Ethereum Analysis | ETH Accumulation in Progress

Leonardo Perez
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Ethereum Analysis | ETH Accumulation in Progress

The Ethereum price has risen significantly in recent weeks due to rumors about an Ethereum ETF. With the bull run, the Ether token was able to forget the last quite weak weeks

Ethereum is going through the “boring” part of the bullish movement, the one that involves repeated trend changes in a sideways range. Accumulation opportunity for newcomers.

On November 10 and 24, Ethereum (ETH) quotes reached relative highs very close to each other, in the very narrow zone between 2132.52 and 2137.00. The cryptocurrency therefore confirms, in the exchange rate against the US dollar, the expectations of the development of a stabilization phase within the underlying bullish trend, expectations that we expressed during our most recent analysis.

Over the last 17 sessions, stocks have simply made repeated trend changes in the space between the aforementioned highs and the low of 1907.29 recorded on November 17. There are still no technical signs of exhaustion, at least in the immediate future, of this type of movement. In fact, the market is likely to be subject to frequent reversals for at least another 5 to 10 days.

In fact, on a long-term chart, with weekly candles, we can see how the shape of the last two candles is the typical one that occurs during periods of market non-directionality: there are large shadows and relatively narrow bodies, of alternating color.

Ethereum Intraday Scan Chart Analysis

Below is the intraday scan chart analysis, with 30-minute bars, to take a closer look at the particular price action over the last week. The values ​​once again came into contact with the high zone, the same one where the large resistance zone passes at 2117.00/2162.00. Within this zone you can distinguish several resistances that, at this moment, are probably still too strong for the market.

Ethereum is in the accumulation phase; That is, in this period it needs repeated approaches to support zones, points from which it can obtain “fresh” liquidity. Only in this way will it be possible to create the appropriate conditions for the development of new demonstrations, probably starting in the second half of December.

Supports are currently at the same levels as last week: the nearest at 1983.00/1999.00 and the main at 1850.00/1865.00. Underlying guidance remains bullish with trend targets confirmed at 2286.00/89.00 and possibly 2364.00/66.00. Once the first objective has been achieved, it will be necessary in any case to proceed with an update.

All levels will be revised in the next analysis only in case of breaking 1850.00, with at least one downward close on the 30-minute chart. As it is 7:18 pm on Monday, November 27, Ethereum is trading on the world’s best exchanges at 2017.36, a decrease of -2.21% daily.

How Has the Price of Ethereum Moved in Recent Weeks?

The price of Ethereum has increased significantly in recent weeks. From a price of $1,550 in early October, the Ether token has seen a significant rise in the last 6 to 7 weeks and climbed back above the $2,000 mark. At times, the price of Ethereum could even exceed $2,100.

Over the past 3 to 4 weeks, Ethereum price has seen its price rise, mainly due to rumors about an upcoming Ethereum ETF. There were early signs that asset manager Blackrock is also planning ETFs for Ethereum.

By Leonardo Perez

Ripple CEO Confronts Former SEC Chairman: This is Why the Price of XRP is Rising

Audy Castañeda
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Ripple CEO Confronts Former SEC Chairman: This is Why the Price of XRP is Rising

Ripple CEO Brad Garlinghouse recently expressed his dissatisfaction with the social media platform.

Garlinghouse finds Clayton’s statements contradictory, particularly given his role in initiating the high-profile lawsuit against Ripple in late 2020. This lawsuit, which revolved around the alleged illegal sale of the XRP token, marks an important moment in the history of cryptocurrency regulation.

Ripple CEO Confronts Former SEC Chairman

During a Council on Foreign Relations (CFR) event, Jay Clayton presented a surprisingly open stance on cryptocurrencies. He expressed understanding for entrepreneurs in the crypto space and advocated for regulatory frameworks that make it easier for small and medium-sized businesses to raise capital.

Clayton’s outlook represents a departure from his previous actions as SEC chairman and suggests a nuanced understanding of cryptocurrency as a technology that increases efficiency in the delivery of financial products.

Ripple’s legal battle with the SEC, led by Clayton, resulted in a historic victory for the company. US District Judge Analisa Torres ruled that the secondary sale of the XRP token is not the same as the sale of investment contracts, marking a significant victory for Ripple and the crypto community.

This ruling, along with the SEC’s subsequent decision to drop charges against Ripple executives, including Garlinghouse and founder Chris Larsen, marks a turning point in the ongoing debate over cryptocurrency regulation.

The controversy surrounding Ripple and the SEC is embedded in a broader debate over cryptocurrency regulation. This dispute highlights the challenges regulators around the world face in dealing with the rapidly evolving crypto industry.

Technological Advances such as Ripple and Co. Pose New Challenges for Authorities

The dispute between Ripple and the SEC can be seen as a microcosm of the most important issues being debated in the world of cryptocurrencies: the distinction between currencies and securities, the role of decentralization and the need not to stifle innovation while ensuring investor protection.

The debate over Ripple and the SEC is also important in a global context. Different countries have developed different approaches to cryptocurrencies and their regulation.

The dispute between Ripple CEO Brad Garlinghouse and former SEC Chairman Jay Clayton over cryptocurrency regulation underscores the changing landscape of digital finance. Clayton’s current stance, unlike his previous actions, is sparking debates about regulatory approaches to cryptocurrencies.

XRP Price Analysis: Can XRP Finally Reverse the Trend?

This year has seen a notable bullish move for XRP, with the value of this cryptocurrency rising from less than $0.35 to an impressive $0.60. This positive development is the result of a variety of key factors and market-relevant events, which we will examine in more detail in this detailed analysis.

A key turning point for XRP was Ripple’s legal victory against the SEC in July, which temporarily catapulted the price to nearly $0.90. Although the announcement of an appeal by the SEC briefly affected the price, XRP is now showing strong bullish momentum again after a period of consolidation.

Of particular interest is the recently observed “Golden Cross” where the short-term moving average (EMA) crossed above the long-term EMA. This is a classic bullish signal and suggests that we may be at the beginning of a sustained bullish move.

The Relative Strength Index (RSI) is currently at an elevated level, which may indicate an overbought situation. This could indicate an impending period of consolidation triggered by recent price increases.

Despite possible short-term consolidations, the medium and long-term outlook for XRP remains positive. Maintaining key price levels could continue to drive the price of XRP.

By Audy Castaneda

This Week’s Bitcoin Mining Industry Highlights

Leonardo Perez
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This Week’s Bitcoin Mining Industry Highlights

Bitcoin mining continues its tireless development, while competition for hashrate intensifies a few months before the halving.

This week, the Bitcoin digital mining industry experienced heightened competition for computing power just months before the halving. It is now impossible to talk about the mining business without mentioning the automatic network outage that will occur at the beginning of the second quarter of 2024.

In that sense, most of the news is directly or indirectly related to the halving. Large companies feel the pressure, especially those that did not have the strength to prepare sufficiently. The fact that rewards for miners are cut in half could mean the exit of many medium and small firms from the game.

Bitcoin Hashrate Hits New Record Above 550 EH/s

This week, Bitcoin hit a new all-time high with a hash power of 551 EH/s. This was promoted by massive connections of new equipment to the Bitcoin blockchain. The urgency to increase computing power in the face of the imminent halving generates a large wave of new connections. As we reported earlier, this hashrate growth directly leads to an increase in difficulty on the network.

A few hours ago, the most recent difficulty adjustment occurred, which also generated a historic peak. According to data from the BTC.com site, the network reached a complexity of 64.68 T with 6 consecutive increases.

Mining Firm Wins Battle in Arkansas

Arkansas authorities launched a legal battle against a Bitcoin mining company. The main argument against the company’s facilities was the noise pollution produced by Jones Digital LLC’s farm. According to local media reports, District Judge Lee P. Rudofsky ruled in favor of the mining company with a concession that protects it against Arkansas’ noise ordinance.

After the company was established, authorities announced an ordinance regarding the decibel limit in the area. However, the judge considered that this ordinance was made specifically to intimidate the company due to the lack of legal support to order its closure. Given this, the court decided to rule in favor of the mining firm.

Cornell University Proposes Bitcoin as an Engine for Renewable Energy

The most recent case in favor of the mining sector comes from Cornell University by means of a research study according to which the pioneering digital currency can actually aid in the development of clean energy. They believe that mining can lead the ESG projection for the responsible use of energy and improving conditions for the environment.

Mining Equipment at the Supreme Administrative Court of Poland

In many conservative countries, many politicians see Bitcoin mining as some kind of harmful element. Despite this, these same politicians tend to think otherwise when it comes to particular interests. A case in that direction was witnessed in Poland this week.

The case is in the prosecutor’s office in the midst of investigations to find the whereabouts of those responsible. Likewise, the aforementioned media points out that the president of the aforementioned court, after the scandal broke out, canceled services with some computer equipment maintenance companies, which makes him the prime suspect.

Bitfarms Announces Millionaire Placement with US Investors

Bitfarms announced the private placement of $60 million Canadian dollars with institutional investors in the United States. This placement would have a closing date of November 28.

According to specialized media reports, the company would use the funds to acquire more mining equipment and expand its computing power. The proximity of the halving also has this company in a race to increase its power and maintain average revenues.

By Leonardo Perez

SOL (Solana) Price Closing Below $50 Could Cause a Major Correction

Audy Castañeda
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SOL (Solana) Price Closing Below $50 Could Cause a Major Correction

The pair could accelerate lower below the $55.00 support zone in the coming sessions.

Solana broke the resistance of $65 against the US dollar. SOL price is now correcting gains and could even fall below the $50 support. SOL price started a major rally above the $60 resistance before bears emerged against the US Dollar. The price is now trading below $60 and the 100 simple moving average (4-hours).

There was a break below a short-term ascending channel with support near $58.00 on the 4-hour chart of the SOL/USD pair (data feed from Kraken).

Solana Price Begins Downward Correction

In the past few days, Solana saw a major rally above the $60 level. SOL gained bullish momentum after settling above $60, outperforming Bitcoin and Ethereum. The bulls even raised the price above the $65 level.

A high was formed near $68.16 and the price recently saw a downward correction. It traded below $60 and tested $52. A low was formed near $51.23 and the price is now consolidating in a range. There was a break below a short-term ascending channel with support near $58.00 on the 4-hour chart of the SOL/USD pair.

SOL is now trading below $60 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $59.50 level. It is close to the 50% Fibonacci retracement level of the downside move from the high of $68.16 to the low of $51.23. The first major resistance is near the $60.00 level.

The main resistance is now near $62 or the 61.8% Fibonacci retracement level of the downward move from the high of $68.16 to the low of $51.23. A successful close above the $62.00 resistance could set the pace for a further rise. The next key resistance is near $68.50. Any further gains could send the price towards the $72.00 level.

More Losses in SOL?

If SOL fails to recover above the $60.00 resistance, it could continue to decline. Initial support on the downside is near the $55.00 level. The first major support is near the $51.20 level, below which the price could test $50.

If there is a close below the $50 support, the price could fall towards the $45 support in the near term. 4-Hour MACD

The following are important technical indicators:

  • The MACD for SOL/USD is losing pace in the bullish zone.
  • 4-hour RSI (Relative Strength Index): The RSI for SOL/USD is below the 50 level.
  • Main support levels: $55.00 and $51.20. Main resistance levels: $60.00, $62.00 and $68.50.

SOL Price Prediction: Will It Go Up Again?

A closer look at the wave count on the daily time frame reveals a positive outlook.

Starting in June, SOL appears to have started a five-wave upward movement (white). In it, wave three extended, having 2.61 times the length of wave one. If the count is correct, SOL is now in the fourth wave, which is corrective. It is unclear if the fourth wave has ended or if the price will correct further. If it does, it could return to the $48 long-term support area before bouncing again.

The count suggests that the trend is still bullish and that the price of SOL will rise again. The bullish count will be confirmed by a bullish move of SOL above the yearly high of $68.4, which could trigger a 50% rise to the next resistance of $86.20.

By Audy Castaneda

Bitcoin Traders Withdraw $1 Billion from Exchanges: Is a Price Surge Coming?

Leonardo Perez
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Bitcoin Traders Withdraw $1 Billion from Exchanges: Is a Price Surge Coming?

Bitcoin broke above $38,000 last week, but has struggled to gain ground above the price level. Despite this, the asset’s price continues to show signs of strength despite corrections in many cryptocurrencies.

Bitcoin investors appear to be gearing up for action with an interesting time to pull out of exchanges. In the last two weeks, a lot of money has moved from exchanges, as shown by on-chain data. In the last two weeks, nearly 25,000 BTC worth over $1 billion have been withdrawn from major crypto exchanges.

The question that arises now is whether or not this would trigger a resumption of the Bitcoin bull market, among other current factors in the crypto industry.

Bulk Exchange Transfer

Bitcoin broke above $38,000 last week but has struggled to gain ground above the price level. Despite this, the asset’s price continues to show signs of strength despite corrections in many cryptocurrencies.

Data from CoinMarketCap shows that Bitcoin is up 3.17% in a 7-day period. Data from crypto analytics platform Glassnode indicates that bitcoin bulls are accumulating for the long term in anticipation of higher prices.

Crypto analyst Ali Martinez noted this bullish accumulation pattern in a post on his social media platform They have abandoned the exchanges in the last two weeks. When bitcoin leaves exchanges, it usually means that investors hold it for the long term.

A large portion of this currency outflow can be attributed to Binance. The cryptocurrency exchange and its former CEO, Changpeng Zhao (CZ), have recently come under attack from US regulators, prompting investor withdrawals in recent days.

According to data from CryptoQuant, Binance’s Bitcoin reserves have dropped by more than $200 million since CZ resigned as its CEO.

Are Bitcoin Bulls Preparing for a Rise Past $38,000?

Withdrawals from exchanges are generally a good phenomenon for crypto assets, as they reduce the number of cryptocurrencies available for sale. The more Bitcoin leaves exchanges, the tighter the supply becomes, which could drive the price up.

Prominent crypto analysts have noted that Bitcoin’s fundamentals have never been stronger. The past few months have seen many bullish price predictions as investors continue to wait for the approval of Bitcoin spot ETFs in the US and the upcoming Bitcoin halving.

Several Bitcoin spot ETF applications are under review, with many awaiting approvals in late 2023 or early 2023. According to blockchain analytics firm Glassnode, these spot ETFs have the potential to generate an inflow of $70 billion. of dollars in Bitcoin.

Bitcoin has broken through several price resistances since mid-October. The next major resistance level would be $38,000. Breaking that could really ignite the bulls and send Bitcoin on a run to $40,000 or more.

Bitcoin Buyers Give Bears No Room to Maneuver

Data from Cointelegraph Markets Pro and TradingView showed a typically stable weekend for Bitcoin, with classic volatility yet to come as the weekly close approached.

After setting new 18-month highs in recent days, some argued that the largest cryptocurrency was showing encouraging signs for bullish continuation; Among them was popular trader and analyst Credible Crypto, who saw buyers absorbing any selling volume near local highs.

Coupled with open interest (OI) in derivatives markets remaining low and spot demand remaining stable, the stage could be set for the next move higher.

Credible Crypto concluded that even its previous forecast of a return to $36,900—just a 2.1% drop from the current spot price—may not come true.

By Leonardo Perez

US Department of Justice: Changpeng Zhao Could Face Up to Ten Years in Prison

Audy Castañeda
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US Department of Justice: Changpeng Zhao Could Face Up to Ten Years in Prison

Changpeng Zhao could face up to ten years in prison, according to the government’s new motion. One expert believes the crypto industry is unfairly criticized due to AML.

Former Binance boss Changpeng Zhao (CZ) should remain free until the court verdict, but not leave the United States due to a “manageable flight risk.” A new petition from the country’s Ministry of Justice contains similar language.

Former SEC Office of Internet Enforcement Chief John Reed Stark took on X to post the following:

“The U.S. Department of Justice (DOJ) charged Changpeng Zhao (CZ) with, and CZ pled guilty to, one count of violating the Bank Secrecy Act. The charge stems from a mammoth global criminal enterprise orchestrated by Binance, who also pled guilty, agreeing to pay a record $4.3 billion dollar fine and to adhere to a robust laundry list of compliance, monitoring, cooperation and other onerous corporate requirements going forward (…)

To date, the general consensus among legal experts is that, per the U.S. Sentencing Guidelines, CZ would likely receive a 12–18-month sentence at a minimum-security prison, even though his legal defense team will likely argue for no jail time, or, in the alternative, a light sentence comprised of a combination of prison time, home detention and probation.”

CZ In Trouble

On Nov. 21, in a settlement with the department, the exchange paid $4.3 billion and CZ agreed to step down as CEO and pay a $50 million fine.

CZ posted bail of $175 million to remain free until sentencing on February 23, 2024. However, prosecutors demanded that the former head of the platform be prohibited from leaving the United States for fear of escaping. They identified significant wealth outside the country and minimal connections to it as risks.

Prosecutors then said the former Binance director failed to provide clear and convincing evidence that he would not flee if he returned to the United Arab Emirates. On Nov. 23, lawyers challenged the petition to bar Zhao from leaving the United States.

Long Term Advice

John Reed Stark stressed that, unlike the previous motion, prosecutors were clear and unequivocal that at sentencing they could argue that CZ should be sentenced to ten years in prison.

“According to the guidelines, the maximum period […] can reach 18 months. The United States has the right to demand any penalty up to the ten years provided by law. […] Term […] will seem significant to you. “This speaks in favor of the proposed reasonable restrictions.” says the petition.

Judge Brian Tsuchida set a Nov. 27 deadline to review his decision to release CZ on pre-sentence bail.

Reed Stark conceded that Judge Richard A. Jones would compromise and impose additional conditions, strengthen release requirements, require new assurances from counsel and Zhao, order more interaction sessions, or ask for other, more specific assurances. The expert also did not rule out delaying the decision.

A former SEC lawyer warned that CZ remaining free could facilitate continued money laundering in the industry. As a result, the department’s deal with Zhao could “again have unpleasant consequences for the Ministry of Justice.”

“Hopefully the officials have something in stock. Or perhaps Binance monitoring and other calls for remediation will reveal more heinous and punishable crimes. Otherwise, the entire company debacle could become a slap in the face for CZ. And, unfortunately, a historical injustice of epic proportions,” Reed Stark warned.

By Audy Castaneda

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