Blockchain

BSV has bucked a bearish trend amid the general crypto market downturn, posting notable gains over the past 24 hours. Bitcoin SV (BSV) recorded an 8% 24-hour price increase, while Bitcoin succumbed to bearish pressure, dipping nearly 3% today, October 3.

As a result of today’s uptick, BSV now trades at $40.4, representing an 8% increase in the last 24 hours. Also, the token has recorded over 31% seven-day increase, regaining over 34% of its past month’s gains. 

These prominent strides confirm buyers’ dominance in the BSV market today. However, given the bearish state of the general crypto market, how long can BSV sustain this rally? What factors triggered this dramatic surge? Let’s find out.

Bitcoin SV Price Surges Amidst Controversy Surrounding CEO’s Resignation

BSV price gains correlate with the sudden resignation of nChain’s CEO, Christen Ager-Hanssen, on September 29. nChain is a firm that offers blockchain-based services related to the BSV chain. Its former CEO, Ager-Hanssen, immediately announced his departure from the group on September 29. 

Ager-Hassen mentioned reporting several issues to the nChain board, which included a conspiracy to defraud shareholders. He also stated that a significant shareholder orchestrated the conspiracy. 

Further, he claimed to discover evidence that BSV creator Dr. Craig Wright manipulated documents to deceive the court that he was Satoshi. 

However, Bitcoin SV’s supporter Calvin Ayre reviewed Anger-Hanssen’s departure. According to Ayre, Anger-Hanssen has never run a successful company and lies to steal assets

Notably, Bitcoin SV sparked to life after nChain released a statement that Stefan Matthews would take over as acting CEO.

Recent Tweet By Supposed Bitcoin Founder Boosts Investor Sentiment On BSV

Another event that occurred around BSV was an October 2, 2023, tweet from an account claiming to be Bitcoin’s founder, Satoshi Nakamoto. Interestingly, the last tweet from this account was on October 31, 2018. 

According to a recent tweet, Nakamoto stated that Bitcoin is a predicated machine. He revealed his desire to explore other aspects of the project not contained in the whitepaper. 

The tweet attracted positive reactions, with one user stating that the first post since 2018 has to mean something. Since Bitcoin BSV supposedly aligns with the original Bitcoin vision, it benefited from this sentiment. The reactions likely increased investor confidence, leading to massive token demand and today’s 8% uptick. 

Although the real identity of Satoshi Nakamoto and his involvement in this saga remains a mystery, these controversies positively affected BSV’s price.

What Next For BSV?

BSV has flipped the $32.6 resistance into support to form a large green candle on October 2. It faces the next resistance at the $40.4 price level. A break above this level will likely send BSV up to $42. 

Since the Relative Strength Index (RSI) indicator is in the overbought zone at 81.9, it confirms the strong buying pressure pushing BSV up. Nevertheless, traders should expect a slight retracement in the coming days once the buyers begin to make a profit.

Coinbase’s Chief Legal Officer (CLO) Paul Grewal has weighed in on what to expect in the jury selection in the trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), which is set to take place on October 3. 

FTX’s Sam Bankman-Fried Jury Selection Should Be Quick

Grewal noted that the voir dire proceedings have generally improved over time, as in the past, the process could drag on for days. As such, he expects Sam Bankman-Fried’s jury selection to “move quick” as the court while trying to ensure a fair trial, also ensures not to waste the time of prospective jurors. 

The jury selection for SBF’s trial is expected to last just a day (October 3) as, according to the trial calendar, the trial is set to officially commence on October 4, with the prosecution set to open its case on that day. 

As part of the voir dire proceedings, both parties will question the potential jurors to determine their competency and identify any bias that could influence their decision. However, Grewal doesn’t expect Judge Lewis Kaplan, the judge in charge of Sam Bankman-Fried’s case, to be a mere bystander as he noted that federal judges “exercise a much hand over questioning” than their state counterparts. 

According to him, these judges don’t just “hand over” the process to the lawyers because they understand that both parties aren’t looking for a fair jury but one that can help them win. 

It is worth mentioning that Grewal has judicial experience as he was once a US magistrate judge for the United States District Court for the Northern District of California. During his time as a judge, he picked 35 juries, although they were in civil matters, unlike this, which is a criminal one.

The Jury And Its Composition

Sam Bankman-Fried’s jury is expected to comprise 12 jurors from all walks of life. They will be required to give a verdict on each of the defendant’s charges (SBF is being charged with seven counts of fraud-related charges). This verdict will be unanimous, with all jurors participating in it. 

As regards the jury composition, Grewal noted that it was “critical to a fair outcome.” However, he stated that prosecutors prefer their case to depend on “damning evidence” rather than the juror makeup. A plausible reason could be that certain biases could exist depending on who the jury consists of, unlike damning evidence that can hardly be refuted.

The legal expert seems to be one of those foreseeing a conviction, as he added that there was no shortage of “damning evidence in this case” as Sam Bankman-Fried faces a statutory maximum sentence of 110 years if found guilty of all charges.

In recent Bitcoin news, the creator of the cryptocurrency, Satoshi Nakamoto, has been back in the spotlight. A recent email and the resurgence of an X account allegedly associated with Nakamoto attracted the crypto community’s attention, an event that could impact BTC’s price action.

As of this writing, Bitcoin trades at $27,600 after hitting a 24-hour high of $28,500 and losing momentum. The cryptocurrency rallied back to these highs, but a spike in selling pressure killed the upside price action in the short term.

Bitcoin News Around Satoshi Nakamoto To Impact BTC Price?

Two Bitcoin news associated with Satoshi Nakamoto, the re-emergence of the satoshi handle on social media X, and an email sent to computer scientist Wei Dai have been making the rounds. Only two of these events are genuinely linked to the Bitcoin inventor: the email where Nakamoto expresses admiration for Dai.

One of the few living scientists referenced in the Bitcoin Whitepaper, Dai’s contribution to the invention of digital currencies with the creation of b-money. This page, along with Adam Back’s Hashcash, was one of the precedents for what later became the Bitcoin network.

The crypto community has celebrated the emergence of this historical document. As for the other event, the re-activation of the satoshi handle has attracted negative attention.

The account has been linked to potential fraudulent activity, turned into a meme, and even linked to suspicious individuals within the crypto space. One analyst even linked the account to a bearish event for the BTC price action.

In 2018, at the top of the Bitcoin bull run that took the cryptocurrency from its all-time high of $20,000 to fresh lows, the satoshi handle posted a link allegedly pointing to the Bitcoin Whitepaper. After that, the cryptocurrency’s price crashed to $3,100, as seen in the image below.

Bitcoin Price Analysis, Bearish Momentum To Extend?

The Bitcoin price action and the re-emergence of this X account seem unrelated and more likely classified into the series of memes coming out of the event. However, the price of the cryptocurrency shows signs of further losses.

As NewsBTC reported yesterday, based on data from QCP Capital, the recent rally was driven by seasonality and the approval of an Ethereum futures exchange-traded fund (ETF) in the US. The second of these events has been proven to operate as a bearish catalyzer for the crypto market. The trading firm said:

We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market.

Cover image from Unsplash, chart from Tradingview

Bitcoin (BTC) and gold, two seemingly divergent assets, find common ground in the eyes of veteran macro investor Luke Gromen. In a recent interview, Gromen posits that these assets could flourish as the fiscal challenges in the United States continue to mount.

Gromen’s argument hinges on the idea that both gold and Bitcoin are “duration assets” with fixed supplies and the potential for their face values to rise. In times of fiscal distress, these assets tend to shine.

As the US grapples with fiscal issues exacerbated by relentless quantitative easing and potential shifts in Federal Reserve policies, Gromen believes that this environment will create a fertile ground for gold, oil, and Bitcoin.

“[Gold and BTC will do well] because they are simply duration assets with a more fixed supply and a face value that can rise,” he stated.

“They do well when a nation has a fiscal problem, and when the reserve currency issue of the world and her allies all have fiscal problems, and hers is at least as bad or probably worse than the others – even Europe – then it’s really good for gold and Bitcoin.”

BRICS And The Dollar’s Reshaping

Gromen also delved into the potential ramifications of the BRICS nations (Brazil, Russia, India, China, and South Africa) launching a gold-backed currency. Such a move could undermine the US dollar’s longstanding position as the world’s reserve currency. The prospect of a gold-backed currency gaining traction among these major economies could weaken the dollar’s dominance in international trade and finance.

Meanwhile, the cryptocurrency sector is experiencing a bullish surge, with Bitcoin leading the charge. It has surpassed the critical psychological threshold of $28,000, sparking optimism among investors. Notably, Cryptoinsightuk, a pseudonymous crypto trading analyst, has conducted a revealing analysis of Bitcoin’s relative strength index (RSI) indicator.

Bitcoin’s Bullish Momentum

Cryptoinsightuk’s analysis tracks the instances when Bitcoin’s weekly RSI crossed above the 50 mark (green) and then dropped below this level (red). The expert found that, on average, these events led to a remarkable 1,100% price increase for Bitcoin. Such a surge could become a reality in the right circumstances, including a supply squeeze and the introduction of a spot Bitcoin exchange-traded fund (ETF).

As Bitcoin’s price currently hovers around $27,539 with a 1.2% decline over the past 24 hours but a 4.9% gain over the last seven days, investors are closely monitoring these developments, eagerly awaiting signs of whether Bitcoin’s bullish momentum will persist in the coming weeks and months.

(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 iStock

As the dynamic crypto landscape evolves, attention is turning not only to the giants but increasingly to emerging altcoins that show promise and innovation. October is shaping up to be a pivotal month for a select group of these altcoins, with potential frontrunners positioning themselves. Here are our top 4 altcoins for October.

Arbitrum (ARB)

Arbitrum (ARB) is thrust into the limelight as it inaugurates its Short Term Incentive Program (STIP), positioning 50 million ARB to be siphoned into protocols residing within its ecosystem. The maneuver is predictive of a substantial acceleration in liquidity, reminiscent of Optimism’s grant’s influential impact which witnessed the Total Value Locked (TVL) catapulting from $300 million to $1 billion during its grant distribution period, as highlighted by DeFi researcher Thor Hartvigsen.

In total, over 105 applications have already been funneled into the Arbitrum STIP, predominantly from DeFi applications, and notably DEXes which are commandeering the dominant category followed by yield aggregators and lending markets.

At press time, ARB was trading at $0.9295 after the price was rejected at the 38.2% Fibonacci retracement level ($0.9721). A break above this resistance is crucial. In particular, it is important for ARB not to fall below the descending trendline (black) again, which was breached on Sunday.

Solana (SOL)

Hartvigsen emphasized the potential he sees in SOL, noting, “Growing DeFi ecosystem and a very strong/vocal community. Solana has established itself as more than just another L1 as it has significant scaling benefits with product market fit.” This assertion further manifests with projects like Eclipse undertaking ambitious endeavors, specifically, “building an Ethereum L2 with the Solana VM.” Such innovations not only underscore Solana’s rising importance but also demonstrate its practicality and adaptability in the continuously evolving DeFi landscape.

In the last 22 days, the SOL price has increased by almost 40%, and the sentiment around Solana is extremely positive. As the latest CoinShares weekly report shows, SOL has been one of the most popular investments among digital asset funds around the world in recent weeks.

The Solana (SOL) price broke above the 200-day EMA on Sunday and also managed to cross the 38.2% Fibonacci retracement level. Assuming a successful retest, the SOL price could target the $26.63 and $32.35 levels.

Radiant Capital (RDNT)

Radiant Capital’s momentum in the crypto sphere took an intentional pause with the deferral of its Ethereum mainnet deployment from October 3rd to the 15th. Addressing this decision, Radiant Capital cited their unwavering commitment to quality, remarking: “During the final stages of testing for Ethereum mainnet deployment, we’ve identified opportunities for significant gas optimizations. It’s imperative to ensure competitive gas costs to deliver an optimal user experience.”

Beyond the temporary shift in launch timelines, the organization’s team remains palpable. Thor Hartvigsen reflected on Radiant Capital’s prowess, stating, “RDNT – Already leading the lending/borrowing market on Arbitrum. Expecting TVL to rise from the cross chain expansion. Expecting TVL to rise from the cross chain expansion. Further: Arbitrum STIP proposal to receive 3.36 million ARB aimed at ecosystem growth.”

RDNT saw a strong drawdown of close to 62% after the all-time high at $0.4956 on April 15. However, after the historical low at $0.1905, RDNT has already shown a strong reaction. Should the price break above the 23.6% Fibonacci retracement level at $0.2625, it could be interpreted as an indication of a breakout from the downtrend.

Maker (MKR)

Maker (MKR) has been generating significant attention in the crypto community, primarily due to its impressive rally in recent weeks. Central to Maker’s rise is its strong financial performance. Hartvigsen illuminates this by noting: “Maker is the largest revenue-generating protocol in DeFi with a current annualized revenue of $193m!” This revenue is primarily driven by interest accrued from DAI minters, with a significant proportion coming from Real World Assets (RWAs).

As he further elaborates, “Currently, 53% of all DAI collateral comes from RWAs such as US t-bills paying out nearly 5% APY. Roughly 63% of the $193m in annualized revenue comes from the RWA collateral.”

But what has precipitated this uptick in MKR’s valuation? Hartvigsen attributes it to two primary factors: “1) More of the collateral as RWA (and high US interest rates) and 2) A growing DAI supply.” He emphasizes the symbiotic relationship between Maker’s revenue and DAI’s market cap, stating that “Maker revenue depends primarily on the total market cap of DAI as the collateral backing this stablecoin is what generates fees.”

On the horizon, MKR’s prospects appear even more promising. Hartvigsen lists several catalysts that could further propel its growth. One notable highlight is the potential impact of DAI’s ongoing expansion: “If the DAI supply can continue to grow, the Maker revenue will continue to grow which most likely will impact the price positively.”

Additionally, forthcoming developments, including “a MKR 1:12000 token split,” a complete rebranding initiative, and the anticipated launch of subDAOs, are set to infuse MKR with enhanced utility and potentially greater demand in the market. As he concludes, these changes will enable “MKR holders to stake MKR to farm these new subDAO tokens which will create additional token utility.”

After the MKR price crossed the 200-day EMA at 1,110 three weeks ago, the odds are good that the rally will continue. A possible target could be the 23.6% Fibonacci retracement level at $1,888.

The true identity of Bitcoin’s creator, Satoshi Nakamoto, has continued to be debated, with many speculating who Nakamoto might be. The debate has become more fueled by an old email and a tweet that suggests that the ‘real’ Nakamoto is still far from being identified. 

Bitcoin Creator Correspondence With Wei Dei

An email correspondence between Satoshi Nakamoto and B-money founder Wei Dei has resurfaced. In the email (dated August 22, 2008), Nakamoto mentioned his interest in Dei’s B-money and noted the similarities between B-money and Bitcoin as he planned to release a paper that would expand Dei’s ideas into a “complete working system.”

Indeed, one could rightly point out that B-money and Satoshi’s Bitcoin share similarities, as the former was proposed by Dei in 1998 to be an “anonymous, distributed electronic cash system.” Interestingly, to make this work, Dei had proposed a proof-of-work protocol to make his B-money idea a reality and Bitcoin happens to run on a proof-of-work consensus mechanism. 

In the email, Nakamoto told Dei that Adam Back (who happens to have pioneered the proof-of-work system) was the one who drew his attention to the similarities between B-money and Bitcoin. 

The email has again led many to speculate whether or not Dei and Back may be letting more than they know, considering that they were one of the first persons Nakamoto reached out to concerning Bitcoin. 

However, Back has mentioned in the past that he doesn’t know Nakamoto personally as the Bitcoin creator only reached out to him in an email (just the same way he reached out to Dei). 

Alleged Satoshi Nakamoto X Account Surfaces

Meanwhile, a tweet from Nakomoto’s alleged X account surfaced on October 2 (the same day Ager-Hanssen revealed the email between Ayre and Wright). In the tweet, the handler revealed that different aspects not explicitly contained within Bitcoin’s whitepaper would be explored in the following months.

This tweet likely refers to the fact that Bitcoin has long been considered as only a store of value and wasn’t meant for other uses like Decentralized Finance (DeFi) or to host NFTs (non-fungible tokens).

While such news will usually be bullish for the Bitcoin ecosystem, many were more concerned if these tweets were indeed from the real Satoshi Nakamoto. Community notes also highlighted that the account was controlled by Craig Wright, who has been “proven to be a fraud” and should not be trusted. 

Specifically, an influencer in the XRP community, Edward Farina, noted that the account was verified, meaning the handler had likely gone through a KYC verification. Therefore, it is “clearly” not the real Satoshi but someone looking for “X payout,” he stated.

Solana (SOL) has emerged as a standout performer in the recent crypto market rally, catching the attention of investors and analysts alike. The entire cryptocurrency market has been on a bullish streak, with most digital assets turning green on the charts. However, Solana has managed to stand out by achieving an unprecedented increase in its price.

At the time of writing, SOL was trading at $23.54 on CoinGecko and boasted a market capitalization near $10 billion. While the coin did register a 1.6% loss in the past 24 hours, its seven-day surge of 22% indicated its resilience and potential for further growth. 

In fact, this remarkable price uptrend enabled Solana to surpass both Dogecoin (DOGE) and Cardano (ADA), securing its position as the seventh-largest cryptocurrency by market capitalization.

BREAKING: $SOL FLIPS $DOGE AND $ADA IN MARKET CAP pic.twitter.com/RXKCBQinIJ

— DEGEN NEWS (@DegenerateNews) September 30, 2023

Solana’s Growth Drivers

One key factor behind Solana’s surge was its impressive 100%+ increase in 24-hour trading volume, providing robust support for its price appreciation. Additionally, Solana’s performance within the decentralized finance sector also experienced notable growth during this period.

The positive sentiment surrounding Solana was further evidenced by data from LunarCrush, which indicated a nearly 47% surge in SOL’s social engagement over the last seven days. Investors and enthusiasts were increasingly drawn to the coin as its price continued to rise.

Gearing Up For A Bull Market

Pseudonymous analyst Inmortal, active on the social media platform X, expressed optimism about Solana’s potential. Inmortal believes that Solana presents a significant opportunity for long-term investors to accumulate the cryptocurrency at a point of maximum potential.

In two years you will realize that everything was as simple as buying $SOL below $20 and wait.

But you were too scared because FTX was going to dump their coins.

— Inmortal (@inmortalcrypto) September 20, 2023

According to Inmortal, those who accumulate SOL at its current price point are likely to be handsomely rewarded in the coming years. In a statement, Inmortal said, “In two years, you will realize that everything was as simple as buying SOL below $20 and waiting. But you were too scared because FTX was going to dump their coins.”

Concerns had arisen when court documents revealed that FTX owns approximately $1.16 billion worth of SOL. This led many traders to speculate that Solana’s price might face downward pressure if FTX were to liquidate its holdings. 

However, notable investor Chris Burniske pointed out that only a fraction of FTX’s SOL holdings are actually liquid, stating, “Only ~13% of FTX’s SOL holdings are liquid… Keep a cool head, folks.”

As Solana continues to gain traction in the crypto market, investors are closely watching its performance, with many betting on the coin’s long-term potential and the possibility of significant rewards for those who enter the market now.

The recent surge in Solana’s price and its positive developments in the DeFi space have solidified its position as a cryptocurrency to watch.

(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

Renowned crypto analyst “Dark Defender” has forecasted a short-term bullish movement for the XRP price, with expectations that the cryptocurrency might hit the $0.66 mark this week. Sharing his insights on Twitter, the analyst referenced XRP’s 1-day chart, highlighting recent price dynamics and key technical indicators.

“Hi there. XRP in the daily chart broke the initial resistance & back-tested it. We had a similar move on 13-Jul-23. The next Fibonacci level stands at exactly $0.6649. If we don’t see XRP below $0.50 support, we expect to hit $0.66 this week,” the analyst tweeted.

A Deep Dive Into The XRP Price Analysis

The chart presented by Dark Defender shows that on September 29, XRP experienced an upward breakout from an ascending triangle. The XRP price increase by 8% was driven by market participants’ expectations of Ripple’s Proper Party. Although “major news” failed to materialize, the price of XRP still managed to stay above the trend line.

Historically, ascending triangles are considered continuation or consolidation formations, indicating a potential resumption of the previous trend following a brief period of consolidation. Given XRP’s upward trajectory since January, this breakout suggests the possible continuation of its bullish trend.

As Dark Defender highlights, the cryptocurrency underwent a back-test over the subsequent three days, a process the crypto asset has so far confirmed. If the asset sustains above the $0.50 mark, it would successfully clear the back-test as per Dark Defender’s analysis.

Drawing a parallel to the past, Dark Defender pointed out a similar price behavior on July 13. That day marked the release of the summary judgment in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC).

Amid this backdrop, XRP broke out of its consolidation phase, triggering an almost 100% price rally. Remarkably, the Relative Strength Index (RSI) entered a cooling phase after a brief surge to 74 in late May. The eventual upside break of this descending trend in RSI coincided with XRP’s significant rally.

Observing the recent chart behavior, Dark Defender noted that the RSI’s extended trendline was once again broken upwards last Friday. Although there wasn’t a significant news catalyst from Ripple to push XRP’s price dramatically, an RSI trendline back-test occurred in recent days. If this is confirmed, it could signal a surge toward the “next” Fibonacci level at $0.66 as mentioned by the analyst.

Long-Term Price Targets

Dark Defender, in a tweet from October 1, expressed optimism about the XRP price trajectory, specifically highlighting its recent close with a doji candle pattern in September. He remarked, “XRP closed the September candle with a doji. I take this positive, as always, and expect a re-test towards $0.66 in a couple of days.”

Expanding on this observation, Dark Defender suggests that if XRP breaks the $0.55 threshold, it will gain significant momentum. This is due to the asset potentially positioning itself above the weekly Ichimoku Clouds, a scenario he views as very bullish. Following this, he anticipates:

[…] We proceed with the second resistance at $0.91 (Yellow Resistance) will be broken above $0.66, and XRP will directly proceed with $1.33. Above $1.8815 (In Violet :)), we will discuss –> New All-Time High, possibly at $5.85 at first!

At press time, XRP traded at $0.50797. After the price was rejected at the 23.6% Fibonacci retracement level at $0.5272, the cryptocurrency is now looking for support at the 38.2% Fibonacci retracement level at $0.5083 on the 4-hour chart.

Ripple’s token price is correcting gains from $0.550 against the US Dollar. XRP price could start a fresh bullish wave unless there is a close below $0.50.

Ripple’s token price is correcting gains from the 0.550 resistance against the US dollar.
The price is now trading above $0.505 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.504 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might start a fresh increase if it stays above the $0.500 and $0.490 support levels.

Ripple’s Token Price Holds Key Support

In the last XRP price prediction, we discussed a decent increase against the US Dollar. The price remained well-bid above the $0.520 level and climbed further higher, like Bitcoin and Ethereum.

The price surpassed the $0.532 resistance and tested $0.550. A high was formed near $0.5493 and the price saw a downside correction. There was a move below $0.532 and $0.525. There was a break below the 50% Fib retracement level of the upward move from the $0.4907 swing low to the $0.5493 high.

However, XRP is still trading above $0.505 and the 100 simple moving average (4 hours). Besides, there is a key bullish trend line forming with support near $0.504 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

On the upside, immediate resistance is near the $0.515 level. Besides, there is a connecting bearish trend line at $0.520. A close above the $0.520 level could send the price toward the $0.532 barrier. A successful break above the $0.532 resistance level might start a strong increase toward the $0.550 resistance. Any more gains might send XRP toward the $0.580 resistance.

More Losses in XRP?

If ripple fails to clear the $0.532 resistance zone, it could continue to move down. Initial support on the downside is near the $0.5065 zone and the 100 simple moving average (4 hours).

The next major support is at $0.500. If there is a downside break and a close below the $0.500 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.475 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.505, $0.500, and $0.490.

Major Resistance Levels – $0.520, $0.532, and $0.550.

Ethereum price corrected gains from the $1,750 zone against the US dollar. ETH is holding the key $1,620 support and might start a fresh rally.

Ethereum is correcting gains from the $1,755 high.
The price is trading below $1,700 and the 100-hourly Simple Moving Average.
There was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase unless there is a close below the $1,620 support.

Ethereum Price Corrects Gains

Ethereum’s price extended its increase above the $1,720 level. ETH even spiked above the $1,750 resistance zone before the bears appeared, like Bitcoin.

A high was formed near $1,755 before there was a downside correction. There was a move below the $1,700 support level and the 100-hourly Simple Moving Average. The price declined below the 50% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high.

Besides, there was a break below a connecting bullish trend line with support near $1,690 on the hourly chart of ETH/USD. Ethereum is now trading below $1,700 and the 100-hourly Simple Moving Average.

However, the price is still above the 61.8% Fib retracement level of the upward move from the $1,583 swing low to the $1,755 high. On the upside, the price might face resistance near the $1,670 level and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com

The next major resistance is $1,700. A clear move above the $1,700 resistance zone could set the pace for a fresh increase. In the stated case, the price could visit the $1,750 resistance. The next key resistance might be $1,820. Any more gains might open the doors for a move toward $1,880.

More Losses in ETH?

If Ethereum fails to clear the $1,700 resistance, it could continue to move down. Initial support on the downside is near the $1,650 level. The next key support is $1,620.

A downside break below the $1,620 support might start another strong bearish wave. In the stated case, there could be a drop toward the $1,580 level. Any more losses might call for a test of $1,550.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

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

Major Support Level – $1,620

Major Resistance Level – $1,700