ETH Seeks Weekend Relief to Get Back to $1,800 and Redirect $1,900

Audy Castañeda
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<strong>ETH Seeks Weekend Relief to Get Back to $1,800 and Redirect $1,900</strong>

On Friday, Ethereum (ETH) fell 3.63% to close the day at $1,752. News related to Binance, as well as the Deutsche Bank issues, affected investor sentiment and ETH inflows. However, technical indicators remained bullish, leaving $2,000 in sight.

Ethereum (ETH) fell 3.63% on Friday. Partially reversing a 4.54% rally on Thursday, ETH ended the day at $1,752. Despite the bearish session, ETH avoided sub-$1,700 for the seventh straight session.

A mixed start to the day saw ETH rally to an early high of $1,823. Failing to reach the first major resistance level (R1) at $1,875, ETH fell to a late-afternoon low of $1,728. ETH briefly fell through the first major support level (S1) at $1,747, before closing the day at $1,752.

Deutsche Bank and Binance Send ETH into Negative Territory

Investor jitters over the banking sector crisis and tight liquidity continued to weigh on riskier assets.

Deutsche Bank (DB) became the focal point, as fears of a deepening crisis weighed on the banking sector. DB fell 8.53% on Friday, dragging financial stocks, European Boers and the crypto market into negative territory.

However, the NASDAQ Composite Index rallied late in the session, to end the day 0.31% higher. The late recovery provided much-needed support to ETH, which rallied from session lows.

News related to the crypto market left ETH and the broader market in the red. The news that Binance suspended deposits and withdrawals due to a technical issue weighed heavily. Reports of Binance employees helping users bypass Binance’s KYC controls contributed to Friday’s pullback.

ETH inflows eased further on Friday, but continued to avoid below 10,000. According to CryptoQuant, staking inflows decreased from 15,232 ETH on Thursday, to 12,736 ETH on Friday. Despite the decline, staking flows remained elevated, supporting the current uptrend in the run-up to the Shapella hard fork.

Ethereum (ETH) Price Action – Technical Indicators

ETH rose 0.22% to $1,753. A range-bound start to the day saw ETH fall to an early low of $1,749, before rising to a high of $1,761.

ETH needs to move through the $1,768 pivot to target the first major resistance level (R1) at $1,807, and Friday’s high of $1,823. A return to $1,800 would signal a breakout session. However, news related to the banking sector and crypto news leads should be ETH-friendly to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1863, and resistance at $1900. The third major resistance level (R3) sits at $1,958.

Ethereum sat below the 50-day EMA, currently at $1,756. The 50-day EMA turned down to the 100-day EMA, while the 100-day EMA broke out from the 200-day EMA, giving mixed signals.

A move through the 50-day EMA ($1756) would support a break of R1 ($1807) to target R2 ($1863) and $1900. However, if it fails to move through the 50-day EMA ($1,756), the bears would race into S1 ($1,712) and the 100-day EMA ($1,711). A move through the 50-day EMA would send a bullish signal.

By Audy Castaneda

BTC Targets $29,000 amid Binance Ease and Deutsche Bank Jitters

Audy Castañeda
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It was a bearish Friday, with BTC tumbling 2.98%, to end the day at $27,461. Fears of a collapse at Deutsche Bank and Binance dragged BTC, as well as the broader crypto market, into negative territory. However, technical indicators remain bullish, with $30,000 still in sight.

On Friday, Bitcoin (BTC) fell 2.98%. Partially reversing a 3.87% rally on Thursday, BTC ended the day at $27,461. Despite the bearish session, BTC avoided sub-$27,000 for the second session in a row.

A mixed start to the day saw BTC rally to an early high of $28,376, before pulling back. Failing to reach the first major resistance level (R1) at $29,019, BTC fell to a late low of $27,000. BTC briefly fell through the first major support level (S1) at $27,341, before ending the day at $27,461.

Banking Jitters and Binance Send BTC into Negative Territory

It was an eventful weekend for the crypto market, with Binance in the spotlight.

Reports of Binance employees helping users bypass KYC checks have created fears of further regulatory scrutiny of the world’s largest exchange. Things went from bad to worse, as investors responded to the news that Binance suspended deposits and withdrawals due to a technical glitch. The news that Binance resumed deposits and withdrawals did not provide investors with reassurance.

Away from the digital asset space, the banking sector also tested buyers’ appetites. On Friday, Deutsche Bank (DB) became the latest European bank to suffer at the hands of banking jitters. Deutsche Bank ended the day with a loss of 8.53%, despite assurances from lawmakers that the bank is profitable.

Bearish sentiment led BTC to delink from the NASDAQ Composite Index, which rose 0.31%. Better-than-expected private sector PMIs from the US failed to provide BTC comfort. According to preliminary figures, the Services PMI rose from 50.6 to 53.8 in March, from the 50.5 forecast.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC was stable at $27,462. A range-bound start to the day saw BTC fall to an early low of $27,444, before leveling off.

BTC needs to move through the $27,612 pivot to target the first major resistance level (R1) at $28,225, and Friday’s high of $28,376. A return to $28,000 would indicate a prolonged bullish session. Crypto news wires need to be crypto-friendly to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $28,988, and resistance at $29,000. The third major resistance level (R3) sits at $30,364.

BTC settled above the 50-day EMA ($27,131). The 50-day EMA has broken further away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA, sending bullish signals.

A hold above the 50-day EMA ($27,131) would support a break of R1 ($28,225) to target R2 ($28,988) and $29,000. However, a drop through the 50-day EMA ($27,131) and S1 ($26,849) would give bears a run on S2 ($26,236). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

XRP Bulls to Target $0.43 on Sentiment towards the SEC vs. Ripple Case

Audy Castañeda
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<strong>XRP Bulls to Target $0.43 on Sentiment towards the SEC vs. Ripple Case</strong>

On Friday, XRP fell 4.20% to end the day at $0.42571. The problems of the European banking sector and the news related to Binance overshadowed the optimism towards a Ripple victory in the SEC vs. Ripple. However, technical indicators remain bullish, indicating a return to $0.50.

On Friday, XRP fell 4.20%. Partially reversing a 5.26% rally on Thursday, XRP ended the day at $0.42571. Despite the bearish session, XRP avoided sub-$0.41 for the second time since November 2022.

Trending down throughout the session, XRP slid from an opening price of $0.44452 to a late afternoon low of $0.41492. XRP briefly fell through the first major support level (S1) at $0.4196, before closing the day at $0.42571.

Binance and European Banking Sector Woes Overshadow Investor Optimism

There were no further updates on the ongoing SEC vs. Ripple case to sway investor sentiment on Friday.

Investors this week responded to a filing to support Ripple’s fair notice defense and a harsh response from the SEC, in which the SEC characterized Defendants as shameless.

Hopes of a Ripple victory failed to support prices. Midweek, the newly appointed President of Ripple Labs, Monica Long shared the market’s optimism of a Ripple win.

News of Binance employees helping users bypass KYC checks weighed on investor sentiment. The latest rumor could lead to increased US regulatory and legislative scrutiny, at a difficult time for the platform.

However, the news that Binance suspended deposits and withdrawals affected investor sentiment. A technical glitch forced Binance to suspend spot trading, as well as deposits and withdrawals. While services have resumed, XRP and the broader market remained in negative territory.

Banking news from Europe added to market angst, with Deutsche Bank (DB) becoming the latest to suffer at the hands of banking sector jitters.

XRP Price Action – Technical Indicators

A mixed start to the day saw XRP rally to an early high of $0.42656, before falling to a low of $0.42374.

XRP needs to move through the $0.4284 pivot, to target the first major resistance level (R1) at $0.4418, and Friday’s high of $0.44452. A return to $0.43 would signal a bullish session. However, the broader crypto market, as well as the SEC vs. Ripple, they would need to support a breakout.

In the event of another extended rally, XRP would likely test the second major resistance level (R2) at $0.4580. The third main resistance level (R3) sits at $0.4876.

The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA. The EMAs delivered bullish signals.

A hold above the 50-day EMA ($0.41232) would support a break of R1 ($0.4418), to the target of R2 ($0.4580). However, a drop through the 50-day ($0.41232) and S1 ($0.4122) would bring S2 ($0.3988) and the 100-day EMA ($0.39846) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

ETH Will Continue to Target $2,000 in Pre-Shapella Participation Flows

Audy Castañeda
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<strong>ETH Will Continue to Target $2,000 in Pre-Shapella Participation Flows</strong>

On Thursday, Ethereum (ETH) rose 4.54% to end the day at $1,818. The silence of the Shapella update left ETH in the hands of the US government and the NASDAQ Composite Index. Technical indicators remained bullish, leaving $2,000 in sight.

Ethereum (ETH) was up 4.54% on Thursday. Reversing a 3.76% loss on Wednesday, ETH ended the day at $1,818. ETH held control of $1,800 for the second time in three sessions.

A mixed start to the day saw ETH fall to an early low of $1,734. Breaking away from the first major support level (S1) at $1,695, ETH rallied to a mid-afternoon high of $1,862. ETH broke the first major resistance level (R1) at $1,804 to test resistance at the second major resistance level (R2) at $1,868 before pulling back to end the day at $1,818.

Former Fed Chair Yellen Counters Sell-Off Driven by Fed Chairman Powell

Risk aversion hit US markets on Thursday as fears of a banking crisis resurfaced after the Fed raised rates by 25-basis points on Wednesday.

Fed Chairman Powell hinted at a Fed pause on rate hikes to assess the impact of Fed rate hikes on the US banking sector and economy. interest rates came despite the collapse of Silicon Valley Bank and Signature Bank (SBNY), sending bank shares tumbling in the early afternoon.

US Treasury Secretary Janet Yellen eased investor jitters, assuring them that bank deposits were safe and lawmakers have the tools to deal with a banking crisis.

The NASDAQ Composite Index rose 1.01% on Thursday, and the Dow and S&P 500 posted gains of 0.23% and 0.30%, respectively. This morning, the NASDAQ mini is down 23.5 points.

ETH staking entries declined on Thursday but avoided sub-10,000. According to CryptoQuant, staking flows decreased from 32,640 ETH on Wednesday to 15,232 ETH on Thursday. Despite the decline, staking flows remained elevated, supporting the current uptrend in the run-up to the Shapella hard fork.

The continued uptrend suggests a bullish response to the Shapella update, with the total value of ETH staked rising as well.

A downward trend would suggest an increase in decommissioning requests after the Shapella upgrade is complete.

Ethereum (ETH) Price Action – Technical Indicators

ETH rose 0.08% to $1,819. A range-bound start to the day saw ETH rally to an early high of $1,822, before pulling back.

ETH needs to avoid the $1,805 pivot to target the first major resistance level (R1) at $1,875. A move through Thursday’s high of $1,862 would signal a breakout session. However, US economic indicators, as well as crypto news leads, should be ETH-friendly to support a breakout.

In the event of a prolonged rally, the bulls would likely test the second major resistance level (R2) at $1,933, and resistance at $2,000. The third major resistance level (R3) sits at $2,061.

Ethereum has broken above the 50-day EMA, currently at $1,753. The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA, providing bullish signals.

A hold above the 50-day EMA ($1,753) would support a break of R1 ($1,875) to the target of R2 ($1,933) and $2,000. However, a drop through the 50-day EMA ($1,753) and S1 ($1,747) would give the bears a run to the 100-day EMA ($1,704). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

BTC Bulls Eye the $29,000 Handle with US Stats and Fed Talk in Focus

Audy Castañeda
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<strong>BTC Bulls Eye the $29,000 Handle with US Stats and Fed Talk in Focus</strong>

It was a bullish Thursday, with BTC rising 3.87%, to end the day at $28,304. US Treasury Secretary Janet Yellen was involved in delivering a bullish session for the NASDAQ Composite Index, which supported a BTC rally. Technical indicators remain bullish, with $30,000 still in sight.

On Thursday, Bitcoin (BTC) rose 3.87%. Reversing a 3.07% drop on Wednesday, BTC ended the day at $28,304. BTC held control of $28,000 for the second time in three sessions.

A mixed start to the day saw BTC fall to an early low of $27,094. Moving away from the first major support level (S1) at $26,288, BTC rallied to a mid-afternoon high of $28,772. BTC broke above the first major resistance level (R1) at $28,515, before pulling back to end the day at $28,304.

Banking Jitters and Janet Yellen Assurances Provide Support

Investor angst over the banking sector resurfaced on Thursday. The Fed raised interest rates by 25-basis points on Wednesday. While Fed Chairman Powell hinted at a likely pause to assess the impact of monetary policy tightening on the banking sector and the economy, the decision to raise rates raised fears of further trouble in the banking sector.

US Treasury Secretary Janet Yellen calmed market nerves and assured investors that bank deposits were safe and policymakers have the tools to deal with a banking crisis.

Speaking at the House Appropriations subcommittee hearing, the former Fed chair had this to say:

“The strong actions we have taken ensure that Americans’ deposits are safe. Certainly, we would be prepared to take additional actions if warranted.”

The NASDAQ Composite Index rose 1.01% on Thursday, and the Dow and S&P 500 posted gains of 0.23% and 0.30%, respectively. This morning, the NASDAQ mini was up 5.75 points.

Investors should monitor crypto news wires for updates on the ongoing SEC vs. Ripple, as well as regulatory and legislator activity. Binance and Coinbase (COIN) are on the radar.

Bitcoin (BTC) Price Action – Technical Indicators

This morning, BTC rose 0.10% to $28,333. A range-bound start to the day saw BTC rally to an early high of $28,340 before pulling back.

BTC needs to avoid the $28,057 pivot to target the first major resistance level (R1) at $29,019. A move through Thursday’s high of $28.772 would indicate an extended bullish session. US crypto news leads and economic indicators should support cryptocurrencies to support a prolonged rally.

In the event of a prolonged rally, BTC would likely test the second major resistance level (R2) at $29,735, and resistance at $30,000. The third major resistance level (R3) sits at $31,413.

BTC settled above the 50-day EMA ($26,965). The 50-day EMA has broken further away from the 100-day EMA, with the 100-day EMA pulling away from the 200-day EMA, sending bullish signals.

A hold above the 50-day EMA ($26,965) would support a break of R1 ($29,019) to target R2 ($29,735) and $30,000. However, a drop-through S1 ($27,341) and the 50-day EMA ($26,965) would give bears a run at S2 ($26,379). A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

XRP Bulls Will Target $0.50 in Latest SEC Filing in SEC vs. Ripple Case

Audy Castañeda
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<strong>XRP Bulls Will Target $0.50 in Latest SEC Filing in SEC vs. Ripple Case</strong>

On Thursday, XRP rose 5.26%, to end the day at $0.44439. Optimism about a Ripple victory in the SEC vs. Ripple and US Treasury Secretary Janet Yellen provided support. Technical indicators remain bullish, indicating a return to $0.50.

On Thursday, XRP rose 5.26%. Partially reversing a 9.87% drop on Wednesday, XRP ended the day at $0.44439. XRP avoided below $0.41 for the first time since November 2022.

A mixed start to the day saw XRP drop to an early low of $0.41280 before making a move. Moving away from the first major support level (S1) at $0.3963, XRP rallied to a late afternoon high of $0.45550. However, failing to reach the first major resistance level (R1) at $0.4615, XRP pulled back to end the day at $0.44439.

Hopes of a Ripple Victory and the Support Provided by the US Government.

The ongoing case SEC v. Ripple was back in the spotlight on Thursday. Defense attorney James Filan shared the SEC’s response to the Ripple filing on Monday, referencing the Bittner and Voyager cases, to Chief Judge Torres.

US Treasury Secretary Janet Yellen contributed to the bullish session on Thursday. The former Fed chair assured investors that US bank deposits are safe and that regulators have the tools to deal with a banking crisis.

Investors should monitor updates on the SEC vs. Ripple. While the rulings on the Hinman Documents and the Summary Judgment Response Briefs could come at any time, a response from the Court to the Ripple and SEC filings will attract a lot of interest.

However, the lack of updates on the SEC vs. Ripple would leave regulators and lawmakers to influence, with Binance and Coinbase (COIN) in the spotlight.

This afternoon, US economic indicators and Fed talk will give direction. US private sector PMIs and FOMC member James Bullard will generate interest as investors assess the likely effects of Fed monetary policy on the US economy.

XRP Price Action – Technical Indicators

A bearish start to the day saw XRP fall from an opening price of $0.44452 to a low of $0.43843.

XRP needs to avoid the pivot at $0.4376, in order to target the first major resistance level (R1) at $0.4623. A move through Thursday’s high of $0.4555 would indicate a bullish session. However, the broader crypto market and the SEC vs. Ripple would need to support a breakout.

In the event of another prolonged rally, XRP would likely test the second major resistance level (R2) at $0.4803, and resistance at $0.50. The third main resistance level (R3) sits at $0.5230.

The 50-day EMA has turned away from the 100-day EMA, and the 100-day EMA has broken out from the 200-day EMA. The EMAs delivered bullish signals.

A hold above the 50-day EMA ($0.40861) would support a break from R1 ($0.4623) to the target of R2 ($0.4803) and $0.50. However, a drop through the S1 ($0.4196) and 50-day EMA ($0.40861) would bring the 100-day EMA ($0.39495) and S2 ($0.3949) into play. A drop through the 50-day EMA would send a bearish signal.

By Audy Castaneda

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