Short
Ethereum price weakens near key support, but traders are afraid to open short positions
Ether (ETH) has been stuck between $1,170 to $1,350 from Nov. 10 to Nov. 15, which represents a relatively tight 15% range. During this time, investors are continuing to digest the negative impact of the Nov. 11 Chapter 11 bankruptcy filing of FTX exchange. Meanwhile, Ether’s total market volume was 57% higher than the previous week, at $4.04 billion per day. This data is even more relevant considering the collapse of Alameda Research, the arbitrage and market-making firm controlled by FTX’s founder Sam Bankman-Fried. On a monthly basis, Ether’s current $1,250 level presents a modest 4.4% decline, so traders can hardly blame FTX and Alameda Research for the 74% fall from the $4,811 all-time high reached in November 2021. While contagion risks have caused investors to drai...
2 key Ethereum price indicators point to traders opening long positions
Ether (ETH) price has been unable to close above $1,400 for the past 29 days and it has been trading in a relatively tight $150 range. At the moment, the $1,250 support and the $1,400 resistance seem difficult to break, but two months ago, Ether was trading at $2,000. The current price range for Ether simply reflects how volatile cryptocurrencies can be. From one side, investors are calm as Ether trades 50% above the $880 intraday low on June 18. However, the price is still down 65% year-to-date despite the most exciting upgrade in the network’s sev-year history. More importantly, Ethereum’s biggest rival, BNB Chain, suffered a cross-chain security exploit on Oct. 6. The $568 million exploit caused BNB Chain to temporarily suspend all transactions on the network, which holds $5...
How Bitcoin’s strong correlation to stocks could trigger a drop to $8,000
The Bitcoin (BTC) price chart from the past couple of months reflects nothing more than a bearish outlook and it’s no secret that the cryptocurrency has consistently made lower lows since breaching $48,000 in late March. Bitcoin price in USD. Source: TradingView Curiously, the difference in support levels has been getting wider as the correction continues to drain investor confidence and risk appetite. For example, the latest $19,000 baseline is almost $10,000 away from the previous support. So if the same movement is bound to happen, the next logical price level would be $8,000. Traders are afraid of regulation and contagion On July 11, the Financial Stability Board (FSB), a global financial regulator including all G20 countries, announced that a framework of recommendations for the crypt...
Any dip buyers left? Bulls are largely absent as the total crypto market cap drops to $1.65T
The total crypto market capitalization has been trading within a descending channel for 24 days and the $1.65 trillion support was retested on May 6. The drop to $1.65 trillion was followed by Bitcoin (BTC) reaching $35,550, its lowest price in 70 days. Total crypto market cap, USD billion. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptocurrencies dropped 6% over the past seven days, but this modest correction in the overall market does not represent some mid-capitalization altcoins, which managed to lose 19% or more in the same time frame. As expected, altcoins suffered the most In the last seven days, Bitcoin price dropped 6% and Ether (ETH) declined by 3.5%. Meanwhile, altcoins experienced what can only be described as a bloodbath. Below ar...
ProShares files with SEC for Short Bitcoin Strategy ETF
Exchange-traded funds (ETFs) issuer ProShares has filed a registration statement with the United States Securities and Exchange Commission to list shares of a Short Bitcoin Strategy ETF. In a Tuesday filing, ProShares applied with the SEC for an investment vehicle that would allow users to bet against Bitcoin (BTC) futures using an exchange-traded fund. According to the registration statement, the Short Bitcoin Strategy ETF will be based on daily investment results corresponding to the inverse of the return of the Chicago Mercantile Exchange Bitcoin Futures Contracts Index for a day. ProShares just filed for a Short Bitcoin Futures ETF. Even tho SEC rejected similar filing last year, this has shot IMO given ProShares’ perfect read on SEC w/ $BITO and the lack of issues w/ futures ETF...
Pro traders curb their enthusiasm until Ethereum confirms $3,400 as support
Ether (ETH) price jumped 11% between March 26 and March 29 to reach $3,480, which is the highest level in 82 days. Currently, the price is down 9% year-to-date but does data support the belief that the altcoin has resumed its uptrend toward a new all-time high? Institutional investors seem excited that the CoinShares Digital Asset Fund Flows Weekly Report revealed on Tuesday that the exchange-listed crypto products inflows reached the highest level in three months. Data showed that investment products for digital assets saw net deposits of $193 million last week. At the same time, the Office of Science and Technology Policy, an executive office of the President of the United States, launched a study to offset energy use related to digital assets. Furthermore, on March 9, U.S. Preside...
Bitcoin rally hopes diminish as pro traders flip bearish, retail interest at 12-month lows
Bitcoin (BTC) has been trapped in a symmetrical triangle for 56 days and the trend change could last until early May, according to price technicals. Currently, the support level stands at $38,000, while the triangle resistance for daily close stands at $43,600. Bitcoin mining up, retail interest down Bitcoin/USD price at FTX. Source: TradingView The week started with a positive achievement for the Bitcoin network as the Lightning Network capacity reached a record-high 3,500 BTC. This solution allows extremely cheap and instant transactions on a secondary layer, known as off-chain processing. After cryptocurrency mining activities were banned in China in 2021, publicly-listed companies in the United States and Canada attracted most of this processing power. As a result, Bitcoin’s hash...
Ethereum price moves toward $3K, but pro traders choose not to add leverage
Even though Ether (ETH) price bounced over 20% from the $2,300 low on Feb. 22, derivatives data shows that investors are still cautious. To date, Ether’s price is down 24% for the year, and key overhead resistances lay ahead. Ethereum’s most pressing issue has been high network transaction fees and investors are increasingly worried that this will remain an issue even after the network integrates its long-awaited upgrades. For example, the 7-day network average transaction fee is still above $18, while the network value locked in smart contracts (TVL) decreased 25% to $111 billion between Jan. 1 and Feb. 27. This negative indicator could partially explain why Ether has been down-trending since early February. Ether/USD price at FTX. Source: TradingView The above channel current...
Is the bottom in? Data shows Bitcoin derivatives entering the ‘capitulation’ zone
Analysts love to issue price predictions and it seems that 9 out of 10 times they are wrong. For example, how many times did analysts say “we will never see Bitcoin back at X price again,” only to see it plunge well below that level a few months later? It doesn’t matter how experienced a person is or how connected in the industry. Bitcoin’s (BTC) 55% volatility must be taken seriously and the impact this has on altcoins is usually stronger during capitulation-like movements. I was undeniably wrong about how much crypto could fall from macro contagion. I remain bullish on the space as a whole and think it is the most important mega-trend of our times. I joined CT during 2018 and I will be here with you guys in the coming yrs, bull or bear. — Zhu Su (@zhusu) Jan...
Ether drops below $3,800, but traders are unwilling to short at current levels
Even though Ether (ETH) reached a $4,870 all-time high on Nov. 10, bulls have little reason to celebrate. The 290% gains year-to-date have been overshadowed by Dec.’s 18% price drop. Still, Ethereum’s network value locked in smart contracts (TVL) increased nine-fold to $155 billion. Looking at the past couple of months’ price performance chart doesn’t really tell the whole story, and Ether’s current $450 billion market capitalization makes it one of the world’s top 20 tradable assets, right behind the two-century-old Johnson & Johnson conglomerate. Ether/USD price at FTX. Source: TradingView 2021 should be remembered by the decentralized exchanges’ sheer growth, whose daily volume reached $3 billion, a 340% growth versus the last quarter of 202...
US Republican senators confront Netflix over Chinese sci-fi show
Five Republican US senators have confronted Netflix over the streaming giant’s plan to adapt a Chinese sci-fi book trilogy, expressing concern over the original author’s comments about claims of forced labor in Xinjiang. Liu Cixin’s bestselling “The Three-Body Problem,” which tells the story of humanity’s first contact with aliens, is set to become a major Netflix series co-written by the creators of “Game of Thrones.” In a letter to content boss Ted Sarandos, the senators accused Liu of “parroting dangerous [Communist Party] propaganda” and suggested Netflix was “providing a platform to Mr Liu in producing this project.” They highlighted a New Yorker article from last year in which Liu is quoted defending mass internment in China’s northwestern Xinjiang region, where activists say more th...
