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 decline from $3,480. ETH is struggling to recover and is now at risk of another decline below $3,250.
Ethereum price failed to stay in a positive zone and started a fresh decline from $3,480, like Bitcoin. ETH price declined below $3,420 and $3,400.
It seems like the bears defended the 50% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low. There is also a new bearish trend line forming with resistance at $3,380 on the hourly chart of ETH/USD.
Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,350 level. The next key resistance is near the $3,380 level and the trend line.
The first major resistance is near the $3,480 level. A clear move above the $3,480 resistance might send the price toward the $3,580 resistance and the 61.8% Fib retracement level of the downward move from the $3,920 swing high to the $3,058 low.
An upside break above the $3,580 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,675 in the near term.
If Ethereum fails to clear the $3,380 resistance, it could start a fresh decline. Initial support on the downside is near the $3,250 level. The first major support sits near the $3,220 zone.
A clear move below the $3,220 support might push the price toward the $3,150 support. Any more losses might send the price toward the $3,050 region in the near term. The next key support sits at $3,020 and $3,000.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,380
The bearish crypto market of 2022 appeared to have ended at the start of 2023. Then, Bitcoin rallied, dragging with it the entire crypto ecosystem.
Shiba Inu, one of the most speculated cryptocurrencies, followed Bitcoin’s lead. But something decoupled lately.
More precisely, Bitcoin still trades near the yearly highs, whereas Shiba Inu gave back all of its 2023 gains. To make things worse, the price action evolves in a bearish pattern, a descending triangle, and a break below the horizontal support would trigger even more downside.
Shiba Inu chart by TradingView
The dollar’s weakness triggered the rally in the cryptocurrency market. But with so many projects in the crypto space, it makes sense to believe that not all will hold when the dollar reverses course.
And it did reverse course in the last few weeks, trading a tad higher – not much, but still. For instance, the US dollar gained only about a couple of hundred pips against the euro, its rival, so one cannot say that the recent dollar strength is unusual.
However, when the dollar flexes its muscles, the weak cryptocurrencies dive. So did Shiba Inu and others, while Bitcoin is relatively unchanged.
The irony of it is that the recent dollar strength came in the context of the Federal Reserve hinting it may pause its tightening cycle as inflation comes down. Imagine what would happen if inflation has another spike higher and the Fed changes the rhetoric and hikes some more.
All in all, Shiba Inu does not look good. The technical picture shows tremendous pressure building against horizontal support, and the odds favor more weakness.
Pepe is the hot new meme coin that everyone can’t stop talking about. The enormous climb in value in a short time is responsible for all the chatter.
One particular whale turned $27 into more than $4M. Yet, according to the cryptocurrency community, the owner do the related wallet might never be able to cash in on those gains.
The meme coin based on Pepe the Frog has everyone who bought in earlier today, feeling good. Aside from a little chop here and there, the rising star in crypto simply wont stop climbing higher.
Early adopters turned $250 into $1 million, and in this latest example, a Pepe wallet that holds 2.5 trillion tokens turned $27 into over $4 million. This rounds out to roughly 0.59% of the max supply.
The only problem, is that according to crypto Twitter, the owner of the coins cannot cash out, and has been “blacklisted.” User “Borovik.ETH” claims it was a dev’s wallet, and therefore is unable to sell their holdings.
Ethereum versus the frog king of the memes | PEPEUSDC on TradingView.com
Shocking stories of fortunes being made by simply buying and holding Pepe are growing by the day. And while the early returns are certainly substantial, because of the dynamics of price discovery, it could be nowhere near done.
New cryptocurrencies perform the best as capital and liquidity rushes in. With no bagholders to speak of, there is no real resistance levels leading to large price increases and extended moves.
For example, in Bitcoin or Ethereum, much of the best performance came early on after the asset began trading on exchanges. The same can be said for more recent altcoins like Chainlink or Solana.
In the comparison above, Pepe can be seen side-by-side with Ethereum. The chart, made for entertainment purposes, is pure speculation and designed to demonstrate the lack of price history and clear skies Pepe has above current levels.
This is crypto, and anything is possible. Especially for the king of crypto memes.
Don’t see why not pic.twitter.com/tlpr7Ft3Aa
— Tony “The Bull” (@tonythebullBTC) May 4, 2023
Dogecoin is the 9th cryptocurrency in terms of market capitalization, and it had quite a day yesterday. It jumped 5% as Elon Musk, CEO of Tesla and SpaceX, tweeted that the Starship launch may take place on Doge Day.
But that spike was not enough for a sustained bullish run. In fact, Dogecoin is down over 8% in the last 24h, as the $0.1 level still provides stiff resistance.
So what to expect from Dogecoin price moving forward? What does technical analysis say?
Dogecoin price soared 23,000% in 2021 in what appeared to be a rally that will never stop. But the market formed a contracting triangle that acted as a reversal pattern.
By the end of the same year, Dogecoin had given up most of its gains. However, as it turned out to be, it was only the beginning of a bear market that lasted into 2022 and beyond.
Since the start of 2023, leading cryptocurrencies like Bitcoin saw their price surging. Unfortunately, it was not the case with Dogecoin, which still finds stiff resistance at $0.1.
Therefore, while below resistance, the bias remains bearish. What if Bitcoin corrects from the 2023 highs? If it does so, then Dogecoin will eye a new test at the all-important $0.05 support level.
Robinhood users have taken to Twitter to express their displeasure as they are unable to revel in the SVB and Signature Bank failure.
Users of the Menlo-Park-headquartered financial services company Robinhood Markets Inc (NASDAQ: HOOD) app have been unable to cash in on the recent crumble of Signature Bank and Silicon Valley Bank (SVB) despite their put options. Investors gamble on the possible decline of stock via put options. If they are lucky and the said stock price indeed declines, the trader could sell the shares at a higher price than the market value. Alternatively, investors may sell the contract to another trader taking risks that the stock would further decrease. People make profits either way.
Robinhood users sensed a possible stock plunge for SVB and Signature Bank before the US banks indeed collapsed. Hence, some purchased put options on the stocks. As hoped by Robinhood users, SVB and Signature Bank collapsed, and the unfortunate event is meant to be an advantage for them. However, users of the trading app said the financial services provider is not letting them sell their contracts or get paid. To worsen the matter, many of the contracts would expire on Friday. This has additionally triggered many traders who are not ready to take advantage of the opportunity.
Forbes explained that the fact that SVB and Signature Bank shares are no longer trading makes it difficult for Robinhood to allow users to cash in. With the shares no longer in the market, many are unwilling to buy the contracts. SVB Financial Group is currently closed down 60.41% to $106.04.
Similar to Robinhood, there are comments against Fidelity Investments for not paying up retail options traders. But the attack is big on Robinhood due to its history. While the mobile trading app is designed to give people access to the market and democratize finance, the great meme stock rally in 2021 got Robinhood stuck. The alarming increasing demand for GameStop shares threatened the platform’s infrastructure. The financial services company could not sufficiently meet the demand, resulting in the company almost crumbling. Robinhood also had to face Congress and probing by the House Financial Services Committee.
Robinhood users have taken to Twitter to express their displeasure as they are unable to revel in the SVB and Signature Bank failure. Popular short-seller Marc Chodes also weighed on the matter, advising the trading app users to engage a lawyer.
Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.