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Ethereum Technical Analysis: ETH Faces Persistent Downtrend Despite Strong Market Activity

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Ethereum Technical Analysis: ETH Faces Persistent Downtrend Despite Strong Market Activity
bearish outlook
Ethereum Technical Analysis: ETH Faces Persistent Downtrend Despite Strong Market ActivityOn August 12, 2024, ethereum (ETH) was priced at $2,683, fluctuating within a 24-hour range of $2,523 to $2,720. With a market capitalization of $321 billion and a trading volume of $17.58 billion, ether continues to exhibit significant market activity. However, technical indicators suggest ongoing challenges in breaking through key resistance levels, hinting at a […]
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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Traders hope $60K Bitcoin price boosts momentum in ETH, SUI, TAO and NOT

Coin Telegraph
Traders hope K Bitcoin price boosts momentum in ETH, SUI, TAO and NOT
Bitcoin

Bitcoin bulls are trying to flip $60,000 to support, and if that happens, ETH, SUI, TAO and NOT could move higher.

Bitcoin (BTC) recovered sharply from the intra-week lows of below $50,000, signaling aggressive buying at lower levels. Although this is a bullish sign, veteran trader Peter Brandt believes the selling is not done yet. Brandt said in a X post that there is a 50% possibility of Bitcoin falling below $40,000.

However, the Bitcoin bull-bear market cycle indicator, which had turned negative, has again flipped bullish. CryptoQuant founder and CEO Ki Young Ju said in a post on X that several Bitcoin onchain cyclical indicators that were on the “borderline have now shifted back to signaling a bull market.”

Bitcoin’s recovery has attracted buying in select altcoins that have turned around and are attempting to start a new up move. If Bitcoin maintains above $60,000, the altcoin rally is expected to gain momentum.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Bitcoin bear trap over? BTC price fractal hints at parabolic move next

Coin Telegraph
Bitcoin bear trap over? BTC price fractal hints at parabolic move next
Bitcoin Analysis

Bitcoin still faces significant resistance at $62,000, and if it breaks, it could liquidate over $845 million of leveraged shorts.

Crypto market analysts say the Bitcoin (BTC) bear trap is officially over. Based on historical chart patterns, they are eyeing the next price breakout.

A bear trap is a form of coordinated but controlled selling that creates a temporary dip in an asset’s price. It typically comprises a significant correction during a long-term uptrend.

The latest correction may have been a bear trap or a shake-out, according to pseudonymous crypto analyst Sensei, who wrote in an Aug. 8 X post:

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Price analysis 8/9: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

Coin Telegraph
Price analysis 8/9: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Avalanche

Buyers are struggling to build upon Bitcoin’s sharp recovery on Aug. 8, indicating that the bears remain active at higher levels.

Bitcoin (BTC) is close to completing a death cross, where the 50-day simple moving average (SMA) falls below the 200-day SMA. Although the death cross is believed to be bearish, analyst Timothy Peterson said in a post on X that Bitcoin has recorded a median return of 18%, two months after the eight death cross occurrences since 2015.

Bitcoin whales also seem to be sensing a bullish outlook. Whales with total holdings between 10 and 1,000 Bitcoin aggressively purchased on Aug. 5 and Aug. 6. However, the same cannot be said for the spot Bitcoin exchange-traded funds buyers who sold during those two days, resulting in a net outflow, per Farside Investors data.

The panic selling and the subsequent recovery in Bitcoin in the past few days suggest that the bulls and the bears are battling it out for supremacy. The price action is likely to remain volatile in the near term until a new directional move begins.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Solana hits new all-time high against Ethereum, but is $200 SOL price within reach?

Coin Telegraph
Solana hits new all-time high against Ethereum, but is 0 SOL price within reach?
Coin Telegraph

Solana’s price could rally to $200 if SOL manages to flip $148 into a support level, technical analysis suggests.

Solana’s (SOL) price hit a new all-time high against Ether (ETH) on Aug. 7, and traders are eyeing a potential breakout to $200, a level not seen since March. 

SOL’s price has entered price discovery, hitting an all-time high of 0.06211 against ETH, according to data from Binance and TradingView.

The SOL/ETH trading pair has been forming higher highs on the daily chart since June 23, suggesting that more upside is possible.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

‘The Black Swan’ author says Bitcoin a poor hedge against market meltdown

Coin Telegraph
‘The Black Swan’ author says Bitcoin a poor hedge against market meltdown
Bitcoin Price

Nassim Nicholas Taleb says gold still stands apart as a store of value.

Nassim Taleb, author of The Black Swan and adviser for Universa Investments, said during CNBC’s Squawk Box on Aug. 6 that the cryptocurrency market’s abrupt downturn on Aug. 5 shows Bitcoin (BTC) is a poor hedge against a systemic meltdown.

“Bitcoin is proving once again that it’s not a hedge against your assets melting,” according to Taleb, whose book The Black Swan explores the science of randomness and extreme outliers.

On Aug. 5, the entire crypto market saw a $510-billion drop in total market capitalization amid a marketwide downturn. Following the sell-off, over 60% of the top 50 cryptocurrencies lost all the gains made during 2024, according to CryptoQuant.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

Coin Telegraph
Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA
Bitcoin

Global equity markets witnessed a massive sell-off, pulling Bitcoin and several major cryptocurrencies to unexpected lows.

Bitcoin (BTC) fell below the psychological level of $50,000 on Aug. 5 as panic gripped traders following the crash in the Japanese stock market. Coinglass data shows $1.08 billion in liquidations in leveraged positions or collateral trades.

Will the correction deepen, or is it time for a relief rally to begin? That is a big question for traders. Popular analyst Rekt Capital said in a post on X that Bitcoin’s “downside deviation” could last for about two months.

Some analysts believe the correction could deepen further. FXPro senior market analyst Alex Kuptsikevich told Cointelegraph that Bitcoin’s selling could sink it to $42,000.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Bitcoin ETF trading volume tops $1B amid crypto crash — Galaxy

Coin Telegraph
Bitcoin ETF trading volume tops B amid crypto crash — Galaxy
Bitcoin Price

Galaxy’s head of research expects the funds to see inflows as investors buy the dip.

Trading volumes for Bitcoin (BTC) exchange-traded funds (ETFs) surged past $1 billion at the start of trading on Aug. 5, as crashing markets triggered “extremely elevated” trading activity across crypto, Alex Thorn, head of research at asset manager Galaxy Digital, said in a post on the X platform. 

After only 20 minutes of trading, Bitcoin ETFs have clocked more than $1.3 billion in trading volume, with iShares Bitcoin Trust seeing the highest churn at upward of $875 million, according to the post.

Thorn expects BTC ETFs to see net inflows from “dip buying” as investors clamor to take advantage of a roughly 8% drawdown in spot BTC prices since Aug. 4. The downturn was led by Ether (ETH), which dropped upwards of 21% after funds including Jump Trading and Paradigm VC sold hundreds of millions of dollars worth of Ether, according to an Aug. 5 report by QCP Group.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Bitcoin falls into demand zone — Will SOL, XRP, KAS and AAVE follow?

Coin Telegraph
Bitcoin falls into demand zone — Will SOL, XRP, KAS and AAVE follow?
Aave

Bitcoin may find buyers close to $56,000, benefitting select altcoins such as SOL, XRP, KAS, and AAVE.

Bitcoin (BTC) is in a free fall, breaking below the psychological $60,000 support on Aug. 4. Bitcoin came under intense selling pressure this week as traders reduced risk following the roughly 6% plunge in the Japanese stock market, Nikkei, on Aug. 2. The weaker than expected July jobs report on Aug. 2 did not help matters and the Nasdaq Composite fell into the correction territory, down more than 10% from its record high.

Even after the recent fall, Bitcoin remains stuck inside a large range. Although it is difficult to predict the direction of the breakout from a range, Bitcoin whales remain bullish. Whale addresses holding over 1,000 Bitcoin have added 84,000 Bitcoin in July. Also, nearly 64,000 Bitcoin left whale exchange balances in the past 30 days, the most since 2015, according to the whale net position change metric by Glassnode.

Bitcoin’s weakness has pulled several altcoins lower, indicating that the buyers are staying on the sidelines. However, as Bitcoin drops closer to the bottom of its range, buyers are likely to step in. That is expected to start a bounce in select altcoins.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom

Coin Telegraph
Bitcoin whale volume from exchanges hits 9-year high as analysts call BTC price bottom
Bitcoin Analysis

The last time Bitcoin whales moved this many coins from exchanges was when the BTC price was around $220 in 2015.

Bitcoin (BTC) whales, or addresses with over 1,000 BTC, or at least $64 million, have added 84,000 BTC in July despite the cryptocurrency market’s recent crab walk. What’s more, whales have been moving BTC from exchanges at the fastest pace since 2015. 

Bitcoin whales continue accumulating and taking the coins off exchanges, despite the recent sluggish momentum in the BTC/USD pair.

Notably, Bitcoin whales with at least 1,000 BTC have moved the most Bitcoin out of exchanges since 2015, marking the biggest spike in nine years, according to the whale net position change metric by Glassnode. Around 64,000 BTC has left whale exchange balances in the past 30 days.

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FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

FIFA, Mythical Games collaborate to launch blockchain game FIFA Rivals

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