Bitcoin Price and Ethereum – Casper, Ethereum Name Service and Maker Pump Close to 20%

Early on October 10, major cryptocurrencies were trading in the negative, with the global crypto market cap at $944 billion, down 1.04 percent from the previous day. The entire cryptocurrency market volume in the last 24 hours is $31.85 billion, a drop of 37.51%.

Bitcoin, the leading cryptocurrency, is consolidating near $19,460, up 0.08% during the Asian session. BTC has formed a Doji candle, followed by a strong bearish trend, indicating that bears are exhausted and bulls may enter the market to capture an oversold coin.

Similarly, Ethereum is trading choppy near $1,326, up 0.06%. The ETH/USD pair has yet to break out of the ascending triangle pattern I discussed in my previous report.

Fear and Greed Index signals extreme fear

The market continues to trade with a risk-off sentiment, with investors preferring safe haven assets such as gold and the US dollar. The Fear and Greed Index indicates “Extreme Fear” in the market, which may be one of the reasons for the overall decline in the cryptocurrency market.

At the same time, investors believe that “Extreme Fear” is a good time to enter the market because most cryptocurrencies are oversold, and this can be a good time to go long on an oversold coin.

Stronger US dollar and Fed rate hike

On Friday, the US Bureau of Labor Statistics reported labor market figures for the United States. The US unemployment rate fell to 3.5% in September 2022, matching July’s 29-month low and below market expectations of 3.75%. While non-farm payrolls rose by 263,000 in September, economists had expected an increase of 248,000 from the previous month.

With strong economic data, the US Federal Reserve may continue to raise interest rates, putting pressure on the crypto market. The market is taking a breather, just as expectations for further US interest rate hikes are at an all-time high.

According to estimates, the US dollar may have a quarterly interest rate of 4.7%. If that is the case, the cryptocurrency market could pick up again in the spring of 2023, as expectations of US interest rate cuts rise in tandem with falling inflation.

Robert Kiyosaki, the best-selling author of Rich Dad, Poor Dad, predicted that the US dollar would fall before January 2023. The price of Bitcoin, Ethereum and other cryptocurrencies will rise.

This forecast comes as economic data indicates that the Fed’s monetary tightening measures are beginning to bear fruit.

However, Michael Novogratz, CEO of Galaxy Digital, stated that while Bitcoin remains a great investment vehicle in the current environment, it is unlikely to surpass $30,000 by the end of the year.

He claims that the Fed’s efforts to fight inflation have significantly affected Bitcoin, and that the market can only grow if these policies are eased.

Bitcoin price prediction and technical outlook

The current Bitcoin price is $19,471.61, and the 24-hour trading volume is $17.39 billion. Bitcoin has increased by 0.46% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $373 billion.

Bitcoin has failed to regain momentum in 2021. Furthermore, high Federal Reserve interest rates have hampered the price of other prominent cryptocurrencies.

Bitcoin has recovered this week due to an unexpected bitcoin price forecast from a well-known US regulator.

On the technical front, Bitcoin is expected to find immediate support near $18,970 and resistance at $19,950. The 50-day moving average (MA) keeps BTC bearish while providing significant resistance at $19,950.

On the daily time frame, a descending triangle pattern remains in place and it is likely to keep Bitcoin bearish until BTC breaks out of the $20,275 resistance level.

Above $20,475, Bitcoin has the potential to challenge the next resistance level at $21,905 or $22,760. On the other hand, a break below $18,970 support could push BTC towards $18,416.59 or $17,709 levels.

Ethereum prediction and technical outlook

The current price of Ethereum is $1,325.77, with a 24-hour trading volume of $5.82 billion. In the last 24 hours, Ethereum has risen 1.20%. CoinMarketCap is now number 2, with a market capitalization of $162 billion.

Ethereum has recovered after suffering significant losses due to the selling pressure from the merger. According to recent data, there was a huge increase in the size of the Ethereum network, which could be good news for the altcoin.

Santiment, an intelligence tool in the chain, has shown that network growth has increased dramatically. Even more impressive, the increase was the highest increase in network size since December 2021.

An increase in this measure suggested an increase in the number of unique addresses sending Ethereum for the first time. It meant that Ethereum became increasingly popular. However, Ethereum has the potential to show a bullish trend; perhaps a stronger dollar keeps it under pressure.

The ETH/USD pair is trading in the same narrow range of $1,300 to $1,400. An ascending triangle remains intact on the daily time frame, extending resistance near $1,400 and providing immediate support near $1,300.

Leading technical indicators such as RSI and MACD are diverging now, with RSI indicating a sell trend while holding below 50 and MACD indicating a buy trend.

In contrast, the 50-day moving average suggests a selling trend in Ethereum. However, a bearish breakdown of the $1300 level could bring ETH down to $1225 or $1110.

Casper, Ethereum Name Service and Maker Pumps Close to 20%

In addition to Bitcoin and Ethereum, altcoins are also making headlines, having risen nearly 20% in the past seven days.

Casper Pumps 22.52%

Casper’s current price is $0.036241, with a 24-hour trading volume of $18 million. Casper has increased by 3.14% in the last 24 hours and almost 22.52% in the last seven days. CoinMarketCap currently ranks #90, with a live market cap of $377 million.

Ethereum Name Service Storms 20%

Contrary to the general direction of the cryptocurrency market, Ethereum Name Service (ENS) has seen an increase of around 20% in the last week. The 98th ranked digital currency started trading at $14.29 on October 3 and reached a high of $17.48 on October 10.

The events in the chain were analysed, and the development of ENS was found to be skyrocketing. Data from Santiment shows that after falling to 3.146 on 2 October, development activity on the ENS has steadily increased this week to 6.79.

Maker pumps up 17.50%

Recently, MakerDAO, the protocol’s governing body, announced that a months-long community-wide vote had ended. The aim of the survey was to select the most profitable investment strategy for Maker treasury funds.

The result was a $500 million investment in corporate and short-term US government bonds. The Decentralized Autonomous Organization (DAO) approved a $1 million pilot transaction on October 6, with the rest of the funds to be transferred after community approval. The executive vote came from Maker token holders.

MakerDAO has supported reducing the concentration of collateral used to back DAI, reducing the risk to the DAI token and MakerDAO’s solvency. It will also allow the DAO to distribute unused funds and increase the protocol’s income.

In response to the vote, the MKR price has risen significantly, increasing by almost 20% in the last seven days. It is trading near $914.68, up 5.62% in 24 hours.

MKR is currently facing strong resistance near the $999 level, which is extended by a downtrend line. A break above this level could push the price up to $1,187 or $1,393. At the same time, MKR’s support remains at $876 or $697.