The price of Shiba Inu (SHIB) has dropped over 50% from its peak earlier this year, and recent on-chain movements suggest a potential third consecutive month of losses for SHIB holders. Concerns arise as investors transfer 1 trillion SHIB into crypto exchanges, resulting in an increase in exchange supply and potential downward pressure on prices. Bearish traders dominate the Spot markets, with sell orders surpassing demand, indicating a market controlled by sellers. The surge in SHIB tokens being deposited into exchange wallets has pushed the total SHIB Exchange Supply to a 50-day peak of 169 trillion. This increase in supply suggests that holders may be growing dissatisfied and seeking to exit their positions, putting further downward pressure on prices. Furthermore, analysis of the order books from 16 crypto exchanges reveals that sell orders now dominate the SHIB Spot markets. Bearish traders have positioned active orders to sell 2.5 trillion SHIB, surpassing the corresponding 2.14 trillion SHIB in purchase orders. This shift in market dynamics suggests that bearish sentiment is prevailing, potentially intensifying selling pressure. However, there is a possibility for a bullish reversal if SHIB manages to reclaim the resistance level at $0.00001. Nevertheless, with a large number of addresses having purchased significant amounts of SHIB at an average price of $0.000008, the selling pressure may outweigh buying demand, leading to a price retracement. Source: BEINCRYPTO

In the last 30 days, the global supply of Ethereum (ETH) has increased by nearly 30,000 ETH, equivalent to around $47.9 million. This growth in supply is mainly attributed to a decline in transaction activity on the Ethereum network, including fewer trades of non-fungible tokens (NFTs) and less decentralized finance (DeFi) activity. Since 2021, the Ethereum network has used a fee-burning mechanism where higher network congestion leads to higher gas prices for transactions, resulting in more ETH being burned or removed from circulation. However, recently, Ethereum gas fees have dropped significantly, leading to lower ETH burning and an increase in the overall supply of ETH. This inflationary trend in Ethereum has raised concerns among some crypto users and investors who worry about the long-term financial health of the network. However, Ethereum’s core developers seem largely unconcerned about this development, considering it insignificant in the grand scheme of things. They point out that Ethereum’s current supply is still below its all-time high, and its short-term inflation is lower compared to other chains and the overall economy. It is worth noting that inflation has been increasing globally since last year, and the U.S. Federal Reserve’s decision to raise interest rates in response to rising prices has affected the values of cryptocurrencies like Bitcoin and Ethereum. Source: Decrypt

Crypto analyst Charles Edwards identified a pattern in Bitcoin’s price movement that could lead to a major run for the cryptocurrency if validated. Edwards refers to this pattern as a “technically beautiful” one, which has historically resulted in significant returns for Bitcoin within a specific timeframe. He points out that Bitcoin’s current cycle, known as the Bump-and-Run Reversal (BARR), is following the same trajectory as previous cycles heading into the 2024 halving event. Based on the length, depth, and duration of the pattern, Edwards expects maximum cycle returns to occur within the next 12 to 18 months. Bitcoin experienced a temporary dip in price but quickly recovered, and its short- and medium-term outlook suggests the potential for further upside if certain price levels are maintained. Source: UTODAY

According to a recent analysis, Bitcoin’s price is currently in a descending wedge pattern, which is considered a bullish signal. This has led to speculation about whether Q4 2023 will be favorable for the cryptocurrency. Despite some bullish metrics, Bitcoin’s open interest has declined, and its price has become less volatile, which has demotivated investors. However, there are indications that Bitcoin may soon break out of its declining-broadening wedge pattern and rise in the last quarter of 2023. The Awesome Oscillator metric has crossed into the cycle bottom zone, suggesting a potential market bottom and a subsequent price increase. A popular crypto analyst also pointed out a bullish descending wedge pattern on Bitcoin’s chart, with a technical target between $70,000 and $80,000. On-chain performance indicators, such as decreasing exchange reserves and positive Coinbase Premium and funding rates, also suggest a favorable outlook for Bitcoin. However, it’s worth noting that the drop in open interest could be seen as a bearish signal. Overall, the future direction of Bitcoin in Q4 2023 remains uncertain, but there are indications of potential upward movement. Source: AMB CRYPTO

Tron (TRX) is making significant strides in the cryptocurrency market as its price surpasses the key resistance level at $0.0850 against the US dollar. Currently trading at $0.0862, TRX comfortably sits above the 100 simple moving average on the 4-hour chart, indicating a positive trend. Notably, a prominent bullish trend line has emerged, providing crucial support at approximately $0.0855, as per data sourced from Kraken. The outlook for Tron appears highly bullish, with the potential for further gains. Recent activity in the cryptocurrency market suggests that TRX could aim higher, surpassing the $0.092 mark and potentially reaching $0.095. Tron has demonstrated stability and outperformed Bitcoin, breaking through resistance levels at $0.0825 and $0.0850. The recent peak of around $0.0879 and the current price action indicate room for further advancement, potentially extending beyond $0.088. TRX maintains a strong position, trading well above the 23.6% Fibonacci retracement level, calculated from the swing low at $0.0820 to the recent high at $0.0879. It remains above $0.0865 and the 100 simple moving average on the 4-hour chart. The presence of a significant bullish trend line near $0.0855 further enhances the positive sentiment surrounding Tron’s performance. On the upside, the initial resistance zone to monitor is near $0.088, followed by a more substantial hurdle at around $0.092. A successful breach of this level could trigger an accelerated ascent. The next major resistance is situated at approximately $0.095. Should TRX close above the $0.095 resistance, it could pave the way for further upward movement toward $0.10. Beyond that point, the bulls may set their sights on a more substantial increase, targeting the $0.105 level and potentially reaching $0.112. In the event that TRX struggles to overcome the $0.088 resistance, a downside correction may occur. Initial support can be found around the $0.0867 zone, followed by more substantial support at $0.0855, coinciding with the trend line. For traders and investors, key support levels to monitor are $0.0867, $0.0855, and $0.0830. Conversely, key resistance levels include $0.0880, $0.0920, and $0.0950. These levels and indicators will be closely watched by market participants as Tron continues its bullish journey, providing potential trading opportunities and confirming trends.  

The burn rate of Shiba Inu (SHIB) has skyrocketed by over 940% in the past 24 hours. This surge in burn rate resulted in over 164 million SHIB tokens being sent to dead wallets and removed from circulation.  The burns occurred in 50 transactions, with one significant transaction burning 100 million SHIB tokens, contributing to the overall increase in burn rate. Meanwhile, the Shiba Inu ecosystem’s layer-2 scaling solution, Shibarium, has experienced a significant rise in transaction levels since its reactivation. The network has processed over 3.2 million transactions and more than 860,000 blocks. Despite the burning efforts, the price of SHIB has not seen a significant surge. However, analysts believe that as adoption grows and partnerships are formed, SHIB’s utility may increase, potentially impacting its price. Notably, luxury watchmaker TAG Heuer has started accepting SHIB and other cryptocurrencies as payment options, and HSBC customers can now use various cryptocurrencies, including SHIB, to pay their mortgage bills and loans through blockchain payments system FCF Pay. Source: CRYPTOGlOBE

Ethereum, the second-largest cryptocurrency by market capitalization, is poised for a significant development in the United States. Ethereum futures exchange-traded funds (ETFs) may soon debut in the country, with analysts suggesting that trading could commence as early as next week. This anticipated launch comes as a response to the possibility of a U.S. government shutdown, which is driving regulators to expedite their decision-making processes. Fast-Tracking ETF Approvals: On September 28, Bloomberg Intelligence analyst James Seyffart hinted at the likelihood of the U.S. Securities and Exchange Commission (SEC) greenlighting multiple Ethereum futures ETFs soon. His statement followed comments from ETF analyst Eric Balchunas, who indicated that the SEC is keen on accelerating the introduction of Ether futures ETFs. Looking like the SEC is gonna let a bunch #Ethereum futures ETFs go next week potentially https://t.co/YoBD1d1ay8 — James Seyffart (@JSeyff) September 28, 2023 The motivation behind this accelerated timeline, Balchunas suggested, is the desire to clear the regulatory slate before a potential government shutdown. According to reports, various ETF applicants were urged to update their documentation by Friday afternoon to facilitate trading as early as the following Tuesday. Government Shutdown Looms: The impending U.S. government shutdown, expected to take effect on October 1 if Congress fails to reach an agreement or provide funding for the new fiscal year, has added urgency to regulatory decision-making. This shutdown is anticipated to impact various federal agencies, including financial regulators. A Crowded Queue: Currently, there are 15 Ethereum futures ETFs from nine issuers awaiting approval, as highlighted by analysts in a September 27 report. Notable companies seeking to introduce Ethereum futures or hybrid ETF products include VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill. High Probability of Launch: The analysts behind this development estimate a 90% likelihood of Ethereum futures ETFs being launched in October. Valkyrie’s Bitcoin futures product (BTF) is poised to be among the first to offer exposure to Ethereum, with a planned launch date of October 3. Market Reaction: Although this development has generated significant anticipation within the crypto community, Ethereum’s price reaction has subdued. At the time of writing, Ethereum’s price has registered a modest 1% gain, hovering slightly above the $1,600 mark. While the cryptocurrency community eagerly awaits the introduction of Ethereum futures ETFs, it’s important to note that these products are not as highly anticipated as their spot-based counterparts. Notably, the United States has already seen the introduction of Bitcoin futures ETFs in 2021, marking a significant step in the evolution of crypto investment products. SOURCE: Tradingview