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Ethereum price remained below the $3,500 resistance while Bitcoin rallied. ETH is consolidating above $3,120 and facing many hurdles. Ethereum failed to gain pace for a close above $3,450 and corrected gains. The price is trading below $3,300 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $3,370 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it clears the $3,325 resistance level. Ethereum Price Stuck In A Range Ethereum price started a decent upward move above the $3,300 level but upsides were limited compared to Bitcoin . ETH failed to gain pace for a close above $3,450 and corrected gains. There was a move below the $3,320 and $3,300 support levels. A low was formed at $3,203 and the price is now consolidating losses. There was a minor increase above the $3,240 level. The price tested the 23.6% Fib retracement level of the recent drop from the $3,444 swing high to the $3,203 low. Ethereum price is now trading below $3,300 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,260 level. The first major resistance is near the $3,320 level or the 50% Fib retracement level of the recent drop from the $3,444 swing high to the $3,203 low. The main resistance is now forming near $3,350. There is also a short-term contracting triangle forming with resistance at $3,370 on the hourly chart of ETH/USD. A clear move above the $3,370 resistance might send the price toward the $3,450 resistance. An upside break above the $3,450 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,500 resistance zone or even $3,550 in the near term. More Losses In ETH? If Ethereum fails to clear the $3,325 resistance, it could start another decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,150. A clear move below the $3,150 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,200 Major Resistance Level – $3,325
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Trump’s Presidency Triggers Mixed Signals in the Cryptocurrency Market
Trump`s presidency leads to mixed signals in the cryptocurrency market. Major coins like Bitcoin show resilience, while meme coins face declines. Continue Reading: Trump’s Presidency Triggers Mixed Signals in the Cryptocurrency Market The post Trump’s Presidency Triggers Mixed Signals in the Cryptocurrency Market appeared first on COINTURK NEWS . NewsBTC
1 Million Bitcoin Pulled From Exchanges In The Past 3 Years: What It Means For The BTC Market
Undoubtedly, Bitcoin has seen significant growth over the past years both in market price and as a network, solidifying its reputation as a considerable financial haven. Adding more credibility to this fact, a CryptoQuant analyst known as Gaah recently highlighted a notable trend: a large volume of Bitcoin—roughly 1 million BTC—has been withdrawn from crypto exchanges over the past three years. This trend reflects not only the increasing recognition of Bitcoin as a financial asset but also a notable shift in investor behavior. It also suggests a changing dynamic in how market participants view and use the asset in recent years. Related Reading: Bitcoin Reclaims Crucial Liquidity Level – No Resistance Left Below ATH What It Means For The BTC Market Gaah’s analysis points to a clear trend: approximately one million BTC have been withdrawn from exchanges over the past three years. This pattern reflects a growing preference among investors to hold Bitcoin off-exchange, a strategy that often signals long-term confidence in the asset’s value. Gaah wrote: This trend reflects both the growing global adoption of the asset as a store of value and a strategy against market volatility, using the asset itself as a margin in hedge operations. Gaah also highlighted that the trend first gained attention in November 2022, when significant outflows coincided with a period of market weakness. Investors appeared to be accumulating Bitcoin in anticipation of a notable recovery. 1 million Bitcoin withdrawn from exchanges in the last 3 years “The withdrawal of BTC from exchanges reduces liquidity and, consequently, selling pressure, which can support the price in short-term realizations.” – By @gaah_im Read more ????https://t.co/sZHbF3r36m pic.twitter.com/DfFm4YtGWj — CryptoQuant.com (@cryptoquant_com) January 20, 2025 Now, two years later, a similar wave of withdrawals is occurring, but this time against the backdrop of Bitcoin trading near historic highs. Gaah noted: This contrast between accumulation during a bearish period and withdrawal after strong rises reveals the different market dynamics impacted by changes in behavior since the market matured. It is worth noting that by reducing liquidity on exchanges, these withdrawals can also decrease selling pressure, providing support for Bitcoin’s price during market corrections. However, the analyst mentioned: With fewer BTC available for trading, the market is preparing for new, more volatile price movements. Bitcoin Market Performance Meanwhile, BTC has so far been on a rollercoaster ride since the year began. After initially beginning the year with an increase, BTC was quick to face correction which left investors in despair. Related Reading: Why Bitcoin’s Ongoing Recovery Could Be Just the Beginning Of a Larger Rally However, as of today, the asset is now back in a bullish action. In the early hours of Monday, Bitcoin saw a notable surge renewing its all-time high after a breach above $109,000. This has caused the asset’s weekly performance to enter a double-digit gain. However, at the time of writing, there has been a slight retracement with BTC now trading at $104,782, marking a 0.1% decrease in the past day. Featured image created with DALL-E, Chart from TradingVIew NewsBTC
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President Trump Sidesteps Crypto on Day One
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