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Can Ethereum ETF Bring Optimism In The Price?Can Ethereum ETF Bring Optimism In The Price? In the present scenario, the Ethereum price is witnessing a strong selloff in Intraday, as it has distanced itself from the $3200 level. The crypto is headed to test the rebound level of $3000, dropping more than 5% in Intraday. The daily chart shows a breakdown of a bearish flag pattern and a rejection from the 50-day exponential moving average. While the $3000 may act as a psychological level and bring some stability, further downside movement cannot be ruled out. However, recent developments and updates point towards a potentially bright future for Ethereum, which could bring back the optimistic days. The most recent news that could relieve Investors is about the commencement of Bitcoin and Ethereum ETFs in Hong Kong. This news is a reason for celebration for Hong Kong investors. There is optimism that these ETFs might exceed the $125 million US Bitcoin ETF launch. It might bring back the reversal in Ethereum and the crypto may perform in the next month.
CRYPTO:ETHUSDLong
by Ritika_TCR
1
Ethereum Price Slips Further On 4-H ChartEthereum, the world's second-largest cryptocurrency by market capitalization, has been in the spotlight due to recent turbulence in the broader crypto market. Over the past 24 hours, Ethereum's price has fallen by almost 4.62%, causing concern among investors and underscoring bearish sentiments for the asset. At present, it is trading at $3,059, and the volatile price action of the asset aligns with derivatives data, which suggests that market sentiment is bearish. Coinglass has reported a 4.95% decrease in the ETH token's open interest, and derivatives volume has also plummeted by 51.55%. This data indicates a strong bearish sentiment among investors and traders, which has raised concerns about a potential price correction for Ethereum in the future. Furthermore, the profit-taking behavior during the post-halving rally further reinforces this sentiment. Daily Chart Analysis Of Ethereum Price Looking at past price structures over the daily chart, Ethereum's price has seen a massive upsurge, favoring the bulls. The price rose from the demand zone near $1535 by the October 2023 support level and rallied up to $4100 by March 11th, 2024. However, after reaching its peak, the price fell into a wedge and started making lower lows and highs after March 12th as bulls lost their traction on the daily chart. Ethereum Price Slips Further On 4-H Chart In the 4-hour time frame, despite the significant decline, Ethereum still shows bearishness and falling capacity as it slides below the considerable trend in the 20-day and 50-day EMA bands. If sellers continue to surge, the drastic decline could extend even further. Likewise, the Ethereum asset is showing bearish momentum as MACD shows a bearish crossover, and the RSI is falling steadily at 33.29, indicating that the ETH asset is not gaining steam and can continue to drop lower. Therefore, Both derivative factors and technical indicators influence Ethereum's price movements. The breakdown from the rising wedge pattern on the 4-H chart highlights bearishness. On the downside, Ethereum has support near the $3,066 level, with additional support levels at $3,030 and $2,830. A breach of these support levels might lead to further downside, with the price potentially testing the lower trend line of the wedge in the near term. For the upstream, Ethereum's first major hurdle is near the $3,250 mark. Beyond that, the key resistance levels are observed at $3,191, $3,288, $3,338, and $3,359. A breakthrough above these levels could signal bullish momentum, potentially driving the price toward the $3,681 and $3,751 resistance zones.
BITSTAMP:ETHUSDShort
by Sam_TCR
1
the price fell into a wedgeThe price action of Ethereum showed a massive upsurge in the past, which favored the bulls. The price rose from the demand zone near$1535 by the October 2023 support level and rallied spectacularly up to $4100 by March 11th, 2024. After reaching the peak, the price fell into a wedge and started making lower lows and highs after the 12th of March, as bulls lost their traction on the daily chart. Support Levels: On the downside, Ethereum has encountered support near the $3,066 level, with additional support levels at $3,030 and $2,830. A breach of these support levels might lead to further downside, with the price potentially testing the lower trend line of the wedge in the near term. Resistance Levels: Ethereum faces significant resistance levels, with the first major hurdle near the $3,250 mark. Beyond that, key resistance levels are observed at $3191, $3,288, $3,338, and $3,359. A breakthrough above these levels could signal bullish momentum, potentially driving the price toward the $3,681 and $3,751 resistance zones.
BITSTAMP:ETHUSDShort
by Sam_TCR
1
ETHUSD now at psy. lvl & 30/03 analysis dropped 100 pts! The price of Ethereum’s Ether ETHUSD is up today, rising 3.5% to reach over $3,630 on March 31. ETH price is now up 18.75% from its local low of around $3,050, established over a week ago. Capital rotation into Ether market Ether's ongoing rise versus the U.S. dollar coincides with its equally strong gains against Bitcoin BTCUSD . Notably, the widely-tracked ETH/BTC pair has gained roughly 2.5% on March 31 to reach 0.051 BTC suggesting a possible rotation of capital in the short term.
BITSTAMP:ETHUSDLong
by FXBANkthe8055
ETHUSD Will Consensys’ comments help in getting Ether ETF approvOn March 8, 2024, the Security and Exchange Commission (SEC) requested public comments on Nasdaq’s pending applications to permit the approval of a spot Ethereum exchange-traded fund (ETF). In response to the SEC’s request for public comments regarding the approval of Ether ETF applications, advocates of Ethereum have submitted a comprehensive letter addressing concerns about fraud and manipulation.Ethereum Advocates’ response to the SEC’s concern However, the SEC’s inquiry specifically questioned whether Ethereum’s Proof of Stake (PoS) consensus mechanism and concentration of control raise unique concerns regarding vulnerability to fraudulent activities. Following the SEC’s question advocates highlighted Ethereum’s robust security measures, surpassing those of Bitcoin’s Proof of Work (PoW) model, which forms the basis of previously approved Bitcoin ETFs. These are the key highlights included in response to the SEC’s concerns regarding the fraudulent activities: Faster Block Finality: Ethereum’s transition to PoS ensures faster block finality, where transactions are irreversibly confirmed in a shorter timeframe compared to PoW. Distributed Validation Process: Ethereum PoS divides block validation duties among proposers and attesters, preventing centralized control and manipulation. Total Cost to Attack: Research indicates that Ethereum’s Byzantine fault tolerance makes network compromise significantly more costly compared to Bitcoin. Slashing Penalties: Ethereum penalizes validators who violate protocol rules through stake deductions, serving as a deterrent against malicious behavior. Environmental Benefits: Ethereum’s PoS model is environmentally friendly compared to Bitcoin’s energy-intensive PoW, consuming significantly less energy. Additionally, Ethereum’s decentralized community and transparent development process contribute to its security and resilience against attacks. Advocates also urged the SEC to recognize Ethereum’s advanced safeguards, which meet and exceed the security standards of previously approved Bitcoin-based ETPs. The submission reflects the advocates’ commitment to advancing Ethereum’s adoption and fostering constructive discussion with regulatory authorities. However, this letter marks a significant step in promoting awareness and understanding of Ethereum’s security features, aiming to facilitate the approval of ether ETFs and onboard the next billion users to web3.Will ETH ETF approval impact Ethereum price? However, following the approval of the spot Bitcoin ETF, the crypto community is eagerly awaiting the approval of the spot ETH ETF. It is also expected that once the ETF is approved, similar to the Bitcoin ETF, Ethereum will also reach its all-time high. Ethereum is trading near the $3,500 level, and in the last 24 hours, it experienced a downside momentum of nearly 2%. If we look at Ethereum’s performance over a longer period, in the last 7 days, the price of Ethereum experienced only a 4% upside momentum. Whereas, in the last 30 days, it has remained neutral with a 0.4% momentum. © Todayq News
BITSTAMP:ETHUSD
by FXBANkthe8055
The Ethereum crypto appears to be geared to keep on going upwardThe Ethereum on Tuesday 12th shows a pause in price after a splendid long run in the northward direction. As of Wednesday 13th, the current market price (CMP) is $4036.3, representing a 1.45% intraday increase, and is showing bullish traits for more growth in future sessions. It has demonstrated good performance in the past week by 13.54%, month by 61.09%, and three months by 78.70%, indicating a reliable upward trend. Since the ETH crypto has displayed a prime price rally from a critical level of around $2900 on the chart and showing sustenance signs at another critical level at a $4000 price level. This price structure on the daily chart shows that Ethereum has the potential to surpass its all-time-high level, similar to Bitcoin. The Ethereum crypto appears to be geared to keep on going upwards on this remarkable price rally after it recently paused at the $4000 level on Tuesday. Now, it seems mobilizing its buying force again to overcome the resistance level of the next supply zone around $4600 and ascend to new. Moreover, the crypto asset has shown a bullish strength already by giving a bullish rally so far, and more rising potential lurking on the ETH chart as it stays above major 20, and 50-day EMA's. Therefore, the Ethereum price prediction highlights that, if the price manages to thrust above by carrying solid buying volume, then the next possible targets could be $4400 and $4600, respectively. However, if the crypto price fails to stay above $4000, it could decline to $3800, starting a downtrend. The next support would then be $3400.
BITSTAMP:ETHUSDLong
by Sam_TCR