The major Ethereum support area is $1,800 but weaker than Bitcoin‘s — analyst

The price of Ether (ETH) is hovering near its all-time high once again, while Bitcoin (BTC) is still far from surpassing its record high at $60,805. But despite ETH demonstrating strong technical momentum and entering price discovery, on-chain analysis finds that its support is “narrower” than Bitcoin. Simply put, ETH faces a bigger risk of seeing a deeper pullback than Bitcoin in the foreseeable future, if the market turns around. USD cost of Ethereum held since November 2020. Source: Chainalysis, Phillip Gradwell Why does Ethereum have a weaker support area…

Equilibrium raises $2.5M to secure support for Polkadot parachain bid

Equilibrium, a Polkadot-based decentralized finance project and parachain candidate, has raised $2.5 million from a number of venture funds primarily involved in the Polkadot ecosystem. Heavy Polkadot backers like KR1, Signum Capital and Hypersphere Ventures joined Equilibrium’s round. Other participants from the general crypto investment ecosystem include OKEx’s Block Dream Fund, Genesis Block Ventures, CMS Holdings, AU21 Capital, DFG Capital, PNYX Ventures, FBG Capital, LD Capital, and others. The funding round comes as Equilibrium gears up for the upcoming parachain lease auction on Polkadot. The project says that the investment…

Bitcoin bulls return after BTC bounces at a key support level

A wave of selling took command of the cryptocurrency market on April 7 after Bitcoin (BTC) price dropped below $56,000. The market-wide sell-off led to $1.4 billion in liquidations and some analysts suggested that this could be the final sweep out of overleveraged long traders before Bitcoin can make a run higher to the $70,000 level.  BTC/USDT daily chart. Source: TradingView One sign that the market had moved ahead of itself over the past week was the rapidly rising Kimchi premium, which was followed by a seven percent decline in BTC…

TON Labs raises $6M in support of Free TON blockchain

TON Labs, the development arm behind the Free TON blockchain, raised $6 million through an investment round led by venture capital firm Runa Capital.  The funding will go toward building out a new product environment for the Free TON blockchain, which the company describes as the fastest decentralized protocol due to its unique dynamic sharding mechanisms. Dmitry Chikhachev, a general partner at Runa Capital, said TON Labs is the only blockchain company to receive direct funding from his firm. “As a deep tech and software investor, we appreciate the technical…

$161M Ethereum options expiry tilts toward bulls as ETH flips $2K to support

With no short-term solution in sight for the surging network fees, some investors are afraid that Ether (ETH) price could face a correction. The EIP-1559 proposal is set to be bundled with the impending London upgrade, and this will change the gas fee structure, but traders are left to deal with high fees until then. The flexible block size proposal aims for a more predictable fee pricing model, but this upgrade is scheduled for July, meaning, in the short term, Ether could be subject to price pressure. Adding to this,…

Payments firm Nuvei launches support for 40 cryptos including Reddcoin and DOGE

E-commerce merchants can now transact in nearly 40 cryptocurrencies through global payment platform Nuvei.  According to the announcement, merchants partnered with the payment provider can use an array of cryptocurrencies to send and receive payments across 200 countries, including top assets Bitcoin (BTC) and Ether (ETH), lesser known cryptos such as Reddcoin and Bitcoin Gold, and even hyper-volatile coins like Dogecoin (DOGE). Nuvei’s customers can even use Ripple (XRP), despite the asset’s recent legal woes and subsequent delistings from major exchanges. Commenting on the launch, Nuvei’s CEO and chairman, Philip…

Cardano (ADA) Holds Key Support, Why It Could Rally Above $1.22

Cardano’s price recovered sharply from the $1.050 support zone. ADA is likely to continue higher if it clears the main $1.220 resistance zone in the near term. ADA is showing a lot of positive signs above the $1.150 pivot level against the US dollar. The price is trading nicely above $1.165 and the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $1.218 on the 4-hours chart of the ADA/USD pair (data source from Bitfinex). The pair is likely to start a strong…

Ripple (XRP) Holds Key Support, What Are Chances of a Fresh Increase

Ripple trimmed most gains from the $0.6000 resistance against the US Dollar. XRP price is now trading above $0.4500 and it could attempt a fresh increase above $0.5500. Ripple broke the $0.5500 support zone, but it stayed above $0.4500 against the US dollar. The price is now back above $0.5000 and the 100 simple moving average (4-hours). Earlier, there was a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could rise one more…

Ethereum derivatives lean bullish even as ETH price sits at a key support

Ether (ETH) lost the $1,750 support on March 22, which marked a 7% loss and $230 million worth of futures contracts liquidations. It has been holding near the strong support at $1,670, although investors are unwilling to open new long positions despite the price being 11% below the previous week’s high. Ether price at Coinbase, USD. Source: TradingView Binance Chain recently surpassed Ethereum’s transaction volume, and this startling growth in unique active wallets certainly played a part in tampering with investors optimism. The nonfungible token (NFT) frenzy has been driving…

Chainlink Whales Sell With Little Support Ahead

Key Takeaways Chainlink has endured a month-long consolidation period without providing any clear signals of where it is heading next.  On-chain data shows that mid-sized whales have been selling or redistributing their holdings, adding credence to the bearish outlook.  Only a daily candlestick close above the $29 resistance barrier could save LINK from a 43% correction.  Share this article Chainlink looks indecisive from a technical perspective, but on-chain metrics suggest mounting downward pressure with little to no support underneath it.  Chainlink Consolidates Within Narrow Range Chainlink continues consolidating without providing…