Blockchain

David Krueger, a crypto analyst on X, thinks Bitcoin (BTC) will tear higher, surging by 100% to 200% within five months, fueled primarily by fear of missing out (FOMO) once the coin breaks above $50,000.

Will Bitcoin Break Above $50,000 And Rally To $100,000?

Citing Tom Lee’s historical analysis, Krueger believes FOMO typically kicks in when Bitcoin trades above a price level “exceeding 97% of its historical days.” Lee is the co-founder and researcher at Fundstrat.

Zooming at the development in the monthly chart, the analyst notes that this price point sits at $50,000, a key psychological level that bulls have failed to overcome since the bull run from mid-November 2023. 

Accordingly, if Lee’s analysis and the analyst’s assertion come true, BTC prices will likely float higher in the sessions ahead. However, what’s unclear is when BTC will clear this $50,000 level, paving the way for $100,000 and even $200,000 five months after the decisive breakout. 

When writing, BTC prices are firm and rallying. The coin is trending above $46,500 and will likely clear above January 2024 highs of around $48,700. Even so, whether the current uptrend will cause excitement, possibly creating FOMO, is yet to be seen.

Looking at Google Trends data and organic search related to Bitcoin, interest is fizzling out. Data shows that the number of people searching for Bitcoin in the United States has dropped and is at around early 2021 levels. Even so, around that time, Bitcoin prices began trending higher, eventually rising to as high as $69,000.

Halving And Spot ETF Issuers Loading Up More Coins

While FOMO appears elusive at spot rates, another analyst offers a different perspective. In response to Krueger’s outlook, the analyst notes that sharp interest in Bitcoin historically arrives around six months after halving, lasting up to 18 months. This event and steady or increasing demand create a supply-demand imbalance that may pump prices.

Bitcoin will halve its miner rewards in early April 2024. It is an event that may anchor bulls, setting the base for more gains as projected by analysts.

The coin might also edge higher considering the pace at which spot Bitcoin exchange-traded fund (ETF) issuers have been buying BTC in the past few weeks since the product was approved in mid-January 2024.

With Wall Street players like Fidelity, BlackRock, and other crypto firms like Bitwise loading up more coins, BTC will likely be more scarce than it has been after past halving events.

Charles Edwards, the founder of Capriole Investments, has recently provided an analysis in Capriole’s Update #13, predicting a significant upswing in the Bitcoin price to $58,000. His forecast is rooted in a detailed examination of market trends, ETF developments, technical patterns, and fundamental indicators.

In-Depth Market Analysis Of The Bitcoin Market

The analysis begins with a detailed look at the market’s recent behavior, focusing on the aftermath of Bitcoin ETF launches. Edwards points out, “Two months of chop and ETF readings under the microscope appears to be resolving to the upside as of writing.”

He highlights the significant shift in momentum following the initial “sell the news” reaction to the ETF launches, noting a considerable decrease in outflows from the Grayscale Bitcoin ETF. This change, according to Edwards, aligns with his previous predictions.

Furthermore, Edwards highlights the massive success of Blackrock and Fidelity’s Bitcoin ETFs (IBIT and FBTC), which have collectively absorbed over $6 billion in assets in less than a month. This achievement not only underscores the ETFs’ historic launch success but also signals a broader acceptance of Bitcoin within the traditional finance sector.

“Bitcoin [is] the most successful ETF launch in history by a very wide margin,” Edwards notes, referencing data from Eric Balchunas to emphasize the unprecedented scale of Bitcoin’s entry into the ETF market.

Here’s a look at the Top 25 ETFs by assets after 1 month on the market (out of 5,535 total launches in 30yrs). $IBIT and $FBTC in league of own w/ over $3b each and they still have two days to go. $ARKB and $BITB also made list. pic.twitter.com/Yyi1nxukUk

— Eric Balchunas (@EricBalchunas) February 8, 2024

A major milestone in Bitcoin’s institutional adoption is Fidelity’s decision to include Bitcoin in its “All-in-One Conservative ETF.” Edwards considers this move a significant endorsement of Bitcoin’s value as an investment asset, stating, “Bitcoin is finally being acknowledged in traditional investment vehicles.”

He predicts that this could set a precedent, with most major ETFs likely to allocate between 1-5% to Bitcoin in the next 12-24 months, emphasizing the critical importance of this development for Bitcoin’s mainstream acceptance.

Technical Outlook And BTC Price Prediction

Turning to the technical analysis, Edwards points out the bullish trend that has taken shape, with Bitcoin breaking past the $44,000 resistance level. This breakout, according to Edwards, is a strong indicator of the market’s bullish sentiment and a precursor to further gains.

He notes, “The Weekly closing above $47K mid-range bound on Sunday would give a great technical confirmation of a new bullish trend,” highlighting the significance of this level as a determinant of the market’s direction.

Furthermore, Edwards elaborates on the low timeframe technicals, indicating a measured move towards the monthly resistance, which presents an attractive risk-to-reward (R:R) setup for investors. This technical breakout, combined with the strategic management of risk, underscores the potential for significant price appreciation in the near term.

A clean breakout on the daily timeframe of the $44K resistance is suggestive of a measured move to Monthly resistance. This is a good R:R setup. ‘Risk’ can be easily managed (a close back into the range at $44K would be a logic stop) with “Reward” 3-4X higher at $58-65K.

Fundamentals Turn Bullish

The foundation of Edwards’ bullish outlook is also built on a robust analysis of fundamentals and on-chain data. The Capriole’s Bitcoin Macro Index, which aggregates over 50 Bitcoin-related metrics into a single model, plays a crucial role in this analysis.

“The fundamental uptrend resumed on Wednesday which is also supportive of continuation of the technical move. We want to see on-chain fundamental growth continue with price to support confirmation of this mid-range breakout. Monday’s reading will be particularly important,” Edwards states.

Edwards’ analysis concludes on a bullish note, with a clear technical breakout and a transition of on-chain fundamentals into growth territory. “ETF FUD cleared. A Technical breakout on the daily timeframe and on-chain fundamentals transitioning into growth,” he summarizes, pointing towards a strong start to February and setting an optimistic tone for Bitcoin’s short-term future.

At press time, BTC traded at $46,790.

One of the top gainers in the crypto market today is the Mantra (OM) token. The altcoin, which is currently leading the charge on the Binance list of top gainers, is up almost 100% in a single day. However, not much is known about this cryptocurrency, which is reaching highs after highs in 2024.

What Is OM Token Used For?

The OM token is the native token associated with the Mantra Chain, a Layer 1 blockchain that was launched in October 2020. The token would go on to reach a new all-time high back in 2021, but fell more than 90% in the bear market that followed.

However, in the last few months, the token has regained its footing and has begun to rally once more. The blockchain, which is developed to aid in the tokenization of real-world assets, has moved to the forefront as the RWA narrative has taken flight.

In the last four months, the token has risen by more than 1700% to reach above $0.3, bringing it just a 60% move shy from its 2021 all-time highs. There has also been a notable increase in its trading volume, which has risen more than 300% in the last 24 hours alone.

Why Is The Mantra Token Soaring?

Like with any significant rally, there is a reason why the native token of the Mantra Chain has been soaring over the last few days, and it has to do with staking. Staking has become a prominent part of crypto investing, helping investors maximize returns on their holdings instead of leaving them to sit and do nothing. In the case of Mantra, staking was not available to investors until recently.

Mantra announced staking on its chain this month and has received a warm welcome from the community. So far, more than 17% of the total token supply has been staked, showing commitment from its community. Additionally, its total value locked (TVL) has been on the rise in the last four months, surging more than 300% from $13 million in October 2023 to over $48 million in February 2024.

OM’s price movement in the last day has also been nothing short of impressive after rising from its daily lows of $0.23 to over $0.34 at its peak. This accounted for an over 80% growth in a single day, making it the top gainer on Binance.

The price of the altcoin has since slowed down and is now trading at $0.3 at the time of writing. However, its daily gains remain significant as it continues to lead the list of top gainers on Binance with 68% gains.

Solana, the high-speed blockchain platform, is back in the green after a rollercoaster week. Its native token, SOL, triumphantly hit the $105 mark today, defying naysayers and sparking renewed optimism. But is this just a fleeting bounce, or the start of a sustained climb towards $120 before Valentine’s Day?

Defi Frenzy Heats Up, Injecting Millions Into Solana

The key driver behind this recent surge seems to be the red-hot DeFi scene on Solana. Total Value Locked (TVL), a metric indicating the combined value of crypto assets deposited in DeFi protocols, has shot up by an impressive $500 million in just 16 days, pushing the network’s TVL at $1.95 billion.

This influx of capital, primarily directed towards projects like Jito, Kamino, and Blazestake, has fueled demand for SOL, pushing its price upwards.

Not Without Hiccups: Outage Raises Scalability Concerns

However, Solana’s journey hasn’t been entirely smooth sailing. A five-hour network outage on February 6th cast a shadow of doubt on its scalability and reliability. While investors largely held their ground, the incident served as a stark reminder of the challenges facing ambitious blockchain projects.

Technicals Paint A Bullish Picture, But Resistance Looms

Looking at the charts, things appear promising for SOL. The 33.6% price rally over the past two weeks aligns with the rising TVL, suggesting a strong correlation between DeFi activity and token value.

Technical indicators like the upper Bollinger Band point towards a potential resistance zone around $105, the previous local high. If bulls can overcome this hurdle, a push towards $120 could be on the horizon.

While some analysts are bullish, predicting a retest of $120, others urge caution. The crypto market remains inherently volatile, and unforeseen events can quickly alter the course.

Additionally, regulatory developments and broader market trends need to be carefully considered before making any investment decisions.

Solana’s Future: DeFi Ecosystem Holds The Key

Ultimately, the fate of SOL hinges on the continued growth and stability of its DeFi ecosystem. If projects within the network can attract sustained investment and foster user engagement, the positive feedback loop between DeFi activity and token value could propel SOL further upwards.

However, addressing scalability concerns and navigating the ever-evolving regulatory landscape will be crucial for long-term success.

One thing is certain: Solana’s recent price action highlights the growing potential of DeFi and its impact on blockchain platforms. Whether it reaches $120 or not, the story of Solana is far from over, and investors will be watching closely as the DeFi revolution unfolds.

Featured image from VistaCreate, chart from TradingView

Shiba Inu (SHIB), also known as “Doge Killer” within the cryptocurrency space, has experienced a notable increase in its burn rate, with millions of coins taken out of circulation.

Shiba Inu Burn Rate Is On Fire

According to Shibburn, the platform that tracks Shiba Inu’s burn, the burn rate has increased significantly in the past day. Data from the tracking platform shows that the burn has risen by almost 200% in the past 24 hours.

Shibburn revealed that over 7 million SHIB tokens have been burnt in the last 24 hours. As of the time of writing, the number of SHIB destroyed is sitting at 7,648,382, resulting in the burn rate soaring by 191.69%.

The increase in burn rate today was triggered by two burn transactions. In less than 1 hour, a total of 7,621,237 Shiba Inu tokens were incinerated by the two transactions, according to Shibburn.

In the first transaction, the unknown wallet address 0xa9d1e08c7793af6…7fb81d3e43 burned approximately 3.60 million SHIB over 8 hours ago. An hour later, a separate wallet address delivered about 4.01 million SHIB to the burn wallet.

Shiba Inu burn initiative aims at reducing the quantity of SHIB tokens in circulation, hence decreasing the token’s total supply. As a result, the crypto asset becomes more scarce and potentially increases the value of Shiba Inu.

Currently, data from Shibburn shows that Shiba Inu has burned about 410.70 trillion SHIB out of the total supply. The digital asset now boasts a circulating supply of 581.35 trillion SHIB from its initial supply of 999.98 trillion SHIB. 

Billions Of SHIB Withdrawn From Coinbase

A recent report has revealed a massive shift in SHIB tokens, leaving the community to ponder on the reason behind the transfer. According to Etherscan, an unidentified wallet address 0xe44755….240090257 moved a whopping 225 billion SHIB from the decentralized exchange Coinbase.

Etherscan shows that the withdrawal was carried out over the course of two days in two transactions. 132.22 billion SHIB tokens were transferred from Coinbase in the first transaction, and another 92.83 billion SHIB were sent from the platform on the next day.

So far, the unidentified wallet address now solely holds about 225,057,952,422 SHIB valued at $2.10 million. This event has piqued the interest of traders and investors in the crypto market, which further coincided with the recent rise in the price of SHIB.

SHIB’s price is up by over 3% in the past 7 days, presently situated at $0.00000936. Meanwhile, its market cap is up by 2%, and its trading volume is down by over 16% in the past day.

Andrew Kang, co-founder of Mechanism Capital, has recently stirred the crypto community with his announcement on X (formerly Twitter) about the firm’s strategic shift towards a highly specific and potentially volatile segment of the crypto market: Trump-themed meme coins and NFTs. This move marks Mechanism Capital’s pioneering investments for 2024, targeting a niche yet explosive area of digital assets that intertwine the realms of politics and meme culture.

Leveraging The Attention Economy

At the heart of Mechanism Capital’s investment strategy is the concept of the attention economy, which Kang describes as the cornerstone of meme coin valuation. “Meme coins are all about the attention economy, and Trump is probably one of the best attention monopolizers in the world,” Kang articulated, highlighting the unique opportunity presented by Donald Trump’s omnipresence in the media landscape.

This strategy leverages the continuous and polarizing coverage of Trump, especially relevant during the ongoing US primary elections. Kang elaborates on this, noting, “US Primary elections just started so now you have a state/territory election every week or two until summer so he is CONSTANTLY in the news cycle.”

The implication is that Trump’s ability to remain a focal point of media attention could drive unprecedented interest and speculation in Trump-related digital assets.

Notably, not only the elections but also the court cases and indictments that are set to go to trial that could serve as catalysts for more attention, according to Kang, who further elaborated: “The federal election subversion case, Mar-a-Lago classified documents case, Georgia election subversion case, New York hush money case, Trump Organization civil fraud trial, etc.”

The Strategic Focus On TRUMP Coin

Mechanism Capital’s investment spotlight shines on the TRUMP meme coin, a digital asset that Kang believes has the muscle to stand toe-to-toe with crypto giants like Dogecoin and Shiba Inu. Kang’s conviction comes from the fact that TRUMP (MAGA) has the highest market cap.

“IMO only the highest market cap one will have any longevity and serve as shelling point for all TRUMP related speculation,” Kang stated. He added that the TRUMP memecoin also possesses a vibrant community and positive dynamics that surround it.

“Have spent some time in the main TRUMP group chats, talking with dev/team members and listening to spaces and all I will say is that the vibes are good,” Kang shared, underscoring the significance of community engagement and sentiment in the trajectory of crypto memecoins.

Acknowledging the inherent risks associated with meme coin investment, Kang pointed to the historical resilience of similar coins as a beacon of potential success for TRUMP coin.

He recalled, “There’s risks with all shitcoins, but it should also be pointed out that the main risk here is that Trump himself dumps all his TRUMP… That could either kill it immediately or it could go the path of DOGE/SHIB,” drawing parallels with the challenges (Vitalik Buterin burned $1.7 billion in SHIB) and subsequent recoveries faced by Dogecoin and Shiba Inu.

Donald Trump Is A MAGA Whale

Supporting Kang’s bullish stance, Arkham Intel recently unveiled that Donald Trump’s TRUMP coin holdings skyrocketed in value, yielding a staggering 15,000% return. Initially valued at $7,100, these holdings have now ballooned to an impressive $1.5 million. This explosive growth not only highlights the speculative appeal of TRUMP coin but also its potential for astronomical returns.

The TRUMP meme coin differentiates itself with a unique tokenomics structure, imposing a 1% tax on transactions. This tax is allocated to various causes, including US Veterans, Child Trafficking Prevention, and the coin’s marketing, development, and liquidity. With a supply cap of 47 million, the coin aims to strike a balance between fostering speculative growth and contributing to societal causes, encapsulated by its slogan “Make Crypto Great Again.”

At press time, TRUMP traded at $2.86.

Cardano (ADA), the eighth largest cryptocurrency by market capitalization, is experiencing a surge of excitement among investors. A 10% price increase within the past 24 hours has fuelled optimism, further amplified by crypto analyst Ali Martinez’s prediction of a potential 32% jump to $0.68. Martinez’s prediction is based on both technical analysis and recent positive price movements.

Cardano: No More Downtrend – For Now

One key technical indicator identified by Martinez is the descending triangle pattern on the daily chart. This pattern often foreshadows the end of a downtrend, offering hope for Cardano’s future trajectory. However, for the bullish scenario to materialize, Cardano needs to maintain its price above $0.53, acting as a crucial support level.

#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above $0.53 could lead to the start of a 32% rally, potentially pushing $ADA up to $0.68! pic.twitter.com/DoizuVPiRI

— Ali (@ali_charts) February 8, 2024

Adding to the positive sentiment, Cardano’s recent performance has been stellar, outperforming its top 10 cryptocurrency peers. While Bitcoin (BTC) saw a 2.48% increase, Ethereum (ETH) gained 3.15%, and Binance Coin (BNB) climbed 4.04%, Cardano managed a noteworthy 10% surge.

This impressive performance was accompanied by a staggering 121% increase in trading volume within a single day, reaching 599.29 million. Such a significant rise in volume suggests strong buyer interest and potentially indicates a shift in momentum.

However, not everyone is fully convinced about Cardano’s upward trajectory. The Social Dominance metric, which measures the relative amount of discussion surrounding a cryptocurrency compared to the overall crypto market, has dropped to nearly 0.60%.

ADA’s Potential Growth Faces Challenges

This could imply that ADA might not have reached its local peak yet, suggesting room for further growth. Additionally, the Cumulative Value Delta (CVD), a measure of buying and selling pressure, remains negative, indicating the presence of aggressive sellers who could pose a challenge to the predicted price increase.

Despite these potential headwinds, another key metric offers encouragement. Open Interest (OI), which reflects the total amount of outstanding contracts in futures markets, has seen a significant increase. This suggests that buyers are positioning themselves for further price appreciation, potentially indicating their confidence in Cardano’s future.

Furthermore, NewsBTC highlights Cardano’s ongoing development activity with numerous projects in the pipeline. The Alonzo hard fork, which enabled smart contracts on the Cardano blockchain, is considered a significant milestone that could attract developers and drive future adoption, potentially impacting the value of ADA tokens.

While it’s still too early to definitively say whether Cardano will reach the predicted $0.68, the recent upswing, technical indicators, and strong buyer interest suggest a potential breakout. However, investors should exercise caution, as the cryptocurrency market remains volatile and susceptible to sudden shifts.

Featured image from Adobe Stock, chart from TradingView

For the first time since the spot ETFs’ debut trade on January 11, Bitcoin (BTC) has surpassed $46,000. According to data from Coingecko, BTC had increased 3.4% in the previous day to $46,075 at the time of publication, maintaining a 6% increase over the previous seven days.

Bitcoin Flexes Muscles, Reclaims $46K Level

Despite the approval of several eagerly awaited exchange-traded funds that were meant to strengthen its institutional legitimacy, Bitcoin’s 2024 has had a rough start. However, things are improving as Bitcoin is now again trading above the $46k territory.

Laurent Ksiss, a specialist in crypto Exchange-Traded Products (ETPs) at CEC Capital, mentioned that if the current upward trend continues, breaking the $45,000 mark could bring early investors in the BTC ETF close to being profitable. He also suggested that this momentum might lead to some investors taking profits, potentially triggering a reversal and testing the $42,000 to $40,000 level.

After the introduction of 10 ETFs in January, the price of BTC experienced an unanticipated decline. The value plunged after momentarily touching $49,000 when one of the funds, Grayscale, began transferring significant portions of their cryptocurrency to Coinbase.

This was due to the fact that, before Grayscale converted the Bitcoin Fund ETF to an open-ended fund, investors had to hold their shares for a minimum of six months before they could cash out. Many of the investors were eager to cash out and redeem their shares when it became an ETF in January.

Whale Appetite Up For BTC

As a result, Grayscale sold enormous quantities of Bitcoin, which dropped in price. It was trading below $39,000 at one point. However, it appears that the sell-off is ended, and Bitcoin is rising once more, partly due to large holders acquiring the asset.

Meanwhile, Markus Thielen, head of research at Matrixport and founder of 10x Research, says that Bitcoin (BTC) is headed towards $48,000 in the near future following its breakout driven by a solid track record of gains during the Chinese New Year festival.

Since bitcoin often rises by more than 10% around Chinese New Year, beginning on February 10, the following few days are extremely important statistically, according to Thielen’s research from Thursday.

Every time traders acquired bitcoin three days prior to the start of the Chinese New Year and sold it 10 days later, the price of bitcoin has increased during the previous nine years, according to Thielen.

Bitcoin Seen Hitting $50K

In a related development, LMAX Digital stated that it anticipates bitcoin to continue rising, maybe hitting the $50,000 mark.

According to LMAX Digital, technically speaking, bitcoin has broken out of a range and may be aiming for a surge to a new yearly high through $50,000.

Using Elliott Wave theory, a technical study that presupposes that prices move in repeating wave patterns, Thielen projected greater upside for bitcoin in the future.

The concept states that price trends evolve in five stages, with waves 1, 3, and 5 serving as “impulse waves” that indicate the primary trend. Retracements between the impulsive price movement occur in waves two and four.

Thielen said Bitcoin has started its final, fifth impulsive stage of its rally, aiming to reach $52,000 by mid-March, after completing its wave 4 retracement and correcting to $38,500.

Featured image from Adobe Stock, chart from TradingView

Cardano (ADA) is attempting a fresh increase from the $0.4720 zone. ADA could start a fresh rally if there is a close above the $0.5350 resistance.

ADA price is moving higher above the $0.500 zone.
The price is trading above $0.512 and the 100 simple moving average (4 hours).
There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could accelerate higher if there is a clear move above $0.535 and $0.550.

Cardano Price Eyes Fresh Increase

After forming a base above the $0.4720 level, Cardano started a fresh increase. ADA price was able to climb above the $0.485 and $0.500 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

There was a break above a key bearish trend line with resistance near $0.510 on the 4-hour chart of the ADA/USD pair. The bulls pushed the pair above the $0.520 resistance zone. However, the bears are now active near the $0.535 resistance zone.

ADA price is now trading above $0.512 and the 100 simple moving average (4 hours). It is also above the 23.6% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high.

Source: ADAUSD on TradingView.com

On the upside, immediate resistance is near the $0.535 zone. The first resistance is near $0.545 and $0.550. The next key resistance might be $0.565. If there is a close above the $0.565 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.600 region. Any more gains might call for a move toward $0.620.

Another Decline in ADA?

If Cardano’s price fails to climb above the $0.535 resistance level, it could start a fresh decline. Immediate support on the downside is near the $0.520 level.

The next major support is near the $0.5040 level or the 50% Fib retracement level of the recent increase from the $0.4718 swing low to the $0.5354 high. A downside break below the $0.5040 level could open the doors for a test of $0.485. The next major support is near the $0.4720 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.520, $0.5040, and $0.4720.

Major Resistance Levels – $0.5350, $0.550, and $0.600.

Ethereum price is consolidating gains above $2,400. ETH could start a major increase if there is a clear move above the $2,460 resistance.

Ethereum is consolidating gains below the $2,460 resistance zone.
The price is trading above $2,400 and the 100-hourly Simple Moving Average.
There is a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is a close above the $2,460 and $2,480 levels.

Ethereum Price Aims Higher

Ethereum price saw a steady increase after it broke the $2,350 resistance. ETH climbed above $2,400 and tested the $2,460 zone. A high was formed near $2,463 and the price is now consolidating gains, while Bitcoin extended its increase above the $45,000 level.

Ether is trading above the 23.6% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD.

Ethereum is now trading above $2,400 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price could surge above the $2,460 level. On the upside, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price might rise and test the $2,620 resistance.

Source: ETHUSD on TradingView.com

If the bulls remain in action, they could even push the price above the $2,620 resistance. In the stated case, the price could rise toward the $2,700 level.

Another Bearish Wave In ETH?

If Ethereum fails to clear the $2,460 resistance, it could start a downside correction. Initial support on the downside is near the $2,435 level and the trend line.

The next key support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. A clear move below the $2,400 support might send the price toward $2,375. The main support could be $2,350. Any more losses might send the price toward the $2,240 level.

Technical Indicators

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

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

Major Support Level – $2,400

Major Resistance Level – $2,460