Crypto

Ethereum Price Breaches $2K as BlackRock’s iShares Ethereum Trust Triggers $48 Million Short Squeeze

Published

6 months ago

November 11, 2023

Crispus

Ethereum price has been moving higher over the past few days, outperforming Bitcoin and breaching the important resistance level of $2,000 for the first time since July 2023. Over the last day, Ethereum’s total market cap has increased by nearly 4% to $250.9 billion, while the total volume of the assets traded decreased by 12%. Ethereum, the largest altcoin by total market capitalization, has gained more than 12% in the past week and 71% in the year to date.

Catalysts Behind ETH’s Rally

Ethereum price has been hovering above the much-coveted resistance level of $2,000, its highest level in six months, on the back of the ETF buzz in the crypto markets and broader market sentiment. The cryptocurrency market has experienced a significant upswing over the past few days, fueled by investor anticipation surrounding spot Bitcoin exchange-traded funds (ETFs).

The lack of clear guidelines by the US Securities and Exchange Commission (SEC) and Congress has not dampened the interest of digital currencies. Notably, the potential introduction of ETFs by bigwigs such as BlackRock, Grayscale, and Fidelity, among others, has buoyed the crypto market sentiment. The crypto market cap has climbed over the past few days to $1.42 trillion, its highest level this year. Additionally, the Crypto Fear and Greed Index, which measures the crypto market sentiment by market participants, has increased to a greed level of 77, highlighting an increase in demand for digital assets and risk appetite.

The surge in Ethereum’s price has also been triggered by news of BlackRock registering the iShares Ethereum Trust in Delaware, resulting in $48 million worth of liquidations in ETH short futures. The news fueled optimistic expectations regarding a potential Ether ETF application by the major asset manager, BlackRock. This speculation follows BlackRock’s iShares Bitcoin Trust Registry in Delaware in June 2023, a week before the company’s Bitcoin ETF application.

Ethereum Price Analysis

Ethereum price has recorded significant gains over the past few days, breaking above the highly coveted $2,000 resistance level. The altcoin has broken above the ascending channel (shown in yellow), as seen on the daily chart. Ethereum remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI) has moved to the overbought zone, suggesting an increase in buying pressure. The Moving Average Convergence Divergence (MACD) indicator is signaling a buy.

Despite regulatory uncertainty, the Ethereum price is likely to continue edging higher in the short term with the next target resistance at $2,190. Bulls need to gather enough momentum to gain the upper hand and push the ETH price higher in the medium term. A drop below the immediate support level at $1,870.80 will invalidate the bullish thesis.

ETH Price Chart

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

Published

4 months ago

December 29, 2023

Crispus

BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Published

4 months ago

December 27, 2023

Crispus

Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

Published

4 months ago

December 22, 2023

Crispus

Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5^th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama…