Monat: Dezember 2022

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Ethereum rises above $1,250 support, but buyers may still be unconvinced

  • Ethereum gained 2% to maintain above support

  • Ethereum has been witnessing whale accumulation at $1,230

  • The cryptocurrency still lacks a directional bias as sellers remain active

Ethereum (ETH/USD) rose more than 2% on Friday, cementing a position above $1,250 support. The recovery saw ETH trade to a price of nearly $1,300 before falling slightly. However, the ETH price is not at a level we can consider bullish. It is, instead, consolidating at or above the crucial support. Will buyers help further recoveries?

Going by the Santiment data on December 7, big investors are accumulating ETH. The data shows that whales and sharks had accumulated ETH worth $690 million in the previous two days. The accumulation happened as ETH hovered around $1,230. That emphasises that the accumulation could be behind the recent, however small, recovery for ETH.

The whale accumulation underlines that the price at or around $1,250 is becoming very important for ETH. The level has held ETH since July. Even as the FTX saga happened and the price slipped below, ETH recovered quickly to the level. Clearly, long-term buyers should consider this as an important zone for accumulating the cryptocurrency. Still, buyers may struggle with bears at the crucial level as the price lacks momentum.

ETH lacks the upside but remains stable above the support

ETH/USD Chart by TradingView

A technical outlook shows bulls firmly holding to the price above $1,250. However, bears are also relentless, as shown by the weak momentum in the price of ETH.

The slight gains recorded in the day take the RSI above the midpoint, suggesting the entry of buyers. The reading is still near the level that equates demand and supply. The MACD remains in the bear territory despite a slightly improved momentum.

What next for ETH?

Buyers have a slight edge over bears for ETH above $1,250. However, bulls are still facing pressure. ETH may continue consolidating until the cryptocurrency gets a catalyst to push above the support. Should buying ETH intensify, the next level for the cryptocurrency is at $1,400-$1,450.

Where to buy ETH 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today

The post Ethereum rises above $1,250 support, but buyers may still be unconvinced appeared first on CoinJournal.

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BNB to $266? Will a bitter exchange between Binance CEO and SBF hurt token further?

  • Binance has been on a slow decline since touching $315

  • The cryptocurrency has lacked positive catalysts to take the price higher

  • BNB faces a decline to the $266 support zone 

Binance (BNB/USD) continues to consolidate but is on a short-term descent after tapping a minor resistance. As of press time, BNB was trading at $289 and looking increasingly bearish. Investors now stare at a possible price bottom at $266.

The decline in BNB comes amid limited fundamentals to support the cryptocurrency. Across the general sector, the market is mixed, with most cryptocurrencies consolidating. That underlines that BNB’s price action mirrors that of the sector, with investors still reeling from the FTX impacts. While Binance’s reassurances of stability have at least supported BNB, the recent slow gains mean investors are cautious.

The trading comes even as a bitter exchange ensues between Binance CEO Changpeng ‘CZ’ Zhao and former FTX head Sam Bankman-Fried. The exchange on Twitter related to an exit by Binance on investment in FTX back in 2021. Bankman-Fried accused CZ of demanding an extra $75 million kickback. Instead, CZ called SBF a “fraudster,” looking for someone to blame for the FTX implosion. Of course, the exchange harms an already depleted market confidence as investors are unsure which exchange is next. 

BNB trends lower, with weakening momentum

BNB/USD Chart by TradingView

Technically, BNB is slightly bearish. The RSI is at the midpoint meaning that bulls are muscling equally with the bears. However, the MACD indicator shows that momentum has weakened. Similarly, the MACD and signal line lies in the neutral zone. 

Will BNB stay bearish?

With the limited fundamentals to support BNB price and the non-ensuing confidence crisis, the token may fall further. The price action supports a decline to the next support at $266. 

Buyers are, however, relentless, as shown by the reading on the RSI and MACD. For BNB to maintain the uptrend, the price must recover above $315. However, as it looks, we may have to shelve the ambitions until a further date.

Where to buy BNB 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

The post BNB to $266? Will a bitter exchange between Binance CEO and SBF hurt token further? appeared first on CoinJournal.

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This week in crypto: Gnosis becomes the second blockchain to complete The Merge

  • Gnosis blockchain completes The Merge and migrates to a proof of stake protocol.

  • Coinbase expects 2022’s revenue to decline by 50% or more from 2021.

  • PayPal begins crypto operations in Luxembourg.

Gnosis blockchain completes The Merge

First Ethereum, now Gnosis. Gnosis announced earlier this week that it has migrated to a Proof of Stake (PoS) protocol from its previous Proof of Authority (PoA), completing The Merge. 

The migration had seen the number of validators on the Gnosis blockchain increase to over 100k from the previous 20 it had when it maintained its PoA protocol. The migration is expected to boost decentralisation and security of the Gnosis blockchain.

Coinbase expects 2022 revenue to decline by 50% or more

Brian Armstrong, the CEO of Coinbase, revealed earlier this week that the cryptocurrency exchange is expecting its 2022 revenue to decline by 50% or more from what it generated last year.

According to the CEO, the bear market has affected its operations, with most coins down by 70% from their all-time highs. The recent events, including the FTX collapse, have also affected the confidence in the market. However, Armstrong said he would continue to advocate for the crypto industry in Washington DC.

Coinbase also asked its users to switch USDT stablecoins for the more ‘reputable’ USDC. USDC is issued by Circle, the company co-founded by Coinbase. The crypto exchange said USDC is more truCelsius ordered to return crypto worth $44M to customerssted and reliable, and its users should start using the stablecoin ahead of the USDT issued by Tether.

Earlier this week, Circle, the issuer of USDC, officially announced that it had cancelled plans to go public. The company was expected to go public with a $9 billion valuation, but recent market events forced it to cancel its plans.

Celsius ordered to return crypto worth $44M to customers

Cryptocurrency lending firm Celsius has been ordered to return $44 million worth of cryptocurrencies to its customers. United States Bankruptcy Judge Martin Glenn said he wants creditors to recover as much as they possibly can as soon as they possibly can.

Celsius owes billions to its creditors, and the $44 million approved applies to pure custody assets. These are assets that haven’t been used in the Celsius Earn accounts but were present in the custody program.

PayPal begins crypto operations in Luxembourg

Payment platform PayPal revealed earlier this week that it is expanding its cryptocurrency operations to capture Luxembourg. The company said its crypto services would soon be available in the European country, allowing citizens to buy, sell, and hold various crypto assets. 

PayPal added that it is currently working with Luxembourg’s regulators and policymakers to create a policy that is excellent for the investors, PayPal, and the country.

Ethereum’s Shanghai hard fork to take place in March 2023

Éthereum core developers have set March 2023 as the date for the network’s Shanghai hard fork. The hard fork is a crucial one for the Ethereum community as it would allow users to withdraw their staked Ether tokens on the network.

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