Category Archives: Ethereum
$2000 Consolidation Looming For Ethereum (ETH), Option2Trade (O2T) is Positioned For Great ROI – Finbold – Finance in Bold
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The cryptocurrency market is known for its volatility, but recently, Ethereum (ETH) has shown relative stability. With its market cap of $272,835,747,415 and a trading volume of $10,250,530,272, Ethereum (ETH) has maintained its position as the second most-capitalized coin. Despite the drop in equity indices, the consolidation in the cryptocurrency market seems to be driven by individual corporate stories rather than a global shift in sentiment.
While Bitcoin remains around $40,000, Ethereum (ETH) has returned to the lower end of the consolidation it experienced in December. Currently, it is threatening to fall to the $2,100 mark, which was the upper end of the consolidation in November. A decline to this level would be a logical move, just as a BTCUSD pullback to $37,500 remains a possible scenario. However, it is essential to be prepared for a brief dip towards $2,000 due to the inherent volatility of the cryptocurrency market.
The cryptocurrency market has witnessed a period of consolidation, with Ethereum (ETH) hovering around the $2,200 mark. This potential consolidation at $2,000 for Ethereum (ETH) has caught the attention of traders and investors alike. This article, has explored the impact of this consolidation and highlight Option2Trade (O2T) as a platform strategically positioned for a great return on investment (ROI) during this period.
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Bitcoin and Ethereum Bulls Taking Control: $60 Million of Shorts Liquidated Ahead of Weekend – U.Today
Bitcoin and Ethereum bulls are not ready to give up easily, and bearish liquidations surge
The cryptocurrency market is witnessing a strong bullish momentum as Bitcoin and Ethereum bulls start to assert control. In a significant development, shorts worth approximately $60 million have been liquidated, signaling a potential shift in market sentiment as we approach the weekend.
Analyzing the current charts, Bitcoin has demonstrated resilience, managing to sustain above the crucial support level of $40,000. The coin has recently experienced a rebound from this level, which has historically acted as a strong psychological barrier for both bulls and bears.
If BTC maintains its position above this support, the next key resistance to watch will be around $42,000, a level where we might expect some consolidation before a further push. On the downside, if the $40,000 level fails to hold, traders should look for potential support near the $38,500 region.
Ethereum, on the other hand, is also showing signs of recovery after a recent sell-off. The coin has found support near the $2,100 mark, just above the 200-day exponential moving average, which is often considered a significant indicator of long-term trends.
If ETH can sustain this rebound, the immediate resistance is expected at $2,400. A breakthrough above this could open the path toward $2,500, a level that previously acted as both support and resistance. A fall below the current support level could see the price testing the next support zone around $2,000.
The liquidation heatmap provides additional context, illustrating the pressure on short sellers as the market moves against their positions. This liquidation is particularly evident in the case of Bitcoin and Ethereum, which have seen a significant number of short positions being closed in a short span of time. Overall, the market is currently displaying bullish signs, with strong support levels holding up.
About the author
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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The supply of ether could be impacted by the Ethereum network's upcoming Dencun upgrade, according to CoinShares Ethereum research associate Luke Nolan.
The Dencun upgrade will enable Layer 2 transactions to be sent to the Ethereum network through blobspace, an alternative to the current transactional calldata mechanism. This could result in reduced gas usage and, consequently, a lower amount of ether being burned.
All of the ether used to pay gas base fees for transactions is currently burned.
"Transactional calldata makes up 90% of the costs Layer 2s pay in terms of gas fees. But after the Dencun upgrade, instead of posting their data through calldata, Layer 2s can use the new blobspace mechanism, which has significantly lower gas costs. So, if we expect layer 2s to gradually shift to using this new blobspace mechanism, we could see gas prices settle at lower levels, which means less ether is burned," Nolan told The Block.
The possible reduction in ether burned could have an impact on the growth of ether supply.
"Gas demand on the Ethereum network drives ether's deflation mechanism via gas burn which can reduce the circulating supply of ether. The Dencun upgrade could see gas prices settle at lower levels," Nolan added.
However, the impact of the Dencun upgrade and the introduction of the blobspace mechanism could be mitigated by other factors. Nolan stressed that Layer 1 demand is what significantly drives deflation, and that "even very high blob usage has a low impact on circulating supply."
"Even if we see this reduced gas price because layer 2s are using the blobspace, there is no real concern that Ethereum will become significantly inflationary. The point of the Dencun upgrade is to decrease gas fees for users transacting using roll-ups, and bring users back to the network because of lower transaction fees, so more activity means more gas usage overall," Nolan said.
Nolan added that the end goal of the Dencun upgrade is to solidify Ethereum's market share, so secondary effects are a net positive over the long run, regardless of short-term gas fluctuation.
The Dencun network upgrade was activated on the Goerli testnet on Jan. 17 and introduced several Ethereum Improvement Proposals. Of particular interest is EIP-4844, which enables the blobspace mechanism.
The Ethereum Dencun upgrade on the Sepolia testnet is expected to be activated by Jan. 30, while the same upgrade on the Holesky testnet remains scheduled for activation on Feb. 7.
According to Nolan, the mainnet activation of the Dencun upgrade could come as soon as March of this year. "Ethereum core devs expect that at least one month after Holesky the mainnet activation of the Dencun upgrade will go live. So at least March, or likely after. It is hard to give an exact time, as testnet bugs appear and change timeline," Nolan said.
The price of ether has fallen by over 3% in the past 24 hours to trade at $2,377, according to The Block's Prices Page.
The price of ether has fallen in the past 24 hours. Image: The Block.
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Megacap cryptocurrency Ethereum (ETH -0.26%) has continued to sell off in today's session, now having given up most of its gains since the sector-driven mania following the approval of spot BitcoinETFs earlier this month.
As of 3 p.m. ET, Ethereum declined 6.1% over the past 24 hours, dropping below the $2,350 level. This move appears to be tied to a number of market-driven forces, but also some token-specific headwinds that investors are pricing in today.
Here's what's behind today's big downside move in Ethereum.
When certain investors sell a given cryptocurrency or stock, investors pay attention. Accordingly, news that the Ethereum Foundation (the nonprofit doing much of the behind-the-scenes work to keep Ethereum up and running) sold more than $1.6 million worth of the world's second-largest cryptocurrency has sent shockwaves reverberating through the market.
Recent reports show that this large sale, in which 700 Ether were sold, continues a trend of capital-raising from the Ethereum Foundation. A previous sale of 100 Ether tokens on Jan. 16 from the same wallet suggests that the ongoing development work may be more costly than initially thought, providing some downside selling pressure on this token.
Ethereum does have another upgrade on the go, with its so-called Dencun upgrade already underway as of last week. Thus, it's possible that these token sales could dry up as development activity slows, but it's a key factor in the supply/demand equation investors are digesting right now.
Additionally, concerns around capital flight from the crypto sector, evidenced by more than $2 billion of Bitcoin ETF outflows, has some concerned about the secondary impacts on Ethereum. So far, the excitement around these exchange-traded products hasn't stoked the kind of investment many initially thought would come. For future Ethereum ETFs, that's not great, and this sector-wide selling pressure will likely continue to flow through to the Ethereum ecosystem as well.
Occasionally, it's important to reflect on the cost impacts various development initiatives have on various blockchain networks and their associated tokens. Given Ethereum's aggressive upgrade schedule and top-tier talent in terms of the developers working diligently on ensuring this protocol's stability, these token sales may not be surprising. But it does appear some in the market have been caught off guard by the corresponding selling pressure and sentiment shift caused by these sales.
That said, it could also be true that these ongoing upgrades provide outsized value relative to their initial up-front costs. Crypto investors and users want to see an Ethereum network that's as low cost and efficient as possible. That's what this Dencun upgrade aims to achieve.
Additionally, some recent news around MetaMask launching an Ethereum validator staking feature could result in more locked-up Ethereum tokens, potentially offsetting some of the recent selling pressure we've seen from the Ethereum Foundation and others.
These effects likely won't offset the institutional capital flight we're seeing from the crypto sector. However, it's the longer-term supply-and-demand dynamics investors will need to consider when it comes to this top-tier crypto.
Thus, I think the jury remains out with respect to how Ethereum will perform as it continues its ongoing upgrades in the coming months. For now, sentiment has soured, but long-term investors may want to consider this dip as a potential buying opportunity, as traders look elsewhere to take on bullish positions.
Whats next for Bitcoin, Ethereum and Solana? Coinpedia Fintech News
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The defunct crypto lending platform Celsius has moved large amounts of Ether (ETH) to centralized exchanges amid expectations that the firm will start repaying creditors in liquid crypto in mid-February.
On Jan. 26, there were several large transactions of Ether from the Celsius Network wallet to deposit wallets for Paxos and Coinbase Prime.
The largest transaction was for 443,961 ETH worth $984 million at the time of the transfer from Celsius to another network-controlled wallet in preparation for moving.
A total of 13 transactions followed over the next hour, moving this huge tranche of ETH to Coinbase and Paxos wallets, according to blockchain intelligence firm Arkham.
Spotonchain reported that most of the 297,454 ETH sent to Coinbase was distributed to 12 fresh wallets, probably as part of an OTC deal.
Only two days earlier, Celsius moved 575,081 ETH on Jan. 24 using addresses labeled Celsius Network: Staked ETH and Celsius Network: Eth2 Depositor in an internal transaction.
Overall, Celsius has moved 757,626 ETH to FalconX, Coinbase, OKX and Paxos since Nov. 13, 2023, it stated, adding that currently, Celsius still holds 62,469 ETH valued at $138.8 million at current prices.
The exact reasons for the recent Ether transactions are not immediately clear. However, according to a Celsius asset distribution FAQ updated on Jan. 12, a limited number of corporate accounts will be able to receive cryptocurrency through Coinbase.
For non-corporate accounts, distributions to creditors residing in the United States will be made via PayPal, and distributions to creditors outside of the U.S. will be made by Coinbase, it stated.
A community of Celsius creditors on X (formerly Twitter), named Celsius NewCo Community, said they expect the distribution of liquid crypto to creditors to start in mid-February, adding that the distribution window will be open for one year.
Meanwhile, Celsius user TheHawk reported that they had officially been able to remove all of their ETH from Celsius, adding that funds were in the custody account, not the Earn account.
Between Jan. 8 and 12, Celsius transferred another $95.5 million to Coinbase, while $29.7 million was transferred to FalconX, according to data from Arkham Intelligence.
Related: Celsius transfers $125M of ETH to exchanges as FTX and Alameda dump
Earlier in the month, the bankrupt lending firm stated that it had begun shifting assets to ensure ample liquidity in preparation for any asset distributions.
Celsius said it will unstake its existing Ether holdings to offset certain costs incurred throughout the restructuring process and unlock ETH to ensure timely distributions to creditors. It no longer has any ETH pending staking withdrawal, according to Nansen.
On Jan. 9, Celsius bankruptcy administrators filed an intent to notify its creditors that account holders who withdrew more than $100,000 in the 90 days before the date of the firms bankruptcy declaration on July 13, 2022, may be required to return them by Jan. 31, 2024.
ETH prices have yet to react, remaining flat on the day at $2,225 at the time of writing.
Magazine: Tiffany Fong flames Celsius, FTX and NY Post: Hall of Flame
Momentum for ETH might likely emerge in coming weeks based on this announcement
Ethereum developers have made the next big announcement as regards the Dencun upgrade. Tim Beiko, an Ethereum core developer, shared this on X.
According to Beiko, more testnet blobs are on their way, as Dencun will activate on the Sepolia testnet on Jan. 30 and the Holesky testnet on Feb. 7. He urges node operators on either network to update. Beiko further adds that, assuming both of these go smoothly, Ethereum Dencun will be scheduled on the Ethereum mainnet next.
Goerli blobs were recently launched as Dencun went live on the Goerli testnet at 6:32 a.m. UTC on Jan. 17, 2024. The Sepolia and Holesky testnets will upgrade subsequently over the next two weeks. Dencun will activate on Sepolia at epoch 132608 on Jan. 30 at 10:51 p.m. UTC and on Holesky at epoch 29696 on Feb. 7 at 11:35 a.m. UTC.
The eagerly anticipated Dencun update follows last year's Shapella upgrade and includes changes to both Ethereum's consensus and execution layers.
The upgrade features several changes, the most notable of which is the implementation of ephemeral data blobs with EIP-4844, often known as "protodanksharding," which will help cut L2 transaction fees.
Michael Van de Poppe, a crypto analyst, predicts that momentum for ETH might likely emerge in the coming weeks. He presents three arguments: Bitcoin's bottoming out could be a catalyst for altcoins to resume their upward trend. The second reason is the buzz around the Ethereum Spot ETF. Third, Ethereum plans to implement new upgrades that are anticipated to lower transaction fees by 90%.
According to Glassnode, BTC perpetual swaps accounted for 55% of open interest in January 2022 and have subsequently increased to 66.2%. ETH's open interest dominance, however, fell from 45% to 33.8% between 2022 and 2024.
But following the ETF approval, ETH regained some market share, with its dominance increasing to more than 40% by this metric.
About the author
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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Ethereum Interoperability Hub Polymer Raises $23M Series A Funding From Marquee Investors – CoinDesk
Polymer Labs has raised $23 million in Series A funding to advance the building of its Ethereum-based interoperability hub.
The funding round was co-led by Blockchain Capital, Maven 11, and Distributed Global and included contributions from a number of big-name investors, such as Coinbase Ventures, Placeholder, and Digital Currency Group.
Polymer has developed a layer 2 network that employs the Inter-Blockchain Communication (IBC) - originally developed for the Cosmos ecosystem to allow different blockchains to communicate with one another - to build an Ethereum-based interoperability hub.
The aim is to counteract the challenges of interoperability that emerge as a result of the proliferation of layer 2s.
"Existing interoperability solutions such as token bridges are widely used but have proven unreliable and susceptible to hacks, leading to a lack of standardization within the Ethereum ecosystem with billions lost in exploits," Polymer Labs said in an emailed announcement on Tuesday.
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Ethereum layer-2’s will face an increasingly competitive landscape in 2024: Flipside – Crypto Briefing
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Ethereum layer-2 blockchains (L2) could start a war on which one of them offers the lowest cost fees in 2024, according to a Jan. 25 report by on-chain data platform Flipside. This dispute could happen if a bull run starts in 2024, raising transaction costs for Ethereum and making users look for alternatives.
Moreover, a more competitive environment for L2s could result in smaller margins for the projects, better user experience, and renewed interest in those chains governance tokens, such as OP, ARB, and POL. Ultimately, Flipside analysts believe that this war will accelerate the adoption of EVM-compatible blockchains.
EVM stands for Ethereum Virtual Machine, which can be simply understood as the software translating and executing smart contracts commands. Thus, the existence of a decentralized application like Uniswap or Aave needs an EVM to process the information sent from their smart contracts.
Another catalyst for a wider Ethereum L2 adoption is the upgrade Dencun, set to happen in 2024s first semester, which will introduce blobs. Blobs are transactions capable of handling large amounts of data and can be attached to Ethereums blocks. As a result, L2 will be able to use those blobs to store transaction data, freeing up more space in Ethereums blocks and raising L2s throughput.
Flipsides report also mentions expectations around more blockchains being launched in 2024 than during the previous year. This could mean that more blockchains with specific use cases will capitalize on each networks advantages.
Those new chains will emerge to meet new and existing demand, and Ethereum L2s might have to fight for users interest, since theres still an appetite for new blockchains, according to Flipside.
Besides, the report underscores that new blockchains were still relatively new during the bull run seen between 2020 and 2021. However, those chains have made significant developments in the last two years regarding cross-chain interactions and transfers, making it easier for Web3 users to interact with multiple chains.
While most crypto users will continue to engage with one single chain, the report points out, the overall crypto community will become more mobile, flexible, and willing to move across different chains to capitalize on various opportunities. Therefore, on top of their war on Ethereums ecosystem, L2s may face more external competition this year.
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Ethereum Developers Discuss Post-Dencun Proposals, Including Increasing Maximum Stake From 32 to 2,048 ETH … – Unchained
Even as developers are observing Dencun in trials, they have also begun evaluating and prioritizing Ethereum Improvement Proposals (EIPs) for Electra, the next upgrade on the consensus layer.
Ethereum developers discuss post-Dencun proposals, including increasing maximum stake to 2,048 ETH, from 32 ETH.
Posted January 25, 2024 at 6:33 pm EST.
Ethereum developers deliberated Thursday about the next consensus layer upgrade after the 2024 Dencun network hard fork.
Even as developers are observing Dencun on a testing network, they have also begun evaluating and prioritizing Ethereum Improvement Proposals (EIPs) for Electra, the following upgrade on the consensus layer.
During a live-streamed meeting that takes place every two weeks, developers touched on a range of topics that included potentially increasing the maximum number of ETH a validator can stake, addressing censorship in Ethereums block production and scaling up data availability.
Currently, the staking balance of a single Ethereum validator is 32 ETH, but Mike Neuder, a researcher at the Ethereum Foundation, is trying to create a range that would raise the limit on validators. His EIP-7251 aims to increase a validators maximum balance 64 times to 2,048 ETH from 32 ETH.
The high-level reason for doing this EIP is to allow some consolidation of the total number of validators we have, Neuder said in todays consensus layer meeting, Were currently at around 900,000.
Ethereum developers also discussed EIP-7594. It concerns peer-data availability sampling, which is a method to progress from EIP-4844 levels of scale where everyones downloading blobs of data, to a level beyond that: Call it full danksharding, said Ethereum Foundation researcher Danny Ryan, who chairs the biweekly consensus meetings. (EIP-4844 is nicknamed Proto-Danksharding after its two main authors.)
Developers have not decided whether to prioritize EIP-7251 and EIP-7594 in Electra.
Another proposal, EIP-7547, was removed from consideration in the Electra upgrade. EIP-7547 aims to make Ethereum more censorship-resistant. Neuder, one of its authors, highlighted an Ethereum dashboard that showed the censorship of different operators in the block production pipeline. According to community resource website censorship.pics, builders censored about 67% of data blocks by excluding transactions from sanctioned crypto addresses.
EIP-7547 entails a forced transaction inclusion mechanism that specifies what transactions must be included in blocks to be considered valid. This is a relatively newer EIP, but I think the ideas are very well established and important for one of the core properties on Ethereum, which is censorship resistance, noted Neuter.
Gajinder Singh, maintainer of Ethereum clients Lodestar and EthereumJS, replied, We support the EIP, but we dont feel strongly about it, because we feel that not all options have been exhausted. Ryan didnt get any volunteers when he asked if anyone wanted to make the case for EIP-7547s prioritization in Electra.
Developers did agree to prioritize EIP-7002, which allows validators to trigger exits through their execution layer withdrawal credentials, according to the EIPs resource page. Ryan noted that EIP-7002 is relatively straightforward on both the consensus layer and execution layer. It is a new operation type, but [it] triggers very well-known exit code paths, which refer to the different ways a validator can exit from its role in securing the Ethereum network.
When Ryan asked in Mondays meeting whether anyone was against the inclusion of EIP-7002 in Electra, no one objected to it.
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