Ethereum price traded near $2,600 as crypto experienced a brief lull.
A CryptoQuant analyst says ETH could witness a short squeeze, but points to $2.7k as key resistance.
Ethereum traded to near $2,750 on Monday, Oct. 21, rising amid broader gains for the crypto market as Bitcoin shot past $69,000. However, with BTC dipping, the ETH price followed suit and tested support near $2,600 on Oct. 22.
The price of Ethereum has returned above $2,620, and a CryptoQuant analyst says the top altcoin could see a short squeeze scenario. According to Shayan B, this outlook results from the rising leverage. If the bulls manage to break out above the supply wall around $2.7k, then ETH price could rise further.
Ethereum price outlook
Currently, the market seems bearish on ether price prospects, which means many traders expected a downside continuation. But with “leverage at concerning levels,” a short squeeze would mean unexpected price surge and major liquidations.
ETH would notch gains in such a case.
“With leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event. In such a scenario, if ETH’s price rises unexpectedly, traders with short positions could be forced to cover their positions by buying back ETH, creating an impulsive price spike,” the analystnoted.
The key level however remains at the 100-day moving average near $2,700. This area presents a notable resistance area that bulls may have to conquer to see further gains.
Ethereum Faces Short-Squeeze Risk: Rising Leverage and Key Resistance at $2.7K
“With leverage at concerning levels, the futures market is now considered overheated. This leaves Ethereum vulnerable to a potential short-squeeze event.” – By @ShayanBTC7
Data fromCoinglass showed total 24-hour crypto liquidations stood at over $165 million.
Most of this, about 75% were long positions rekt over the past 24 hours at $129 million. Shorts accounted for about $36 million. Looking at Ethereum, data showed longs accounted for $36 million of the total $39 million liquidated over the past 24 hours.
ETH price reached its year-to-date peak of $4,070 in March.
The Avalanche Foundation has launched the Avalanche Card, a Visa crypto card.
The Visa card links to a self-custody wallet and supports various cryptocurrencies.
Initially available in Latin America and the Caribbean, Avalanche Card has no spending fees.
The Avalanche Foundation, known for its innovative contributions to the cryptocurrency and blockchain landscape, has announced the launch of the Avalanche Card, a Visa cryptocurrency spending card.
This new financial tool allows users to spend their digital assets seamlessly, marking a significant step in the integration of cryptocurrency into everyday transactions.
The Avalanche Card
Announced on October 21 via the social media platform X, the Avalanche Card is designed to enhance user experience by supporting a variety of cryptocurrencies, including Circle’s USD Coin (USDC), Wrapped AVAX (WAVAX), and BENQI Liquid Staked AVAX (sAVAX).
Introducing the Avalanche Card! 🔺
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The card is available in both physical and virtual forms, enabling users to make purchases wherever Visa is accepted.
A key feature of the Avalanche Card is its linkage to a self-custody wallet. Each user has a unique address for each asset, ensuring security and control over their funds.
Additionally, user activities with the card are not reported to credit bureaus, allowing for a level of privacy that traditional credit cards do not offer.
It’s important to note that the Avalanche Card is issued by Rain Liquidity, a financial technology service provider, rather than a traditional bank, meaning it is not insured by the Federal Deposit Insurance Corporation (FDIC).
Initially, the Avalanche Card will be available to residents of countries in Latin America and the Caribbean. However, residents of certain regions, including Cuba, Venezuela, and North Korea, are excluded from signing up.
One notable advantage of the Avalanche Card is the absence of spending fees, although users are encouraged to review the full terms regarding any applicable service fees.
As the cryptocurrency landscape continues to evolve, the Avalanche Card represents a significant milestone, offering users a practical and secure way to utilize their digital assets in everyday transactions.
Cardano (ADA) was at the center of interest a few years ago, but many investors now wonder if it has lost its ‘wow’ factor. The coin, which is relatively steady and has built a good system of development, reached its maximum in 2021 and has since been experiencing slower growth. However, some traders believe that Cardano isn’t over, but should not be a primary focus for traders looking at explosive long-term growth. On the other hand, projects like Rexas Finance (RXS) are emerging and a growing number of traders believe that RXS may offer more upside than ADA during the 2025 rally.
Is Cardano dead?
So, is Cardano dead in the real sense of the word? The answer is no. Despite facing declining interest over the years, Cardano has still striven to remain on course as a secure and relatively stable network. The design philosophy that underpins Cardano is very conservative, and therefore, it has been pretty slow in deploying updates and new features. Such a strategy appeals to the subset of investors who are more conservative and abhor speculation. Cardano also stands out because of its dedication to enhancing the ecosystem. Its smart contract platform allows for decentralized applications (dApps) and this still has room for growth in the years to come.However, for investors in the parabolic gains segment who are at present considering Cardanol, its relatively stagnant growth may not be the most compelling option. As of today, Cardano has lost significant ground at $0.3605, which is a 65.75% price drop since the March 2024 peak. The downtrend may be slow but that’s a far cry from the previous, and many are seeking alternative bets that are more enticing.
Why Rexas Finance (RXS) could beat ADA
The other such opportunity is Rexas Finance (RXS), a new RWA token that traders think will beat its predecessor within the next few years. Rexas Finance addresses the real-world assets market and a crypto trader says RXS ‘will have an easy time ‘ surpassing ADA this 2025 rally.Many investors already find the presale price of this token appealing as it is pegged at $0.060, which is more than 100% appreciation compared to the first presale price of $0.030. Rexas Finance has been outlined to be listed at $0.2 but could then skyrocket to $16 according to some forecasts, which would represent an astonishing 26,500% appreciation by the year 2025.
However, one may ask, what will enable Rexas Finance to outdo Cardano? A simple explanation is that this allows actual functioning in the asset class market. Rexas Finance provides a platform that enables users to purchase asset fractions of tokenized assets such as real estate, art, and other physical commodities. This means that investors will be able to access the global market for assets without barriers of geography or capital.
For instance, one person in one part of the world can, with just a few clicks, own a section of a well-appointed property located in another part of the world. This freedom provides new avenues for clients and property managers alike on how to tokenize and exchange pockets of interest in investment assets. Thanks to the efficient token builder tool that it offers, Rexas Finance can let even non-tech people securitize their physical assets without coding. It is compatible with various token standards which include ERC-20, ERC-721, and ERC-1155 making it very useful and expandable. Investors can also look for funding for their tokenized assets from the Rexas Launchpad creating a lively environment for the functional development of the ecosystem.
Tracking Rexas Finance (RXS) on CoinMarketCap
Once Rexas Finance gained some traction, it has now been included in the listings at CoinMarketCap. This listing allows investors to keep a keen eye on the price changes, their news, and the developments of RXS. Having RXS on a reputable site such as CoinMarketCap helps Rexas Finance reach a wider audience, offering investors the proper tools to manage their investments and helping them to choose proper actions.
Presale opportunity and $1,000,000 giveaway
To encourage early investors, Rexas Finance gives them an interesting opportunity to engage in its presale. As such, the project is conducting a $1,000,000 giveaway, in which 20 random participants are to receive $50,000 each.By coming on board early in the presale, there are strong possibilities to benefit from the giveaway while it lasts, and also your investment could grow with the anticipated increase in the value of the RXS token.
Conclusion
While Cardano remains a stable and secure platform, its slow growth might not appeal to investors looking for fast gains. Rexas Finance, on the other hand, offers a compelling alternative, with its innovative real-world asset tokenization and impressive growth potential. As the 2025 rally approaches, some traders are increasingly optimistic about Rexas Finance’s ability to outperform ADA, with some of the most optimistic forecasts predicting a 26,500% surge by the end of next year. Getting listed on CoinMarketCap and launching a $1,000,000 giveaway in its presale stage, Rexas Finance is positioning itself as an opportunity for anyone who’s been waiting to invest in the next big crypto.
For more information about Rexas Finance (RXS) visit the links below:
Buenos Aires has launched a digital identity service called QuarkID that uses zero-knowledge proofs.
The service enables privacy by verifying documents without revealing personal data.
QuarkID will expand nationally, with pilots in other Argentinian regions underway.
The city of Buenos Aires has unveiled a groundbreaking digital identity service called QuarkID, aimed at enhancing residents’ privacy through advanced cryptographic technology known as zero-knowledge proofs.
Integrated into the miBA app, a platform that has facilitated access to municipal services for the past seven years, QuarkID seeks to give approximately 3.6 million porteños greater control over their personal information.
Zero-knowledge proofs allow users to verify the authenticity of documents without revealing unnecessary personal data. For instance, residents can confirm their age when purchasing alcohol without disclosing their full birthdate or address.
This approach is designed to empower citizens by providing a self-sovereign identity system that prioritizes privacy and security. “The decision from the beginning was to create a self-sovereign identity system so that citizens can have privacy and security over the documents they acquire ownership of,” stated Diego Fernandez, Buenos Aires’ secretary of innovation and digital transformation.
While zero-knowledge proofs can function independently of blockchain technology, QuarkID utilizes the Ethereum layer-2 network ZKsync Era, which serves as a “security anchor.” This ensures that data can be proven to exist in a specific form at a specific time, thereby reducing the risk of identity theft and fraud.
Users can upload more than 60 types of documents, including birth certificates and vaccination records, with additional documents expected to be added in the coming months. Importantly, no third party, including the municipality, has control over these documents, significantly mitigating the risk of data breaches.
The initiative promises to reduce costs for the government compared to traditional methods of document management, and the pilot program is set to expand beyond Buenos Aires to regions like Jujuy and Tucumán, as well as small towns such as Luján de Cuyo.
Fernandez emphasized the potential for national scaling, stating that technology developed in Buenos Aires could be implemented throughout Argentina and even in other Latin American countries, such as Uruguay.
