The momentum suggests a potential retest of the $2.3k–$2.4k resistance zone is likely – a significant daily level that sits directly above and has already rejected ETH once recently. However, failure to keep the bullish momentum can cause the market to drop toward the $1.8k key support zone once more. Bitcoin is trading at $68,574 amid a neutral bias, with a slight bearish tilt, as spot holds below the descending resistance line, which now caps the upside near $73,900. The price also sits below the 50-day Exponential Moving Average (EMA), while remaining well above the 100-day and 200-day EMAs, outlining a medium-term uptrend under short-term pressure.
- ETH price has recently broken out of the handle pattern, a sign that the upward trend is resuming.
- Dogecoin is approaching the descending trendline, trading at $0.092 on Tuesday, which could determine DOGE’s next directional move.
- These are self-executing contracts with the terms of the agreement directly written into lines of code.
XRP tests rebound strength amid ETF and futures drawdowns
Dogecoin is approaching the descending trendline, trading at $0.092 on Tuesday, which could determine DOGE’s next directional move. A confirmed breakout could suggest an upside move, as optimism builds around Qubic’s DOGE mining mainnet launch scheduled for Wednesday. The United States (US) and Israel’s war with Iran, which is now in its second month, has continued to weigh on crypto assets as recovery attempts are quickly absorbed, leading to frequent pullbacks. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
KEY STATS
The Relative Strength Index (RSI) near 48 on the same chart stays close to the midline, indicating balanced forces after the recent pullback. The firm still holds about $300 million worth of SOL, $35 million worth of Bitcoin, and $20 million worth of USDT. Therefore, there may be impending selling pressure on ETH and SOL as a result of the firm’s liquidation events. Ethereum is a programmable blockchain that enables developers to build and deploy decentralized applications (dApps) and smart contracts. As a Turing-complete platform, it can execute complex code and has become the second-largest cryptocurrency by market capitalization, behind Bitcoin. A break above this level could spur Ethereum towards the neckline of the cup and handle pattern at $2,384, with the next major target at $2,450, which coincides with the 100-day SMA.
Ethereum is opening Q trading above $2.1k, still well below the levels needed to suggest any meaningful trend reversal. The MACD indicator rises toward the zero line as histogram bars contract on the daily chart, suggesting fading downside momentum rather than aggressive selling. The RSI at 53, around neutral territory on the same chart, supports a range-to-upward bias. Bitcoin’s immediate resistance lies at the 50-day EMA around $71,000, followed by the recent high zone near $72,800 and the descending trendline break area at $73,900. A daily close above that cluster would reopen the path toward the March high of $76,000. On the downside, initial support is seen around $68,000, ahead of the late-March lows near $65,000.
About Ethereum
The signals above suggested that, should history repeat itself, Ethereum and Solana might experience a short-term decline. However, if SOL maintains its support and ETH surpasses $2,100, it could invalidate the anticipated price decline. The altcoin may drop to the support at $76 after trading near the range’s lows. This is due to a decrease in network activity as well; in just two months, the number of active addresses dropped from 7 million to 4.69 million.
SoSoValue data shows cumulative inflows totaling $11.56 billion, while net assets average $11.98 billion. In addition to Alameda Research’s selling, other institutions are also shorting the largest altcoin. For instance, a trader linked to Fasanara Capital sold $45 million worth of ETH. Moreover, selling pressure rises amid long liquidations, particularly on big-cap altcoins. Notably, the impact of a potential resolution was already felt on energy markets as WTI oil prices dropped nearly 5% shortly following the report. Simultaneously, the crypto market surged along with U.S. equities such as the S&P 500.
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With the RSI now pushing into the low-70s, which is the highest reading since the March peak, the market is likely to climb higher in the short term. Meanwhile, institutional demand for XRP digital investment products has dropped significantly over the last few weeks, as evidenced by muted spot ETF activity on Tuesday. Moreover, outflows totaling $2.3 million were recorded on Monday, undermining investor interest. Sentiment, as reflected in the Fear & Greed Index, which shows a reading of 8 on Wednesday, has remained in extreme fear territory since March 19. There was a brief spike to 28 on March 17, but the index retreated, signaling that the broader crypto market sentiment remains weak. Bitcoin (BTC) mirrors a neutral-to-bullish outlook, rising above $68,000 at the time of writing, while Ethereum (ETH) follows suit, steadying above $2,100.
Notably, the 20-day SMA has crossed above the 50-day SMA, with Ethereum price strovemont capital eyeing the 50-day EMA next at $2,160. Additionally, the supertrend has flashed green, indicating a buy signal. According to data from crypto.news, Ethereum (ETH) price rose to a six-day high of $2,153 on Wednesday, April 1.
The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.