Blockchain

Ethereum price found support near $1,750 against the US dollar. ETH is again rising and attempting an upside break above the $1,850 resistance.

Ethereum remained well-bid above the $1,750 support zone.
The price is trading above $1,780 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $1,795 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it clears the $1,825 and $1,850 resistance levels.

Ethereum Price Could Restart Rally

Ethereum started a downside correction below the $1,800 level. ETH tested the $1,750 support where the bulls emerged. A low was formed near $1,756 and the price started a fresh increase, like Bitcoin.

There was a move above the $1,780 and $1,785 resistance levels. The price was able to climb above the 50% Fib retracement level of the downside correction from the $1,849 swing high to the $1,756 low. There is also a key bullish trend line forming with support near $1,795 on the hourly chart of ETH/USD.

Ethereum is now trading above $1,780 and the 100-hourly Simple Moving Average. On the upside, the price is facing resistance near the $1,825 level. It is close to the 76.4% Fib retracement level of the downside correction from the $1,849 swing high to the $1,756 low.

Source: ETHUSD on TradingView.com

The first major resistance is near the $1,850 zone. A close above the $1,850 resistance could spark another rally. The next key resistance is near $1,880, above which the price could accelerate higher. In the stated case, Ether could rise toward the $1,950 level. Any more gains might open the doors for a move toward $2,000.

Another Decline in ETH?

If Ethereum fails to clear the $1,825 resistance, it could start another decline. Initial support on the downside is near the $1,800 level and the trend line region.

The next key support is $1,750 and the last swing low. The main support is now forming near the $1,740 level and the 100-hourly Simple Moving Average. A downside break below the $1,740 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level. Any more losses may perhaps send the price toward the $1,660 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 – $1,750

Major Resistance Level – $1,850

Solana price (SOL) has recently showcased an impressive performance, setting new records as it regains its bullish momentum. 

After experiencing a significant decline since July 14, SOL has emerged as one of the top-performing cryptocurrencies, trailing only behind Pepecoin (PEPE) and Chainlink (LINK) in terms of gains in the past 24 hours. 

With sustained upward movement, SOL has surged by 8.9% in the past day, 39% in the past week, a remarkable 51% in the last two weeks, and 68% in just 30 days.

Solana Price Potential Unveiled

The recent surge in Solana price has caught the attention of crypto enthusiasts and analysts alike. The 8.9% increase in the past 24 hours has propelled SOL to outperform most other cryptocurrencies in the top 100 list. 

On this matter, renowned crypto analyst “Titan of Crypto” has shed light on the anticipated target zones for Solana in the months ahead. 

According to the Titan of Crypto’s in-depth analysis, SOL has the potential to achieve a price range between $69 and $123. These projections reflect the optimistic outlook surrounding Solana’s future performance and market prospects.

However, despite recently attaining a new yearly high for 2023 and surpassing its monthly resistance level, Solana’s price faces several obstacles that could impact the realization of these projections in the upcoming months. 

It is important to note that Solana’s price has reached levels not witnessed since the collapse of the FTX crypto exchange back in November 2022. These factors contribute to the existing resistance that Solana needs to overcome for the anticipated scenario to materialize.

SOL’s Next Resistance Level Presents 9% Upside Potential

What is particularly encouraging for Solana bulls is the potential for further growth in the near term, despite the upcoming challenges that may lie ahead for the cryptocurrency’s price. 

Currently, the next significant resistance level stands at $36.86. If the current bullish momentum continues, there is a possibility for another leg-up of approximately 9% once this resistance is breached.

Should Solana successfully surpass this hurdle, the subsequent obstacles for SOL are positioned at $37, $39, $43, and $46 in the months to come. However, for the token to solidify the breakout of its monthly resistance and sustain the upward trend, it is crucial to achieve a monthly close above the $32 mark.

This emphasis on a monthly close above $32 serves as a key metric to confirm the bullish momentum and support the ongoing upward trajectory of Solana. Market participants will be closely monitoring these developments to assess the token’s ability to maintain its positive momentum and overcome potential challenges in the future.

According to CoinGecko data, the current Solana price stands at $33.00. The trading volume for the past 24 hours amounts to $1,668,696,328.50. With a total supply of 420 million SOL tokens, Solana’s market capitalization is valued at $13,631,609,298. 

Featured image from Shutterstock, chart from TradingView.com

After months of development and weeks after testnet deployment, the POL upgrade is now live on the Ethereum mainnet. According to an update on October 25, Polygon Labs, the team behind the Ethereum sidechain, Polygon, said the move is a milestone for the project. The team claims the release of POL “paves the way for the next series of milestones in the Polygon 2.0 roadmap.”

Polygon 2.0 Taking Shape: What’s In Store?

The Ethereum sidechain continues to build. Despite challenges in the last bear run, which saw MATIC, the platform’s native currency, drop below $1 before crashing to spot levels, the team announced the start of Polygon 2.0, reviving developer activity.

The primary objective of the upgrade is to make the network more scalable, secure, and user-friendly. To achieve this, Polygon will leverage a new consensus mechanism, proof-of-stake liquidity (POSL), which the developer claims is more efficient. 

Notably, the team is developing key differences between this consensus system for Polygon 2.0. For instance, validators must stake their native tokens and liquidity to participate in the network. 

The liquidity provided by participating validators will then be channeled to boost the liquidity of its decentralized exchanges (DEXes). Subsequently, once Polygon 2.0 goes live, exchanges running on the sidechain will be more liquid, meaning users can easily swap tokens in a low-fee, highly scalable environment. 

Will MATIC Bulls Break $1?

Moreover, POL will be critical for Polygon 2.0. With the token now being initiated on the Ethereum mainnet, Polygon Labs is jump-starting the process, setting the ball rolling for POL, which the team said will “power a vast ecosystem of ZK-based layer-2 chains.” 

The team claims POL is a “hyperproductive token” primarily designed to power a multichain ecosystem. Besides, the token will be used to settle fees, and holders will participate in governance. At the same time, those who choose to stake it will be paid in the token. 

Still, it is not clear whether this update will support MATIC prices in the long run. At present, the $1 psychological level remains elusive. 

Looking at price charts, MATIC is already up 30% from October 2023 lows and continues to unwind losses. Moreover, bulls have reversed the dump of October 17 and continue to power higher. 

From the daily chart, bull bars are banding along the upper BB, a volatility indicator. This suggests that the underlying momentum is building up, favoring optimistic buyers.

Bitcoin price stayed above the $33,200 support zone. BTC is rising and might aim for a fresh rally above the $35,000 resistance.

Bitcoin is again moving higher and approaching the $35,000 resistance.
The price is trading above $34,000 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $34,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh surge if there is a close above the $35,000 resistance zone.

Bitcoin Price Eyes More Gains

Bitcoin price corrected gains from the $35,000 resistance zone. BTC declined below the $34,200 and $34,000 levels. However, the bulls were active above the $33,200 level.

A low was formed near $33,250 and the price recently started a fresh increase. There was a clear move above the $34,000 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $35,225 swing high to the $33,250 low.

Bitcoin is now trading above $34,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $34,220 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $34,750 level or the 76.4% Fib retracement level of the downward move from the $35,225 swing high to the $33,250 low. The next key resistance could be near $35,000. The main resistance is now forming near the $35,200 zone.

Source: BTCUSD on TradingView.com

A clear move above the $35,200 barrier might start another surge. The next key resistance could be $36,500. Any more gains might send BTC toward the $38,000 level in the coming days.

Another Decline In BTC?

If Bitcoin fails to rise above the $35,000 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the trend line.

The next major support is near the $33,250 level. If there is a move below the $33,250 support, there is a risk of more downsides. In the stated case, the price could decline toward the $31,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $34,200, followed by $33,250.

Major Resistance Levels – $34,750, $35,000, and $35,200.

After experiencing a brief correction from its new yearly high of $35,300, Bitcoin (BTC), the leading cryptocurrency in the market, is showing signs of renewed bullish momentum. 

As the digital asset approaches the $35,000 mark again, a key indicator is following patterns observed in 2020, suggesting a potential surge that could propel Bitcoin to reclaim its previous peak of $65,000. 

Scott Melker, a prominent crypto investor and host of the ‘Wolf of All Streets’ podcast, notes the significance of Bitcoin’s overbought Relative Strength Index (RSI) on both lower time frames and the weekly chart, hinting at a promising trajectory for the cryptocurrency’s price.

BTC’s 2020 RSI Flashback

Bitcoin’s RSI, a widely used technical indicator that measures the strength and speed of price movements, is currently flashing signs of extreme overbought conditions on various lower time frames. 

Notably, the daily RSI stands at 88, indicating a potential need for a healthy retracement. However, the weekly RSI garners attention as it has just entered the overbought zone, a range historically associated with substantial upward movements in a true bull market.

To gain insights into Bitcoin’s potential future trajectory, it is worth revisiting the patterns observed in 2020. 

According to Melker, during that year, Bitcoin’s RSI went overbought on the weekly chart when the cryptocurrency was trading around $12,000, as indicated by a small blue circle on the bottom left of the chart above. 

Subsequently, Bitcoin embarked on an unprecedented rally, surging to $65,000. This historical precedent highlights the possibility of a similar price action if true bullish catalysts emerge.

With Bitcoin’s weekly RSI entering the overbought territory once again, there is a growing sentiment among market observers that the cryptocurrency has ample room to run. 

Scott Melker emphasizes that if significant bullish catalysts materialize, Bitcoin’s potential for further upside becomes virtually limitless. The current RSI readings hint at the potential for an extended price rally, potentially enabling Bitcoin to surpass its current highs and reach the coveted $65,000 level.

Bitcoin Market Dynamics Shift As Key Indicators Surge

Adding to Melker’s bullish outlook for BTC, crypto analyst Miles Deutscher has stated on X (formerly Twitter) that the Bitcoin market landscape has witnessed a notable shift in recent days, leading to a significant uptick in bullish sentiment. 

In particular, volume and open interest in Bitcoin-related futures and options on the Chicago Mercantile Exchange (CME) have risen to multi-month and multi-year highs, indicating growing interest and participation from institutional investors.

Moreover, call options open interest has surpassed the peak levels seen during the 2021 bull run. In tandem with these developments, average crypto-related stocks have experienced a substantial uptick, and public funds have seen a massive influx of $43 million into Bitcoin, equivalent to 10% of the year-to-date inflows, all within a single day.

These metrics reflect increased trading activity and liquidity in the Bitcoin derivatives market, indicating heightened institutional interest. Such a surge in trading volume often precedes significant price movements, leading some analysts to anticipate a potential bullish breakout shortly.

Another encouraging sign for Bitcoin’s prospects lies in the call options open interest, which has recently surpassed $10 billion. To put this into context, during the peak of the 2021 bull run, call options open interest reached $9.9 billion. 

This milestone suggests that market participants are increasingly positioning themselves for a potential rise in Bitcoin’s price. The growing number of call options indicates a bullish sentiment among traders, further fueling expectations of a potential price surge.

As of the time of writing, Bitcoin is trading at $34,500, successfully reclaiming the level it briefly lost during a recent correction on Tuesday. Over the past 24 hours, Bitcoin has maintained gains of 1.4%.

Featured image from Shutterstock, chart from TradingView.com 

Loopring, the layer-2 decentralized exchange (DEX) for Ethereum that uses zk-Rollups, is going multi-network, subsequently expanding its core pillars to four, following a recent update. In a Medium post on October 24, the platform said as part of this change in approach, they will be expanding the functionality of their Loopring Dapp. 

Loopring Going Multi-Network: Will This Spark Activity?

Under Loopring’s new shift, there will be two parts of the Dapp in Loopring Pro and Earn functionalities. Furthermore, the Dapp’s Smart Wallet will become multi-network, opening up more users in diverse but supported platforms.

Loopring Dapp was one of the three core pillars in the previous setup. Specifically, the Loopring zk-Rollups protocol formed the core infrastructure through which the layer-2 solution will scale all their products while relying on Ethereum’s security. 

Loopring Pro Dapp was a portal through which decentralized finance (DeFi) users would interact with the Loopring DEX and other services. On the other hand, the Loopring Smart Wallet will be a tool where users can store assets securely. This wallet is baked into Loopring Pro Dapp.

Following the announcement, the team said the Loopring Earn DApp will serve as the “lighter” version of the Pro service on the platform. A notable difference is that it has been reworked to be more customizable and can be deployed in any other compatible network via the Loopring zk-Rollups protocol.

The layer-2 protocol continues to build. Presently, the latest iteration of their DEX, version 3.6, the team said, has processed over 12 million transactions, generating more than $6 billion in trading volume. Since launching, the DEX has connected over 210,000 layer-2 wallets. 

Even so, the team plans not to build on this update. The strategy will be to deploy on platforms like Arbitrum, where it can serve as a layer-2 or layer-3, creating a “highly optimized app-chain experience.” While at it, the team hopes to expand and scale their “new core products,” creating more opportunities for DeFi users.

LRC Remains Under Pressure: Will This Change?

Following this news, LRC, the platform’s native token, remains on an uptrend, rising with the broader markets. Still, whether the uptick was due to the revival in Bitcoin and Ethereum is not immediately clear. However, what’s clear is that the announcement coincided with the rally of BTC above $32,000, registering new 2023 highs. 

LRC is at new October 2023 highs, up 20% from October lows. At spot levels, the token is at December 2022 lows and down 62% from February 2023 highs. At 2023’s peak, it changed hands at around $0.50.

The spotlight has recently turned towards the Uniswap Foundation following notable shifts in its holding patterns. Uniswap Foundation, which backs the development and expansion of the Uniswap (UNI) protocol, made headlines for its sale of the platform’s native tokens. 

Uniswap’s UNI token has maintained its position as a prominent digital asset in decentralized finance (DeFi). Yet, the recently reported sale by the foundation responsible for its proliferation raises questions regarding its long-term strategy and the implications for the wider UNI ecosystem.

$43 Million Uniswap Token Sale Capture Attention

Recent data suggests that the Uniswap Foundation moved roughly $43.3 million worth of UNI tokens within three days. This activity becomes even more interesting when considering that substantial movements of UNI tokens from the foundation’s wallet have been rare over the past two years, according to data from Etherscan.

In a disclosure by the renowned on-chain analytics platform Lookonchain, the foundation reportedly transferred 6.8 million UNI tokens (valued at $29.16 million) to a new digital wallet.

A segment of these tokens also reached FalconX, a recognized digital asset trading platform. Adding another layer to this saga, Lookonchain unveiled that three million UNI tokens, translating to $13 million, were sold via the Kraken exchange deposit address affiliated with the automated market maker Wintermute.

The timing of this sale coincided with a period of significant gains for the UNI token, according to Lookonchain.

Note that #Uniswap Foundation transferred 6.8M $UNI($29.16M) to a new address and #FalconX 30 minutes ago.

Uniswap Foundation dumped 3M $UNI ($13M) via #Kraken deposit address of #Wintermute yesterday after $UNI rose.

Watch for another sell-off!https://t.co/KFGHYCc6wu pic.twitter.com/IcBry2RlhB

— Lookonchain (@lookonchain) October 25, 2023

Further Insights Into The Foundation’s Token Activities

PeckShieldAlert, a renowned market risk assessment entity, also highlighted that the Uniswap Foundation had relocated nearly ten million UNI tokens to four distinct addresses.

With the cumulative value pegged at approximately $43.3 million, according to PeckShieldAlert, these revelations raise further questions about the foundation’s objectives behind these token sales.

#PeckShieldAlert #Uniswap Foundation Custody-labeled address has transferred a total of ~9.8M $UNI (worth ~$43.3M) out within the last 3 days.
~3.4M $UNI (worth ~$15M) has been sent to #FalconX, and ~3M $UNI (worth ~$13M) has been sent to #Wintermute: #Kraken Deposit pic.twitter.com/ImtI0kHXVU

— PeckShieldAlert (@PeckShieldAlert) October 25, 2023

Shedding light on the inflow of tokens to the foundation’s wallet, data from Etherscan documented the receipt of 10,685,984 UNI from a wallet labeled “Uniswap V2: UNI Timeblock” on October 20.

Meanwhile, regardless of the sell-off from the Uniswap Foundation, the UNI token has been in green over the past week, up by 7.5%. This bullishness appears due to the current global crypto uptrend sentiment, especially with Bitcoin up by more than 20% in the past 7 days.

Featured image from Unsplash, Chart from TradingView

Bitcoin saw a brief stall in its rally which triggered a decline back down to $33,700. This decline, seemingly out of nowhere, may have not been random given some developments in the crypto space. As the rally resumes once more, here’s a look at these developments.

BlackRock Spot Bitcoin ETF Listing Taken Down

The BlackRock Spot Bitcoin ETF was first listed on the Depository Trust and Clearing Corporation’s (DTCC) on Tuesday, triggering the first wave of the Bitcoin rally. However, in the same day, crypto community members noticed that the listing on DTCC had been mysteriously taken down.

The listing would remain off the site for several hours while community members speculated on what could be the cause of this. Around this time, the price of Bitcoin began to fall, seemingly driven by the fact that investors saw the removal of the BlackRock listing as a sign that a Spot Bitcoin ETF wasn’t coming as soon as they expected.

Hours later, Bloomberg Analyst Joe Light revealed that the listing was back up on the site. Apparently, the initial listing and the subsequent ones had carried one small change in detail which was a change in the Create/Redeem section from a “Y” to a “N.”

Another Bloomberg analyst James Seyffart explained that this likely meant that it was to indicate whether the ETF listing was open to creations/redemptions. When Light asked if this change could point out a launch without using that attribute, to which Seyffart said:

“I personally don’t think this means all that much if I’m being honest. Think it indicates Blackrock is getting everything ready to launch if and when they get an SEC approval. And that the N just means it’s not open for create redeem because it’s not live yet.”

BTC Price Bounces Back

The return of the BlackRock Spot Bitcoin ETF on the DTCC sparked enthusiasm across the space once more than it did before. The price of Bitcoin quickly started to recover and by Wednesday morning, was back above the $34,000 mark once more.

These events outline the importance of a Spot ETF and how it is the major driver behind the most recent price rally. So an approval or a rejection would both have a major impact on the digital asset’s price. For one, an approval would likely see Bitcoin clear above $40,000. However, a rejection would be detrimental to the rally, and will probably send it back below $30,000.

Presently, Bitcoin is maintaining bullish momentum above $34,100. But it is seeing small losses of 0.99% on the 24-hour chart, and its daily trading volume is down 34.58%.

The MATIC price has disappointed investors over the course of this year after falling from $1.5 to $0.5. This extended bear trend has significantly impacted investor morale but one analyst sees a redemption in the future of the altcoin, in the form of a 220% surge to $1.5.

MATIC Price To Make A 220% Break

The analysis of the MATIC price came from crypto analyst FieryTrading. Taking to TradingView, the analyst paints a bullish future for MATIC which they believe could rise as high as $1.5. From this current level, this would be a 220% rally and likely make MATIC a top gainer.

FieryTrading pointed to the fact that the altcoin has been caught in a sell-off trend throughout the year. However, this sustained selling has been broken through after Bitcoin showed strength, and altcoins like MATIC followed. To the point, FieryTrading believes that MATIC has finally broken out of the bearish resistance that has held back the token all year.

However, not everyone agrees with the crypto analyst’s prediction for the Polygon native token. One user took to the comment section to share their own expectation, explaining that the MATIC price is going to fall further and $1 would not be reached.

When FieryTrading inquired why the user believed MATIC would fall, they explained that they had insider information from working on a major project in the last year. According to the user, it’s not just MATIC but also Ethereum that could fall. “You are free to go long with polygon. Be careful,” the user cautioned.

MATIC’s Struggles Continue

Although the MATIC price has been able to follow the recovery trajectory of Bitcoin as well, it has not held on as well as others. After touching $0.661 on Tuesday, MATIC went into a sustained downtrend, and at a time when large altcoins are still seeing gains, MATIC is nursing 2.88% losses in the last day.

Additionally, the altcoin’s daily trading volume fell approximately 29% to $426 million on Thursday, which suggests traders and investors are going into a cooling-off period. So it is likely the MATIC price will continue to fall before it picks up steam again. However, if FieryTrading’s analysis is correct, then this downtrend would not last long.

As for MATIC investors, the price recovery has done little to amend the low profitability. As IntoTheBlock data shows, only 11% of all MATIC holders are seeing profit. The vast majority of 87% are deep in losses, with only 2% holding bags at the same price at which they purchased them.

Arthur Hayes, the former CEO of BitMEX, a prominent cryptocurrency exchange, has recently shared his viewpoint, signaling a watershed moment for Bitcoin (BTC).

With a world grappling with heightened geopolitical tensions and economic uncertainties, Hayes has delved into how these macro factors can impact the trajectory of Bitcoin. His recent blog post, “The Periphery,” casts light on the potential future Bitcoin is hinting at.

Wartime Economics And Bitcoin’s Rise

Hayes underscores the geopolitical risks posed by the United States’ growing involvement in two new wars. According to the former CEO of BitMEX, the ripple effects of such escalations could have vast implications for the global economy.

Tying this to the domestic financial scene, Hayes points out the notable halt in interest rate hikes by the United States Federal Reserve despite the looming inflation. Hayes identifies this as a possible “bear steepener” for the economy when long-term interest rates increase faster than short-term interest rates.

Hayes further elucidates the intricate relationship between banks’ structural hedging needs and the borrowing necessities of the US war machine, which are both interlinked in the US Treasury market.

The former CEO poses a thought-provoking argument: if long-term US Treasury bonds don’t offer the security investors traditionally expect, where will the money flow? Hayes further postulates that assets like gold, and more pivotally, Bitcoin, would surge, driven by genuine fears of “global wartime inflation.”

Bitcoin Response To Geopolitical Instabilities

Hayes observes that gold and Bitcoin are witnessing an upward momentum, contrasting with a pronounced selloff in “long-end US Treasuries.”

The former CEO of BitMEX stresses that this movement isn’t a speculative response to potential spot Exchange-Traded Fund (ETF) approvals. Instead, Bitcoin is a “barometer,” indicating an imminent “inflationary global wartime situation.”

One of the culminating points Hayes touches upon in “The Periphery” is the possible eventuality where the Federal Reserve would no longer mask the true nature of the US Treasury market.

According to Hayes, instead of portraying it as a free market, it would reveal its genuine form: a “Potemkin village” where the Federal Reserve sets interest levels based on political convenience.

As revealed by Hayes, this epiphany would be a pivotal moment, propelling Bitcoin and the broader crypto market into a full-fledged bull phase. The former CEO of BitMEX further concludes: “This is the trigger,” suggesting a strategic pivot from short-term US Treasury bills towards cryptocurrency.

When Hayes published “The Periphery,” Bitcoin continued to move in a bullish trend. The asset is up 2.6% in the past 24 hours and more than 20% in the past week. BTC is trading for $34,890 at the time of writing.

Featured image from iStock, Chart from TradingView