Ethereum Price Corrects Lower

Ethereum’s price attempted more upsides above the $1,925 and $1,940 resistance levels. However, ETH struggled to settle above the $1,925 resistance zone, similar to Bitcoin.

As a result, there was a bearish reaction below the $1,900 level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $1,850 swing low to the $1,938 high. Besides, there was a break below a key bullish trend line with support near $1,870 on the hourly chart of ETH/USD.

Ether price is now trading below $1,880 and the 100-hourly Simple Moving Average. It is also showing a few bearish signs below the $1,865 support.

If there is a recovery wave, the price might face resistance near $1,880 and the 100-hourly Simple Moving Average. The next major resistance is near the $1,900 zone. The main resistance is now forming near the $1,925 and $1,940 levels.

A close above the $1,925 level with a follow-up move above $1,940 might send the price toward the $2,000 resistance. The next major resistance might be $2,120. Any more gains could set the pace for a test of the $2,200 resistance.

More Losses in ETH?

If Ethereum fails to clear the $1,880 resistance, it could continue to move down. Initial support on the downside is near the $1,850 level or the 76.4% Fib retracement level of the upward move from the $1,850 swing low to the $1,938 high.

The next major support is near the $1,840 zone, below which ether price might decline toward the $1,825 level. If there is a break below $1,825, the price might extend its decline toward $1,780.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 60 level.

Major Support Level – $1,840

Major Resistance Level – $1,880

According to CoinGecko data, Bitcoin has slightly surpassed $30,000 and is at nearly $30,200 at the time of writing, a price it hadn't reached since June 10, 2022.

In the last 30 days, BTC recorded gains of nearly 46%, rising to its highest level in ten months on April 11.

Some analysts predicted that it would regain its $30,000 price tag as traders await the United States Consumer Price Index (CPI) report on April 12, which will give insight into the Federal Reserve's battle against inflation.

Since last week, the Crypto Fear and Greed Index has remained firmly within the "Greed" territory, with the latest April 11 update showing a score of 68 out of a possible total of 100.

The Crypto Fear and Greed Index aims to numerically present the current “emotions and sentiments” toward Bitcoin and the cryptocurrency market, with the highest score being 100.

The index also hit a score of 68 on March 21, marking its highest level since it recorded a score above 66 on Nov. 16, 2021, just days after Bitcoin’s all-time high of over $69,000 was recorded on Nov. 10, 2021.

Michael Saylor, the founder and executive chairman of business intelligence firm MicroStrategy, has been an outspoken advocate for BTC and has been leading the charge for corporations to adopt cryptocurrency as a strategic asset.

MicroStrategy has added billions worth of Bitcoin to its balance sheet, currently owning 140,000 BTC as of April 5 for a total purchase price of $4.17 billion.

AXNEB gives you the opportunity to make short-term investments for 7 to 21 days with a guaranteed net income of 1% to 2% per day ????

Easy to use panel, no knowledge needed ????‍???? Completely passive income. ????

Make a deposit and enjoy withdrawing profits every day

The Henbbo team is constantly working not only to improve the quality of its services, but also to increase their number.

One of the important objectives of the fund was to provide investors with direct access to their funds in the system, reduce the time, number of financial transactions and commission costs for the received profit in cash.

After a thorough technical study and the necessary approvals, the fund announces the release of its own Henbbo Debit Plastic Card. Thanks to this, now in the personal account of the platform you can transfer funds from your balance directly to a Henbbo plastic card and withdraw money from ATMs around the world.

The Henbbo card works through the international payment system - Union Pay. The largest bank in the UK, HSBC Bank, serves card accounts of customers.

Any investor who has an active staking in the system from $5,000 can receive a Henbbo debit card. The cost of making a card and its delivery is $0. Delivery time is 3 to 6 weeks.

Card service conditions:
monthly subscription - 3 euros;
cash withdrawal fee - 3.5 euros or 1.7%;
checking the balance at an ATM - 0.5 euros.
Conditions for replenishing the card through the personal account of the Henbbo platform: from a fiat account - free of charge; from a cryptocurrency account - at the market rate.

Henbbo card top-up limits:
per day - 15,000 euros;
per month - 150,000 euros;
per year - 1300000 euros.
For payments on the Internet, the limit for a one-time purchase is 5,000 euros, per day - 10,000 euros, the limit per month is 45,000 euros.

Cash withdrawal is available at any ATM with a commission of 1%. Single withdrawal limit - 2000 euros, daily limit - 5000 euros, cash withdrawal limit per month - 12000 euros.

Get access to your money on our platform balance from any ATM around the world with a Henbbo card!

Henbbo - smart investment will change your life!

Bitcoin accumulation and holding are continuing, and a reluctance to sell means that more of the asset is becoming dormant.

According to data from on-chain analytics provider Glassnode, more than half of the Bitcoin supply is inactive.

By inactive, it means that the coins have not moved for the past two years. Furthermore, The percentage of supply last active more than two years ago has hit an all-time high of 53%.

After almost two years of hovering around 45%, the number of dormant BTC jumped in 2023. This suggests that those who bought more than two years ago are unwilling to sell.

Many that bought during the last bull market would still be underwater right now. After all, Bitcoin is still trading down almost 60% from its all-time high in November 2021. BTC % Last Active 2+ Years Ago.

Bitcoin On-Chain Movements

Industry influencer Anthony Pompliano tweeted the data on April 10. Additionally, he observed that almost 29% of all Bitcoin in circulation has not moved in the last five years.

“That is over $150 billion in market cap that hasn’t moved in half a decade,” he said.

Glassnode data also suggests that just under 15% of all Bitcoin in circulation has not moved in a decade.

There is more than 2.7 million BTC lost, forgotten, “or in the hands of the most disciplined investors in the world,” said Pompliano.

Over the weekend, Glassnode reported that the number of non-zero Bitcoin addresses had been propelled to an all-time high of 45.5 million.

“This suggests the degree of on-chain activity is currently improving,” it noted.

Furthermore, it reported that Bitcoin to exchange inflow volumes have just hit a monthly low. This also suggests that more holding and self-custody are occurring. High inflows to centralized exchanges often signal an increase in selling pressure.

The opposite may be the case when inflow volumes are as low as they are now.

BTC Price Outlook

Bitcoin prices gained a couple of percent during the Monday morning Asian trading session. As a result, BTC tapped a five-day high of $28,500 before falling back slightly.

At the time of writing, the asset was changing hands for a little under $28,300. BTC/USD 1 month – BeInCrypto

BTC has been consolidating in a tightly range-bound channel for the past three weeks. Previous extended periods of consolidation have ended in a large move, and on-chain data has suggested a trend reversal to the upside this year.

According to Melker, BTC flipping the $28,600 mark into support will trigger an altcoin rally.

ETH, BNB, VET, ADA, and XRP are some of the altcoins

Ethereum (ETH)

The leading altcoin, ETH. At press time, ETH’s price is down 0.93% to trade at $1,870.46 according to CoinMarketCap. Despite the 24-hour loss, ETH’s weekly price performance remains in the green at +4.15%.

The weekly chart for ETH/USDT shows that the 9-week EMA has bullishly crossed above the 20-week EMA in the last 2 months. This suggests that ETH has entered into a medium-term bull cycle. In addition to this bullish cross between the two EMA lines, the weekly RSI for ETH is also flagging bullish with the weekly RSI line sloped positively toward the overbought territory.

Binance Coin (BNB)

Binance’s native token, BNB, was the next altcoin mentioned in the video. Binance has received its fair share of FUD in this bear cycle but was able to overcome all of the bearish sentiment and fear surrounding not only the exchange platform itself but also BNB. At press time, BNB is also down 0.55% over the last 24 hours, taking its price to $311.76.

Cardano (ADA)

ADA was also able to make its way onto the list. Similar to BNB and ETH, ADA’s price also printed a 24-hour loss according to CoinMarketCap. At press time, the price of ADA is down 1.95% and is trading at $0.3816. Fortunately, the altcoin’s weekly price performance remains in the green at +0.82%.

Polkadot (DOT)

DOT’s price was unable to overcome the sell pressure in the crypto market over the last 24 hours, and saw its price slip as well. Currently, The price of DOT is down 2.45% to trade at $6.21. This has brought down the altcoin’s weekly performance to +0.48%.

XRP (XRP)

Investors and traders have been bullish on XRP in the last few weeks with all of the recent developments in the ongoing lawsuit between Ripple Labs and the Securities and Exchange Commission (SEC). XRP’s price is up 1.22% over the last 24 hours to trade at $0.5097 at press time.

Dogecoin (DOGE)

DOGE was also mentioned in the video as an altcoin to watch in the next altcoin market. DOGE’s price recently soared around 30% after Twitter changed its logo to DOGE’s icon. However, Twitter changed its logo back to its original Bluebird – causing DOGE’s price to drop 9.85% in the last 24 hours. As a result, DOGE’s price stands at $0.0829 at press time.

Raphael Zagury, chief investment officer at Swan Bitcoin, has developed a new BTC pricing model that currently calculates a fair price of $387,823 in a base case. Zagury calls it Schrödinger’s Coin Model and bases the valuation of Bitcoin on the fact that it is a store of value that will demonetize all other assets.

Bitcoin Price Undervalued By At Least 13 Fold

Inspired by “Bitcoin as Property” by Michael Saylor, the model calculates Bitcoin’s potential to siphon off the monetary premium from traditional assets, resulting in a shift in capital allocation and a revaluation of their value.

It hypothesizes that the expansion of money supply by central banks around the world has led to a fundamental destruction of money and a flight of capital by investors into financial instruments such as stocks, real estate, and exchange-traded funds (ETFs) as their primary stores of value.

Central banks, flooded with excess currency, have fundamentally broken the value of money, leading investors to seek protection against the negative effects of money printing. This phenomenon has resulted in the financialization of the economy and huge monetary premiums.

These premiums have the effect of pricing many of these assets, including real estate, far above their utility value, Zagury argues. Bitcoin, according to the analyst, has the potential to benefit from this and become the premium asset by demonetizing the aforementioned traditional stores of value.

To calculate Bitcoin’s fair value, the model looks at the major asset classes and uses probabilities for when and how much share Bitcoin can take from each asset class. In addition, a time value is included.

Furthermore, the Schrödinger’s Coin model is based on the concept of quantum superposition, where Bitcoin has two possible outcomes. “It either fails and is worthless (Dan Peña scenario) or captures the monetary premium of traditional stores of value (Saylor scenario),” the analyst states.

How Is the Base Scenario Calculated?

In each scenario, the value of demonetization by Bitcoin is calculated for each asset class based on the parameters and summed up.

The base case assumes that 60% of gold’s market capitalization is due to monetization rather than utility. With a market capitalization of $10 trillion and a 70% probability of gold demonetization, this results in a Bitcoin price of $87,000.

When the other asset classes are now added and an intertemporal discount rate of 12.5% is considered, this results in a Bitcoin present value of $379,823 in the base case.

In the most bullish scenario, BTC could reach a price of over $3 million per coin. “In terms of expected value, here’s the path to HyperBitcoinization as this scenario plays out; leading to a Bitcoin price of +$3mm in 20 years,” Zagury writes.

Sam Callahan, lead analyst at Swan commented on the modell:

Bitcoin’s adoption won’t happen overnight. It’s a game of probabilities as more people learn about it and begin to value it over time. Eventually, it will demonetize other assets due to its superior monetary properties, but today, it remains underappreciated and thus undervalued.

At press time, the BTC price stood at $27,912. After another failed attempt to overcome the resistance area at $28,600, the BTC price is currently struggling to find support.

Ethereum Sharks Are Currently Holding Their Highest Amount In A Year

According to data from the on-chain analytics firm Santiment, the sharks have been constantly adding to their holdings since last summer. The relevant indicator here is the “ETH Supply Distribution,” which keeps track of the data related to the total Ethereum supply being held by each wallet group in the market.

Wallets are divided into these wallet groups based on the total number of coins that are currently sitting in their balances. The 10 -100 coins group, for instance, includes all addresses that are holding between 10 and 100 ETH.

When the Supply Distribution metric is applied to this specific cohort, it will tell us about the total number of coins such investors as a whole are holding right now, as well as what percentage of the total ETH supply is being contributed by these combined holdings.

In the context of the current discussion, the investor group of interest is made up of the “sharks,” who are entities that hold at least 100 and at most 10,000 ETH. At the current exchange rate, this range converts to about $191,000 at the lower bound and $19,100,000 at the upper end.

As these amounts are quite significant, the sharks make up an important part of the Ethereum ecosystem. Their movements can, therefore, be worth watching as they may have visible influences on the price (though, not as much as the movement of the whales).

In the last nine months, these investors have accumulated a total of 2.27 million ETH, about $4.3 billion at the current price.

Just earlier in the year, this cohort faltered a little as some selling took place when the price of the cryptocurrency was at relatively high levels. This can be seen in the graph with the depression in the curve of the sharks’ supply.

Recently, however, these Ethereum holders have once again sharply accumulated more of the asset and have taken their supply to the highest level in more than a year.

Generally, accumulation from the sharks can be a bullish sign for the price of the coin. And indeed, as this fresh buying from them has taken place recently, the asset has been climbing and has now breached the $1,900 level for the first time since August 2022.

ETH Price

At the time of writing, Ethereum is trading around $1,900, up 5% in the last week.

Ether (ETH), the native token of Ethereum's blockchain, rose to an eight month high on Tuesday, outshining market leader bitcoin (BTC), as U.S. stock futures traded higher while the dollar index dipped.

Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300.

The ether-bitcoin ratio rose over 1% to 0.066, taking back a small portion of the 7% decline seen last month.

Futures tied to Wall Street's tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market.

Investors continued to sell the safe haven greenback, driving The dollar index, which gauges the U.S. dollar's exchange rate against major currencies, to a two-month low of 101.79.

Ether's outperformance comes as the highly anticipated Shanghai upgrade is now less than two weeks away. The Shanghai upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and has been widely hailed as a long-term bullish catalyst for ether and liquid staking tokens.

"ETH looks to regain ground against BTC as part of a broader capital rotation play with crypto likely benefiting off broader equity rallies heading into a historically bullish month," Decentral Park Capital's portfolio manager Lewis Harland said in a weekly note published Monday.

Bitcoin mining operations are becoming more sustainable as emissions intensity declines. More miners are now using sustainable energy, and hardware efficiency has improved.

Bitcoin mining emissions intensity has dropped to its lowest-ever level, according to Woo Charts. Climate technology venture investor and activist Daniel Batten posted the findings on April 3.

According to the chart, BTC mining now produces fewer energy emissions when compared to its energy consumption. Batten predicted that Bitcoin is on track to halve its emissions per KWh within three and a half years.

“No other industry is reducing emission intensity as fast,” he added.

Furthermore, there are two primary reasons for the fall in emissions intensity. The majority of Bitcoin miners now use sustainable energy sources. Secondly, mining hardware has become much more efficient.

Bitcoin Mining Sustainability Near Peak

The researcher added a chart on Bitcoin mining sustainability. This has dipped a tiny fraction but remains near its peak value of 54%.

He said it remains high because a large percentage of new hash rate entering the network is sustainably powered.

As a result, more than half of the network is powered by clean energy.

Furthermore, total emissions have increased over the past fortnight. This is due to a rising hash rate without a significant rise in mining activity from flared or vented methane.

As reported by BeInCrypto in late March, Bitcoin mining is now greener than electric vehicle technology. Hydroelectric energy is Bitcoin’s major power source, according to Batten.

“Fossil fuel sources have been decreasing at a combined 6.2% per year since January 2020,” he noted.

Nevertheless, lawmakers who continue to crack down on the industry have not acknowledged the improvements in energy efficiency. Mining mecca Texas has seen backlash towards mining companies despite a recent bill recognizing the right to mine BTC in the Lonestar state.

BTC Mining Ecosystem Outlook

According to Cambridge University, the BTC network currently consumes around 140 TWh per year. However, this is still less than the 206 TWh per year lost in the U.S. due to transmission and distribution.

The average network hash rate is currently at 349 exahashes per second (EH/s). This is not far off its March 24 all-time high of 398 EH/s, according to BitInfoCharts.

Additionally, network difficulty, which measures competition between miners, is at an all-time high of 46.8 T.

Finally, mining profitability remains low at just $0.078 per day per TH/s.