Bitcoin traders may experience subdued market activity as the Easter holiday compresses liquidity across global financial markets, K33 Head of Research Vetle Lunde stated in a Tuesday report. The SEC approved in January the listing and trading of several Bitcoin spot Exchange-Traded Funds, opening the door to institutional capital and mainstream investors to trade the main crypto currency. An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. The war in the Middle East, macroeconomic uncertainty and the overall bearish sentiment are among the factors contributing to weak market sentiment.
Ether/USD Coin Metrics ETH.CM=:Exchange
Dogecoin is approaching the descending trendline, trading at $0.092 on Tuesday, which could determine DOGE’s next directional move. A confirmed breakout could suggest an upside move, as optimism builds around Qubic’s DOGE mining mainnet launch scheduled for Wednesday. The United States (US) and Israel’s war with Iran, which is now in its second month, has continued to weigh on crypto assets as recovery attempts are quickly absorbed, leading to frequent pullbacks. AMBCrypto was founded in 2018 with a mission to simplify and bring the latest blockchain and cryptocurrency news to our readers. We have quickly grown into the digital news source for an emerging generation of cryptocurrency enthusiasts, reaching more than a million readers on a monthly basis, across the globe.
ethereum
Notably, the 20-day SMA has crossed above the 50-day SMA, with Ethereum price eyeing the 50-day EMA next at $2,160. Additionally, the supertrend has flashed green, indicating a buy signal. According to data from crypto.news, Ethereum (ETH) price rose to a six-day high of $2,153 on Wednesday, April 1.
- Meanwhile, Solana price action was trading in a sideways market, having lost much of its correlation with ETH.
- However, failure to keep the bullish momentum can cause the market to drop toward the $1.8k key support zone once more.
- ETFs can not only track a single asset, but a group of assets and sectors.
- Sentiment, as reflected in the Fear & Greed Index, which shows a reading of 8 on Wednesday, has remained in extreme fear territory since March 19.
- Cumulative inflows have steadied at $1.21 billion, while net assets under management have dropped to around $944 million, from the record $1.65 billion on January 1.
Zcash stands resilient as market assesses Google quantum warning to top blockchains
The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
About Ethereum
The Relative Strength Index (RSI) near 48 on the same chart stays close to the midline, indicating balanced forces after the recent pullback. The firm still holds about $300 million worth of SOL, $35 million worth of Bitcoin, and $20 million worth of USDT. Therefore, there may be impending selling pressure on ETH and SOL as a result of the firm’s liquidation events. Ethereum is a programmable blockchain that enables developers to build and deploy decentralized applications (dApps) and smart contracts. As a Turing-complete platform, it can execute complex code and has become the second-largest cryptocurrency by market capitalization, behind Bitcoin. A break above this level could spur Ethereum towards the neckline of the cup and handle pattern at $2,384, with the next major target at $2,450, which coincides with the 100-day SMA.
Meanwhile, Ripple (XRP) shows subtle signs of a rebound, trending above $1.35 despite muted institutional interest in related digital investment products. Hence, the next immediate resistance level that traders would be keeping an eye on lies at $2,200, a level where previous selling pressure has historically intensified. The recovery followed after the leading altcoin fell nearly 16% from its monthly high of $2,360 to $1,972 earlier on Monday. The drop occurred amid growing uneasiness in the market due to the back-and-forth attacks between the U.S. and Iran. A ripple effect of it was the blockade at the Strait of Hormuz, a key maritime corridor that has pushed oil prices to record highs. Ethereum similarly recorded inflows of roughly $31 million on Tuesday, from nearly $5 million on Monday.
The strovemont capital momentum suggests a potential retest of the $2.3k–$2.4k resistance zone is likely – a significant daily level that sits directly above and has already rejected ETH once recently. However, failure to keep the bullish momentum can cause the market to drop toward the $1.8k key support zone once more. Bitcoin is trading at $68,574 amid a neutral bias, with a slight bearish tilt, as spot holds below the descending resistance line, which now caps the upside near $73,900. The price also sits below the 50-day Exponential Moving Average (EMA), while remaining well above the 100-day and 200-day EMAs, outlining a medium-term uptrend under short-term pressure.
The author has not received compensation for writing this article, other than from FXStreet. Bitcoin hovers slightly below $68,000 after a 2% gain in March, ending the streak of five consecutive bearish months. The US President Donald Trump foresees the Iran war ending in two or three weeks. In the meantime, Algorand, Stable, and Midnight are leading gains over the last 24 hours. However, a break above would invalidate the signals sent by Alameda Research’s move, at least for now. This showed buying was weak at a price zone that has led to bearish reversals previously.