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Ethereum short-term gains wiped out: Can bulls prevent further plunge

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Ethereum short-term gains wiped out: Can bulls prevent further plunge

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • ETH’s weak fundamentals could delay immediate price reversal.
  • Short-term Ethereum holders’ profits could be cut to size. 

Ethereum [ETH] dropped below its $1,600 mark after Bitcoin [BTC] lost the $23k zone. BTC sharply declined on 24 January, moving below $22.5k and pulling down ETH to $1,518. 

At press time, ETH struggled to break above $1,560 as BTC hovered below the $22,800 level. Therefore, BTC’s loss of traction and velocity could force ETH into a short-term range before bulls attempted to target the green zone. 


Read Ethereum’s [ETH] Price Prediction 2023-24


ETH is stuck in the $1,540 – $1,560 range: Is a break above likely?

Source: ETH/USDT on TradingView

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ETH fronted an extra rally around 14 January, despite signs of slowing momentum. The price action carved a rising channel (yellow) in the same period.

The altcoin broke below the channel but found steady support at $1,511. The ensuing recovery faced rejection at $1,678, followed by a slight consolidation before a major drop on Tuesday to the $1,500 region. 

On the 12-hour chart, ETH’s Relative Strength Index (RSI) declined and was 52, showing a mild bullish momentum that was close to a neutral market structure. Similarly, the On-Balance Volume (OBV) declined, undermining a strong uptrend momentum for the King of the altcoin market. 

Therefore, ETH could fluctuate in the $1,540 – $1,560 range in the short term before attempting a retest of the $1,600 zone in the next couple of days/weeks. In addition, a move to the $1,700 zone could be possible if BTC moves beyond $23K, especially if next week’s FOMC announcement triggers the markets positively. 

However, a drop below $1,511 would invalidate the above bias. Such a plunge could see ETH settle at $1,471.

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ETH saw a short-term accumulation, while gains declined by over 10%

Source: Santiment


Is your portfolio green? Check out the ETH Profit Calculator


According to Santiment, ETH’s Exchange Flow Balance was negative at press time. It shows more ETH flowed out than into the exchanges, indicating that a short-term accumulation occurred at the time of publication. 

However, the stagnant active addresses in the past 24 hours show that trading volume remained unchanged, undermining a strong price reversal. Therefore, short-term accumulation and stagnant trading volume could force ETH into a price consolidation within the $1,540 – $1,560 range in the next few hours. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Monero [XMR]: Can bulls defend $163 support level as bears take over

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Monero [XMR]: Can bulls defend $163 support level as bears take over

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • XMR formed a descending channel pattern. 
  • Investors were strongly bearish on XMR as Open Interest (OI) fluctuated. 

Monero’s [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko’s data.


Read Monero [XMR] Price Prediction 2023-24


At press time, its market was still weak as bears had more leverage. However, the asset was approaching a crucial support level. 

The $163.8 support level: Can it hold the drop?

Source: XMR/USDT on TradingView

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The increasing RSI (Relative Strength Index) and volume divergence from mid-January signaled February’s price correction. The RSI and volume dropped while the XMR price surged, painting a bull trap ripe for a correction. So far, XMR has fallen from $186 towards the end of January to $165 at the time of writing. 

Monero could drop further and break below the crucial $163.8 support level. However, the drop could be checked by the $157 or $154 support levels. 

But bulls could attempt a recovery if the $163.8 support holds, invalidating the bearish bias described above. The rebound could target the upper boundary of the descending channel. However, traders can only make long entry positions if a break above and retest on the upper channel’s boundary is confirmed. Such an upswing would target the $180 zone. 

Nevertheless, the market weakened further, as shown by the dropping RSI and fluctuating volume (OBV). Therefore, bulls may have difficulty regaining control at the $163.8 level.

Investors were bearish on XMR as OI fluctuated

Source: Santiment

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According to Santiment data, investors were strongly bearish on XMR, as shown by the negative sentiment. In addition, the demand for the asset in the derivatives market has been fluctuating, limiting its strong uptrend momentum in the past few days/weeks. 

If the fluctuation in demand continues, XMR could face an extended price correction and a devaluation below the $163.8 price level. 


Is your portfolio green? Check out the XMR Profit Calculator


In addition, the open interest rate data by Coinglass further reinforces XMR fluctuations. More money moved from XMR’s futures market around mid-January. Afterwards, the OI fluctuated, undermining a strong uptrend momentum or recovery. 

Although the dropping OI momentum reduced at press time, a convincing price recovery could follow BTC’s bullish price action. Therefore, investors and traders should monitor the king coin price movements. 

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Source: Coinglass

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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altcoin

Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

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Avalanche dominance under threat? Investors worry as GMX shifts to Arbitrum

  • GMX moves to Arbitrum, threatening Avalanche.
  • Decreasing sentiment, declining TVL & NFT trades for Avalanche.

According to the latest data from Artemis, the majority of GMX‘s activity has shifted from Avalanche [AVAX] to Arbitrum. This shift has raised concerns about the potential impact on Avalanche, as GMX is currently the largest perp by market cap and outperforms many of its competitors in terms of Total Value Locked (TVL).


Is your portfolio green? Check out the Avalanche Profit Calculator


Avalanche gets impacted

On one hand, the negative sentiment surrounding Avalanche, as indicated by Santiment’s data, suggested that the overall outlook of the AVAX token in the crypto community was negative. This caused a decline in the network’s growing TVL, which stood at $970.16 million at press time.

Source: Santiment

Additionally, the overall volume of the AVAX token declined. According to Santiment’s data, the overall volume for AVAX fell from 1.2 billion to 3.14 million. The number of NFT trades on the network also fell, suggesting an overall lack of interest.

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However, there were some positive developments as well, one of them being the decreasing volatility of the AVAX token. A decline in volatility could attract some investors who are seeking stability for their portfolios.

Source: Santiment


How much are 1,10,100 AVAX worth today?


It’s also worth noting that despite the negative conditions for Avalanche, the number of stakers on the network grew by 21.5% in the last month, according to Staking Rewards. The number of stakers on the network was 65,988 at the time of writing. This suggested that there is still interest in the network, though its future remained uncertain.

Source: Staking Rewards

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It’s important to note that GMX’s move from Avalanche to Arbitrum could be due to various reasons, including the increasing popularity of the Arbitrum network and its ability to handle larger volumes of transactions efficiently. This shift could pose a threat to Avalanche, but it’s also possible that the network could recover and continue to grow.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ADA price action

Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

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Cardano approaches critical resistance level of $0.42: Bulls to witness more gains?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The higher timeframe market structure remained strongly bullish.
  • The $0.4-$0.42 is an important region of resistance- but ADA is likely to push higher.

Cardano [ADA] bounced from $0.38 to reach the $0.4 level of resistance over the past three days. Its technical structure remained bullish on the one-day timeframe – a move above $0.4 and subsequent retest could be a buying opportunity.


Is your portfolio green? Check the Cardano Profit Calculator


The increase in whale transactions saw a significant increase after 3 February. This raised concerns that buyer dominance was weakening.

Any pumps into the $0.42 area will be to take profits on

Source: ADA/USDT on TradingView

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Cardano has seen a remarkable run so far. A jump above $0.31 and the subsequent retest of $0.32 saw the support on the daily market structure decisively broken. The bias remained bullish, although the RSI continued to drop lower to show weakened bullish momentum.

This was because ADA encountered a stern band of resistance around $0.4. It is an important higher timeframe horizontal level. The $0.425 level acted as support from May to October 2022. Beneath it, the $0.4 and $0.376 levels also acted as important support and resistance levels in October and November.


How much is 1, 10, 100 ADA worth today?


Therefore, ADA bulls late to the party must recognize that the meat of the move upward is finished. Lower timeframe scalps within the $0.4-$0.42 region is possible. Longer-term buyers can wait for the flip of $0.42 to support before bidding and must be ready to cut the trade on a drop below $0.4.

The rising OBV meant some demand was present behind ADA. Above $0.42, $0.51 and $0.6 are the next high timeframe levels to watch out for.

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Sentiment has been lukewarm in February

Weighted sentiment fell below the zero mark as February 2023 began and hasn’t recovered since. The MVRV ratio (30-day) also tumbled, but the price did not see a significant sell-off. This hinted that near-term holders might have finished booking profits, and selling pressure could soon abate.

The development activity was unaffected by the higher price swing, which should encourage long-term holders. The age-consumed metric saw a swift spike in early February when ADA pulled back from $0.413.

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