Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets Await Nonfarm Payrolls Report – Market Updates Bitcoin News

Ethereum was marginally decrease on Dec. 6, as markets ready for this afternoon’s nonfarm payrolls report. December’s report is ready to indicate an addition of 200,000 jobs to the U.S. financial system, which might be down from November’s determine of 263,000. Bitcoin was additionally barely down forward of the discharge.

Bitcoin

Bitcoin (BTC) continued to hover just below the $17,000 degree on Friday, as markets consolidated forward of the newest U.S. nonfarm payrolls (NFP).

In the present day’s report is predicted to indicate an addition of 200,000 jobs to the financial system, decrease than the earlier determine for November which got here in at 263,000.

Forward of the info launch, BTC/USD fell to a low of $16,738.90 in as we speak’s session, transferring under a key help degree of $16,800 within the course of.

Bitcoin, Ethereum Technical Analysis: ETH Lower, as Markets Await Nonfarm Payrolls Report — BTC/USD – Each day Chart

Wanting on the chart, as we speak’s decline comes because the 14-day relative power index (RSI) continues to slide, after failing to interrupt out of a ceiling at 51.00.

As of writing, the index is monitoring at 47.24, and appears to be heading in direction of a help level of 43.00.

Momentum might nonetheless shift, ought to a stronger than anticipated NFP quantity get launched, which might immediate the 10-day (purple) transferring common to maneuver nearer in direction of its 25-day (blue) counterpart.

Ethereum

Ethereum (ETH) was additionally marginally decrease on Friday, as costs tried to stay above a key help level.

Following a excessive of $1,255.42 on Thursday, ETH/USD fell to a backside of $1,242.63 earlier in as we speak’s session.

ETH managed to stay above its current worth flooring of $1,230 regardless of as we speak’s decline, which might nonetheless be damaged, relying on the NFP quantity.

As may be seen from the chart, the 10-day (purple) and 25-day (blue) transferring averages proceed to maneuver nearer, with an upwards crossover very doubtless.

Ought to such a transfer happen, the RSI may also want to maneuver larger, and probably get away of its present ceiling on the 57.00 mark.

This may also definitely improve the possibilities of ethereum climbing again above the $1,300 resistance level.

Register your e-mail right here to get weekly worth evaluation updates despatched to your inbox:

Do you count on cryptocurrencies to rally after as we speak’s report? Depart your ideas within the feedback under.

Eliman Dambell

Eliman brings an eclectic standpoint to market evaluation, he was beforehand a brokerage director and retail buying and selling educator. At the moment, he acts as a commentator throughout numerous asset courses, together with Crypto, Shares and FX.

Memecoins roared back into momentum on Wednesday amid a broader rally supported by encouraging inflation data and Donald Trump’s pro-cryptocurrency moves.

What happened: The unconventional Fartcoin surged over 27% in the last 24 hours to emerge as the biggest meme coin gainer.

The Solana SOL/USD-based token amassed a market capitalization of $1.24 billion at the time of writing, with trading volumes jumping 26% in the last 24 hours.

Fartcoin was followed by dogwifhat, another popular community-driven Solana meme coin, based on a meme featuring a dog wearing a hat.

The billion-dollar-valued cryptocurrency pumped 11%, while its trading volume jumped 75%.

PENGU, the official coin of the popular non-fungible token collection Pudgy Penguins, gained 9.76% to a market capitalization of $2.16 billion.

Cryptocurrency	Gains +/-	Price (Recorded at 10:45 p.m. ET)
Fartcoin (FARTCOIN)	+27.22%	$1.25
dogwifhat WIF/USD	+11.55%	$1.71
Pudgy Penguins (PENGU)	+9.76%	$0.03448

See Also: Italy’s Largest Bank Leaps Into Bitcoin Trading With $1 Million ‘Test’ Investment But CEO Says He Doesn’t Invest In BTC Personally

Meme coin heavyweights like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also gained momentum, rising 3.63% and 2.58%, respectively.

Ethereum ETH/USD-based frog-themed coin Pepe PEPE/USD jumped 6%, while cat-themed Popcat, one of 2024’s biggest gainers, rallied 7.88% in the last 24 hours.

The total meme coin market capitalization rose 4.83% to $106.94 billion, while the overall volume surged 27.81% to $10.74 billion.

The upsurge followed slower-than-expected growth in core inflation, seen as a net positive for risk-on assets. Additionally, a report raised hopes for clear cryptocurrency regulations under new SEC leadership in the Trump administration.

Read Next:

Market News and Data brought to you by Benzinga APIs

Blaqclouds, Inc. has introduced ShopwithCrypto.io, a Progressive Web App designed to enhance cryptocurrency usability in daily transactions. This app offers a streamlined, multi-device experience that supports over 250 cryptocurrencies across major blockchain networks like ETH, BNB, and MATIC.

Key features of ShopwithCrypto.io include offline functionality, QR code integration, and the ability to purchase gift cards from global merchants, all while ensuring security and transparency through the ZEUS Blockchain. The Progressive Web App’s lightweight design and compatibility with both Android and iOS platforms make it accessible without the need for app store downloads. By combining ease of use with robust security measures, it aims to bridge the gap between digital assets and real-world spending. Its integration with popular wallets like MetaMask allows users to manage their transactions seamlessly while maintaining control of private keys.

Image Credit: Blaqclouds, Inc.

A cryptocurrency fraud workshop co-hosted by the Delta Police Department last fall identified over 1,100 victims worldwide, including a ‘significant number’ in Canada.

On Sept. 16 and 17, 2024, the DPD and blockchain analytics company Chainalysis hosted “Operation DeCloak,” bringing together representatives from law enforcement agencies including the RCMP, Victoria Police Department, Vancouver Police Department, the BC Securities Commission, the BC Prosecution Service and the BC Financial Services Authority, as well as key stakeholders from cryptocurrency exchanges such as Shakepay and others.

The initiative was a localized “sprint” of Chainalysis’ “Operation Spincaster,” a series of public-private collaborations designed to disrupt and prevent cryptocurrency scams. Spincaster itself spun out from “Operation Disruption,” a collaboration between Chainalysis and the Calgary Police Service in March 2024.

“Leveraging the transparency of the blockchain, Chainalysis proactively identified thousands of compromised wallets. This actionable intelligence formed the basis of a series of operational sprints across six countries (U.S., U.K., Canada, Spain, Netherlands and Australia) with over 100 attendees, including 12 public sector agencies and 17 crypto exchanges,” the company said in a press release.

“Over 7,000 leads were disseminated during these sprints, relating to approximately US$162 million of losses. These leads were used to close accounts, seize funds and build intelligence to prevent future scams.”

During last fall’s Operation DeCloak, Chainalysis led training sessions in investigating leads, tracing stolen funds and identifying compromised wallets using the company’s proprietary “Crypto Investigations Solution.”

According to a DPD press release, 240 crypto addresses were closely examined, revealing an estimated collective loss of C$35 million.

SEE ALSO: Court rejects environmental challenge to massive Delta port expansion

The event also promoted proactive policing and disruption strategies aimed at combating fraud, with particular emphasis on a growing tactic known as “approval phishing” used by romance and investment scammers targeting cryptocurrency transactions.

The method involves scammers gaining their victim’s trust by promoting false investment opportunities with the promise of high returns, thereby convincing victims to unknowingly approve malicious blockchain transactions.

The initial transaction gives the scammer access to tokens in the victim’s digital wallet without the victim’s knowledge, resulting in unauthorized withdrawals.

Police say scammers typically connect with their victims through social media, or via apps or pop-up ads.

During Operation DeCloak, police say immediate steps were taken to notify identified victims of these scams.

“With the co-operation of the exchange companies, affected individuals were promptly contacted with the goal of preventing further harm,” the DPD said in its press release.

Since the workshop, the department has successfully deployed the techniques learned through Operation DeCloak.

“The technique was applied to a previous investigation which identified stolen cryptocurrency funds in a blacklisted address containing US$1.2 million. This address was in the process of being seized by an overseas police agency,” the department said.

Using the DeCloak techniques, the DPD’s Cybercrime Unit has identified an additional 70 transactions worth US$800,000 sent from Canadian exchanges. Investigators are identifying those victims and seizing the funds from the blacklisted address so they can be returned.

“This collaboration with Chainalysis and cryptocurrency exchanges is a testament to the DPD’s focus on innovation and commitment to community safety and well-being.”

SEE ALSO: Conservative candidate files court petition over Surrey ‘voting irregularities’

SEE ALSO: Good Samaritan saves 3 people in fiery single-car crash in Surrey