Technical Analysis of ETH/USD for October 11, 2023
October 11, 2023 11:25 am
Crypto Industry News:
The amount of tether (USDT) currently on exchanges is at its highest level since March this year. As Santiment points out, since June 13, 2023, exchanges have recorded a 40% increase in the supply of this stablecoin, which is deposited on their trading platforms.
The market research firm said the value of USDT currently on exchanges today is $9.99 billion. This is the highest level in seven months. In practice, this means that the purchasing power of traders has increased again. At the same time, approximately USD 30 billion in USDT is still outside the exchanges.
What could the above data mean? The fact that the market is slowly preparing for purchases. Investors transfer stablecoins to exchanges to be able to quickly purchase cryptocurrencies with sliding rates – bitcoins, ethers or altcoins. This trend has been going on for some time, as earlier this month Santiment revealed that the amount of stablecoins on exchanges increased from 17.6% to 24.7% in just four months.
The company also added that the assets of the ten largest USDT holding wallets saw their value increase from USD 7.30 billion to USD 9.42 billion in just three months. This also indicates that some groups of investors are increasing their positions in the stablecoin.
Despite still unfavorable market conditions, Tether achieved new milestones. Less than three months ago, the stablecoin’s market capitalization reached a new all-time high of $83.76 billion.
The project also managed to maintain its leading position in the stablecoin market. Today its dominance is 66%. USDT is also present on several blockchains, including Ethereum, Tron, Solana, and Algorand.
Technical Market Outlook:
The ETH/USD pair has resumed the down move and made a new local low at the level of $1,542. Moreover, the bears had broken below the short-term trend line support as well. The intraday technical resistance is seen at $1,600 and $1,582 and the intraday technical support is seen at $1,530. The momentum is weak and negative, so the short-term outlook for ETH remains bearish.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Crypto Industry News:
The amount of tether (USDT) currently on exchanges is at its highest level since March this year. As Santiment points out, since June 13, 2023, exchanges have recorded a 40% increase in the supply of this stablecoin, which is deposited on their trading platforms.
The market research firm said the value of USDT currently on exchanges today is $9.99 billion. This is the highest level in seven months. In practice, this means that the purchasing power of traders has increased again. At the same time, approximately USD 30 billion in USDT is still outside the exchanges.
What could the above data mean? The fact that the market is slowly preparing for purchases. Investors transfer stablecoins to exchanges to be able to quickly purchase cryptocurrencies with sliding rates – bitcoins, ethers or altcoins. This trend has been going on for some time, as earlier this month Santiment revealed that the amount of stablecoins on exchanges increased from 17.6% to 24.7% in just four months.
The company also added that the assets of the ten largest USDT holding wallets saw their value increase from USD 7.30 billion to USD 9.42 billion in just three months. This also indicates that some groups of investors are increasing their positions in the stablecoin.
Despite still unfavorable market conditions, Tether achieved new milestones. Less than three months ago, the stablecoin’s market capitalization reached a new all-time high of $83.76 billion.
The project also managed to maintain its leading position in the stablecoin market. Today its dominance is 66%. USDT is also present on several blockchains, including Ethereum, Tron, Solana, and Algorand.
Technical Market Outlook:
The ETH/USD pair has resumed the down move and made a new local low at the level of $1,542. Moreover, the bears had broken below the short-term trend line support as well. The intraday technical resistance is seen at $1,600 and $1,582 and the intraday technical support is seen at $1,530. The momentum is weak and negative, so the short-term outlook for ETH remains bearish.
Weekly Pivot Points:
WR3 – $1,665
WR2 – $1,638
WR1 – $1,628
Weekly Pivot – $1,622
WS1 – $1,611
WS2 – $1,606
WS3 – $1,589
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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