In a startling revelation by Scam Sniffer, the cryptocurrency world has been hit hard by a series of sophisticated phishing scams in 2023. The team behind the crypto security tool has reported that Wallet Drainers, a type of malware, have successfully siphoned off nearly $295 million from approximately 324,000 unsuspecting victims in the space.

These malicious software programs, predominantly found on phishing websites, trick users into authorizing harmful transactions, leading to significant asset theft from their crypto wallets.

Wallet Drainers: The New Threat in Crypto Security?

A closer examination of the data reveals a worrying trend of increasing phishing activities; each correlated with specific events in the crypto space. For instance, a significant theft of almost $7 million was reported on March 11, coinciding with fluctuations in USDC rates and an impersonation scam of Circle, the company behind the stablecoin.

Additionally, a noticeable theft spike was observed around March 24, aligning with the hacking of Arbitrum’s Discord and its airdrop date. Scam Sniffer’s report highlighted several notable Wallet Drainers, including Inferno Drainer, which alone stole $81 million from 134,000 victims, and MS Drainer, with a haul of $59 million from 63,000 victims.

The report notes the alarming scale and velocity of these operations. For example, Monkey Drainer extracted $16 million over six months, whereas Inferno Drainer looted $81 million in just nine months, as seen in the chart below. The report also sheds light on the common phishing signatures these Drainers use.

Depending on the type of assets in a victim’s wallet, various phishing methods are deployed, ranging from increased allowance to ERC20 permit signatures. The most severe cases involved victims losing millions to these sophisticated scams.

Scam Sniffer’s Analysis: Tracking Malicious Trends

Scam Sniffer has ramped up its efforts in response to this growing threat. Over the past year, the tool scanned nearly 12 million URLs, identifying close to 145,000 as malicious. Furthermore, its open-source blacklist contains nearly 100,000 dangerous domains, continuously updated to platforms like Chainabuse.

The increasing use of smart contracts by scammers, such as multicall for efficient asset transfers and CREATE2 & CREATE functions to bypass wallet security checks, marks a significant change from the previous year. This evolution underscores the need for enhanced vigilance and updated security measures in the crypto community.

Scam Sniffer’s work extends beyond just tracking and reporting. The team actively collaborates with well-known platforms, offering its services to their users. They encourage all stakeholders in the crypto ecosystem to “join the fight against phishing, emphasizing that security is a collective responsibility.”

In closing, Scam Sniffer acknowledges the support of its community:

(…) crypto phishing involves multiple parties, crypto, and non-crypto platforms. Security requires a collective effort. If you wish to enhance your product’s capabilities in this area, please contact us at b2b@scamsniffer.io.

Finally, thanks to all the supporters of Scam Sniffer! Your support is the motivation that keeps us going.

Cover image from Unsplash, chart from Tradingview

Solana has continued its bullish sentiment in its ecosystem to flip Ethereum in the stablecoin market for the second week in a row, according to on-chain data. SOL’s price gain has slowed in the past week, showing a negative 2.3% in a 7-day timeframe at the time of writing. However, stablecoin transfers on the Solana chain reveal the blockchain retaining its reputation as an Ethereum killer, registering more than $10.3 billion more trading volume in the last week.

Stablecoins Growing On Solana

Ethereum has mostly dominated the stablecoin market since the inception of Tether USDT. However, according to data from the crypto analytics platform Artemis, stablecoin trading volume on Solana surpassed Ethereum last week for the second week in a row, showing how quickly Solana is gaining traction. Solana registered $40.86 billion in stablecoin volume, compared to Ethereum’s trading volume of $30.31 billion.

On-chain numbers since December demonstrate that SOL is quickly becoming the chain of choice for stablecoin usage and transactions. Solana surpassed Ethereum in stablecoin volume for the first time in the week leading to December 25. During this period, SOL registered a weekly stablecoin trading volume of $103.01 billion, $12.14 billion more than Ethereum’s volume of $90.87 billion.    

Solana also went on a crazy surge last year, registering over a 950% gain as it reached a yearly high of $121. During this period, we saw Solana compete vigorously with Ethereum across various metrics. 

Stablecoin trading volume, in particular, is at a 2,213% gain in a 3-month timeframe. The chain also witnessed 27.17 million stablecoin transactions in the same timeframe, compared to Ethereum’s 1.17 million transactions. 

DeFi aggregator DeFiLlama also shows DEX trading volume on SOL soared to $28.13 billion in December, surpassing Ethereum L2 chains Arbitrum and Polygon. Solana also overtook Ethereum in NFT trading volume in early December.

SOL Price To $200?

The Solana ecosystem is expanding quickly, as evidenced by price surges and on-chain metrics. The price surge can also be attributed to various airdrops and the hype surrounding BONK, the first meme coin on the Solana chain. As more people buy and trade SOL and other assets on the blockchain, demand for the SOL coin is likely to increase.

Related Reading: Is A Bitcoin Spot ETF Approval A Sell The News Event? Experts Respond

At the time of writing, SOL is trading at $107, down by 5.74% and 3.44% in the past 24 hours and seven days respectively. It is now facing resistance at around $115, and a failure to rally above this price point could lead to a continued consolation toward support at $100. 

While there are never any guarantees, SOL’s strong fundamentals point to a potential price appreciation throughout the year and SOL’s path to revisiting the $200 price level and beyond. 

If Solana continues to also outpace Ethereum and Ethereum L2 chains on key metrics and grows its real-world utility, $200 could be on the horizon sooner than most investors would expect. 

As the January 10 deadline for the US Securities and Exchange Commission (SEC) to decide on a series of spot Bitcoin Exchange-Traded Funds (ETFs) approaches, the market is rife with speculation.

Initially, there was a strong consensus for approval, but recent expert analyses suggest a possible change in course. Meanwhile, the Bitcoin price has crashed by 6.5% in 20 minutes, dropping from $44,400 to $41,500.

1. Bloomberg’s Insight: A Matter of Timing, Not Denial

Bloomberg’s ETF expert, Eric Balchunas, assessed a mere 10% chance of the ETFs not being approved, primarily due to the SEC requiring additional time to review the proposals. This perspective is critical because it implies that the SEC is not outright opposed to the idea of a spot Bitcoin ETF, but is cautious in its approach.

Related Reading: Bitcoin ETF: SEC May Notify Approved Issuers To Launch Very Soon – Here’s When

Balchunas commented, “I would say if we don’t see it in the next two weeks, it’s more because they need more time,” indicating that a delay in approval should not be interpreted as a final rejection.

His colleague, James Seyffart, provided further insights, noting, “Still looking for potential approval orders in that Jan 8 to Jan 10 window. […] We’re focused on these 11 spot Bitcoin ETF filers […] Expecting most of these N/A’s to be filled over the next ~week,” highlighting the dynamic nature of the situation.

2. Matrixport’s Pessimistic Outlook: A Delay To Q2 2024

Matrixport offers a more cautious outlook, anticipating that the SEC’s approval of Bitcoin ETFs might be deferred until the second quarter of 2024. This analysis hinges on a combination of regulatory challenges and the prevailing political climate under SEC Chair Gary Gensler‘s leadership.

The report states, “The leadership of the SEC’s five-person voting Commissioners, predominantly Democrats, influences the decision-making process. With Chair Gensler’s cautious stance on crypto in the US, it seems unlikely that he would endorse the approval of Bitcoin Spot ETFs in the near term.”

The firm further explains that despite the ongoing interactions between ETF applicants and the SEC, resulting in multiple reapplications, there remains a fundamental requirement unmet that is crucial for the SEC’s approval. This requirement, although unspecified in the report, is suggested to be a significant compliance or regulatory hurdle that could be addressed by the second quarter of 2024.

The potential delay or rejection of the ETFs, according to Matrixport, could have a notable impact on Bitcoin’s market value. They predict a possible 20% correction, with prices potentially falling to the $36,000 range.

Furthermore, Matrixport suggests that such an outcome could lead to a swift unwinding of market positions, particularly the $5.1 billion in additional perpetual long Bitcoin futures.

The report advises traders to consider hedging their positions if no approval news emerges by January 5, 2024, suggesting the purchase of $40,000 strike puts for the end of January or even shorting Bitcoin through options.

3. Greeks Live’s Analysis: Decreasing Confidence

Greeks Live, focusing on crypto options trades, has observed a shift in market sentiment, with a decreased likelihood of the ETF’s passage. They report a significant decline in the ATM option IV for the week and below 65% for the January 12 expiration, indicating reduced market expectations for the ETF approval.

The report notes, “Current month puts are now cheaper, and block trades are starting to see active put buying, with options market data suggesting that institutional investors are not very bullish on the ETF market.”

A possible delay or rejection of Bitcoin ETFs carries significant market implications. The anticipation of ETF approval has been a major driving force in recent market dynamics, leading to increased investments. A decision against the ETFs could result in a rapid unwinding of these positions, potentially causing a sharp decrease in Bitcoin prices.

At press time, BTC had already recovered some of its losses and was trading at $42,450. This means that the price has once again returned to the upward trend channel in the 1-day chart that was established in mid-October last year.

After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month.

Notably, the increase coincides with an impressive rise in important Cardano ecosystem components, with the leading Decentralized Exchange (DEX) Minswap witnessing an astounding 26,000% gain and drawing a sizable influx of new users.

On its one-day timeframe, Cardano, the eighth-largest cryptocurrency by market value, and currently trading at $0.61, is now exhibiting optimistic signals. The digital currency’s trajectory indicates that, despite a minor growth of 1.28% over the past week, a retest of the $1 threshold may occur soon.

Monthly stats are here!

Highlights

Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK and $FREN.

Real yield rewards of 252,963 $ADA to be distributed to $MIN stakers (2.5x times last month!).

$MIN daily Emissions were lowered 5%. pic.twitter.com/ji54mF3jNE

— Minswap Labs (@MinswapDEX) January 1, 2024

Prominent analyst Dan Gambriello emphasizes how Cardano depends on the dynamics of the Bitcoin market to make significant gains. He points out that ADA emerged from a crucial symmetrical triangle and suggests $0.80 as a possible target.

In spite of this bullish forecast, he cautions about the barrier the 200-week moving average presents, indicating a possible obstacle or reassuring element for Cardano’s upward journey.

Cardano Faces Resistance, Struggles Persist

Cardano’s critical resistance zone, according to cryptocurrency expert LuckSide, is $0.60 to $0.67. There are two situations that could occur: an increase to $0.70 or a probable decrease to $0.40.

Notwithstanding regulatory obstacles, such as monitoring from the SEC, the analyst continues to have an optimistic prognosis for Cardano in 2024.

Meanwhile, when comparing Total Value Locked (TVL) and decentralized exchange (DEX) volumes, Cardano has found itself lagging behind prominent platforms such as Solana (SOL) and Avalanche (AVAX).

Despite witnessing significant growth in both TVL and DEX volumes over recent months, Cardano continues to face the challenge of attaining parity with other Layer-1 blockchains. Although strides have been made, reaching a comparable standing remains an ongoing endeavor for the Cardano ecosystem.

The Total Value Locked (TVL) chart shows that Avalanche C-Chain has the highest TVL, followed by Solana and then Cardano. However, all three blockchains have seen their TVL grow in recent months. Cardano’s TVL has grown the most, from about 200 million on October 4, 2023 to about 800 million on January 1, 2024.

The DEX Volumes chart shows a similar pattern, with Avalanche C-Chain having the highest DEX volumes, followed by Solana and then Cardano. However, the growth in DEX volumes has been less pronounced than the growth in TVL. Cardano’s DEX volumes have grown from about 10 million on October 4, 2023 to about 40 million on January 1, 2024.

Overall, the chart shows that Cardano’s TVL and DEX volumes have grown in recent months, but they still lag behind those of Avalanche C-Chain and Solana. This suggests that Cardano is still making progress in the DeFi space, but it has not yet caught up to its competitors.

Cardano (ADA) Price Analysis

The present price movement of Cardano (ADA) is being supported by an upward sloping trendline. If a collapse occurs, it would provide an opportunity for buyers who have been waiting on the sidelines to accumulate more. However, if there is a breakout above a significant obstacle, it might push ADA to higher levels.

Cardano’s inclining trendline suggests that buyers have been stepping in as the price dips down towards the trendline, preventing a significant breakdown.

A breakdown below the trendline could signify a period of weakness for Cardano, potentially leading to further declines. This could be an entry point for “sidelined buyers,” who have not already purchased ADA, to accumulate coins at a discount.

Conversely, a breakout above a key hurdle could trigger a surge in buying pressure, propelling Cardano’s price higher. Identifying this key hurdle on the chart is crucial for understanding the potential upside.

Featured image from iStock

An interesting trend looks to be developing among institutional players as their interest in the flagship cryptocurrency, Bitcoin, continues to rise. This interest has in no small way been thanks to the frenzy around the Spot Bitcoin ETFs, which could be approved sooner than later.

Other ETFs Considering Bitcoin As An Investment Option  

Crypto commentator and music producer Marty Party recently drew the crypto community’s attention to an emerging trend among fund managers and their ETFs. He noted how these asset managers are amending the prospectus of funds they manage so they can gain exposure to Bitcoin. 

These institutions are said to be looking to use 15% to 50% of assets under their management to gain exposure to BTC. One way they will be looking to achieve this is through the Spot Bitcoin ETFs that could potentially launch anytime soon. 

Marty Party specifically highlighted the case of Advisors Preferred Trust, which is already looking to gain the SEC’s permission to invest up to 15% of its AuM in Bitcoin-related ETFs like Grayscale’s Bitcoin Trust (GBTC) and ProShares Bitcoin Strategy ETF. 

MicroStrategy’s Executive Chairman and Co-founder, Michael Saylor, had previously hinted that something like this was going to happen soon enough. Then, he suggested that more institutional players were going to direct more of their capital to Bitcoin. 

A rule that was implemented by the Financial Accounting Standards Board (FASB) has also paved the way for more companies like MicroStrategy to include BTC on their balance sheet. 

The launch of Spot Bitcoin ETFs will also make it easier for these institutional investors to gain direct exposure to the flagship cryptocurrency. 

For a long time now, those who had a prior interest in the crypto token have had to either invest in Bitcoin futures ETFs or other Bitcoin derivatives on exchanges like the Chicago Mercantile Exchange (CME). But this is changing with the potential approval of a Spot Bitcoin ETF.

Grayscale Leading In The “Cointucky Derby”

As highlighted recently by Bloomberg Analyst James Seyffart, Grayscale looks to set the lead the way, assuming all pending Spot Bitcoin ETFs were approved simultaneously. This is because the asset manager has already established itself with GBTC and would likely have more capital than other issuers upon launch. 

Bloomberg Analyst Eric Balchunas highlighted this fact and hinted that the Securities and Exchange Commission (SEC) could decide not to let Grayscale launch on day one because of this. If that doesn’t happen and all funds launch simultaneously, then Grayscale is likely to have a sort of ‘first mover advantage.’

However, other asset managers will be looking to assert their dominance by adopting different strategies. One such strategy will be these issuers undercutting themselves in terms of the fees they will charge to manage their respective funds. Invesco already made it known that they will be waiving fees for the first six months and the first $5 billion in assets. 

Ever since, the relationship between Ripple’s XRP buybacks and its impact on price has been a subject of intense discussion. Crypto Mark, an active community member on X, raised a pertinent question regarding Ripple’s strategy of purchasing more of the cryptocurrency. “Shouldn’t Ripple be trying to distribute XRP and not buying more though? Would like to see them own less XRP, not more,” Crypto Mark posted.

The Influence Of XRP Buybacks By Ripple On The Price

This inquiry was addressed by Mr. Huber, a renowned member of the community, who provided a detailed explanation of the dynamics at play. Huber emphasized the strategic rationale behind Ripple’s buybacks.

“That’s just a question of your knowledge. Ripple makes it transparent. That’s why we know. And you want Ripple to buy back XRP. You don’t want them to just sell it. Believe me. If XRP actually has a use for Ripple then you want them to buy on open markets for liquidity reasons,” he explained. This statement highlights the necessity and benefits of Ripple’s buyback strategy, suggesting that it is beneficial for maintaining market liquidity.

In his analysis of the market, Mr. Huber pointed out key patterns: “Facts; 1. XRP has sudden inexplicable very fast price spikes between 30 and 100% which are then lost over several months. 2. These price spikes almost invariably coincide with buybacks of Ripple on open markets. They take place approximately once a quarter. 80% reliability. 3. If you look at these buybacks, you realize that when Ripple buys 100 million dollars of net purchases within 1-2 days, they trigger a price spike of around 50%.”

Recent data from Ripple’s API revealed a notable decrease in the company’s buyback activity. The researcher noted that the API was updated just days ago with the newest data. Ripple’s sales now account for 167,758,585 XRP, for an average of $0.62, which results in a total of $104,010,323 from December 4 to 29.

“This is twice the usual sales volume of the last 6 months. I suspect that Ripple wants to push this cut down again with the next buyback,” reported Mr. Huber.

Addressing a user’s question about the scale of investment needed for a substantial increase in the cryptocurrency’s price, Mr. Huber stated, “$100 million dollars trigger a price swing of around 30-50%. So for 2,000% you would have to expect at least 4-6 billion dollars in net purchases.” This response provides a clear indication of the financial magnitude required for substantial market movements.

Impact Of Ripple’s Sale And Distributions

Furthermore, Mr. Huber compared Ripple’s sales and distribution strategy with other cryptocurrencies. He wrote, “Ripples Sales and Distribution of XRP of the past 10 years. 6.48% Inflation for 2023. In comparison with SOL and ETH, it becomes clear that the price action is due much more to a lack of demand than to Ripple sales.”

He added, “ETH – Reducing supply and proof of stake, but hardly any price action since the Merge. […] The (XRP/XRPUSD)/(BTC/BTCUSD) chart shows that over the last 9 years, the supply of XRP has only increased by 22.73% more than the supply of Bitcoin.”

At press time, XRP traded at $0.63135.

As the calendar turned to 2024, numerous cryptocurrencies experienced a positive start, and among them, Chainlink (LINK) stood out. The notable highlight was the emergence of a bullish pattern on Chainlink’s price chart, indicating a heightened likelihood of an impending bull rally.

This positive momentum in the early days of the year hinted at favorable market conditions for Chainlink and garnered attention from investors and analysts alike. The formation of this bullish pattern added an optimistic outlook to the prospects of Chainlink, creating anticipation for potential upward price movements in the near future.

Bullish Pennant Signals Potential Breakout For Chainlink

The Chainlink platform, which is compatible with Ethereum and well-known for enabling decentralized oracles, is currently trading above $15, data from Coingecko shows.

Ali Martinez, a popular crypto analyst, pointed out a bullish pennant pattern being formed on Chainlink’s chart.

The chart shows Chainlink’s price over the past few days. There is a bullish pennant pattern forming, which is a technical indicator that suggests a potential breakout to the upside.

#Chainlink shows signs of a bull pennant formation. A decisive close above $17.2 could be the catalyst for a breakout, potentially propelling $LINK toward $34.

However, keep an eye on the $14.2 level – a drop below this could invalidate the current bullish outlook for #LINK. pic.twitter.com/N9e6peREPn

— Ali (@ali_charts) January 1, 2024

The pennant is formed by two converging trend lines, one above and one below the price. The breakout occurs when the price breaks above the upper trend line.

Martinez has identified the resistance level at $17.2. If Chainlink’s price can close above this level, it could be a signal that a breakout is happening and that the price could rise to $34.

However, if the price falls below the support level at $14.2, it could be a signal that the bullish momentum is weakening and that the price could fall further.

Overall, the chart suggests that Chainlink is in a bullish position and that there is a possibility of a breakout to the upside. However, it is important to note that technical analysis is not always accurate, and there are many other factors that could affect Chainlink’s price.

Analysts’ LINK Predictions

Changelly cryptocurrency analysts have provided a price estimate for Chainlink for the next weekend. The analysts predict that this weekend, LINK will trade between a minimum of $16.28 and a maximum of $17.71. They anticipate that LINK will be valued at $17 on average.

Meanwhile, Lark Davis, another popular crypto analyst has a more fearless forecast for Chainlink. He said the coin will soon witness a significant surge and “shock the crypto world.”

Davis indicated that the Chainlink network had a promising future. He revealed that he had a sizeable portion of LINK, despite acknowledging the inherent dangers associated with cryptocurrency investing.

According to the analyst, Chainlink’s alliances and technology continue to undervalue it. The Grayscale Trust Trading at premiums exceeding 200% to the spot LINK price, Davis said, indicates that institutional investors are becoming more interested in LINK. The price projection for Chainlink indicates that it may increase to $126 in 2024.

Featured image from Shutterstock

In the past day, the value of Internet Computer (ICP) has increased by 20% to $15.76. ICP has grown significantly over the last week, showing an astounding increase of more than 60% from its starting value of $8.98 to its current rate.

According to data from Coingecko, its current price is a noteworthy increase, highlighting the coin’s dynamic performance in the context of recent market movements.

It’s important to remember that although the price has increased significantly, the all-time high for Internet Computer is still $700.65. This indicates a significant room for expansion, but it also emphasizes how volatile the crypto industry is by nature.

Anxiously observing these oscillations, investors and fans are speculating about Internet Computer’s future course as it negotiates the intricate terrain of digital asset appraisals.

Growing Interest In Internet Computer

ICP’s fundamentals indicate that it is not solely reliant on the volatility of Bitcoin. Rather, utilities are another factor influencing its worth. Several utilities impact its value, such as its ability to hold money and the ability to stake using its Network Nervous System.

The DAO in charge of the Internet Computer blockchain is the NNS. By staking ICP utility tokens in so-called neurons, everyone can take part in this open, permissionless governance system. Voting on proposals, which are open to submission by anybody, determines decisions.

It was therefore simple to draw the conclusion that growing interest in cryptocurrencies was the cause of the price increase.

ICP Price Analysis

Price: Over the past 24 hours, the price of Internet Computer (ICP) has fluctuated between $13.50 and $14.50. It is currently trading at $14.00, which is down slightly from its price at the start of the day. Over the past week, ICP has been more volatile, trading between $12.50 and $15.00.

Volatility: The Bollinger Bands on the chart show that volatility has been higher over the past week than it has been over the past 24 hours. This is likely due to the increase in trading volume that has been seen over the past week.

Trading volume: Trading volume for ICP has increased by 135.0% over the past week. This is a significant increase, and it suggests that there is a lot of interest in ICP at the moment.

Circulating supply: The circulating supply of ICP has also increased over the past week, by 1.08%. This means that there are more ICP tokens in circulation now than there were a week ago. This could put downward pressure on the price of ICP, as there are more tokens available to be sold.

Market cap: ICP is currently ranked #18 in terms of market capitalization, with a market cap of $6.67 billion. This is down from its market cap of $7.77 billion at the start of the week.

Overall, the chart shows that ICP has been a volatile crypto asset over the past week. The increase in trading volume and circulating supply suggests that there is a lot of interest in ICP, but it is also possible that this could put downward pressure on the price of ICP in the future.

Is ICP The Next ‘Big Thing?’

While Internet Computer’s recent 60% surge has undoubtedly raised eyebrows, declaring it the “next big thing” remains a gamble. Its price, while impressive compared to its starting point, still sits far below its all-time high, showcasing the volatility inherent in the crypto market.

Though potential for further growth undeniably exists, cautious optimism is key. ICP’s dynamic performance demands a close watch, but only time will tell if its current momentum translates into sustained success, solidifying its place among the cryptocurrency titans.

Featured image from Shutterstock

XRP price is consolidating above the $0.600 support. The price could start a fresh rally if there is a daily close above the $0.650 resistance.

XRP is attempting a fresh increase from the $0.600 support level.
The price is now trading above $0.620 and the 100 simple moving average (4 hours).
There is a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair start a fresh rally if it clears the $0.638 and $0.650 resistance levels.

XRP Price Aims Higher

After a downside correction, XRP price found support near the $0.600 zone. The price formed a base and started a minor increase above the $0.612 level, but upsides were limited and less compared to Bitcoin and Ethereum.

The price spiked a few times above the 50% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. However, the bears protected a close above the $0.650 resistance. It is now consolidating below $0.640.

XRP is stable above $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.638 zone. There is also a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.650 zone or the 61.8% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. A close above the $0.650 resistance zone could spark a strong increase.

Source: XRPUSD on TradingView.com

The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

Downside Break?

If XRP fails to clear the $0.638 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.610 zone and the triangle trend line.

The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.550 support zone.

Technical Indicators

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

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

Major Support Levels – $0.610, $0.600, and $0.550.

Major Resistance Levels – $0.638, $0.650, and $0.700.

Ethereum price retested the $2,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the $2,600 level.

Ethereum gained strength for a move above the $2,350 level.
The price is trading above $2,350 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to rise if there is a clear move above $2,430 and $2,440.

Ethereum Price Remains Supported

Ethereum price started a decent increase above the $2,300 level, like Bitcoin. ETH gained pace for a move above the $2,350 level to move into a positive zone.

The price even climbed above the $2,400 level. However, the bears appeared near the $2,440 resistance zone. A high was formed near $2,430 and the price is now correcting gains. There was a move below the $2,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high.

However, Ethereum is still above $2,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near $2,360 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $2,390 level. The first major resistance is now near $2,440. A close above the $2,440 resistance could send the price toward $2,500. The next key resistance is near $2,550. If there is a clear move above $2,550, there could be a drift toward $2,620. The next resistance sits at $2,650, above which Ethereum might rally and test the $2,800 zone.

More Downsides in ETH?

If Ethereum fails to clear the $2,440 resistance, it could continue to move down. Initial support on the downside is near the $2,360 level and the trend line.

The first key support could be the $2,350 zone or the 50% Fib retracement level of the upward move from the $2,260 swing low to the $2,430 high. A downside break and a close below $2,350 might start another steady decline. In the stated case, Ether could test the $2,265 support. Any more losses might send the price toward the $2,200 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 – $2,350

Major Resistance Level – $2,440