As expected, Ethereum has been doing poorly since the much-touted Merge event. This was a groundbreaking moment for the crypto industry.
Although the Merge was anticipated to boost investor confidence, it occurred at the worst possible time.
The Merge took place at an interesting point in crypto history. The update went up on September 15—just two days after the United States CPI data was made public.
There was a widespread selloff in the stock markets because of the Federal Reserve’s interest rate increase, reporting its annual inflation rate hike of 0.1%, and affecting the cryptocurrency market.
On the day of publication, Bitcoin dropped 12.71 percent, and Ethereum fell 12.67 percent. The timing of the Merge’s launch was a last-ditch effort to maintain or perhaps boost investors’ trust. However, that did not actually occur.
Ethereum (ETH) Price Down 21%
When everything was said and done, the Ether’s price had dropped by 21.1% compared to its 7-day moving average, as measured by CoinGecko. But @CryptoGucci, a Twitter user, disputes this.
One Twitter user explained why the recent price decline shouldn’t be worrying. The increasing prevalence of Ethereum validators on the blockchain is a prime example.
This increase in validators can improve the Ethereum blockchain’s overall efficiency.
Additionally, the state of Colorado has accepted ETH as a payment method through PayPal. However, this payment method is exclusive to personal PayPal accounts and not commercial ones. Nonetheless, this will undoubtedly aid the adoption of the ETH ecosystem.
Is An ETH Recovery Imminent?
Recent data indicate that ETH is witnessing a positive price increase. After a near-freefall to $1,243, the price has rebounded and is currently trading between $1,221 and $1,323.
Multiple indicators also depict a strengthening bullish momentum. Since the decline to the critical support level, stochastic relative strength index (RSI) values have risen, indicating that investor confidence is rebounding after a dreadful few days.
But are new changes sufficient to halt the current 0.75 percent interest rate increase? As the cryptocurrency market closely mirrors the broader financial environment, the recent movements may be temporary.
Wall Street’s indices have declined by a few percentage points as of this writing, and this decline can have a significant impact on the cryptocurrency market. As the third fiscal quarter draws to a close, Ethereum may experience a slow but gradual comeback.
ETH total market cap at $163.7 billion on the daily chart | Source: TradingView.com
Featured image from CryptoMode, Chart: TradingView.com
(The analysis represents the author’s personal views and should not be construed as investment advice).
Bitcoin (BTC) Will Test $14K Mark Instead Of Skyrocketing, Analyst
Despite Bitcoin recording substantial gains in the last few days, an analyst believes it’ll nosedive to $14k. Earlier this week, BTC experienced rocky times before giving the bulls something to cheer about. Despite the coin trading above its $20k resistance, popular trader Il Capo of Crypto believes it won’t hold this position for long.
The general sentiments surrounding bitcoin are positive, and investors are optimistic that the price will continue to rise. However, there is a lot of uncertainty regarding how far the price can go up.
Analyst Sees BTC Nosediving To 14k Soon.
Il Capo of Crypto, a popular crypto swing trader with over 500k followers, shared some bearish sentiments about the coin. In his tweet on October 5th, he mentioned that Bitcoin would reach a local top between $20,400 – $20,100. After that, it’ll show bearish signs and tip over to new lows.
20500-21000 hasn’t been touched and there’s no ltf distribution. Expecting the last leg up soon. Then ltf bearish signs, and reversal to new lows (14k-16k). – Il Capo of Crypto.
As of writing, Bitcoin still hasn’t crossed the $21.4k mark and is currently trading at $20,035. It has also recorded a 1.48% decrease in value since yesterday. The market cap of the cryptocurrency stands at $383 billion.
Other Experts Think Otherwise
On October 4th – 5th, Bitcoin (BTC) demonstrated strength by surpassing the $20,000 barrier after gaining 5% on the day. Some investors speculate the market to rise to $28,000 after the move liquidated $75 million in leverage short (bear) holdings. According to Mustache, the declining channel continues to apply its pressure. However, there may be sufficient strength to challenge the upper channel trendline at $21,500.
The price movement on October 4 coincided with better circumstances for global equities markets. The S&P 500 index rose 3.1%, and the tech-heavy Nasdaq Composite climbed 3.3% over the same time period.
Surprisingly, morale rose amid job opportunities in the United States falling by 1.1 million in August. The drop was the biggest since April 2020. This indicates that the aggressive tightening of money by the U.S. Federal Reserve could end sooner than expected. Bitcoin may have broken the $20,000 barrier due to widespread optimism. However, this does not mean institutional investors are satisfied with the current price.
Bitcoin’s price is currently trading above $20,000. | BTCUSD price chart from TradingView.com
What Next For Bitcoin
It seems like Bitcoin is going through a phase where it is consolidating. There is a possibility that the price will fall back to $19,000 as the bears attempt to take control. If this happens, we might see a retest of the $14,000 level, as Il Capo of Crypto suggested. Conversely, if the bulls manage to push the price higher, we might witness another run towards the $25,000 level.
Related Reading: GMX Token, Arbitrum Favorite Get Listed On Binance, What Next?
Featured image from Pixabay and chart from TradingView.com
Ripple (XRP) Continues Positive Moves, Added Over 12% In A Week
Ripple (XRP) has been steadily climbing, adding over 12.50% in the past seven days. This is despite its ongoing case with the SEC coupled with the overall bearish market sentiments.
The bulls have managed to keep the XRP token flying high above $0.48 and are edging to break through its $0.50 resistance. XRP experienced a rocky start last week Wednesday, falling below its $0.44 floor price. However, the coin quickly gained momentum the next day, adding over 13% gains before the end of the trading day.
Ripple Closed Its Best Month In 2022
September was a good month for Ripple as it closed out the best month since the beginning of the year. In the previous week, XRP’s price on the weekly chart approached a significant resistance level at $0.56. However, it was unsuccessful in breaking through that level.
This resistance is a combination of the yellow rising line and the horizontal barrier seen in red. By the way, a weekly red candle following several consecutive green candles is not uncommon by any means.
XRP retested the $0.56 level again on the 29th but couldn’t sustain it. It finally closed the month with a $0.49 high. Upward momentum is anticipated once the price of the asset breaks and sustains a closing above $0.56. We might see this soon enough unless it drops below the $0.4 support level.
XRP’s price is currently trading at $0.4929. | Source: XRPUSD price chart from TradingView.com
XRP Holds Its End Against BTC
XRP’s over 12% weekly gain isn’t the only thing that caught our attention. The asset also held its end against Bitcoin (BTC). Although the XRP/USD exchange rate is down 0.5%, it is up 1.5% to 3% against BTC. In comparison to Bitcoin, the XRP price has increased by more than 50% over the previous three weeks. This puts XRP at levels not seen since the summer of 2021.
XRP price movement might have several causes. Of course, the primary driver is the SEC’s legal battle with Ripple, which seeks to recognize XRP as a security. Recent events seem to favor XRP and Ripple, but the final verdict is not yet out.
The second, less obvious explanation may be today’s announcement about SWIFT and CBDC tests. SWIFT successfully tested several technologies with CBDC. Financial institutions from France and Germany, including their central banks and commercial counterparts, participated in the experiments. They explored using CBDC worldwide and converting it to fiat if needed.
What Next For Ripple
Ripple is currently trading at $0.4928 and is set to retest the $0.50 resistance floor. As long as buyers outnumber sellers, this uptrend is likely to continue. However, if the price reaches a critical level of $0.44, bears may come in as they did on September 23.
Related Reading: XRP Price Could Get A 23% Boost From This Bullish Formation Breakout
The 12% weekly gain demonstrates that buyers are dedicated to taking XRP over $0.50 and $0.55. Achieving this goal will pave the way for the token to go to $0.70 soon.
Featured image from Pixabay and chart from TradingView.com
Bitcoin Blows The Highest Daily Candle Since Last 24 Days
After wading through a declining path for weeks, the crypto market and Bitcoin have suddenly entered another phase. The past few days have proved to be favorable for prices in the market. Almost all crypto assets are making impressive northward movements.
For the primary cryptocurrency, its moves to reclaim value are commendable. Bitcoin has reached the $20,000 region as it made more gains. In addition, the token finally closed a daily candle across the critical level.
Also, the altcoins are making significant progress with positive movements during the trading hours of the last few days.
Bitcoin Closes Daily Candle Above $20K
The $20K is one of the critical levels for Bitcoin. Over the past few weeks, BTC went down below this mark due to the solid bearish pull in the crypto market. But the leading crypto asset is gradually bringing back its value this week.
Bitcoin has finally closed a daily candle higher than $20,000 for the first time since September 17. This new feat strengthens the token positively, hovering between $18,000 and $24,000 for some months. Furthermore, this new position is the highest daily close for BTC in almost 24 days.
This recent price movement has stirred lots of participants in the crypto space. Many are watching to see the sustainability of BTC on this level.
At the time of writing, BTC is trading at around $20,247, indicating an increase of 0.44% over the past 24 hours. Its market cap has grown to $385.8 billion. Also, BTC’s dominance over the altcoins sits at about 40.19%, with a rise of 0.23% within the past day.
Bitcoin Surpasses The $20,000 mark l BTCUSDT on Tradingview.com
Most Altcoins Gained With GMX As Top Performer
The broader crypto market is feeling the bullish trend too. The altcoin has shown positive value reclaim within the past few days.
Most of the altcoins are in the green though some have not shown a massive increase in value over the past day. For the top 10 crypto assets by market cap, Dogecoin (DOGE) and Ripple (XRP) take the lead. They recorded about 6.2% and 3.6% gains in the values.
GMX, the native token of the GMX cryptocurrency, proved to be the top performer among the altcoins over the past 24 hours. The token amassed over 30% gain in its value. It is trading at around $55.27 at the time of press.
The performance of GMX could be in connection with the recent announcement from Binance to list the token in its innovative zone. However, EVMOS emerged as the top loser. The crypto lost more than 4% over the past day.
The impressive outplay of all the cryptocurrencies pushed the cumulative market capitalization to $960.13 billion. This figure shows an increase of about 0.34% over the past 24 hours.
Featured image from Pixabay and TradingView.com
Gaming2 weeks ago
Elden Ring Is Being Turned Into A Board Game
Gaming2 weeks ago
Riot Discusses Its Diversity Efforts For Wild Rift And The Power Spike Update
Gaming2 weeks ago
GTA Forums Remove GTA 6 Leak Posts To Avoid Being “Obliterated” By Take-Two
Crypto2 weeks ago
These Two On-Chain Signals Precede Bitcoin Falls, Suggests Analyst
Gaming3 weeks ago
EVGA, Popular Graphics Card Maker, Parts Ways With Nvidia In Messy Breakup
Gaming2 weeks ago
Chess Champion Ratchets Up Cheating Drama By Resigning In Just One Move
Crypto3 weeks ago
Cosmos (ATOM) In Green While Entire Market Bleeds
NFT3 weeks ago
Vera Bradley Launches Metaverse and Debut NFT Collection