1. Ethereum Network Technology Upgrade Ethereum’s transition to a proof-of-stake (PoS) model and the subsequent Shanghai upgrade implemented in early 2023 has seen significant improvements in network infrastructure. While these upgrades have helped solidify Ethereum’s position in an increasingly competitive cryptocurrency market, the network team has more upgrades to make. JP Morgan analysts say that the upcoming EIP-4844 upgrade Proto-Danksharding will help Ethereum outperform Bitcoin. 2. ETH’s market dominance relative to other chains Over the years, multiple blockchain networks have sprung up, each hoping to gain market share with several competitive products. However, Ethereum continues to maintain its dominance in the market, according to a recent report from ETC Group. Ethereum’s ERC-20 token has huge dominance over competitors like Binance’s BRC-20 token in terms of total market capitalization, another indicator of the network’s market dominance. As the report shows, the value of Ethereum stablecoins, including Tether (USDT), USD Coin (USDC) or Dai (DAI), accounts for 51% of the current total stablecoin market capitalization. This shows that the network will become the core of blockchain development. This will maintain demand for its native token, pushing the price of Ethereum towards $10,000. Furthermore, growing interest in Ethereum ETFs will further sustain the bullish trend for ETH prices in 2024 once the market recovers. 3. Growing institutional interest Analysts say growing institutional interest in Ethereum could help ETH reach $10,000 in 2024. The SEC, notorious for cracking down on cryptocurrencies, does not consider Ethereum to be a security similar to Bitcoin, a fact that has attracted the attention of big names. Major financial institutions typically avoid tokens that may face regulatory crackdowns. For ETH, this danger does not exist, at least not yet. Additionally, the potential launch of Ethereum-related funds by major financial institutions such as BlackRock further highlights this growing interest. The SEC, led by Gary Gensler, recently approved the first U.S. spot Bitcoin ETF, opening the door to future approval of an Ethereum ETF.Additionally, widespread expectations for a cryptocurrency bull run in 2024 could serve as a catalyst for ETH prices to reach $10,000 this year. #BTC #Ethereum；

Bitcoin Bitcoin fluctuated between 34,000 last week. From a technical perspective, price is forming a supply zone (resistance zone) between 34500ish-35200ish. As we can see, the price is in line with the area. Price encountered resistance at this level and there was not enough buying pressure to break out. The good sign here is that the price retested POC as support, which means that level is reacting as support. Price is currently retesting the local resistance zone (again), but I think we will see another rejection at least until the US market opens. Once the US market opens, we could see some kind of breakout attempt as volume will increase. Overall, there are no major changes from a technical perspective. The good sign here is that price is accumulating volume around the current 33-34000 level. There was a gap on CME overnight, but price filled the gap. The RSI is at 62, which is a bit overbought. There is no overnight disagreement. From a fundamental perspective, no major changes have occurred. Volume profile looks good. There is 1 gap: 30953-34022; POC is at 34105; Today’s plan: I will wait for the current price action near the resistance zone. If the price closes below it => go short; if the price breaks out and retests support => long (we need a lot of volume to see a clear breakout). Another level worth paying attention to is the POC. If the price touches and rebounds => go long; if the price closes below it and rejects it => go short; ETH USDTETH fluctuates between 1760-1830. From a technical perspective, the price is forming a consolidation channel (same as BTC). But the good sign here is that the price has accumulated a lot of volume around this level, which is good for the short-term trend. The price fell below the POC level on Saturday, but the price regained the level and the current POC is a support level. It would be amazing if we saw POC retest again and rebound significantly from it. Overall, there are no major changes from a technical perspective. The RSI is at 68, which is a bit oversold. There is no overnight disagreement. BTC dominance ranges from 54-53.9%. It looks like BTC is stronger than ETH and alternatives. From a fundamental perspective, no major changes have occurred.#arbitrum #ordinals Volume profile looks good. There is 1 gap: 1680-1768; POC is at 1789. Today’s plan: Wait for the POC retest. If price touches and rebounds => go long; if price closes below it and rejects it => go short; Another price action level to watch is the local resistance level (1851). If price closes below it => short; if price breaks out and retests support => long;

In the fast-paced world of Bitcoin mining, 2023 is proving to be a pivotal year. With the fourth Bitcoin halving just seven months away, miners are racing against time and their insatiable greed for Bitcoin. This surge in activity is driven by institutional investors, growing global demand, and a commitment to sustainable mining practices. Let’s dive into the exciting developments shaping the Bitcoin mining landscape.

Growing needs in the knowledge age
As Bitcoin and blockchain technology gain increasing acceptance around the world, the demand for Bitcoin has reached unprecedented levels. Governments are taking action to regulate this need, aiming to protect investors from the kind of exploitation witnessed in the FTX and Alameda Research incidents, which shocked countless cryptocurrency users. To this end, investments are pouring into the Bitcoin mining industry, with a particular focus on developing green energy sources to ensure sustainable mining operations.

In a week filled with economic uncertainty, all eyes are on the Federal Reserve as it prepares to announce its latest interest rate decision. The event, scheduled for September 20, is crucial not only for Wall Street, but also for the decentralized world of cryptocurrencies, especially Bitcoin. Investors and market participants are eagerly awaiting the outcome of the Federal Open Market Committee (FOMC) meeting and subsequent press conference hosted by Federal Reserve Chairman Jerome Powell. Decisions taken at this meeting are likely to trigger a chain reaction in global financial markets.

BTC

I didn't do post analysis for a few days because the volatility was zero. Yesterday we saw some moves, not that big but significant. From a technical perspective, the price hit the 25550 mark yesterday and recovered quickly. Additionally, the price hits resistance around 25800 (white line). The price is currently falling below the POC level, which means it could be a good trading opportunity if the price closes below that level and rejects it. Keeping in mind that since last week, liquidity has been between 25530ish-25300ish, I think this liquidity area will be filled this week. Overall, there are no major changes and the price continues to consolidate, which is boring for day trading. The RSI is at 44, which is neutral. A bullish divergence has occurred overnight (1am UTC). From a fundamental perspective, no major changes have occurred.

Cryptocurrency Shiba Inu (SHIB) has seen a massive 1,194% surge in inflows from large holders, according to data from IntoTheBlock.

The Large Holder Inflow indicator tracks the inflow of funds into addresses belonging to whales or important holders. In the past 24 hours, the influx of funds from large households surged from 569 billion to a staggering 2.37 trillion SHIB.

The impact of increased inflows from major shareholders

A significant increase in inflows from large holders could indicate strong buying activity within the Shiba Inu ecosystem. This correlation is consistent with the price increase observed for SHIB in the last 24 hours.

Currently, SHIB has surged to $0.00001083, which is a noteworthy achievement considering the losses faced by several other cryptocurrencies during the same period.

BTC

Bitcoin has retested the consolidation channel’s support line (29308) and bounced back. If you successfully traded this, congratulations. From a technical perspective, prices are slowly falling. I think we may see another test of the support line around 29308 today. Additionally, I expect there will be news on ETFs today (see the Fundamentals section), which means there may be some volatility during the news release. Overall, there are no major changes in the market and prices are slowly falling, as I mentioned before. On the longer time frame, price is consolidating, which means we may see a breakout/down soon (possibly next week). The Relative Strength Index (RSI) sits at 45, almost neutral. This past night (2:00 UTC), a bullish divergence emerged but has not yet come into play. From a fundamental perspective, the ARK Bitcoin Exchange Traded Fund (ETF) has a deadline of Sunday, August 13th. I don't think the results will be announced on Monday because technically that would mean the deadline is missed. I think everyone expected the ARK ETF to be delayed, which means the market was already pricing in the news. In addition, producer price index (PPI) data is released today at 12:30 UTC. There may be some volatility during this event.