The crypto world is always buzzing, and this week, it’s the Shiba Inu-inspired BONK, built on the Solana blockchain, making the headlines. Its price has experienced a remarkable jump, exceeding 30% in just the past week, fueled by whispers of potential listings on two major platforms: Revolut and Robinhood.

The Spark That Ignited The Frenzy

Rumors emerged suggesting BONK could soon become available to Revolut’s staggering 38 million user base. The speculation didn’t stop there, with talk of a “Learn and Earn” campaign potentially adding another half a million to the BONK community.

Robinhood Whispers Stir The Pot

Robinhood, synonymous with the meme stock frenzy of 2021, is known for its ability to bring lesser-known assets to the forefront. The mere possibility of BONK finding a home on its platform sent the price hurtling upwards.

Barking At The Moon Or Running With The Pack

Before you grab your leash and join the BONK bonanza, remember this: these are just rumors. Neither Revolut nor Robinhood has confirmed anything, and diving headfirst into unconfirmed news is never a sound investment strategy.

Additionally, memecoins are notorious for their wild price swings. BONK itself experienced a meteoric rise of 4,424% in 2023, followed by a sharp correction. While the potential upside is tempting, be prepared for some serious volatility.

Digging Deeper Into BONK’s Territory

It’s crucial to remember that BONK isn’t just a meme coin riding a rumor wave. It has carved its own niche within the Solana ecosystem. Major exchanges like Binance and Coinbase already offer BONK trading, and it even played a role as an incentive within the Solana Saga smartphone project. This suggests that BONK isn’t simply a flash in the pan, but a project with some established groundwork.

Investment Considerations: Weighing The Risks And Rewards

The potential impact of major platform listings is undeniable. Increased accessibility could significantly boost BONK’s adoption and potentially positively impact the broader Solana ecosystem. However, the lack of confirmation surrounding the rumors and the inherent volatility of meme coins necessitate a cautious approach. Before investing, thorough research and a clear understanding of the risks involved are paramount.

BONK’s recent price surge serves as a reminder of the fast-paced and ever-evolving nature of the crypto world. While the unconfirmed rumors offer a glimpse of potential opportunities, investors need to proceed with caution, remembering that the path to crypto riches is seldom straightforward. Whether BONK will truly “bark its way” to mainstream adoption or retreat to the shadows remains to be seen.

Featured image from Adobe Stock, chart from TradingView

At the Exchange ETF conference in Miami Beach, Matt Hougan, Chief Investment Officer at Bitwise Asset Management, and Ric Edelman, founder of the Digital Assets Council of Financial Professionals, engaged in a discussion with CNBC’s Bob Pisani on the future of spot Bitcoin ETFs and their integration within diversified portfolios.

$150 Billion Ready To Enter The Bitcoin Rabbit Hole

Ric Edelman cast a bold prediction about the future inflows into spot Bitcoin ETFs, foreseeing an unprecedented $150 billion by the end of 2025, up from the current $5 billion. He confidently stated, “I’m anticipating that by the time we get to the end of 2025, we’re talking two years, we’re gonna see total inflows of more than $150 billion. We’re only at $5 billion right now.” This represents a significant leap, signaling a transformative phase in cryptocurrency investment.

The conversation then turned to the underlying factors expected to drive this surge. Edelman elaborated on the potential inflows from independent financial advisors, who currently manage about $8 trillion in assets. With three-quarters indicating a readiness to allocate to Bitcoin ETFs, according to recent industry studies, Edelman explained the math: “Do the arithmetic. $8 trillion, 77% and 2.5% is $150 billion worth of flows.”

Notably, this calculation only takes into account independent advisors, leaving out the substantial potential from wirehouses, regional broker-dealers, and institutional investors, as Edelman emphasized.  On a bullish note, Matt Hougan highlighted the enduring nature of investments in Bitcoin ETFs by financial advisors, contrasting with the speculative short-term trading often associated with cryptocurrencies.

“The people who are buying Bitcoin ETFs now, the financial advisors, they make their allocations for the long term. Financial advisors are usually not short-term traders, they’re not speculating where Bitcoin will be next week. They make an allocation that they hold for 1 year, 3 or 5 years,” Hougan remarked.

Independent advisors control $8 trillion in assets, and surveys show 77% of them want to add Bitcoin to their portfolios, aiming for an average allocation of 2-3%.

This means we’ll likely see $150 billion flowing into Bitcoin ETFs from advisors alone.

H/T @RhinoBTCapp pic.twitter.com/jc0F98KBAL

— Thomas | heyapollo.com (@thomas_fahrer) February 14, 2024

BTC Price Could Reach $150,000

Delving into who is leading the charge in Bitcoin ETF investments, Hougan noted, “We are seeing a lot of flows from RIAs, we are seeing from family offices and we are seeing some people who rotate off from other products.” This trend points to a broadening acceptance and recognition of Bitcoin ETFs within the investment community.

Edelman further bolstered his $150 billion inflow projection with the anticipated impact on Bitcoin’s price, suggesting it could reach $150,000 within two years due to the fixed supply and increasing demand dynamics. “This number excludes inflows from wirehouses, regional broker-dealers, and institutional investors,” he added, highlighting the conservative nature of his estimate.

Hougan complemented the discussion by shedding light on the broader implications for the ETF and crypto markets, praising the regulated, efficient, and investor-friendly nature of Bitcoin ETFs. He pointed out, “ETFs are tracking prices well, investors have peace of mind with access to all the data and ETFs are simple and secure with low fees.”

Both experts concurred on the strategic value of including spot Bitcoin ETFs in investment portfolios for diversification. Hougan summarized this sentiment, saying, “They see Bitcoin as a non-correlated asset that when used for rebalancing and managed professionally will not lead to any volatility for the portfolio.”

Reflecting on the comparative success of Bitcoin ETFs against traditional gold ETFs, Hougan highlighted the competitive fee structure and the strong demand observed for the Bitwise Bitcoin ETF (NYSE:BITB). “With Bitwise charging 20 basis points, fees are half that of the largest gold ETF,” he noted, underscoring the financial efficiency and appeal of Bitcoin ETFs to a wide range of investors.

At press time, BTC traded at $51,808.

Ethereum (ETH), the global runner-up in the cryptocurrency ring, is making serious moves this week, stepping closer to the coveted $3,000 mark. Could this be the opening bell for a February knockout, sending it soaring towards a staggering $4,000 finish by month’s end?

Ethereum Staking And ETF Surge: Bullish Momentum

Several factors are fueling this bullish sentiment, starting with the surging popularity of ETH staking. As Ethereum 2.0 gathers momentum, more investors are locking their ETH into staking contracts, earning passive income while reducing the readily available supply in the market. This “induced market scarcity,” as experts call it, creates upward pressure on the price.

The numbers are impressive: a whopping 25% of all circulating ETH, or 30.2 million coins, are now locked in staking contracts. This represents a significant surge of 600,000 ETH deposited between February 1st and 15th. And with an annualized reward rate of 4%, the incentive to join the staking party is only growing stronger.

But staking isn’t the only force propelling ETH forward. The potential approval of an Ethereum Exchange-Traded Fund (ETF) has also injected optimism into the market. Such a product would make it easier for institutional investors to enter the crypto space, potentially leading to significant inflows and price appreciation.

Furthermore, the recent Dencun upgrade on the Sepolia testnet, promising improved network performance and lower transaction costs, has been met with positive reactions from stakeholders. This could attract more developers and users to the Ethereum DeFi ecosystem, boosting its utility and ultimately driving demand for ETH.

Obstacles Ahead: ETH’s Journey Towards $4,000

However, the path to $4,000 isn’t without its obstacles. A major resistance level looms at $2,850, where approximately 1.23 million addresses, holding a combined 578,000 ETH, bought in. These holders might be tempted to take profits as the price approaches their break-even point, creating a temporary hurdle.

Additionally, a price dip below $2,500 could trigger panic selling among investors who bought at higher prices. While some experts suggest that such a scenario might be mitigated by “frantic last-minute purchases” to avoid losses, it underscores the inherent volatility of the cryptocurrency market.

IntoTheBlock’s global in/out of the money (GIOM) data further emphasizes this point. This data groups all existing ETH holders based on their historical buy-in prices. According to GIOM, the cluster of holders at the $2,850 resistance level represents a potential selling pressure. However, if the bulls can overcome this hurdle, another leg-up towards $3,000 and beyond becomes more likely.

Ultimately, while the short-term outlook for ETH seems promising, caution remains key. Investors should carefully consider their own risk tolerance and conduct thorough research before making any investment decisions. As with any market, past performance is not necessarily indicative of future results.

The next few days or weeks will be crucial in determining whether ETH can break through the $2,850 resistance and continue its ascent towards $3,000 and beyond.

Featured image from Adobe Stock, chart from TradingView

The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.

Improved Prospects For Coinbase Amid Crypto Rally

According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock. 

As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.

This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs). 

However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:

Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.

Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split. 

Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.

Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.

Bitcoin ETFs Witness Significant Trading Volume 

On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume. 

Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.

The nine ETFs’ total trading volume amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.

Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.

As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.

Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000. 

Featured image from Shutterstock, chart from TradingView.com

Bitcoin (BTC), the world’s largest cryptocurrency, has surged to a 26-month high, reaching $52,000 and reigniting predictions of surpassing its previous all-time high (ATH) of $69,000. 

The market has experienced a resurgence of bullish sentiments, fueled further by the recent adoption of Bitcoin spot exchange-traded funds (ETFs). These have spurred notable growth within just one month of approval by the US Securities and Exchange Commission (SEC).

Bitcoin Poised For A Major Breakout? 

Investment manager and market expert Timothy Peterson, who recently made a bold claim on social media platform X (formerly Twitter), reinforces Bitcoin’s renewed optimism. 

Peterson stated that Bitcoin had achieved an almost exact 100% gain in 180 days, a feat that has occurred 41 times since 2015. In 78% of these instances, Bitcoin reached even higher price levels. 

Furthermore, Peterson’s analysis of historical data suggests that the average return for the next 180 days after such a gain was also approximately 100%.Based on this historical pattern, Peterson asserts that there is a 50% chance Bitcoin will reach the significant milestone of $100,000 by August. 

However, despite this possibility, as the halving event approaches, there could be another correction that, while not putting the bull run in jeopardy, could trigger significant liquidation rates as the hype surrounding the current uptrend mounts.

Pre-Halving Correction Looms

The upcoming halving event scheduled for April, combined with historical patterns, suggests that Bitcoin may experience one final correction before the bull run resumes, presenting a crucial moment for investors.

Crypto analyst Rekt Capital emphasizes the significance of a pre-halving retrace, noting that historically, it tends to occur only a few weeks before the actual halving event. 

Looking back at previous halvings, such retracements have ranged from -38% in 2016 to -20% in 2020. Based on these patterns, a retracement of around 27% is possible in the current market scenario.

If a retracement of this magnitude were to occur, it would place the Bitcoin price at approximately $37,900, as indicated in Rekt Capital’s pre-halving retrace chart. This level represents an important threshold for investors to accumulate the cryptocurrency before the next phase of the halving event and the anticipated bull run rally.

Key Resistance For BTC’s Trajectory

Bitcoin’s continued rise has brought its price to a critical juncture, with the current trading level of $52,100 catching the attention of the founders of blockchain data and intelligence platform Glassnode.

According to their analysis, historical data reveals that the $52,000 level has acted as a formidable resistance point on the weekly chart, making it a crucial threshold for Bitcoin’s trajectory. 

The platform’s founders suggest that a successful breach of this level could trigger a surge of buying pressure, potentially leading to a Fear of Missing Out (FOMO) scenario among investors.

Overall, the future direction of BTC price remains uncertain, leaving investors to ponder whether the current uptrend will be sustained or if a potential pre-halving retrace will occur before resuming its upward trajectory to surpass its previous all-time high and reach the coveted $100,000 level.

Featured image from Shutterstock, chart from TradingView.com 

As Bitcoin breached the $52,000 mark, a notable shift in investor sentiment has been observed, with an increased interest in call options for Bitcoin at ‘ambitious’ strike prices. This trend, primarily focusing on strikes above $60,000, signals a ‘robust’ confidence among traders in Bitcoin’s potential for further gains.

QCP Capital, a renowned crypto asset trading firm, explained this phenomenon in its latest report, emphasizing the concentrated buying activity in these high-strike call options with various expiry dates.

A Surge In High-Strike Call Options

Call options are financial contracts that give the buyer the right, but not the obligation, to buy an asset at a predetermined price within a specified timeframe.

In the context of Bitcoin, this surge in call option buying at higher strike prices suggests a bullish outlook from investors, betting on Bitcoin’s price to climb significantly higher than its current levels.

This optimism is not just a speculative bubble but is backed by substantial financial commitments, with QCP Capital highlighting close to “$10 million spent on premiums for $60,000 and $80,000” strike options alone.

According to the detailed analysis by QCP Capital, there’s been a significant uptick in the purchase of Bitcoin call options, with strike prices towering above $60,000. This activity is spread from April to December expiries, indicating a long-term bullish sentiment among investors.

Deribit, the leading crypto derivatives exchange, corroborates this trend, reporting a substantial concentration of open call options at $65,000 and higher.

The December expiry call option cluster targets a $100,000 strike price, showcasing some traders’ ultra-bullish expectations for Bitcoin’s year-end valuation.

The end of March sees the largest volume of Bitcoin options calls at a $60,000 strike, revealing the immediacy of some traders’ bullish outlooks. With over 1,273 contracts set for the March 29 expiry, the notional value of these bets exceeds $67 million, highlighting the significant capital being placed on these optimistic market predictions.

Bitcoin Market Sentiment And Predictions

This enthusiastic options trading activity occurs amid bullish Bitcoin price forecasts. Matt Dines, Chief Investment Officer at Build Asset Management, identifies a ‘Cup and Handle’ pattern on the Bitcoin price chart, suggesting a potential rally to $75,000.

Cup and handle #Bitcoin #sendit pic.twitter.com/DmYAVwmLfj

— Matt Dines (@BuildCIO) February 13, 2024

Similarly, QCP Capital analysts see Bitcoin reaching new all-time highs, projecting a significant surge before the end of March 2024.

This collective optimism is also mirrored in the Ethereum market, where there’s a notable accumulation of call options around the $4,000 strike price for mid-year expiries, indicating a broader positive sentiment across major cryptocurrencies.

Meanwhile, Bitcoin continues to make significant moves, crossing the $52,000 threshold with a nearly 20% increase in the past week, indicating that the market’s bullish sentiment is palpable.

Featured image from Unsplash, Chart from TradingView

BNB price is gaining bullish momentum from the $315 support zone. The price could extend its rally above $375 and rise toward the $400 level in the near term.

BNB price is showing bullish signs above the $350 pivot level.
The price is now trading above $355 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair (data source from Binance).
The pair could gather bullish momentum if there is a close above the $365 resistance zone.

BNB Price Regains Strength

In the past few days, BNB price started a decent increase and cleared the $335 resistance zone. There was a move above the $350 level to move into a positive zone, like Bitcoin and Ethereum.

The price even spiked above $365. A high was formed near $366 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $315 swing low to the $366 high. BNB is now trading above $355 and the 100 simple moving average (4 hours).

There is also a key bullish trend line forming with support at $354 on the 4-hour chart of the BNB/USD pair. Immediate resistance is near the $365 level.

Source: BNBUSD on TradingView.com

The next resistance sits near the $375 level. A clear move above the $375 zone could send the price further higher. In the stated case, BNB price could test $388. A close above the $388 resistance might set the pace for a larger increase toward the $400 resistance. Any more gains might call for a test of the $420 level.

Dips Supported?

If BNB fails to clear the $365 resistance, it could start a downside correction. Initial support on the downside is near the $355 level and the trend line.

The next major support is near the $342 level or the 50% Fib retracement level of the upward move from the $315 swing low to the $366 high. The main support sits at $335. If there is a downside break below the $335 support, the price could drop toward the $322 support. Any more losses could initiate a larger decline toward the $315 level.

Technical Indicators

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

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

Major Support Levels – $355, $342, and $335.

Major Resistance Levels – $365, $375, and $388.

Bitcoin price is holding gains above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.

Bitcoin price is showing positive signs below the $52,800 resistance zone.
The price is trading above $51,500 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $52,800 resistance zone.

Bitcoin Price Eyes More Upsides

Bitcoin price gained pace above the $51,200 resistance zone. BTC even broke the $52,000 resistance zone. A new multi-week high was formed near $52,843 and the price is now consolidating gains.

There was a minor decline below the $52,000 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. However, the bulls were active above the $51,200 support zone.

Bitcoin is now trading above $51,500 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $51,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Immediate resistance is near the $52,500 level. The next key resistance could be $52,800, above which the price could extend its rally. The next stop for the bulls may perhaps be $53,200. A clear move above the $53,200 resistance could send the price toward the $54,000 resistance. The next resistance could be near the $55,000 level.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $52,800 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the trend line.

The first major support is $50,550 and the 50% Fib retracement level of the upward move from the $48,240 swing low to the $52,843 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $48,500 support zone.

Technical indicators:

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

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

Major Support Levels – $51,500, followed by $50,500.

Major Resistance Levels – $52,500, $52,800, and $54,000.

According to a recent report published by crypto analytics firm Chainalysis, money laundering involving crypto assets has experienced a notable decline compared to the previous year. However, the report highlights that illicit actors have started adapting their tactics to evade detection and further obscure the movement of illicit funds. 

Evolving Tactics In Crypto Money Laundering

According to the report, illicit addresses sent approximately $22.2 billion worth of cryptocurrency to various services in 2023, a significant decrease from the $31.5 billion sent in 2022. 

While part of this decline can be attributed to an overall decrease in legitimate and illicit crypto transaction volume, the report reveals that money laundering activity witnessed a steeper drop of 29.5%, compared to the 14.9% decrease in total transaction volume.

Centralized exchanges remain the primary destination for funds originating from illicit addresses, with this trend remaining relatively stable over the past five years. However, the report indicates a shift in the distribution of illicit funds, with a growing share being directed towards decentralized finance (DeFi) protocols. 

Chainalysis suggests that this can be attributed to DeFi’s overall expansion during the same period, although the transparent nature of DeFi platforms makes them less favorable for obfuscating fund movements.

While the breakdown of service types used for money laundering in 2023 resembled that of the previous year, there were noticeable changes in specific types of crypto criminals’ money laundering practices. 

The report highlights a significant increase in the volume of funds sent to cross-chain bridges from addresses associated with stolen funds, indicating a shift towards utilizing bridge protocols for money laundering purposes. Additionally, there was a substantial rise in funds sent from ransomware attacks to gambling platforms and bridges, showcasing the “adaptability and resourcefulness” of cybercriminals.

North Korean Hackers And Cross-Chain Bridges

The concentration of money laundering at fiat off-ramps, where criminals convert their crypto into cash, remains a significant concern. While thousands of off-ramping services operate, most money laundering activity is concentrated in a few services. 

In 2023, 71.7% of illicit funds sent to off-ramping services went to just five services, a slight increase from 68.7% in 2022. The report also reveals an increase in deposit addresses receiving large sums of illicit cryptocurrency, indicating a more diversified approach by criminals to evade detection and mitigate the impact of frozen accounts.

Furthermore, the report highlights the changing tactics of “sophisticated” crypto criminals, particularly in the case of North Korean-affiliated hacking groups like Lazarus Group. 

According to Chainalysis, these actors have demonstrated an ability to adapt their money laundering strategies in response to law enforcement actions. The report cites the shutdown of mixer services, such as Sinbad, and the subsequent rise of replacements like YoMix, which has become a preferred mixer for North Korea-affiliated hackers.

Moreover, cross-chain bridges have seen substantial growth in money laundering activities, with illicit actors leveraging these protocols to move funds between blockchains. North Korean hackers, in particular, have been prominent users of bridge protocols for money laundering purposes. 

Ultimately, the report emphasizes the need for increased diligence and understanding of “interconnectedness” in fighting crypto crime by targeting money laundering infrastructure. 

Featured image from Shutterstock, chart from TradingView.com

Ethereum price is showing bullish signs above the $2,720 support. ETH eyes more gains and might surge toward the $3,000 resistance zone.

Ethereum is consolidating gains above the $2,780 support zone.
The price is trading above $2,800 and the 100-hourly Simple Moving Average.
There are two bullish trend lines forming with support at $2,825 and $2,780 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up toward the $3,000 resistance zone.

Ethereum Price Eyes More Gains

Ethereum price gained pace above the $2,750 pivot level. ETH bulls were able to pump the price above the $2,800 resistance zone. It even spiked above $2,850 before the bears appeared.

A new multi-week high was formed at $2,869 before there was a downside correction, like Bitcoin. There was a minor move below the $2,850 level. Ether dipped below the 23.6% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high.

The bulls are now active above the $2,800 level. Ethereum is now trading above $2,800 and the 100-hourly Simple Moving Average. There are also two bullish trend lines forming with support at $2,825 and $2,780 on the hourly chart of ETH/USD.

Immediate resistance is near the $2,880 level. The first major resistance is near the $2,920 level. The next major resistance is near $2,940, above which the price might rise and test the $3,000 resistance.

Source: ETHUSD on TradingView.com

If the bulls push the price above the $3,000 resistance, Ether could even rally toward the $3,120 resistance. In the stated case, the price could rise toward the $3,250 level.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,880 resistance, it could start a downside correction. Initial support on the downside is near the $2,825 level and the first trend line.

The next key support could be the $2,780 zone or the second trend line. It is close to the 61.8% Fib retracement level of the recent wave from the $2,728 swing low to the $2,869 high. A clear move below the $2,780 support might send the price toward $2,720. The main support could be $2,700 or the 100 hourly SMA. Any more losses might send the price toward the $2,600 level.

Technical Indicators

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

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

Major Support Level – $2,780

Major Resistance Level – $2,880