Blockchain

Alon Muroch, the founder of SSV Network, has been drafted into the Israeli Army, according to an X post shared on October 10. Following this news, SSV, the native token of the SSV Network, fell 5%, dropping below the $14 mark. At this pace, SSV is moving closer to its all-time low of around $13.40, registered in September 2023.

SSV Founder Getting Drafted

In response to the ongoing crisis in the Middle East, Muroch stated that the situation on the ground is “much worse than described.” The founder said that being drafted into the army might help “tip the scale” and improve the situation on the ground. 

The escalation in the Middle East as of this week has created a humanitarian crisis leading to loss of lives and destruction of property. As of writing on October 11, it is unclear whether Muroch has been mobilized and actively serving in the military. 

Although this news didn’t immediately impact sentiment, blockchain analysis platform Lookonchain picked out two notable transfers. Two addresses, “ikuvc.eth” and “0xF447,” deposited 18,055 SSV worth over $250,000 to Binance, a leading exchange. 

Transfers to centralized exchanges usually indicate a potential intention to sell. Even so, it still needs to be determined whether these addresses have liquidated their tokens for other currencies, usually USDT or more liquid and stable tokens such as Bitcoin (BTC) or Ethereum (ETH). 

SSV remains under pressure at spot rates. The token is down 5% on the last trading day, extending losses, collapsing from its all-time highs of nearly $100 when it first listed on Binance. Currently, SSV is down by over 95% from its peak, highlighting the dicey state of the token and how unfavorable the markets have been in the past eight months.

SSV Network Still Under Development

The SSV Network aims to strengthen Ethereum by allowing anyone to become a validator without necessarily operating a node. Ethereum is a proof-of-stake network reliant on a web of validators for security. 

The SSV Network uses the Distributed Validator Technology (DVT). This system distributes the validator key among a network of non-trusting nodes. The platform allows anyone to stake ETH without running a full validator node, earning rewards.

In doing so, SSV Network aims to make staking more decentralized and accessible while enhancing security and reliability. Currently, SSV Network is still in development and permissioned. However, they plan to update via a Permissionless Launch, broadening their base of operators and validators.

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Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows.

Crypto Analyst Says Ethereum Could Drop To $900

In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario in which the price of Ethereum could fall back toward its 2022 lows. The analysis in question takes into account the multiple bullish trend lines that the digital asset’s price had fallen through over the last year.

According to FieryTrading, Ethereum had one last remaining bullish line which had emerged on the chart back toward the bottom of the June 2022 sell-offs. However, the digital asset hasn’t been able to hold this trend line and they point out that “it’s well over a year old and must carry some weight.”

Due to this, the crypto analyst believes that the digital asset has entered into a long bearish stretch. As this bear stretch continues, which the analyst expects to be even longer, they see a high possibility of the Ethereum price reaching as low as $900 once more, as shown in the chart below.

Despite being seemingly convinced about ETH’s price decline, the analysis still needs confirmation. Their explanation which is shown in the chart as well asks to wait for the price to break below the $1,510 level for this to take place.

Bearish Going Into The Bitcoin Halving

As the analyst explains, the bearish expectation is not localized to just the Ethereum price alone. It seems to encompass the whole market which the analyst believes has finished out its half bullish stretch and has now entered into the bearish half that often leads up to the halving. As the analyst puts it, this indicates “that it’s the turn of the bears by now.”

This school of thought is not new and is actually backed up by historical data. When looking at the charts of cryptocurrencies such as Bitcoin and Ethereum, it shows that there was a bearish stretch leading up to the Bitcoin halving. After the event, this trend tends to reverse, which then signals the start of the bull market.

In the months leading up to the 2020 halving event, the price of Ethereum saw a sharp decline that put its price in the $120 region before picking back up. So if there is a repeat of this, then FieryTrading’s analysis for ETH could play out.

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GoPlausible, a team of developers building tools for people to create and use Algorand, has launched AlgorandExplorer. This explorer fuses the capabilities of ChatGPT to ease interaction with the public, proof-of-stake blockchain. Algorand is a smart contract platform similar to Ethereum, allowing users to deploy decentralized applications (dapps).

In a Medium post on October 10, the team said the plugin aims to solve challenges facing Algorand indexers and eventually simplify exploring the smart contract platform. Ordinarily, users rely on indexers through which users can search and query the blockchain. This is because indexers have to create a searchable database holding all data, such as transactions, blocks, and more.

Besides offering an interface for users to explore Algorand, the AlgorandExplorer supports “semantic conversational searches, enriching data with logs and related transactions,” allowing on-chain searches to “reason with data” more effectively. The explorer will integrate a language translation tool, meaning users from across the globe can explore Algorand using their native language. 

Still, the AlgorandExplorer is under development. Eventually, in the coming version, the GoPlausible plans to include more enhancements, including Algorand Request for Comments (ARCs) and technical documentation. 

Algorand is far from the only platform investing in AI; a few months ago, Solana announced their integration of a ChatGPT plugin focused on non-fungible tokens (NFTs). The plugin, the foundation said, facilitates the buying and listing of NFTs. At the same time, it can interpret data and find the floor price of NFT collections listed on the blockchain. The floor price is the lowest price an NFT in a given collection can be sold.

The ALGO Sell-Off Continues: Will Prices Sink To New Lows?

While the move by the Algorand Foundation could see more users explore and analyze transactions on the smart contract platform, there has been no significant impact on prices. The ALGO sell-off was made worse by allegations made by the United States Securities and Exchange Commission (SEC) in June that ALGO and other coins, including Axie Infinity (AXS) and Cardano (ADA), are unregistered securities. 

Presently, ALGO remains under pressure, consolidating within a tight range defined by the sell-off recorded in August. Based on that formation, the coin is technically bearish and trending within the bear bar of August 17, a bearish engulfing bar that had high trading volume. 

Thus far, looking at trackers, the coin is down by over 70% in the past year of trading. From the daily chart, ALGO is also edging lower, wiping gains posted in the first week of October.

Technically, ALGO is edging closer to all-time lows registered in August, a net negative. The primary supports remain at $0.08. If broken in Q4 2023, the odds of ALGO sinking even lower, completely reversing gains of 2021, will be on the table.

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Telegram’s partner, the Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced plans to set up 256 servers for a performance testing event scheduled for October 31, 2023. 

Per the announcement, the objective of this event is to officially establish the TON blockchain as the world’s fastest blockchain to earn accreditation from the Guinness World Records.

TON’s  Upcoming Performance Test

According to a report by Yahoo Finance, the TON blockchain has experienced significant growth since 2022, witnessing a 20-fold increase in addresses from 170,000 to 3.5 million. 

The network has also expanded its validator nodes to 350, fostering a more decentralized network across 25 nations. The blockchain has maintained a track record throughout this expansion, with no major network disruptions reported.

Both parties view the upcoming performance test as a crucial step in showcasing the unique capabilities of the TON blockchain, which serves as a trusted infrastructure layer for the Web3 ecosystem within Telegram.

Anatoly Makosov, the Core Development Lead at the TON Foundation, expressed anticipation for the performance testing event, highlighting the TON blockchain’s technical superiority, particularly regarding scalability. 

Makosov emphasized that TON’s large-scale public performance testing is an exciting opportunity to witness significant results and validate the blockchain’s technical prowess. Makosov stated:

We look forward to October 31, 2023, to confirm that the TON blockchain technically stands out among any other blockchain, especially in its ability to scale. This is the first large-scale public performance testing of TON – we’re just as excited as you are to see the results.

MEXC Ventures Makes Major Investment In TON Blockchain

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange, has also announced a significant investment in The Open Network. According to Yahoo Finance, this investment is MEXC’s largest Layer-1 funding and is accompanied by a partnership with the TON Foundation. 

Justin Hyun, Director of Growth at the TON Foundation, expressed enthusiasm about the partnership with MEXC, emphasizing their shared goal of offering global access to the decentralized Web3 ecosystem within Telegram. 

Per the report, the foundation is committed to delivering a “user-centric experience” for the community. MEXC’s support “significantly strengthens” its ability to develop new tools and services seamlessly integrating crypto with social media.

Steve Yun, President of the TON Foundation, highlighted MEXC’s belief in the TON blockchain’s potential for building a Web3 super-app ecosystem on Telegram. Yun expressed confidence in the TON ecosystem’s and MEXC’s mutual growth as they prepare for the next market cycle.

The collaboration between the Open Network Foundation, Alibaba Cloud, and MEXC Ventures underscores blockchain technology’s increasing recognition and adoption, particularly in the Web3 space. 

These partnerships aim to enhance the functionality, scalability, and accessibility of the TON blockchain while promoting global adoption and innovation within the decentralized ecosystem.

At the time of writing, the native token of the protocol, Toncoin, is trading at $2,006, reflecting a marginal decline of 0.2% over the past 24 hours. Nevertheless, the token has experienced substantial growth year to date, boasting an impressive increase of 59% during this timeframe.

Featured image from Shutterstock, chart from TradingView.com 

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Bitcoin has been named the best performer among asset classes in 2023, but the cryptocurrency is still struggling to break new levels in its price. Despite the current bearish sentiment, many analysts have hinted and predicted a bull run in the coming months, especially as the market awaits the approval of a spot Bitcoin ETF. 

This has probably prompted many investors to hold on to their coins, as on-chain metrics have shown that the amount of Bitcoin supply idling recently reached a new all-time high. 

Unmoved Bitcoin Supply Reaches Record High

The industry expects the SEC’s approval of spot Bitcoin ETFs to ignite the next bullish run for the price of Bitcoin. Although the SEC has so far rejected a number of requests for Bitcoin ETFs, many analysts believe it will not be long until one is accepted. 

Considering Bitcoin’s dominance of the entire crypto market capitalization, a spike in Bitcoin’s price is expected to flow into all other cryptocurrencies. As a result, investors have been keeping their holdings in expectation of a future price increase. 

Recent data has shown that 94.8% of the total Bitcoin supply has not moved in the past month, indicating a new all-time high for the metric. 

JUST IN: 94.8% of the #Bitcoin supply has not moved in the past month, a NEW ALL TIME HIGH pic.twitter.com/bNa4MdFbKW

— Bitcoin Magazine (@BitcoinMagazine) October 10, 2023

Similarly, a recent post by on-chain intelligence platform Glassnode alerts revealed that the amount of HODLed or lost Bitcoin reached a 5-year high of 7,906,288.227 BTC.

#Bitcoin $BTC Amount of HODLed or Lost Coins just reached a 5-year high of 7,906,288.227 BTC

View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/6OxLnd611f

— glassnode alerts (@glassnodealerts) October 6, 2023

The overall Bitcoin net flow into exchanges has decreased by 862.42 BTC ($23.27 million) in the past 24 hours, according to chart insights provided by IntoTheBlock. While this is relatively small compared to Bitcoin’s market cap, it shows investor mood might be changing into a bullish sentiment.

Time For Reversal?

Bitcoin’s price just rebounded up to $27,100 after failing to gain traction above the $27,800 resistance in the midst of escalating Israel-Hamas tensions in the Middle East. Despite this, BTC still remains the best-performing investment asset this year, outperforming stocks and bonds with its year-to-date (YTD) return of 63.3%.  

Some investors view unmoved Bitcoin as a sign of solid faith in the network and adoption of a long-term mindset. Whatever the reason, Bitcoin’s unmoved supply metric is worth watching as an indicator of holder sentiment and potential future price pressure. 

Recent happenings, particularly the tension of an oncoming recession in the US, have prompted billionaire hedge fund manager Paul Tudor Jones to assert that this is the best time to buy Bitcoin. 

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Savvy crypto investors—often dubbed “crypto whales” due to their sizable holdings, which can influence market trends have recently been setting their sights on a select group of altcoins, potentially aiming to capitalize on their prospective gains.

Recent developments, such as the US Federal Reserve’s (Fed) hint at pausing rate hikes and speculations around the approval of more futures exchange-traded funds (ETFs) in the U.S., are suspected to be the catalysts steering crypto whale interests, according to Marti, a recognized voice from the Altcoin Buzz YouTube channel.

Notably, Macroeconomic events have always played a critical role in shaping the dynamics of the financial markets. Cryptocurrencies, while unique in their operations, are no exception to this influence.

LINK: Chainlink’s Surge Attracts Big Crypto Players

Chainlink’s native coin, LINK, is turning heads and emerging as a prime focus for these heavyweight investors. Marti identifies LINK as one of September’s top performers among leading cryptocurrencies, registering roughly 30% growth.

Marti says this gain can be attributed to several developments, including Chainlink’s tokenization collaboration with SWIFT, the international payment rail, and a growing interest in the real-world assets sector.

Whale activities around LINK have also been quite noteworthy. On-chain data by IntoTheBlock reveals a jump from 30 whale transactions on September 17 to 218 by October 2. A notable transaction involved a purchase of 424,443 LINK tokens, a transaction value of about $3.25 million.

This whale spent $3.25M to buy 424,443 $LINK again at a price of $7.67 an hour ago.

Which caused the price of $LINK to increase again.https://t.co/pRCcK2tQAa pic.twitter.com/VHe2CTrBTi

— Lookonchain (@lookonchain) October 8, 2023

Diving Deeper: The Rise Of MKR And BCH

Maker (MKR), another altcoin, has experienced a significant uptick in large-scale transactions, coinciding with the Fed’s rate halt announcement in September. Marti sheds light on the surge in whale activities around MKR, highlighting that significant transactions leaped from nine on September 19 to a 6-month high of 102 by October 2.

Bitcoin Cash (BCH), a staple in the crypto realm, hasn’t been left out of the whale frenzy either. Marti parallels BCH’s current scenario and its June 2023 bull rally, which propelled BCH to a yearly zenith of $329.

Recent on-chain data underscores this enthusiasm, showing whales’ noticeable accumulation in BCH holdings. From September 21 to October 4, there was a notable increment in their total balances, suggesting an acquisition of an additional 150,000 BCH.

Furthermore, while LINK, MKR, and BCH have seen positive price trends over the past month—mirroring the whale accumulation metrics—each has also faced its share of downturns.

Notably, LINK and MKR emerged as the top performers among the trio, registering monthly gains of 24.8% and 27.3%, respectively. In comparison, BCH posted a modest rise of 16.2%.

Yet, it’s worth noting that over the past week, all three altcoins have experienced declines: LINK decreased by 4.4%, MKR by 2.2%, and BCH by 6.2%.

Featured image from Unsplash, Chart from TradingView

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An analyst has explained that a pattern in Grayscale Bitcoin Trust (GBTC) could suggest a potential 50% rise for BTC may be ahead.

Bitcoin & GBTC Have Seen A Decoupling In Recent Months

In a new post on X, analyst James V. Straten has discussed the correlation between GBTC and BTC that has been present over the years. The Grayscale Bitcoin Trust is an investment vehicle that holds Bitcoin and allows exposure to these holdings through its shares.

The chart below shows the trend in the percentage performance of Bitcoin and GBTC, as well as the correlation coefficient between them, over the past year.

The “correlation coefficient” here refers to a metric that tells us how tied the prices of any two assets are. When this metric has a positive value, the given commodities show positive correlations as they replicate each other’s moves. The closer the metric is to 1, the stronger this relationship is.

On the other hand, negative values imply the assets are responding to each other’s moves by moving in the opposite direction. The strongest negative correlation occurs at a value of -1.

Naturally, when the correlation coefficient is around zero, there isn’t any correlation between the commodities, as their prices move independently.

From the above graph, it’s apparent that Bitcoin and GBTC have often had a correlation coefficient close to 1, implying that there has been a robust positive correlation between the two.

There have been some temporary periods of deviation, mainly during drawdowns in the cryptocurrency’s price and other significant events like the SVB collapse. The correlation reverted to the norm soon after these, however.

Straten says this correlation is especially striking in a 5-year timeframe, where it becomes 100%. The analyst also notes, however, that the two assets have decoupled since June.

As is visible in the chart, GBTC has enjoyed some sharp uptrend recently, while BTC has been mostly flat. GBTC’s performance currently stands at +81% during the past year, while Bitcoin is up about 43%.

“GBTC will be the first to be approved for the spot ETF before Blackrock and others,” says Straten, referring to what British HODL, another analyst, said earlier. “Price action agrees with this. Irrespective of whether it’s late Q3 or early Q4, it’s a six-month window from now.”

Based on this, the analyst believes that either Bitcoin will have to close up the gap created between it and GBTC since June, which would mean a price jump of around 50%, or GBTC would have to come down towards BTC. Straten believes the latter scenario to be unlikely, however.

BTC Price

Bitcoin has declined over the past few days as its price has dropped to just $27,100.

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Amidst the debate on the XRP price future trajectory, the CEO of Evai Crypto Ratings, Matthew Dixon, has provided insights into the token’s direction using the Elliot Wave Theory. However, his analysis doesn’t provide any relief to XRP holders as he projects a further decline for the token and its ecosystem.

How XRP Price Is Looking On The Charts

In a tweet shared on his X (formerly Twitter) platform, Dixon shared a price chart of XRP dating back to July, when Judge Analisa Torres ruled in favor of Ripple against the US Securities and Exchange Commission (SEC). As part of his analysis, he noted that XRP aligned with the BTC outlook. 

Looking at the chart, he highlighted the bearish divergence, which indicated that the 5th wave was expected to cause a decline in the XRP price. However, before then, he projected that there is a likelihood of the token experiencing an upward trend to complete wave 4. 

While Dixon’s analysis suggests a bearish outlook, he quickly noted that nothing was certain in technical analysis, although there is a high probability of this happening. 

The Elliot Wave Theory, which he used to come to this conclusion, is a popular technical analysis indicator used to predict future price trends. The theory propounds that markets like XRP follow predictable sequences of optimism and pessimism driven by investor sentiment and psychology. Simply put, it agrees with the trend that there will always be a correction or retracement after a particular trend (upward or downward).

Time To Lower Expectations

Many crypto analysts have made far-fetched predictions of the XRP price, with one, in particular, stating that the token could rise as high as $10,000. However, a crypto influencer (Crypto Assets Guy) advised those in the XRP community to lower their expectations as the token won’t hit “$10,000, $1,000, $50” or even $10 any time soon.

He took a more conservative stance by stating that the token could hit a new all-time high late this year or in 2024, suggesting it could add around $3.70 to its current all-time high of $3.84. He believes the XRP community should be more than satisfied if that happens. 

Meanwhile, many in the XRP community seem tired of these price predictions. This was evident when some expressed frustration after XRP influencer Jack The Rippler posted the headline of an article (dated July 31, 2023), which stated that a Wells Fargo staff had predicted the XRP price to hit $100 to $500 in the next 2 to 7 months. 

One particular X user stated, “Bla bla bla evey [every] goddamn day the same shit.”

Bla bla bla evey goddamn day the same shit

— rovadi 𓄿 (@RoVaDi2001) October 10, 2023

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Cryptocurrency trading offers tremendous opportunities that simply aren’t found in other markets. The ability to realise life-changing wealth lies within reach thanks to Crypto’s legendary volatility. But seizing those profits takes more than just blind luck – you need the right trading tools and platform.

Not all exchanges live up to the demands of active Crypto trading in today’s fast-paced digital asset markets. The ideal platform needs to provide far more than simple order execution. With new exchanges constantly flooding the scene, only the most innovative and trader-focused deliver an environment to truly thrive.

This is where PrimeXBT’s Crypto Futures exchange shines. PrimeXBT packs the must-have features to trade Crypto successfully. Customisable workspaces, built-in charting, Copy Trading modules, and multi-asset support give you an edge across any market condition.

PrimeXBT tears down barriers like high fees and minimums, but also offers up to 200:1 leverage to maximise profits. Whether you’re a total beginner or seasoned pro, PrimeXBT has resources to match your experience level. The platform grows with you as your Crypto trading skills progress. 

Here are the top ten reasons PrimeXBT is the best-in-class choice for unlocking Crypto’s full profit potential.

1. Ever-expanding list of Crypto assets

When Crypto Futures first debuted, it featured eight of the largest Crypto pairs including stalwarts like BTC/USD and ETH/USD. But PrimeXBT continually adds support for more Cryptocurrencies based on popularity, trends, and user requests. Now with up to 35+ pairs, traders have their pick of top altcoins like Cardano, Solana, Avalanche, and dozens more. Even meme coins like Dogecoin are available to tap into viral momentum.

No matter which ways Crypto markets move, PrimeXBT likely has the assets you need to capitalise on both uptrends and downtrends. The team vets and lists new Cryptocurrencies rapidly, so traders always have the hottest options with enough volatility and liquidity to generate profits. 

2. Ultra-low fees help profits stack up

You don’t need an enormous bankroll to get started and thrive with PrimeXBT. One of the platform’s greatest strengths is making Crypto derivatives trading accessible and affordable for anyone. Trading fees are at an incredibly low 0.1% per trade, regardless of your account balance. To put this in perspective, fees at other major Crypto exchanges often start around 0.20% and only decrease for high-volume traders.

There’s also no minimum deposit or account balance required with PrimeXBT. You can fund your account with any amount, even just a few dollars, to test the platform and make small trades cost-effectively as you learn. Low fees maximise your profit potential on every trade while low minimums help beginners get started the right way.

3. Adjustable leverage up to 200:1

Unlike other Crypto derivatives exchanges offering max leverage between 10:1 to 100:1, PrimeXBT allows you to customise leverage based on the specific Cryptocurrency asset. Conservative coins like BTC and ETH can use up to 200:1, while more volatile assets have 50:1 caps or lower. This prevents you from overextending yourself on riskier altcoins.

The adjustable settings let you dial in your preferred risk/reward level on a trade-by-trade basis. Lower leverage provides greater safety, while higher leverage unlocks more profit potential from the same market moves. This allows beginners to minimise risk and maximise potential gains.

4. Fully customisable platform layout

PrimeXBT packs an incredible amount of tools, charts, data modules and more into the trading interface without feeling cluttered. The dashboard employs a modular layout, allowing you to drag and drop elements anywhere on screen to create your ideal workspace. Play with multiple configurations to find the most efficient layout for your strategy and workflow.

Frequently used tools like the versatile order book, pending orders, and multi-chart windows can be tailored to your needs. Configure the platform to give you the informational edge the markets demand, rather than settling for a rigid, one-size-fits-all layout. Customisation keeps everything you require front and centre.

5. Built-in charting and analysis tools

Proper trading analysis and charting can make or break your P&L. PrimeXBT saves you major hassle by integrating charting from the industry leader TradingView directly into its platform UI. Rather than relying on two separate programs, you get TradingView’s real-time data, drawing tools, and indicators, seamlessly built into the PrimeXBT platform, for quick access.

With essential charting available natively, you avoid missing profitable trading signals during market moves. Switch through various timeframes, add indicators like Moving Averages or Bollinger Bands, and spot patterns and trends faster, to find more trading opportunities no matter which Crypto you follow. Smooth, in-house charting gives you a distinct edge.

6. 24/7 multilingual customer support

Trading never sleeps, and neither does PrimeXBT’s support team. Unlike other exchanges who offer little beyond frustrating bots and delayed email ticketing, PrimeXBT provides 24/7 human support in multiple languages. You’ll speak to a real person ready to assist you day or night, on weekends, holidays, and any other time you need help.

This round-the-clock assistance also gives you peace of mind, allowing you to trade confidently anytime knowing an expert can answer questions or provide guidance. Quick and effective support is critical in volatile Crypto markets. PrimeXBT’s stellar team has your back whenever issues arise so you can trade with less stress.

7. Test drive Crypto Futures with Contests

If you’re unsure about diving headfirst into real Crypto Futures trading, PrimeXBT lets you preview the platform and markets risk-free. The innovative Contests portal offers simulated trading competitions using demo accounts loaded with virtual funds. Compete to rack up hypothetical profits against fellow traders and win real Crypto prizes.

Contests offer an ideal way to experience real market conditions and fine-tune strategies without real money fears. New traders can gain experience identifying trends, planning entries and exits, using indicators, and more, to become completely comfortable with PrimeXBT’s interface and tools. Contests help transform you into a confident trader.

8. Copy the profits of expert Strategy Providers

Take the guesswork and effort out of active trading using PrimeXBT’s built-in Copy Trading module. The peer-to-peer Covesting community connects you to vetted Strategy Providers – experienced traders who publish their trading stats and performance data for transparency.

Browse Providers’ profiles and track records to find profitable strategies matching your risk tolerance and goals. Click follow to essentially subscribe to your chosen Provider and automatically copy every one of their trades proportionally into your portfolio. It’s an easy way for beginners to leverage experts’ skills or for pros to diversify.

9. Award-winning mobile app keeps you connected

PrimeXBT’s mobile apps for iOS and Android devices have earned awards for good reason – they provide a seamless trading experience on the go. The app’s interface is silky smooth, with fast loading times between tabs. You also get full account management functionality in the palm of your hand.

Never miss sudden price swings or opportunities thanks to easy on-the-go order placement or modifications. The app’s convenience lets you manage portfolios anywhere, whether you’re away from your desk or travelling abroad. Smooth mobile trading is a must-have perk.

10. Diversify across more than just Crypto

While PrimeXBT’s Crypto Futures exchange delivers an unparalleled trading environment focused on digital assets, the platform offers much more. Complement your Crypto portfolio by trading global Stock Indices, Commodities, Forex, and more, from a single account.

Diversification protects you from Crypto-specific volatility. Long-term traders can hedge positions to minimise risk. While having additional assets gives you more ways to profit, so you’re not limited solely to volatile Cryptocurrencies. Only PrimeXBT combines Crypto and multi-asset trading for maximum flexibility.

Conclusion

PrimeXBT’s Crypto Futures platform stands out in a crowded field by offering far more than just an engine to buy and sell digital currencies. Every feature provides an advantage to active traders, from cutting-edge tools and customisable layouts, to a Copy Trading module and multi-asset support. Newcomers can enter the Crypto game for pennies on the dollar, while advanced traders get capabilities to push their skills further.

Compared to traditional Crypto exchanges designed for passive holders, PrimeXBT’s cutting-edge functionality and trader focus make it the clear choice for anyone ready to dive into Crypto derivatives trading. The platform can grow with any trader’s experience level and market conditions. PrimeXBT breaks the mould by providing all the tools you’ll need not only survive, but thrive, in Cryptocurrency’s volatile Wild West.

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On-chain data suggests an Ethereum close under the $1,530 level could lead to a significant drawdown for the cryptocurrency.

Ethereum Support Levels Below $1,530 Are Very Thin Currently

In a new post on X, analyst Ali has discussed what the support and resistance levels of Ethereum are looking like right now. These support and resistance levels aren’t the technical ones, however, but rather ones based on on-chain analysis.

The support and resistance levels here are defined based on the density of investors’ cost bases. The “cost basis” here refers to the average price at which an investor acquires their coins on the blockchain.

Whenever the spot price interacts with a holder’s cost basis, they may be more prone to make a move. How the investor may react depends on the surrounding price trend.

If the Bitcoin price was earlier under the cost basis of the holder (meaning that they were in a state of loss), the asset recovering back to it could tempt the investor into selling, as they may fear that their coins would go into losses again, so exiting at break-even would seem like the better option.

On the other hand, if the price retests the cost basis from above, the investor may decide to accumulate more, thinking that if they were able to go into profits with an earlier buy at the same level, they might be able to do so once more.

Naturally, not all investors think like this, but if there are price ranges where a large amount of coins were purchased, behaviors like this might become visible on non-negligible scales.

The below chart shows how the various Ethereum price ranges look like right now based on the density of cost bases that they host:

In the above graph, the larger the circle for a price range, the more Ethereum addresses’ cost bases lie inside it. As mentioned before, levels that are particularly dense are more likely to show reactions to retests from the spot price. This means that large circles above the price can act as resistance, while those below can provide support.

From the chart, it’s visible that the current Ethereum price range has only modest on-chain support, while the higher levels are pretty dense with cost bases, so a move up would face a potentially large amount of resistance.

What’s worse, however, is the fact that the levels below the current range are quite thin, implying that there isn’t much support down there.

“Keep a close watch, as a daily close below $1,530 could signal a steep correction ahead for ETH,” warns the analyst.

ETH Price

Ethereum is currently trading around the $1,575 mark, meaning that it isn’t that far from the $1,530 level where support would end.

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