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🌊 Bitcoin Faces Cascade 

Word On The Street: Bitcoin is at risk of a potential "liquidation cascade" that could push its price down to $50,000, according to a recent analysis.

The details:

• This warning comes as Bitcoin's recent price rebound appears to be losing momentum.

• Despite Bitcoin being up about 40% from its August lows, the market is showing signs of weakness.

• If Binance sellers continue to exert pressure, it could trigger a liquidation cascade, driving the price back down.

Why it matters: For many market participants, the outlook is concerning, with some arguing that buyers are not in a strong enough position to maintain the current uptrend.

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Other News

IOTA completes EU blockchain pre-commercial phase. IOTA completes the final phase of the European Blockchain PCP, setting the stage for scalable, sustainable and secure blockchain infrastructure across the European Union.

Nasdaq Looks to Offer Bitcoin Options, Following Rival NYSE’s Plans. The proposed Nasdaq Bitcoin Index Options would track the CME CF Bitcoin Real-Time Index.

Celsius distributes $2.5B to 251,000 creditors amid bankruptcy proceedings. Over 121,000 Celsius creditors have yet to claim their funds, according to the Celsius bankruptcy administrator.

TON Blockchain Wallet Tonkeeper Launches DApp Browser in Telegram. The latest in blockchain tech upgrades, funding announcements and deals. For the period of Aug. 22-28.

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Reports from our analysts today:

• Ethereum Technical Analysis (Free)

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• TON Technical Analysis (Paid)

TRADERS CORNER
💸 Ethereum Technical Analysis

Ethereum (ETH/USD) is currently trading at $2,586.54. The recent price action reflects a strong downward trend, with Ethereum steadily declining from higher levels. The price is currently near the lower end of its recent range, indicating significant selling pressure.

The Bollinger Bands are showing a clear expansion, especially during the sharp decline in price. The price is currently trading near the lower Bollinger Band, which often indicates that the asset may be oversold. However, the consistent downward momentum suggests caution, as this could be part of a broader bearish move.

Trend Analysis:

The short-term trend for Ethereum is bearish. The chart shows a series of lower highs and lower lows, which is a classic indication of a downtrend. The consistent red candles on the chart indicate that sellers are firmly in control, with the price declining significantly over the recent trading sessions.

Support and Resistance:

- Immediate Support: The immediate support level is around $2,578.27, which is the recent low. A break below this level could signal further downside, with the next target around $2,540.00.

- Immediate Resistance: The first resistance level is around the middle Bollinger Band, currently near $2,604.37. If the price manages to break above this level, it could indicate a potential recovery, with further resistance expected around $2,630.46.

Potential Scenarios:

1. Bearish Continuation: If the price continues to stay below the middle Bollinger Band and breaks below the $2,578.27 support level, it could lead to further declines, with $2,540.00 as a possible target.

2. Short-term Reversal: If the price holds above $2,578.27 and begins to rise, breaking above $2,604.37, a short-term reversal may occur. In this case, the price could aim for the $2,630.46 resistance level.

3. Consolidation: The price might continue to consolidate between $2,578.27 and $2,604.37, indicating a period of indecision. This could lead to a breakout in either direction, depending on broader market conditions.

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