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Ethereum is poised for a breakout and bulls could be ready to take advantage in

. Ethereum remains intact at above $1,000 despite hot inflation numbers The price was up by two digits on Friday Ethereum formed in bars and is preparing for a breakout Ethereum USD/ETH remains in a bearish market despite double-digit gains Friday. Ethereum enthusiasts have reason to be optimistic about the price. Ethereum has kept the…

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  • Ethereum remains intact at above $1,000 despite hot inflation numbers

  • The price was up by two digits on Friday

  • Ethereum formed in bars and is preparing for a breakout

Ethereum USD/ETH remains in a bearish market despite double-digit gains Friday. Ethereum enthusiasts have reason to be optimistic about the price.

Ethereum has kept the $1,000 level intact. This is a good thing considering that Wednesday’s inflation data weighed the cryptocurrency. At the current $1,198, Ethereum is still pushing higher. Markets were rattled by a 9.1% inflation spike that was higher than anticipated. High inflation was expected to keep cryptocurrencies under control. Investors are gaining a thicker skin as evidenced by the latest Ethereum gains. This means that cryptocurrency prices have begun to rise in the face of high inflation.

We cannot confirm that Ethereum has turned a profit after its latest gains. We believe that the cryptocurrency is on track for a major breakthrough. The breakout will usher in a bullish era and end speculations of a potential slump to as low as $700. This chart explains it all.

Ethereum forms inside bars at key support

Source – TradingView

On the weekly chart, Ethereum has formed multiple inside bars at minor support of $1,000. Inside bars signify market uncertainty. We are however drawn to the fact Ethereum has been in bearish markets. Indecision could indicate bear exhaustion or entry of buyers. The price is also rising, which suggests a possible bullish reversal.

A potential breakout of the inner bars from the motherbar will make Ethereum bullish. The breakout will occur at around $1,440, allowing ETH to reclaim another support.

Concluding thoughts

Ethereum will confirm a bullish turn by breaking the inside bar pattern. Buyers will be safe buying at around $1,440, which will be the support after the breakout.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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