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Dr. Arnout ter Schure |Apr 19, 2023 02:26PM ET

Two weeks ago, when Ethereum (ETH) was trading in the $1860s (see here), our primary expectation based on the Elliott Wave Principle (EWP) was,

"Thus, the green W-1, 2; grey W-i, ii setups we have been tracking since January 10 should now be complete. ETH should now be in blue W-iii of orange W-3 of grey W-iii as long as it can stay above $1765. Thus, ETH continues to follow our preferred scenario of an EWP-based impulse path higher and has topped and bottomed in most of our forecasted EWP-based target zones." See Figure 1 below.

ETH's orange W-3 and W-4 topped and bottomed around where we had placed their labels two weeks ago: $2137 vs. $2100-2150 and currently $1965 vs. $1950-2000, respectively. See that chart .

Figure 1. Ethereum daily chart with detailed EWP count and technical indicators.

Thus, our preferred, primary expectation for higher prices remains correct, as we have been Bullish on ETH since January. Still, we recognize that ETH must stay above certain levels to keep that upside momentum. Those levels can be used as one's stops, for example. Being mindful of those price levels prevents disaster in one's portfolio.

Why is the $1845 level now critical? Because below that level means what we believe is the orange W-4 will overlap with the orange W-1, and that is not allowed in a standard impulse. In that case, something else will happen, and we must re-assess the charts. For example, we could be off by one or two wave degrees.

In more detail, the current decline should be a minor wave, orange W-4, of the one-degree higher grey W-iii. And in addition to that, green W-3 should still be underway and target, ideally, $2400-2500. Thus, as long as ETH can stay above $1845, with a first warning for the Bulls below $1940 support, it continues to follow our preferred scenario of an EWP-based impulse path higher.

It has topped and bottomed in most of our forecasted EWP-based target zones. See the blue target zones in Figure 1. This foresight is the true power of the EWP, as few would have foreseen this set up months ago, and our premium members and algo-traders reap the benefits of our EW-based foresight.

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Written By: Dr. Arnout ter Schure

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Is Ethereum's Path to $3000 in Jeopardy? - Investing.com

The crypto market cap fell 4.48% in the last 24 hours, at the time of writing. Most of the wiped-out liquidity was from the altcoin market and Ethereum Classic was one of the coins at the forefront of the latest sell-off.

Is your portfolio green? Check out the Ethereum Classic Profit Calculator

A brief look at CoinMarketCap revealed that the top altcoins shed a substantial amount of value in the last 24 hours.

This decline was largely associated with the uncertainty caused by SEC chair Garry Gensler during a recent congressional hearing.

Ethereum Classic appears to be among the top coins caught up in the recent contagion.

Consider this- ETC fell by over 8% in the last 24 hours, wiping out all of the gains that it achieved in the second week of April.

The previous rally had resulted in a breakout from its megaphone pattern that prevailed since February. The breakout led to a stronger bullish expectation but ETC cooled down slightly since mid-February.

The selling pressure, at press time, pushed the alt below the 50% RSI level which suggested that the market favored the bears.

Switching to the 4-hour price chart revealed that the price was, at press time, oversold, but a slight recovery was in sight. This is because the price has retested short-term support near the $20.18 price zone.

While there is a significant prospect of a bounce back from the current level, it is worth noting that Ethereum Classic has so far lost slightly over $367 million from its market cap since 14 April.

However, it regained roughly $16 million from its 24-hour bottom.

Realistic or not, heres Ethereum Classics market cap in BTC terms

Furthermore, Ethereum Classics on-chain volume fell significantly in the last seven days. However, it registered a slight uptick over the last day, likely associated with the accumulation after the dip. Furthermore, the daily volume surged back above $200 million.

Current observations suggest that the initial wave of sell pressure is cooling down. The slight market cap gain indicates that some investors are already looking to capitalize on the recovery.

Ethereum Classic bulls were taking a break before the latest crash, hence many buyers may see the current drawdown as an opportunity to buy back at a steeper-than-anticipated discount.

While the current expectations are bullish, it does not necessarily mean that the bears are done with their assault. There is still a probability of more downside if Ethereum Classic fails to secure enough bullish momentum.

See original here:

Ethereum Classic [ETC] leads the altcoin decline- Heres the detailed report - AMBCrypto News

Coinbase, an American exchange, has released a new listing roadmap causing these two altcoins to rally, an Ethereum (ETH)-based altcoin and a low-cap Arbitrum (ARB)-based project.

Based on the announcement, Coinbase would be integrating cross-chain bridge Multichain (MULTI) and Arbitrum-based stablecoin issuer and decentralized finance (DeFi) developer Sperax (SPA) to its listing roadmap.

Following the announcement, MULTI soared 12.6% from a 24-hour low of around $10.70 to an intra-day high of $12.05, barely hours after Coinbases Twitter post went up. However, the altcoin has since retraced to trade at $10.88 at the time of writing.

MULTI/USDT 1-day chart

The Multichain ecosystem is a cross-chain platform where users can conveniently bridge tokens across multiple blockchains. Based on latest data, the platform currently supports up to 74 chains.

On the other hand, SPA, an Arbitrum-based stablecoin issuer and DeFi developer reacted to the listing news with an uptick of around 70%, exploding from its 24-hour low of $0.00540 to an astonishing $0.00782 within minutes post-listing announcement.

SPA/USDT 1-day chart

While Sperax also pulled back shortly after, it regained momentum to secure a market valuation of around $0.00730 at the time of writing, denoting an increase of over 39% in the last 24 hours.

The Sperax ecosystem is reputed for developing a pioneer auto-yielding stablecoin. Speaking on the stablecoin, crypto analytics platform Messari said,

It combines the scalability benefits of algorithmic stablecoins with the stability benefits of collateralized stablecoins.

Securing a listing on a large cryptocurrency exchange is a big deal for any project as such events can often determine a make-or-break level for the adoption and market impact of the concerned coin. Moreover, being listed on one exchange relative to another could mean the difference between one hundred thousand and ten million customers. This explains why it is of utmost significance that a crypto project, new and old alike, secures a listing spot with top-tier exchanges like Binance or Coinbase.

Notably, a project could have a lot of potentialbut may fail to reach this potential simply because of a lack of exchange listings.

While featuring on Coinbases roadmap does not guarantee that Multichain and Sperax will be listed, it indicates that the largest crypto exchange in America has seen their potential and may support MULTI and SPA in the future.

Notably, Coinbase exchange developed a new roadmap system in an attempt to foster transparency in its listing processes while preventing inside trading.

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Coinbase listing roadmap fuel rallies in Ethereum-based altcoin and another Arbitrum-based project - FXStreet

An Ethereum (ETH)-based altcoin and low-cap Arbitrum (ARB)-based project are skyrocketing after being added to Coinbases listing roadmap.

In a new announcement, Coinbase says that it is adding cross-chain bridge Multichain (MULTI)and Arbitrum-based stablecoin issuer and decentralized finance (DeFi) developer Sperax (SPA) to its listing roadmap.

MULTI spiked from its 24-hour low of $10.70 all the way to $12.05 in just a few hours following the Coinbase announcement, a 12.6% increase. The coin has since retraced and is trading for $11.28 at time of writing.

SPA also rallied, going from its 24-hour low of $0.0054 to $0.00782, a hefty 69% increase in less than an hour. Though Sperax dipped a little after, it once again picked up some momentum and is valued at $0.00783 at time of writing, a 46.2% increase during the last 24 hours.

Being on Coinbases roadmap doesnt necessarily mean the digital assets will be listed, but it does mean that the crypto exchange is considering supporting them in the future. Coinbase created its roadmap system to promote transparency in its listing processes and to prevent insider trading.

Sperax is known for creating the first-ever auto-yielding stablecoin, which according to crypto analytics platform Messari, combines the scalability benefits of algorithmic stablecoins with the stability benefits of collateralized stablecoins.

On the other hand, Multichain is a cross-chain platform that allows users to bridge tokens across different blockchains. It currently supports 74 different chains.

Featured Image: Shutterstock/Yurii Andreichyn/Sensvector

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Coinbase Triggers Rallies in Ethereum Altcoin and One Low-Cap Arbitrum-Based Project After Adding to Roadmap - The Daily Hodl

After the emergence of Bitcoin (BTC), people started to realize that blockchain its underlying technology could be used for other purposes, giving rise to Ethereum (ETH) and making it a powerful competitor to the flagship decentralized finance (DeFi) asset. With time, more networks and cryptocurrencies appeared, threatening to unseat Bitcoins runner-up.

In this context, there are several such digital assets that have stood out as potential Ethereum killers due to the challenge they present to the second-largest crypto asset by market capitalization, as well as their perceived capability to possibly even replace the Ethereum coin as the second most famous asset on the crypto market.

Solana (SOL) has emerged as a strong contender to Ethereums domination thanks to its lower gas fees and high transaction rates (although Ethereum is catching up with its network updates), as well as the use of the Proof-of-History (PoH) consensus mechanism with other more conventional algorithms.

As things stand, Solana is currently changing hands at the price of $24.04, up 1.35% in the last 24 hours, in addition to gaining 14.59% over the previous seven days after it revealed a new solution promising to reduce the cost of on-chain storage. It has also gained 18% on its monthly chart, as well as a whopping 142.31% since the years turn, according to data retrieved on April 13.

Describing itself as a Layer 0 blockchain, Polkadot (DOT) has recently filed a trademark application for the blockchain communication platform Polkadot Converse as well as updating its ecosystem with Kagome 0.9.0, a Polkadot Host implementation written in C++.

Its price at press time stood at $6.42, increasing 2% in the past 24 hours, 0.26% over the previous week, as well as 5.21% on its monthly chart. In terms of its year-to-date (YTD) gains, Polkadot has added 46.73% to its value, as the recent charts demonstrate.

Another Proof-of-Stake (PoS) ecosystem like Ethereum, Avalanche (AVAX) integrates three interoperable blockchains together, providing greater scalability. On April 6, the team launched its Cortina upgrade on the protocols testnet, promising improved Avalanches X-Chain support for crypto exchanges and faster development, among other benefits.

Currently, Avalanche is changing hands at the price of $28.54, which demonstrates a 2.38% climb in the last 24 hours, in addition to increasing its value by 3.03% across the week and 12.59% in the previous month, whereas its gains since January 1 amount to 69.89%.

Layer 2 scaling solution that uses the Ethereum blockchain, Polygon (MATIC) has had a massive surge in gaming activity in March, making it the second-largest gaming blockchain after WAX (WAXP), according to the report by DappRadar.

At present, Polygon is changing hands at $1.12, recording a 2.35% increase in the past day, although it has lost 2.04% during the previous week and 6.16% across the last 30 days. However, those losses are offset by the year-to-date (YTD) gains of 46.69%

A self-upgradable and energy-efficient PoS blockchain that also deploys Liquid Proof-of-Stake (LPOS), Tezos (XTZ) has had multiple positive news this year, as well. First, it announced a partnership with Google Cloud, and then it unveiled the Mumbai protocol, one of its most significant upgrades to date, promising to push Tezos ahead of its competition.

Meanwhile, the Tezos price chart has been slightly choppy in recent days, at press time trading at the price of $1.11, up 0.53% on the day, despite losing 2.85% in the last seven days. On its monthly chart, however, Tezos has gained 1.30%, adding up to the 2023 increase of 52.54%.

Although the future growth in the value of digital assets can depend on multiple factors, the highlighted cryptocurrencies and their teams have demonstrated the capability to justify their status as Ethereums main competitors, guaranteeing more progress this year, accompanied by strengthening prices.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

See the article here:

The next Ethereum? 5 cryptocurrencies poised for massive growth in ... - Finbold - Finance in Bold