## Ethereum Technical Analysis

On **September 9, 2024**, **Ethereum's price** hovers around **$2,309**, facing a significant challenge as it attempts to overcome a **strong downtrend** observed across multiple timeframes. The current market dynamics for **ETH** indicate a pivotal moment that could determine its trajectory in the coming days.

Despite efforts to rally, **Ethereum** remains under pressure, and traders are closely monitoring key resistance levels. A breakthrough could signal a potential upward movement, but the prevailing bearish sentiment raises concerns about further declines.

As we analyze the market, it’s crucial to keep an eye on **technical indicators** that may suggest future price movements. Understanding these trends will be vital for investors looking to navigate the complexities of the **cryptocurrency market** effectively.

On Sept. 9, 2024, ethereum’s price hovers at $2,309 as it struggles to break from a strong downtrend, observed across multiple timeframes.

Ethereum's Price Struggles: Will It Break Free from Downtrend Resistance?

![Bitcoin](https://fxnewsgroup.com/wp-content/uploads/2020/10/bitcoin-1024x684-978x400.jpg)

The **Australian Transaction Reports and Analysis Centre (AUSTRAC)** has raised alarms regarding **AML/CTF compliance** among some **crypto ATM** providers. In response to increasing concerns over money laundering and terrorism financing, AUSTRAC established a specialized taskforce led by CEO **Brendan Thomas**.

### Taskforce Objectives
In December, the taskforce was created to:
- Assess compliance with AML/CTF laws.
- Understand the risks associated with crypto ATMs, also known as **crypto kiosks**.

### Findings and Concerns
Mr. Thomas stated, “The taskforce has been busy engaging with businesses to understand the risks in their sector and assess their compliance with the law.” The taskforce has identified troubling trends, including **transactions linked to scams or fraud**.

### Growing Number of Crypto ATMs
Australia is home to the highest number of crypto ATMs in the Asia Pacific, with their presence skyrocketing from **23 in 2019 to approximately 1,600 today**. Most transactions involve cash deposits aimed at purchasing Bitcoin.

### Commitment to Compliance
Mr. Thomas emphasized the importance of ensuring that crypto ATM providers implement robust practices to prevent their machines from being exploited for **money laundering** and scams. “We will continue to work with industry to raise standards, but we will also take action against operators who don’t comply,” he affirmed.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) warns some crypto ATM providers may not have the right AML/CTF checks in place.

AUSTRAC Uncovers Major Compliance Gaps in Crypto ATM Providers

### The UK’s Struggle with Bitcoin
The UK has a **rich history** of innovation in financial services and technology. However, its **regulatory stance** on bitcoin is driving businesses and talent abroad. The **Financial Conduct Authority (FCA)** has created an atmosphere of uncertainty that is undermining the UK's competitiveness in the digital finance space.

![Britain Seeks Major IPOs To Revive City's Reputation As Premier Financial Hub](https://specials-images.forbesimg.com/imageserve/67e954f36f659bffc4505b1c/Britain-Seeks-Major-IPOs-To-Revive-City-s-Reputation-As-Premier-Financial-Hub/960x0.jpg?fit=scale)

### Institutional Hesitation
At a recent event titled **Bitcoin for Institutions** in London, experts noted that while **global institutions** are embracing bitcoin, the UK remains stagnant. Allen Farrington, co-founder of **Axiom**, pointed out that bitcoin is evolving into a viable institutional asset class. Despite bitcoin being the **best-performing asset of the decade**, UK institutions remain reluctant to adopt it due to regulatory barriers.

### The U.S. Takes the Lead
Contrastingly, U.S. institutions are integrating bitcoin into their financial strategies. Pension funds and corporate treasuries are now major players in the bitcoin market, recognizing its potential as a secure asset. Andrew Hohns of **Newmarket Investment Management** highlighted that the U.S. is ahead in adopting bitcoin, while UK institutional awareness lags.

### Regulatory Challenges
The **FCA's** risk-averse approach to regulation has created a bureaucratic maze that hinders innovation. This has led to a **self-replicating bureaucracy** that discourages new market entrants and stifles competition. Baroness Claire Fox criticized this system, emphasizing that it protects incumbents while limiting consumer choice.

### Environmental Benefits of Bitcoin
Misconceptions about bitcoin’s **environmental impact** also slow institutional adoption. The reality is that bitcoin mining can stabilize energy grids and improve sustainability. Recent data shows that over **50% of bitcoin mining** is now powered by renewable energy, offering potential savings for consumers and businesses alike.

### The Urgent Need for Change
As the UK debates the inclusion of bitcoin in institutional portfolios, the U.S. is moving forward decisively. The launch of U.S.-approved bitcoin ETFs by firms like **BlackRock** and **Fidelity** marks a significant milestone that the UK has yet to match. The discussion at the Bitcoin for Institutions event underscored a critical point: the UK must act quickly to avoid being left behind in the global financial landscape. Regulatory paralysis is not halting the adoption of bitcoin; it is merely pushing progress to more supportive jurisdictions.

![Bitcoin](https://specials-images.forbesimg.com/imageserve/660523f1bb6105051a8e22de/Bitcoin/960x0.jpg?cropX1=0&cropX2=4032&cropY1=189&cropY2=2079)

This event was held under **Chatham House Rule**. All participants quoted in this article gave permission for their remarks to be used.

The UK’s approach to bitcoin drives innovation, business, and capital abroad.  As global institutions move forward, the UK risks losing its financial edge.

Why the UK is Losing Its Financial Edge in Bitcoin: A Deep Dive into Institutional Hesitation

### The Current Market Situation

It's a **bloodbath** for digital assets, with traders hitting the sell button, wiping out over **$160 billion** of the total cryptocurrency market cap since Friday. Factors contributing to this sell-off include **Trump's tariff threats**, global economic concerns, and the lack of a clear catalyst for the next leg up.

### Historical Trends

Despite the current downturn, historical data suggests a potential **upturn in April**, with Bitcoin historically averaging a **27% return** in this month. April has consistently been one of the top months for Bitcoin, following November and May, which saw gains of **38% and 26%** respectively.

![Bitcoin's heatmap, based on average returns since 2010. (Barchart)](https://cdn.sanity.io/images/s3y3vcno/production/97ebec34c962454927420201c7b744c4a914b72a-1240x653.png?auto=format)

### Potential Risks Ahead

However, the defunct exchange **Mt. Gox**'s transfer of a significant amount of Bitcoin could create market volatility due to fears of creditors' liquidations. As noted by **Deribit CEO Luuk Strijers**, this could lead to **temporary selling pressure** or market volatility.

### Analyst Insights

Analysts suggest that while **seasonality factors** are not as reliable as standalone indicators, they can be credible when coupled with other signs, such as the recent halt in selling by long-term holders. This could indicate a **much-needed positive** shift for the market heading into the second quarter.

Read more: [Now Is 'Really Good Time' to Buy Bitcoin, Says Trillion Dollar Investment Manager](https://www.coindesk.com/business/2025/03/25/now-is-really-good-time-to-buy-bitcoin-says-trillion-dollar-investment-manager)

### Key Takeaways
- **$160 billion** wiped from cryptocurrency market cap.
- April historically brings a **27% average return** for Bitcoin.
- **Mt. Gox** transfers may create volatility.
- Analysts cautiously optimistic about potential bullish trend in April.

Based on bitcoin's price performance since 2010, April could be the start of an uptrend, but risks remain. 

April Showers: Is Bitcoin Poised for a Bullish Break or Just Fool's Gold?

### A Massive Bitcoin Movement

A staggering **$333 million** worth of **Bitcoin** has recently been transferred, causing a stir in the cryptocurrency community, particularly among major **US exchanges**. This unexpected movement has raised eyebrows and sparked discussions about the potential implications for the market.

### The Transfer Details

While the specifics of the transfer remain unclear, its size is significant enough to attract attention from traders and investors alike. Such large transactions often lead to speculation regarding the motivations behind them, whether it be a strategic investment, liquidation of assets, or a simple transfer.

### Market Reactions

Market analysts are closely monitoring the situation, as large transfers can impact **liquidity** and price movements in the **Bitcoin** market. The community is buzzing with theories about the potential influence on market trends and investor sentiment in the coming days.

![Bitcoin Transfer](https://www.investing.com/favicon.ico)

### Implications for Investors

For investors, understanding the dynamics behind such large transfers is crucial. As the market reacts, it is essential to keep an eye on **trends** and possible shifts in **Bitcoin's** value.

Stay tuned as we continue to analyze the effects of this substantial movement in the cryptocurrency landscape.

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Unbelievable $333 Million Bitcoin Transfer Shocks Major US Exchange!

Bitcoin's recent price action has been a rollercoaster ride, with **BTC** circling around **$83,000** as of March 30. After a volatile weekend that saw new **ten-day lows**, Bitcoin managed to recover from a dip to **$81,600**. Data from **Cointelegraph Markets Pro** and **TradingView** indicates that, despite the ongoing struggles in US stock markets, Bitcoin erased much of the recent downturn. Popular trader **Daan Crypto Trades** noted the significant volatility, suggesting that Bitcoin might open Monday where it closed on Friday, as most of the weekend's losses have been retraced.

![Bitcoin Price Action](https://s3.tradingview.com/news/image/cointelegraph:c4c4cb9b7094b-ff93746b074f07b29273e911324baccf-resized.jpeg)

Daan also highlighted the potential for a new gap in **CME Group’s Bitcoin futures markets** due to recent erratic market behavior. While he hoped for a smooth opening without gaps, veteran trader **Peter Brandt** expressed skepticism about the stability of recent lows, suggesting a new lower price target for Bitcoin at **$65,635**.

![Market Analysis](https://s3.tradingview.com/news/image/cointelegraph:c4c4cb9b7094b-d7a4b28ca88e1cc2f7c06f3e59e3928e-resized.jpeg)

Brandt's prediction aligns with other analysts also eyeing the **$65,000** mark. Amidst these discussions, **Keith Alan**, co-founder of **Material Indicators**, raised concerns about a large-volume entity he dubbed **“Spoofy, The Whale,”** who has reportedly been manipulating Bitcoin's price lower. Spoofy utilized overhead liquidity to suppress Bitcoin’s price, preventing it from gaining traction above **$87,500**.

According to Alan, Spoofy has been buying the dip and has bids laddered down to **$78,000**. His observations suggest that while the potential for Bitcoin to drop remains, the whale's strategy indicates a desire to accumulate at lower prices.

![Spoofy the Whale](https://s3.tradingview.com/news/image/cointelegraph:c4c4cb9b7094b-158d962e760e1800549beabcd2b56f2b-resized.jpeg)

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin BINANCE:BTCUSD circled $83,000 on March 30 after weekend volatility brought new ten-day lows.BTC price action deals snap weekend downsideData from Cointelegraph Markets Pro and TradingView showed BINANCE:BTCUSD gradually recovering after a trip to $81,600 the day prior.With no added selling…

Bitcoin's Price Surge: Will Spoofy the Whale's Moves Lead to $65K?

### Meet Jacob Phillips

Jacob Phillips ventured into the crypto world during the **2018 boom**, driven by his passion for **finance and technology**. His journey began at a crypto fund in Cleveland, where he gained profound insights into **blockchain technology** and its potential as major institutions and VCs entered the space.

### A Career on the Rise

In **2020**, Jacob joined **Polychain**, collaborating with top investors to evaluate emerging projects in the rapidly growing **DeFi** sector. Notably, he contributed to investments like **BadgerDAO**, which sought to integrate Bitcoin into decentralized finance but encountered significant structural challenges.

### Founding Lombard

In **2024**, Jacob co-founded **Lombard**, aiming to fill the gaps in Bitcoin's liquidity and staking solutions. While platforms like **Ethereum** and **Solana** quickly advanced in DeFi, Jacob recognized that Bitcoin was lacking a robust developer ecosystem. However, he sees a shift on the horizon with innovative projects such as **Babylon** and **EigenLayer**.

### Lombard's Mission

In this episode of **Blockcast**, Jacob discusses Lombard's mission to facilitate secure, permissionless Bitcoin staking and liquidity via its liquid staking token, **LBTC**. He emphasizes the challenges of achieving **trustless Bitcoin DeFi**, highlighting the need to balance **decentralization** with **institutional security**. Lombard initially targeted **DeFi-native users** before branching out to institutional players, securing both credibility and capital strength.

Jacob Phillip entered crypto in 2018, co-founded Lombard in 2024, focusing on Bitcoin liquidity and staking solutions to bridge DeFi and CeFi

Unlocking Bitcoin DeFi: Insights from Lombard Co-Founder Jacob Phillips

Bitcoin (BTC) is **steadily approaching** the highly anticipated **Chicago Mercantile Exchange (CME) gap close**, with price action aligning with analysts' expectations of a move toward **$83,000**. As Bitcoin corrects from recent highs, a crypto analyst expects a rebound to follow. However, if key support levels fail, further downside could be on the horizon.

**Bitcoin To Drop To CME Gap Close**  
Bitcoin has had a tumultuous year, reaching new **all-time highs (ATHs)** and experiencing significant price breakdowns. Recently, the cryptocurrency surged toward **$89,000** but faced rejection. The top crypto is now pulling back again, with analyst **Astronomer** on X (formerly Twitter) identifying the **$83,000 - $84,000** range as a critical support level.

This vital support zone aligns with the **CME gap close**, a common occurrence in the BTC Futures market where BTC revisits price gaps left when the CME price closes over the weekend and opens on Sundays.  
![Bitcoin Chart](https://s3.tradingview.com/news/image/newsbtc:ded4ac1dd094b-91e16808798faa24880e3821e4abf2db-resized.jpeg)

Astronomer has outlined a long-term trading plan for Bitcoin, expecting the cryptocurrency to consolidate around this support level before bouncing back. He believes that the CME gap close is a **significant technical development** that could influence Bitcoin’s price movements.  
Supporting the expectations of a short-term pullback, historically, a **bearish close** on Friday often leads to **red Mondays or Tuesdays** for Bitcoin. The analyst emphasizes that the market is still in the **pre-New York Open (NYO)** phase, allowing for potential intraday reversals.  
However, he predicts a **late-night drop** during the NYO trading session due to low liquidations and untested support levels. Combined with these factors, Bitcoin’s recent pullback from **$89,000** suggests that its price may not be bullish in the short term.

Based on his Bitcoin price chart, Astronomer considers the **$81,400 - $82,400** range as the worst-case support zone. Bitcoin is expected to revisit this target zone before any attempt at a potential recovery.

**Can Bitcoin Rebound? Take Profit Levels To Watch**  
While Bitcoin’s short-term price action appears bearish, its macro trend remains relatively stable according to Astronomer’s analysis. He has marked a **“long entry” zone** in the chart, indicating the **$83,000 - $84,000** area as a potential buying opportunity if Bitcoin finds support there.  
The analyst predicts that if Bitcoin can hold the CME gap close, a bounce toward the **weekly open price at $86,000** could be the first step toward a much-anticipated recovery. He has also identified key take profit levels marked from **TP1 - TP4** on the price chart, suggesting Bitcoin could surge to a target of **$87,000 - $88,000**.

However, a break below the worst-case support zone could trigger a **bearish sentiment shift**, potentially leading to a deeper price correction.

*Featured image from Gemini Imagen, chart from TradingView*

Bitcoin (BTC) is steadily approaching the highly anticipated Chicago Mercantile Exchange (CME) gap close, with price action aligning with analyst’s expectations of a move toward $83,000. As Bitcoin corrects from recent highs, a crypto analyst expects a rebound to come next. However, if key support…

Ethereum's Price Struggles: Will It Break Free from Downtrend Resistance?

Summary:

Ethereum's price is at $2,309 as of September 9, 2024.

The cryptocurrency struggles to break from a strong downtrend.

Current market dynamics indicate a pivotal moment for ETH.

Traders need to monitor key resistance levels closely.

Ethereum Technical Analysis

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AUSTRAC Uncovers Major Compliance Gaps in Crypto ATM Providers

Why the UK is Losing Its Financial Edge in Bitcoin: A Deep Dive into Institutional Hesitation

April Showers: Is Bitcoin Poised for a Bullish Break or Just Fool's Gold?

Unbelievable $333 Million Bitcoin Transfer Shocks Major US Exchange!

Bitcoin's Price Surge: Will Spoofy the Whale's Moves Lead to $65K?

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Bitcoin's Journey to $83,000: Will the CME Gap Close Spark a Rebound?

Other Latest News

AUSTRAC Uncovers Major Compliance Gaps in Crypto ATM Providers

Why the UK is Losing Its Financial Edge in Bitcoin: A Deep Dive into Institutional Hesitation

April Showers: Is Bitcoin Poised for a Bullish Break or Just Fool's Gold?

Unbelievable $333 Million Bitcoin Transfer Shocks Major US Exchange!

Bitcoin's Price Surge: Will Spoofy the Whale's Moves Lead to $65K?

Unlocking Bitcoin DeFi: Insights from Lombard Co-Founder Jacob Phillips

Bitcoin's Journey to $83,000: Will the CME Gap Close Spark a Rebound?