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Ether dips below $1,700 again: Can it stay above the $1,500 level during the Merge?
Ether is underperforming despite the broader cryptocurrency market focusing on the Ethereum community thanks to the Merge.
ETH, the native coin of the Ethereum blockchain, has been underperforming over the last 24 hours. Ether has lost more than 5% of its value so far today, correlating with the broader cryptocurrency market.
The total cryptocurrency market cap has dropped below $1 trillion for the first time in more than a week. This comes after the market lost more than 6% of its value in the last 24 hours.
Bitcoin, the world’s leading cryptocurrency, risks dropping below the $20k psychological level after losing nearly 19% of its value so far today.
At press time, ETH is trading at $1,610 per coin. The poor performance comes despite the Ethereum Merge currently taking centre stage in the crypto market.
The cryptocurrency space is focusing on the Ethereum community over the next few days as the blockchain transitions from a proof of work to a proof of stake mechanism.
Key levels to watch
The ETH/USD 4-hour chart has turned bearish as Ether has been underperforming over the last 24 hours. The technical indicators show that ETH is not fairing well despite the fanfare around the Merge.
The MACD line is below the neutral zone, indicating that the bears are currently in control of the Ether market.
The 14-day relative strength index of 37 shows that ETH could enter the oversold region if the bearish trend continues.
If the bears remain in charge, ETH could drop towards the $1,500 psychological level for the second time in a week.
In the event of an extended bearish run, ETH could struggle to defend its second major support level at $1,412 in the near term.
The bulls might regain control and push Ether past the first major resistance level at $1,710 before the end of the day. The second major resistance level at $1,783 should cap further upward movement in the short term.
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Bitcoin, Ether prices fall sharply after hot US inflation data
- Bitcoin fell below $21,000 or -9% to touch lows of $20,427 on Coinbase, while Ethereum price retreated to $1,590.
- Stocks also plunged on the hotter-than-expected CPI data, with S&P 500 down more than 3%.
Crypto witnessed another sharp sell-off Tuesday as risk-on assets reacted negatively to fresh US inflation data, which came in hotter-than-expected.
In cryptocurrencies, Bitcoin (BTC) fell nearly 10% to break below $21,000 as losses in the altcoin market included Ethereum (ETH) dipping under $1,600. The losses across cryptocurrencies had the sector nursing over 5% in total market cap declines, which together pushed the metric to $1.05 trillion.
BTC/USD daily chart showing the sharp decline in price after the CPI data. Source: TradingViewBitcoin traded to lows of $20,427 per unit on major crypto exchange Coinbase as shown in the above chart.
Stocks also fall sharply
The picture was not that different on Wall Street, with traditional financial markets experiencing a similar downside move. The S&P 500 fell more than 3% and the Nasdaq shed 4% as stocks crashed on the hot inflation readings.
The Dow Jones Industrial Average was down more than 900 points, or 3% lower at around 14:25 pm ET.
On Tuesday, the US Bureau of Labor Statistics released the latest Consumer Price Index (CPI) readings for August, with data showing prices increased by 8.3% year-over-year last month. Prices rose 0.1% over the month to come in hotter than the expected 8.1%YoY and a 0.1% decline over the month.
The markets’ reaction to the data comes as the US Federal Reserve is expected to raise interest rates by another 75 basis points next week. Commenting on the print, CNBC’s Steve Liesman said the 75 bps is now “written in red.”
„The Fed just erased the 75 basis point hike that was written in pencil and wrote it in red ink,“ says @SteveLiesman on the latest CPI data. „This moves them to 75 for sure at this point because they didn’t get the help they were looking for.“ pic.twitter.com/zcHJ0LpOR8
— Squawk Box (@SquawkCNBC) September 13, 2022
Going back to the crypto market, a key event to watch this week is the highly anticipated Ethereum Merge, which analysts say could come with increased volatility not just for ETH but for most other crypto assets.
The post Bitcoin, Ether prices fall sharply after hot US inflation data appeared first on CoinJournal.
Top Cryptocurrencies to watch after the Ethereum Merge
After months of waiting, the Ethereum merge is finally here, and investors are looking forward to a pump in the coming days and weeks. The expectation is that Ethereum could trigger another market rally and help the broader cryptocurrency market come out of the current bear run.
Such prospects are not far-fetched. In August 2021, after the hard fork that made Ethereum deflationary, ETH gained momentum, and by September, the rest of the market had caught up. What followed was a rally that saw most cryptocurrencies hit new highs by November 2021.
That said, if Ethereum pumps, a number of cryptocurrencies hold the potential to outperform it. That’s because they are cheaper – accessible to small investors – and have many other factors supporting their potential rally.
If you are an investor looking to make the most of the market in the short term, below are three cryptocurrencies to watch immediately after the Ethereum merge.
Ethereum Classic (ETC)
Ethereum Classic (ETC) was pumped a few weeks ago, and though it has eased up, it still holds a lot of potential short term. That’s because once the Ethereum merge is complete, miners will be left with equipment that still needs to remain profitable for it not to go obsolete. This was the reason behind the Ethereum Classic pump after Ethereum founder Vitalik Buterin urged miners to look to ETC.
As the shift to ETC by miners starts to happen at scale, investors can expect a pump in the price and possibly the resurge of ETC as a top cryptocurrency to invest in for the long term.
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The Graph (GRT)
Ethereum is the most widely used blockchain for smart contracts. That’s despite its many weaknesses, especially in costs and scalability. It means that developers value the Ethereum network regardless of the costs. In essence, once the merge is complete, there could be a surge in the usage of the Ethereum network. This places networks that make using the Ethereum blockchain easier to use and a lot more valuable.
The Graph (GRT) is one of the cryptocurrencies that make using Ethereum easier. It is used for querying data on the Ethereum blockchain. As Ethereum adoption grows, investors will find this network much more valuable.
Adoption and the fact that it is a cheap cryptocurrency puts it at the forefront of cryptocurrencies that could go parabolic after the merge.
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Polygon (MATIC)
With The Merge, Ethereum transactions will mainly be handled by layer-2 solutions. The goal is to take the load off the mainnet, thereby cutting gas fees and increasing transaction speeds. One of the layer-2 solutions set to benefit the most is Polygon (MATIC).
Polygon already has a considerable number of projects running on top of it. This gives it an edge over other Ethereum L2s. Most importantly, Polygon recently introduced ZkRollups for maximum security and also implemented deflationary tokenomics. These two factors make Polygon higher attractive to investors and could see it emerge as one of the best performing cryptocurrencies after the merge.
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The post Top Cryptocurrencies to watch after the Ethereum Merge appeared first on CoinJournal.
Which levels should you watch as HBAR reacts to Coinbase’s listing?
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Hedera Hashgraph has reacted positively to the news about the Coinbase listing.
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HBAR has consolidated weekly gains at 6%.
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The token is attempting a breakout above a descending resistance level.
Hedera Hashgraph HBAR/USD has recorded a sharp pump in price on Coinbase listing news. Coinbase announced on Monday it will support USD and USDT pairs for HBAR token starting September 13. The exchange noted that the listing would be subject to liquidity conditions and a sufficient supply of the trading pairs.
As a result, the Hedera Hashgraph native token, HBAR, is currently exchanging at $0.067. The price change is 3.59% in the past day and a 6.24% increase in the last week. Aside from the listing, Hedera is gaining relevance among organizations of all sizes.
It is the most popularly used, sustainable, enterprise-grade public ledger. The network uses a decentralized ledger based on directed acyclic graph technology. DAG is an alternative network to the blockchain. Hedera Hashgraph is owned and governed by a council of global innovators like Google, Boeing, and IBM.
Another aspect positioning Hedera Hashgraph as a blockchain of the future is Hedera Token Services. The service allows for the configuration, management, and transfer of non-fungible tokens on the Hedera network. The services are powered by HBAR, a token used in settling transactions. From the technical outlook, HBAR has touched the descending resistance.
HBAR corrects at the descending resistance
Source: TradingView
According to the daily chat above, HBAR is at the descending resistance line. The pattern has remained in place since May. HBAR has also formed a double bottom. The closet resistance is set at $0.083 and the nearest support at $0.057. From the momentum indicator, the Stochastic Oscillator, HBAR has more headroom before entering the overbought zone.
Bottom line
Investors should be keen on HBAR price action at the descending resistance level. Clearance above the level shifts the focus to the next resistance of $0.083. At the moment, $0.0571 remains the reference support and a potential retracement if the breakout does not materialize.
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