First Mover: Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis
 March 11, 2021  Everything you need to make sense of the crypto markets and beyond Sponsored By:  By the CoinDesk Markets Team Edited by Lawrence Lewitinn If you were forwarded this newsletter and would like to receive it, sign up here. Bitcoin (BTC) +2.5% $56,250 Ether (ETH) -1.9% $1,781 (Price data as of Mar. 11 @12:00 UTC) Good morning. Here's what we're writing about:
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TECHNICIAN'S TAKE by DAMANICK DANTES Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis Ether (ETH), the second largest cryptocurrency by market cap, is up about 140% year-to-date, but the uptrend has slowed since January. The first level of support is around $1,561, defined by its 50-day volume weighted moving average.  Chart shows RSI divergence with ETH uptrend. (Source: TradingView)
--Damanick Dantes
Read the original story here: Ether Uptrend Is Weakening, Could Test Lower Support: Technical Analysis
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BEHIND THE MARKETS by MUYAO SHEN Will Bitcoin Crash? Not Below $48K, Blockchain Data Suggests Bitcoin has often traded like a risky asset over the past few weeks – selling off along with U.S. stocks as bond yields rose, typically in response to nagging worries the Federal Reserve might step in to tighten monetary policy sooner than previously signaled.
But a new analysis of data extracted from the Bitcoin blockchain suggests the risk of a steep sell-off might be capped on the downside by buyers who appear to enter the market whenever prices fall to about $48,000.
There are no signs that such a sell-off is brewing, with bitcoin's price rising Wednesday for a sixth straight day to a two-week high around $57,000. But the new analysis, by the South Korean blockchain-tracking firm CryptoQuant, might give traders comfort that prices aren't likely to revisit the end-of-2020 level of around $29,000 anytime soon.
"Speculative guess, but institutions would buy more if the price is falling," Ki Young Ju, CryptoQuant's CEO, told CoinDesk,
According to CryptoQuant, dips in bitcoin prices to about $48,000 over the past month coincided with unusually large withdrawals from wallet addresses linked to the cryptocurrency exchange Coinbase's Coinbase Pro segment:  Bitcoin outflows from Coinbase Pro (Source: CryptoQuant) Those outflows "might be institutional deals through Coinbase's over-the-counter (OTC) service or Coinbase prime," Ki said. The implication is that the institutional investors might be moving their bitcoins off Coinbase Pro into so-called "cold wallets," typically because they have little intention of selling anytime soon.
So far, $48,000 appears to be an attractive purchase price. Based on a price of $56,000, investors are sitting on returns of roughly 16%. --Muyao Shen Original story found here: Will Bitcoin Crash? Not Below $48K, Blockchain Data Suggests
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ICYMI In case you missed it, here is yesterday's episode of First Mover: Inflation Up 0.4% in February; Lawmakers Propose Evaluating Crypto Regulations What will Congress and the SEC do about crypto? Former SEC Commissioner Paul Atkins weighs in. Also, Multicoin Capital's Kyle Samani on DeFi's boom and Alejandro Machado with the continuing story of Venezuelans seeking refuge in cryptocurrencies.
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