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Ethereum recovering above $1,250. Is this a bullish trigger?
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Ethereum hovered around the $1,250 resistance on Wednesday
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Ethereum network surpassed Bitcoin in transaction volumes in 2022
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Wait for a bullish confirmation before buying ETH
Ethereum (ETH/USD) is trading at its crucial resistance zone of $1,250 after recovering 3% on Wednesday. This level has proved difficult to crack since plunging below it in mid-Dec. The new year recoveries may keep bulls on alert, although it is still too early to judge how far the price can surge.
Although 2022 was a difficult year for Ethereum, fans will be delighted by cryptocurrency news on network activity. Data from Ycharts and Nasdaq show that Ethereum topped Bitcoin in transaction volumes last year. The network witnessed 408.5 million transactions, surpassing Bitcoin’s 93.1 million. The higher volatility in Ethereum was connected to events such as NFT launches. Bitcoin, however, retained the crown as the most searched cryptocurrency.
Data by Bitinfocharts shows that into 2023, transaction volumes are still rising for Ethereum. As of January 2, the count hit 924,614, higher than 229,191 for Bitcoin.
Ethereum on a short-term appreciation to the $1,250 resistance
ETH/USD Chart by TradingView
A technical outlook shows ETH trading on a short-term trendline initiated from the $1,100 bottom. The cryptocurrency trades with improved buy side volumes, although still not very significant. The MACD indicator is bearish, but momentum has improved slightly.
What to watch next for ETH
Ethereum is a candidate for a bullish breakout at the $1,250 resistance. The bullish candlestick will be watched by the buyers.
Conversely, bears could take control of the price at the resistance zone. That could see ETH slide to the short-term ascending trendline.
If you are considering buying ETH, it is important to watch for the price to clear $1,250 successfully. As long as the price remains below this level, ETH is vulnerable.
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.
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.
The post Ethereum recovering above $1,250. Is this a bullish trigger? appeared first on CoinJournal.
Cardano gives early signals of a rally. Is this a good opportunity?
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Cardano recovered by 4% on Wednesday after hitting a two-year bottom
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Whale activity has been reported to be on the rise
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The cryptocurrency remains on a downtrend with no confirmed bullish momentum
Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24. Trading at $0.265 as of press time, ADA had returned 4% in the day. The gains in the day come amid increased whale activity.
According to WhaleStats data, ADA was among the top 10 most bought tokens above the biggest BSC whales on December 04. The BNB whales now hold a combined 19.9 million Cardano tokens. The portfolio, worth $5.19 million, however, represents less than 1% of the total. Nonetheless, in the last 30 days, large investors have cut their ADA positions. That potentially explains the huge decline in ADA price in December to the multi-year low.
There are no clear indications for the recent surge in ADA. As CoinJournal previously reported, sentiment data showed that ADA was undervalued as of the end of 2022. Investors could, therefore, be throwing weight on recovery as the price hits depressed levels. But we remain cautious as ADA remains on a downtrend.
ADA recovers at the bottom of the descending channel
From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The 2-year low saw the RSI hit oversold levels meaning that investors had dumped ADA in huge proportions. The daily chart technical outlook still supports a bearish view of the cryptocurrency.
Will ADA recovery continue?
Cardano’s recovery remains tied to the broader crypto sentiment. Many cryptocurrencies posted relief recoveries on Wednesday but were still trading at depressed levels. There is no confirmation that the recoveries will be sustained since we remain in a bear market.
If ADA maintains the recovery, we need to watch how bulls play out at the upper end of the descending channel. Conversely, ADA remains vulnerable to the $0.24 bottom or lower.
Where to buy ADA
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.
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.
The post Cardano gives early signals of a rally. Is this a good opportunity? appeared first on CoinJournal.
Over $8 trillion was transferred via the Bitcoin blockchain in 2022
- CoinMetrics data shows the Bitcoin blockchain registered over $8 trillion worth of transfers in 2022.
- According to the data, the total amount transferred via the blockchain fell off in the second half of the year.
- Bitcoin also saw an increase in blockchain size and hashrate, with 16% and 56% annual growth rates respectively.
Bitcoin continues to fluctuate below $17,000 as the cryptocurrency market enters 2023 on the back of continuing uncertainty after a brutal 2022.
But while prices fell massively throughout the year to see Bitcoin trade nearly 60% down over the past year, data shows the flagship cryptocurrency still saw decent on-chain value transfer.
Over $8 trillion transferred via Bitcoin blockchain
According to data recently shared by crypto and blockchain analytics platform CoinMetrics, 2022 saw over $8.2 trillion worth of value transferred via the Bitcoin blockchain. The transactions amounted to value worth $260,000 per second transferred on the network.
James Lopp, the co-founder and CTO of crypto custody startup Casa, shared the statistic on Twitter.
.@coinmetrics estimates (by removing likely change outputs) that $8.2T was transferred via the Bitcoin blockchain in 2022, averaging $260,000 per second. pic.twitter.com/LaQgAsu82k
— Jameson Lopp (@lopp) January 1, 2023
Per the data, the most value was transferred in the first half of the year, with the largest chunk of these seen in March to early May. The bear market and the contagion that followed the demise of Terra Luna and several crypto-focused companies marked the beginning of a downturn that persisted throughout the year.
Blockchain grew 16%, hashrate 56%
Meanwhile, the Bitcoin blockchain size increased from 383.3 GB to 446 GB, showing an annual growth rate of roughly 16.4%.
The network hashrate also increased despite the bear market crash that pushed multiple miners into bankruptcy. Data on total network hashrate growth for 2022 showed a 56% jump, from 175 exahashes per second (EH/s) to 274 EH/s.
The post Over $8 trillion was transferred via the Bitcoin blockchain in 2022 appeared first on CoinJournal.
Solana interest grows as price eyes a bullish push after weekly 40% gains
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Solana token has gained by almost 40% in a week as network activity surge
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The weekly gains have been inspired by the Bonk token airdrop
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SOL faces resistance at $14
Solana (SOL/USD) is making a strong return after a difficult spell in 2022. Frequent hacks, FTX collapse, and a prolonged crypto winter are some of the ails of Solana in 2022. In particular, the FTX crash saw SOL fall below $10. But a return of nearly 40% in a week is sending a statement that investors are not done with the proclaimed Ethereum killer.
According to Solana Foundation head of strategy and communications Austin Federa, SOL is defying the FTX contagion. The network has seen increasing on-chain activity for users and developers. He says no projects are migrating from the blockchain, underlining Solana’s strengths and performance.
The latest gains in SOL come amid increased investor interest. That comes after the launch of the Shiba-Inu-themed Bonk (BONK) token. According to the latest cryptocurrency news, BONK will be airdropped for up to 50% of its supply. About 20% of the airdrop will go to Solana NFT collections. The development has seen several projects on Solana integrate bonk tokens for use in transactions on listed NFTs.
SOL price outlook and analysis approaching resistance
From the technical outlook, SOL is slightly bullish but largely bearish. The indicator is approaching the neutral zone, although it shows SOL is bearish. Resistance lies at $14, slightly below the SOL price.
What next for the SOL price?
The gains in SOL price are positive after a prolonged bear market. However, $14 will be a test for bulls. A bullish scenario will be reinforced if the cryptocurrency breaks above the resistance level. That could see SOL maintain the uptrend to $18 and beyond.
On the flip side, SOL will face bears at $14. Buyers may also exit at the overhead resistance to force a correction. That could see the token retest the $11 or $10 bottom.
Where to buy SOL
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.
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.
The post Solana interest grows as price eyes a bullish push after weekly 40% gains appeared first on CoinJournal.