Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Today we are going to discuss what could be next for Bitcoin and Ethereum especially once/if ETH ETFs get approved.
Is now the time to go balls deep long on Ethereum? Read the newsletter to the end and you will find out.
What's on the menu today?
1. Breaking Crypto News
2. Crypto Fear & Greed Index
3. BTC TA Analysis
4. Is It ETH's Season?
5. Funniest meme of the Week
News Recap
· ENS partners up with GoDaddy to link web domains with blockchain names.
· Solana block production was halted for around 5 hours.
· Ethereum's Dencun upgrade is scheduled for March 13th
Ethereum people looking at the Solana outage
· US Senators marked SEC as “Unethical and unprofessional”
· Bitcoin spot ETFs hit an important milestone of $10 billion in assets under management.
Do you want to read more about each piece of news?
Check out the News section on our educational platform here 👇🏼
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Crypto Fear & Greed
Bitcoin TA Analysis
· Bitcoin Daily Time Frame
Bitcoin has been on the rise for more than two weeks now and just last week we warned you about the potential upside move. If you took the trade based on the support and resistance levels we present to you every week you could have made an 8R trade - would risk 2% for making 16%, meaning you would risk 1R to get an 8R return.
At the time of writing, it seems like $48k is a resistance so pay attention to this level. If $BTC consolidates above it expect a move to $50k or even higher and if $BTC drops below this level it could continue going down to at least $46k.
What happens after that? Make sure you read the next Crypto Recap newsletter.
Is It ETH's Season?
It just may be ETH’s time to shine.
Remember the ETF hype that was pushing the price of Bitcoin higher from the June 15th low of $24770 up to the approval on January 11th and price of $48975! Return of almost 100% on an asset with a market cap of almost $1 trillion (up from around $500 million).
Now just imagine what an ETF hype could do to the price of ETH with a current market cap of ≈$300 million. But speculation and going all in on this information alone wouldn’t be ideal so let’s dive deeper.
Dencun upgrade
One of the main highlights of the Dencun upgrade is its potential to significantly speed up transaction times. This is crucial as Ethereum continues to grow in popularity. If you were in crypto last bull run you know how congested the ETH chain can get, pushing gas fees into 3, 4, or even 5 digits.
In addition to making Ethereum faster, the Dencun upgrade aims to bolster its security. With more robust security protocols, Ethereum aims to better protect its users and their assets from the digital thieves of the internet.
Sustainability is another key focus of the Dencun upgrade. Ethereum's shift towards a more energy-efficient framework. It's a step towards reducing the blockchain's carbon footprint, ensuring that Ethereum can continue to grow without significantly impacting the environment.
Holding Crucial Support
We've already talked about this but it’s something to pay close attention to.
This ≈0.05 zone served as support back in 2017-2018 and then as resistance in 2020-2021 and after $ETH broke through it served as support for around 3 years now.
Pay close attention to ETH/BTC ratio because if it loses the current support ETH could get absolutely smoked.
Supply Squeeze
First of all - ETH IS DEFLATIONARY!
Add on top of that the $ETH rewards go to the long-term holders who don’t sell at least until we get closer to the top of the bull run (if they do).
ETH supply in the last 3 years
And if ETH ETFs get approved on May 23rd there will also be institutional demand for Ethereum which will only increase the demand while the supply can’t expand, contrary the supply will even decrease. This will lead to a supply squeeze but exactly when will this happen is a billion dollar question.
P.S. Will history repeat? $ETH pumps → ETH betas follow?
Funniest Meme of the Week
