Category Archives: Ethereum
QCP: Ethereum likely to surpass Bitcoin in midterm – crypto.news
Ethereum is outperforming Bitcoin, driven by market anticipation of potential spot ETH ETF approvals.
Ethereum (ETH) is showing signs of outperforming Bitcoin (BTC) in the midterm, according to QCP Capitals latest market update report. This shift in market dynamics is linked to the anticipation of potential approvals for spot ETH ETFs.
6/ The next major crypto events are BTC halving (mid-Apr), and potential ETH Spot ETF approvals from May. In the meantime, crypto might take some direction from macroeconomic events.
Recently, the U.S. Securities and Exchange Commission (SEC) approved multiple spot Bitcoin ETFs, following which Ethers value saw an uptick of over 5%. In contrast, Bitcoins price experienced a decline of more than 6% during the same period.
QCP Capital analysts project that Ethereums upward trajectory is likely to persist, especially with the narrative shifting toward the likelihood of ETH spot ETF approvals. Furthermore, the report highlights a notable ETH/BTC exchange rate increase, rising from 0.05 to 0.06 within a week.
Upcoming significant events in the crypto space, such as Bitcoins halving in mid-April and potential spot Ethereum ETF approvals starting from May, are also expected to impact market trends.
The potential for a spot Ether ETF gained further momentum following remarks from BlackRock CEO Larry Fink, who acknowledged the value of such a product in the United States. BlackRock, the worlds largest asset manager, had previously filed with the SEC for a spot Ethereum ETF in November, following its application for a spot Bitcoin ETF in June.
The percentage of Ethers circulating supply in profit has also risen over the past week, reaching a multi-year high of 91.8%. Bitcoin has decreased to 86.2%, indicating growing investor confidence in Ethereum compared to Bitcoin.
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QCP: Ethereum likely to surpass Bitcoin in midterm - crypto.news
Bitcoin, Ethereum, and XRP Flash On-Chain Warning Signs – DailyCoin
The three biggest cryptocurrencies Bitcoin, Ethereum, and XRP are currently flashing warning signs, according to data from on-chain analytics firm Santiment. The indicator raising eyebrows is the Percent of Total Supply in Profit, which tracks the percentage of a cryptocurrencys circulating supply currently sitting in profit.
With all three major coins exceeding their historical averages in this metric, concerns are mounting that a mass selloff could be on the horizon. Investors often take profits when their holdings are in the green, and with a large portion of the supply currently profitable, the temptation to sell may become irresistible.
Historically, Bitcoin, Ethereum, and XRP have averaged between 55% and 75% of their supply in profit. All three sit above this range, firmly within what Santiment defines as the high-risk zone.
While external factors like increased exposure from ETFs could still push prices higher in the short term, Santiment emphasizes that a drop below 75% supply in profit would be a great signal, indicating continued long-term growth.
Currently, 84% of Ethereums supply and 83% of Bitcoins are in the green, with XRP trailing slightly behind at 81%. Historically, these figures have often preceded significant selloffs, as investors holding profitable positions become more likely to cash out.
While this data doesnt guarantee an imminent crash, it does raise a red flag for investors. With a large portion of each assets supply already in profit, the potential for a mass selloff is heightened. This is especially true if broader market conditions turn sour or negative news specific to any of the three cryptocurrencies emerges.
The current high levels of Percent of Total Supply in Profit suggest a heightened risk of price corrections for Bitcoin, Ethereum, and XRP. While not a definitive prediction of a downturn, this metric is a valuable indicator for investors to watch as they navigate the ever-volatile world of cryptocurrencies.
To learn more about the impact of Bitcoin ETFs facing a ban in Singapore and the eligibility concerns surrounding it, dive into the details here:Bitcoin ETFs Banned in Singapore Over Eligibility Concerns
Curious about the Howey Test facing scrutiny as a judge challenges the SECs interpretation? Uncover the nuances in this insightful exploration:Howey Test Faces Scrutiny as Judge Fights SEC Interpretation
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Bitcoin, Ethereum, and XRP Flash On-Chain Warning Signs - DailyCoin
Shiba Inu (SHIB) Rapidly Breaks Down, Ethereum (ETH) Loses Traction, While Solana (SOL) Presents Hidden Opportunity – U.Today
Arman Shirinyan
Unfortunately, crypto market has lost battle against bears this time
Shiba Inu has experienced a significant breakdown from its recent consolidation phase. The chart depicts a clear downward trajectory as SHIB failed to maintain its position within the ascending triangle pattern it had formed over the past few months.
The breakdown was signaled as SHIB prices breached the key support level at $0.000009, which had previously acted as a reliable floor for the price during consolidation phases. Following this, SHIB prices tumbled further, slicing through subsequent support near $0.0000087. This price action marked a decisive shift in market sentiment from accumulation to distribution.
The next support level to watch is at $0.0000082, where SHIB may find a temporary reprieve from the selling pressure. If this level fails to hold, the next critical support lies at $0.0000076, which could serve as the last line of defense before a more significant drop.
For a reversal to occur and for SHIB to regain its upward momentum, it would need to reclaim previous support levels and transform them back into supports. This would require a substantial influx of buying pressure, potentially sparked by positive developments within the Shiba Inu ecosystem or broader cryptocurrency market rallies.
The first sign of a possible reversal would be a return above $0.0000087, followed by a sustained move above the $0.000009 price level. A breakout above these levels, accompanied by increasing volume, could indicate that the downtrend is losing steam and that bulls are regaining control.
Solana has been developing a subtle yet potentially pivotal chart pattern. The asset has been tracing a slow and steady ascending channel, a formation that suggests a controlled and consistent uptrend. This pattern, characterized by higher lows and higher highs contained within two parallel trendlines, speaks to potential for continued growth.
The significance of this pattern lies in the momentum it could provide for SOL. Should the price action remain strong within the upper half of the channel, and particularly if it challenges the upper trendline, we could see Solana break through and embark on a more aggressive rally.
Such a bullish scenario would likely be supported by increased trading volume and positive developments within the Solana ecosystem, such as new project launches or updates that enhance network performance.
The immediate local resistance stands at around $55, and a confident push beyond this could confirm bullish sentiment. Inversely, if Solana's price dips below the channel's lower boundary, around $48, it could indicate that a bearish narrative is taking hold.
Ethereum is exhibiting signs of waning momentum, as observed in recent price movements. The asset, which has long been considered the backbone of the decentralized finance sector, is facing a pivotal moment that could determine its trajectory for the coming weeks.
The provided chart illustrates Ethereum's struggle to maintain its grasp on the market. The price has been on a downward trend, edging closer to the local 26-day Exponential Moving Average. This level, currently near $2,465, is critical; if Ethereum fails to hold this line, we might see it descend to test the more significant 50 EMA, which stands around the $2,300 mark.
The 26 EMA serves as a short-term sentiment gauge, and its breach could signal a lack of immediate bullish support. Should this level fail to act as a springboard for price recovery, Ethereum's next stop could indeed be the 50 EMA. A breach below this longer-term moving average could potentially open the gates for a test of lower support levels, highlighting the need for investors to brace for more volatility.
Market participants are now recalibrating their expectations, understanding that the road to sustainable gains is a long-term journey.
About the author
Arman Shirinyan
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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Bitcoin Could See Growth in Layer-2 Ecosystem, Drawing on Ethereum’s Experience: Report – CoinDesk
Bitcoin, which suffered last year from congestion as the oldest blockchain got bogged down with experiments in NFTs and tokens, could see growth of auxiliary layer-2 networks to address the network's inherent limitations, according to a new report.
Existing solutions like Lightning Network could see growth, but new projects are also in the works, according to the "Bitcoin Layers" report Thursday by the Singapore-based blockchain asset-management Spartan Group and Kyle Ellicott, who recently served as a partner at the Bitcoin Frontier Fund.
Such a trend would appear to take insight from Ethereum's architecture. Dozens of layer-2 projects have sprouted in the Ethereum ecosystem over the past year including Base, from the U.S. crypto exchange Coinbase, and big projects like Arbitrum, Optimism and Polygon are now pushing to foster additional networks based on their own blueprints.
The layer-2 networks on Bitcoin are early stage compared to those on other blockchains but are growing, according to the authors.
Bitcoin is now well placed to unlock its potential with layered architecture to mirror that on Ethereum, according to the report, arguing that the emergence of the Ordinals protocol a year ago "brought a renaissance of Bitcoin builder culture."
Ordinals enabled the network to host non-fungible tokens (NFTs) and paved the way for the BRC-20 token standard, which uses a different technology from Ethereum's ERC-20 tokens but plays off the concept.
The limitations of Bitcoin to a large extent revolve around a lack of programmability or application functionality and slow transaction speeds, the report argues.
Where Bitcoin's Lightning Network has strived to bring faster payments to Bitcoin for a number of years, other layers are aiming to bring functionalities such as programmability and application functionality to imbue utility on the network beyond storing value.
Along with Lightning, layer-2 projects Stacks, Liquid and Rootstock make up what the report refers to as the "Big Four," which on a combined basis make up the majority of L2 transactions and have focused on bringing smart contract and faster transaction speeds to Bitcoin.
The projects will need refinement so they don't fall victim to the inherent limitations of the Bitcoin network, according to the authors. One particular upgrade on the radar is Stacks' Nakamoto Release, designed to enable cheap BTC transfers on a L2, improving transaction speeds to around five seconds instead of 10 to 30 minutes or even more.
Beyond these four, there is a sizeable list of emerging innovations on Bitcoin which can fill the existing technical gaps, of which the report singles out a few.
Ark, for example, is a L2 protocol allowing off-chain payments in which recipients receive payments without acquiring inbound liquidity, with the goal of lower costs than Lightning.
MintLayer is another which is designed to act as Bitcoin sidechain optimized for DeFi-related activities.
Such developments could capitalize on Bitcoin's tailwinds from the recent listing of exchange-traded funds (ETFs) in the U.S. and the forthcoming halving to inspire new use cases for Bitcoin and in turn spurring further adoption.
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Bitcoin Could See Growth in Layer-2 Ecosystem, Drawing on Ethereum's Experience: Report - CoinDesk
Starknet L2 initiates test transactions from Ethereum mainnet – crypto.news
The official Starknet Ethereum address made seven cross-chain transactions ahead of the anticipated launch of STRK, the protocols native token expected by Q2 2024.
Starknet transferred less than three STRK tokens between Ethereums mainnet and the projects layer-2 network, per data seen on block explorer Starkscan. The action was likely part of an on-chain test exercise for the Ethereum-based scaling solution before developers rolled out the ERC-20 cryptocurrency.
The transactions for users and network participants indicate progress toward STRKs launch, which may accompany an airdrop and community rewards. The Starknet Foundation revealed 1.8 billion STRK tokens earmarked for its distribution plan in December last year.
Half that amount was designated network rebates to reward users already transacting on the L2 chain, crypto.news noted. Beneficiaries of the Early Community Member Program are also set to receive a portion of some 50 million STRK coins when the token is released.
Furthermore, STRK is set to onboard additional utilities following a pivotal community vote on Jan. 8. Delegates approved STRK as a valid transaction fee payment currency in a two-token gas structure alongside Ether (ETH).
According to a Starknet Foundation committee, STRK should launch by April 2024, barring any delays or technical hiccups. Built by Israeli-based blockchain startup Starkware Industries, the L2 network deploys zero-knowledge rollup technology to scale Ethereums network.
The idea is to decongest Ethereums mainnet by providing an alternative transaction chain with cheap fees and faster settlement while retaining on-chain security and transparency. Starknet had over $169 million in total value locked as of Jan. 15, L2Beat confirmed.
Now that the news is out, we might as well tell you more!
Starknet is about each of you. Every user, builder and member of our community existing and future is a critical piece to building our network into the future of decentralisation for generations to come. The success
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Starknet L2 initiates test transactions from Ethereum mainnet - crypto.news
Ethereum Price Rejects $2,600, Can Bulls Save This Key Support? – NewsBTC
Ethereum price struggled to extend gains above $2,600 and $2,620. ETH trimmed gains and might struggle to stay above the $2,500 support zone.
Ethereum price started a fresh increase above the $2,520 resistance zone. ETH even climbed above the $2,550 level, but the bears were active near $2,600, like Bitcoin.
The price traded as high as $2,614 and recently started a fresh decline. There was a move below the $2,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.
Ethereum is now trading below $2,550 and the 100-hourly Simple Moving Average. The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the $2,471 swing low to the $2,614 high.
On the upside, the price is facing resistance near the $2,540 level. There is also a key bearish trend line forming with resistance near $2,540 on the hourly chart of ETH/USD. The next major resistance is now near $2,580. A clear move above the $2,580 level might start a decent increase. In the stated case, the price could rise toward the $2,620 level.
Source: ETHUSD on TradingView.com
The next key hurdle sits near the $2,650 zone. A close above the $2,650 resistance could start another steady increase. The next key resistance is near $2,720. Any more gains might send the price toward the $2,800 zone.
If Ethereum fails to clear the $2,540 resistance, it could start another decline. Initial support on the downside is near the $2,500 level.
The next key support could be the $2,470 zone. A downside break below the $2,470 support might send the price further lower. In the stated case, Ether could test the $2,400 support. Any more losses might send the price toward the $2,350 level.
Technical Indicators
Hourly MACD The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI The RSI for ETH/USD is now below the 50 level.
Major Support Level $2,500
Major Resistance Level $2,540
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Ethereum Price Rejects $2,600, Can Bulls Save This Key Support? - NewsBTC
This Is Just The Beginning BlackRock CEO Reveals Massive Crypto Plan After ETF Sparks Wild Bitcoin And Ethereum Price Swings – Forbes
BitcoinBTC, ethereum and other major cryptocurrencies have swung wildly this week after BlackRockBLK led a bitcoin invasion of Wall Street (triggering a series of mind-numbing price predictions).
Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" ahead of next year's historical bitcoin halving!
The bitcoin price, which some think could be about to challenge gold's $13.7 trillion market capitalization, rocketed to almost $50,000 per bitcoin after the U.S. Securities and Exchange Commission (SEC) waved through almost a dozen bitcoin spot exchange-traded funds (ETFs)alongside a serious price warning.
Now, the chief executive of BlackRock, the world's largest asset manager that spearheaded the spot bitcoin ETF campaign, has revealed his plan for a bitcoin and crypto-based "technological revolution"even as a stark Federal Reserve warning threatens the bitcoin price.
Bitcoin's historical halving that's expected to cause crypto price chaos is just around the corner! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
"We believe this is just the beginning. ETFs are step one in the technological revolution in the financial markets," BlackRock's legendary founder and CEO Larry Fink told CNBC. "Step two is going to be the tokenization of every financial asset."
Bitcoin and crypto's blockchain technology allows traditional assets to be "tokenized" on a public ledger, potentially making the transfer of anything from stocks, bonds, real estate and alternative investments like art, cheaper and easier.
"We have the technology to tokenize today," Fink said. "If you had a tokenized security the moment you buy or sell an instrument, it's known its on a general ledger that is all created together. This eliminates all corruption, having a tokenized system."
Last year, BlackRock, JPMorgan and other Wall Street giants quietly began laying the groundwork for the crypto revolution that Fink has describedsomething that could usher in "the next generation for markets."
Fink also said he doesn't consider bitcoin, ethereum and crypto as a new kind of currency but as an asset class more similar to gold that acts as a safe haven in times of strife and "protects" its holders from geopolitical volatility.
"I believe it goes up if the world is frightened, if the people have fearful geopolitical risks, they're fearful of their own risks," said Fink. "It's no different than what gold represented over thousands of years. It is an asset class that protects you."
In November, BlackRock filed with the SEC for an ethereum ETF, something that seems more plausible following the SEC's approval of almost a dozen spot bitcoin ETFs this week.
"I see value in having an ethereum ETF," Fink said. "These are just stepping stones towards tokenization and I really do believe this is where we're going to be going."
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Fink's comments, helping to prop up the bitcoin price and ethereum price following a sell-off on the approval of a raft of spot bitcoin ETFs this week as traders take profits after months of gains, have been welcomed by the bitcoin and crypto community.
"The latest initiative by BlackRock in ETFs is not just a development; it's a testament to the maturation of the decentralized internet movement," Mo Shaikh, the chief executive of the aptos cryptocurrency developer Aptos Labs, said in emailed comments.
"This aligns perfectly with historical trends, where mature capital markets have always been the bedrock of innovation. We're not just witnessing the emergence of a new technology; we're part of a significant shift in how the public engages with web3," Shaikh said, referring to the idea blockchain and crypto will enable a new, decentralized version of the internet.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
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Gensler speculates on Ethereum post Bitcoin ETF approval – crypto.news
On the heels of the approval of spot Bitcoin ETFs, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is exercising caution on Ethereum.
In an interview with CNBC, Gensler addressed the possibility of a spot Ethereum ETF gaining SEC approval in the future. While acknowledging the approval of Bitcoin ETFs, he emphasized that this was specific to Bitcoin as a non-security commodity token.
He carefully refrained from providing further insights on an Ethereum ETF but hinted at a distinction between Bitcoins commodity status and the potential classification of other cryptocurrencies, including Ethereum (ETH), as securities.
Gensler has long maintained Bitcoins status as a commodity, outside the SECs direct purview, while the agency has yet to officially determine Ethereums security status.
Legal filings indicate the SECs inclination to view Ethereum transactions under its jurisdiction. If Ethereum were classified as a security, it could face increased regulatory scrutiny, potentially making the approval of a spot Ethereum ETF more challenging than that of Bitcoin (BTC).
Despite Genslers reservations, recent legal judgments, including a federal appeals court decision ordering the SEC to review a Bitcoin ETF application, may influence the regulatory landscape for crypto ETFs. This legal shift could have implications for Ethereum, especially considering the SECs prior approval of an Ethereum futures ETF.
JPMorgan Chase CEO Jamie Dimon also appeared on CNBC to discuss the crypto industrys latest developments. The 67-year-old bank boss doubled down on his assertion that Bitcoin is utilized for illicit activities such as sex trafficking, tax avoidance, money laundering, and terrorism financing.
Meanwhile, the tweet comes as JPMorgan is listed as an authorized participant for spot Bitcoin ETFs, raising questions about whether Dimons thoughts on the matter hold water.
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Gensler speculates on Ethereum post Bitcoin ETF approval - crypto.news
Ethereum Price Prediction: Key Levels to Focus if $ETH Enters New Correction – CoinGape
Ethereum Price Prediction: The second largest cryptocurrency Ethereum(ETH) has been notably bullish this week likely attributed to the recent launch of the first spot Bitcoin ETF in the U.S market. Surprisingly, the ETH price surpassed the Bitcoin performance amid the ETF approval recording a 17.7% weekly growth. Amid this upswing, the coin buyers breached above the $2430 swing high, indicating the potential for a higher recovery.
Over the past three months, the Ethereum price has exhibited a consistent upward trajectory, evidenced by an ascending trendline. Starting from a low of $1522, the price of the coin has experienced a remarkable surge of 77%, reaching a new high of $2717.
The periodic pullbacks within this rally suggest active buyer accumulation at lower price points, a crucial characteristic of a prolonged rally. Throughout December, the ETH price movement was predominantly lateral, as the market anticipated the approval of the spot Bitcoin ETF.
As the US SEC approved BTC ETF trading on Wednesday, the ETH price jumped 10.21% to breach the overhead resistance of $2140 indicating the asset is poised for higher growth.
Moreover, Larry Fink, the Chief Executive Officer of BlackRock, expressed support for the idea of introducing an Ethereum-based exchange-traded fund (ETF). This statement came shortly after the launch of the highly anticipated Bitcoin ETF. In a recent discussion on CNBC, Fink said, I see value in having an Ethereum ETF,. Later he also added, These are just stepping stones towards tokenization and I really do believe this is where were going to be going.
Following the approval of the spot Bitcoin ETF, the prospects for a Spot Ethereum ETF have significantly increased, potentially setting the stage for substantial growth in Ethereums value.
By the press time, Ethereum (ETH) is trading at $2,565, experiencing a slight retracement to retest the previously surpassed resistance level of $2,400. Should the price sustainably remain above this newly established support, theres potential for the ongoing recovery to extend towards targets of $2,700, followed by $3,000, and $3,281.
Conversely, in the event of a fresh correction in the ETH price, investors should pay close attention to the ascending trendline. This could present an opportunity for a strategic pullback, offering a potential entry point for those looking to capitalize on such market movements
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Ethereum Price Prediction: Key Levels to Focus if $ETH Enters New Correction - CoinGape
Ethereum Ecosystem Taking Off Heavily: The ETH Price is Likely to Hit This Level in Next 48 Hours – Coinpedia Fintech News
The Ethereum price displayed an epic retest after marking the daily highs above $2600. Besides, the trading volume on the previous trading day was the highest since November 2022, which elevated the levels by more than 10%. While the ETH price is pumping against Bitcoin because of bullish BTC events, it appears that the Ethereum ecosystem is heavily taking off. After marking new highs, there is a huge possibility of a bearish pullback below $2500 before triggering a fresh upswing.
The ETH price has maintained a decent upswing since the last few days of October, elevating over 70% from the interim lows of around $1522. The recent price action caused the price to pierce through the crucial resistance zone between $2400 and $2500 and closed the previous days trade beyond $2600. Moreover, the value sustained above $2600 at press time suggests the bulls have jumped in action, and hence the target at $3000 has now been activated.
After consolidating between the $2150 and $2400 price ranges for over a month, the ETH price broke up and reached a high above the $2600 mark. The token is experiencing a minor pullback at the moment, which could be quickly overcome by giant bullish action soon. Being different from the previous price action, the ETH price is expected to hit $2500 any time from now on. The RSI has still not marked highs above the resistance, and the price soared above the crucial resistance, indicating the bullish momentum may prevail for a long time.
The upward momentum may lift the price beyond the next target at around $2800 in the next few days, but before hitting the milestone at $3000, bulls could lose their momentum. This is when a bearish divergence in RSI will be recorded, which may compel the price to initiate a fresh descending trend. However, the current resistance zone between $2400 & $2500 may act as a strong support base, which may hold and trigger a healthy rebound soon.
Therefore, the next couple of days may be extremely crucial for the Ethereum (ETH) price, as a bullish weekly close may squash the bearish narrative.
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