The start of the new week ended in the green. The Dow Jones Industrial Average (DJIA) went up 153.50 points (+0.59%) to close at 26,024.96. The NASDAQ Composite went up 110.35 points (+1.11%) to close at 10,056.47, and the S&P 500 went up 20.50 points (+0.66%) to close at 3,117.86.
Shares of Apple shot up more than 2%, hitting a record high after the company made a series of announcements at its annual WorldWide Developers Conference (WWDC). This included the unveiling of its latest version of iOS and that Apple will no longer use Intel chips on its new Mac computers. In other news, the number of newly confirmed coronavirus cases continues to rise in the U.S. and across the planet. This is raising questions and concerns about a global economic recovery.
As for news within the crypto sphere, some of U.Today Crypto News’ headlines include a price analysis for Ethereum (ETH), Bitcoin SV (BSV), Litecoin (LTC), and XRP are to leave the Top 10 list as DeFi assets move upwards, and Bitcoin (BTC) whales move funds.
Ethereum (ETH) Price Analysis: Potential $250 Target
On Saturday, the price of Ethereum (ETH) fluctuated within the lateral range below the two-hour EMA55. On Sunday, Ethereum (ETH) managed to gain a foothold in the average prices field. This morning, small volume buyers managed to break through the $233.33 resistance level.
Buyers were able to support large volumes of growth throughout the day, and the BTC/USD pair continued to recover towards the Percentage-of-Completion line ($243.36). If the volume does not increase, then Ethereum (ETH) will roll back to the average prices field.
Looking at the 4H chart, Ethereum (ETH) was able to move out of the consolidation zone, confirming a short-term bullish scenario. This rise was accompanied by relatively high trading volume, which is a positive sign for the bulls. What is more, the liquidity is quite high in the current zones. In short, this altcoin could maintain this upswing to its nearest obstacle at $237, which is an important resistance level.
Looking at the daily chart, the outlook is not as optimistic as the 4H chart. The trading volume is moving upwards, which means that the ongoing growth is just a bounce before a profound drop. The more likely move for Ethereum (ETH) will be a test of the falling channel’s top level, followed by a drop to $220.
Bitcoin SV (BSV), Litecoin (LTC), and XRP to Leave Top 10 List as DeFi Assets Take Over
Startup investor and advisor Qiao Wang predicts that the current landscape of the Top 10 cryptocurrencies, which are based on market capitalization, are possibly on borrowed time.
Wang, who recently left Messari, admits that he is treating the ongoing decentralized finance (DeFi) euphoria and its assets as being overhyped and overvalued.
Yet, Wang can hardly wait for a Top 10 revolution as a DeFi native and governance asset could potentially break into the ranks, forcing some of the veteran cryptocurrencies out into the cold. The analyst went on to mention three assets that could be the first in the crosshairs – Bitcoin SV (BSV), Litecoin (LTC), and XRP.
Other individuals who commented on his tweet added that Bitcoin Cash (BCH) should be added to the list of condemned behemoths within the blockchain sector.
Bitcoin (BTC) Whales Moving Funds – Start of Next Bull Run
Ki Young Ju, a blockchain analyst who has studied the behavior of Bitcoin (BTC) whales, says that the ongoing outflow of Bitcoin (BTC) may give hope to individuals of the bullish camp.
Over the past several weeks, Ju has researched one of the most aggressive trends within the cryptocurrency sphere and has noticed a significant amount of Bitcoin (BTC) flowing out from exchange storages.
According to the analyst, when the bulls are moving their Bitcoins (BTC) out of exchanges, this means that it’s a reliable ‘buy’ signal for all investors.
It would take a minimum of four months for the bulls to initiate a new rally after the previous cycle withdrawals has reached its maximum level. In order understand his analysis, Ju studied the seven-day moving average of Bitcoin’s withdrawal amount from 31 exchanges. Based on his analysis, the next bull cycle may come into effect by mid-July 2020.
However, the yearly high that occurred in mid-March may be a unique indicator. This could explain the overall market panic that was a result of Black Thursday.