updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Ethereum price started a fresh increase above the $3,800 zone. ETH is now showing positive signs and might soon aim for a move toward $4,000.
Ethereum price remained supported above the $3,600 level and started a fresh increase, like Bitcoin. ETH price traded above the $3,700 and $3,800 resistance levels.
There was a move above the $3,850 level. The price tested the $3,900 zone. A high was formed at $3,904 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $3,515 swing low to the $3,904 high.
Ethereum price is now trading above $3,820 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $3,800 on the hourly chart of ETH/USD.
On the upside, the price could face resistance near the $3,900 level. The next key resistance is near the $3,920 level. The first major resistance is near the $3,950 level. A clear move above the $3,950 resistance might send the price toward the $4,000 resistance.
An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,050 resistance zone or even $4,200 in the near term.
If Ethereum fails to clear the $3,920 resistance, it could start a downside correction. Initial support on the downside is near the $3,820 level. The first major support sits near the $3,800 zone.
A clear move below the $3,800 support might push the price toward the $3,750 support. Any more losses might send the price toward the $3,700 support level in the near term. The next key support sits at $3,640.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,800
Major Resistance Level – $3,920
OPEC+ will continue with its plan to cut down on production and reduce supply, but did not change its target notwithstanding further cuts.
The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries, known as OPEC+, maintained its previous oil production target for the year. The 23 member countries of the organization are sticking to the target regardless of Saudi Arabia’s further reduction.
Back in October, OPEC+ decided to reduce production supply by a cumulative 2 million barrels per day (bpd). In addition to this cutback, several members announced in April, further individual reductions beginning in May. For instance, Russian Deputy Prime Minister Alexander Novak announced a voluntary target reduction of 500,000 bpd until 2023 ends. Other announced cuts were Kazakhstan’s 78,000 bpd, Oman’s 40,000 bpd, and Algeria’s 48,000 bpd. Kuwait and the UAE also said they would reduce production by 128,000 bpd and 144,000 bpd, respectively. According to an unnamed source, Gabon also decided on a voluntary 8,000 bpd reduction.
The energy ministry in Saudi Arabia has now confirmed an additional production cut of 1 million bpd in July. Although it plans to do this for 1 month, the ministry said the reduction period is extendable. Interestingly, Russia also decided on a further 500,000-bpd cut, and extended all reductions until December 2024. Novak confirmed this after the OPEC+ meeting that took place in Vienna on Sunday.
Following the announcements in April, the US was displeased because a reduction in output increases oil prices. Washington believes that the general growth of the world’s economies would take a hit from the reductions because lower prices are better. The US also supposes that the individual and OPEC+ reduction targets would help Russia’s President Vladimir Putin continue its war on Ukraine.
Regardless of the displeasure from the US, the price cuts are likely to continue. However, UAE oil minister Suhail al-Mazrouei admitted that Moscow’s official numbers contradict independent Russian analysts’ estimates. Speaking during a press briefing, al-Mazrouei said:
“Some of the things that we have seen from Russia on a technical basis just… [don’t] add up from some of the independent sources, and we will be reaching out to those independent sources.”
Novak has said the market is somewhat balanced and experiencing increased demand. The Deputy Prime Minister’s comment suggests that Russia and OPEC+’s decision may not seriously affect the market. However, he assured that the alliance would actively follow news on interest rates for pointers on fuel consumption. Novak believes an increase or decrease in interest rates will more accurately indicate the financial clime regarding investments and fuel demand. Furthermore, Novak said OPEC+ could rethink its decisions if things change.
Regardless of the macroeconomic factors, the UAE wants an increase in its production baseline, notwithstanding the target reductions. On the other hand, members like Nigeria and Angola have struggled to meet their charged quotas for many reasons, including underinvestment and subversion.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Electric car maker Tesla Inc TLSA continues to hold on to Bitcoin BTC/USD but only accepts Dogecoin DOGE/USD for making purchases.
What Happened: Tesla’s fourth-quarter financials revealed that, for the second quarter in a row, the electric car maker neither bought nor sold any of its Bitcoin holdings. This is despite the sharp market turbulence in November and December, triggered by the collapse of FTX.
In an FAQ, Tesla says it only accepts Dogecoin: “Tesla cannot receive or detect any other digital assets. Ensure you are making your purchase with Dogecoin. Sending any other digital assets may result in the assets being lost or destroyed. Non-Dogecoin digital assets sent to Tesla will not be returned to the purchaser.”
See More: Best Crypto Day Trading Strategies
The company reported that its total digital assets held by the end of December 2022 were $184 million, a decrease of $34 million from the previous quarter due to the dip in the price of Bitcoin between September and December of last year.
In May 2021, Musk suspended Tesla purchases with Bitcoin citing environmental concerns.
Later, in March 2022 Musk said that Tesla merch could be bought with Dogecoin and he will soon add SpaceX merch as well. In February 2022, he announced that the company’s supercharging station will accept Doge as payment.
Price Action: BTC was trading at $23,159 up 2% in the last 24 hours, according to Benzinga Pro.
Bitcoin held at around $38,000 on Tuesday, with most major cryptocurrencies seeing little movement as caution kicked in ahead of a two-day U.S. Federal Reserve meeting. The central bank is widely expected to hike interest rates, marking an end to the easy monetary policy that had boosted crypto assets through 2021.
The meeting will begin later in the day, with a decision and a press conference due on Wednesday afternoon. Chairman Jerome Powell recently said he strongly supports the case for a 25 basis point hike, amid surging inflation in the country. Data last week showed that U.S. consumer prices jumped at 7.9% in February- their fastest pace in nearly forty years.
Cryptocurrencies are expected to react negatively to the rate hike. A rise in lending rates will reduce the amount of liquidity in the market, and in turn allow for lesser money to be invested into crypto. Higher lending rates also curb the spending power of individual investors, which in turn will dent retail investment in crypto.
Market sentiment has been largely negative ahead of the meeting. Last week, Bitcoin and other assets had retreated after the high inflation reading.
In most instances we’ve seen in recent months, crypto crowds discussing inflation generally leads to an impending downturn. However, regardless of what news comes from the Fed, the age-old suggestion of “selling the rumor, and buying the news” could be applicable here if the crowd fear persists.
-crypto data aggregator Santiment
A main point of focus in the Fed meeting will be its stance towards the Russia-Ukraine war, which has wreaked havoc across financial markets. The war pushed up oil and food prices, which is likely to cause higher inflation in the United States. This in turn could make the Fed take an even more aggressive approach to inflation.
The Fed had bought rates down to nearly zero due to the economic impact of the COVID crisis. This had flushed the market with liquidity, allowing for more capital flows into crypto assets and boosting them to record highs through 2021. But this had also resulted in rising inflation, a trend seen across most countries that cut rates to combat COVID.
Fears of rising inflation, upcoming rate hikes and more recently, the Russia-Ukraine war, played a key role in crypto’s fall from record highs this year. The space has also tracked declines in stock markets.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk took aim on Tuesday at Binance CEO Changpeng Zhao (“CZ”) on Twitter Inc (NYSE:TWTR) over a Binance error that caused Dogecoin (CRYPTO: DOGE) holders’ funds to become stuck on the exchange.
Later, Dogecoin co-creator Billy Markus praised Musk for “standing up for the little guy” and offered advice to all cryptocurrency holders: “keeping your crypto on an unregulated exchange is quite risky.”
Dogecoin has been a risky trade recently for bullish traders lately, with the price over 36% between the Oct. 30 high of $0.34 and Tuesday low-of-day at the $0.214 mark. A reversal could be in the cards if the crypto can regain a key trendline.
See Also: ‘Sounds Shady’: Elon Musk Takes Aim At Binance Over Treatment Of Dogecoin Customers
The Dogecoin Chart: On Monday, Dogecoin fell below a long-term trendline that has been acting as support since July 20. The bearish break took place on low volume and because there was no follow-through on the move, Dogecoin was able to pop back up above the trendline on Tuesday.
Dogecoin is trading in a fairly consistent downtrend on the daily chart with the most recent lower high printed on Nov. 18 and $0.241 and the slightly lower low printed on Tuesday. If the downtrend is still intact, traders can watch for another lower high before Dogecoin falls back below $0.214.
Tuesday’s lower low is just slightly below the Nov. 18 low of $0.216 and with the price action of each day combined, Dogecoin may have printed a bullish double bottom pattern at the level. If the pattern is recognized, traders will want to watch for increasing volume to come in and push the crypto up higher on Wednesday.
Dogecoin is trading below the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending below the 21-day, both of which are bearish indicators. The crypto is also trading below the 50-day simple moving average, which indicates longer-term sentiment is bearish.
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Bulls want to sustain a big bullish volume to cause Dogecoin to close the 24-hour candle above the ascending trendline and then for increasing volume to help the crypto regain the 23-cent level as support. Above the area, there is further resistance at $0.248.
Bears want to see Dogecoin back down below the trendline and then for big bearish volume to come in and push the crypto down below the $0.216 level. If Dogecoin is unable to hold the level as support, it could fall toward $0.196.
Cardano (CRYPTO: ADA) remained buoyant amid a sea of red as the global cryptocurrency market cap fell 2.94% to $1.86 trillion on Thursday night.
What Happened: ADA traded 2.28% higher at $1.87 intraday and shot up 35.78% over a seven-day trailing period.
See Also: How To Buy Cardano (ADA)
Over 24 hours, the Charles Hoskinson created cryptocurrency rose 4.85% and 5.98% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively.
BTC was down 2.43% over 24 hours at $44,631.38. The apex cryptocurrency rose 10.31% higher for the week.
The second-largest cryptocurrency by market cap, ETH, fell 3.42% to $3,066.35 over 24 hours. Over the last seven days, ETH gained 9.51%.
Shiba Inu-themed Dogecoin (CRYPTO: DOGE) traded 1.3% lower at $0.27. For the week, DOGE rose 33.73%.
NEAR Protocol (CRYPTO: NEAR) was the top gainer on Thursday night rising 12.09% to $3.36. For the week the token of the Layer-1 protocol rose 34.74%.
NEAR rose 14.86% and 16.11% over 24 hours against BTC and ETH.
Other notable intraday gainers included The Graph (CRYPTO: GRT), Chiliz (CRYPTO: CHZ), and SushiSwap (CRYPTO: SUSHI).
GRT spiked 10.7% to $0.89, CHZ was up 9.85% to $0.36 and SUSHI traded 8.55% higher at $12.24 over 24 hours.
Why It Matters: Bitcoin has not indicated a push above the $46,000 levels it touched this week, but it has not lost major ground either.
Matt Blom, digital-asset company Eqonex’s head of trading said “There just isn’t much of an appetite right now for bitcoin above $46,000, but you’re not seeing a massive sell-off either,” reported CoinDesk.
On Ethereum, Lukas Enzersdorfer-Konrad, chief product officer at Bitpanda said that the London hard fork ushered fees mechanism “looks to be bullish for the ETH price.”
See Also: Is Now The Time To Buy Into Ethereum Classic (ETC)?
Enzersdorfer-Konrad said Ethereum is slowly “decoupling” from Bitcoin and the higher year-to-date returns of the latter are a pointer to that effect. BTC and ETH’s YTD returns stood at 53.07% and 313.47% respectively at press time.
“The reduction in the amount of new coins being minted, as well as a burn mechanism that reduces the supply, could be a catalyst for Ethereum’s price and could translate into higher returns than those for Bitcoin in the longer term,” said the analyst via email.
Meanwhile, ADA’s weekly gains have left behind those made by DOGE, ETH, and BTC as buzz builds up ahead of a Friday announcement on smart contract implementation schedule.
Read Next: Is Crypto ‘Alt Season’ Back With Beyond-Bitcoin Rally?
