Day: April 19, 2024

Ethereum Price Faces Crucial Test: Will $2,850 Withstand the Pressure?

Ethereum price is still consolidating near the $3,000 zone. ETH could start a steady increase if the bulls push the price above the $3,100 resistance. Ethereum is still struggling to recover above the $3,100 resistance zone. The price is trading below $3,100 and the 100-hourly Simple Moving Average. There is a key bearish trend line forming with resistance at $3,070 on the hourly chart of ETH/USD (data feed via Kraken). The pair could accelerate lower if there is a close below the $2,850 support zone. Ethereum Price Consolidates Ethereum price…

Bitcoin Price Still At Risk of Major Downside Break Below $60K

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Bitcoin price is showing bearish signs below the $63,000 resistance zone. BTC must stay above the $60,000 support zone to avoid a major decline. Bitcoin is still struggling to start a recovery wave above the $63,000 resistance zone. The price is trading below $62,800 and the 100 hourly Simple moving average. There was a break below a connecting bullish trend line with support at $62,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bearish momentum if it settles below the $60,000 support…

Bitcoin Miners Always Sell Into Halvings, Is This Time Any Different?

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On-chain data shows Bitcoin miners have always sold as Halvings have occurred. With the next one just around the corner, how are miners behaving this time? Next Bitcoin Halving Is Less Than Two Days Away Now In a CryptoQuant Quicktake post, an analyst discussed Bitcoin miners’ behavior in the build-up to the next Halving. The “Halving” is a periodic event on the Bitcoin network where the cryptocurrency’s block rewards (the compensation miners receive for solving blocks) are permanently slashed in half. This event occurs approximately every four years, and according…

Bitcoin Dips Below $60K as Israel Launches Strike on Iran

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Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving

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Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path.  Bitcoin Breaking The Mold In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends. The 4-year simple moving average for Bitcoin | Source: Analyst on X The analyst cites two…

Operation Racer: Hong Kong Authorities Dismantle Cryptocurrency Laundering Operation

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Hong Kong customs officers arrested three individuals involved in a HK$1.8 billion ($228 million) money laundering operation that utilized a cryptocurrency platform and bank accounts of shell companies, with investigations revealing suspicious activities such as abnormally frequent large transactions in accounts with no clear financial backgrounds. The suspects, who did not know each other, allegedly […] Source

Plan B Predicts Repeat Performance Post-Bitcoin Halving Amid Mixed Analyst Forecasts

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At block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […] Original

Chainlink (LINK) Forms Bullish Pattern That Led To 50% Rally On Average

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On-chain data shows that a Chainlink indicator is currently forming a pattern that has led to an average 50% increase for LINK in the past. Chainlink 30-Day MVRV Ratio Has Plunged In a new post on X, analyst Ali discussed the latest trend in Chainlink’s 30-day MVRV ratio. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that tracks the ratio between LINK’s market cap and realized cap. The market cap naturally refers to the total valuation of the asset’s circulating supply at the current spot…

Ethereum Blockchain’s Q1 2024 Success: Unveiling The Factors Behind The $370M Profit Surge

Not only has Ethereum (ETH) seen an impressive rise of nearly 100% in the first quarter of 2024 in terms of price action, but the Ethereum blockchain has also generated substantial profits of up to $369 million during this period. This unexpected profitability has raised questions about how a blockchain like Ethereum can be profitable.  Ethereum Revenue Potential As noted in a recent analysis by the on-chain data platform Token Termina, the collection of transaction fees is a critical aspect of Ethereum’s business model.  All network users are required to…