Ethereum

Bitcoin, Technical Analysis: Bitcoin Hits $43,000 Following Tesla Announcement

Following a strong weekend, bitcoin’s surge continued to start the week, as Tesla announced close to $2 billion worth of holdings in BTC. On Monday, crypto markets were 3% higher.

Bitcoin

Bitcoin, which consolidated for the majority of last week, moved closer to a three-week high today, climbing by as much as 3% as of writing.

BTC/USD rose to an intraday high above $43,500. 00 during Monday’s session, as markets reacted to the news that Tesla currently holds $1.9 billion in bitcoin.

The move came as bitcoin marginally broke out of its resistance level of $42,060 for the first time since January 21.

As of writing, the RSI also climbed to a high point, tracking above its long-term ceiling of 60, which it last hit in mid-November.

Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $43,000 After Tesla Announcement — BTC/USD – Daily Chart

Monday’s move has also led to a crossover of the 10-day (red) and 25-day (blue) moving averages, which many long-term bulls have been waiting for.

Bulls may take this as a sign to add more upward pressure to prices, with some targeting $45,000 as the next point of profit taking.

Ethereum

ETH was also tracking at multi-week highs on Monday, as bulls continue to flock to the world’s second largest cryptocurrency.

As of writing, ETH/USD climbed to a high of $3,111. 16 today, after trading at $2,965. 43 less than 24-hours ago.

Overall, ethereum is up over 20% in the last week, coming as its 14-RSI broke beyond two key resistance levels in that time.

The first break came after a break above 44 on February 3, followed by Saturday’s surge above the 55 ceiling.

These moves have created a shift in both the 10-day and 25-day moving averages, which, similar to BTC, is set for a crossover.

Is ETH now headed to a resistance of $3,400? Please leave your comments below.

Eliman Dambell

Eliman has a broad perspective on market analysis. He is a former brokerage director, educator in retail trading, and commentator in Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Ethereum

Ethereum Layer 2 Arbitrum One Surpasses 1 Billion Transactions

Arbitrum One, the Ethereum Layer 2 optimistic rollup, has surpassed 1 billion transactions this week. This feat was accomplished by Arbitrum One within three years of its mainnet launch in August 2021.

As of October 1st, Arbiscan recorded a total of 1.003 billion transactions.

In comparison, Coinbase’s Layer 2 network, Base, has logged 755 million transactions so far, while OP Mainnet trails with 347 million.

Notably, Arbitrum One also leads in total value locked (TVL) among Layer 2 solutions, currently sitting at $14.3 billion, with Base at $7.32 billion and OP Mainnet at $6.57 billion, according to the data compiled by L2Beat.

Earlier last month, stablecoin issuer Paxos announced its plans to launch its products on Arbitrum One. The main objective behind the partnership is to further institutional integration onto the Arbitrum network and bring real-world assets on-chain.

Via Arbitrum, the company intends will tap into Ethereum’s deep liquidity at higher speeds and low cost and engage Arbitrum’s active DeFi ecosystem.

While weighing on choosing Arbitrum One as the first Layer 2 chain to integrate with Paxos, Walter Hessert, the company’s Head of Strategy, commented,

“We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional users will explode and Paxos will drive that paradigm shift.”

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Ethereum

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Ethereum

Coinbase Sees Strong Q4 for Bitcoin, Fueled by US Rate Cuts, China Stimulus

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