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Market Update - March 1 2024 BTC Surges to 2-Year High: The price of bitcoin (BTC) has soared past $59,000 after weeks of consolidation, setting the stage for a potential challenge of its record high of $69,000, driven by institutional demand, anticipation of the upcoming halving, and other catalysts, with MicroStrategy adding 3,000 BTC to its holdings. ETH Surges, Outperforms Bitcoin Amid ETF Launch Optimism: The price of Ether (ETH) continues upward, outpacing BTC as it approached 0.06 on the ETHBTC pair but ultimately facied resistance. It remains elevated at around $3,350, amidst anticipation of a potential approval for a spot ETH ETF. UNI Price Soars on Governance Reform Proposal: Uniswap's (UNI) value surged dramatically after the Uniswap Foundation released a proposal for overhauling its governance system, with UNI token holders potentially receiving rewards, leading to a remarkable price increase of over 50% in a day, hitting $12.86, its highest point in more than two years. AR Gains +75% On Testnet News: On Tuesday, Arweave (AR) announced the release of the public testnet for Arweave AO. According to the Arweave team, this will be a scalable blockchain network, built upon the foundation of its existing data storage platform, promising substantial scalability enhancements compared to other blockchains. AR has emerged as one of the standout performers in the past seven days, trading up +75%. 🐂 Topic of the Week: What makes a bull market? 👉 Read more here
GEMINI:BTCUSD
by Gemini
1
ETH-USD: Ethereum Elliott Wave structure 2021–2024The Ethereum market has been on fire once again in the year of the fourth halving cycle of bitcoin. Like the alt-coin market in general, it did not enter the bull market until Fall 2023, although it recovered greatly from the lows of the bear market previously. Its recovery was bounded by a large Elliott triangle formation that allowed only large swings in price. It finally broke out of the triangle in October 2023, from which point on it has entered and continued in a straight rising channel. At the same time its corresponding BTC market turned upward as well, ending a multi-year flat correction. The ETHBTC market is shown in a faint background trace.
INDEX:ETHUSD
by unbeldi
ETHBTC- Can Rise Significantly Ethereum has been outshining Bitcoin recently, just as we anticipated. A significant breakout is looming on the Ethereum-Bitcoin chart, heralding what might be the beginning of Ethereum's rapid ascent, outpacing Bitcoin in the days, weeks, and even months ahead. Following the Bitcoin ETF approval, analysts like James Safart from Bloomberg are now evaluating the potential for an Ethereum ETF. This speculation over an impending Ethereum ETF approval in May has sparked conversations about a potential parabolic rally for Ethereum and other altcoins. Interestingly, Bloomberg Intelligence hints at a 70% likelihood of a spot Ethereum ETF's approval. The SEC's first verdict on the spot Ethereum ETF application is expected by May 23. This situation presents a classic "buy the rumor, ignore the news, and buy the next rumor" event. Our track record on Ethereum speaks for itself. We accurately predicted short positions on Ethereum just before it hit $5,000 and again at $3,580. Moreover, in June 2022, we shared a perfect re-entry long on Ethereum at $960. Since then, we've provided three more solid entry points for Ethereum trades in the last 48 hours. Looking at the Ethereum-BTC chart, our prediction was spot-on about Ethereum's rise preceding the Bitcoin ETF's approval. Currently, Ethereum shows support at $2,543, with initial targets at $2,921 and $3,269. Eventually, I foresee Ethereum reaching new all-time highs within the next 18 months. For today, watch for the key levels: $538 support and $2,918 resistance. As always, we'll approach this step by step, so stay tuned for more insights. One Love, The FXPROFESSOR 💙 Links: www.theblock.co...her-price-surge?utm_source... finbold.com/expert-o...r-spot-etf-approval/
Long
by FX_Professor
2
Ethereum's Stellar Performance: A Guide to Navigating the MarketEthereum has been a star performer, crossing the $3,300 mark, showcasing our accurate market predictions. From advising a strategic short position before $5,000 to recommending a timely buy-in below $1,000, our Ethereum strategies have been spot-on. The recent breakthrough from a significant wedge pattern, on its third attempt, marked a pivotal moment, affirming our bullish stance when Ethereum was priced at $2,100. The anticipation surrounding an Ethereum ETF adds to the excitement, mirroring the success of Bitcoin ETFs. With Wall Street's growing appetite for cryptocurrency, an Ethereum ETF seems not only plausible but likely. Our Fibonacci projections are ambitious yet attainable: $3,863, $6,117, and an aspirational $9,958 within 2024. Optimism, a Layer 2 solution, is also on our radar for its exceptional performance, further solidifying Ethereum's position in our portfolio. In navigating the Ethereum market, consider these insights: Wedge Breakouts: The significance of pattern recognition cannot be overstated. The successful breakout from the wedge pattern signaled a strong buy opportunity. ETF Speculation: Stay ahead by considering the broader implications of ETF approvals and rumors. An Ethereum ETF could catalyze significant price movements. Fibonacci Levels: These projections serve as critical points for evaluating entry and exit strategies, guiding investment decisions with precision. Ethereum's journey is a testament to strategic foresight and market acumen. As we continue to monitor its progress, remember that adaptability, informed decision-making, and a keen eye for patterns are your best tools for success. One Love, The FXPROFESSOR 💙 ETHBTC:
COINBASE:ETHUSDLong
by FX_Professor
The key is whether it can rise above 3321.30Hello traders! If you "Follow" us, you can always get new information quickly. Please also click “Boost”. Have a good day. ------------------------------------- (ETHUSDT 1M chart) What is important is which direction it deviates from the Fibonacci ratio range of 0.5 (3097.94) to 0.618 (3548.07). However, since the HA-High indicator was formed at the 3321.30 point, the key is whether it can be supported around this point. (1W chart) If the price holds above the Fibonacci ratio point of 0.5 (3097.94), it is expected to lead to an upward move to around 0.618 (3548.07). Since the volume profile section is formed over the 2647.80-3059.37 section, it is time to buy if support is confirmed around the Fibonacci ratio point of 0.5 (3097.94). If it rises to the 3503.68-3962.19 range and shows support, I think it is highly likely that it will rise to around 4778.75. (1D chart) The BW indicator was formed at the previous closing point. Therefore, the area around 3242.36 is expected to form a support and resistance point. Since the important section is around the Fibonacci ratio point of 0.5 (3097.37), it falls from the 3242.36 point and falls to around 3097.37, which is the buying area. If it falls near the Fibonacci ratio point of 0.5 (3097.37), it is likely to fall near 2913.04, so a countermeasure is needed. If you cannot come up with a countermeasure, the only way is to buy when it rises above 3242.36. Looking at the Renko chart, support and resistance points are formed around 3300.0. Accordingly, we need to see if the price rises above 3300.0 and remains there. Have a good time. thank you -------------------------------------------------- - The big picture The full-fledged upward trend is expected to begin when the price rises above 29K. This is the section expected to be touched in the next bull market, 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (when overshooting) 4th: 13401.28 151166.97-157451.83 (when overshooting) 5th: 178910.15 These are points that are likely to encounter resistance in the future. We need to see if we can break through these points upward. Since it is thought that a new trend can be created in the overshooting area, you should check the movement when this area is touched. If the general upward trend continues until 2025, it is expected to rise to around 57014.33 and then create a pull back pattern. 1st: 43833.05 2nd: 32992.55 -----------------
by readCrypto
2
Chart Patterns (Lesson 1)~ The Misleading Rising Wedge The Misleading Rising Wedge on Ethereum Over the past few weeks a prominent trader who I admire has been adamant about Ethereum forming Rising Wedge, which is a bearish reversal pattern. I disagreed with this view but acknowledged the concern raised as any reasonable trader would. However, It caused me a bit discomfort as I have a large position in Ethereum since 2022 BUT I stuck to my guns and held my position. Folks, this wedge caused me enough discomfort that I needed to dig a little deeper on it and what I found is surprising to say the least. So lets have a look at THE WEDGE. What is a Wedge Formation? “Wedges are clearly defined patterns of converging price trend, pointed sharply up or down; they forecast a reversal of the trend which forms them”. From Richard Schabacker - Technical Analysis and Stock Market profits. The Rising Wedge will have slightly higher highs and higher lows compressing into an upward leaning point. The Rising Wedge is typically viewed as a bearish reversal pattern as it demonstrates waning price action with smaller thrusts and smaller declines showing a potential exhaustion of price action followed by a sweeping reversal. The Ethereum Dilemma On the 4th December 2023 I shared the below picture to illustrate a dilemma, was price forming a Rising Wedge (Bearish Pattern) or an Ascending Triangle (Bullish Pattern)? Turns out either way it’s not necessarily bearish as a Rising Wedge can continue in an upwards trajectory and breakout to the upside. I have found 4 examples of bullish Rising Wedges that are recent or relevant, I tried my best to find similar price action and structure also. The four Rising Wedges in the main chart above have a few characteristics that give them an upwards breakout plausibility; 1. Most importantly the On Balance Volume (OBV) indicator is rising. Increasing volume helps the plausibility of continued upwards momentum, whilst decreasing volume would warrant caution of a possible breakdown and reversal of price direction. Remember the Rising Wedge is defined by waning and exhaustive price action (smaller thrusts and declines compressing to a point) and declining volume is suggestive of such exhaustion/lack of interest. - Going forward we should carefully monitor the volume on Ethereum as Schabacker does warn of false break outs and false break downs in Wedges. In the event volume starts to decline, breaking its trendline or taking out recent lows, this could be an early warning sign that we need to reduce position size and prepare to exit. Just something to keep in mind. - The volume on Bitcoin and Ethereum for the Rising Wedge bullish thesis is a little rocky compared to the BlackRock and Ultratech charts volume which both have more consistent upward volume pressure. Just another observation. 2. All four charts have a 200 weekly moving average that is slopping upwards with price above it or price eventually establishing above the 200 week. 3. Each target is a measured move by taking the widest two touch points on the thickest side of the wedge and placing that length of width at the breakout point to establish the target (red arrows on charts). 4. The top two charts (BlackRock and Ultratech) show that price struggled once it met the prior all time high. These were stiff resistance areas for price either in the wedge or immediately the wedge for 21 – 26 weeks of consolidation price action. - In the event this happens with CRYPTOCAP:ETH , we could see significant resistance at $4,600 (All Time High) for a period of 20 odd weeks or something similar. We could at minimum expect resistance at this level as wedges identified illustrate this is a possibility. 5. Another clear pattern on all four Rising Wedges is that prior to wedge formation, the price reached an All Time High, then significantly declined to form the base of the newly forming wedge. I would also argue that the compression or underside angle in all four charts is to a greater degree than the compression from the ceiling forming on the wedge. I realize this is open to your perception, but that’s how I see each charts pattern. We are now aware that Rising Wedges can be bullish formations and that increasing volume contributes positively towards the possibility of a break to the upside. You might still be wondering…which was Ethereum an Ascending Triangle or a Rising Wedge. Let’s ask Schabacker.... I would argue that Schabacker’s description below may indicate that Ethereum was in in fact forming an Ascending Triangle. Schabacker advises under the heading THE WEDGE MUST BE STRICTLY DEFINED “The Wedge must point sharply up or down. A converging pattern which is projected on the chart in a nearly horizontal direction is more apt to partake of the nature of a true triangle, and the student will note that the forecast in that case would be quite different” Ethereum’s Wedge was not pointing “sharply up” and you could argue that the line was “nearly horizontal” either by degrees or by selecting other very close points of contact. Combine with this my earlier observation that the price underside compression angle was far greater that the upper lines weak slant. A major reassurance to me in this ETH trade was when I discovered that increasing volume can offset the bearish tone of a rising wedge. It gave me something to monitor and helped keep me on the right side of probability. I really hope this short review of rising wedges can help you stay on the right side of probability. PUKA
NYSE:BLKLong
by PukaCharts
2
ETH - last wave up, then a 16% crash!Technical analysis Ethereum is bullish, but do not be too much excited about it. Buying at the current price is simply not worth is as per my technical analysis. We can see that the price of ETH created 2 unfilled Fair value GAPS below the current price. Usually these gaps tend to be filled sooner or later. Wait for the uptrend to end and then take a fibonacci retracement tool and look for the 0.618 level. From the Elliott Wave perspective it looks like a wave 5 can be in progress, but we do not want to long waves (5) as often there is only a liquidity sweep above the previous wave (3) and then a massive crash follows. Daily RSI overbought region, weekly RSI overbought region. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Short
by Xanrox
44
ETH/BTC Market Observation and ProjectionsETH/BTC chart indicates that we have some more ways to the downside in ETH BTC valuation. I will be accumulating under 0.045 level. We have a blood diamond on the weekly chart. If history repeat itself, it should take us down to the golden pocket zone below 0.045 level before gaining enough strength to go higher. This aligns with the BTC.D action in the near term as well. At CWL we like confluences that give us an idea around the ETH movement expectations. Not a financial advice. DYOR.
by CryptoBreakers
ETH - Weekly second bullish legRecently, ETH has successfully consolidated above the critical resistance zone, which is now expected to serve as a robust support level for future price movements. This transition from resistance to support is a bullish indicator for market observers. The technical structure shows a clear 'First leg' that has already paved the way for positive momentum. Following this, our analysis anticipates a 'Second leg' where the rally could potentially propel prices towards the $3700 mark. This price target is not just a number—it's a reflection of growing confidence among investors and a testament to the underlying strength of Ethereum in the crypto landscape. Keep a close eye on this support zone, as it will likely be a key area of interest for both bulls and bears. A sustained position above this level could very well be the launchpad ETH needs to reach new heights. As always, stay tuned for more updates and insights as we track Ethereum's journey to $3700.
Long
by Sober_Trading
ETH has formed a Bullish FlagETH has formed a Bullish Flag within a bullish Flag. After breaking above the resistance it can continue go to up 🔵Entry Zone 2780.00 - 2766 🔴SL 2737 🟢TP1 2950 Risk Warning Trading Forex, CFDs, Crypto, Futures, and Stocks involve a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. If you liked our ideas, please support us with your likes 👍 and comments.
Long
by JosephMcKenzie
ETH: Buy here for the long-termTechnical analysis Ethereum is very bullish, the price went above the trading range, which is a strong sign of strength. We want to wait for a retest of the trading range, do not FOMO in. Make sure your entry price is good! We can see that the ABC correction has been completed and we have already started a new impulse wave. This is my quick update on ETH. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades. Fundamental analysis What Makes Ethereum Unique? Ethereum has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet. They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability. Ethereum’s principal innovation was designing a platform that allowed it to execute smart contracts using the blockchain, which further reinforces the already existing benefits of smart contract technology. Ethereum’s blockchain was designed, according to co-founder Gavin Wood, as a sort of “one computer for the entire planet,” theoretically able to make any program more robust, censorship-resistant and less prone to fraud by running it on a globally distributed network of public nodes. In addition to smart contracts, Ethereum’s blockchain is able to host other cryptocurrencies, called “tokens,” through the use of its ERC-20 compatibility standard. In fact, this has been the most common use for the ETH platform so far: to date, more than 280,000 ERC-20-compliant tokens have been launched. Over 40 of these make the top-100 cryptocurrencies by market capitalization, for example, USDT, LINK and BNB. Since the emergence of Play2Earn games, there has been a substantial increase in interest in the ETH to PHP price. Let me know what you think about my analysis, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Long
by Xanrox
3
ETHUSDT - I Hope this Flag Pattern FailsScenario 1 (High probability): As you can see in the chart, BINANCE:ETHUSDT has formed a nice Flag pattern and heading towards the next support. If ETH follows this flag support then we are looking at ETHs Next support around 2k I hope this flag pattern fails and ETH shows some bullish momentum. However sometimes correction are best to get more accumulation and bounce back higher. As we are currently in the pre-halving correction, 2000 for ETH is an expected correction. If you are high risk trader then you can enter a short position Entry Price : 23000 Stoploss: 2400 Target 1: 2250 Target 2: 2175 Target 2: 2100 Note: Enter only if you are willing to take risk. Second Scenario: If the Flag pattern fails, then we. can expect ETH To break the resistance around $2400 and consolidate around that area. Like and follow us for more updates. Cheers GreenCrypto
Short
by GreenCryptoTrades
Next volatility period: around February 6 (February 5-7)Hello traders! If you "Follow" us, you can always get new information quickly. Please also click “Boost”. Have a good day. ------------------------------------- (ETHUSDT 1M chart) It is necessary to check whether it can receive support and rise in the 2159.0-2531.05 section. The most important thing in the 1M chart is whether it can touch the HA-High indicator and rise. This is because the HA-High indicator is an indicator that is formed at the high point. (1D chart) In order to switch to an uptrend, the price must rise above the MS-Signal indicator and remain there. And, there is a high possibility that an upward trend will form as the HA-High indicator rises. Currently, the HA-High indicator is formed at 2498.51, so we need to check whether it rises above 2498.51 or swings up and down to create a new HA-High indicator. Accordingly, the key is whether it can receive support around the support range of 2196.52-2258.11 and rise above the HA-High indicator. Have a good time. thank you -------------------------------------------------- - The big picture The full-fledged upward trend is expected to begin when the price rises above 29K. This is the section expected to be touched in the next bull market, 81K-95K. #BTCUSD 12M 1st: 44234.54 2nd: 61383.23 3rd: 89126.41 101875.70-106275.10 (when overshooting) 4th: 13401.28 151166.97-157451.83 (when overshooting) 5th: 178910.15 These are points that are likely to encounter resistance in the future. We need to see if we can break through these points upward. Since it is thought that a new trend can be created in the overshooting area, you should check the movement when this area is touched. If the general upward trend continues until 2025, it is expected to rise to around 57014.33 and then create a pull back pattern. 1st: 43833.05 2nd: 32992.55 -------------------------------------------------- ------------------------------------------- ** All explanations are for reference only and do not guarantee profit or loss in investment. ** Trading volume is displayed as a candle body based on 10EMA. How to display (in order from darkest to darkest) More than 3 times the trading volume of 10EMA > 2.5 times > 2.0 times > 1.25 times > Trading volume below 10EMA ** Even if you know other people’s know-how, it takes a considerable amount of time to make it your own. ** This chart was created using my know-how. ---------------------------------
by readCrypto
1