The RSI, significantly above the 70 threshold, signals overbought conditions, yet it underscores the strong current buyers interest. While the MACD corroborates this sentiment, with a noticeable bullish divergence,

Ethereums stance above the 50 EMA at $1876.66 further bolsters a bullish outlook. Consequently, Ethereums trajectory remains decisively positive above $1979, with expectations to challenge higher resistances shortly.

Ripple (XRP) trajectory has taken a bearish turn, with the digital currency shedding 5.21% off its value, now trading at $0.6511. The current sentiment is bearish as XRP has dipped below the pivotal $0.67328 mark.

Technical indicators offer a mixed view; the RSI at 61 suggests a neutral to slightly bullish sentiment but must be viewed cautiously in the context of recent price declines. The MACDs negative values hint at a potential for further downside, signaling that sellers are currently in control.

XRPs break below the 38.2% Fibonacci retracement level casts a shadow on its short-term prospects, indicating that it may seek support at the 61.8% retracement. With the price hovering just below the 50 EMA of $0.6531, XRPs position is precarious, and the bearish outlook will be reinforced unless it can reclaim the level above $0.67328.

As of now, the downward pressure seems to have the upper hand, with expectations of XRP testing further supports unless a decisive reversal occurs.

Solana (SOL/USD) rides a bullish wave in todays market, marking a notable ascent of 4.80% to a price of $45.17. On a 4-hour chart perspective, the crypto asset is pushing against the winds of resistance, having surpassed the pivot point at $42.80 and is now steering towards the $48.07 mark.

The Relative Strength Index (RSI) soars at 82, signaling an overheated market typically a precursor to a retracement or consolidation; however, it currently reflects a strong bullish grip.

The MACDs bullish crossover amplifies this sentiment, suggesting that the upward momentum has not yet exhausted. Further credence to the bullish outlook is given by SOLs position above the 50 EMA, set at $41.26, indicating that short-term sentiment is tilted towards buying.

Chart patterns reveal an upward trendline, bolstering support around the $42.50 area. With these technical affirmations, SOLs trend remains bullish above $42, setting the stage for a potential rally to test further resistances in the imminent sessions.

For a look at all of todays economic events, check out our economic calendar.

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Ethereum, Ripple and Solana Price Forecast: ETH Breaks $2K, Bull Run or Bubble? - FX Empire

Arman Shirinyan

Ethereum cofounder's transfer not necessarily bearish, here's why

Ethereum has witnessed a notable price movement, breaching the $2,000 threshold. The significant market activity coincides with Ethereum cofounder Vitalik Buterin's recent transfer of 50 ETH, valued at approximately $106,000, to Coinbase Custody. It is important to note that such a transfer does not inherently indicate an intent to sell the assets; instead, it might reflect a strategic move for security or part of a broader financial strategy.

Coinbase Custody is a service offered by Coinbase, which is specifically designed to provide secure storage for cryptocurrency assets. It is targeted at institutional clients and offers a range of features, including insurance coverage and third-party auditing. The service is built on the premise of providing a secure haven for large cryptocurrency holdings, away from the risks associated with exchange wallets.

The transfer of funds by notable figures such as Buterin often garners attention, potentially influencing market sentiment. However, attributing Ethereum's price surge solely to these transfers would be an oversimplification. A myriad of factors contribute to the price dynamics of cryptocurrencies, including investor sentiment, market trends and significant developments within the ecosystem.

One such development is the news that BlackRock, the world's largest asset manager, is exploring the creation of an exchange-traded fund (ETF) that would include Ethereum's ether. This move underscores the growing interest and acceptance of cryptocurrencies among institutional investors. BlackRock's engagement with Ethereum could be seen as a vote of confidence, potentially attracting more institutional money into the cryptocurrency space and contributing to the bullish momentum of ETH.

Ethereum's growth also comes amid a broader trend of increasing institutional interest in cryptocurrencies. As traditional financial entities seek exposure to digital assets, the market is likely to continue to expand and evolve.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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Vitalik Buterin Sends Ethereum on Coinbase as ETH Hits $2,000 - U.Today

Cryptocurrencies had a great weekend and are off on the right foot on Monday as well. Economic news last week gave investors reason to move further out on the risk curve, and that meant in part bidding up the value of cryptocurrencies.

Three of the biggest movers were Ethereum (ETH 7.81%), Dogecoin (DOGE -2.27%), and Shiba Inu (SHIB -3.38%). Ethereum rose as much as 5.4% between Friday's close and noon ET on Monday and is now up 4.8% over that time. Dogecoin had a more pronounced move, climbing 10.2% and currently trading 9.1% higher. Shiba Inu is at its high point, up 7.1%.

The economic news last week helped push markets, including cryptocurrencies, higher to end the week. Investors saw the Federal Reserve's decision to pause rate hikes as a positive and there was a lot of speculation that rates would be kept flat through the end of the year.

On top of that, a weaker-than-expected jobs report was seen as a positive for markets. As the thinking goes, if job growth is slowing, the economy may not be overheating -- which means the Federal Reserve will stop raising rates to slow the economy.

It may seem counterintuitive, but lower interest rates are currently seen as very bullish for riskier assets like stocks and cryptocurrencies. And short term, that's driving values higher.

Trading momentum continues to be strong on speculation that more crypto ETFs will be approved. We know the SEC is considering multiple BitcoinETFs, and that could pave the way for both more crypto ETFs and more funds flowing into the industry more broadly.

BlackRock is one of the leading institutions applying for a spot ETF. The company controls $9 trillion in assets under management, so it could lead to a big inflow of funds to the crypto industry. That's the speculation.

Many institutions have shied away from crypto because of the legal grey area it operates in, especially in the U.S. So, approval by the SEC would be generally bullish for crypto broadly at a time when many countries are writing specific rules on how cryptocurrencies can be traded and how blockchain companies can operate.

While the market is speculating that a Bitcoin ETF would eventually be bullish for tokens like Ethereum, Dogecoin, and Shiba Inu, it's not clear if they would eventually get spot ETFs as well.

The reality is that everything I discussed above is speculation about the value of cryptocurrencies. There's no increased utility or ability to pay for goods using the blockchain. Investors are simply bidding up digital assets because of what the Federal Reserve did and what they think the SEC might do.

If any of this speculation ends up being false, it's possible that crypto values could crash again. I would like to see more real world utility being built into the blockchain and tokens like Dogecoin and Shiba Inu find real use cases. Until they do, this is just a speculative asset.

Ethereum still has the potential to be a valuable blockchain, but it also struggles with high costs and slow transactions. Upgrades could change that, but that will take time. Investors seem to be glossing over that utility need today.

Travis Hoium has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

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Why Ethereum, Dogecoin, and Shiba Inu Jumped Today - The Motley Fool

Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to Bitcoin (BTC) breaking above $34,000 on Oct. 24.

One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market's excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to analysts from Bloomberg, the ongoing amendments to the spot Bitcoin ETF proposals can be seen as a good sign of progress and impending approvals. This development is expected to drive the entire cryptocurrency market to higher price levels.

Interestingly, comments issued by the U.S. SEC Chair Gery Gensler's in 2019 reveal his perspective. During the 2019 MIT Bitcoin Expo, Gensler termed the SEC's position at the time as "inconsistent" because they had denied multiple spot Bitcoin ETF applications, while futures-based ETF products that do not involve physical Bitcoin had been in existence since December 2017.

Another potential factor in the optimism of Ethereum investors using derivatives may be the pricing of the Dencun upgrade scheduled for the first half of 2024. This upgrade is set to enhance data availability for layer-2 rollups, ultimately leading to reduced transaction costs. Moreover, the upgrade will prepare the network for the future implementation of sharding (parallel processing) as part of the blockchain's "Surge" roadmap.

Ethereum co-founder Vitalik Buterin highlighted in his Oct. 31 statement that independent layer-1 projects are gradually migrating and potentially integrating as Ethereum ecosystem layer-2 solutions. Buterin also noted that the current costs associated with rollup fees are not acceptable for most users, particularly for non-financial applications.

Ethereum competitors are facing challenges as software developers realize the associated costs of maintaining a complete record of a network's transactions. For instance, SnowTrace, a popular blockchain explorer tool for Avalanche (AVAX), announced its shutdown supposedly due to the high costs.

Phillip Liu Jr., head of strategy and operations at Ava Labs, pointed out the difficulties users face in self-validating and storing data on single-layer chains. Consequently, the substantial processing capacity required often leads to unexpected issues.

For example, on October 18, the Theta Network team encountered a "edge case bug" after a node upgrade, causing blocks on the main chain to halt production for several hours. Similarly, layer-1 blockchain Aptos Network (APT) experienced a five-hour outage on October 19, resulting in a halt in exchanges' deposits and withdrawals.

In essence, the Ethereum network may not currently offer a solution to its high fees and processing capacity bottlenecks. Still, it does have an eight-year track record of continuous upgrades and improvements toward that goal with few major disruptions.

After evaluating the fundamental factors surrounding the Ethereum network, it's essential to investigate the bullish sentiment among ETH traders in the derivatives markets, despite the negative performance of ETH, which has dropped 14.7% since its $2,120 peak in April.

The Ether futures premium, which measures the difference between two-month contracts and the spot price, has reached its highest level in over a year. In a healthy market, the annualized premium, or basis rate, should typically fall within the range of 5% to 10%.

Such data is indicative of the growing demand for leveraged ETH long positions, as the futures contract premium surged from 1% on Oct. 23 to 7.4% on Oct. 30, surpassing the neutral-to-bullish threshold of 5%. This surge in the metric follows a 15.7% rally in ETH's price over two weeks.

Analyzing the options markets provides further insight. The 25% delta skew in Ether options is a useful indicator of when arbitrage desks and market makers overcharge for upside or downside protection. When traders anticipate a drop in Ether's price, the skew metric rises above 7%. Conversely, phases of excitement tend to exhibit a negative 7% skew.

Related:3 reasons why Ethereum price is down against Bitcoin

Notice how the Ether options 25% delta skew reached a negative 16% level on Oct. 27, the lowest in over 12 months. During this period, protective put (sell) options were trading at a discount, a characteristic of excessive optimism. Moreover, the current 8% discount for put options is a complete turnaround from the 7% or higher positive skew that persisted until Oct. 18.

In summary, the drivers behind the bullish sentiment among Ether investors in derivatives markets remain somewhat elusive. Traders may be expecting approval for Ether spot ETF instruments following Bitcoin's potential approval, or they may be banking on planned upgrades that aim to reduce transaction costs and eliminate the competitive advantage of other blockchain networks like Solana (SOL) and Tron (TRX).

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Ethereum futures premium hits 1-year high Will ETH price follow? - Cointelegraph

Crypto whales have transferred Ethereum (ETH) and Shiba Inu (SHIB) worth hundreds of millions of dollars in multiple transactions that occurred within hours of each other, according to the blockchain tracker Whale Alert.

Starting with Ethereum, on-chain data obtained by Whale Alert shows that a large crypto holder moved 150,000 ETH from an unknown wallet to the Kraken crypto exchange in three different transactions of equal amounts.

At the time of the transfer, the total value of the ETH moved was approximately $269.8 million.

Ethereum is trading at $1,803 at time of writing.

Turning to the Shiba Inu memecoin, on-chain data retrieved by Whale Alert shows that a whale moved nearly 4.5 trillion SHIB worth slightly under $36 million from an unknown wallet to another unknown wallet.

Shiba Inu is trading at $0.00000799 at time of writing.

On-chain data also shows that large crypto holders relocated varying amounts of XRP and Solana (SOL), with a combined value of over $98 million, according to Whale Alert.

Crypto.com and Bitstamp are both centralized cryptocurrency exchanges.

XRP is worth $0.604 at time of writing while Solana is trading at $36.60.

Generated Image: Midjourney

Originally posted here:

Whales Abruptly Move Over $305,000,000 Worth of Shiba Inu and Ethereum Heres Where the Crypto Is Going - The Daily Hodl