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ETH RANGES Ethereum being the second biggest coin in market cap has a very important role to play in the crypto ecosystem, however, we haven't heard to much talk or news about the coin as other L1's have stolen the spotlight. SOLANA, INJECTIVE, SUI etc have all grown in popularity and have taken a lot of the focus away from the biggest altcoin by market cap. In the chart there are clear ranges for which I believe are worth trading. Range 1 & Range 2 are the HTF key levels, bouncing between the High, low and the midpoint of the range . Currently we have seen price be rejected from the Range 2 Midpoint the support comes from the $2130 level in the HTF but the red supporting trendline on the lower timeframes. For now the chop has kept ETH within those areas and until proven otherwise should be traded as such. A case for the bulls on Ethereum : - ETF narrative can be a powerful mover as has already been demonstrated with the BTC move all of last year. Now that the Ethereum ETF awaits approval we could see a similar rally towards the decision date at the end of May this year . It's important to note that this date is post BTC Halving event and historically a rally follows this event throughout the market. - Deflationary tokenomics lend themselves to a bullish asset for investors because of simple supply and demand dynamics. With the inevitable increase in retail exposure that comes with a Bullrun in addition to BlackRock and other ETF providers buying large sums of the crypto to offer to customers. Naturally this increases price as demand is up, now couple that with a deflationary circulating supply and you have a very bullish scenario where a very sought after asset is becoming increasingly rarer, perfect storm for the bulls. A case for the bears: - OLD NEWS... I would say that in crypto being the new kid on the block is very important for increasing the price of the token. We have seen in the last year many new L1's be released and have taken the spotlight away from older more established coins which can be disheartening for anyone that's holding ETH or looking to add ETH to their portfolio. INJECTIVE, SUI, TIA to name a few often outperform the larger cap coins that are older as the potential to grow is much larger. Ethereum already has a market cap of $280B The likelihood of 5x, 10x or 20x gains are much lower than a smaller cap coin offering a similar service with newer technology. So for this reason I think the well established nature can work against Ethereum but it is worth saying that because of this it is less risky to invest in a larger cap coin when compared to smaller caps. I'm keeping a keen eye on ETH both against stables and BTC pairs but will avoid getting drawn into the choppy price action. Only taken action at the key levels shown on the chart.
BINANCE:ETHUSD
by ProR35
05/02/24 Weekly outlookLast weeks high: $43871.39 Last weeks low: $42838.73 Midpoint: $41806.06 Last week we saw the first month of 2024 come to a close as well as FOMC , this in my opinion contributed to the chop throughout the week with no clear direction in terms of trend. BlackRock continued to buy up BITCOIN and now hold ~ SEED_TVCODER77_ETHBTCDATA:3B worth of the asset. Last week in my outlook I thought that the target of 44.5K is where the bulls needed to aim towards and ideally flip to support however they have fallen short and now I think looks a little heavy. I've said previously I could see a slow bleed towards 33K and it's beginning to look more and more likely as the bulls seem to be exhausted. This BTC price action has had an effect on the ALT market with the majority of pairs bleeding off too, potentially leading to great long term hold entries in the near future on exciting new L1's and other narrative coins. Historically February is a good month for BTC so there is hope on the bullish side, with the halving on the way too buyside pressure will grow naturally, in the short term arguments can be made for both sides and I think that's why we're seeing chop and indecision currently, until there is a clear direction only the nibble and very skilled traders are risking this price action. For me I am looking into where I would like to buy strong alts at key levels for swing trading timeframes.
INDEX:BTCUSD
by ProR35
#SOL/USDT 1h (OKX Futures) Rising wedge breakdown and retestSolana lost 50MA and is pulling back to that resistance, seems likely to head towards 200MA support next. ⚡️⚡️ #SOL/USDT ⚡️⚡️ Exchanges: OKX Futures Signal Type: Regular (Short) Leverage: Isolated (5.0X) Amount: 4.8% Current Price: 99.17 Entry Targets: 1) 101.77 Take-Profit Targets: 1) 93.28 Stop Targets: 1) 106.02 Published By: @Zblaba CRYPTOCAP:SOL OKX:SOLUSDT.P #Solana #SPL #PoS #L1 solana.com Risk/Reward= 1:2.0 Expected Profit= +41.7% Possible Loss= -20.9% Estimated Gaintime= 2-4 days
Short
by TradingOn
12
INJ High time frameIn the lead up to the next bullrun now is a good time to research into strong projects that will look to out-perform BTC over the duration of the cycle. L1's are a large part of the cryptocurrency market with ETHEREUM being the leading L1 altcoin, a coin with a market cap of ~220B, due to diminishing returns with every cycle investing in projects that have yet to grow to this level offer a higher ceiling for potential gains. One of those L1's is INJECTIVE, an L1 that currently sits at approximately half its ATH set in May of 2021. A POS blockchain "built for finance" based on the COSMOS SDK able to facilitate cross chain transactions with other major L1's. Looking at competing L1's like SOLANA where it has an ATH of $260, an almost 8x from current price. This naturally brings on more sell side pressure as people that are still underwater from the previous cycle and are inclined to sell at break even as soon as price reaches that level. This will be the case all the way up to all time high. However, for INJ once it breaks it's previous ATH there is no sell side pressure as everybody is in profit every time a new ATH is made. This then snowballs into brand new territory, retail likes to FOMO in and smart money takes their profits. When looking at the last bullrun, CORDANO reached a total market cap of ~110B, if INJ was to do the same it would mean a price of $1100/INJ. Not saying this is going to happen but stranger things have happened. Very exciting prospect and definitely a project I am anticipating to be one of the best performing in 2024-2025.
by ProR35
ETH - Potential to break up and test 2500Sometimes things move fast. Bitcoin has surged significantly in the past few days, and the cryptocurrency market has followed to some extent. However, the most dominant upward movement is still with Bitcoin when we look at major cryptocurrencies. A few days ago, I mentioned that I thought Ethereum might go down to a support area. This scenario can still happen if we don't break through the 1800 level in the near future. But I believe we will break through 1800 and start moving higher, considering the momentum that has entered the market in recent days. I've been optimistic since the bottom, but in recent weeks, I was also influenced by the negative sentiment circulating in the media. Fortunately, I didn't take any positions based on that. Instead, I saw it as an opportunity because I have a very positive outlook on the market's future. If ETH breaks through the 2000 level, I see a strong movement toward the 2500 level. This can happen relatively quickly, but Ethereum and other cryptocurrencies always follow Bitcoin with some delay. So it may take a while before this materializes. Timeframes are always challenging to predict, but I can imagine ETH reaching the 2500 level toward the end of the year.
BITSTAMP:ETHUSDLong
by WealthNode
#SOL/USDT 6h (OKX Futures)Ascending trendline breakdown & retestSolana printed an evening star below 100EMA resistance and is pulling back to it, a rejection seems likely from it. ⚡️⚡️ #SOL/USDT ⚡️⚡️ Exchanges: OKX Futures Signal Type: Regular (Short) Leverage: Isolated (6.0X) Amount: 5.0% Current Price: 19.520 Entry Targets: 1) 19.649 Take-Profit Targets: 1) 17.691 Stop Targets: 1) 20.302 Published By: @Zblaba CRYPTOCAP:SOL OKX:SOLUSDT.P #Solana #PoS solana.com Risk/Reward= 1:3.0 Expected Profit= +59.8% Possible Loss= -19.9% Estimated Gaintime= 5-10 days
Short
by TradingOn
CASPER ABOUT THE BLOW THE ROOF OFF!!!! CSPR showing early indication we could be about to see further upside! Price swept the liquidity down at .06c and we seen a immediate reaction following this with price forming a daily orderblock and a market structure shift to the upside subsequent running two short term highs. Now we anticipate price seeing a level of correction coming in the OB and making a higher time frame higher low , as shown on the 4hr were looking to get in the market inside the OB that caused the market structure shift. ENTRY-0.0655 SL-0.06 TP1-.1381 TP2-MOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOON
Long
by Marketperceptions00
1