- Stablecoins account for the majority of transactions in the Ethereum network.
- With BTC and XRP in bullish terrain, Ether is acting as lag for the Top 3.
- Cryptos’ technical prospects are worsening with every passing day, consuming capital without moving upwards.
The crypto board is waiting for Ethereum to break higher and launch the market in the race for new all-time highs.
Precisely, the Ethereum network stands out in recent days because of the dominance that stablecoins have acquired in the total volume of transactions that run on the network sponsored by Vitalik Buterin.
According to data available on decentralized Exchanges such as dex.watch, the tokens that topped the Top 5 by volume (ETH) in the past 24 hours are Dai Stablecoin (8216 ETH), Synthetix (3121 ETH), Unibright UBT (ETH 1862), USDC (1726 ETH) and sUSD (1037 ETH).
During the same period, the network has transacted only 601 Ethers.
The value of a Dex network weights its level of usage, and the more projects using that same network, the higher the stability and reliability. The collateral for all of these Defi applications is the Ether, in this case, modelled as the utility base for a business that supports millions of dollars in transactions per day.
ETH/BTC Daily Chart
ETH/BTC is currently trading at the price level of 0.01873 (+0.38%) and is losing the support of the EMA50. The opening below the exponential moving average puts the current price range at risk and opens the door to declines for support at the 0.018 level.
Above the current price, the first resistance level is at 0.01897, then the second at 0.0195 and the third one at 0.020.
Below the current price, the first support level is at 0.0187, then the second at 0.018 and the third one at 0.017.
The MACD on the daily chart completes the bearish cross but remains in the bullish zone of the indicator. The slope suggests consolidation rather than a change in the direction of the trend.
The DMI on the daily chart shows both sides of the market are on the verge of a collision, and it is now clear who will control the pair in the coming sessions.
BTC/USD Daily Chart
BTC/USD is currently trading at $9,328 (+0.45%) after finding support at the $9,150 level. The decline in the price after the upward break of the bearish trend line is being minimal, a sign of buying interest.
Above the current price, the first resistance level is at $9,500, then the second at $10,600 and the third one at $11,250.
Below the current price, the first support level is at $9,150, then the second at $8,900 and the third one at $8,550.
The MACD on the daily chart shows that the bullish cross is active again, although it is not getting an opening between the lines to ensure the continuity of the movement.
The DMI on the daily chart does show a clear bullish pattern. The bulls are moving back above the ADX line, ensuring upward movement as long as this condition remains in place. The bears stay at low levels and do not risk the domination of the buying side.
ETH/USD Daily Chart
ETH/USD is currently trading at $175 (+0.89%) on the third day of the SMA200 barrier for the Ether. The full bullish scenario, not only for Ether but for the whole market, is $9 higher. It looks close, but it will not be easy.
Above the current price, the first resistance level is at $180, then the second at $184 and the third one at $190.
Below the current price, the first support level is at $170, then the second at $160 and the third one at $155.
The MACD on the daily chart is crossing back up, but the bullish profile is so slight that it is more realistic to consider it as a neutral bullish move. As a secondary data point, it is a good idea to consider the height of the indicator from the neutral zone.
The DMI on the daily chart shows that the bulls are currently leading ETH/USD. The bears are rebounding upwards, but are still far from being able to contest the leadership on the buying side.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.2360 (+0.37%) after recovering from the sales that have appeared during the Asian session. The $0.24 level is shaping up as an extreme resistance for the XRP advance.
Above the current price, the first resistance level is at $0.24, then the second at $0.253 and the third one at $0.26.
Below the current price, the first support level is at $0.225, then the second at $0.215 and the third one at $0.20.
The MACD on the daily chart is entirely horizontal with the two lines at the same level. The MACD on the daily chart is utterly flat with the two lines on the same level. This profile does not provide any information in the short term, but it does convey weakness in XRP/USD.
The DMI on the daily chart shows that the process of moving closer to the market continues.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Coinbase lists WIF perpetual futures contract as it unveils plans for Aevo, Ethena, and Etherfi
Dogwifhat perpetual futures began trading on Coinbase International Exchange and Coinbase Advanced on Thursday. However, the futures contract failed to trigger a rally for the popular meme coin.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
Ethereum cancels rally expectations as Consensys sues SEC over ETH security status
Ethereum (ETH) appears to have returned to its consolidating move on Thursday, canceling rally expectations. This comes after Consensys filed a lawsuit against the Securities & Exchange Commission (SEC) and insider sources informing Reuters of the unlikelihood of a spot ETH ETF approval in May.
FBI cautions against non-KYC Bitcoin and crypto money transmitting services as SEC goes after MetaMask
US Federal Bureau of Investigations (FBI) has issued a caution to Bitcoiners and cryptocurrency market enthusiasts, coming on the same day as when the US Securities and Exchange Commission (SEC) is on the receiving end of a lawsuit, with a new player adding to the list of parties calling for the regulator to restrain its hand.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?