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Ethereum falls by over 30% in less than a week – What next?

Like most major coins in the market, Ethereum has seen a massive sell-off over the last week or so. The coin is down about 30%, and as sentiment in the market takes a risk-averse approach, this decline is far from over. So, where does ETH go from here? More analysis later in the post but first, check out these highlights:

  • ETH has fallen below $1300 for the first in 18 months

  • A fall below $1,000 is likely and could trigger a huge sell-off

  • Momentum in the market appears very limited, and ETH will remain suppressed.

Data Source: TradingView

Where does Ethereum go now?

At the moment, there isn’t a lot of good news coming from crypto. As most coins sell-off, we do not see any signs that the downtrend will ease. If anything, this could be the beginning of a very difficult period for crypto in the near term. So, we expect ETH to continue sliding. 

There will be some fake-outs in between where the coin rallies a bit. But overall, the trend will push downwards. It will be very interesting though to see the kind of resilience ETH shows at $1000. Losing $1000 will be a huge setback for the coin, and bulls must defend this price at all costs.

Nonetheless, if ETH can reclaim the $1300 support in the coming days, perhaps a massive met down will be avoided. So far, the coin is down 15% over the last 24 hours.

Is the crypto bull run over?

When major coins like ETH start to fall sharply, they often weigh down the whole market. 2021 was one of the best years for crypto. But it is now clear that 2022 will be the year of corrections. 

ETH is likely going to face more pressure but could still close the year above $5000. It all depends on how investor sentiment develops in the coming weeks.

The post Ethereum falls by over 30% in less than a week – What next? appeared first on CoinJournal.

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Helium’s bullish alignment could trigger an 85% rally

Broader weakness in crypto is currently pulling down many altcoins like Helium. However, the coin appears to be showing some resilience in the wake of today’s crash. While most major coins are already down by double digits over the last 24 hours, HNT has kept losses well below 10%. But a more promising bullish setup could trigger a massive 85% rally. Here are some pointers

  • Helium has formed a cup and handle pattern that suggests a bull run is imminent.

  • The coin will however need to flip $8.44 from resistance to support

  • If this happens, a decisive break toward $12.5 could come in the weeks ahead

Data Source: TradingView

The Helium bullish setup

There are three crucial factors here that will determine if HNT will break or not. First, so far, the market appears to be crashing. We have also seen trade volumes plummet as investors step aside from crypto temporarily. As a result, sentiment may slow and this will affect HNT’s ability to consolidate the price above important support. 

Remember a bull run only comes if the coin regains the $8.44 support and keeps the bears off. If the current weakness in the market persists, this may not happen. In fact, HNT could still plunge to its April lows of $6.59. 

But despite this, the coin has shown some impressive resilience. If dip buyers jump into the market after today’s crash, then we could realistically see a scenario where HNT targets $12.5 and later $16.6 depending on upward momentum.

How soon will HNT turn around?

The good news about HNT is that it’s actually not that far away from the $8.44 support. The coin only needs an uptrend of 5%, and that’s it. 

The only challenge will be to keep the price action above $8.44. With everything considered, the coin could hit $12.5 in about three months or thereabout.

The post Helium’s bullish alignment could trigger an 85% rally appeared first on CoinJournal.

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Tether treasury: Celsius’ crisis won’t impact USDT reserves

Tether has announced that the USDT reserves “hold strongly” even as cryptocurrency lending provider Celsius (CEL) feels the heat of crypto volatility.

The stablecoin issuer, in a statement to this effect released on Monday, said the events wont have an impact on the stablecoin’s reserves.  

And going by events of not so long ago involving the collapse of TerraUSD (USD), Tether must have felt the need to issue a clarifying note.

“The recent events impacting the Celsius lending platform and its native token CEL are an unfortunate result of market volatility and extreme market conditions,” Tether noted. 

No correlation with USDT

According to the company, while its portfolio holds an investment in Celsius, it is but a “minimal part” of its shareholders equity. Notably, Tether said its investment in the crypto lender has no correlation to its USDT reserves.

Additionally, the lending activity between Tether and Celsius “has always been overcollateralized,” adding to the overall assertion that none of what’s happened with Celsius has an impact on the stablecoin issuer’s reserves. 

On Monday, Celsius announced a pause to all withdrawals, transfers and swaps as it tried to navigate massive volatility.

“We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,” Celsius said in a message to the community.

The platform has not resumed the operations as at the time of writing. Meanwhile, the native CEL token is down 21% in the past 24 hours and nearly 96% down since its all-time high reached in January last year.

The post Tether treasury: Celsius’ crisis won’t impact USDT reserves appeared first on CoinJournal.

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Solana sees more weakness as bears push for $20

The weakness in the crypto market over the past week is taking a heavy toll on altcoins. Solana has not been spared. The coin is now in a bear market trend, and sellers could well push it towards $20 in the coming weeks. This will represent a fall of over 50% in less than 7 days. Here are some other notable facts to note:

  • SOL is trading between weekly support of $24.52 and weekly resistance of $47.43

  • The coin is currently slightly above support after a 16% plunge in 24 hours

  • If this support is lost, SOL will revisit $19 before any upward momentum

Data Source: TradingView 

Solana price analysis and prediction

As noted above, over the past two weeks, SOL has seen massive volatility. Although there were times when the coin showed some decent bullish signs, its uptrend has often been limited to the $47.43 support. As a result, the altcoin has established a weekly range between support and resistance. 

However, after plunging by nearly 16% over the last 24 hours and by a whopping 40% in seven days, SOL is now dangerously close to the $24.52 support than the $47.43 resistance. The downtrend is also quite strong since it is aligned with broader sentiment in the market.

For this reason, we expect weakness to continue, and eventually, SOL will likely lose $24.52. If this happens, a decisive fall toward $19 will be more or less inevitable. This analysis will however become null and void if SOL can push above the $47.43 resistance. We don’t think this will happen.

What next for SOL

Investors are taking a wait-and-see attitude when it comes to crypto. So, for the time being, We are not going to see so much buying activity for SOL and other altcoins. 

It would be best to give it a month and see how the price action plays out. But if we remain suppressed below $20 for long, things could get harder for SOL bulls in the near term.

The post Solana sees more weakness as bears push for $20 appeared first on CoinJournal.