Ethereum started Monday with its price hitting $2,934 per unit, marking a week filled with a strong 14.9% increase. Over the preceding fortnight, the second-leading crypto asset by market cap witnessed a substantial 25.9% upswing. Kicking off this week, ether’s trading volume over the past 24 hours has hovered around $24.74 billion.

Ethereum

Peering into ethereum’s (ETH) 1-hour chart, a bullish trend emerges through a sequence of notable ascents. The most significant surge leading up to the present price showcases a vigorous short-term buying spree. Yet, the latest chart formations, featuring smaller candles with wicks at both ends, hint at market hesitation. After reaching $2,934, ETH’s value has dropped a hair down to the $2,894 range.
The 4-hour chart reveals a more emphatic bullish trend, highlighted by a recent sharp increase indicative of strong buyer enthusiasm. This upturn was accompanied by a marked rise in volume, bolstering the recent bullish narrative. Transitioning to ETH’s 6-hour chart, it filters out the market’s static, presenting a straightforward uptrend evidenced by consistent gains, a testament to enduring trader interest.

Ethereum chart by Tradingview

On a daily scale, ethereum has demonstrated a pattern of ascending lows and highs, signaling a sustained bullish outlook. However, trading volumes on bullish days have yet to significantly eclipse those on bearish days, suggesting a degree of caution at elevated price levels. The relative strength index (RSI), standing at 77.4, signals overbought conditions, possibly forecasting a near-term correction. Meanwhile, the Stochastic oscillator at 93.7 remains neutral, with the commodity channel index at 125.6 entering the bearish domain and the average directional index at 34.0 indicating a market in equilibrium.
Focusing on the daily chart’s key simple and exponential moving averages (SMA & EMA), ETH’s price trend maintains its upward momentum. The 10-day EMA at $2,734 and the 20-day EMA at $2,612 continue to signal bullishness. The 50-day SMA at $2,441 and the 100-day SMA at $2,307 further also confirm ether’s positive trajectory. To summarize, despite short-term indicators suggesting overbought conditions, ethereum’s recent performance coupled with critical moving averages supports a continued bullish trend across different timeframes. However, a consistent closing below $2,700 could pave the way for a more significant pullback.

Bull Verdict:

While oscillators flashing overbought readings may point to consolidation or a minor pullback ahead, ethereum’s overall technical picture remains decidedly bullish. The strong and consistent uptrend seen on the hourly, 4-hour, and 6-hour timeframes underscores robust buying pressure and upside momentum in control of the market. At most, overextended technical readings suggest a brief period of consolidation is likely before bulls regain control for a continued push higher.

Bear Verdict:

Despite ether’s series of higher highs recently, the sustainability of the uptrend remains questionable. ETH’s oscillators in overbought territory imply the buying frenzy has overextended itself near-term. Meanwhile, the streak of cautious behavior on upticks on the daily chart threatens bullish conviction. If the $2,700 level is broken decisively with heavy volume as support, ethereum could be vulnerable to a deep pullback as technical momentum sputters and the rally stalls out.
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What do you think about ether’s market action on Monday morning? Share your thoughts and opinions about this subject in the comments section below.

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Max Keiser Warns of Government Seizing Bitcoin in ETFs — Predicts 1987-Style Crash as BTC Rises to $500K

Bitcoin proponent Max Keiser has warned of potential government seizure of bitcoin held in spot exchange-traded funds (ETFs). He additionally issued a stark warning about a looming 1987-style crash, while simultaneously predicting that the bitcoin’s price will surge past $500,000.

Max Keiser’s Crash and Bitcoin Seizure Warnings

Bitcoin advocate Max Keiser expressed concerns about spot bitcoin exchange-traded funds (ETFs) and a potential market crash while sharing a bold BTC price prediction on social media platform X this week. He wrote on Wednesday:

1987-style crash coming. Bitcoin, the ultimate safe haven, will soar past $500,000. Gold will continue getting demonetized by bitcoin. BTC ETF’s (& domestic BTC miners) will get seized by U.S. government.

On Thursday, Keiser commented on New York Attorney General Letitia James’ potential move to seize assets from former U.S. President Donald Trump if he fails to pay the $355 million penalty. He explained that if the authorities can seize Trump’s assets, then they “can certainly seize” bitcoin held by spot bitcoin ETFs as well as “commandeer U.S. BTC miners.” He then advised investors to self-custody their bitcoin or they may lose them.

Governments around the world regularly seize bitcoin held on centralized crypto exchanges, with the U.S. government being one of the top confiscators, often as part of criminal investigations. Several other countries have also been active in seizing cryptocurrencies, as evidenced by the U.K. police‘s recent disclosure of a 61,000 BTC seizure from a major Chinese investment fraud and German authorities‘ January report of a 50,000 BTC seizure.
Meanwhile, spot bitcoin ETFs have hit record trading volumes since they launched in early January. Microstrategy’s executive chairman, Michael Saylor, said last week that bitcoin has become “the world’s most popular investment asset.” Coinbase is the custody of eight out of 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC). “What’s even more important is that every institution is now starting to hold crypto, the asset class will be a standard part of every diversified portfolio,” Coinbase CEO Brian Armstrong said last week.
Many investors believe the combined factors of growing demand for spot bitcoin ETFs and the approaching Bitcoin halving will significantly boost BTC’s price. Fundstrat’s head of research foresees bitcoin hitting $150K this year. He calls BTC “sound money.” Rich Dad Poor Dad author Robert Kiyosaki expects bitcoin’s price to reach $100K by June this year.
What do you think about the warnings and predictions by Max Keiser? Let us know in the comments section below.

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Fundstrat's Tom Lee Anticipates Bitcoin Hitting $150K This Year — Calls BTC 'Sound Money'

Fundstrat’s head of research, Tom Lee, has doubled down on his $150,000 bitcoin price prediction, stating that the crypto could reach that price level this year. He cited three key reasons driving his bullish price forecast. Describing bitcoin as “sound money,” he emphasized that the cryptocurrency is incredibly secure and proving to be a good risk asset and a great store of value.

Fundstrat’s $150K Bitcoin Price Prediction

Thomas Lee, a managing partner and the head of research at Fundstrat Global Advisors, shared his bitcoin price prediction in an interview with CNBC Wednesday. Fundstrat is an independent financial research boutique providing strategic market insights. Lee has over 25 years of experience in equity research. Before co-founding Fundstrat, he served as JPMorgan’s chief equity strategist from 2007 to 2014 and previously as managing director at Salomon Smith Barney.
When asked about what he thinks the price of bitcoin will be for the remainder of the year, Lee replied:

I think it could be as high as $150,000 this year.

He explained that his bullish prediction comes from several factors. “Because you’ve got demand improving with the [spot bitcoin exchange-traded fund] ETF and you have the supply shrinking with the halving, and if monetary policy eases, which we expect, that’s supportive for risk assets and bitcoin’s holding up,” he detailed. “I don’t think the drawdown is going to start that soon.”
For his long-term BTC price prediction, he reiterated his forecast of $500,000 over five years. Describing bitcoin, he emphasized:

It is sound money, and I think it’s proving to be useful … It’s been a great store value. It’s been a good risk asset. It’s also incredibly secure.

Lee asserted: “There hasn’t been a single fraudulent entry on the blockchain since inception. I don’t think any bank can say that’s true about their P&L and accounting. You know 6% of banking transactions are suspicious, 0% on the Bitcoin blockchain.”
Following the launch of spot bitcoin ETFs and the initial price dip in January, the price of bitcoin has been gradually climbing over the past month. Coinbase CEO Brian Armstrong said last week that every institution is now starting to hold crypto and the asset class will become a standard part of every portfolio. Privacy advocate Edward Snowden said BTC is the “most significant monetary advance since the creation of coinage.” Microstrategy’s executive chairman, Michael Saylor, said the largest crypto has become the world’s “most popular investment asset.” Skybridge founder Anthony Scaramucci said it is not too late to buy bitcoin, expecting a “face-ripping rally incoming.” Some people are skeptical, however. Gold bug Peter Schiff warned of a bitcoin pump and dump, cautioning of a massacre.
Do you think the price of bitcoin will reach $150,000 this year due to the factors described by Fundstrat’s Tom Lee? Let us know in the comments section below.

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Beyond Bitcoin: Ripple CEO Says Approval of Multiple Crypto ETFs 'Inevitable' — Embraces Idea of Spot XRP ETF

Ripple CEO Brad Garlinghouse believes that the U.S. Securities and Exchange Commission (SEC) will approve spot exchange-traded funds (ETFs) based on crypto tokens other than bitcoin. “I think it’s inevitable that there’ll be multiple ETFs around different tokens,” he stressed, noting that Ripple would welcome an XRP ETF. “In my opinion, it makes these markets safer, it makes them more robust, and so this is good for the investment community,” the executive emphasized.

Brad Garlinghouse on Potential XRP ETF Approval

Ripple CEO Brad Garlinghouse discussed the potential for the U.S. Securities and Exchange Commission (SEC) to approve spot exchange-traded funds (ETFs) based on XRP and other crypto tokens besides bitcoin in an interview with Bloomberg on Tuesday.
Commenting on the likelihood of the securities regulator approving non-bitcoin crypto ETFs, Garlinghouse said:

I think it only makes sense there will be other ETFs.

Drawing parallels to the stock market, the Ripple executive explained: “You don’t really want exposure to one stock or one company. You want to typically think about diversifying risk.”
He opined: “So I think we will see other [crypto] ETFs. When we will see them is hard to predict.” He added that “the sad reality of what we saw with the bitcoin ETF is it’s only because the courts forced the SEC’s hand, and really Chair Gensler’s hand,” that the SEC finally approved spot bitcoin ETFs. The executive emphasized: “In my opinion, it makes these markets safer, it makes them more robust, and so this is good for the investment community.”
When asked if he would welcome an XRP ETF, Garlinghouse replied:

We would certainly welcome it and I think it’s inevitable that there’ll be multiple ETFs around different tokens. I think you’ll even see ETFs potentially around baskets.

Several companies have already filed with the SEC to launch spot ethereum ETFs. Standard Chartered said last month that it expects the securities regulator to approve a spot ethereum ETF in May. However, some are skeptical because SEC Chair Gary Gensler has not explicitly stated his view on whether ether (ETH) is a security. The SEC chairman has said multiple times that most crypto tokens other than bitcoin are securities.

Regarding the SEC’s enforcement-centric approach to regulating the crypto industry, Garlinghouse said: “My point of view is the SEC has lost consistently.” Highlighting SEC’s losses in the Ripple and Grayscale cases, the Ripple chief noted that the presiding judge in the Coinbase case seems “pretty skeptical about some of the SEC’s arguments.”
Garlinghouse said he believes the SEC will stop its regulation by enforcement when the agency “either realizes they’re losing consistently or you have Congress lean in and write new legislation.” However, the Ripple CEO noted: “That’s probably going to be hard in election year. Maybe we’ll see legislation around stablecoins this year but I’m hopeful and we’ll continue to advocate in Washington.”
Do you think the SEC will approve spot ETFs based on other cryptocurrencies, including XRP? Let us know in the comments section below.

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US Judge Urged to Approve Binance’s $4.3 Billion Plea Deal

A U.S. Federal Judge has been urged to accept a plea deal from U.S. authorities with the cryptocurrency exchange, Binance. Prosecutors, in a memorandum, have asserted that the agreed-upon sanctions are commensurate with the extent of Binance’s deliberate law violations.

Binance’s Alleged Refusal to Register as a Money Services Business

U.S. prosecutors have reportedly urged a federal judge to ratify a penalty imposed on the cryptocurrency exchange, Binance Holdings. The prosecutors argue that the proposed penalty, which Binance has agreed to pay, is commensurate with the crimes committed by the crypto exchange.
The charges against Binance, one of the world’s largest cryptocurrency exchanges, stem from its alleged refusal to register as a money services business. Furthermore, prosecutors insist that Binance’s failure to implement an anti-money laundering program left its users and the U.S. financial system vulnerable to exploitation.

‘Collateral Consequences’

As reported by Bitcoin.com News in late 2023, Binance, accused of willfully violating U.S. anti-money laundering and sanctions laws, has agreed to pay $4.3 billion in penalties. As part of the settlement deal, Changpeng (CZ) Zhao agreed to step down as CEO of Binance Holdings. To formalize the agreement, U.S. prosecutors have asked a judge to accept the plea deal.
“In sum, given the nature and seriousness of Binance’s misconduct — it was intentional and led by senior executives, with hundreds of millions of dollars of collateral consequences,” the prosecutors stated in a memo recently filed with the Seattle Federal Court.
According to a Bloomberg report, the plea deal also calls for Binance to be monitored for up to five years. Regarding the fate of CZ, who remains in the U.S., prosecutors are reportedly seeking a custodial sentence not exceeding 18 months.
What are your thoughts on this story? Let us know what you think in the comments section below.

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