Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: President Bukele states El Salvador will not sell its bitcoin, Bitcoin ETFs land in Brazil and Peru, and Argentine President Javier Milei aims to criminalize central bank money issuance. El Salvador Won’t Sell […]
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Ethereum price is consolidating gains above $3,400. ETH is showing positive signs and might soon aim for a move above the $3,500 resistance zone.
Ethereum price formed a base above the $3,350 level and started another increase, like Bitcoin. ETH broke the $3,400 level to set the pace for more upsides.
There was a clear move above the 50% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low. The bulls are now active above the $3,420 level. There is also a key bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.
Ethereum is now trading above $3,450 and the 100-hourly Simple Moving Average. It is showing positive signs above the 76.4% Fib retracement level of the downside correction from the $3,519 swing high to the $3,305 low.
Immediate resistance on the upside is near the $3,500 level. The first major resistance is near the $3,520 level. The next major resistance is near $3,550, above which the price might gain bullish momentum. The next stop for the bulls could be near the $3,650 level.
Source: ETHUSD on TradingView.com
If there is a move above the $3,650 resistance, Ether could even rally toward the $3,720 resistance. Any more gains might call for a test of $3,800.
If Ethereum fails to clear the $3,520 resistance, it could start a downside correction. Initial support on the downside is near the $3,420 level and the trend line.
The first major support is near the $3,400 zone or the 100 hourly SMA. The next key support could be the $3,350 zone. A clear move below the $3,350 support might send the price toward $3,320. Any more losses might send the price toward the $3,150 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – $3,400
Major Resistance Level – $3,520
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The stablecoin sector experienced a $3.26 billion expansion within the last eight days, climbing from $140.82 billion to $144.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
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Binance is in hot water in Nigeria in the aftermath of its settlement with the U.S. Department of Justice (DOJ). Nigeria’s House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng on Friday, according to a local news report.
Ginger Onwusibe, the chairman of the committee, has asked Teng to appear before the committee by March 4. The summons was issued over its alleged involvement in financial crimes, including money laundering and terrorism financing.
Onwusibe warned that Teng’s failure to answer the summons would force the committee to invoke its constitutional powers and take appropriate steps.
In its U.S. plea deal, which received the judge’s approval last week, Binance pled guilty to money laundering and terrorism financing. The exchange also agreed to pay a historic fine of $4.3 billion and operate with monitoring as part of its settlement.
Shortly after Binance’s U.S. plea deal was announced, in a letter dated Dec. 12, the committee first asked Binance’s Managing Director to attend a hearing on Dec. 18. Binance was asked to brief the committee regarding Binance’s disregard for Nigeria’s laws.
The Nigerian Committee issued the ultimatum after Binance refused its invitation to address the committee in the past several times.
Onwusibe said:
“The constitution of the Federal Republic of Nigeria has empowered us to protect Nigerians from financial crimes, especially by foreign companies… The allegations of terrorism financing, money laundering, and tax evasion, amongst others levelled against Binance are damning enough.”
Onwusibe said the committee is resolved to fight financial crime and “block the leaks and channels to financing terror,” and “no distraction and manipulation can stop us.”
With Nigeria struggling with recession, the committee is also trying to collect as many tax dollars as possible.
According to Onwusibe, Binance caters to over 10 million Nigerians on its platform. However, the exchange does not pay any taxes in the country. Binance also does not have a physical presence in Nigeria where users can lodge complaints, Onwusibe said, adding:
“The era of exploitation is over and all culprits must be held accountable.”
Last week, the country’s telecom regulator, the Nigerian Communications Commission (NCC), ordered telecom companies to block access to websites of foreign crypto exchanges, including Binance, Coinbase, and Kraken.
On Feb. 26, Nigeria’s Department of State Security detained two Binance executives and confiscated their passports in connection with the investigation into Binance, according to a DLNews report.
A day later, Olayemi Cardoso, governor of the Central Bank of Nigeria, said that Binance Nigeria has witnessed “suspicious flows” of money in 2023. He stated:
“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify.”
On Friday, the BBC reported that the Nigerian government has ordered Binance to pay $10 billion in compensation. The report also noted that the government believes Binance and its executives manipulated foreign exchange rates through currency speculation and rate-fixing.
In a report on the same day by the Peoples Gazette Nigeria, a Binance spokesperson said that while the exchange was in talks with the government to “resolve issues,” it has not been informed of a $10 billion fine. In the same report, special advisor Bayo Onanuga said that his comments to the BBC were misinterpreted and that he never said the government had finalized the amount of the fine or that Binance was aware of it.
The promise of the blockchain and cryptocurrency still remains strong. Globally, there continues to be growing interest in the blockchain and peer-to-peer exchanges. We are seeing the institutional adoption of crypto and a rise in interest in retail adoption, too. We have seen the example in the approval of ETFs for bitcoin. However, with every […]
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U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) says bitcoin is the offramp from central banks’ “money printing machine.” Emphasizing that bitcoin is a “hard currency,” he stressed the importance of making the cryptocurrency available to the American public. “Transactional freedom is as important as freedom of speech and you only get that from […]
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Galaxy Digital CEO Mike Novogratz sees “a tremendous global demand for bitcoin,” emphasizing: “This is probably the first time in the history of bitcoin that we have true price discovery.” Noting that there is “a new army of buyers” and there is also “an army of salespeople,” he expects the price of bitcoin to be […]
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Veteran trader and renowned chartist Peter Brandt has doubled down on his bullish outlook for bitcoin. After raising his bitcoin price target for this bull market cycle to $200K, Brandt pointed to “huge monthly bars” on his bitcoin price chart, stating: “My bet is that this is a ‘starting’ candle.” Peter Brandt’s Bitcoin Bull Run […]
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JPMorgan has cautioned investors that the price of bitcoin could fall to $42,000 after the halving event in April. The global investment bank’s analysts explained that $42K is the level they “envisage bitcoin prices drifting towards once bitcoin-halving-induced euphoria subsides after April.” The bank also recently stated that the bitcoin halving and the next major […]
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As the value of cryptocurrencies has risen, the non-fungible token (NFT) market has experienced a 35.14% increase in sales compared to the preceding week. This marks the third consecutive week of sales growth in the NFT sector, with NFTs based on Bitcoin leading the charge throughout this period. NFT Sales Surge Past $412 Million in […]
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