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As the crypto market recovers from the end-of-September correction, Ethereum (ETH) is attempting to reclaim the crucial $4,200 area. Some analysts affirmed that the altcoinâs bounce signals that a new leg up could be coming in the next few weeks. Related Reading: XRP Price May Not See An Explosive Rally In October As Expected, Hereâs Why Ethereum Reclaims $4,000 On Monday, Ethereum continued to recover from the recent market pullback, surging nearly 6% from Sundayâs Lows toward a crucial barrier. Last week, the King of Altcoins recorded a sharp drop below the $4,000 level for the first time since early August, recording an eight-week low of $3,815 on Thursday afternoon. Over the weekend, the cryptocurrency reclaimed the $4,000 barrier before surging to the crucial $4,100 mark on Sunday afternoon. This level served as a strong resistance throughout the past two years, as it represents the cycleâs previous high and a key bounce area during the Q3 rally. It also marks the lower boundary of its local $4,100-$4,800 range. Market Watcher Daan Crypto Trades noted that the weekly candle on ETHâs chart closed above this level after âa solid effort by the bulls and a late Sunday push.â He added that it remains important to hold this area on the higher timeframes to target the range highs. In the daily timeframe, the trader considers Ethereum has ânot the worst lookâ as the recent reclaim shows a clear invalidation of the range breakdown and a potential recovery continuation. Daan also suggested that the cryptocurrency could be âtaking one out of BTCâs playbook,â and be preparing for a massive new leg up following the range consolidation and deviation. Similarly, Bluntz affirmed that ETHâs wave 4 on the daily timeframe âlooks like itâs over with a leg higher into ath yet to come.â However, the analyst considers that the next all-time high (ATH) breakout wonât be as âsensationalâ as many believe, suggesting the $5,500 area as the main target. ETHâs Next Leg Up Two Weeks Away? Multiple market watchers highlighted a potential Power of Three (Po3) setup on Ethereumâs chart, signaling that the recent pullback was part of the second stage, manipulation, and the cryptocurrency is ready for the third phase, expansion. Meanwhile, Merlijn the Trader affirmed that Ethereum is displaying a similar setup that preceded the May and July rallies. At the time, ETH broke down from its local range during a liquidity grab, sending the Relative Strength Index (RSI) indicator to oversold territory. âThis is the exact setup that birthed every violent reversal. Strong hands know it. Weak hands fold,â the trader affirmed. Additionally, he noted that the cryptocurrency could be repeating the late Q2 scriptâs timeline. Per the post, Ethereum saw a 66-day consolidation between the May breakout and the next pump in July. During this period, the second-largest cryptocurrency saw a price fakeout below the range around the 45-day mark before breaking out 20 days later. Related Reading: Bitcoin Could Go To Zero, Hedge Fund CEO Warns Last weekâs correction below the local range occurred 46 days into the accumulation period, suggesting that a new breakout and leg up could come in the first half of October. âWeâre at day 51. The longer the squeeze⊠The harder the detonation,â Merlijn stated. Nonetheless, analyst Ted Pillows added that for more upside, ETH must recover the $4,250 area, where a strong sell wall is located, until the $4,320 level. If it fails to reclaim this area, the cryptocurrency risks retesting he $3,600-$3,800 support once again. As of this writing, Ethereum is trading at $4,172, a 3.5% increase in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
Bitcoin Momentum Indicator: Why 600,000 Transactions Threshold Matters Most
As Bitcoin (BTC) continues to trade in the low $110,000 range, a key on-chain indicator has flipped bullish, show signs of an upcoming price rally that could propel the top digital asset to new all-time highs (ATH) in the near term. Bitcoinâs 600,000 Transactions Threshold Takes Center Stage According to a CryptoQuant Quicktake post by contributor Ibrahim Cosar, an important correlation between BTC price and the total number of transactions over time stands out. Related Reading: Bitcoin Cycle Confluence Hints No Bottom Before October â What This Means The analyst shared the following chart to highlight the relationship between Bitcoinâs price and the total number of transactions. Notably, whenever the total transaction count surges above the 600,000 level â or even approaches it â BTCâs price tends to initiate an upward move. The above chart shows three previous instances in 2025 when BTCâs total transaction count climbed beyond 600,000, with an ensuing price appreciation. In May, there was a sharp price increase shortly following Bitcoinâs transaction count jump. Similar combinations of transaction count increase and price action surge were witnessed in August and early September. The CryptoQuant analyst remarked that this pattern has become particularly evident since Q4 2024. Cosar added: Iâve been studying on-chain data for a long time, but itâs rare to see such a clear pattern. The 600K transaction threshold seems to act almost like a signal that triggers Bitcoinâs âprice engine.â This is my personal discovery, and the chart confirms it quite clearly. The analyst stated that rising transaction activity on the network is a leading indicator of Bitcoinâs underlying usage and demand. As the number of transactions on the Bitcoin network rises, the network becomes more vibrant and active. The growing usage of the Bitcoin network creates a natural buying pressure on Bitcoinâs price, adding fuel to the cryptocurrencyâs bullish momentum. According to Cosar, the 600,000 transaction level is an âactivity explosionâ threshold that leads to a âprice explosion.â That said, the analyst cautioned that no single factor can completely influence BTCâs price, as it is dependent on a mix of various factors, including macroeconomic backdrop, regulations, and trading activity. Still, the significance of an on-chain indicator with such a strong correlation with BTCâs price should not be ignored. If the total transaction count rises past the 600,000 level again, expect BTC to hit a new record high. Will BTC Fall Below $100,000? Bitcoinâs inability to decisively break through its current ATH of $124,128, recorded on August 14, has bulls worried about the digital assetâs fading momentum. The cryptocurrency is currently at its most oversold level since April 2025. Related Reading: Bitcoin Tipped To Peak In 2026 â Hereâs Why From a technical standpoint, BTC has formed a bearish evening star pattern on the weekly chart, raising the possibilities of a price dip below $100,000. At press time, BTC trades at $114,117, up 3.8% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com
Bitcoin Momentum Indicator: Why 600,000 Transactions Threshold Matters Most
As Bitcoin (BTC) continues to trade in the low $110,000 range, a key on-chain indicator has flipped bullish, show signs of an upcoming price rally that could propel the top digital asset to new all-time highs (ATH) in the near term. Bitcoinâs 600,000 Transactions Threshold Takes Center Stage According to a CryptoQuant Quicktake post by contributor Ibrahim Cosar, an important correlation between BTC price and the total number of transactions over time stands out. Related Reading: Bitcoin Cycle Confluence Hints No Bottom Before October â What This Means The analyst shared the following chart to highlight the relationship between Bitcoinâs price and the total number of transactions. Notably, whenever the total transaction count surges above the 600,000 level â or even approaches it â BTCâs price tends to initiate an upward move. The above chart shows three previous instances in 2025 when BTCâs total transaction count climbed beyond 600,000, with an ensuing price appreciation. In May, there was a sharp price increase shortly following Bitcoinâs transaction count jump. Similar combinations of transaction count increase and price action surge were witnessed in August and early September. The CryptoQuant analyst remarked that this pattern has become particularly evident since Q4 2024. Cosar added: Iâve been studying on-chain data for a long time, but itâs rare to see such a clear pattern. The 600K transaction threshold seems to act almost like a signal that triggers Bitcoinâs âprice engine.â This is my personal discovery, and the chart confirms it quite clearly. The analyst stated that rising transaction activity on the network is a leading indicator of Bitcoinâs underlying usage and demand. As the number of transactions on the Bitcoin network rises, the network becomes more vibrant and active. The growing usage of the Bitcoin network creates a natural buying pressure on Bitcoinâs price, adding fuel to the cryptocurrencyâs bullish momentum. According to Cosar, the 600,000 transaction level is an âactivity explosionâ threshold that leads to a âprice explosion.â That said, the analyst cautioned that no single factor can completely influence BTCâs price, as it is dependent on a mix of various factors, including macroeconomic backdrop, regulations, and trading activity. Still, the significance of an on-chain indicator with such a strong correlation with BTCâs price should not be ignored. If the total transaction count rises past the 600,000 level again, expect BTC to hit a new record high. Will BTC Fall Below $100,000? Bitcoinâs inability to decisively break through its current ATH of $124,128, recorded on August 14, has bulls worried about the digital assetâs fading momentum. The cryptocurrency is currently at its most oversold level since April 2025. Related Reading: Bitcoin Tipped To Peak In 2026 â Hereâs Why From a technical standpoint, BTC has formed a bearish evening star pattern on the weekly chart, raising the possibilities of a price dip below $100,000. At press time, BTC trades at $114,117, up 3.8% in the past 24 hours. Featured image from Unsplash, charts from CryptoQuant and TradingView.com