Price Analysis 10/02: BTC, ETH, DOGE, and ETH BETA COINS!

In today’s market analysis, a focus is placed on various Ethereum Beta tokens amidst the dynamic events that unfolded throughout the day. Investors should brace themselves for a rollercoaster ride, given the influx of news, FUD (Fear, Uncertainty, Doubt), and ever-changing narratives occurring every hour.

The market commenced with a notably tumultuous tone, particularly following a deceptive ETF Approval post made by a hacker. The post surfaced on platform X, asserting the approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (@SECGov) through its official X account. However, a few minutes later, Gary Gensler issued a statement clarifying that the account had been hacked, and no approval for a Spot Bitcoin ETF had been granted. This unexpected turn of events triggered a significant shift in narrative and led to widespread liquidations across the entire cryptocurrency space.

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Image Source: https://coin360.com

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Bitcoin Market Analysis

Bitcoin has experienced a notable shift since the last analysis, surging by at least +$2000 or a 5% movement since the discussion on Monday, January 8, 2024. Several fundamental factors contribute to this, primarily the heightened anticipation surrounding spot Bitcoin ETF news. Additionally, a plethora of analyses from reputable sources like Bloomberg has continuously speculated on bullish news, creating an atmosphere of expectation in the market, particularly evident on the active X platform frequented by crypto enthusiasts.

As of the current moment, BTC has successfully reached our previously identified price target of $47,000 and even peaked at $48,000 on Binance USDT perpetual futures. However, a significant downturn followed in response to the circulation of fake ETF filing news. If this downward trend persists and the previous support levels of $45,000 to $44,000 are breached, there is a possibility of the price plummeting as low as $40,000. To offer a clearer perspective, a chart has been provided below, outlining potential expectations for the coming days.

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Ethereum Market Analysis

In the previous ETH analysis, the emphasis was on the bullish potential, contingent on the strength of the support at $2100. Surprisingly, the support held, propelling the price to an impressive $2,430—a substantial increase of +$205 or +9% from the initial charting. The impact of the fake ETF news on Ethereum has been both incredible and unexpected, particularly evident in the ETHBTC rebound shortly after the revelation that the Spot Bitcoin ETF news was false.

Following the news, a significant number of investors and VC firms promptly shifted focus to acquiring ETH and withdrawing funds from centralized exchanges (CEX) to diminish CEX supply, contributing to a bullish sentiment. This transactional shift was swiftly observed on the blockchain. Notably, a billion dollars’ worth of USDT was minted just a few hours before the ETF news, potentially prompting investors and speculators to engage in FOMO (fear of missing out) trading, especially in long positions for alts, particularly ETH. SRC Considering these factors, an analysis has been outlined to provide insights into what can be expected in both the ETHBTC and ETHUSDT pairs.

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Altcoin Watchlist:

Observing a distinct bounce on the ETHBTC chart, attention should also be directed towards potential Ethereum beta plays. The provided image depicts the comprehensive list of ETH beta tokens, but the focus will be narrowed down to a select few with evident fundamentals or upcoming narratives.

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DOGE

DOGE, among the earliest memecoins to gain popularity, frequently engages with Elon Musk, who considers it one of his favorite dog-themed tokens. On Tuesday, January 9, 2024, a sensational piece of news surfaced on the X platform, reporting the alleged demise of the Doge Dog (Kabosu) in Japan. Subsequently, it was confirmed that the news was fabricated, but the impact on DOGE’s price action had already occurred. Reacting to the news, Elon Musk promptly removed the #DOGE ticker from his profile, causing widespread confusion regarding the token’s manipulation.

Despite the tumultuous events, from a technical standpoint, a robust high-timeframe range is still forming, urging a stance of patience for now. A breakout above the resistance at $0.875 could signify a potential pump, while maintaining the steadfast support at $0.711 may indicate signs of a rebound. It’s important to note that the token experienced considerable manipulation, fueling ongoing fear, uncertainty, and doubt (FUD) across various cryptocurrency discussion platforms.

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Lido Finance

The current standout beta play for Ethereum is Lido Finance, positioned prominently among ETH liquidity staking platforms with steadily increasing revenues and total value locked (TVL). The token initially gained attention in early January of 2023, coinciding with the emergence of the LSD narrative. Interestingly, it’s during this time of the year that LDO is once again attracting significant interest. Other LSD protocols, such as Frax Finance and Pendle, are also gaining attention.

From a technical standpoint, LDO has recently achieved a new yearly high at $4 on certain exchanges. Should the upward momentum persist, attention should be directed towards the $3.33 and $2.6 levels, both of which serve as robust support levels. Monitoring these key levels is essential for assessing the token’s resilience in the market.

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Arbitrum

ARB is currently undergoing significant upgrades and introducing new functions throughout the year. One notable development is Arbitrum Orbits, a feature set to launch this year, enabling the permissionless creation of L3, or Orbit Chains. These Orbit Chains will empower developers to operate high-volume decentralized applications (dapps) with customizable parameters, including aspects such as privacy, fee tokens, governance, and nearly fully customizable chain configurations. Additionally, the platform supports a diverse range of programming languages such as Rust, C, and C++.

The long-term vision of the Arbitrum Foundation involves establishing communication among chains, fostering an ecosystem of Orbit Chains interconnected by the main Arbitrum One or Arbitrum Nova network. With robust fundamentals and a stream of bullish news, it’s not surprising that Arbitrum’s total value locked (TVL) has surged from $900 million to over $2 billion.From a technical perspective, Arbitrum appears strongly bullish, firmly holding its previous all-time high at $1.82. As long as the price remains above this support level, there is potential for further upside in the market. Investors are likely keeping a close eye on these developments and technical indicators to gauge future opportunities.

Via: 2Usethebitcoin.com

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