TA: Ethereum Recovery Could Gain Pace If It Clears This Resistance

Ethereum dived towards the $880 support against the US Dollar. ETH is recovering and eyeing an upside break above the $1,150 resistance zone. Ethereum started a decent recovery wave from the $880 support zone. The price is now trading above $1,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $980 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the key $1,150 resistance zone. Ethereum Price Faces Hurdles Ethereum remained in a bearish zone below the $1,050 level. ETH extended losses and traded below the $1,000 support. There was a sharp decline below the $950 level. The price tested the $880 support before the bulls appeared. A low was formed near $880 and the price started a decent increase. There was a move above the $950 and $960 resistance levels. Ether cleared the 50% Fib retracement level of the downward move from the $1,256 swing high to $880 low. Besides, there was a break above a major bearish trend line with resistance near $980 on the hourly chart of ETH/USD. The pair even climbed above the $1,100 level. However, the bears appeared near the $1,150 resistance. Ether failed to clear the 76.4% Fib retracement level of the downward move from the $1,256 swing high to $880 low. The price is now consolidating near the $1,080 level and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com An immediate resistance is near the $1,100 level. The next major resistance is near the $1,150 zone. A clear move above the $1,150 resistance zone may perhaps start a decent upward move. The next major resistance is near the $1,255 level. Any more gains could start a move towards the $1,320 resistance. Fresh Decline in ETH? If ethereum fails to rise above the $1,150 resistance, it could start a fresh decline. An initial support on the downside is near the $1,040 zone. The next major support is near the $1,000 zone. A clear move and break below the $1,000 zone could start a major decline. In the stated case, the price could revisit the $880 support zone in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,000 Major Resistance Level – $1,150

TA: Bitcoin Recovery Stalls Near Key Juncture, Key Resistance Intact

Bitcoin started an upside correction from the $17,600 zone against the US Dollar. BTC is now facing a strong resistance near $20,500 and $21,000. Bitcoin was able to recover losses from the $17,600 support zone. The price is now still below the $20,000 level and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair remains at a risk of a fresh decline unless it settles above the $21,000 resistance zone. Bitcoin Price Eyes Steady Recovery Bitcoin price followed a bearish path and declined sharply below the $20,000 support zone. It declined over 10% and even spiked below the $18,000 level. A low was formed near $17,600 before the price started an upside correction. There was a recovery wave above the $18,000 and $18,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance near $19,200 on the hourly chart of the BTC/USD pair. Bitcoin climbed above the 50% Fib retracement level of the key decline from the $22,950 high to $17,600 low. The price even spiked above the $20,000 level and the 100 hourly simple moving average. However, the bears were active near the $20,500 and $20,750 levels. The 61.8% Fib retracement level of the key decline from the $22,950 high to $17,600 low also acted as a resistance. The price is now trading below the $20,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $20,200 level. The first major resistance is near the $20,500 level. Any more gains might send the price towards the $21,000 level. A close above the $21,000 level could set the pace for a larger increase. Fresh Decline in BTC? If bitcoin fails to clear the $20,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $19,500 level. The next major support is near the $18,800 level. A downside break below the $18,800 support could spark a sharp decline. In the stated case, the price could test $17,600. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level. Major Support Levels – $19,500, followed by $18,800. Major Resistance Levels – $20,200, $20,500 and $21,000.

Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plunge

On-chain data shows the Bitcoin reserve of derivative exchanges has surged up recently as the price of the crypto has continued to crash down. Bitcoin Derivatives Exchange Reserve Observes Sharp Uptrend As explained by an analyst in a CryptoQuant post, the crashing BTC price may be forcing whales and long-term holders to open short positions in order to hedge their portfolios. The “derivative exchange reserve” is an indicator that measures the total amount of Bitcoin currently present on wallets of all derivative exchanges. When the value of this metric goes up, it means coins are entering into derivative exchanges right now. Such a trend may mean investors are opening leveraged positions at the moment, which can result in higher volatility in the value of the crypto. On the other hand, a downtrend in the indicator implies investors are withdrawing their coins from these exchanges currently. Now, here is a chart that shows the trend in the Bitcoin derivative exchange reserve over the past year: The EMA 7 value of the metric seems to have observed some uptrend recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin derivative exchange reserve had been heading down for quite a while, until recently when the indicator’s value once again started rising up. Recent data suggests that the crash in the coin’s price has pushed around 50% of the total BTC supply into loss. Based on this, many long-term holders and whales are also bound to be underwater right now. Related Reading | Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom? The quant believes that the uplift in the derivative reserve is because of these long-term holders and whales panicking about their portfolios losing value. These holders are looking to hedge their portfolios and reduce risk by opening short positions on derivative exchanges. The analyst points out, however, that such aggressive shorting would create even more selling pressure, causing the price to see further drawdown. Related Reading | Bitcoin Long-Term Holders Now Own Nearly 80% Of Realized Cap But another possibility also arises from this situation, and that would a huge short squeeze. A lot of demand and a sudden reversal in the price of Bitcoin will need to occur before such an event can take place. The quant thinks it may take more time and further decline in the value of the crypto for the correct conditions to align for it. BTC Price At the time of writing, Bitcoin’s price floats around $19.3k, down 29% in the last seven days. Over the past month, the crypto has lost 33% in value. Looks like the value of BTC has rebounded back a little after a dip below $18k | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

G-Link: GameFi Platform is Gateway to Web 3.0

To many, Web 3.0 can be intimidating to enter. G-Link makes blockchain mobile gaming accessible and brings Web 2.0 gamers into Web 3.0 through fun F2P P2E games. Nascent potential for P2E gaming Once a golden investment opportunity, the traditional gaming industry has slowed down and become crowded. Meanwhile, blockchain gaming is a sunrise industry with exponential growth potential. The revenue from gaming-related NFTs was US$4.8 billion in 2021, or around 20% of total NFT sales. In the same period, venture capital firms invested over US$4 billion in blockchain gaming to capture market share from traditional gaming, which is projected to have a value of US$268 billion by 2025. Accessible gateway to Web 3.0 games Designed to be beginner-friendly, G-Link’s mobile blockchain gaming platform will allow gamers, game developers and investors to interact directly, and together create a better Web 3.0 gaming community that surpasses the limits of traditional gaming. Newcomers need no knowledge of Web 3.0 and only have to register for a simple account like in Web 2.0, making it easy to get started in Web 3.0 and access any games on G-Link’s platform. To begin with, G-Link will be releasing 4 casual to mid-core mobile P2E games in 2022: Kartopia, a racing game; Card Master, a strategic collectible card game; SPE Colony, a simulation kingdom-building game; Coin Fishing Frenzy, an arcade-type fishing game. At the same time, G-Link is in talks with over 10 developers to onboard and publish more varieties of games on the platform. With an ever-expanding gameverse where mobile gamers will be spoilt for choice, the G-Link platform is designed to support exploring new games to enjoy. Activities on the G-Link platform are underpinned by the GLINK token, which functions as a layer 2 solution for overcoming low throughput and high gas fees. By handling the interfacing with ETH and BSC blockchains, GLINK tokens allow blockchain gameplay mechanics to improve to the level of traditional games, in terms of interactivity and fun. GLINK tokens also provide the platform liquidity to support interoperable cross-game asset trading. Through the GSwap feature, gamers can exchange between in-game currencies and securely transact items with others. Essentially, GSwap means that gamers are free to jump from game to game whenever they want, and still retain their earnings and effort. To empower smaller game developers to create their dream blockchain game, the G-Link platform includes a GameFi incubator that provides funds from community crowdfunding and G-Link’s own allocated funds for driving innovation. Through the incubator, gamers can be directly involved in making the games they want to play, while investors are immediately able to back diverse projects with assurance that the investments are used as intended. Chief Toad NFT: VIP perks on G-Link platform G-Link’s genesis NFT collection, Chief Toad, will allow holders to have VIP privileges on the gameverse platform. As a utility-first GameFi NFT, Chief Toad’s benefits include being able to create guilds in the gameverse, enjoy early access to games in beta and virtual land sales, and higher in-game earnings. The Chief Toad NFT collection will be minted from 5-7 July 2022. The total supply is 10,000, and the pricing will be 0.08-0.1ETH. Check for mint details through the official website: https://www.chieftoad.com/ IDO for GLINK token G-Link will be holding the Initial Dex Offering (IDO) of its GLINK platform token in August 2022. The GLINK token uses the ERC-20 standard, and the supply stands at a total of 1 billion tokens. Every transaction on the G-Link platform will be enabled by GLINK tokens: GSwap – Seamlessly trade between in-game currencies Provide seed investment to back your dream game DAO voting rights Staking in liquidity pool Purchase of in-game assets, NFTs and virtual lands Holders of the Chief Toad NFT can enjoy extra benefits leading up to the IDO, namely a higher percentage of airdrops and guaranteed whitelist for the pre-sale. For updates and announcements about the GLINK IDO: https://t.me/glinkgroup

Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens

Ethereum (ETH) has fallen below $1,000 for the first time in more than a year as the broader crypto market continues to slide south with no quick remedy in sight, or at least not yet. Ether (ETH) was one of the cryptocurrencies that performed particularly poorly, falling 7.32 percent over the past day to follow Bitcoin’s loss. The second largest cryptocurrency by market capitalization is presently selling at $950, down 37.4 percent in the past week. Examining the bitcoin market as a whole over the previous two weeks reveals that its entirety has been falling. This decline has deepened over the past week, wiping almost $300 billion from the market value of all cryptocurrencies. Suggested Reading | Bitcoin (BTC) Drops Below $18,000 – What Can Stave Off The Selloff? Ethereum Loses Over Half Of Its Value In 7 Days However, it is not simply crypto that’s experiencing a major beat-down. Wall Street is likewise in disarray, as the S&P 500 has shed 4.25 percent over the past week. During the same time frame, the Dow Jones Industrial Average fell 4 percent, while the NASDAQ dropped sharply less than 2 percent. As is normal when Bitcoin declines, so do alternative cryptocurrencies. This negative trend is led by Ethereum, which has fallen below $1,000 for the first time since January 2021. In approximately seven days, ETH has lost more than half of its value. In reaction to worries about the US central bank’s 75 basis point rate hike – the largest increase in the last three decades – both cryptocurrencies and stocks experienced a severe bear market. ETH total market cap at $117 billion on the weekend chart | Source: TradingView.com Following a similar daily decline, BNB also fell below the $200 round-number threshold. Cardano, Solana, Ripple, Dogecoin, Pokadot, Siba Inu, and TRON, to name a few, are experiencing more difficulties. More Pain In The Offing? Analysts caution that additional losses are forthcoming. They stated that the Federal Reserve has just begun to increase interest rates and has not yet sold any assets from its balance sheet. The U.S. Bureau of Labor Statistics also issued data for the Consumer Price Index (CPI) – a metric used to measure inflation – coming in at 8.6 percent for the month of May, which had an effect on the continuous volatility of cryptocurrencies. Technically, ETH’s price must reclaim $1,000 as its psychological support; if this level is breached to the negative, the token may target $830 as its next objective. In February 2018, the same level acted as resistance, preceding a 90% drop to roughly $80 in December 2018. Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support? Featured image from Futurity, chart from TradingView.com

Bitcoin (BTC) Drops Below $18,000 – What Can Stave Off The Selloff?

Bitcoin further sank to about $17,750 for the first time since December 2020 Saturday afternoon, as the selloff in the crypto market intensifies. Bitcoin’s price is still falling steadily and is currently testing the 2017 all-time high range of $17,000 to $20,000. However, the descent shows no indication of abating, and analysts are  are not quite sure to call a bottom at this time. The following hour, Ethereum followed suit and went below $1,000. These numbers were feared as crucial support levels for the top two coins by market capitalization. Suggested Reading | Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support? The next several days could be crucial for Bitcoin, as a failure to establish support at this position could lead to a further market decline into the $15,000 mark. Alternatively, if the price recovers from the current region, the $24,000 level would be the first hurdle before the key $30, 000 resistance and the 50-day moving average. The current Crypto Winter differs from 2018 in that cryptocurrencies are falling alongside tech stocks as the broader economy is fragile, inflation is soaring, and a full-scale recession appears impending. This year’s Crypto Winter is different from last year’s because cryptocurrencies and tech stocks are both in decline. Image: CNBC. During the past week, the price of Bitcoin fell by more than 30 percent, and the market is arguably suffering maximum anxiety. A significant amount of coins that have been purchased and held over the past two years are being put into exchanges, as indicated by exchange inflows. On Friday, Antoni Trenchev, the founder of cryptocurrency lender Nexo, stated on Bloomberg that the current slump “reminds me of the 1907 bank panic.” Saturday, Kraken’s director of growth marketing and Bitcoin influencer Dan Held warned, “We are on the path of maximal pain.” Bitcoin’s decline occurred over the course of several months, and was hastened in recent weeks by the collapse of two major cryptocurrency projects, Terra-Luna and Celsius, which further sowed worries about the market’s durability. BTC total market cap at $350 billion on the weekend chart | Source: TradingView.com Pressure from macroeconomic factors, such as growing inflation and a series of interest rate hikes by the Federal Reserve, also contributes to the calamity on the cryptocurrency market. Market observers have also been keeping a close eye on top-tier cryptocurrencies as they track equities lower. It doesn’t help that crypto companies are issuing the pink slips and rendering a large number of people jobless, and that some of the industry’s most recognizable brands are facing solvency breakdowns. Meanwhile, recent data from the analytics website Glassnode indicates that the revenue generated by Bitcoin miners has continued to decline. With rising mining expenses and a deteriorating macroeconomic environment, miners are now less motivated and profitable. Suggested Reading | Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom? Featured image from Domestika, chart from TradingView.com

Bitcoin Supply In Loss Reaches 50% As BTC Drops Below $20k

On-chain data shows the percentage of the Bitcoin supply in loss has surged to almost 50% now as the crypto’s price tumbles below $20k. 49.94% Of The Total Bitcoin Supply Is Now Holding Some Loss As pointed out by an analyst in a CryptoQuant post, the drop below $20k has now put almost 50% of the supply underwater. The “percent supply in loss” is an indicator that measures what part of the total Bitcoin supply is currently in the red. The metric works by checking the transfer history of each coin on the chain to see what price it was last moved at. If the previous selling price of a coin was more than the current BTC price, then that particular coin is being held at some loss right now. Related Reading | Bitcoin Long-Term Holders Now Own Nearly 80% Of Realized Cap On the other hand, if the coin was last moved at a lower price than now, then the coin is in profit instead. The supply in loss naturally only counts the former type of coins. Now, here is a chart that shows the trend in the Bitcoin supply in loss over the last few years: Looks like the value of the indicator has been rising up recently | Source: CryptoQuant As you can see in the above graph, the percentage of the Bitcoin supply in loss has been going up in recent weeks as the price has been crashing down. The latest drop in the value of the crypto, which has now taken it below the $20k level, has pushed a further amount of supply underwater. Related Reading | Mike McGlone Says $20,000 Is The New $5,000 For Bitcoin, But Is He Right? Now, the total percentage of the supply in the red has reached very nearly 50%. Historically, periods with value of the indicator between 50% to 60% have been when the coin has observed bottoms before. Because of this, the range may be ideal for accumulating Bitcoin. However, a real bottom may still have some ways to go as the supply in loss has only just now reached the 50% mark. During the last two bottoms, the value of the metric was at least 55%. If a similar pattern follows now as well, then the crypto may have potential for more downtrend before the bottom is finally in. BTC Price At the time of writing, Bitcoin’s price floats around $19.2k, down 33% in the last seven days. Over the past month, the crypto has lost 37% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have plunged down over the past day | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

Ether Drops Below $1K, Dragged Down By BTC Slide – What’s The Next ETH Support?

The cryptocurrency market is still stunned by last week’s precipitous decline. In 10 days, Ether shed around 45 percent of its value. On the four-day chart, the Ethereum (ETH) price has now returned to the historical RSI low recorded in 2018 when the cryptocurrency traded at $81. On Saturday, ETH values fell below crucial levels and are currently trading in the triple digits as the recent crypto sell-off continued. According to data provided by Coingecko, as of the time of writing, ETH is trading at $1,008, a decrease of about 40 percent over the past week. Suggested Reading | Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom? Ether Drops To As Low As $997 ETH is currently selling at $997.61 on Etherscan, a decrease of approximately 9 percent over the last 24 hours. The breach of this support level is expected to presage heavier losses for Ethereum. The bears are in complete control of the market, and there are no major buyers.  In the bearish scenario, if sellers force the price below $900, the probable demand zone is between $700 and $900.  Upon reaching this region, ETH may enter the accumulation phase. Currently, inflation, a wobbly stock market, rising interest rates, and worries of a recession are fueling negative sentiment on the stock and cryptocurrency markets. ETH total market cap at $122 billion on the daily chart | Source: TradingView.com A Shot At $1,700 In A Bullish Scenario In a bullish situation, ETH will certainly approach $1,700 in static resistance. The ability to overcome this barrier depends on the purchasing power of the market. This eventuality seems unlikely given that the current macroeconomic climate has caused investors to view high-risk assets with skepticism. Recent reports indicate that Ether’s developers have opted to delay the network’s move to a proof-of-stake (PoS) consensus while the bear market persists. This improvement is anticipated to terminate the reliance on proof-of-work (PoW) mining and the Merge scalability solution, which has been in development for six years. Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why Heavy Market Liquidation Pulls Down ETH The recent decline of ETH, the second-largest cryptocurrency, is due to the liquidation of a significant investment, possibly by Three Arrows Capital. The liquidation led to a substantial sum of ETH being unloaded on the open market. After the Federal Reserve raised interest rates by 75 basis points, the highest increase in the last three decades, the stock market inched up Wednesday afternoon. According to Edward Moya, a senior market analyst at OANDA, the fact that the cryptocurrency market did not follow is “worrying for some investors.” Analysts estimate that Bitcoin and Ether can decline up to 85 percent during bear markets. Due to the impossibility of market prediction and timing, there is never an “ideal” time to buy in cryptocurrencies. However, according to analysts, now could be a good time to enter the market because prices are cheap. Featured image from Arch20, chart from TradingView.com

Bitcoin Breaches $19K Level – Will Selloff Continue? What’s The Next Bottom?

The price of Bitcoin (BTC) is currently trading below the $20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko. As the whole cryptocurrency market continues to be pummeled, the price of BTC has fallen below its 2017 all-time high of $20,000, and the market as a whole continues to suffer severe losses. At the time, reaching $19,500 was referred to as a “surge” associated with potential U.S. regulation of stablecoins. The BTC/USD pair fell below $20,000 for the first time since December 2020, reaching $19,065 at press time, according to TradingView data. Since November, the biggest cryptocurrency has lost more than 70 percent of its value. Suggested Reading | The Sandbox (SAND) Blows Up 20% After Collab With Major Entertainment Firm Bitcoin Drop Takes Toll On Market Sentiment Bitcoin could make history this week by closing below the 200-week moving average, a rare occurrence. This phenomenon has only been observed five times in the past. Recent calculations indicate that Bitcoin’s 200-week moving average is approximately $21,700. All cryptocurrencies are currently in the red as a result of a market-wide downturn. At the time of writing, Bitcoin’s market value has fallen further below the $1 trillion threshold, at $885 million. As the price of bitcoin continues to decline, several market observers have expressed fear that sentiment could continue to spiral downward as well. BTC total market cap at $368 billion on the weekend chart | Source: TradingView.com As jitters increased following the Federal Reserve’s pronouncement on the inflation outlook, crypto markets suffered the brunt of a major selling that began with last week’s shocking Consumer Price Index (CPI) data. Next Bottom At $15,500? Traders now anticipate that the next Bitcoin low might occur at $15,500. The next BTC bottom might be around $19,000 or $15,500, according to Rekt Capital, a cryptocurrency trader, based on the coin’s historical statistics on weekly moving averages. The failure of two major cryptocurrency projects, Terra Luna and Celsius, has contributed to Bitcoin’s collapse. Both were intended to be significant ways of promoting the stability of digital money, but they have eroded trust in the technology. Suggested Reading | Bitcoin At $20K Could Be ‘New Bottom,’ Commodity Expert Suggests, And Here’s Why Meanwhile, the chief executive officer of Digital Currency Group, Barry Silbert, the CEO of Global Macro Investor, Raoul Pal, investor Scott Melker, and others indicated that they are buying the (Bitcoin) dip. By declaring in a recent tweet that he is purchasing Bitcoin, Silbert has somehow eased the paranoia of cryptocurrency bulls. The crypto tycoon has echoed the sentiments of MicroStrategy’s CEO Michael Saylor, who recently increased his optimism despite dealing with heavy losses. Featured image from Forbes, chart from TradingView.com

CoinEx & ViaBTC Co-host NEW BLOC NIGHT to Explore New Trends in the Industry

Last week, New Bloc Night, the opening party of Austin blockchain week hosted by NEW BLOC, came to a successful conclusion at the Otis hotel in Austin. As sponsors of this event, CoinEx and ViaBTC, together with more than 20 well-known investment institutions, public chain, DAPP, DAO, Web3.0, cryptographic financial service providers and other blockchain industry leaders, participated in speeches and round table meetings to jointly discuss the problems and development trends of the cryptographic industry, explore ways to compound interest growth of cryptographic assets. A number of distinguished guests shared their insightful and original views on the event. Nearly 200 employees in the encryption industry participated in the event online and offline. In addition, industry insiders including CoinEx & ViaBTC Partner Adam Chastain, ZKSpace Director of Business Development Mattias Borg, and FlashMining Founder & CEO Jackey Lin engaged in fantastic roundtable discussions and offered their views on trending topics like “Crypto Mining and Carbon Emissions: Trends in Crypto Mining”, “Decentralization vs. Centralization”, and “Web3 is What Young People Yearn For: What are the new opportunities?”. As a world-leading all-inclusive mining pool and also a staunch advocate of mining with clean energy, ViaBTC gave its views on crypto mining and carbon emissions that technological progress will address all such concerns. ViaBTC Pool has always been looking for technical solutions to energy sustainability in the field of crypto mining. In addition, it is also working with institutions such as QITALE, a mining organization from Minnesota, USA that uses water energy, and SAI.TECH, an operator of clean computing power. Though the annual crypto carnival of Austin Blockchain week has ended, the development of the blockchain world still requires the joint efforts of crypto believers from all over the world. Meanwhile, ViaBTC will also remain dedicated to the blockchain space. Relying on cutting-edge Fintech, ViaBTC aims to facilitate blockchain progress and build a better future via blockchain, thereby realizing its mission – Via Bitcoin, Making the World a Better Place.