The increased volume of ETH tokens invested in the staking contract is causing the Ethereum price to struggle to recover. So far, about 2 million Ethereum tokens have been burned, giving investors reason to be optimistic.
Ethereum price may break out due to burning
The bullish outlook for the Ethereum price comes after the total volume of Ethereum deposited in the ETH2 staking contract surpassed ten million. Investors can expect a certain number of ETH in constant staking payouts as a result of the tremendous development in volume.
According to data from crypto intelligence portal IntoTheBlock, approximately 65,910 different Ethereum addresses contributed to the ETH staked, accounting for 8.4% of the altcoin's entire circulating supply.
Since the hard fork in London, over 2 million ETH tokens have been burned. With the decrease in the number of ETH in circulation and the burn, the altcoin's supply is falling. This has historically fueled a bullish breakout in the price of the altcoin.
On Ethereum's network, supporters have noticed a decrease in transaction fees. On the altcoin's blockchain, the cost of transfer has decreased to 2021 lows. Low transaction fees entice users and increase investor demand for the altcoin.
The Ethereum price trend has been reviewed by analysts, and a bullish breakout has been projected. Depending on which way the symmetrical triangle breaks out, @DaCryptoGeneral feels the Ethereum price trend will be bullish or negative.
The Ethereum price might rise to $5,500 if it breaks out to the upside; the downside goal is $1,700.
Ethereum is tempting us with a potentially big breakthrough, according to Ran NeuNer, cryptocurrency analyst and founder of Crypto Banter. Following the slaughter, the largest altcoin is leading the charge in the ongoing cryptocurrency rebound.
According to NeuNer, Ethereum might break out of the daily falling resistance trend line from November 2021 in a new price rise.
The price of bitcoin, Ethereum, and other cryptocurrencies is down this morning, with European traders caught off guard by the rapidity with which the reverse occurred during the ASIA PAC season. Expect strong selling pressure throughout the day as most EU and US traders seek to close off their losing long positions. This will only increase bearish pressure on cryptocurrencies, triggering a drop back to lower levels from the start of the week, bringing everything back to square one for the week.
Bitcoin price: Bulls' efforts are being scaled down as more suffering is expected in the US session.
The price of Bitcoin (BTC) will make investors apprehensive, since a large amount of money was put into BTC longs yesterday, covering several trading sessions from Asia to the US closing bell. However, the ASIA PAC session took over again overnight, causing Bitcoin price action to be reversed. Asian investors who were among the first to initiate long positions awoke to gains of about 10% from their entry levels, prompting full profit-taking as Russia refused to comment on Ukrainian efforts to reach an agreement.
The price of bitcoin appears to be headed back towards $38,073, which was the entry point during yesterday's Asian trading session. Expect a further wave of selling pressure to come in as European and American investors begin their trading day, resulting in a breach below $38,073, towards $36,709. With that, the double bottom from Tuesday at $37,200 will be broken, setting the stage for BTC to end the trading week in negative territory.
On the other side, Russia might make a favorable headline by extending his hand to Ukraine and accepting their offer, with forces beginning to withdraw from Ukraine. Expect a whipsaw move back to the upside, with the double top from yesterday evening around $42,185. Expect a follow-up approaching $44,088 depending on the official of the source or comment.
The price of Ethereum bounces off support, but bearish pressure remains as investors await Russia's response
As Asian traders launched a sell-off this morning, Ethereum's (ETH) price reversed yesterday's gains. This did not give their European colleagues the best start to the day, and it came as a surprise given that global sentiment had been upbeat the day before. Price action has established a floor at $2,574 at the time of writing, with a perfect technical bounce off that level potentially possible. It's no surprise that this level corresponds to the Asian session's bottom on March 05.
The price of Ethereum appears to be set to range trade for a while, with a possible return to $2,682. Bears may wish to defend this level as a reasonable entry point by putting their stop losses above $2,695 or perhaps $2,700, creating a double hill to shield their stops from being hit intraday. Given the massive move back to the middle of the range by the Relative Strength Index, expect bears to remain in control and a squeeze against $2,574, with lower highs and price bouncing off the aforementioned price level several times before breaking lower – perhaps after the third or fourth bounce. This will clear the way for an accelerated slide to $2,440, testing the week's low.
In a range-trading scenario, if bulls can trigger bears' stops over $2,695, expect a rapid rebound higher in a short-covering rally, since those stops will activate a large number of buy orders, speeding up the price action. This would immediately push ETH prices to $2,760, with some follow-through towards $2,800, when bulls would face the 55-day Simple Moving Average (SMA). The greatest predicted gain for today's session is a small test and fade of $2,840.
XRP price to fall back below 55-day SMA
Yesterday, buy-the-dip investors returned in force as the price of Ripple (XRP) experienced a significant flood of cash as Ukraine extended an olive branch to Russia but received no confirmation or favorable signs from Moscow, which did not appreciate their efforts to continue the talks. Following yesterday's relief bounce, the hush has descended on investors like a cold rain, obliterating all hope of a rapid settlement. The markets are increasingly aware that Putin is primarily interested in compressing the situation in his favor.