Ethereum Backtracks after Failing to Set New 2023 Highs
The altcoin is heading towards a profitable month on spot ETF optimism and greenback weakness, but faces pressure today after rejecting the 2023 highs
The altcoin is heading towards a profitable month on spot ETF optimism and greenback weakness, but faces pressure today after rejecting the 2023 highs
Bitcoin declined yesterday by 4.57% following the shock news that Binance Holding’s CEO Changpeng Zhao pled guilty to anti-money-laundering violations and will step down from the crypto exchange. Binance, which is owned by Zhao, has also pled guilty and will pay $4.3 billion in fines, with Zhao agreeing to pay $50 million. Moreover, Zhao may face an 18-month prison term as federal guidelines.
ETH/USD surged to new 2023 highs after an SEC filing pointed to Balckrock’s plans to offer an Ethereum exchange-traded fund (ETF)
BTC/USD consolidates last month’s gains at critical resistance, despite the Fed’s dovish tilt, while markets also digest the quarterly results of Coinbase
On a longer-term basis, bitcoin has reestablished its uptrend. It has charted a higher trough followed by a higher peak on its monthly chart.
BTC/USD soars as the industry is hopeful of ETFs launch, while the greenback slides along with bond yields, ahead of key events
ETH/USD takes advantage of the greenback’s lackluster performance, despite rising bond yields, to advance to key technical levels
Bitcoin is well off its high for the week (red arrow). It reached around $30,000 before pulling back and is currently trading near $28,450. However, the weekly chart does have positive aspects to it.
The daily bitcoin chart is trading in its bullish channel between the upper blue and red bands. The daily RSI is on the bullish side of 50 (green rectangle). If the indicator can maintain above 50, an underlying bullish momentum is likely to be bitcoin supportive.
According to Mizuho, Coinbase’s Q3 earnings may be under pressure. The reason being that interest in cryptocurrencies has waned, which is likely reflected in trading volumes on the crypto platform. The analysts at Mizuho suggest volumes from July through September was at $72bn, which is lower than their previous estimate of $88bn. Mizuho maintains an underperform rating with a price target of $27 per share.
Bitcoin ran as high as $28,597 yesterday before selling kicked in. The cryptocurrency has a resistance area around the $28,167 area (red shaded horizontal), which is proving tough to overcome. The cryptocurrency is currently trading around $27,450.
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