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Price analysis for August 30th: BTC, ETH, ADA, BNB & XRP

Bitcoin and major altcoins are facing selling at overhead resistance levels, which means that the next stage of the uptrend will have to wait.

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Bitcoin and major altcoins are facing selling at overhead resistance levels, which means that the next stage of the uptrend will have to wait.

BTC/USDT

The bulls once again were unsuccessful in pushing the price above the overhead resistance at $50,000 suggesting that bears are defending the level aggressively. Bitcoin formed a Doji candlestick pattern on the 29th, which has committed to the downside today. If bears pull the price below the 200-day simple moving average ($46,065), the BTC/USDT pair could drop to the next support at $42,451.67.

ETH/USDT

Ether once again turned down from the overhead resistance zone at $3,335 to $3,377.89. This indicates that the bears are defending the overhead zone. The bulls however haven’t surrendered and are defending the 20-day exponential moving average ($3,139) as seen from the solid rebound today. If bulls push the price above the overhead zone, the ETH/USDT pair may resume its uptrend with a target objective at $3,670.

ADA/USDT

ADA turned down from $2.95 suggesting that bears are aggressively defending the overhead resistance at $2.97. That was followed by a Doji candlestick pattern indicating a indecision among the bulls and the bears. The uncertainty has extended today with the formation of the inside-day candlestick pattern. If sellers sink the ADA/USDT pair below the intraday low at $2.71, the pair may again drop to the breakout level at $2.47. A strong rebound off this level may keep the pair range-bound between $2.47 and $2.97 for a few days.

BNB/USDT

The failure of the bulls to push and sustain Binance Coin above the May 19 intraday high at $516.50 may have attracted profit-booking from short-term traders. The altcoin has turned down and it may now drop to the breakout level at $433. The bulls are likely to aggressively defend the support zone between the 20-day EMA ($445) and the breakout level at $433.

XRP/USDT

XRP rebounded off the $1.07 support but the bulls could not push the price to the downtrend line. This suggests that demand dries up at higher levels. The bears are currently attempting to sink the price to the critical support at $1.07.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Crypto News. Every investment and trading move involves risk. The reader should conduct their own research when making a decision.

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Binance tightens South African compliance rules for crypto transfers

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Binance is tightening compliance measures for crypto transactions in South Africa, announcing it will fully implement the country’s Travel Rule requirements beginning January 2025. The move aligns with regulations set by South Africa’s Financial Intelligence Centre (FIC) and reflects the exchange’s broader efforts to meet global anti-money laundering standards.

Under the new rules, Binance will require South African users to include verified personal information—such as names, addresses, and account details—when sending or receiving crypto between platforms. These changes are designed to increase transparency and traceability of digital asset transfers, making it harder for illicit actors to exploit decentralized networks.

Binance emphasized that users must complete know-your-customer (KYC) verification before transferring crypto to or from external wallets. Transfers to non-compliant platforms may be restricted or flagged, while internal transfers within Binance or to Travel Rule-compliant entities will remain unaffected.

The announcement follows South Africa’s decision in 2023 to designate crypto as a financial product, placing digital asset providers under the supervision of the FIC. The country has since taken steps to integrate crypto into its formal regulatory structure, including licensing requirements and mandatory reporting obligations.

With enforcement beginning in 2025, Binance urged users to familiarize themselves with the new procedures to avoid disruptions. The exchange also plans to provide additional guidance and tools to help users remain compliant as the deadline approaches.

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Ethereum bounces back as market dominance recovers from all-time low

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Ethereum has staged a notable recovery after recently experiencing its lowest market dominance since its early days. The turnaround comes as ETH surged nearly 4% in the past 24 hours, climbing back above the $3,100 mark and narrowing its underperformance gap relative to Bitcoin.

For much of 2024, Ethereum has trailed behind Bitcoin and a growing wave of altcoins, with its market share dropping below 15% — levels not seen since 2015. The slump was driven by investor focus on Bitcoin ETF momentum, lackluster institutional interest in ETH, and rising competition from layer-1 and layer-2 networks offering faster and cheaper alternatives.

Despite these challenges, Ethereum’s fundamentals remain strong. Data shows a healthy uptick in active addresses, transaction volumes, and total value locked in DeFi protocols built on Ethereum. Additionally, hopes remain high for the approval of a spot Ethereum ETF in the U.S., with analysts suggesting a potential turnaround in institutional flows if approved.

Traders are now watching whether this rebound signals a sustained trend reversal or just a temporary relief rally. With key upgrades and ecosystem developments still in the pipeline, Ethereum’s ability to regain dominance may hinge on reigniting both investor confidence and broader developer activity.

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SEC says it won’t re-file fraud case against Hex’s Richard Heart

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The U.S. Securities and Exchange Commission (SEC) has confirmed it will not pursue a retrial in its fraud case against HEX founder Richard Heart, effectively bringing an end to one of the agency’s high-profile crypto enforcement actions.

The decision follows a recent court ruling that dismissed several key allegations against Heart, including claims that he misled investors and violated securities laws through the promotion and sale of HEX, PulseChain, and PulseX tokens. While the SEC initially signaled it would consider further legal options, it has now opted to forgo additional litigation.

Heart, a controversial figure in the crypto world, had long denied the SEC’s accusations, framing the lawsuit as an overreach by regulators. The agency had alleged that Heart raised over $1 billion from investors while misrepresenting how funds would be used and failing to register the offerings.

With the SEC stepping back, the dismissal marks a rare instance in which the regulator has chosen not to continue a crypto-related fraud case, potentially signaling a reassessment of its approach amid growing legal pushback and mounting scrutiny over its enforcement tactics.

Although the case is now closed, legal analysts suggest the outcome could influence future regulatory efforts and may embolden other crypto founders facing similar challenges. Heart, meanwhile, has positioned the development as a vindication, reaffirming his stance that HEX and related projects were never in violation of U.S. securities laws.

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