Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Lido (LDO) Takes The Lead With 13% Surge Post Ethereum ETF Approval – Key Levels To Watch

Source Newsbtc

Lido (LDO), the liquid staking protocol for the Ethereum (ETH) and Polygon (MATIC) blockchains, has seen a significant price spike in the last 24 hours following the long-awaited approval of spot Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday.

The protocol’s native token, LDO, has successfully regained the $2.30 level and is looking to break out of its one-month downtrend structure that has been in place since the market correction in April.

LSD Sector Set To Soar With Ethereum ETF Approval?

As reported by our sister website, Bitcoinist, the SEC’s approval of the Ethereum ETFs was detailed in an official filing, highlighting that the proposals meet the provisions of the Exchange Act and relevant regulations governing national securities exchanges.

The Commission has determined that proposals from notable entities such as BlackRock, Grayscale, Bitwise, VanEck, Ark Invest/21Shares, Invesco Galaxy, Fidelity, and Franklin Templeton fulfill the requirements to prevent fraud and manipulation, protect investors, and safeguard the public interest.

Crypto analyst Daan Crypto Trades, commenting on the Ethereum ETF approval on X (formerly Twitter), pointed out that the new index funds approval has led to two sectors emerging as clear winners.

One of these sectors is Liquid Staking Derivatives (LSD) coins, with Lido at the forefront. Lido provides staking support for the Ethereum blockchain without the need to lock tokens or maintain infrastructure, allowing participants to engage in on-chain activities such as lending and farming.

Key Levels To Watch For Lido

During the early hours of Friday, LDO reached a peak of $2.49 but has since retraced to its current trading price of $2.35. Large investors are interested in the token, as Spot On Chain data reveals that six fresh wallets/whales withdrew 4.3 million LDO ($9.59 million) from crypto exchange Binance over the past 24 hours.

This indicates a growing interest in holding the token, as sentiment suggests a potential increase in price parallel to Ethereum once the newly approved index funds for the second-largest cryptocurrency enter the market in the coming months.

Moreover, CoinGecko data shows that Lido has experienced a trading volume of $350 million within the last 24 hours, marking a 78.60% increase compared to Thursday’s. However, the token remains 68% below its all-time high (ATH) of $7.30, achieved during the 2021 bull market.

Looking ahead, bullish investors should closely observe the next resistance level on the LDO/USD daily chart, situated at $2.55. Breaking this level is crucial for breaking the downtrend structure that has persisted over the past month, potentially leading to retests at $2.70 and $2.90.

Conversely, the $2.21 zone serves as a significant support level, as it acted as a strong barrier for Lido in the past week and a half before the breakout.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

US October PPI Preview: Fed Rate Hike Expectations Rise, PPI May Be Key Variable; How Will US Stocks, Dollar, and Gold Move?On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Author TradingKey

15 hours ago

On Friday (Nov. 13) Eastern Time, the U.S. will release the October Producer Price Index (PPI). Following the October CPI once again exceeding expectations, the market will look to the PP

Gold closed below $4,000 again — the ETF crowd and central banks stayed, the momentum money left Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Author Irene Q.

20 hours ago

Spot gold is trading near $3,999, its third consecutive lower daily low, after a 5.00% 10-year yield and a 102.85 dollar index raised the odds of a December hike to 87%. But the selling is not coming from the strategic holders: managed-money net longs fell to 324 tonnes, a 21-week low, and Goldman Sachs attributes roughly 95% of five weeks of selling to non-reportable positions. ETFs still hold a record 4,256 tonnes and central banks bought 321 tonnes in Q3. The table below sets the triggers, directions and levels.

Nvidia slid 7.7% after hours while AMD and Broadcom rose — the AI trade changed hands, it didn't break Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Author Irene Q.

21 hours ago

Nvidia closed Wednesday at 173.73, up 2.87%, then fell as much as 8.1% to 159.44 after reports that its board was preparing for a possible leadership change. The same session, the Philadelphia Semiconductor Index rose 5.7% with all 30 components higher, CoreWeave jumped 24.7% on 168% revenue growth, and Micron added 11.9%. If AI demand were being repriced, AMD and Broadcom would not be bid. This is a governance discount on one name, and 204.54 — the 200-day average — is the level that settles it.

Gold Extends Slide Below $4,000 as Rising US Inflation, Fed December Hike Bets Pressure Prices On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Author TradingKey

21 hours ago

On November 12, gold prices (XAUUSD) extended their recent losses, falling further below $4,000 in early Asian trading to hit an intraday low near $3,968, marking a third consecutive day

Bitcoin lost its 200-day average — but the exit started three sessions before the CPI Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Author Suzie

Yesterday 03: 22

Bitcoin fell 2.5% to about $73,400 on 11 November, an 11-week low, breaking its 200-day moving average near $73,100. The 24-hour liquidation tally reached $632 to $705 million, roughly 82% of it longs. But spot ETF outflows began three sessions earlier and USDT's market cap has shrunk $6.6 billion in 60 days — the leveraged length left before the inflation print did. A double top at 81,890 and 81,080 leaves a measured target of 69,366.

Popular Symbols