. Daily Crypto Analysis - Ethereum at $2,500, Bitcoin eyes $65,000, XRP resilient, SOLUSD soars.

Daily Crypto Analysis – Ethereum at $2,500, Bitcoin eyes $65,000, XRP resilient, SOLUSD soars.

Daily Crypto Analysis – Ethereum at $2,500, Bitcoin eyes $65,000, XRP resilient, SOLUSD soars.

18 Dec 2023

Introduction

Welcome to our daily cryptocurrency market analysis, where we delve into the latest trends and movements shaping the crypto landscape. In today’s focus, we examine key developments in major assets, including Ethereum (ETH/USD) and Bitcoin (BTC/USD). Stay tuned as we provide technical overviews, and trade suggestions, and highlight noteworthy events driving market sentiment. Let’s navigate the dynamic crypto markets together.

Markets In Focus Today – ETH/USD

“Ethereum’s Price Rally: Assessing the Momentum Toward $2,500”

“Ethereum approaches the $2,500 mark amidst challenges in its decentralized finance (DeFi) sector. Soaring transaction fees hinder usability, prompting Vitalik Buterin to consider integrating zero-knowledge Ethereum Virtual Machine (zkEVM) scaling solutions. While Ethereum’s price shows a bullish trend, reaching $2,500 faces uncertainty amid DeFi struggles and competition from platforms like Solana.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2228.60 | Negative Crossover | Bearish
  • MA 20 : 2206.03 | Negative Crossover | Bearish
  • MA 50 : 2082.49 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2251.64 | Negative Crossover | Bearish
  • MA 20 : 2226.45 | Negative Crossover | Bearish
  • MA 50 : 2074.91 | Positive Crossover | Bullish

RSI (Relative Strength Index): 49.67 | Neutral Zone | Neutral

Stochastic   Oscillator : 20.15 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2196 R2 : 2360
  • S1 : 1852.42 S2 : 1767.97

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 2196 | Take Profit: 2360 | Stop Loss: 2050

BTC/USD

“Bitcoin (BTC) Aims for $65,000 Recovery, Analyst Highlights Key Signal”

“Crypto analyst @ali_charts notes a massive $19.7 billion inflow into Bitcoin (BTC) and Ethereum (ETH) within a day, similar to a pattern seen in December 2020 before BTC surged to $65,000 in April 2021. The influx raises speculation about a potential bullish trend for Bitcoin, with history possibly repeating itself. The surge to $65,000 in 2021 was influenced by Tesla’s $1.5 billion Bitcoin purchase and acceptance of BTC payments for electric vehicles, despite subsequent controversies.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 41948.23 | Negative Crossover | Bearish
  • MA 20 : 41334.10 | Negative Crossover | Bearish
  • MA 50 : 38555.59 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42313.17 | Negative Crossover | Bearish
  • MA 20 : 41722.53 | Negative Crossover | Bearish
  • MA 50 : 38533.28 | Positive Crossover | Bullish

RSI (Relative Strength Index): 52.54 | Neutral Zone | Neutral

Stochastic   Oscillator : 34.50 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 42000 R2 : 45000
  • S1 : 35107.89 S2 : 34074.64

Overall Sentiment: Neutral Market Direction: Buy

Trade Suggestion: Limit Buy: 42000 | Take Profit: 45000 | Stop Loss: 40910

XRP

XRP’s Resilience Amid Market Flux

Despite the recent market correction, XRP maintains an underlying uptrend, displaying resilience. Positioned above crucial moving averages, the momentum indicators, especially the RSI, hover at the midline without confirming a clear bearish or bullish signal. While a potential rebound is anticipated, caution is advised. XRP faces a critical resistance level, and a breakthrough could lead to sustained upward movement. The situation is delicate, akin to a contender awaiting a decisive move.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.62 | Negative Crossover | Bearish
  • MA 20 : 0.62 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Negative Crossover | Bearish

Simple :

  • MA 10 : 0.63 | Negative Crossover | Bearish
  • MA 20 : 0.63 | Negative Crossover | Bearish
  • MA 50 : 0.63 | Negative Crossover | Bearish

RSI (Relative Strength Index): 42.21 | Neutral Zone | Neutral

Stochastic   Oscillator : 20.02 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.71 R2 : 0.75
  • S1 : 0.58 S2 : 0.54

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Buy: 0.58 | Take Profit: 0.54 | Stop Loss: 0.60

SOL/USD

BONK Token Surge Boosts SOLUSD Prices to $5,000

Solana’s Saga phone prices have soared to $5,000, fueled by the resurgence of the dog-themed meme token BONK. The unexpected demand follows a 30 million BONK token airdrop to Saga phone owners, attracting arbitrage traders and driving up SOLUSD prices. The remarkable increase highlights the unpredictable dynamics of the crypto and meme token market.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 14.68 | Negative Crossover | Bearish
  • MA 20 : 14.83 | Negative Crossover | Bearish
  • MA 50 : 13.84 | Positive Crossover | Bullish

Simple :

  • MA 10 : 14.87 | Negative Crossover | Bearish
  • MA 20 : 15.19 | Negative Crossover | Bearish
  • MA 50 : 14.33 | Negative Crossover | Bearish

RSI (Relative Strength Index): 45.14 | Neutral Zone | Neutral

Stochastic   Oscillator : 9.73 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 16.18 R2 : 17.63
  • S1 : 13.34 S2 : 10.10

Overall Sentiment: Bearish Market Direction: Sell

Trade Suggestion: Limit Buy: 13.34 | Take Profit: 10.10 | Stop Loss: 14.11

Elsewhere In The Crypto Market

BTC/USD: $40,906.0 (-2.44%) SHIB/USD: $0.00000976 (-9.04%) ETH/USD: $2,163.74 (-2.49%) SAND/USD: $0.4797 (-6.47%) CRO/USD: $0.0943 (-5.45%) GALA/USD: $0.02833 (-6.44%) DOGE/USD: $0.090570 (-4.64%)

Key Economic Events & Data Release Today:

8:30 PM (IST)-USD-NAHB Housing Market Index