Ethereum

Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines

After extending recent gains, bnb rose to its highest point in two months during today’s trading session. The move comes following tweets from Binance CEO Changpeng Zhao, confirming a new partnership with Swiss watchmaker Franck Muller. Ethereum classic, on the other hand, was lower for a second straight session.

Binance Coin (BNB)

BNB, the native token of the Binance ecosystem, was one of today’s biggest movers, as it rose to its highest level in two months.

The move came following the announcement of a new partnership with Swiss luxury watchmaker Franck Muller.

Binance CEO Changpeng Zhao confirmed the news, tweeting, “Franck Muller accepts BNB payment for their watches”.

Biggest Movers: BNB Hits 2-Month High, ETC Extends Recent Declines — BNB/USD – Daily Chart

As a result of this, BNB/USD rose to an intraday peak of $307.76 in today’s session, less than 24 hours after trading at a low of $290.32.

The move saw BNB climb above its resistance level at $300, on its way to hitting its highest point since June 6.

Following this high, momentum has now eased, as bulls likely liquidated their earlier positions at this level, which has historically been a point of uncertainty.

In addition to this, BNB appears to have entered overbought territory, with the 14-day relative strength index (RSI) currently tracking at a four-month high of 69.77.

Ethereum Classic (ETC)

On the other hand, ethereum classic (ETC) was down for a second straight day, as prices continue to drop following a recent high.

Since hitting a peak of $45.40 on July 29, which was its highest point since April, ETC/USD traded in the red for five of the last seven sessions.

Today’s drop saw the cryptocurrency fall to an intraday low of $35.10, which is marginally higher than a current support level of $35.00.

Since hitting this bottom, prices have slightly increased, with the token trading at $36.14, as of writing.

This appears to be due to the 14-day RSI moving above a floor of its own at 65, and it is currently tracking close to 67.

Should we continue to see price strength increase, ETC bulls will likely attempt to take the token towards a ceiling of $38.90.

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Will we see ethereum classic climb to as high as $40 this week? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Iryna Budanova / Shutterstock.com

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Ethereum

Base to Launch Online Hackathon With 200 ETH in Prizes, Sponsored by Stripe, Shopify, and More

Base, the Ethereum Layer 2 solution incubated by Coinbase, has announced the Onchain Summer Buildathon. The event, which runs from May 31st to June 30th, invites builders worldwide to showcase their skills in various onchain use cases, including payments, commerce, gaming, and social. The Buildathon offers 200 ETH in total prizes across eight sponsored tracks…
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Ethereum

Ethereum (ETH) Price to Reach $10,000 by the End of 2024? Analyst Weighs In

TL;DR

Ethereum’s price recently surpassed $3,000, with analysts predicting further significant gains.
Declining MVRV ratio, negative exchange netflow, and potential approval of a spot Ethereum ETF in the US could drive ETH’s value higher.

Is ETH Gearing up for an ATH?

The cryptocurrency market has experienced a significant uptrend in the past few days, with numerous digital assets rising to multi-week highs. Although not witnessing such a substantial increase, Ethereum (ETH) is also among the notable gainers.

Its price surpassed the $3,000 mark, representing a 4% increase on a daily scale. Numerous analysts believe this could be the starting point of a bull run that can take place in the near future.

The X user Michael van de Poppe is among the optimists. He claimed recently that ETH is on its way to reaching a higher timeframe support level. “The good times are there in a few weeks’ time,” he assumed.

CryptoYoddha was even more bullish, envisioning a price explosion toward the $10,000 milestone by the end of the year.

Last but not least, World of Charts argued that ETH has started breaking the “falling wedge consolidation” on a 12-hour timeframe. “Trend is already up and expecting continuation towards $4500 in coming weeks,” the analyst forecasted.

Observing Some Important Factors

One element signaling that ETH’s value could be on the verge of a rally is the Market Value to Realized Value (MVRV). It helps to identify if the asset is overvalued or undervalued. A high ratio suggests a market top, while a low one may indicate a good buying opportunity. The MVRV has been on a significant downfall since mid-March.

Another factor is ETH’s exchange netflow, which has been predominantly negative in the past month (according to CryptoQuant’s data). Shifting from centralized platforms towards self-custody methods is considered bullish since it reduces the immediate selling pressure.

Last but not least, ETH’s price may head north in case of the approval of a spot Ethereum ETF in the United States. However, such a green light may also lead to the same immediate “sell-the-news” event witnessed after the BTC ETF approvals in January.

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Ethereum

Persistent Discount Plagues Grayscale’s Ethereum Trust as ETF Decision Nears

As May approaches its end, a significant number of market watchers are keen to find out whether the U.S. Securities and Exchange Commission (SEC) will approve a spot ethereum exchange-traded fund (ETF). Although Grayscale retracted its plan to convert its Ethereum Trust into a publicly traded ETF…
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