Ethereum Price Forecast: Technical Indicators Hint at Possible Reversal
The #Ethereum priceâs performance against the US Dollar on the 4-hour chart suggests a market in a delicate balance, with traders watching key support and resistance levels closely. Recent closing prices have shown some inconsistency, reflecting a market that is hesitant to commit to a clear direction.
The most immediate resistance level to watch is at $2,672.2, with additional resistance zones around $2,674.81 and $2,677.79. These levels are crucial for bulls looking to push ETH higher. If the price manages to break through these resistance levels, we could see a stronger upward momentum, potentially attracting more buyers into the market.
On the downside, key support levels are situated at $2,584.53, $2,572.82, and $2,557.82. If the Ethereum price were to break below these support levels, it could indicate the beginning of a more pronounced bearish trend, with potential for further downside.
The 9 and 20 EMA (Exponential Moving Averages) are currently signaling a cautious market sentiment. While the 9 EMA is slightly below the 20 EMA, the difference isn't significant enough to suggest a strong trend in either direction. This could indicate that the market is in a consolidation phase, waiting for a catalyst to drive the next major move.
The MACD (Moving Average Convergence Divergence) indicator provides a more nuanced picture. The recent narrowing of the MACD histogram suggests that bearish momentum is weakening, potentially opening the door for a bullish reversal. However, the MACD line remains below the signal line, indicating that any bullish sentiment is still in its early stages and could face resistance.
RSI (Relative Strength Index) levels hovering around the 50 mark also reflect this indecision. An RSI close to 50 generally indicates a neutral market, where neither bulls nor bears have a clear upper hand. $ETH #ETH The full analysis and trade strategy were posted on www.ecoinimist.com.
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Miami Heat star, âBitboyâ agree to cough up $340K to settle Binance promo suit !!
Pro basketballer Jimmy Butler and crypto influencer Ben Armstrong are looking to settle claims in a Binance-related class lawsuit while denying any wrongdoing.
NBA star Jimmy Butler and crypto YouTuber Ben Armstrong, known as âBitBoy,â have agreed to pay a combined $340,000 to settle a class-action lawsuit claiming they promoted Binance, which is alleged to have sold unregistered securities.
Lawyers for the class group asked a Miami federal judge on Aug. 19 to give preliminary approval to the deal, which would resolve an ongoing lawsuit that has been ongoing since March 2023.
Butlerâs settlement agreement seen by Cointelegraph shows he would pay $300,000 and adds he âadamantly denies any and all wrongdoing.â He believes he would âbe absolved of all liabilityâ if the case was litigated to conclusion.
Armstrong would pay $40,000 and similarly denies âany wrongdoing or liability,â believing he has âvalid defensesâ to the claims.Â
Both agreed to settle to avoid sinking expenses and time into the matter.
The lawsuit also names crypto exchange Binance, its jailed former CEOÂ Changpeng Zhao, and the firmâs American arm BAM Trading as defendants. Stablecoin issuer Paxos Trust Company was named as a defendant in a June 2023 amended complaint.Â
Cointelegraph reached out to Binance, Binance.US and their respective counsel, along with lawyers for Zhao, on the status of the lawsuit against them.Â
The Moskowitz Law Firmâs managing partner, Adam Moskowitz, who is leading the suit, told Cointelegraph in an email that its year-long investigation ârevealed that Binance is also selling unregistered securities and thus needs to be held accountable.â
âEach and every promoter of these unregistered securities, including Miami Heat star Jimmy Butler, will be held responsible,â he added.
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Trader turns $1K into $750K trading Tron memecoin 'SunWukong'
The anonymous traderâs Sun Wukong holdings surged to $750,000 at its peak, but he hasnât sold a single token yet.Â
An anonymous trader on the Tron network turned an initial bid of $1,000 into over $750,000, trading a new Tron-based memecoin called SunWukong.Â
In an Aug. 21 post to X, blockchain data platform Arkham Intelligence shared that the trader purchased 43.8 million SUNWUKONG tokens for an initial price of $997.Â
The value of the SunWukong memecoin ballooned following a move from Tron founder Justin Sun to change his profile picture on X to an image of Sun Wukong â a character from a newly released Chinese folklore-based video game Black Myth: Wukong.Â
The game was launched on Aug. 20 and also notched records of its own, topping over 2.2 million concurrent users on the gaming platform Steam within its first 24 hours, cementing it as one of the most popular single-player game launches in the platformâs history.
According to DexScreener data, the token surged from a value of around $3,000 to as high as $17 million, a gain of over 566,500% in less than 12 hours.Â
The traderâs memecoin holdings went from being worth $1,000 to as much as $750,000 at peak during the rally.Â
The memecoinâs price has since slid 58% from its all-time high, and the token commands a market capitalization of $7.4 million at the time of publication.Â
But itâs all still paper gains for now.
Tronscan data shows the trader hasnât sold even a single SunWukong token. This puts their current holdings worth around $329,000 at the time of publication.
The trade comes amid outsized growth in Tron-based memecoin deployer SunPump, a protocol that draws its namesake from Sun.Â
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Pump.Fun| Solana
Only 3% of traders on Pump.Fun have made more than $1000
Only 3% of the traders purchasing tokens on Pump.fun made more than $1000. At the same time, less than 0.8% of the traders have made $10,000+ trading memecoins on the platform.
These figures from a Dune dashboard suggest that most traders on the platform havenât had any profitable trades despite the fact that thousands of tokens are launched on the platform every 24 hours.
60% of traders on Pump.fun lost money
A crypto influencer recently shared a pie chart of pump.fun trader data in an X post based on another post by a user with the handle @Adam_Tehc.
According to the chart, 60% traders have lost money, 4.7% of them made no money at all, while 24% of the traders made less than $100.
On the other hand, those who made more than $100 stand at 11.2%, and only 3% made more than $1,000. Even rare are the traders who made above $10,000 (0.5%). Likewise, it was pointed out that people who made $10k+ can be barely seen on the pie chart.
Only a small percentage of tokens on Pump.fun are graduating
In the last 24 hours, less than 160 tokens out of 10.7k tokens have actually graduated to Raydium from Pump.fun. The remaining either stayed stagnant or lost their volume and liquidity as traders rushed out to take profits or cut their losses.
This means that most tokens could not even hit a market cap of $60,000 after which the bonding curveâs funds would have transferred to a Raydium liquidity pool, and the token would have considered graduated.
Yet despite the fact that traders are becoming more doubtful about the memecoin super-cycle, the revenues generated by Pump.fun are nearing all-time highs. Between 10th August and 17th August, the platform made $6.3 million, double of the weekly average of $2.5 million in April.
This figure is 50% higher as compared to its average weekly revenues in May.
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đšRipple to pay the $125M fine to the SEC within 18 days!
This settlement marks a major moment in the Ripple vs. SEC saga. Initially, the SEC sought nearly $2 billion, but Ripple successfully reduced that amount to $125 million, which they plan to pay promptly. Rippleâs CEO, Brad Garlinghouse, called this a victory not just for Ripple but for the entire crypto industry.
The implications of this decision go beyond Ripple, providing more clarity around XRP's classification, potentially shaping future crypto regulations. Despite this, XRP has seen a slight dip in trading volume and price recently, but this news might trigger a resurgence in market activity!
Are you ready for what's next? đđ
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Analysis: Polkadot's chart shows a double-bottom pattern, signalling a potential bullish reversal. After the 2021 ATH of $55 and a prolonged bearish phase, the recovery wave in 2023/24 is forming. Polkadot might reach a new ATH in 2025, driven by a projected bull market.
Price Targets: Short-term resistance is seen around $35. Mid-term, expect a surge to $87 and if the bull market persists, a long-term target of $144 by 2025. Fasten your seatbelts; we're looking at a potential rise to $139,311 by 2034! đ
$DOT #DYOR
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