Category Archives: Ethereum
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to dip, taking altcoins with it – FXStreet
Bitcoin (BTC) price shows weakness as it approaches a key hurdle. Rejection for BTC could prompt altcoins like Ethereum (ETH) and Ripple (XRP) to crash lower as well.
Also read:Bitcoin Weekly Forecast: BTC bearish fractal forecasts correction to $25,000
Bitcoin (BTC) price attempted to extend the 2023 rally but failed to overcome the $25,166 to $31,804 ranges midpoint at $28,485. Currently, the Relative Strength Index (RSI) and Awesome Oscillator (AO) indicators show a slowdown in bullish momentum and the potential for a build-up of bearish momentum.
But since the momentum indicators have not flipped bearish yet, investors can expect another dead cat bounce to $30,500 before kick-starting a downtrend. This move would collect the buy-stop liquidity resting above the swing highs formed between August 8 and July 20.
Post liquidity run, BTC could trigger a sell-off that retests the $24,808 support level, a breakdown of which could send it down to the $21,351 foothold.
BTC/USDT 1-day chart
On the other hand, if Bitcoin price flips the $30,000 psychological level into a support floor, it will invalidate the bearish thesis and attract sidelined buyers. In such a case, BTC could attempt to sweep the range high at $31,804.
Ethereum (ETH) price sits above the $1,073 to $2,023 ranges midpoint at $1,551. But the RSI and AO indicators have already breached their respective mean levels of 50 and 0, suggesting a surge in bearish momentum.
Going forward, investors can expect Ethereum price to revisit the next support level of $1,309.
Read More:Ethereum price tests crucial support at $1,570 as ETH becomes a polarizing topic
ETH/USDT 1-day chart
Regardless of the bearish signs, if external factors like news or macro events produce a strong bullish spike, it could shift the winds quickly. In such a case, if Ethereum price flips the $1,727 hurdle into a support floor, it will invalidate the bearish outlook. This move could further propel ETH to retest the $2,030 hurdle.
Ripple (XRP) price trades above the $0.500 support level and could slip below it soon, considering Bitcoins position. In such a case, XRP could fall back on the $0.469 and $0.420 support levels.
With no drivers like the Ripple lawsuit to push Ripple price higher, XRP is likely to keep sliding lower. In some situations, the altcoin could eye a sweep of the sell-side liquidity resting below swing lows formed between March 22 and May 11 at $0.411 and $0.406, respectively.
The RSI is close to slipping below the mean level of 50, and AO is close to breaching the zero level, further adding proof to Ripples bearish outlook.
XRP/USDT 1-day chart
On the other hand, if Ripple price flips the $0.540 hurdle into a support level, it will create a higher high and invalidate the bearish thesis. In such a case, XRP price could be suspended for the foreseeable future between the $0.540 and $0.668 levels.
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to dip, taking altcoins with it - FXStreet
3 reasons why Ethereum price can’t break $2K – Cointelegraph
The price of Ethereums native token, Ether (ETH), has gained around 35% in 2023 so far. But its attempts to break above $2,000, a psychological resistance level, have witnessed strong bearish rejections multiple times.
Cointelegraph takes a closer look at the three likely reasons why Ethereum price has failed to decisively retake $2,000 since May 2022.
Ethereums inability to cross above $2,000 in 2023 resembles the bearish rejection near $425 from 2018 to 2019.
In both cases, Ether appears to be in a recovery phase while eying close above its 0.236 Fib line of the Fibonacci retracement graph.
From 2018 to 2019, the 0.236 Fib line was near $425 and was instrumental in limiting Ethers recovery attempts. In 2023, the same line is near $2,000, enforcing itself again as a selling area and, thus, pressuring ETHs price lower.
A strengthening United States dollar has dampened demand for Ethereum in recent months, thus reducing its ability to close decisively above $2,000.
The prevailing negative correlation between top cryptocurrencies and the dollar has been the main culprit. In 2023, in particular, the weekly correlation coefficient between Ether and the U.S. Dollar Index (DXY) has been consistently negative, as shown below.
Meanwhile, Ethereum has largely underperformed Bitcoin in 2023 due to the ongoing spot Bitcoin ETF hype. For instance, the widely-tracked ETH/BTC pair is down 20% year-to-date.
Additionally, the net capital held by Ethereum-tied investment funds has dropped by $114 million so far in 2023, according to CoinShares weekly report. In comparison, Bitcoin-based funds have attracted $168 million in the same period.
Related:Time to pull the brakes on Ethereum and rotate back to Bitcoin: K33 report
The total value locked (TVL) across the Ethereum ecosystem has dropped from 18.41 million ETH to 12.79 million ETH so far in 2023. That underscores a reduced availability of funds, resulting in lower yields for investors, as JP Morgan analysts also warned recently.
The declining TVL has accompanied a drop in the Ethereum networks gas fees, which reached a yearly low on Oct. 5.
Ethereums NFT volumes and unique active wallets have also dropped by 30% and 16.5% in the last 30 days, according to DappRadar.
That includes declines in the key metrics of popular apps, including decentralized exchange Uniswap v2, DEX aggregator 1inch Network, Ethereum staking providerLidoand others.
Ethereum price technicals meanwhile show a potential rebound toward its 50-day exponential moving average (50-day EMA; the red wave) near $1,665.
However, looking broadly, ETH/USD has been paining a bearish continuation pattern called an ascending triangle.
As a result, a break below the triangles lower trendline risks crashing the price by as much as the patterns maximum height. In this case, ETHs price can drop to $1,465 and $1,560 in October 2023, depending on the breakdown point.
In the short term, a break above the 50-day EMA could have ETHs price rise toward the triangles upper trendline near $1,730 in October 2023, coinciding with the 200-day EMA (the blue wave).
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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3 reasons why Ethereum price can't break $2K - Cointelegraph
Why Ethereum, Dogecoin, and Bitcoin Cash Slumped Today – The Motley Fool
What happened
A divergence appears to be building, at least in Monday's price action, between certain top cryptocurrencies and the broader equity market. While most risk assets declined in morning trading Monday in response to surging oil prices and an escalating conflict in the Middle East, equities recovered during the afternoon, with crypto assets underperforming.
As of 3 p.m. ET, Ethereum(ETH -1.11%),Dogecoin(DOGE -0.05%), and Bitcoin Cash(BCH -2.82%) had declined 3.3%, 3.6%, and 5.1%, respectively, over the prior 24 hours.
Ethereum's decline appeared to have been driven by more than just macroeconomic factors. News that the Ethereum Foundation (which supports development and innovation on the Ethereum blockchain) had swapped $2.7 million worth of Ethereum for stablecoin USDC(USDC -0.00%) on Monday sent the token lower. While swaps like this have been seen in the past, and are used by the Ethereum Foundation as a way to cover costs, sell-offs typically follow such transactions. This was the case once again on Monday.
Interestingly, both Bitcoin Cash and Dogecoin appear to be increasingly seeing intraday moves that are more correlated with the overall market. Monday's outsized moves in both these tokens indicate investors may be viewing them as ways to play momentum in either direction in the crypto sector. In other words, Dogecoin's status as a meme token and Bitcoin Cash's status as a higher-volatility token could be viewed by traders as making them opportune ways to gain leverage to broader crypto market moves in the near term.
It's rarely good news to see one of the most sophisticated developers in the crypto sector selling assets to cover its operating costs. And while that's not necessarily a novel concept for investors who follow Ethereum, the market's reaction to this sale speaks volumes about what I think could be a shifting narrative around the sustainability of this space.
For those looking at the crypto sector as a way to diversify their portfolios, investing in tokens tied to projects that continue to invest in themselves continues to be a good idea. In that regard, this move by the Ethereum Foundation may be viewed in a positive light by those who believe that most of the innovation in this sector continues to come from this blockchain.
For traders and speculators looking to play the broader moves in this sector (driven by Ethereum and Bitcoin, primarily), altcoins and higher-leverage tokens will always be around to trade. That said, if I had to pick one of these tokens to buy on Monday's decline, it would have to be Ethereum. That's partly because of the aforementioned continued reinvestment into the network's technology, as well as the fact that Ethereum has typically headed higher again in the wake of previous Ethereum Foundation sales.
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Why Ethereum, Dogecoin, and Bitcoin Cash Slumped Today - The Motley Fool
While Everyone FOMOs Ethereum, Bitcoin Spark Is Set To Mint A … – CryptoPotato
Amidst the frenzy of fear of missing out (FOMO) surrounding Ethereum and other prominent cryptocurrencies, Bitcoin Spark (BTCS) emerges as a disruptor with the potential to generate a new class of crypto elite.
BTCS, a rising star challenging the status quo, is poised to carve its path, promising innovation and unique offerings that could set a new standard within the cryptocurrency arena.
Bitcoin Spark deploys a new project on a mission to revolutionize crypto mining by emphasizing security, fairness, and accessibility. Its groundbreaking Proof-of-Process (PoP) mechanism is a standout driving factor in enhancing mining efficiency and decentralization.
The BTCS initiative strives to make mining accessible to an expansive audience through its user-friendly Bitcoin Spark application, which is compatible across various platforms. This application enables miners to contribute their devices processing power to the network and enjoy a unique reward system that also factors stake.
Further, this dedicated application acts as a gateway for users, enabling them to engage with the network actively. From mining BTCS to participating in the consensus process, this application streamlines the user experience. Moreover, it facilitates the equitable distribution of mining rewards and efficient utilization of processing power for diverse purposes.
The project strives to tackle the challenges of traditional Bitcoin miners, such as profitability concerns amid processing power and asset price fluctuations. BTCS adopts a holistic approach combining mining rewards, transaction fees, and self-sustainability income from their product to ensure self-sustainability and consistent profitability for miners.
In its seventh ICO phase, BTCS offers one BTCS at $3.00 with a 7% bonus and will launch in Novembear. The project places a strong emphasis on infrastructure stability and transparency, evident through its KYC and smart contract certifications.
Beyond profitability, Bitcoin Spark envisions a mining ecosystem considering environmental and economic factors. The project plans to diversify income streams, including CPU rentals and a novel advertising concept. The commitment to innovation is reflected in their user-friendly application, designed for easy ecosystem access, enabling mining, validation, rewards, and computational power rental.
Through rigorous compliance testing, stability checks, security measures, and transparency validations, Bitcoin Spark strives to create a balanced and profitable environment for miners while making a meaningful contribution to the broader cryptocurrency landscape.
Despite facing challenges of high fees, stagnating ETH price, and scalability issues, Ethereum (ETH) is not dead. It remains a prominent dApps, DeFi, NFTs, and smart contracts blockchain.
Its promising future is indicated by its bullish long-term market indicators. As the second-largest blockchain platform by market cap, Ethereum has played a pivotal role in revolutionizing decentralized finance (DeFi) and non-fungible tokens (NFTs).
However, it has encountered competition and challenges. Nevertheless, Ethereum is working on upgrades to tackle its current issues and boasts a vast and engaged community. Its paramount to appreciate the competition posed by other blockchain platforms, raising the possibility of Ethereum being surpassed in the future.
Ethereum depicts a bullish sentiment, and Ethereum price prediction for 2023 considers the cryptocurrencys inherent volatility and susceptibility to various influences such as market sentiment, technological advancements, and regulatory shifts.
In the short term, over the past 30 days, Ethereum (ETH) has demonstrated price fluctuations. Technical analysis hints at a potential price range for ETH, projecting it to fluctuate between $1,500 and $2,000 for the remainder of 2023.
Nonetheless, its vital to remember that market sentiment and external factors can impact short-term price movements. Investors should stay informed about market dynamics and adapt their strategies accordingly. Its fate hinges on its upgrades success, adoption rates of alternative blockchains, and the overall state of the cryptocurrency market.
More on BTCS and ICO here:
Website: https://bitcoinspark.org/
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Ethereum Has Become More Centralized Since the Merge and Shanghai Upgrades: JPMorgan – CoinDesk
The rise in ether (ETH) staking since the Merge and Shanghai upgrades has come at a cost to Ethereum as the network has become more centralized and the overall staking yield has fallen, JPMorgan (JPM) said in a research report on Thursday.
Many in the crypto community had seen Lido, a decentralized liquid staking platform as a better alternative compared to the centralized liquid staking platforms associated with centralized exchanges, analysts led by Nikolaos Panigirtzoglou wrote.
Lido has been adding more node operators to contain the number of staked ether being controlled by any single operator, to address centralization concerns, the Wall Street bank noted.
Still, centralization by any entity or protocol creates risks for Ethereum as a concentrated number of liquidity providers or node operators could act as a single point of failure or become targets for attacks or collude to create an oligopoly that would promote their own interests at the expense of the interests of the community, the report added.
An added risk from the rise of liquid staking is rehypothecation, the bank said. This is when liquidity tokens are reused as collateral across numerous decentralized finance (DeFi) protocols at the same time. DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain.
Rehypothecation could then result in a cascade of liquidations if a staked asset drops sharply in value or is hacked or slashed due to malicious attack or a protocol error, the note said.
The increase in staking has also reduced the appeal of ether from a yield perspective, especially given the backdrop of rising yields in traditional financial assets, the report added. The total staking yield has dropped from 7.3% before the Shanghai upgrade to about 5.5%.
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Ethereum Has Become More Centralized Since the Merge and Shanghai Upgrades: JPMorgan - CoinDesk
Ethereum-Based Altcoin Explodes 40% in 24 Hours As Crypto Whale Rapidly Accumulates: On-Chain Data – The Daily Hodl
One altcoin project soared over a 24-hour period as a crypto whale accumulated a massive amount of its tokens, according to on-chain data.
Blockchain tracking firm Lookonchain saysthat the native token of the automated market maker (AMM) Bancor Network (BNT) witnessed a big burst to the upside in a day as a single wallet acquired millions of BNT.
The firm says that the wallet is thought to belong to Upbit, a South Korean cryptocurrency exchange.
The price of BNT has increased nearly 40% today. A wallet suspected to be Upbit has accumulated 4.71 million BNT ($2.54 million, 3.3% of the total supply) in the past 11 hours, which seems to be related to the rise in BNT price.
According to the firms chart, BNT was trading for $0.399 before rallying to around $0.55. The altcoin peaked at around $0.625 yesterday prior to witnessing a sell-off event.
At time of writing, BNT is trading for $0.52, down over 17% in the last 24 hours.
The firm also noticed that blockchain infrastructure provider Orbs (ORBS) rallied more than 40% in one day as crypto players sent the coins trading volume soaring.
The price of ORBS surged by 43% today. 93.8% of the trading volume came from the Korean exchange Upbit, and 4.8% came from the Korean exchange Bithumb.
(Investment firm) DWF Labs deposited 24 million ORBS ($792,000) into Bithumb after the price increase.
The firms daily chart shows Orbs shooting up from $0.02297 to $0.033.
Orbs has since retraced and is trading for $0.026 at time of writing, down nearly 9% in the past day.
Generated Image: Midjourney
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Circle Mints USDC Directly on Ethereums Polygon Protocol – CoinGape
Circle stablecoin issuer has unveiled its latest initiative of minting USD Coin (USDC) directly on the Ethereum layer-2 scaling protocol, Polygon. This development simplifies the process for users and developers, eliminating the need to bridge the stablecoin from Ethereum to another blockchain.
With this new offering, Circles Mint and developer APIs now seamlessly support Polygon-based USDC. Consequently, businesses and developers can now craft decentralized applications using USDC on Polygon. Moreover, this integration promises near-instant transactions with minimal fees. Such capabilities are crucial for a range of applications, from payments and remittances to trading, borrowing, and lending.
Before this announcement, users relied on bridged USDC (USDC.e) from the Ethereum blockchain. However, this token wasnt issued by Circle. In contrast, the newly introduced offering guarantees redemption at a 1:1 ratio with the United States dollar. Additionally, Circle had previously facilitated deposits and withdrawals for USDC.e on Polygon through Circle Mint and its APIs. However, Circle will end this service on Nov. 10. They caution users that sending USDC.e to Circle Mint accounts after this date might make their assets irretrievable.
Circles integration with Polygon is poised to revolutionize the decentralized finance (DeFi) landscape. By providing native Polygon USDC, Circle is paving the way for affordable global payments and remittances. Additionally, it ensures easier access to prominent DeFi protocols like Aave, Compound, Curve, Uniswap, and QuickSwap.
Furthermore, Circle has plans in the pipeline to introduce a cross-chain transfer protocol on Polygon. This will foster interoperability with other blockchain networks, significantly enabling Polygon-based USDC transfers to and from the Ethereum blockchain.
In related news, Circle made headlines in September by announcing native stablecoin liquidity access on the NEAR protocol ecosystem. Circle Account and Circle APIs now offer USDC NEAR access, marking a significant step in expanding the stablecoins usability and accessibility across various blockchain networks.
Read Also: SBF Trial: Recap of First Week of Broken Trusts as SBF Loyalists Testify
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Circle Mints USDC Directly on Ethereums Polygon Protocol - CoinGape
Bitcoin regains market dominance while Ethereum and BNB hit new … – CryptoSlate
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Bitcoin regains market dominance while Ethereum and BNB hit new ... - CryptoSlate
U.S. Dollar CollapseShock $8 Trillion Predicted Fed Inflation Flip To Spark A Critical Bitcoin, Ethereum, XRP And Crypto Price Boom To Rival Gold -…
10/10 update below. This post was originally published on October 8
BitcoinBTCalongside other major cryptocurrencies ethereum and XRPXRPhave lost momentum after surging into 2023 (though a surprise leak from a major tech company could mean that's about to change).
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The bitcoin price has lost around 60% since peaking at almost $70,000 per bitcoin in late 2021, wiping around $2 trillion from the price of ethereum, XRP and the rest of the crypto marketeven as a BlackRock insider primes the market for a $17.7 trillion earthquake.
Now, as the Federal Reserve grapples with a $33 trillion U.S. "debt death spiral," Jefferies' analysts have warned the Fed will be forced to restart its money printerpotentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.
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"G7 central banks, including most importantly the Federal Reserve, will not be able to exit from unconventional monetary policy in a benign manner and will ultimately remain committed to ongoing central bank balance-sheet expansion in one form or another," Christopher Wood, global head of equity strategy at Jefferies, wrote in a note to clients seen by CNBC, calling bitcoin and gold "critical hedges" against the return of inflation.
The Fed began the laborious task of shrinking its swollen near-$9 trillion balance sheet in the spring of 2022 following huge expansion though the Covid-19 pandemic and economically disastrous lockdowns. So-called quantitative tightening sees the Fed suck liquidity out the financial system, passing on the burden of freshly issued debt to the private sector.
As well as reducing its balance sheet, the Fed has been hiking interest rates at a historic clip as it struggles to bring soaring inflation under control, creating what some fear could become a counter-intuitive "death spiral" for the U.S. dollar that ultimately pushes up the bitcoin price.
10/10 update: Analysts at Wall Street giant Deutsche Bank have warned the world could be headed for 1970s stagflation, where inflation remains elevated alongside a lack of economic growth.
"So given inflation is still above its pre-pandemic levels, it is important not to get complacent about its path," macro strategist Henry Allen and research analyst Cassidy Ainsworth-Grace of Deutsche Bank wrote in a note seen by MarketWatch. "After all, if there is another shock and inflation remains above target into a third or even a fourth year, it is increasingly difficult to imagine that long-term expectations will repeatedly stay lower than actual inflation."
The analysts pointed to soaring oil prices following the outbreak of war between Israel and the Palestinian militant group Hamas, as well as an increase in worker strikes this year and meteorological trouble brewing for commodity prices thanks to the El Nio weather pattern.
The Fed could be forced to suddenly flip dovish in the face of a U.S. recession due to a larger-than-usual lag in the Fed's inflation reducing interest rate hikes following the money supply explosion through 2020 and 2021, according to Wood.
"Such a failure to exit from unorthodox monetary policy in a benign manner is likely to culminate in the collapse of the U.S.-dollar paper standard to the benefit of both gold bullion owners and also owners of bitcoin," Wood wrote.
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Meanwhile, bitcoinand to a lesser extent other major cryptocurrencies such as ethereum and XRPhave seen a sharp rise in institutional interest, led by the world's largest asset manager BlackRock.
"Bitcoin has now become investible for institutions, with custodian arrangements in place for digital assets, and represents an alternative store of value to gold," Wood wrote.
In June, BlackRock sparked a Wall Street rush toward bitcoin and crypto, with its legendary chief executive Larry Fink flipping bullish on bitcoin after years of skepticism.
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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Ethereum Foundation Falls Victim to MEV Bot Attack – CryptoPotato
Ethereum, the second-largest blockchain network, suffered a substantial setback through a sandwich attack, losing over $9K.
This data underscores an increasing problem of sandwich attacks in the crypto sphere, with over $1.3 million lost through such schemes in the past 30 days on the Ethereum chain.
According to Eigenphis data, on Oct. 9, the Ethereum network experienced a significant sandwich attack by the MEV bot (0x006B40), resulting in a profit of approximately $4,060 after factoring in costs.
MEV bots are well-known for extracting miner-extractable value in blockchain transactions.
Various blockchain analysts, including EigenPhi, promptly identified this recent incident. Network data reveals that this sudden attack followed an Ethereum foundation attempt to sell 1.7K Ethereum tokens through Uniswap V3. The foundation aimed to exchange these tokens for 2.738 million USDC via Uniswap.
Data charts illustrate a series of transactions involving multiple tokens such as WETH, USDC, ETH, aUSDC, aWETH, and variable WETH, enabling the attacker to ultimately secure profits. The MEV bot generated approximately 5.616 ETH in revenue during these transactions, accumulating 3.111 ETH after deducting costs after the incident.
At the time of the attack, Ethereum was trading in the $1,600-$1,618 range. This implies that the MEV bot obtained revenue of approximately $9,101, with actual profits amounting to $4,060. Consequently, the attack resulted in a $9,101 loss for the Ethereum Foundation.
Despite this significant setback, the foundations address retains substantial assets, including 240.68 ETH, 3.238 million USDC, 49,700 DAI, and 10,000 ARB, totaling $3.687 million.
A closer examination of Eigenphis analysis suggests that there has been significant activity from sandwich attackers recently. Within 24 hours prior to the reports, 85 sandwich attackers managed to generate profits totaling $22.9K.
Over the past seven days, approximately 20.4K victims have been reported, with 123 attackers accumulating profits of $239.4K. In the last 30 days alone, attackers have profited a minimum of $1.38 million through sandwich attacks.
Although the Ethereum chain remains the primary target, BSC chains closely follow suit, with attackers earning $497.4K in the past 30 days.
These recent incidents serve as a clear reminder of the significant risks associated with the blockchain ecosystem, which can impact anyone.
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Ethereum Foundation Falls Victim to MEV Bot Attack - CryptoPotato