Bitcoin prices rebounded on Tuesday on the expected approval of a spot Bitcoin ETF and the impact of the upcoming halving event that will impact the supply and value of BTC. At the same time, FTX revised its bankruptcy plan with the goal of liquidating most of its cryptocurrency assets to distribute cash to creditors and customers. The plan awaits creditor approval and final judicial consent. Additionally, the Crypto Fear and Greed Index currently stands at 73, indicating “greed,” suggesting that the market may be overly optimistic, a sentiment reflected in historical pre-halving market patterns.
As we delve deeper into the dynamic realm of cryptocurrencies, we will explore the latest developments and price predictions for major players such as Ethereum (ETH), Ripple (XRP), and Cardano (ADA).
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Ethereum’s institutional movements and regulatory changes
Recent developments in the Ethereum market have been marked by significant institutional and regulatory activity that could potentially impact the price. Institutional cryptocurrency whale Galaxy Digital has been gradually selling Ethereum, depositing a total of 31,437 ETH (about $71 million) on the exchange. This massive sale of Ethereum by Galaxy Digital, led by former Goldman Sachs partner Mike Novogratz, could signal bearish sentiment among institutional officials.
Additionally, another whale that had been dormant for a year has reawakened and sold a significant amount of Ethereum on a decentralized exchange. The company sold 18,865 ETH for 42 million DAI stablecoins and still holds 5,588 ETH, worth about $12.5 million. This significant selling activity, especially from long-dormant whales, suggests a change in Ethereum holding patterns and could potentially put downward pressure on the Ethereum price.
On the regulatory side, there are signs that the U.S. Securities and Exchange Commission (SEC) may reevaluate its stance on Ethereum. Bloomberg analyst James Seyffart discussed the SEC’s recent approval of an Ethereum futures ETF. This development is seen as a tacit acceptance of Ethereum as a commodity rather than a security, a sentiment reflected by SEC Chairman Gary Gensler’s relative silence on Ethereum compared to his recognition of Bitcoin as a commodity. . If Ethereum were classified as a commodity, it would avoid the regulatory complexities and restrictions associated with securities, potentially strengthening its market position through 2024.
These combined factors, including massive selling by institutional players and potential regulatory changes, present a mixed outlook for the Ethereum price. Sales activity may indicate a short-term bearish trend, but potential regulatory reclassification could pave the way for long-term stability and growth.
Ethereum (ETH) technical analysis
Ethereum (ETH) is currently showing a mix of bullish and bearish signals on technical analysis. The coin has seen a weekly gain of 0.86% and a respectable year-to-date gain of 87.85%. Its market capitalization is solid at $269.73 billion, with trading volume over the last 24 hours reaching $10.47 billion. On the bullish side, the 10-day simple moving average (SMA) and 200-day SMA are $2,240.41 and $2,227.08 respectively, suggesting a potential upward trend if the price remains above these averages. The Relative Strength Index (RSI) of 58.11 indicates that ETH is neither overbought nor oversold and offers room for upside.
Conversely, an average directional index of 35.49 indicates a lack of a strong trend and negative momentum of -3.21 indicates a potential change in direction. ETH has support levels at $2,108.98 and $2,023.13 and resistance levels at $2,317.86 and $2,440.89. A break below the immediate support could see ETH testing lower support and possibly down to the one-month low of $1,919.58.
Ethereum (ETH) price prediction
In an optimistic scenario, if Ethereum maintains momentum above the immediate resistance level, we could see it approaching a one-month high of $2,402.25. The approval of the Ethereum futures ETF and its possible reclassification as a non-security instrument by the SEC could boost positive sentiment, pushing the price up to a 13-week high of $2,402.25 or a 52-week high of $2,402.25.
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On the negative side, increased activity from whales like Galaxy Digital and significant selling could put downward pressure on the Ethereum price. If ETH breaks below the immediate support, it could head lower, with a 38.2% retracement from the 4-week low of $2,103.96 possible and a 50% retracement from the 13-week high/low of $1,962.66. The market’s reaction to FTX’s bankruptcy resolution plan and its impact on the broader cryptocurrency space will also be important in determining ETH’s performance.
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Ripple (XRP) is experiencing a surge in awareness and institutional interest.
Ripple (XRP) has been witnessing a significant increase in attention and potential growth factors. XRP advocate John Deaton was recently named “Lawyer of the Year,” highlighting the growing legal and regulatory interest surrounding XRP.
This recognition could strengthen Ripple’s legal status and investor confidence in the digital asset.
Meanwhile, Ripple’s vice president predicted a surge in cryptocurrency adoption by financial institutions by 2024, offering optimism that XRP could play a key role in the expected institutional acceptance.
Adding to the positive momentum, XRP saw weekly inflows surge by 338%, indicating a significant increase in investor interest and capital inflows. These developments collectively paint a promising picture for Ripple’s XRP, potentially pushing its price and market position higher in the near future.
Ripple (XRP) Technical Analysis
Currently, the price of XRP is falling slightly, showing a weekly decline of 1.73% and a monthly decline of 0.47%. However, the six-month performance shows an increase of 21.45%, and since the beginning of the year, XRP has increased an impressive 79.44%. The market capitalization is $32.84 billion and the trading volume is $1.16 billion.
The 10-day simple moving average (SMA) is $0.6100, while the 200-day SMA is close behind at $0.6177. The relative strength index (RSI) is 52.02, indicating neutral market momentum. The immediate support level is $0.5819 and the next support level is $0.5541. The immediate resistance level is at $0.6502 and the next resistance level is at $0.6907.
Ripple (XRP) Price Prediction
In an optimistic scenario, if XRP breaks through the immediate resistance level, it could target a one-month high of $0.6995, aided by recent positive developments such as John Deaton’s recognition and predictions of increased adoption of cryptocurrencies by financial institutions. If momentum continues, XRP could approach a 13-week high of $0.7479.
Conversely, on a bearish outlook, if XRP fails to hold above immediate support, it could fall to a one-month low of $0.5794. The market’s reaction to the ongoing legal scenario and institutional investor behavior will play a significant role in determining XRP price direction in the near term.
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Focus on Cardano’s growing network activity and scalability
IOG CEO Charles Hoskinson recently celebrated Cardano’s high network activity and challenged the ‘ghost chain’ narrative that sometimes appears in the cryptocurrency community. This heightened activity signals strong engagement and usability for the Cardano blockchain, potentially strengthening investor confidence in ADA. Hoskinson also provided clarification that addresses concerns that ADA blocks are too full, enhancing Cardano’s scalability and efficiency. These developments reflect Cardano’s growing ecosystem and technological resilience, factors that could positively impact the market perception and price of ADA.
Cardano (ADA) Technical Analysis
Cardano (ADA) presents a diverse landscape in technical analysis. The coin has recorded an impressive 6.43% weekly increase, 55.31% monthly surge, and 138.65% year-to-date growth. The current market capitalization is $20.71 billion and the 24-hour trading volume is $672.45 million. The 10-day simple moving average (SMA) is hovering around $0.5994, with the 200-day SMA close behind at $0.5994. The Relative Strength Index (RSI) is currently at 42.25, indicating a possible shift to more optimistic sentiment. The immediate support level is $0.5043 and the next support level is $0.4286. Meanwhile, the immediate resistance is at $0.6676 and the next resistance is at $0.7552.
Cardano (ADA) Price Prediction
In an optimistic scenario, ADA’s recent increase in network activity and improved scalability could push the coin past its immediate resistance level and target a one-month high of $0.6778. This optimistic outlook is supported by ADA’s growing ecosystem and technological advancements. Conversely, from a bearish perspective, if ADA fails to maintain upward momentum and falls below the immediate support level, it could test lower levels and potentially approach the one-month low of $0.3497. Cardano’s continued development and the market’s response to broader market trends will be important in determining ADA’s price trajectory in the future.
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Closing Thoughts
From Bitcoin’s ETF outlook and halving event to Ethereum’s regulatory changes, Ripple’s institutional interest, and Cardano’s network evolution, each coin offers unique opportunities. Don’t forget that StealthEX’s festive giveaways are even more exciting this season! So whether you trade, hold, or are just curious about cryptocurrencies, stay tuned to the pulsing rhythms of the cryptocurrency world and hope your investments bring you joy and prosperity this holiday season and beyond. .
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily and is not intended to be used as legal, tax, investment, or financial advice.