the temptation to let emotions or impatience dictate your actions.”

In sum, Egrag’s comprehensive analysis blends technical data with trader sentiment and psychology, providing a nuanced and detailed perspective for those invested in XRP. The coming days are likely to be watched with bated breath as traders anticipate the next big move.

At press time, XRP traded at $0.5595.