KuCoin has officially launched its local crypto exchange in Thailand, now known as KuCoin Thailand, in partnership with ERX Company Limited. Fully licensed by Thailand’s Securities and Exchange Commission (SEC), this new platform combines KuCoin’s global trading experience with local operations.
The launch, effective April 22, marks a major step in KuCoin’s Southeast Asia expansion, offering secure and regulated digital token and cryptocurrency services to Thai users.
“Our goal is to build a leading digital asset platform in Thailand with global vision, institutional-grade service and state-of-the-art technology,” said Henry Chen, Board Director at ERX.
Solutions Tailored To Thai Market
The operator continues to be called ERX, which recently acquired a license from the SEC. KuCoin is one of the top five crypto exchanges globally. ERX’s Chief Executive Att Tongyai Asavanund said that the goal is to bring powerful global tech and resources to offer solutions tailored to the Thai market.
All the existing users have been migrated to the new platform, which can be accessed at www.kucoin.th or via the KuCoin TH app on mobile stores. ERX, now KuCoin Thailand now has a financial base with 351 million baht in paid-up capital. It’s almost entirely owned by Cryptosphere Ventures, a company set up in September 2024 with 1 million baht in initial capital.
KuCoin Thailand becomes the ninth crypto exchange to be licensed by the SEC, joining big names like Bitkub, Upbit, and Gulf Binance. Bitkub dominates Thailand’s crypto space with a trading volume of around $70 million.
KuCoin Eyes Rapid Expansions
Previously, Thailand faced regulatory headwinds in South Korea, where KuCoin’s app was blocked without a license. KuCoin is eyeing rapid expansions across Latin America, the Middle East and Europe, with its global user base nearing 40 million. It is also pursuing an EU-wide MiCAR license through Austria.
While crypto trading is popular in the country, using crypto for payments was banned in 2022. In April, regulators targeted foreign P2P platforms to fight scams and money laundering. KuCoin is also working to resolve a lawsuit with the U.S. CFTC.
Ethereum (ETH) price at $1,805 shows resilience above the $1,800 mark despite the sudden shakeout in the crypto market. With short-term bullish resilience, the upcoming Pectra upgrade is expected to boost the ETH market price with multiple changes in the ETH mainnet, leading to increased scalability and additional features.
Ethereum Price Prepares Bullish Launch From $1,800
In the 4-hour price chart, the Ethereum price trend showcases a sideways movement above the $1,755 mark. This crucial zone marks a high-demand area extending between $1,754 and $1,765.
Providing multiple bouncebacks, the high-demand area and the 200 EMA line hold the Ethereum price uptrend. Currently, the Ethereum sideways movement marks a consolidation range with the upper ceiling near $1,855.
As the ETH price holds above $1,800 after a prevailing recovery, the 100 and 200 EMA lines are on the verge of giving a positive crossover. However, the RSI indicator reflects a loss of momentum as the consolidation range grows.
Currently, the 4-hour RSI line struggles to overcome the halfway line. Based on the Fibonacci levels, a bullish breakout of the upper ceiling at $1,855 will likely test the 78.60% Fibonacci level near $1,949.
Optimistically, the uptrend could reach the $2,100 mark near the previous swing high. On the flip side, the crucial support below $1,755 remains at the $1,676 level.
On-Chain Data Signals Potential Price Surge to $2,000
As Ethereum holds its ground near $1,800, the in/out of the money around price indicator from IntotheBlock reflects a strong resistance ahead. The initial supply zone extends from $1,805 to $1,857, holding a total volume of 5.85 million ETH in 4.48 million addresses.
This is significantly larger compared to the nearest demand zone, extending from $1,748 to $1,800, holding a total volume of 2.29 million ETH within 3.46 million addresses.
In/Out of the Money Around Price
However, considering the short-term spike in Ethereum exceeds the overhead supply zone, the Ethereum price could witness a smoother sale towards the $2,000 mark. This is due to the short-term supply zones ahead holding a significantly lesser supply.
Will ETH Price Bounce Back as Analyst Signals an Ease in Selling Pressure?
As Ethereum hangs close to a crucial support, the spot volume is on a cooldown stage. As per the on-chain analyst DarkFost, this sudden slowdown in the Ethereum spot volume could actually be a good signal for a potential bullish recovery.
Based on the Ethereum spot volume bubble map by CryptoQuant, the analyst highlights the sudden drop in the spot volume, meaning the bigger the bubble, the higher the volume. Similarly, the change in the spot volume is denoted by the color of each bubble.
Currently, the sudden cool-off in the spot volume aligns with the prevailing correction in the Ethereum price trend. Witnessing a volume decline as the asset price declines could help reduce volatility under such conditions. This could also potentially reflect the slowdown in the selling pressure.
Ethereum spot volume bubble map
However, the analyst warns that the slowdown in the selling pressure does not mean the bottom is in.
The Pectra Upgrade Hype
The upcoming Pectra upgrade in Ethereum is likely to bring multiple key refinements to the mainnet. As per a recent tweet by Nansen AI, the key changes include the validator’s consolidation, reaching a 2,048 ETH market cap from the previous 32 ETH limit.
Furthermore, the Layer 2s can get cheaper, as blobs per block grow by 100% from 3 blobs to 6 blobs. Additionally, the EIP-7702 will bring temporary smart contract functionality to Ethereum wallets.
Overall, the key functionality brings faster staking, lower Layer 2 transaction fees, smarter wallets, and the Pectra Upgrade. These key upgrades will bring higher yields for stakers with easier operation.
Furthermore, roll-ups like Optimism and ZK-Sync will benefit from the cheaper data posting, with the increase in blobs per block. Decentralized applications (dApps) on the Ethereum ecosystem will be able to process batch transactions as gas sponsorships become easier.
Despite multiple upgrades, there are potential risks involved in the Pectra upgrade. Such as the validator’s consolidation could increase the risk of centralization on the Ethereum mainnet. Furthermore, the reliance of dApps on call data could increase transaction costs.
Finally, the growth of the smart wallet with the upgrade of EIP-7702 depends on the developers’ adoption. Nevertheless, the upcoming launch of Pectra upgrade shows potential to result in a massive Ethereum price surge.
Coinbase Announces Halt in Ethereum Deposits Ahead of Pectra
With the Pectra upgrade scheduled on May 7 at 3.05 am PT, Coinbase has announced a temporary pause of Ethereum deposits and withdrawals. This is to ensure the safety of the user’s funds. The temporary pause will extend from 2.50 am to 3.45 am PT.
Additionally, the initiation of new staking requests during this cool-off period will be delayed until 3.45 am PT. However, no existing stake positions will be impacted.
Ethereum (ETH) has shown little price movement over the past two weeks despite the broader cryptocurrency market displaying bullish momentum.
This stagnation in ETH’s price comes at a time when selling activity has intensified. These factors suggest a cautious short-term outlook for Ethereum as the week continues.
Ethereum Investors Secure Their Profits
Recent data indicates significant selling pressure on Ethereum. Over the last 48 hours, investors have sold more than 225,779 ETH tokens. This volume translates to a supply worth approximately $576 million, reflecting a rapid pace of offloading.
Such extensive selling indicates reduced investor confidence. Many appear to be securing profits amid doubts about further price appreciation. This behavior often signals a shift toward risk aversion in the short term.
Ethereum Exchange Position Change. Source: Glassnode
Technical indicators add to the bearish sentiment surrounding Ethereum. The Moving Average Convergence Divergence (MACD) shows a bearish crossover after nearly seven weeks of bullish momentum. This change often precedes a price decline or increased volatility.
Losing bullish momentum weakens Ethereum’s price support. Without fresh buying interest, ETH may face further downward pressure as traders adjust positions in response to technical signals.
Ethereum is currently trading near $2,553, maintaining a critical support level of around $2,500. The altcoin king has hovered above this threshold for some time, but its ability to hold this level is being tested.
If bearish pressures continue, Ethereum could break below $2,500 and move lower toward the next support at $2,344. However, if buying interest returns, ETH may consolidate between $2,500 and the resistance level of $2,654 for a period.
For the short-term bearish outlook to change, Ethereum must breach the resistance near $2,654. A sustained move beyond this point could push the price up toward $2,814, reigniting investor optimism and supporting further gains.
U.S. job openings fell in March to their lowest level since 2020, reinforcing expectations that the Federal Reserve may consider a rate cut later this year.
Job Openings See Lowest Level in Four Years
Ahead of the FOMC meeting in May, data from the U.S. Bureau of Labor Statistics shows job openings dropped by 288,000 in March to 7.192 million. This was below the expected 7.490 million. February’s figure was revised downward to 7.480 million from the initial 7.568 million.
The job openings rate also declined to 4.3% from 4.5% in February. The quits level increased to 3.332 million, with the quits rate rising slightly to 2.1%. Economists often view the quits rate as a measure of worker confidence in the labor market.
Kathy Jones, Chief Fixed Income Strategist at Charles Schwab, stated, “The ratio of job openings to unemployed individuals dropped to 1.0, matching its four-year low.”
Labor Market Cooling but Not Contracting
Layoffs also decreased during March to 1.558 million as compared to the revised 1.780 million in February. The job loss incidence went down to 1.0 % from 1.1%. While employment is declining more slowly, companies are not increasing layoffs, suggesting they aren’t cutting staff aggressively.
This deceleration suggests that Fed Chair Jerome Powell’s decision for a rate cut move may be necessary in case of a deterioration in labor conditions. Moreover, in a press briefing, Treasury Secretary Scott Bessent said the administration is holding talks with several partners and confirmed it plans to use tariff revenue to finance the ITA.
“There is a good chance we will see this in the upcoming tax bill,” he stated.
Some of the changes included repealing taxes on tips, social security income, and overtime pay, and reinstating the tax deductions for interest on automobiles that American manufacturers build. Bessent also stated that these changes could be supported by tariffs that would guarantee stable revenues.
Analysts Raise Odds of Fed Rate Cut in Late 2025
The combination of weak labor market data and soft consumer confidence has led to increased market speculation about a move by Jerome Powell for a Fed rate cut in the coming months. While forecasts show a 91% chance of no rate change in May despite the FOMC meeting, the possibility of cuts later in 2025 rose to 89% according to Polymarket.
Joel Griffith from the Heritage Foundation said, “Slower or even negative growth and higher prices could lead to a shift in Fed policy.”
Ted, a financial analyst, shared a broader outlook tied to potential Federal Reserve rate cuts. He expects “rate cuts and quantitative easing by Q4,” pointing to a supportive economic environment under what he called a “pro-crypto administration.” He cited Donald Trump’s stance on digital assets and Paul Atkins’ appointment as US SEC Chair as policy shifts likely to encourage crypto adoption.
Ted also referenced upcoming approvals of crypto-based ETFs like the XRP ETFs and broader institutional involvement. He said that “global regulatory clarity” may accelerate digital asset growth, particularly if Fed rate cuts begin to ease financial conditions.
