• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Ethereum

Ethereum Shows Signs Of Exhaustion, But Could It Still Touch $1,700?

Reynaldo Marquez by Reynaldo Marquez
1 year ago
in Ethereum
Reading Time: 2 mins read

The crypto market has extended its bullish momentum despite recent tailwinds, Ethereum continues to lead in this recovery. The second crypto by market cap trades at $1,600 with a 35% profit in the past week.

Related Reading | Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains

Trading firm QCP Capital shared a market update claiming the current bullish price action has been a “pleasant surprise for all”. This price action started on the back of the latest U.S. Consumer Price Index (CPI) print; a metric used to measure inflation.

The CPI stands at a 40-year high which was expected to have a negative impact on the crypto market. The opposite occurred, the trading firm claims, due to market participants expecting lower inflation in the coming months.

This potential decline in inflation could give some room for risk asset to continue their rally and persuade the U.S. Federal Reserve (Fed) from ruling out a 100-basis point (bps) interest rate hike. The financial institution will announce its decision on July 27. QCP Capital said:

Currently, a 20% chance of 100bps is still being priced in but our view is that 75bps is the most the Fed will do. So expect another boost as 100 bps gets completely priced out.

Ethereum is leading the relief because there is more clarity around the upcoming “Merge”, an event set to combine this network’s execution layer with its consensus layer. Thus, consolidating Ethereum’s migration to a Proof-of-Stake (PoS) consensus protocol.

“The Merge” has been tentatively scheduled for September which has contributed to the shift in the general sentiment across the crypto market and supported this rally. The bullish price action, QCP Capital said, has been “keenly felt in the options market”.

The sector saw a “rush” to purchase buy contracts (calls) for the September expiry. In other words, options traders are bullish on the potential impact that “The Merge” will have on Ethereum.

Ethereum ETH ETHUSDT
ETH’s price with minor gains on the 4-hour chart. Source: ETHUSDT Tradingview

Can Ethereum Extend Current Rally?

Conversely, the options markets hint at potential exhaustion for Ethereum in the short term. QCP Capital records an increase in calls selling for ETH’s price and believes insolvencies announcements from other companies could operate as tailwinds for the second crypto by market cap.

Part of the contagion triggered by the default of crypto hedge fund Three Arrows Capital (3AC), which failed to honor billions in debts from their counterparties, many companies have been negatively impacted. This includes Celsius, BlockFi, Voyager, and Genesis.

These companies have had to halt their operations at some levels with new companies announcing that they have been affected by 3AC coming out almost every week. Yesterday, crypto exchange Zipmex suspended withdrawals, and there have been growing rumors about other companies taking similar measures.

Related Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

QCP Capital said:

While the markets have been sanguine, it might not be completely free of the credit contagion yet. We have been adding to our downside skew position and we are keeping slightly long gamma and vega (longer term options).

Tags: ETHethereumETHUSDT
Tweet123Share196ShareSend
Reynaldo Marquez

Reynaldo Marquez

Reynaldo is a journalist at NewsBTC with a passion for crypto. He has worked in the space since 2018, and interviewed industry leaders, and written about the ways crypto can impact society and the global economy. In his free time, Reynaldo enjoys weightlifting and reading. He sees crypto as the future of finance and seeks opportunities to learn and grow as a trader.

Related Posts

Ethereum Golden Cross

A Golden Opportunity For Ethereum? 600% Buy Signal Returns

2 hours ago
Ethereum

Ethereum Return To $4,800: Analyst Identifies Pattern To Trigger Rally To ATH

2 days ago
Ethereum

Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

4 days ago
Best Time to Buy Ethereum Could Be Soon: Last Cycle Suggests

Ethereum Outperforms Bitcoin: Is The Altcoin Season Officially On?

5 days ago
Ethereum

Ethereum Conquers $2,100: On-Chain Data Paints Path To $2,400

5 days ago
Ethereum

Ethereum To $36,800? Token Terminal Predicts When This Will Happen

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Terra Luna and Cardano Holders Pivot to New Crypto Token...

    4 hours ago
  • Bitcoin Aims Again for $38,000 Mark; Mantle & Borroe...

    5 hours ago
  • Investing in SCORP: A Comprehensive Guide for Newcomers to...

    6 hours ago
  • $BTC Sender Pays $3.1 Million in Single Transaction Fee...

    8 hours ago
  • SEC Calls $ADA and $SOL “Securities” in New Kraken...

    1 day ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.