Fun

News Feed - 2023-09-12 09:09:22

Yashu Gola11 hours agoWhy is Ether (ETH) price up today?Ether’s price is up today, recovering entirely from yesterday’s sell-off amid waning FTX liquidation concerns.29003 Total views201 Total sharesListen to article 0:00Markets NewsJoin us on social networksEthereum’s native token, Ether, gained over 4.5% to reach $1,622 on Sept. 12 despite falling to its lowest level in six months the day before.ETH/USD daily price chart. Source: TradingView


The Ether (ETH) price recovery occurred as worries about a potential FTX liquidation receded. Ether market can absorb potential FTX dump 


FTX court filings on Sept. 11 showed that the exchange holds $3.4 billion worth of cryptocurrencies, including $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC) and $192 million in Ether. The defunct crypto exchange has requested a New York court allow it to sell its crypto holdings to refund creditors.FTX Digital Asset A Holdings screenshot. Source: FTX


The court will respond to the request on Sept. 12 as some believe that the approval to sell $3.4 billion worth of crypto assets could spark a market crash. 


However, researchers at crypto analytics platform Messari argue that FTX will not negatively impact the crypto market, noting that the exchange"s holdings comprise mostly illiquid and locked assets. For example, only $9.2 million worth of SOL gets unlocked per month, which is absorbable by the market.


Also, as Messari explained, FTX’s $353 million BTC holdings are roughly 1% of the coin’s weekly trading volume. That means the market will likely absorb much of the Bitcoin and Ether sell pressureFTX crypto holdings and their weekly trading volumes. Source: Messari


That perhaps explains why, as of Sept. 12, Ether has recovered the entirety of the losses it suffered a day before.Short liquidations overpower longs


The Ether market gains on Sept. 12 coincide with a run-up in short liquidations across Ether-linked derivatives.ETH total liquidations chart. Source: CoinGlass


Notably, Ether liquidated $8.37 million worth of short positions versus $1.66 million in long positions on Sept. 12. Short sellers liquidated their positions by buying the underlying asset. Therefore, the combination of new buyers and short liquidations pushed up the price of ETH. Oversold bounce


Ether’s daily relative strength index (RSI) dropped below 30 on Sept. 11, which traditional analysts view as an “oversold” zone.ETH/USD daily price chart. Source: TradingView


In addition, ETH"s price bounce originated from an important support level of $1,545. Ether technical analysis for September 2023


Ether’s latest bounce brought its price closer to testing its falling wedge’s upper trendline for a potential breakout.


Related: Bitcoin price must take $26K, trader says after ‘textbook short squeeze’


Falling wedges are bearish reversal patterns characterized by the price consolidating between two descending, converging trendlines. They typically resolve after the price breaks above the upper trendline and rises by as much as the wedge"s maximum height. 


As a result of this technical setup, Ether’s decisive close above the upper trendline may lead to $1,740 in September, up over 8% from current price levels. What’s more, the level coincides with ETH’s 50-day exponential moving average (EMA), the red wave in the chart below.ETH/USD daily price chart. Source: TradingView


Conversely, a pullback from the falling wedge"s upper trendline risks dropping the ETH price near the lower trendline, around $1,500, for a potential 8% decline in September.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.# Cryptocurrencies# Federal Reserve# Security# Ethereum# SEC# Markets# Inflation# Hard Fork# Binance# Tech Analysis# Market Analysis# Ether Price# Ethereum Price# FTXAdd reactionAdd reactionRead moreWhat is profit and loss (PnL) and how to calculate it10 years later, still no Bitcoin ETF — but who cares?Ripple is staring down an opportunity to fix its closed system

News Feed

Bitcoin returns “too significant to ignore” for world’s retirement plans
Andrew Singer10 hours agoBitcoin returns “too significant to ignore” for world’s retirement plans“Bitcoin now has a place at the table alongside gold, farmland and other alternative assets”— something unthink
Genso’s ROND Token to Be Listed on Bybit
Genso’s ROND Token to Be Listed on Bybit press release PRESS RELEASE.GensoKishi Online is excited to announce that on September 29th, 2022 10AM(UTC), their in-game token ROND will
El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says
El Salvador to Buy Bitcoin Every Day Starting Tomorrow, President Says El Salvador will start buying bitcoin every day, according to Salvadoran President Nayib Bukele. Since adopti
Documents Show Craig Wright Claims to Own a Bitcoin Address With 80,000 BTC Stolen From Mt Gox
Documents Show Craig Wright Claims to Own a Bitcoin Address With 80,000 BTC Stolen From Mt GoxOn June 12, 2020, the former CEO of Mt Gox, Mark Karpeles, tweeted about the notorious
Boerse Stuttgart and SBI Partner to Expand Crypto Services in Europe and Asia
Boerse Stuttgart and SBI Partner to Expand Crypto Services in Europe and Asia Germany’s second-largest stock exchange and a major financial services group in Japan have par
64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report
64% of Adults from 10 Different Countries Would Use a Central Bank Digital Currency: Report As central bank digital currencies (CBDCs) advance in testing, a numb
Moneygram Partners With Stellar Development Foundation to Allow Users to Make Remittances With USD Coin
Moneygram Partners With Stellar Development Foundation to Allow Users to Make Remittances With USD Coin Moneygram, one of the leaders in the cross-border payments and remittances m
Virtual Panda BTM Launched for Colombian Residents: Dispenses BTC, BCH, DAI, and Dash
Virtual Panda BTM Launched for Colombian Residents: Dispenses BTC, BCH, DAI, and DashThe CEO of Panda Group and the founder of Colombia’s Panda Exchange and physical Panda BTM
Meme Tokens Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95%
Meme Tokens Slide 55% in 5 Months — DOGE, SHIB Dominate $14.9B Meme Coin Economy by 95% Five months ago, the top meme cryptocurrencies by market valuation were valued at $33.7 bi
Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization
Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8:55:23 a.m. (UTC) at block heig
JPMorgan CEO Says BTC Is Fraudulent, a ‘Pet Rock;’ Bank of America Says CBDCs Are ‘Natural Evolution’ — Bitcoin.com News Week in Review
JPMorgan CEO Says BTC Is Fraudulent, a "Pet Rock;" Bank of America Says CBDCs Are "Natural Evolution" — Bitcoin.com News Week in Review JPMorgan CEO Jamie Dimon has reiterated hi
Bitcoin And Ethereum Coinbase Premium Remains Positive For 7 Weeks — Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu