Category Archives: Ethereum
Will Ethereum’s (ETH) $2200 Support Hold? – BeInCrypto
The Ethereum (ETH) price started 2024 with a sharp increase, reaching levels not seen since May 2022. However, ETH has fallen since January 12.
The ETH price trades inside a minor horizontal support area that has been in place for over a month.
The weekly time frame technical analysis shows that the ETH price has increased alongside an ascending support trend line since July. More recently, the price bounced at the trend line in October 2023 (green icon), accelerating its rate of increase.
The ensuing upward movement caused a breakout from a horizontal area in November. Except for a deviation in April (red circle), the area had intermittently acted as support and resistance for nearly 1,000 days.
After the breakout, the ETH price reached a high of $2,717 on January 11, 2024. However, it has fallen since and is creating a bearish candlestick in the weekly time frame.
The weekly Relative Strength Index (RSI) gives a bearish reading. When evaluating market conditions, traders use the RSI as a momentum indicator to determine whether a market is overbought or oversold and whether to accumulate or sell an asset.
If the RSI reading is above 50 and the trend is upward, bulls still have an advantage, but if the reading is below 50, the opposite is true.
The indicator generated a bearish divergence (green line) and is falling. This happens when a momentum decrease accompanies a price increase, often leading to trend reversals.
Cryptocurrency analysts and traders on Xare uncertain about the future trend. InmortalCrypto stated that the ETH price will fall in the short term but will then increase significantly.
CryptoMichNL suggests that the ETH price will appreciate against Bitcoin (BTC). He tweeted:
The momentum towards $ETH is probably going to come in the next few weeks. Arguments: #Bitcoin bottoming out is a trigger for altcoins to make a new run. Ethereum Spot ETF hype. Ethereum launching new upgrades to reduce 90% of the costs.
However,CredibleCrypto believes that the ETH/BTC pair has not reached its bottom yetand will continue falling.
The technical analysis of the daily time frame gives a bearish outlook because of the price action and the RSI.
On January 23, ETH broke down from an ascending support trend line that had been in place for 95 days. The daily RSI legitimizes this breakdown since it fell below 50 (red icon) simultaneously with the price breakdown.
The RSI increased above 50 (green icon) when the ascending support trend line was created.
Currently, ETH trades inside the $2,200 horizontal support area. If it breaks down, it can decrease nearly 11% to the 0.618 Fib retracement support level at $1,980.
Despite this bearish ETH price prediction, a strong bounce at the $2,200 support area can trigger a 7% increase to the ascending support trend line at $2,400.
For BeInCryptos latest crypto market analysis,click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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Ethereum recovering, Pushd and Polkadot vie for top crypto position – crypto.news
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
The crypto market constantly evolves, with new and innovative projects emerging daily.Some popular platforms include Polkadot (DOT) and Ethereum (ETH), each with unique strategies to redefine the market.
Among them is Pushd (PUSHD), a crypto project currently conducting its presale.
Ethereum has a robust ecosystem for creating and implementing decentralized apps (dapps) and smart contracts.
As a result, its decentralized finance (defi) has a total value locked (TVL) of over $30.7 billion.
Kiln, a staking platform on Ethereum, recently announced a successful $17 million funding round to democratize value creation.
This development has improved Ethereums outlook, a net positive as the market recovers.
Ethereum is trading at $2,208, up 43% in the past year, and may recover after the recent retracement.
Polkadot promotes blockchain interoperability.
It seeks to provide a secure and efficient platform for different blockchains to exchange data.
However, DOT, its native currency, has been under pressure, fluctuating between $6.04 and $7.46.
As per the Directional Movement Index (DMI) indicator, DOT remains under pressure at spot rates.
The eCommerce market may reach $8 trillion by 2024.
Pushd, a new marketplace, has already shown strong demand before its official launch.
Its unique selling point is that it is built on a web3 platform. It offers a decentralized online marketplace that allows for peer-to-peer (P2P) commerce without intermediaries and excessive fees.
Market analysts predict PUSHD will rise above $3, buoyed by improving buyer sentiment.
There are over 22,000 sign-ups in the ongoingpresaleas PUSHD changes hands at $0.075 in the current stage.
The crypto market is fluctuating, with ETH likely to recover. Pushd and Polkadot will likely emerge stronger in the upcoming bull run. For this reason, more investors appear to be exploring Pushd, whose presale is ongoing.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
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Ethereum recovering, Pushd and Polkadot vie for top crypto position - crypto.news
Bitcoin, Ethereum and XRP Sitting at High-Risk Profit Levels, Warns Crypto Analytics Firm Santiment – The Daily Hodl
Crypto analytics firm Santiment says that three of the largest crypto networks by market cap now have more than 80% of their existing supplies in profit.
The Total Supply in Profit metric measures what percentage of coins are currently in profit compared to the last time they moved, and sometimes correlates with price trends.
According to Santiment, Bitcoin (BTC), Ethereum (ETH) and XRP have 83%, 84% and 81% of their supplies in profit, surpassing their average that range between 55% and 75% and placing these coins in high-risk profit territory.
Santiment says the assets last hit this level in March 2022.
Bitcoin (83%), Ethereum (84%), and XRP Ledger (81%) have their respective supplies in historically high risk profit levels compared to their averages that hover in the 55%-75% range dating back to 2018.
Santiment says cryptocurrency prices can still go up because of positive developments in the industry, including the approval of a spot Bitcoin exchange-traded fund (ETF) in the US, but the firm says a lower percentage of the supplies in profit would be a bullish indicator for the crypto assets.
Crypto can absolutely still climb due to more exposure from ETFs and other positive news. But ideally, a great signal to watch that would imply continued long-term growth would be a breach below 75% of their supplies in profit once again.
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Ethereum Staking hits new high: over 29 million ETH locked, worth $71 billion – Medium
Ethereum Staking hits new high: over 29 million ETH locked, worth $71 billion
Ethereum 2.0's introduction of staking has transformed the network, offering users an avenue to actively contribute to its security while earning rewards. Stakers commit ETH as collateral, receiving incentives for validating transactions and supporting the blockchain's integrity.
This milestone underscores the community's belief in Ethereum's long-term potential. With $71 billion at stake, participants not only contribute to network stability but also position themselves to benefit from potential asset appreciation.
As Ethereum solidifies its role in decentralized finance, staking becomes a cornerstone of the broader DeFi landscape. However, participants should stay informed about associated risks, such as market volatility and protocol changes.
In conclusion, Ethereum's record-breaking 29 million ETH staked, valued at $71 billion, marks a pivotal moment. Staking is not only shaping the network's future but also providing participants with a compelling way to engage actively and reap rewards.
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Ethereum Staking hits new high: over 29 million ETH locked, worth $71 billion - Medium
Ethereum looks to end 18-month losing streak vs. Bitcoin – Cointelegraph
Bitcoin (BTC) stayed near monthly lows into the Jan. 20 Wall Street open as Ether (ETH) faced key resistance.
Data from Cointelegraph Markets Pro and TradingView tracked ongoing BTC price weakness after a trip to $40,600 overnight.
This marked Bitcoins lowest levels since Dec. 18 amid an atmosphere of nerves as bulls repeatedly failed to reclaim lost ground.
Analyzing the status quo, Michal van de Poppe, founder and CEO of MN Trading, joined a popular narrative calling for a BTC price floor in the mid-$30,000 zone.
Perhaps were there already for Bitcoin, but it seems likely that well test lower before we can have a reversal back up, he wrote on X (formerly Twitter).
Popular trader and analyst Rekt Capital continued the theory, arguing that Bitcoin was now fulfilling classic moves normally seen before block subsidy halvings. As Cointelegraph reported, this calls for a retreat over the coming month before the halving eventin April.
Meanwhile, salesalso spiked during the latest dip, with a giant batch of 59,000 BTC moving on-chain for the first time in the last three to six months.
As noted by popular social media commentator Ali on X, these coins had an average acquisition cost of $26,000, resulting in a realized profit of nearly $900 million.
Previously,research also attributed the comedown from $49,000 last week to whale selling.
Turning to altcoins, it was ETH/BTC on the radar as the pair faced a long-term downward trendline.
Related:Bitcoin daily RSI hits 4-month lows, with BTC price still up 70%
Having made swift advances against Bitcoin since last week, Ether passed 0.06 BTC before consolidating near that level, its highest since April 2022.
This consolidation is occurring at a resistance trendline, above the 200-day moving average cloud, Caleb Franzen, senior analyst at Cubic Analytics, wrote in part of his latest X analysis.
An accompanying chart showed the trendline in place as resistance since September 2022.
Referencing other data, Franzen earlier this week predicted that ETH/USD would continue to beat BTC/USD going forward.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ethereum looks to end 18-month losing streak vs. Bitcoin - Cointelegraph
BlackRock Wants to Follow Bitcoin ETF With an Ethereum ETF. Marketing It Might Not Be So Simple – CoinDesk
The Wall Street machine needs to be fed and pushing more crypto ETFs is an obvious choice, especially given the attention the bitcoin (BTC) product has garnered. This essentially means thousands of salespeople having meetings, showing a new product, saying what it does, and seeing if people want to buy it.
But selling an ether (ETH) ETF could present an interesting conundrum to issuers. Investors may have just bought a bitcoin ETF, so the practical need to spice up portfolios is already being satisfied. Why would they need another crypto diversification tool?
Its something Sui Chung, the CEO of CF Benchmarks, an index provider for digital assets and partner firm on the BlackRock iShares bitcoin ETF (IBIT), has been thinking about, especially having recently published a cheat sheet explaining the benefits of a bitcoin-backed security to investors.
Defining bitcoin technology and its potential application to finance is part of the explainer, but Chung believes thats secondary to the bitcoin ETFs investment role: a small allocation diversifies a portfolio and boosts the overall risk-adjusted return.
"The primary thing is how bitcoin behaves and its price history," Chung said in an interview. "When you put bitcoin inside a portfolio with stocks, bonds and cash, its just the most potent diversifier in the history of investing. You put a little bit in and the Sharpe ratio doubles."
It becomes really interesting as to how a mainstream financial institution be it BlackRock, Franklin Templeton, Fidelity etc. markets an ETH ETF to the typical TradFi investor, Chung said. "Because youve already sold bitcoin by going down the diversification route; someones already stuck 1.5% or 2% of bitcoin into their portfolio.
In a sense, BlackRock chief Fink has already started diving into the complex world of Ethereum by mentioning tokenization, a much vaunted concept among TradFi firms these days and something most ETF issuers likely believe in wholeheartedly. But such an educational foray should also explain smart contracts and decentralized finance (DeFi), Chung said, not to mention the can of worms that is blockchain staking and the SECs opinion of that.
Of course, a key differentiator between Bitcoin and Ethereum is how the latter moved away from the energy-sapping proof-of-work security system to a greener validator model.
"I dont think ESG environmental, social and governance is how its going to be marketed, Chung said. Do you really want to go there given all the controversy around ESG investing today already? Probably not."
BlackRock declined to comment.
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Massive Ethereum Update Is Here: All You Need to Know About Prague By U.Today – Investing.com
U.Today - The network is on the cusp of a major upgrade, one that is set to bring significant improvements and changes to the platform. This upcoming update is called the Prague upgrade, also referred to as the Pectra upgrade, and has been a hot topic in the Ethereum community.
Testnets are essential staging grounds for new features, and the Dencun upgrade will first roll out across several testnets: Goerli on Jan. 17, Sepolia on Jan. 30 and Holesky on Feb. 7, 2024. These testnets will allow developers to fine-tune the upgrade in a controlled environment, ensuring everything operates smoothly before going live on the main network.
Source: Tim Beiko on Ethereum MagiciansThe core development team is currently in a debate over prioritizing the implementation of Verkle trees, a data structure that would optimize storage and access to information on Ethereum. While some developers advocate making Verkle trees the sole focus, others suggest pursuing a smaller feature fork alongside the Verkle development.
The main argument for concentrating solely on Verkle trees stems from their complexity and the time investment needed to implement them effectively. This could mean that if Verkle trees become the next priority, no new execution layer (EL) features might appear for 12 to 24 months, or possibly longer.
Nevertheless, there is an understanding that even if the focus shifts to Verkle trees, minor updates to the Ethereum Layer (EL) might still be necessary. For example, changes to the gas limit for data availability are crucial for Ethereum's scaling solutions and require coordination across both the execution layer and the consensus layer (CL).
The Prague upgrade is set to include various proposals that aim to refine the Ethereum platform on different layers, including precompiles for specific cryptographic operations, a new EVM object format (EOF) and modifications to smart contract capabilities.
The Prague upgrade promises to be a significant event that will shape the future of the Ethereum ecosystem. It is a step forward in ensuring that Ethereum continues to offer a secure, efficient and scalable platform for decentralized applications.
This article was originally published on U.Today
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Massive Ethereum Update Is Here: All You Need to Know About Prague By U.Today - Investing.com
Ethereum (ETH) Falls but Holds Above Support – BeInCrypto
The Ethereum (ETH) price fell this week but trades above an important horizontal support area.
Despite the decrease, ETH still trades inside a short-term bullish pattern. Will it break out?
The ETH price has increased inside an ascending parallel channel since October 2023. The upward movement led to a high of $2,717 on January 12.
While this seemed to cause a breakout from the channel, ETH fell shortly afterward, validating it as resistance (red icon) and creating a bearish candlestick.
Ethereum has fallen since and is approaching an important horizontal support area.
The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and whether to accumulate or sell an asset.
Readings above 50 and an upward trend suggest that bulls still have an advantage, while readings below 50 indicate the opposite. The daily RSI gives a mixed reading. While the indicator is falling, it is still above 50.
Cryptocurrency analysts and traders on X are divided on the future trend.
Crypto Tony noted the importance of the $2,400 level, suggesting that whether it holds or falls can determine the future trend.
IncomeSharks is bullish because he anticipates an OBV breakout. However, CrediBULL Crypto is still bearish. He tweeted:
Looks like the bearish scenario on $ETH has played out, would have been a beautiful short if I hadnt closed but it is what it is! As per my last tweet think we have a bit lower to finish cleaning up these lows and then I think R/R will shift in favor of longs.
Unlike the daily chart, the six-hour one shows that ETH has traded inside a descending wedge since the aforementioned high. The descending wedge is considered a bullish pattern, which usually leads to breakouts.
Today, ETH bounced at the wedges support trend line (green icon), which coincides with the 0.5 Fib retracement support level.
Despite the bounce, the RSI is still below 50, failing to confirm the possibility of a reversal.
If ETH breaks out, it can reach the channels resistance trend line at $2,700, an increase of 9% from the current price.
Despite this bullish ETH price prediction, closing below the wedges support line at $2,410 can trigger an 8% drop to the channels support trend line at $2,300.
For BeInCryptos latest crypto market analysis,click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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Ethereum L2s Surpassed All Other Blockchains by TVL: Details By U.Today – Investing.com
U.Today - Foundation contributor Josh Stark noticed a major achievement for Ethereum-based ecosystem of second-layer networks. In 2021, 20% of his followers were sure that this "flippening" would never happen.
Meanwhile, he stressed that the metrics cannot be treated as exactly similar: For second-layer networks, the indicator refers to the sum of assets on L2, including native tokens. For L1s, the metrics reflect the sum of assets locked in dApps on this or that blockchain.
The analyst used L2Beat's data for tracking second-layer blockchains and DefiLlama to analyze what is happening on non-Ethereum L1s.
It is interesting that back in September 2021, he asked his audience about the date of this "L2-over-L1" flippening. While the majority of his followers were sure that this fact could take place in 2022, 20% answered that it would never happen.
The L2s ecosystem was 20 times smaller than the L1s one, as of the date of the first voting. During the crypto winter, this gap became even more dramatic; its peak was reached amid the Terra/Luna collapse in Q1, 2022.
The L2s scene remains heavily "concentrated": Only five networks Arbitrum (ARB), OP Mainnet (Optimism, OP), Base, Metis Andromeda and Manta Pacific are responsible for over 90% of its TVL.
Arbitrum (ARB), the largest Ethereum-based L1, is rebuilding its dominance after a small decline. As of printing time, it is one step away from the 50% barrier.
For the closest competitor, OP Mainnet, this indicator equals 28.65%, L2Beat data says.
This article was originally published on U.Today
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Ethereum L2s Surpassed All Other Blockchains by TVL: Details By U.Today - Investing.com
Ethereum outpaces Bitcoin post-ETF launch as ETH/BTC ratio skyrockets – CryptoSlate
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Ethereum outpaces Bitcoin post-ETF launch as ETH/BTC ratio skyrockets - CryptoSlate