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Hang Seng Index futures closed down 0.19% at 26,643 points in overnight trading, a discount of 6 points.On November 11th, JPMorgan Private Bank stated that the strong upward momentum in gold prices could push them above $5,000 per ounce next year, primarily driven by continued purchases by central banks in emerging market economies. Alex Wolf, Global Head of Macro and Fixed Income Strategy at the bank, pointed out that gold prices could reach $5,200 to $5,300 by the end of 2026, more than 25% higher than current trading levels. Global central bank gold purchases have been a key driver of the sharp rise in gold prices over the past two years. Policymakers seeking a store of value and asset diversification pushed gold prices to a record high of over $4,380 in October this year. Although prices have retreated somewhat in recent weeks, they are still up more than 50% year-to-date. Wolf stated that for many central banks, gold still represents a relatively small proportion of their foreign exchange reserves, especially in emerging market countries. He added, "We are still seeing them increasing their gold holdings, although the pace of purchases may slow due to rising prices."On November 11, Hamas spokesman Hazem Qasim stated on the 10th that Israel is deliberately expanding the "yellow line" area in northern Gaza, effectively altering the post-ceasefire border, and has failed to implement the previously agreed-upon ceasefire map. He described the recent Israeli military operations in several areas as a "systematic breach" of the ceasefire agreement. Qasim said Hamas, through the mediators, has requested heavy machinery to search for the bodies of Israeli detainees in the rubble, but continued Israeli restrictions are hindering the operation.U.S. Senate Republican Leader Thune: Im not sure if I can vote today.U.S. Senate Republican Leader Thune: (The voting process for the temporary funding bill) remains stalled.

ETH to Target $1,800 on ETH Staking Stats and BTC Return to $25,000

Jimmy Khan

Feb 21, 2023 15:19

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On Sunday, Ethereum (ETH) decreased by 0.71%. After losing 0.12% on Saturday, ETH gained 10.89% for the week to close at $1,680. ETH returned to $1,700 for a fourth session in a row.


Following a range-bound morning, ETH increased to a high of $1,727 in the late afternoon before going back down. Before dropping to a low of $1,667, ETH broke through the First Major Resistance Level (R1) at $1,711. Before partially regaining its footing to close the day at $1,680, ETH briefly breached the First Significant Support Level (S1) at $1,677.


Bitcoin's (BTC) price dropped by 1.42% on Sunday. Bitcoin gained 0.21% on Saturday but lost everything on Sunday, rising 11.53% to $24,284. Bitcoin returned to the $25,000 level for the third time in four sessions despite the negative session.


After a range-bound morning, Bitcoin surged to a high of $25,209 in the late afternoon. Before going backward, BTC passed through the First Major Resistance Level (R1) at $24,857 and the Second Major Resistance Level (R2) at $25,082. Bitcoin dropped to a late low of $24,221 after the reversal. At $24,429, BTC breached the First Significant Support Level (S1), closing the day at $24,284. The downside was mitigated by the Second Significant Support Level (S2) at $24,226.

Shanghai Hard Fork Hope Overpowers Fed Fear

There were no updates from engineers working on the Shapella testnet on Sunday. The lack of quiet on Sunday put ETH on the back foot as the anticipated Shanghai hard fork approached.


Yet, the upside was mitigated by market confidence. Updates from the Shanghai hard fork have been good despite delays to the Ethereum Merge. The recent SEC action against US staking services has put stakeholder opinions on the hard fork to the test.


Since the Kraken settlement with the SEC, ETH staking inflows have been inconsistent, generating doubt about whether the Shanghai hard fork would result in an ETH price breakout.


CryptoQuant reports that daily ETH staking inflows reached a low of 4,896 ETH on February 23 before increasing. The inflows peaked at 33,280 EHT on February 14 before declining. The amount of ETH staked as of February 19 was 16,800 ETH.



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