Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ), has injected over US$50 million into the interbank foreign exchange market to stabilize the economy. This move comes as the parallel market exchange rate is significantly higher than the official rate, causing economic instability. The RBZ aims to increase foreign currency supply, reduce pressure on banks,
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Ethereum Leverage Increases: Analyst Predicts Longs Could Benefit
Recent reports have revealed that Ethereum has had a challenging run, underperforming compared to other major cryptocurrencies. However, despite this, some positive signs may be on the horizon. According to a CryptoQuant analyst, Percival, Ethereum’s open interest has increased significantly, indicating rising investor optimism for a potential rally. Related Reading: Ethereum Whales Are Quietly Accumulating—Is A Major Price Breakout Coming? Potential For Ethereum Rally And Longs Benefit According to the data shared by Percival, Ethereum’s open interest stands at $9.6 billion, marking a 28.57% increase from August, although it is still below the $13 billion recorded in June. The rise in open interest points to expectations of an upward price movement, with many traders positioning themselves for increased demand. Percival noted that several factors, including potential Federal Reserve interest rate cuts and a growing focus on the future of tokenization on the Ethereum blockchain, may fuel this uptick. This shift could drive more interest toward decentralized finance (DeFi) protocols, making Ethereum more attractive for investors looking for long-term gains. Percival also highlighted that Ethereum’s Relative Strength Index (RSI) is at 61, suggesting that the market is overheated. A “convergence” between open interest and RSI levels indicates that price corrections will likely be short-lived, providing opportunities for traders to position themselves for a market rebound. The analyst estimated that Ethereum may experience a correction of around 7% to 9% before rallying again, favoring long positions as traders await a potential rise in both price and demand. The analyst particularly wrote in a post on the CryptoQuant QuickTake platform: The convergence of the highest lows in the RSI suggests a potential for a less pronounced correction, estimated to be between 7% and 9%. This scenario favors long positions, with traders patiently waiting for a market rebound to confirm new highs and higher lows. ETH’s Path To A Bullish Breakout At the time of writing, Ethereum trades at $2,611, down slightly by 0.1% in the past 24 hours. This comes after a strong week where the cryptocurrency saw a 9.3% increase and a nearly 15% rise over the past month. According to another prominent crypto analyst, Ali, Ethereum could be on the verge of a significant rally. In a recent post on X, Ali revealed that Ethereum has recently touched the lower boundary of a channel, a level that has historically led to an average 130% price surge. Related Reading: Crypto Watch: Ethereum Poised for Upside Break! According to Ali, should this pattern continue to hold, Ethereum could potentially climb to $6,000 as long as it maintains its key support level of $2,300. Every bounce off this channel’s lower boundary has historically led to an average 130% price increase for #Ethereum. If this pattern holds, a similar move could push $ETH to $6,000—provided the key $2,300 support level stays intact. pic.twitter.com/CFpLrQWEih — Ali (@ali_charts) October 14, 2024 So far, despite ETH’s market’s volatility, the asset has managed to maintain its price above the critical $2,300 support level, which lends credibility to the theory that a bullish breakout could be on the way. Featured image created with DALL-E, Chart from TradingView Bitcoin.com
Bitcoin Price Positioned for More Upside: Can It Keep Climbing?
Bitcoin price holding gains above the $67,000 resistance zone. BTC is now consolidating and aiming for more gains above the $68,350 resistance. Bitcoin remained stable and extended gains above the $67,500 zone. The price is trading above $67,400 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could rally further if there is a close above the $68,200 resistance zone. Bitcoin Price Eyes More Upsides Bitcoin price remained supported above the $67,000 pivot zone. BTC remained in a range and the bulls were active above the $66,500 level. There was a minor pullback from the last high of $68,328. The price declined below the $67,000 level. There was a drop below the 23.6% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. However, the bulls were active above the $66,500 level. There is also a key bullish trend line forming with support at $67,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $67,200 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level. The first key resistance is near the $68,200 level. A clear move above the $68,200 resistance might send the price higher. The next key resistance could be $68,850. A close above the $68,850 resistance might initiate more gains. In the stated case, the price could rise and test the $71,650 resistance level. Any more gains might send the price toward the $72,000 resistance level. Another Drop In BTC? If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level and the trend line. The first major support is near the $66,500 level and the 50% Fib retracement level of the upward move from the $64,685 swing low to the $68,328 high. The next support is now near the $66,000 zone. Any more losses might send the price toward the $65,500 support in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,200, followed by $66,500. Major Resistance Levels – $68,000, and $68,200. Bitcoin.com