Ethereum's native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level. Ethereum breaks $4,000, nearing new all-time high ETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency's run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery. According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% …
Bitcoin’s (BTC) ongoing price rally above $64,000 has coincided with a substantial drop in its reserves across all exchanges. According to data provided by CryptoQuant — a South Korea-based blockchain analytics service — the amount of Bitcoin held in exchanges’ wallets dropped to as low as 2.379 million BTC earlier this week, the lowest in more than three years. Currently, the reserves are around 2.38 million BTC. CryptoQuant noted that the declining Bitcoin reserves showed the availability of fewer BTC tokens “for selling, altcoins purchasing, and margin trading.” Additionally, that also reflected traders’ intention to “hodl” the cryptocurrency. Demand for …
The total cryptocurrency market capitalization broke $2.5 trillion as the United States Securities and Exchange Commission seems to be open to approving additional crypto futures-linked exchange-traded funds. According to data from Cointelegraph Markets Pro, the value of all cryptocurrencies has more than doubled since hitting a $1 trillion market capitalization in January. The prices of Bitcoin (BTC) and Ether (ETH) rose to more than $63,000 and $3,800, respectively, as the total crypto market capitalization dipped its toes above $2.5 trillion. BTC remains the biggest cryptocurrency by market cap at roughly $1.2 trillion, ETH in the second position at more than …
Ethereum's native token Ether (ETH) has rallied by more than 415% this year to over $3,800, and two major bullish patterns developing on its charts highlight the scope for another upside move, ultimately toward the $6,200–$6,500 price range. ETH price eyes $4K resistance breakout The first decisive break above the psychological $4,000-mark, which serves as a resistance trendline to a five-month-old ascending triangle and a cup and handle pattern, could trigger a textbook price rally in the coming sessions. In detail, the $6,250-level appears as the profit target for the Ascending Triangle pattern, calculated by measuring the widest distance between …
The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead. In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060. But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, …
Bitcoin’s (BTC) market tendency to crash by over 80% after logging strong bull runs might come to an end. That is according to a new report published by California-based hedge fund Pantera Capital. In detail, the report notes that the recent periods of BTC price drops have been less severe than in the past. For instance, in 2013–2015 and 2017–2018, Bitcoin crashed by as much as 83% after topping out near $1,111 and $20,089, respectively. Similarly, the cryptocurrency’s bull run in 2019–2020 and 2020–2021 led to massive price corrections. Nevertheless, the scales of their retracements afterward were -61% and -54%, …
Cryptocurrency data aggregator CoinGecko has released its Q3 2021 report showing massive gains across several crypto market sectors. Following the May market crash, Q3 began on a low ebb for the crypto space, with market capitalization dipping even further in late July below the $1.2 trillion, less than half of the $2.5 trillion all-time high recorded only two months prior. However, market capitalization did recover in Q3, rising as high as $2.3 trillion in early September. According to the CoinGecko report, Bitcoin (BTC), gaming “coins,” and nonfungible tokens (NFTs) dominated the crypto market space in Q3. Bitcoin recorded a 25% …
Polygon (MATIC) has the potential to reach $3.50 by the end of this year as it charts a pattern that’s starting to resemble a bull flag. In detail, bull flags are bullish continuation patterns that emerge when the price consolidates following a strong move higher. In doing so, the price tends to trend lower while leaving behind a sequence of higher lows and lower lows. A breakout occurs when the price closes above the flag’s upper trendline (or resistance). In other words, the price can rise by as much as the height of the previous uptrend, also known as a …
Open interest (OI) for Bitcoin (BTC) Futures trading on the Chicago Mercantile Exchange (CME) inched toward a new record high on Oct. 14 as BTC reclaimed its five-month high of $58,550 on BitStamp. The total number of outstanding derivatives contracts on the CME Group's Bitcoin Futures market reached $3.22 billion, just $40 million below its record high logged in Feb 2021, according to data provided by ByBt.com. Nonetheless, the OI came out to be higher than it was at the Bitcoin price's peak in mid-April. In detail, the Bitcoin Futures OI on CME was $3.02 billion on April 14, the …
Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41–$43 range decisively. That’s according to a classic bullish reversal setup known as an inverse head and shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation. Specifically, the pattern contains an initial selloff, followed by a short-term price rally and another — deeper — selloff. That leads to one more small correction to the upside, followed by another selloff that bottoms out near/at the lowest level of the first selloff. …
Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from last week’s low of $0.00002058. SHIB’s price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below. Extended rally ahead? The Shiba Inu chart also shows traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support. For …
Ethereum's native token Ether (ETH) is at risk of falling below $3,200 in the coming sessions as its rally comes face-to-face with a strong resistance zone. In detail, the price of Ether swelled by almost 22% on a month-to-date timeframe in the wake of a market-wide price rally. That pushed the second-largest cryptocurrency by market capitalization from under $3,000 to above $3,650 in the first eight days of October, triggering more bullish forecasts. "Six thousand dollars will happen fast; $10,000 is programmed," noted Twitter-based technical chartist Crypto Cactus. David Gokhshtein, CEO of distributed data network PAC Protocol, predicted a $10,000 …