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Cryptocurrency analyst explains what could trigger Ethereum’s rise to $6,000

An analyst has revealed what may need to happen for Ethereum to rally towards the $6,000 mark, based on a pattern that is currently forming in its price.

Ethereum appears to be moving in an ascending channel recently

In a new post on X, analyst Ali Martínez talked about a pattern that Ethereum has potentially been following recently. The pattern in question is the “ascending channel” of technical analysis (TA).

Parallel channels are formed when the price of an asset consolidates between two parallel trendlines. The upper level of the channel is drawn by connecting successive highs, while the lower level joins the lows.

This pattern can take three orientations: positive slope, negative slope and zero slope. In the first, the trend lines follow an upward consolidation phase, and the pattern is known as an ascending channel. Likewise, in the second, the price trends downwards, and the formation is called a descending channel. The third type, where the trend lines are parallel to the time axis, does not have a specific name.

Like other consolidation patterns on AT, the upper line of a parallel channel will likely represent price resistance, while the lower line may act as a support point. Breaks above any of these lines may imply a continuation of the trend in that direction; A breakout above the channel is bullish and a break below it is bearish.

ETH spent some time making several touches of the line during the retest, but the pattern ended up holding while the coin managed to bounce. However, the resulting rally failed to take the price to the upper level as it in fact only disappeared by half. Since then, the asset has been declining.

Interestingly, a similar pattern was also observed in 2023, where a rejection in the middle of the channel sent Ethereum to a retest of financial results, starting the uptrend.

In the chart, Martínez highlighted what ETH’s next price trend could look like if it now also follows a similar trajectory. “If Ethereum $ETH is following an ascending parallel channel, a drop to the lower boundary of $2,800 could act as a launching pad for a move towards $6,000,” the analyst notes.

From the current price of the cryptocurrency, an increase to this final target of $6,000 would imply growth of almost 82%.

Ethereum Price

Ethereum has not yet been able to make any notable recovery from its recent decline as its price is still trading around $3,300.

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Binance Launchpool Announces Plans to Launch Trading Support for New Ethereum-Based Synthetic Dollar Protocol

Binance, the world’s leading cryptocurrency exchange, has announced plans to support a new Ethereum (ETH)-based altcoin through its Launchpool platform.

Binance Launchpool, which allows users to stake coins to farm new assets, says its 50th project will be Ethena (ENA), a synthetic dollar protocol.

Ethena aims to provide a crypto-native money solution that does not depend on the infrastructure of the traditional banking system through a synthetic dollar called USDe. The protocol also offers a dollar-denominated savings instrument called “Internet Bonus.”

Explains the project white paper,

“The ‘Internet Bond’ will combine yield derived from staked Ethereum, as well as funding and base spread from the perpetual and futures markets, to create the first on-chain crypto-native ‘bond’ that can function as dollar-denominated savings.” . account instrument for users in permitted jurisdictions.”

Between March 30 and April 2, Binance users can stake BNB and the First Digital USD stablecoin (FDUSD) in separate pools to farm ENA. The exchange then plans to list the asset on April 2.

Binance will attach an initial tag to ENA, which the exchange applies to low-liquidity projects that may experience higher volatility compared to other listed tokens. Binance requires users who own seed tag assets to pass tests every 90 days to ensure they are aware of the risks before trading the tokens.

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Bitcoin Soars to Recover $70,000, AI Predicts Ethereum and Rebel Satoshi Price Rising in Late 2024

Buckle up, cryptocurrency enthusiasts, because the market is taking off! After a brief dip, Bitcoin, the undisputed king of cryptocurrencies, recovered and reclaimed the $71,000 mark. This bullish rise is a welcome sign for investors who were starting to sweat after a period of profit-taking.

But Bitcoin isn’t the only major cryptocurrency it celebrates. Leading altcoin Ethereum and new memecoin Rebel Satoshi are also showing strong signs of life, with experts using artificial intelligence predicting a prosperous end to the year for both.

Bitcoin’s Resilient Recovery

Bitcoin’s recent volatility can be attributed to a classic case of profit-taking after hitting record highs last week.

However, the Federal Reserve’s decision to maintain interest rates and signal possible cuts for the end of 2024 injected a dose of optimism into the market. This and the weakening dollar fueled Bitcoin’s impressive return.

Analysts are cautiously optimistic, but one thing is certain: Bitcoin’s resilience is in sight.

Ethereum Boost After Dencun Update

While Bitcoin is in the spotlight, Ethereum, the innovative altcoin that powers decentralized applications (dApps), is quietly charting its own course. For good reason, Ethereum has consistently been ranked among the best cryptocurrency investments. Its unique blockchain technology allows developers to create secure and transparent applications, fostering a thriving ecosystem.

With the Ethereum Dencun upgrade just completed, experts are predicting even better things for Ethereum in the coming months.

The Dencun update on Ethereum introduces new data storage capabilities aimed at reducing the fee costs of its Layer 2 scaling solutions. The update also implements a fixed limit for validator input to manage the growth of the validator pool and maintain a efficient communication between nodes.

AI predicts a bullish end for Ethereum and Rebel Satoshi

The future of cryptocurrencies may be a murky picture, but artificial intelligence (AI) offers some intriguing insights. AI can predict potential price movements by analyzing large amounts of historical data and market trends. According to recent AI predictions, Ethereum and memecoin sensation Rebel Satoshi could see significant price increases by the end of 2024.

Rebel Satoshi: the renegade memecoin causing a sensation

The memecoin space, once dominated by Dogecoin, has welcomed a passionate new challenger: Rebel Satoshi ($RBLZ).

Inspired by the rebellious spirit of historical figures like Guy Fawkes and Satoshi Nakamoto (the pseudonymous creator of Bitcoin), Rebel Satoshi offers a unique combination of community, utility and investment potential.

Described by some investors as the best memecoin of the moment, Rebel Satoshi has a collection of 9,999 unique NFTs (non-fungible tokens) with exclusive digital art and collectibles. Owning $RBLZ grants users access to a vibrant marketplace, the opportunity to participate in missions and claim rewards, and the ability to stake their tokens for additional benefits.

Enter $RECQ: Feeding the Rebel Spirit

The Rebel Satoshi ecosystem is further driven by a second token, $RECQ, the native transactional token. Think of $RBLZ as the gold standard, the long-term investment that unlocks exclusive membership benefits. $RECQ, on the other hand, is the everyday currency used for purchases in the Rebel Satoshi universe, from arcade games and NFTs to in-game items and merchandise.

The future of cryptocurrencies: a multi-currency universe

The cryptocurrency market is evolving rapidly and it is increasingly clear that there is no “best cryptocurrency”. Instead, a diverse portfolio that includes established players like Bitcoin and Ethereum, along with promising altcoins and innovative memecoins like Rebel Satoshi, could be the key to long-term success.

With the rise of $RECQ fueling the Rebel Satoshi ecosystem and AI predictions predicting a bright future for Ethereum, the cryptocurrency landscape is full of exciting possibilities. As always, do your own research before investing, but one thing is for sure: the future of cryptocurrencies looks optimistic!

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Bitcoin Bitcoin Investment Cryptocurrency news Ethereum

Market Expert Highlights Top Coins to Watch as Ethereum (ETH) Hits 22-Month High

Market expert Miles Deutscher has identified several key trends and developments in the cryptocurrency market, focusing particularly on the rally in Ethereum (ETH) and its implications for layer 2 (L2) decentralized finance (DeFi) altcoins.

Deutscher highlights that ETH’s recent rise to a 22-month high of $3,130 has sparked increased interest in L2/DeFi altcoins, presenting potential opportunities for investors.

Ethereum Price Strength Continues

In a recent social media post Holding above the psychologically important $3,000 level, ETH’s bullish momentum is further fueled by reports of Justin Sun, the founder of TRON, purchasing over $500 million worth of ETH in the last days.

Deutscher remains bullish on ETH and ETH betas ahead of proposed dates for exchange-traded funds (ETFs) in May and Dencun’s next update in March. There are also possible signs of an ETH/BTC breakout, with investor Andrew Kang actively increasing his long position in ETH.

First, in its altcoin watchlist, Deutscher highlights the proposed fee change taking place on Uniswap (UNI). This US-based decentralized crypto exchange has recorded notable price gains of over 37% in the last week, which could have significant implications for the entire industry from a regulatory perspective.

In particular, the analyst believes this development could trigger a broader rotation into other DeFi 1.0 tokens such as Curve DAO (CRV), Compound (COMP), Aave (AAVE) and Frax Share (FXS), THORchain (RUNE), GMX . , as investors look to capitalize on the DeFi scene.

Turning to another altcoin that could see a price rise, Deutscher suggests that the early launch of Blast L2, founded by the same individual behind BLUR, presents an opportunity for BLUR participants to receive tokens from the airdrop and potentially even integrate more in the ecosystem.

Deutscher suggests that BLUR offers an alternative way to gain exposure to the Blast project, which has generated bullish sentiment from several funds and opinion leaders.

Following the positive news surrounding Uniswap, DYDX has been on the rise, with the token recording a 7% price increase over the past seven days. However, Deutscher warns that a significant unlock is expected this week, which could prompt some recipients to sell, which could lead to a temporary price drop.

Next, speculation surrounding the upcoming launch of Aevo (AEVO), which will allow developers to launch their protocols in its rollup and introduce an incentive program, is growing and generating interest in Ribbon Finance (RBN).

Given these developments, Deutscher notes that the prospect of pre-markets and note markets receiving “massive” attention and the recent record $4 million in fees position RBN in an exciting narrative.

Deutscher’s ideas point to promising trends

Following the mention of COTI by Deutscher last week, the coin saw growth of over 100%, breaking through key resistance levels. With the launch of its new privacy-enhancing L2 coinciding with the upcoming Ethereum Dencun upgrade, Deutscher notes that the protocol is in a favorable position for further price growth in the market.

At the other end of the spectrum, Deutscher recognizes the rapid pace of market turnover and suggests keeping an eye on Artificial Intelligence (AI) coins, which, as NewsBTC reported, have seen significant gains from the hype surrounding AI projects like Worldcoin. (WLD).

Finally, with signs of life emerging over the weekend, according to the analyst, Rollbit Coin’s (RLB) burn mechanic positions it as a leader in the “Rev Share/Real Yield” narrative. 24 hours.
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Bitcoin Cryptocurrency news Ethereum

Ethereum reaches $1,900

Ethereum suddenly gained ground against Bitcoin, with its ratio rising from 0.052 to around 0.054 BTC, while its dollar price touched $1,900.

It is the highest level in four months and this price increase is due to several reasons, some of them specific to ethics.

The biggest one is probably the Celestia airdrop. This gave around 170,000 ethereums $500 just for being eth users.

Many of them were likely sold instantly for eth, and the attention Celestia received during the airdrop earlier this week has disappeared.

That’s a new ethical statement, with Celestia’s market capitalization currently at $330 million. Small compared to Ethereum’s market cap of $228 billion, but potentially enough to change the ratio a bit.

Another reason is that Ethereum has not kept up with Bitcoin, which has gained 30% this month compared to Ethereum’s 17%.

This has happened in the past when Bitcoin has led gains, as it did recently due to speculation about the BlackRock Spot ETF, but Ethereum generally recovers over time.

Especially since in this case, if Bitcoin gets a spot ETF, so will Ethereum, since Ethereum future ETFs have been approved, so any advantage Bitcoin might have would only be temporary.

For example, the Securities and Exchange Commission (SEC) recognized the filing of the Invesco Galaxy spot eth ETF this Friday. The deadline for approval or rejection is in May, just a few months after Bitcoin’s January.

As Bitcoin is somewhat off track at resistance above $36,000, numerous cryptocurrencies have seen gains against BTC, with Sol in particular rising 80%. Therefore, the ethereum ratio now also has its turn, at least for today.

Devconnect’s week-long Ethereum meetup in Turkey is also almost here, starting on November 13th.

Ethereum will not be holding a Devcon this year, as Devconnect is different in that it is more focused on coders.

However, as there will be no Devcon, this Devconnect is sort of the main ethical event of the year. Your schedule is packed for the week and there is a lot going on.

Whether this will affect the price remains to be seen. There may be announcements, although the Ethereum Foundation has not promoted the event much.

All three combined gave eth some strength for the day, but on the downside, bitcoin could also be benefiting from the macro picture and eth became inflationary again during the day.

Its supply increased by 0.16% on this quiet Sunday, but during the week it fell by 0.005%. Which makes for a mixed picture as some Ethereum users attempt to transition to the second layers.

Overall, touching $1,900 is a positive sign that eth may be trying to break the $2,000 resistance. It will likely work alongside bitcoin if they manage to break the resistance levels, then eth could also fall below that level.