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ETH/USD may correct higher levels

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Since around the 21st of last month, the ETH/USD market has been trading sideways near the 78.60 Fibonacci level. However, price action appears to have found support at the 78.60 Fibonacci level.

Ethereum analysis stats data:
ETH value now: $1,317.70
Ethereum market capitalization: $162.14 billion
Ethereum animation: 122.64 million
Total Ethereum Supply: 122.64 Million
ETH Coinmarketcap Ranking: #2

Activities depicted in this market require close scrutiny, and we will be extending this price check to the ETH/BTC market as well. So, let’s get started!

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Key price tags:
Ceiling signs: $1,317.70, $1,357.00, $1,400
Floor signs: $1294.00, $1250.00, $1230.00

Ethereum Price Predictions Today October 4, 2022: ETH/USD price action rebounds

The most recent candlestick formed on ETH / USD The daily chart was able to sit on the $1266.44 support. It is interesting that this support corresponds to the 78.60 Fibonacci level. Also, this green candle is pushing the price of Ethereum closer to the Bollinger Bands Moving Average. Moreover, looking at the RSI indicator, it can be seen that the curves of this indicator that were going downwards before are curving towards each other at the levels of 79% and 75%. If these lines should eventually cross each other, it will cause the price of Ethereum to increase. Given the level of this line, the probability of this happening is fair enough. Therefore, traders can expect the price of ETH/USD to reach $1,400 soon.

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Ethereum Price Prediction Today, October 4, 2022: ETH/USD May Retreat from Higher Levels

Ethereum Price Prediction Today October 4, 2022: ETH/BTC Price Searches for Base

In the meantime, when examining the ETH/BTC market, we will see that the price candles here do not appear to be testing any of the Fibonacci levels. However, the price candles seem to have followed a curved path to the side, reaching their current position. Also, the price candle looks closer to the Bollinger Bands indicator than the lower end of this indicator.

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At the same time, the Stochastic RSI lines are touching each other at the tip. This implies that the bulls in this market are gaining ground. This could be due to several pending buy orders being triggered when the price action tested the 50% Fibonacci level. Therefore, traders can expect that the value of ETH/BTC could reach more than 0.07004 soon.

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Blockchain

Binance US cancels trading fees on Ethereum

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Binance US announced that it has extended its “no-fee pricing model” to Ether (ETH) is effective immediately.

According to the announcement, users can now freely trade Four Ether spot market pairs: ETH/USD, ETH/USDT, ETH/USDC and ETH/BUSD.

Effective immediately, the American exchange has also eliminated gas fees on all Ethereum transactions made through the “buy and sell” feature on their website.

in June, Binance US followed suit Robinhood, which pioneered commission-free cryptocurrency trading in 2018, is powered by remove all bitcoin (BTC) Spot market trading fees for BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.

Binance US operates as an independent entity in the United States but still bears the same name and logo as global cryptocurrency exchange Binance. As the name suggests, the US-based Binance exchange primarily caters to US cryptocurrency traders.

According to Binance US President and CEO Brian Schroder, the removal of fees on both BTC and ETH cements the company’s position as “the low-fee leader in crypto.” He added that “now, more than ever, it is critical that platforms work with users’ interests first”.

Related: Why the fight for low or no transaction fees is really important

Exchanges play an important role in cryptocurrency adoption. Facilitating fee-free transfers encourages users to engage more with digital assets. If it were costly to send money from one point to another, millions of potential users would avoid or limit their use of the technology.

Exchanges that avoid charging fees can still earn from fee-free transactions through spreads. In trading, spread is known as the difference between the bid (sell) price and the ask (buy) price of a trading pair.