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Ether Leaps Above $2,000 As Exchange Flow Signals Institutions Are Now Buying ETH

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Ether Leaps Above $2,000 As Exchange Flow Signals Institutions Are Now Buying ETH

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Ethereum has for the first time since February 20th climbed above $2,000. This comes as a surprise move from the largest altcoin in the world. Evidence of this is the amount of leveraged longs. But market trends in the last few weeks and even days show the altcoin has been bullish all along.

Ethereum Leaps Above $2K As Exchange Flow Signal Institutional Shift
ETHUSD Chart By TradingView

Ethereum exchange balance has signaled a market shift. Over the last few days, top exchanges have seen a load of Ethereum withdrawn. This some analysts speculate, is a sign of demand from institutions. But so far, no company has come out to state it’s putting Ethereum on its balance sheet. Like Bitcoin, once institutions begin buying Ethereum, prices will rally strong.

A few days ago, Ethereum was validated as sound money after Visa integrated cryptocurrencies into their network. Now Visa can settle payments with USDC on the Ethereum blockchain. This is a big win for the cryptocurrency and validation that it is a solid asset. With interest from big financial powerhouses like Visa, Ethereum has attracted demand from institutions.

Institutions are not the only ones willing to hold out and see if prices can break the current all-time high. Data shows that the number of exchanges receiving Ethereum from exchanges has hit a new monthly high. According to Glasssnode, this stands at 1,291.381. Some speculate that a continued trend of the same could trigger a supply crisis.

Additional data from Glassnode shows that the price jump has coincided with Total Value in the ETH 2.0 Deposit Contract which reached an all-time high. The analytical firm notes that the total value locked in ETH 2.0 has just reached  3,630,626 ETH.

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What Analysts Expect of ETH

Analysts have largely been bullish on Ethereum noting it is correlated with Bitcoin. And just like Bitcoin, Ethereum is trading just below its all-time high set early in the year. Demand from institutions could play a big part in price movement over the next couple of months. On top of this, demand is set to reach its pivot, with few holders willing to sell.

According to LilMoonLambo who based his argument on Coinbase going public on April 14, the listing will also be a major boost as it exposes millions to the market. Market analyst CryptoBirb says that he expects that Ethereum will surge in the next few weeks to set a new all-time high of $2,700.



DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/ether-leaps-above-2000-as-exchange-flow-signals-institutions-are-now-buying-eth/

Blockchain

Bitcoin Cash Price Analysis: 10 April

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The correlation between Bitcoin and Bitcoin Cash stood strong at 0.729, showing a positive correlation between the prices of the two (denominated in USD). Bitcoin Cash saw some bullish news in recent weeks when it was announced that merchants that have integrated PayPal will be able to accept payments in BCH.

Bitcoin Cash 12-hour chart

Bitcoin Cash Price Analysis: 10 April

Source: BCH/USDT on TradingView

Bitcoin Cash was once again near the $670 resistance level. Further on lies the $750 resistance level, while support is at the $600-$610 area.

A leg upwards could be exactly the thing that has been brewing in the markets over the past month. Bitcoin and Ethereum have been unable to break past the stubborn resistance at $60k and $2000 respectively, suffering a sharp pullback before recovering. The positive sentiment around the market has been building for a few weeks now and could propel prices higher in the weeks to come.

The technical indicators showed that BCH has shifted back toward bullish momentum over the past two weeks, after dropping to test the $480 support level.

Rationale

Using the Elliot Wave Theory, the move from $220 (October) to $500 (January) appears to be the third wave in a series of five waves for BCH – and that wave also saw BCH register larger gains than the other two motive waves.

The move from $750 to $480 would then be Wave A of the corrective phase – and the recovery from $480 being Wave B. If this is indeed so, then BCH is unlikely to push past $750 once again.

The OBV showed that although buying volume was present, it has not yet made up for the selling volume seen since the drop from $750. This has to change if the bulls are to drive prices toward $800.

The RSI climbed back above neutral 50 to denote bullish sentiment.

Conclusion

A surging Bitcoin often sees market participants exchange altcoins for the king of crypto. This scenario would likely see coins such as BCH stagnate while Bitcoin soars. The $660 and $750 remain key levels of resistance and a move above them will invalidate the corrective phase scenario laid out in this analysis.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-cash-price-analysis-10-april

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Blockchain

How Ripple’s big win in court correlates with XRP’s 113% rally

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The bulls ride again on XRP’s side, as the token breaks about $1. On the legal subject, things seem to be going well for Ripple’s corner as rumors of an SEC settlement grow louder.

Back in December, the Commission hit Ripple Labs, executive Brad Garlinghouse, and Chris Larsen with a lawsuit for the alleged illegal sales of an unregistered security. In the coming month’s XRP’s price plummeted, exchanges delisted it, some investors lose faith.

As reported by lawyer Stephen Palley, Garlinghouse and Larsen scored a victory yesterday when Magistrate Judge Sarah Netburn rule that “discovery seeking 8 years of financial records along w/ subpoenas to 3d parties seeking same were too broad”.

Palley classified the decision as a “nice early win” by the defendants but is still skeptical about it being an indication for a resolution on the case. Palley added the following:

Winning a motion for a protective order on discovery doesn’t usually portend victory on the merits of the case itself. It depends. And the Court left open the possibility some of this could revisit later, if there are reasons to check veracity.

On the other hand, Galaxy Digital CEO Mike Novogratz said Ripple’s “equity is trading” at up to $3 billion in valuations on a secondary market. Novogratz speculated on the possibility XRP is rallying due to rumors of a possible settlement in the lawsuit.

Last February, the parties ruled out a settlement in a joint letter. However, the negotiations took place under the Commission’s previous directive. Gary Gensler is expected to be confirmed by the Senate and his more pro-crypto stance to have a positive influence on the legal process. Novogratz said:

Ripple equity is ‘trading’ in secondary market at $2-3bn valuation.  The $XRP on their balance sheet is worth approx $70bn. One price seems wrong. If XRP price is saying settlement coming, the equity is crazy cheap.   If not, the token seems expensive.   Thoughts?

Commenting on Novogratz’s statements Palley said there is no “public” indication a resolution is coming soon. The lawyer classified this subject as “inside” information and claimed a settlement will come after summary judgment practice. Palley added:

I don’t know how one can correlate price itself to settlement unless someone has inside information about potential SEC settlement/resolution and ability for exchanges to re-list for trading. Ripple has done better than I expected so far in preliminary motion practice and discovery fights, but there’s a long way from that to case resolution.

XRP in moon mode

Those who hold on to their tokens have been rewarded. XRP is trading at $1,32 with 29% profits in the past 24 hours and the biggest weekly rally in the crypto top ten with 113%.

Ripple XRP XRPUSDT
XRP on a bullish run in the 24-hour chart. Source: XRPUSDT Tradingview

Trader Kaleo said XRP is yet to reach its top and seems bullish on current price action. Comparing it to the 2017 bull-fun, the trader said XRP’s price quickly reach $2.45 when it broke the $1 mark. In the current rally, there is “way more capital” and fuel for the price to extend the bullish momentum.

In the last 24 hours, investors in South Korea are increasing XRP buying pressure as shown by the high trading volume in Upbit and Bithumb, two major exchanges in that country.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/how-ripples-big-win-in-court-correlates-with-xrps-113-rally/

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Chainlink, Aave, Decred Price Analysis: 10 April

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Chainlink moved within an ascending channel but a breakdown did not seem likely at least in the short term. Aave remained below its 200-SMA, while Decred was expected to break south from its ascending channel after touching $200.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink’s current price was at a crossroads on the 4-hour chart. On one end, a climb above $35-resistance on the back of a bullish broader market would likely boost LINK above its ATH of $36.9. The other end would see LINK move below the bottom trendline of its ascending channel.

A bearish divergence on the MACD did lead to a pullback, but the price was still within the confines of an ascending channel. If the fast-moving line does cross above the signal line, a breakdown can be avoided over the coming sessions. The RSI pointed north from 54 but was expected to fall towards the oversold zone after forming another peak in the upper territory. A breakdown would highlight $28.6-support, but the same could go as low as $24.4.

Aave [AAVE]

Source: AAVE/USD, TradingView

While Aave has attempted a recovery after the late February pullback, gains have been largely capped by a strong resistance line of $422.7. Another stubborn form of resistance came from the 200-SMA, a line that has subdued Aave’s attempt at a bullish comeback. At the time of writing, the candlesticks were below the 200-SMA and the bulls faced an uphill task to take control of the market.

The OBV moved flat over the last few sessions. On a whole, selling volume has outmatched buying volume since mid-February. The ADX pointed south from 26 as the price approached its long-term moving average. Even if the price does move north, failure to flip $422.7 to a line of support could lead to a breakdown once again. Support at $300 could cushion any losses seen during the mid-long term.

Decred [DCR]

Source: DCR/USD, TradingView

On the 4-hour timeframe, Decred moved within an ascending channel after a pickup from $175.7-support. Since the last two weeks, this has become a recurring theme for DCR. Ascending channels have led to a minor pullback but the bulls have swiftly negotiated them and maintained an upwards trajectory. Going by the same logic, a minor pullback was expected if the channel peaks at a psychological level of $200.

The $195 region could offer some support but a fall towards $175.7 was also likely in case of a sharper sell-off. For now, the RSI was in the process of forming its third peak in the overbought region and a reversal can be expected soon after. Meanwhile, bullish momentum was gathering according to the Awesome Oscillator.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/chainlink-aave-decred-price-analysis-10-april

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