Ethereum, one of the leading cryptocurrencies, shows signs of a potential recovery from recent price lows. Traders and investors are closely watching as ETH aims to climb above crucial resistance levels, hoping for a steady upward trajectory.  Ethereum’s Resilience: Despite the recent volatility in the crypto market, Ethereum has displayed remarkable resilience, particularly above the $1,565 support level. Like Bitcoin, Ethereum seems to have formed a stable foundation above this key threshold and is now moving upward. Breaking Resistance Levels: In a positive development, Ethereum managed to reclaim the $1,580 and $1,590 levels, signaling a potential shift in market sentiment. This upward momentum can be attributed to various factors, including broader market dynamics and investor sentiment. Bearish Trend Line Break: A significant bullish signal came with the break above a major bearish trend line with resistance near $1,590. This break above the trend line underscores the bullish sentiment surrounding Ethereum. Technical Indicators: Ethereum’s current price action is also supported by technical indicators. The cryptocurrency is currently trading above the 100-hourly Simple Moving Average (SMA), indicating a positive bias in the short term. Challenges Ahead: While Ethereum’s recent price movement is encouraging, keeping an eye on key resistance levels that could dictate its future trajectory is crucial. The immediate obstacle is the $1,600 level, where ETH might face some resistance. Further ahead lies the critical $1,620 level. This level closely aligns with the 50% Fibonacci retracement level of the recent downward move from the $1,669 swing high to the $1,565 low. A successful push above $1,620 could mark a significant turning point for Ethereum, potentially triggering a sustained uptrend. Source: Tradingview

The Tron price prediction suggests that TRX, the cryptocurrency associated with the Tron blockchain platform, is displaying positive performance against Bitcoin and has the potential to rally further towards the $0.095 mark. Currently, Tron’s price is holding above the key support level of $0.0825 against the US Dollar and is also trading above the 100 simple moving average (4 hours), indicating a bullish trend. On the 4-hour chart of the TRX/USD pair, a short-term contracting triangle is forming with a resistance level around $0.0844. This suggests that there is a consolidation phase taking place before a potential breakout. If Tron manages to surpass this resistance level, it may experience an acceleration in its upward movement towards the next resistance levels at $0.0850, $0.088, and eventually $0.095. In the previous Tron price analysis, it was highlighted that TRX had outperformed Bitcoin against the US Dollar and had successfully maintained stability above the pivotal level of $0.080. This was followed by a notable increase above the resistance levels of $0.0825 and $0.0832. The price reached a high point near $0.0849 before undergoing a minor correction. During the correction, the price briefly dipped below $0.0835, but the bulls swiftly intervened and provided support near the $0.0830 level. This indicates a strong buying interest and suggests that the overall bullish sentiment is intact. Looking at the technical indicators, the Moving Average Convergence Divergence (MACD) for TRX/USD on the 4-hour chart is showing positive momentum in the bullish zone. Additionally, the Relative Strength Index (RSI) is currently above 50, indicating favorable conditions for further upward movement. Source: NEWSBTC

The price of Ethereum has reached a new low compared to Bitcoin since transitioning to a proof-of-stake consensus mechanism. Despite a 36% increase in its price in 2023, Ethereum is currently trading 66% below its November 2021 peak. Ether’s decline against Bitcoin has raised concerns among investors about the reasons behind this trend and what it would take to reverse it. Investors had high hopes for protocol upgrades that reduced the need for new coin issuance and aligned with the vision of “ultrasound money.” Confidence grew as significant hurdles were overcome, but the optimism was short-lived as the price quickly fell back. The net inflow of Ethereum staking following an upgrade exceeded expectations. Potential catalysts for reversing the downtrend in Ether’s price relative to BTC include the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission. Regulatory uncertainty surrounding the Ethereum initial coin offering (ICO) also remains a concern. Recent activity from dormant Ethereum addresses has further amplified these concerns. On a positive note, requests for a spot Ether exchange-traded fund and the expansion of Canto to Ethereum’s layer 2 provide hope for Ethereum investors. Competitors like Solana and BNB Chain face similar risks in terms of ICO and securities regulations, making it unlikely for them to challenge Ethereum’s dominance in decentralized applications and trading volumes. Source: Cointelegraph

On Wednesday, Bitcoin experienced a notable rise, surpassing the US$27,000 mark and reaching a high of over US$27,400 before retracing. Ether, the second-largest cryptocurrency, remained relatively stable around the US$1,640 level. Among the top 10 non-stablecoin cryptocurrencies, all logged gains, with Toncoin leading the rally with a remarkable increase of over 7%. The crypto market received a boost from Nomura Holdings, Japan’s leading investment bank, which announced the launch of a Bitcoin-based fund targeted at institutional investors. The fund, called the Bitcoin Adoption Fund, aims to provide institutional investors with seamless access to the digital asset class. Nomura, with around US$500 billion in assets under management, is making its first foray into digital adoption investment solutions through its subsidiary, Laser Digital Asset Management. Market participants are closely watching the Federal Reserve’s decision on interest rates, although it is widely expected that rates will remain unchanged. The CME FedWatch Tool indicates a 99% probability of no interest rate hike during this meeting. However, factors such as the rising oil price may influence the central bank to adopt a more hawkish stance in its future monetary policies. The benchmark Brent crude futures recently reached a 10-month high of US$95.96 per barrel. Source: forkast

PlanB, a well-known analyst and the author of the stock-to-flow model for Bitcoin (BTC) has shared his views on the potential bullish rally for the cryptocurrency. According to PlanB, Bitcoin may enter its next bull run after the upcoming halving event. Bitcoin is currently in an accumulation phase, and its performance aligns with PlanB’s stock-to-flow model. The stock-to-flow model suggests that Bitcoin’s increasing scarcity, as its issuance decreases by 50% every four years, is a major catalyst for its price bullish performance. Bitcoin still in stage 1, accumulation, on track! Ps I changed the stage names into more intuitive ones:🔵 stage 1 – accumulation🟢 stage 2 – bull market🟡 stage 3 – bear market🔴 stage 4 – liquidation pic.twitter.com/QEdkGT5Xpe — PlanB (@100trillionUSD) September 17, 2023 PlanB predicts that the next bull run for Bitcoin will likely occur in 2024. He expects the bull run to last for a minimum of eight months, with Bitcoin potentially reaching a cycle high in the first quarter of 2025. PlanB also mentions that the collapses of the Terra (LUNA) and FTX ecosystems were significant events during the liquidation phase. To simplify his model, PlanB has switched to an “accumulation-bull market-bear market-liquidation” framework. Despite the model’s challenges, PlanB believes that the psychological patterns of Bitcoin investors will not undergo significant changes in the next bull market. Source: UTODAY

Bitcoin and Ether experienced price increases, with Bitcoin trading above $26,500 and Ether surpassing $1,600. Additionally, other top non-stablecoin cryptocurrencies also saw gains.  This coincided with Deutsche Bank’s announcement that it would offer crypto custody services, signaling growing acceptance and confidence in the mainstream financial sector. The positive sentiment in the crypto market contrasted with regulatory battles in the US, such as the SEC charging Stone Cats 2 for conducting an unregistered offering of crypto asset securities. Meanwhile, US stock futures rose following strong economic data, including higher-than-expected retail sales in August. The market awaits further economic data from China, including house prices, fixed asset investment, retail sales, industrial production, and unemployment. Source: forkast