. Daily Crypto Analysis - Ethereum Soars, Bitcoin Sparks Wars, Dogecoin Swings, Cardano Surges.

Daily Crypto Analysis – Ethereum Soars, Bitcoin Sparks Wars, Dogecoin Swings, Cardano Surges.

Daily Crypto Analysis – Ethereum Soars, Bitcoin Sparks Wars, Dogecoin Swings, Cardano Surges.

11 Jan 2024

Introduction

In the realm of cryptocurrencies, Ethereum aims for $2,800 amidst Bitcoin Spot ETF anticipation, outperforming BTC with an 8% surge. Ethereum’s network upgrades, including the recent shift to Proof-of-Stake, fuel optimism for further gains. Meanwhile, Bitcoin’s Spot ETF approval sparks fee wars among key players, with BlackRock, Fidelity, and Grayscale predicted to thrive. Dogecoin experiences a 9% swing on a false rumor, causing market turbulence, while Cardano climbs 10%, marking its largest one-day gain since December 13, 2023.

Markets In Focus Today – ETHEREUM

Ethereum price eyes $2,800 as spot Bitcoin ETF hype raises hopes that ETH could be next.

Ethereum price is up 8%, outperforming Bitcoin as excitement over expectations of spot BTC ETF approvals increases. ETH could extend the climb by 15% to $2,800 once a Bitcoin ETF is approved. Ethereum price rallied past $2,600 on January 10, the $3,000 level is the next psychologically important target. Ethereum’s single largest network upgrade was the Merge, following the switch from Proof-of-Work to Proof-of-Stake, ETH holders are awaiting the protodanksharding upgrade or EIP-4844.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2391.45 | Positive Crossover | Bullish
  • MA 20 : 2337.17 | Positive Crossover | Bullish
  • MA 50 : 2232.54 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2343.44 | Positive Crossover | Bullish
  • MA 20 : 2323.57 | Positive Crossover | Bullish
  • MA 50 : 2247.22 | Positive Crossover | Bullish

RSI (Relative Strength Index): 69.95 | Buy Zone | Bullish

Stochastic   Oscillator : 83.53 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 2410.75 R2 : 2505.13
  • S1 : 2105.19 S2 : 2010.81

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 2458.87 | Take Profit: 2789.25 | Stop Loss: 2244.73

BITCOIN

Bitcoin Spot ETF approvals usher in fee wars among key players, BTC price gains likely capped.

Bitcoin Spot ETF approval by the US financial regulator on January 10 ignited fee wars between issuers. Crypto expert Vijay Boyapati believes that BlackRock, Fidelity, and Grayscale are likely to emerge as survivors in the long term. Bitcoin price rallied nearly 9% weekly and BTC gains were capped below the $48,000 level. Bitcoin Spot ETF was approved by the US Securities and Exchange Commission, marking January 10 as a historic moment for BTC holders. The approval has triggered fee wars among issuers and experts weigh in on who is likely to survive in the long term, offering near-zero fees to market participants.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 45298.07 | Positive Crossover | Bullish
  • MA 20 : 44404.33 | Positive Crossover | Bullish
  • MA 50 : 42100.54 | Positive Crossover | Bullish

Simple :

  • MA 10 : 45097.60 | Positive Crossover | Bullish
  • MA 20 : 44100.14 | Positive Crossover | Bullish
  • MA 50 : 42341.09 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.07 | Buy Zone | Bullish

Stochastic   Oscillator : 75.44 | Buy Zone | Neutral

Resistance   And Support Levels :

  • R1 : 44310.51 R2 : 45983.99
  • S1 : 38893.00 S2 : 37219.52

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 45589.49 | Take Profit: 47249.41 | Stop Loss: 44631.84

DOGECOIN

Dogecoin’s 9% Swing Amid Fake Rumor of Mascot’s Death Riles Up Crypto Enthusiasts.

Dogecoin jumped 9% on a later-recanted social media rumor about the death of the token’s mascot. The volatile episode irked crypto market observers as liquidations soared on the fake news. Dogecoin (DOGE) swung wildly on Tuesday as a social media rumor about the death of the popular meme coin’s mascot turned out to be fake, riling up crypto observers. DOGE pared most of its gains and retraced to around 8 cents, but still higher than the 7.7 cents it changed hands before the fake news.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.077 | Positive Crossover | Bullish
  • MA 20 : 0.076 | Positive Crossover | Bullish
  • MA 50 : 0.082 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.076 | Positive Crossover | Bullish
  • MA 20 : 0.076 | Positive Crossover | Bullish
  • MA 50 : 0.082 | Negative Crossover | Bearish

RSI (Relative Strength Index): 51.78 | Buy Zone | Bullish

Stochastic   Oscillator : 100 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.079 R2 : 0.087
  • S1 : 0.073 S2 : 0.066

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 0.078 | Take Profit: 0.086 | Stop Loss: 0.073

CARDANO

Cardano Climbs 10% In Rally.

Cardano was trading at $0.5492 by 16:44 (21:44 GMT) on the Investing.com Index on Wednesday, up 10.42% on the day. It was the largest one-day percentage gain since December 13, 2023. The move upwards pushed Cardano’s market cap up to $19.1755B, or 1.11% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B. Over the past seven days, Cardano has seen a drop in value, as it lost 3.56%. The volume of Cardano traded in the twenty-four hours to the time of writing was $777.1197M or 0.75% of the total volume of all cryptocurrencies. It has traded in a range of $0.4648 to $0.5779 in the past 7 days.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.56 | Positive Crossover | Bullish
  • MA 20 : 0.56 | Positive Crossover | Bullish
  • MA 50 : 0.53 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.55 | Positive Crossover | Bullish
  • MA 20 : 0.58 | Positive Crossover | Bullish
  • MA 50 : 0.53 | Positive Crossover | Bullish

RSI (Relative Strength Index): 53.40 | Buy Zone | Bullish

Stochastic   Oscillator : 100.00 | Buy Zone | Positive

Resistance   And Support Levels :

  • R1 : 0.67 R2 : 0.74
  • S1 : 0.43 S2 : 0.36

Overall Sentiment: Bullish Market Direction: Buy

Trade Suggestion: Limit Buy: 0.55 | Take Profit: 0.63 | Stop Loss: 0.51

Elsewhere In The Crypto Market

Bitcoin is down (0.95%) at 46,263, Ethereum is up (0.79%) at 2,605.2, Litecoin is up (1.50%) at 71.12, Solana is down (1.8%) at 100.18, Dogecoin is down up (1.17%) at 0.84 as of writing time.

Key Economic Events & Data Release Today:

(USD) Initial Jobless Claims Forecast 210K, Previous 202K at 19:00. (USD) CPI (MoM) (Dec) Forecast 0.2%, Previous 0.1% at 19:00. (USD) CPI (MoM) (Dec) Forecast 0.2%, Previous 0.1% at 19:00.