Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin Steadily Rises To $50,000 As Drums For BTC ETF Keep Beating
- Bitwise files a Bitcoin ETF application with the US SEC to invest in futures contracts and other pooled investments.
- Solana goes back online after a transactions flood while Ethereum successfully evaded an attack.
- Ethereum exhausts the uptrend as the IOMAP on-chain metric reveals a robust hurdle around $3,480.
- Ripple deals with a sell signal from the TD Sequential indicator presented on the four-hour chart.
Bitcoin 3.2% in the last 24 hours to trade around $47,600 on Wednesday toward the end of the European session. Similarly, Ethereum has settled above $3,400 after growing its value by 2.4%, tracked on a 24-hour basis. Cardano’s price remains relatively unchanged in the same period while teetering at $2.4.
Wednesday kicked off with news of Solana going offline for hours following a massive surge in transactions. As reported earlier, the beta mainnet was overwhelmed by a huge number of transactions, roughly 400,000 per second. This forced the blockchain to start forking, forcing a temporary offline shutdown to allow node validators to restart the network.
At the same time, Ethereum is reported to have evaded an attack as hackers took advantage to trick node validators. According to Marius Van Der Wijden, an Ether developer, the attacker put forward 550 blocks containing invalid proofs of work.
A few nodes operating Nethermin were tricked into accepting the fake chain, but most of the nodes quickly figured out that the chain was invalid. Later, the sidechain had minimal impact on the network, allowing the affected nodes to join the main network.
Bitwise Officially Enters The Race For A Bitcoin ETF
The crypto asset management and advisory firm Bitwise has become the latest entity to file a Bitcoin exchange-traded fund (ETF) proposal with the US Securities and Exchange Commission (SEC). This application proposes an ETF referred to as Bitwise Bitcoin Strategy ETF, and its purpose is to offer “long-term capital appreciation” through the issuance of futures contracts.
According to the application, this ETF product avoids direct investment in Bitcoin entirely and prefers to dive into cash-settled futures contracts, pooled investment vehicles, and Canadian-listed funds exposed to Bitcoin.
Bitcoin Gradually Closes The Gap To $50k
Bitcoin has settled above $47,000, following an upswing from areas below $44,000. A golden cross pattern seems to have reinforced the uptrend that will likely shrink the distance to $50,000 in the short term. This pattern formed when the 50-day SMA crossed above the 200-day SMA, marking the beginning of formidable upward price action.
According to the MACD, a buy signal is in the offing and may lift BTC to $50,000. As the 12-day EMA returns above the 50-day EMA, the odds for a bull run tend to increase considerably.
BTC/USD Daily Chart
Read More: Bitcoin Price Predictions
Ethereum’s Potential Rally To $4,000 Faces key Barrier
Ethereum gained considerable ground on Monday and Tuesday from support near $3,000. The most prominent smart contracts platform closed the day above $3,400 but lost steam on the approach to $3,500.
Higher support at $3,400 currently ensures that accrued gains from the beginning of the week remain intact. At the same time, bulls have the chance to focus on the recovery mission to $4,000.
On the other hand, the MACD still spots a sell signal, perhaps why recovery is still hampered. Closing the day below $3,400 may trigger losses toward $3,000, but the 50-day SMA is in place to prevent such a dire breakdown from happening.
ETH/USD Daily Chart
IntoTheBlock’s IOMAP on-chain metric reveals an immense resistance running from $3,421 to $3,523. Around 378,000 addresses previously bought 8.6 million ETH in this zone. It would be a daunting task for buyers to crack through this range, as addresses will be trying to break even, dampening the bullish building momentum.
Ethereum IOMAP Metric Reveals Massive Resistance
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Ripple Price Risks Downswing Under $1
Ripple could jot rise to $1.2 after stepping above $1. The international money transfer token has dipped to $0.92 last week amid general crypto volatility. The approach to $1.2 was rejected at the 50-day SMA, leaving XRP vulnerable to another round of losses. Another daily close below this hurdle could result in a spike in overhead pressure, forcing the price down to $1.
XRP/USD Daily Chart
At the same time, the TD Sequential flashed a sell signal on September 12 on the four-hour chart. This call to sell manifested in a green nine candlestick and implies that the uptrend may lose traction, letting bears take control.
This bearish outlook is validated when its low closes the day above the lows of the sixth and seventh candles.
Check out: Is It Too Late To Buy Ripple XRP?