Kategorie: Crypto Analysis

Key takeaways

• ETH is trading above $4,300, up by less than 1% in the last 24 hours.
• Investors will focus on Powell’s speech at Jackson Hole later today. 

Ether remains resilient despite bearish market conditions

The cryptocurrency market has been volatile since the start of the week, and more volatility is expected over the next few hours. Traders are bracing for potential volatility ahead of Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium.

Bitcoin continues to trade around $113k while Ether is trading above $4,300, up by less than 1% in the last 24 hours. Ether’s resilience can be attributed to JPMorgan’s recent report that revealed that spot ether exchange-traded funds (ETFs) pulled in $5.4 billion in July, matching bitcoin ETFs. On the other hand, Bitcoin funds have since seen modest outflows, while ether vehicles continue to draw capital.

According to the bank, the SEC approval of in-kind redemptions for ether ETFs is expected to lower costs, boost liquidity, and further strengthen Ether’s positioning against Bitcoin. 

Ether could dip below $4,200 if Powell’s speech comes hawkish

The FOMC minutes released on Thursday revealed hawkish bias by the Federal Reserve, with analysts not expecting the apex bank to cut rates by next month. The market’s performance in the near term could be dictated by Powell’s speech later today. 

The ETH/USD 4-hour chart is bearish and efficient as Ether has lost 7% of its value over the last seven days. The RSI of 51 shows that Ether is neutral, while the MACD lines suggest a bearish undertone. 

At press time, ETH is trading at $4,314 per coin. If the daily candle closes above the $4,232 support, ETH could extend the recovery toward its next daily resistance at $4,488. An extended bullish run would allow it to aim for its yearly high at $4,788.

However, with the broader market still bleeding, Ether could face a correction if its daily support at $4,232 fails. This could extend ETH’s decline toward its next support level at $3,946.

The post Ether could face volatility as markets eye Powell at Jackson Hole appeared first on CoinJournal.

Key takeaways

• The crypto market has turned bearish again after a temporary relief on Wednesday.
• HBAR is down 1% but could rally higher amid a bullish outlook.

SWIFT launches live blockchain trials featuring Hedera

HBAR, the native coin of the Hedera blockchain, is down 1.2% in the last 24 hours despite positive development within the ecosystem. At press time, HBAR is trading at $0.235, but could rally higher in the near term.

The negative performance comes despite the global payments network SWIFT launching live blockchain trials featuring Hedera. In addition to that, asset manager Grayscale filed a Delaware trust for HBAR, a move viewed by some as laying groundwork for a future spot HBAR ETF.

However, HBAR’s value hasn’t increased as the broader crypto market is still bleeding. The bearish market conditions can be attributed to the hawkish FOMC minutes released on Thursday. The recent inflation data and the hawkish FOMC minutes have dented hopes of a September rate cut by the Fed. 

This resulted in Bitcoin dropping below $113k while Ether continues to struggle around the $4,200 mark.

HBAR targets $0.25 despite bearish market conditions

The HBAR/USD 4-hour chart is bearish and efficient thanks to the market’s ongoing correction. The technical indicators are also bearish, suggesting that sellers are currently in charge.

The MACD lines are within the negative territory, while the RSI of 42 shows that HBAR’s current outlook is bearish. If the selling pressure continues, HBAR could drop below yesterday’s low and retest the Monthly low of $0.22461. The bulls would defend this support zone, as failure to do so could see HBAR drop massively to the $0.19 region.

However, the positive developments within the Hedera ecosystem could push HBAR’s price higher in the near term. HBAR could target the 4-hour TLQ at $0.243 before attempting to top the $0.25 level for the second time this week.

The post Hedera price prediction: HBAR eyes $0.25 amid SWIFT blockchain trials appeared first on CoinJournal.

Key takeaways

• BNB surged by over 4% in the last 24 hours to hit a new all-time high of $882.
• Binance’s native coin could rally to the $1k psychological level in the medium term.

Binance’s BNB hits a new all-time high

The cryptocurrency market performed positively on Wednesday following two days of steady decline. Bitcoin bounced back to trade above $114k after dropping to the $111k level earlier this week.

Ether, the leading altcoin by market cap, defended its price around the $4,100 support zone and is now trading around $4,300 per coin. However, BNB, Binance’s native coin, stole the headlines after hitting a new all-time high.

BNB added 4% to its value in the last 24 hours and hit a new all-time high price of $882 four hours ago. The positive performance shows BNB’s resilience during the recent market correction, as the coin didn’t record huge losses. This allowed it to immediately bounce back and hit a new all-time high. The new milestone also showcases Binance’s status as the leading cryptocurrency exchange in the world in terms of trading volume, as its BNB coin continues to gain adoption.

BNB’s rally also comes as Bitcoin’s dominance, measuring the largest crypto’s market share in the total market capitalization of digital assets, is on the brink of making a fresh six-month low. The declining Bitcoin dominance signals that smaller, riskier tokens are taking leadership in market gains, with analysts now suggesting that the altcoin season is here.

BNB eyes $1k as bulls regain control

The BNB/USD 4-hour chart is bullish and efficient thanks to BNB’s recent record high. With efficiency gained, BNB could be getting ready for another leg up. The technical indicators suggest that the bulls are also in control of the market.

The RSI of 59 shows that BNB is not yet in the overbought region and has room for growth. The MACD lines are also within the positive territory, suggesting a bullish momentum.

At press time, BNB is trading at $862, down 2% from its all-time high. If the rally continues, BNB could surge to the $900 mark over the next few hours or days. An extended bullish trend could see BNB test the $1k level for the first time in its history.

The post BNB price forecast: BNB sets a new ATH, targets $1k appeared first on CoinJournal.

Key takeaways

• Cardano’s ADA is the worst performer among the top 10, losing 8% of its value in the last 24 hours.
• The coin could recover above $1 soon after retesting the $0.84 low.

ADA retests $0.84 amid bearish PA

The cryptocurrency market has been bearish since the start of the week, and Cardano’s ADA has been the worst performer among the top 10 coins by market cap. ADA is down 8% in the last 24 hours and briefly dropped to the $0.8400 level.

The bearish performance saw ADA retest the TLQ at $0.8400 and could be getting ready for another leg-up after surpassing the $1 psychological mark last week. Its performance coincides with a massive sell-off in the broader crypto market, with Bitcoin briefly dropping below $113k earlier today.

Ether also dropped below $4,200 while XRP and Solana have failed to keep their prices above $3 and $200, respectively.

ADA to hit $1 if the $0.8400 support holds

The ADA/USD 4-hour chart is bullish and efficient despite Cardano losing 8% of its value in the last 24 hours. The technical indicators are switching bearish, suggesting that sellers are currently in control.

The RSI of 44 shows that ADA could be heading into the oversold territory if the bulls don’t regain control. The MACD lines have also crossed over into a bearish region. 

At press time, ADA is trading at $0.8491 as the $0.8400 support level holds. If the support level continues to hold, ADA could surge past the first major resistance level at $0.9570 before surpassing last week’s high of $1.0198.

However, failure to hold the $0.8400 support level could see ADA take out the TLQ and drop to the next major support zone at $0.7685. An extended bearish performance would see ADA retest August’s low of $0.6820.

The post ADA could bounce back after retesting the $0.84 low; Check forecast appeared first on CoinJournal.

Key takeaways

• ETH is down 1.6% in the last 24 hours and has dropped below $4,200.
• The bears are aiming for $4k as the broader crypto market experiences a sell-off.

ETH fails to defend its price above $4,200

Ether, the second-largest cryptocurrency by market cap, failed to hit a new all-time high last week and has since lost 10% of its value. It is currently down by 1.6% in the last 24 hours and now trades at $4,170 per coin.

The bearish performance comes as the broader cryptocurrency market experiences a sell-off. Bitcoin is down 8% since its all-time high milestone last week and temporarily dropped below $113k. XRP has dropped below $3 while Solana has failed to stay above $200.

Analysts believe that profit-taking is one of the primary reasons behind the bearish price action. In an email to Coinjournal, Ruslan Lienkha, chief of markets, YouHodler, stated that,

Profit-taking is indeed occurring at the moment, and in many cases, it reflects disciplined risk management. This is particularly true in the current environment, where institutional discussions increasingly emphasize that we may be entering the later stages of the bull market. A growing number of fund managers point out that U.S. equities appear overvalued, suggesting that the medium-term bullish trend could be approaching its end.

The analyst added that while long-term investors are generally less affected by these short-term dynamics, those operating within medium-term horizons, such as two- to three-year cycles, often adopt relative strategies that encourage them to secure gains when markets look stretched. In this context, realized profits may signal not so much a lack of confidence in further upside, but rather prudent portfolio management in anticipation of potential volatility.

ETH could drop to $4k as bears remain in control

The ETH/USD 4-hour chart has switched bearish despite the Ethereum price reaching a new yearly high of $4,788 on Thursday. The coin failed to continue its upward trend and declined nearly 14% since then. 

At press time on Wednesday, it trades at around $4,170. The technical indicators are bearish, with the RSI (35) and the MACD lines showing a strong sell-off in the market. 

If the daily resistance at $4,232 holds as resistance, ETH could dip towards its next key support at $3,946. An extended bearish run would see Ether retest the $3,300 low for the second time this month.

However, if ETH recovers and closes above the daily resistance at $4,232, the bulls could push its price higher and target the $4,488 level. It would need the support of the broader crypto market to hit the $4,788 yearly high.

The post Ethereum price prediction: ETH could dip to $4k amid bearish PA appeared first on CoinJournal.