The current Ethereum Price Prediction suggests a potential drop before an upward rally. Recently, Ethereum (ETH) has faced significant volatility, dipping by 10.8% in the past week after a strong rally above $2,700 failed to hold. Currently, the price hovers around $2,389, showing signs of recovery, but crypto analysts are divided over what lies ahead for the second-largest cryptocurrency by market cap.

Symmetrical Triangle Pattern and Potential Price Action

A prominent crypto analyst, known as Trader Tardigrade, recently highlighted that Ethereum could be forming a “Symmetrical Triangle Bottom,” a technical pattern that might suggest a reversal in the price trend. However, the analysis indicates that ETH could potentially dip to around $2,200 before making any significant upward movement.

Trader Tardigrade noted, “It’s possible that ETH touches the lower support as the leg number 5 before it completes the Bottom formation.” This means that before Ethereum experiences a breakout rally, it might need to pull back and test its lower support level.

A symmetrical triangle in technical analysis is a chart pattern formed as the price consolidates into a tighter range over time, creating a triangular shape. This pattern reflects a period of indecision, where buyers and sellers are evenly matched, leading to a sequence of lower highs and higher lows converging at the apex. Once this consolidation period ends, the pattern typically resolves with a breakout, either upward or downward, indicating the start of a new trend.

In the context of Ethereum’s price prediction, this symmetrical triangle pattern suggests that the cryptocurrency is undergoing a period of consolidation. If the pattern plays out as anticipated, ETH might first test its lower support before experiencing a strong upward movement.

Key Market Metrics Indicate Volatility Ahead

Technical patterns are not the only indicators pointing toward potential price action; Ethereum’s market fundamentals offer additional insights. Key metrics such as the Estimated Leverage Ratio and Open Interest Volume can provide further context to the ongoing price movements.

Leverage Ratio Indicates Heightened Risk

The Estimated Leverage Ratio is a key metric to assess, representing the proportion of leverage being used by traders in the Ethereum market. This ratio is calculated by dividing the open interest, which is the total number of outstanding derivative contracts, by the reserve of the asset on exchanges. A high leverage ratio suggests that speculative trading activity is increasing, as traders are using leverage to amplify their positions.

Currently, data from CryptoQuant shows that Ethereum’s estimated leverage ratio has risen from 0.341 to 0.366 in the past month. This uptick indicates that traders are more aggressively using leverage, potentially leading to increased market risk and volatility. A higher leverage ratio often precedes more pronounced price swings, as leveraged positions are more susceptible to liquidations when market movements go against traders’ expectations.

Open Interest and Volume Divergence

Additionally, Ethereum’s Open Interest, which measures the total number of outstanding contracts in the derivatives market, has seen a small increase of 0.81%, reaching a valuation of $11.44 billion according to Coinglass data. An increase in open interest typically signals growing speculative activity and market participation.

However, the Open Interest Volume has decreased by 24.17%, currently standing at $24.33 billion. The divergence between open interest and volume could indicate a cautious market environment. While open interest is rising, suggesting more contracts are open and potentially more positions are being taken, the decrease in volume suggests traders might be hesitant to take on larger trades or could be holding back until a clearer market direction emerges.

What’s Next for Ethereum?

The Ethereum Price Prediction paints a picture of a potentially cautious yet pivotal moment for the cryptocurrency. If the symmetrical triangle pattern plays out, ETH may need to dip to test its support level before any major upward breakout. Additionally, the rise in the leverage ratio and the divergence between open interest and volume suggest that traders are expecting significant market movement in the near future, but with a level of hesitation.

For traders and investors, this presents a period of watching key levels closely. Should Ethereum break below its symmetrical triangle’s lower support, it could imply a further decline. Conversely, if the pattern resolves with an upward breakout, Ethereum could see a strong rally and potentially reclaim levels seen earlier in the year.

In conclusion, the Ethereum Price Prediction highlights a crucial period of consolidation and decision for ETH, driven by both technical patterns and market metrics. While a short-term dip could be on the horizon, the potential for a significant surge afterward makes it a pivotal moment for those closely following Ethereum’s market movements.

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Integration of the BOB Stake SDK will allow Everstake to offer their retail and institutional users access to Bitcoin staking with just one click

LONDON, Oct. 3, 2024 /PRNewswire/ — BOB (“Build on Bitcoin“), a first-of-its-kind hybrid Layer-2 combining the best of both Bitcoin and Ethereum, announced that Everstake, a leading blockchain service provider focused on staking, is bringing the BOB Stake one-click Bitcoin staking solution to the Everstake platform. This collaboration will provide up to 900,000 retail and institutional users secure and simple access to Bitcoin staking. The integration will be rolled out gradually, starting with Bitcoin holders, offering a phased release for specific customer segments.

Founded in 2018 by a team of experienced blockchain engineers, Everstake has made its name as one of the most reliable validators on the Proof-of-Stake scene. This latest integration underscores Everstake’s commitment to building solutions that will enhance people’s interactions with Bitcoin, unlocking opportunities that were once beyond reach.

“Many of our long-standing customers, who have staked with us on a wide variety of POS chains, also hold significant BTC assets,” said Sergii Vasylchuk, CEO of Everstake. “With the integration of BOB Stake, we are excited to offer them an easy, one-click BTC staking solution—directly from the staking platform they know and trust. Our customers can confidently maximize the potential of their BTC with the same level of security and reliability they’ve come to expect.”

BOB Stake is a one-click Bitcoin staking portal and SDK that seamlessly connects Bitcoin stakers to leading liquid staking providers. By simplifying the on-ramping process, BOB Stake integrates the multi-billion-dollar Bitcoin market into its thriving DeFi ecosystem.

“Everstake is an incredibly well-regarded retail and institutional staking provider,” Alexei Zamyatin, co-founder of BOB, added. Their integration of the BOB Stake SDK opens up one-click BTC staking to a whole new audience group, dramatically increasing the potential BTC liquidity that could be deployed into the large number of premium LST and DeFi partners integrated into the BOB Stake ecosystem.”

This collaboration is particularly significant for institutional users, who have increasingly sought secure ways to better utilize their Bitcoin holdings. By integrating BOB Stake into Everstake’s platform, institutional investors can now easily stake their Bitcoin and access liquid staking functionalities, optimizing their assets while maintaining full security. The simplified process of one-click staking enables both retail and institutional users to engage in the growing DeFi ecosystem effortlessly.

The BOB Stake integration opens the door to a larger audience of BTC holders, enabling them to participate in DeFi with ease. The result is a potential influx of BTC liquidity into the DeFi market on BOB, expanding opportunities for users, BTC LST providers and DeFi protocols.

To learn more about Everstake, visit everstake.one. To learn more about the BOB ecosystem and BOB Stake, visit gobob.xyz, or follow BOB on X at @build_on_bob.

About BOB (“Build on Bitcoin“)

BOB (“Build on Bitcoin“) is a first-of-its-kind hybrid Layer-2 powered by Bitcoin and Ethereum. By combining the security, liquidity, userbase, and innovation of the two largest blockchain ecosystems, BOB closes the gap between Bitcoin as a vehicle for mass adoption and Ethereum as a hub for innovation. This is achieved through BOB’s rollup ecosystem that will use Bitcoin for security while enabling users to access all the on and off-ramps, dapps, stablecoins, NFTs, DeFi, etc. made possible by Ethereum‘s EVM. BOB is backed by Castle Island Ventures, Coinbase Ventures, Mechanism Capital, Bankless Ventures, and other high-profile VCs and is positioned to become the most secure and accessible Layer-2 for builders and users.

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A prominent crypto analyst suggests that a key factor may drive the next big bull run for Bitcoin (BTC) and other digital assets. Jason Pizzino, a widely-followed crypto strategist, believes that shifts in the U.S. Dollar Index (DXY) could significantly influence Bitcoin upside potential and broader crypto market movements.

In a recent video update to his 334,000 YouTube subscribers, Pizzino attributed the latest Bitcoin price drop to a resurgence of strength in the U.S. dollar. This connection highlights the critical interplay between traditional fiat currencies and digital assets, providing insights into what might trigger further upside potential for Bitcoin and other cryptocurrencies.

Bitcoin’s Price Pressure and U.S. Dollar Trends

The recent Bitcoin downturn was largely influenced by the U.S. dollar breaking out of its slump. According to Pizzino, the value of BTC often correlates inversely with the DXY, which measures the dollar’s strength against a basket of other major currencies. As the DXY finds its footing, Bitcoin tends to face downward pressure.

“Bitcoin also dropped for a few days but then found its peak when the U.S. dollar found its low,” Pizzino explained. He pointed out that as the DXY started to rebound from its downtrend, BTC experienced a parallel decline, at least in the short term. This suggests that BTC’s recent fluctuations are closely tied to the movements in the U.S. dollar, and this relationship may continue to shape Bitcoin upside potential in the near future.

U.S. Dollar Index: A Key Indicator for Bitcoin’s Upside Potential

The DXY currently sits at 101.97, and Pizzino argues that traders should closely monitor its movements, as a rejection near key levels could trigger a notable bull run for Bitcoin and other digital assets. Specifically, he identifies the resistance zone between 101.8 and 102.3 as crucial points to watch. Should the DXY face a rejection around these levels, it could pave the way for Bitcoin upside potential, sparking renewed investor interest and increased trading activity across the crypto market.

“I think [the DXY has] got a little bit more upside here… Now we come up to test around the 101.8 top, 102 is another psychological level, and then a few of these swing bottoms that came in around that 102.3,” Pizzino noted. “Quite a lot of resistance overhead… Keep a look out in case we get a rejection [around 101.8 to 102.3] which then could bring on further upside for Bitcoin and cryptos.”

This analysis underscores the importance of the U.S. dollar’s strength in the context of the crypto market. As digital assets often serve as a hedge against fiat currency movements, any significant shift in the dollar’s value may directly impact Bitcoin and other cryptocurrencies.

How Bitcoin Upside Potential Could Affect Broader Markets

Pizzino also speculates that Bitcoin’s upside potential, if triggered by a DXY rejection, may extend to the stock market as well. The close connection between cryptocurrencies and traditional financial assets means that a crypto bull run could signal broader market optimism, particularly as the U.S. approaches the upcoming election season. Investors looking for opportunities in digital assets will need to consider how shifts in macroeconomic trends, particularly those related to the U.S. dollar, could impact both crypto and stock markets.

Bitcoin is currently trading at $60,607, reflecting a 2.48% decrease over the last 24 hours. Despite this recent dip, many analysts remain bullish on its long-term prospects, particularly if the DXY demonstrates resistance and ultimately weakens. A drop in the dollar’s strength would likely spur increased demand for alternative assets like BTC, which have historically benefited from a weaker fiat environment.

What to Watch: Signals for Bitcoin Upside Potential

The potential for a significant Bitcoin upswing largely depends on the DXY’s behavior in the coming days and weeks. Traders and investors should keep a close watch on the DXY’s movement, particularly around the 101.8 to 102.3 resistance range, as a failure to break through these levels could be a catalyst for renewed momentum in the crypto market.

Additionally, the broader global economic landscape, including inflation rates, interest rates, and geopolitical developments, will play a critical role in shaping Bitcoin upside potential. As the world shifts toward more digital finance solutions, Bitcoin’s position as a leading digital asset makes it a key indicator for both the crypto space and broader financial markets.

In conclusion, Bitcoin upside potential is closely linked to U.S. dollar dynamics, and traders should keep an eye on the DXY to anticipate future movements in the crypto market. As macroeconomic factors and market sentiment evolve, these insights will be essential for navigating the ever-changing landscape of digital assets and their potential for growth.

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The crypto market experienced significant turmoil as mass liquidations swept through over 100,000 traders, amplifying concerns amid the current market downturn. The price of Bitcoin (BTC), which has historically been a strong indicator of market sentiment, briefly dropped to an intraday low of $59,860 on Oct. 3, 2024, before recovering slightly above the $60,000 mark. Despite the rebound, challenges persist in maintaining this critical psychological threshold, signaling ongoing instability in the market.

Bitcoin Struggles Amid Crypto Market Liquidations

As of 1 p.m. EDT on Oct. 3, Bitcoin was trading just above $60,000, marking a 2.8% decrease over the previous 24 hours. This price drop underscores the broader struggles in the cryptocurrency market, which has seen a 3.82% decline during the same period. The total market value now stands at $2.09 trillion, demonstrating a substantial decrease in market capitalization.

The sharp decline has prompted widespread liquidations, with $295.34 million in positions closed in the past 24 hours. Notably, $246.78 million of these were long positions, reflecting traders’ expectations of rising prices that ultimately failed to materialize. Bitcoin alone saw $44.92 million in long positions liquidated. According to coinglass.com, 104,856 traders faced liquidation, emphasizing the scale of the downturn and its impact on market participants.

Market Sell-Off: Traders Shift to Stablecoins

The turbulence in the crypto market has triggered a significant shift in trading behavior, as traders move towards stablecoins to preserve capital. Of the $121.25 billion in global trading volume over the past 24 hours, $88.32 billion was concentrated in stablecoins. This movement indicates a flight to perceived safety, as stablecoins are generally tied to stable assets like fiat currency and tend to be less volatile compared to other cryptocurrencies.

With a current market capitalization of $1.191 trillion, Bitcoin remains the tenth most valuable asset worldwide, surpassing Berkshire Hathaway’s (NYSE:BRK.B) valuation of $975.84 billion. However, if Bitcoin’s market cap were to decline by an additional $215.16 billion, Berkshire Hathaway would overtake BTC in terms of asset value, a scenario closely monitored by both crypto enthusiasts and traditional investors alike.

Geopolitical Factors Amplify Crypto Market Liquidations

The ongoing conflict in the Middle East has contributed to heightened volatility in global financial markets, including the crypto sector. As geopolitical tensions rise, the correlation between traditional financial assets and cryptocurrencies has tightened, causing increased trading activity and price fluctuations. Investors are split on how to respond; while some see Bitcoin as a “digital gold” that could serve as a hedge against market and geopolitical turmoil, others are pulling back due to its speculative nature and high risk.

These heightened concerns have further impacted Bitcoin’s price stability. By 1:05 p.m. EDT on Oct. 3, just minutes after hovering above the $60K range, Bitcoin again dropped below this key level, highlighting the uncertain market environment and traders’ struggle to maintain profitable positions.

What the Crypto Market Liquidations Mean for Traders and Investors

The mass liquidations seen across the crypto market are symptomatic of broader market challenges, including volatility driven by macroeconomic events and geopolitical unrest. Traders who held leveraged positions were particularly affected, as rapid price swings led to forced liquidations and significant losses. The flight to stablecoins also indicates a more cautious approach to trading, with investors prioritizing capital preservation amid the uncertainty.

While the crypto market has demonstrated resilience in the past, its current volatility may persist as external factors continue to weigh on investor sentiment. The ongoing conflict in the Middle East, economic shifts, and regulatory discussions around digital assets are all likely to play a role in shaping market behavior in the near term.

For investors, this period of increased liquidations may present both risks and opportunities. Those who believe in the long-term value of cryptocurrencies could view the current downturn as a buying opportunity, particularly for assets like Bitcoin that have historically rebounded from similar declines. On the other hand, cautious investors may choose to wait for more stability or explore alternative assets less prone to such sharp swings.

In conclusion, the surge in crypto market liquidations and subsequent shifts in trading behavior underscore the importance of understanding market dynamics and risk management strategies. As the cryptocurrency landscape continues to evolve, traders and investors alike will need to stay informed and agile to navigate its complexities effectively.

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MENLO PARK, Calif., Oct. 2, 2024 /PRNewswire/ — Cyber Grant Inc., a leading cybersecurity company, is thrilled to announce the appointment of Stephen Akridge as company CEO.

Ackridge is a co-founder of Solana, one of the fastest-growing blockchain ecosystems in the world. Solana is considered among the top five global cryptocurrencies, with market cap peaks that have hovered around 80bn USD.

“We’re excited to welcome an innovator like Stephen into the company,” said Valerio Pastore, CTO and cofounder of Cyber Grant. “His technological expertise and experience will be of enormous help as we scale our software solutions globally.“

Founded in 2022 in California by cybersecurity expert Valerio Pastore and entrepreneur Massimiliano Maggi, Cyber Grant Inc. develops intuitive, easy-to-use data protection software for a wide range of users, from individual content creators to large organizations. The two-man team has accumulated over two decades’ experience in IT, developing a range of cybersecurity software, including protection packages currently employed by the European Commission.

The company’s mission is to empower people’s digital presence and defend against cyber threats.

As CEO, Akridge will spearhead Cyber Grant’s global expansion and solution deployment as the company maneuvers to become a market leader in data protection. “Artificial Intelligence, cyber security and blockchain are key investment areas for companies aiming to stay competitive and innovate their services,” said Akridge. “Cyber Grant is transforming cybersecurity from a burden into a growth investment, providing access to cutting-edge technology for businesses of all sizes and across every sector.“

Cyber Grant has launched several B2C and B2B software solutions in the US market, including Filegrant, a user-friendly encryption tool that allows content creators of all kinds to protect and monetize their files. Filegrant ensures instant, secure payments, granting access to content only after payment is confirmed, simplifying direct sales to followers.

For companies and larger enterprises, Cyber Grant released Filegrant Enterprise, a comprehensive software solution for protecting and sharing digital documents that also allows businesses to sell files without a dedicated ecommerce platform. Featuring advanced encryption, secure viewing, instant access revocation and anti-screen capture technology, Filegrant Enterprise’s versatile file protection system even defends against advanced AI systems.

Remotegrant is an advanced endpoint defense system designed to protect business data, computers and networks. Easy to install and maintain, the software reinforces vulnerable terminals against external and internal threats, ensuring secure connections to remote desktops, applications, and files via internet and internal networks.

Cyber Grant Inc. 
Headquartered in Menlo Park, California, with operational offices in Europe, Cyber Grant Inc. excels in cybersecurity and digital rights protection. Founded by Valerio Pastore and Massimiliano Maggi, and led by CEO Stephen Akridge, the company develops high-performance, user-friendly, economically accessible software built to military-grade security standards. Cyber Grant’s mission is to enhance the digital presence of individuals, SMEs and large organizations, defending against cyber threats with advanced yet simple-to-use technology.

www.cybergrant.net

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