Cryptocurrency

This article was originally published on U.Today More

This article was originally published on U.Today More

The distribution of this sell-off was as follows: 297,454 ETH ($656.5 million) moved to Coinbase (NASDAQ:COIN) Prime, 146,507 ETH to Paxos Treasury and smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this massive transfer, Celsius reportedly retains a reserve of 62,468 ETH, worth around $139 million.Such a colossal sale exerts immense pressure on Ethereum’s price and could significantly sway market sentiment. The immediate concern for investors and traders is whether Ethereum’s liquidity and market capitalization can absorb such a hit without triggering a broad market downturn.From a technical analysis standpoint, the massive outflow from Celsius is a bearish signal, likely to test Ethereum’s local support levels. A crucial support to watch is around the $2,000 price range, a psychological and technical support level, which, if breached, could see the price tumble to the next significant support at $1,800. This level has historically acted as a strong buy zone and may serve as a robust defense against further declines.Conversely, resistance levels have become more formidable due to the sell-off. Any potential recovery will have to confront the resistance at $2,200, which previously acted as a support level. A break above this could see Ethereum attempt to reclaim higher price levels, possibly testing the $2,400 resistance.The substantial sell-off initiated by Celsius has placed Ethereum in a problematic position. Although the Ethereum network’s fundamentals remain robust, the asset’s price resilience in the face of such a significant sell-off shows the actual state of the market.This article was originally published on U.Today More

With all eyes on Bitcoin, the latest correction might be a result of the Jim Cramer effect. Based on precedent, crypto proponents on X have identified a pattern that sees Bitcoin move in the opposite direction from what Jim Cramer identifies. As the CNBC Mad Money Host noted on X on Jan. 24, he pointed out that Bitcoin was off to a strong start in defiance of his earlier call that the coin’s floor might still be far away.When this statement was made, Bitcoin was trading at about the $40,000 price mark, and its correction at the time of writing suggests the Jim Cramer theory might be accurate after all. The launched spot Bitcoin Exchange Traded Fund (ETF) product has not produced enough impact, as projected by top market veterans like Samson Mow. While there is enough time to hit the $1 million price projection from Mow, Bitcoin’s outlook since the product started trading has been relatively gloomy.With the Bitcoin halving event now ahead, the market is choosing to lean on another network fundamental to anticipate a massive bullish resurgence in the price of the digital currency. According to top analysts like Benjamin Cowen, BTC is poised to enter the bull market ahead of the forthcoming halving.This article was originally published on U.Today More

The 200 EMA serves as an important barometer for the long-term trend and investor sentiment. For XRP, remaining below this level suggests that the asset lacks the bullish momentum needed to shift into an upward trajectory. This inability to secure a foothold above the 200 EMA raises questions about the stability of positive price action in the near term.XRP/USDT Chart by TradingViewTechnical analysis shows that the 200 EMA is a dynamic level of resistance that many traders watch closely. A consistent failure to breach this mark can lead to a self-fulfilling prophecy where the resistance level grows stronger, as more traders set their sell orders around this key price point. The ETH chart reveals a telling pattern; the absence of a new higher high is significant. Typically, in a bullish market phase, the price of an asset creates a series of higher highs and higher lows. However, Ethereum’s inability to push beyond its recent peak may suggest that the bulls are running out of steam and a reevaluation of market sentiment could be underway.Analyzing the chart, the local resistance level has been a tough ceiling for Ethereum to break. This resistance, where sell orders tend to cluster, is acting as a barrier preventing further upward movement. On the flip side, the support level represents a price point with a concentration of buy orders, offering a potential cushion against a price drop. If Ethereum fails to uphold the support level, it could trigger a price breakdown, signaling a shift to a bearish trend.If Ethereum’s price continues to struggle, the scenario could unfold where the asset drops further, testing subsequent support levels. While the underlying fundamentals of Ethereum, such as network upgrades and adoption rates, remain robust, the short-term price action could still be subject to corrective forces.The technical outlook for SOL is looking promising. After a period of bullish activity that piqued the interest of many investors, SOL has hit a snag near the $100 resistance level. This resistance level represents a significant psychological and financial barrier, as it is where sell orders tend to accumulate, putting downward pressure on the price.Despite efforts to rally, the asset has been unable to generate the necessary momentum to overcome this threshold with ease and currently consolidates at it. One of the key factors influencing this lackluster performance could be the market’s tepid reaction to the announcement of Solana phone Saga 2. The news, which might have been expected to inject some enthusiasm onto the market, failed to provide substantial support for Solana’s price.Looking at the chart, the local support levels are clearly delineated. The first line of defense for SOL lies around the $88-$90 price range, where previous dips have found buyers waiting. Should this level fail to hold, the next support may not emerge until it reaches the more robust $70 level, which could act as a stronger foothold for the price.Conversely, resistance beyond $100 is now more formidable than ever. With each rejection, the resolve of buyers weakens, and the $100 level transforms from a mere price point into a crucial psychological level you should not miss.This article was originally published on U.Today More

In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.XRP/USDT Chart by TradingViewThe market’s oppressiveness toward XRP can be attributed to various factors, including lack of usecase for XRP and a poor performance throughout the 2023. However, the past has shown that XRP can swiftly shift from oppressed states to strong bullish rallies, often catching many off-guard.For a scenario where XRP’s growth continues, it is essential for the token to maintain its stand above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could stimulate investor confidence, potentially leading to a challenge of the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and may pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.After dipping to a support level around $88 on December 20, 2023, Solana has rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downward trend. The local trendline resistance, which Solana is currently testing, is evident at approximately $97.50. Two pivotal price levels stand out on Solana’s chart. The first resistance level after the trendline sits near the $100 psychological mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.Conversely, on the support side, the level to watch is around $88, as mentioned earlier. This price has proven to be a firm foundation, with buyers stepping in to uphold Solana’s valuation. A secondary support level is present near $85, just below the 50-day moving average, acting as a safety net for any potential retracements.The rapid growth witnessed in the past few days has been nothing short of impressive. Ethereum, which lingered around the $2,400 mark in the early days of February, has seen a significant influx of buying pressure, leading to a breakthrough past key resistance levels. This positive price action posits two potential scenarios for the smart contract giant.In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with the additional fuel from the recent high volume of trades, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to unfold, as it would establish a new support level, reinforcing investor confidence.Alternatively, given the volatile nature of the crypto markets, a retracement could occur before Ethereum reaches $3,000. This would likely see the asset retesting support at the $2,500 level, which if held, could serve as a springboard for a second wave towards and beyond $3,000.This article was originally published on U.Today More

This article was originally published on U.Today More

In reaction, BTC prices rose to a new multi-year high, reaching $49,102. The market then fell 18% over the weekend, reaching fresh year-to-date lows of $40,236.As with any important event, holders of Bitcoins enjoy debating whether it was priced in or not.In this regard, Julio Moreno, the head of research at CryptoQuant, debunks the widely circulated narrative that the Bitcoin price drop was caused by Grayscale’s GBTC selling Bitcoin.Before being converted to an ETF from a trust, Grayscale Bitcoin Trust (GBTC) was one of the only options for stock traders in the United States to obtain exposure to Bitcoin price swings without having to purchase the actual cryptocurrency.While GBTC has seen remarkable outflows after its uplisting into an ETF, a chunk of these have been from investors moving to lower-fee ETFs.Moreno highlighted that, while GBTC sold approximately 60,000 Bitcoins, other Bitcoin ETFs net purchased roughly 72,000 Bitcoins, thus offsetting the sales of BTC from Grayscale’s GBTC.He attributes the volatility in Bitcoin’s price to selling by Bitcoin holders (short-term traders and whales) who took profits following last year’s surge, noting that the ETF approval might just be the “sell-the-news” event.However, several metrics in both the on-chain and derivatives domains suggest that a non-trivial portion of Bitcoin investors did treat the ETF approval as a sell-the-news event.While there are other key driving factors behind the interim volatility, both futures and options markets have seen a meaningful uptick in open interest (OI) since mid-October, according to Glassnode.Open interest in both markets remains around multi-year highs, showing that leverage is rising and becoming a more dominant force in markets.At the time of writing, BTC was up 0.58% in the last 24 hours to $41,543, per CoinMarketCap data.This article was originally published on U.Today More