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Tag Archives: ethereum

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify. Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get re..

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Ethereum Price Surges Following The Final Testnet Details

The Ethereum community has been anticipating the move from the Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Luckily for everyone, the Merge will soon occur, and reports show that the developers are approaching the final test phase before the significant event. Tim Beiko, the lead developer on Ethereum, disclosed these details on July 28. According to him, the testnet transition will take place on the Goerli testnet, a close simulation of the Ethereum mainnet. 5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! This version is known as Prator, and the date will be between August 6 and 12. The network upgrade will be called Paris, but another upgrade, Bellatrix, will position Prater well for the Goerl Merge. According to Beiko, the date for the Bellatrix upgrade will be on August 4. However, the lead developer also stated that validators and those who run nodes on Ethereum should pass through the process to prepare tho..

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Ethereum Bullish Signal: Exchange Inflows Decline To Low Values

On-chain data shows the Ethereum exchange inflows have declined to low values recently, a sign that could be bullish for the crypto’s price. Ethereum 7-day MA Exchange Inflows Have Gone Down In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the ETH price has been reversing up as the PoS merge comes near. The “exchange inflow” is an indicator that measures the total amount of Ethereum moving into wallets of all centralized exchanges. When the value of this metric shoots up, it means a large number of coins are being deposited into exchanges right now. Since investors usually transfer to exchanges for selling purposes, such a trend can be bearish for the price of the crypto. On the other hand, low values of the indicator can suggest holders aren’t sending in many coins to exchanges at the moment. Depending on whether they are also withdrawing or not, this trend could be either bullish or neutral for the value of ETH. Now, here is a chart that shows the trend in the Ethereum 7-day moving average all exchanges inflow over the past six months: The 7-day MA value of the metric seems to have been going down in recent days | Source: CryptoQuant As you can see in the above graph, the Ethereum exchange inflows sharply rose up in June and hit a peak. The price simultaneously suffered a big hit due to the selloff. Following this surge, the indicator’s value started to observe a decline. Around when the ETH developers announced the 19th September date for the PoS merge, the coin’s price started making recovery as the inflows continued to trend down. Now the metric finds itself at pretty low values. There has only been one dip below the current values in 2022, which was back in March. These rock-bottom inflow values can imply Ethereum might see more bullish momentum in the near future as long as the selling pressure remains muted. The chart also displays data for the “open interest,” another on-chain indicator that measures the amount of positions currently open in the derivatives market. It looks like the ETH positions have recently seen some growth. An active futures market can result in higher volatility due to excess of leverage, and in this year so far, high open interest hasn’t been constructive for the crypto’s price. ETH Price At the time of writing, Ethereum’s price floats around $1.7k, up 12% in the last week. Over the past month, the crypto has gained 56% in value. The below chart shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has moved sideways recently | Source: ETHUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Ethereum Barrels Past $1,700 – Next Target: $2,000

Ethereum (ETH) price overshoots above $1,700 hinting a bullish momentum. And everyone was blown away. James Seyffart, Bloomberg Intelligence research analyst, was impressed: “Ethereum just flew right through resistance there.” Bitcoin, Ethereum, and other cryptocurrencies have soared following the Fed interest rate hike of 0.75%. It was indeed an optimistic kind of domino effect for the crypto space. Can ETH Stay Above $1,700? Now, that ETH was able to do the inconceivable, all that’s left for ETH to do is to maintain that momentum and do everything in its power to stay above the $1,700 line. More so, Nasdaq Composite stocks were also up by 2.67% on Thursday despite the U.S. economic slump revealed in the GDP report. This is regarded to be Nasdaq’s recent all-time high since April 2020. In addition, this is considered the biggest Nasdaq rate hike since December 16, 2008, wherein Ben Bernanke, Fed’s ex-chairman shaved off the interest to almost zero in the middle of a global financial crisis. Ethereum is set to showcase a bull run in line with the merge event happening in September. ETH price shows a forking movement sliced between the two impulse waves which may result in some problems with holding ETH. A possible retracement towards the $1,270 level remains a possibility. A breach on the $1,250 level can invalidate this recent rally. The weekly forecast on ETH price is validated as the second largest crypto made it through the 1.5-1 trading setup. Target Zone Hit July 28, Next Target: $2,000 Analysts have let in a couple of perspectives on July 22 regarding ETH’s potential knife catch or v-shape retracement and liquidation. The knife catch may occur at the $1,300-$1,350 level or target the $1,900 zone after the decline. Invalidation of an upswing has been moved to $1,250 to create some space for adjustments and accuracy. In fact, analysts and experts recommend waiting for a breach that offshoots $1,460 to gain more confidence in trading ETH. And that happened recently. The first target zone was punched through on July 28. Traders who went with the big moves of ETH are currently gaining strides in profitability with the coin. ETH price was able to successfully validate its bull run as it swishes towards $1,900 in the short term. ETH may probably hit the $2,000 level and all it needs to do is stay afloat and hover above $1,700. The 2,000 level is the next potential target, with a resistance zone set at $2,158. ETH total market cap at $384 billion on the daily chart | Source: TradingView.com Featured image from TIME, chart from TradingView.com

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TA: Ethereum Rockets Towards $1,800 as Bulls Take Over Crypto Market

Ethereum started a strong increase above the $1,700 level against the US Dollar. ETH is showing positive signs and might rise again towards $1,800. Ethereum started a major increase above the $1,650 and $1,700 levels. The price is now trading above $1,700 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise if there is a clear move above the $1,750 level. Ethereum Price Rallies Above $1,700 Ethereum formed a base above the $1,600 level and started a major increase. ETH was able to clear a few key hurdles near the $1,650 and $1,675 levels. The price jumped over 10% and even surpassed the $1,740 level. The bulls pumped the price towards the $1,800 level. A new multi-week high was formed near $1,784 and the price is now correcting gains. There was a minor decline below the $1,750 level. Ether price dropped below the 23.6% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. However, it is still well above $1,700 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,700 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $1,740 level. The first major resistance is near the $1,750 zone. Source: ETHUSD on TradingView.com The main resistance is now forming near the $1,780 zone. A clear move above the $1,780 level could push the price further higher. In the stated case, the price may perhaps rise towards the $1,880 resistance zone. Dips Supported in ETH? If ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,700 zone. A clear move below the $1,700 support might spark a move towards the $1,670 level. It is near the 50% Fib retracement level of the recent increase from the $1,602 swing low to $1,784 high. Any more losses might even push the price to the $1,620 support or even the 100 hourly simple moving average in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is still above the 50 level. Major Support Level – $1,700 Major Resistance Level – $1,750

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Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

Bitcoin and the rest of the crypto market have been in a festive mood in response to the U.S. Federal Reserve’s interest rate hike, sending both Bitcoin and Ethereum climbing in prices. The Fed’s announcement has sent Bitcoin’s price up by 5%. As of this writing, Bitcoin is trading at $22,837, up 7 percent in the last 24 hours. More so, Ethereum’s price also spiked by 11.6%; hitting $1,550, data from Coingecko show, Thursday. In fact, the entire crypto market is on a positive outlook with the total crypto market cap at $1 trillion. Bitcoin was down the past week with its price plunging below $21,000. But, with Fed’s latest 0.75% rate bump, the BTC price has skyrocketed once again. Fed Battling Inflation With Interest Rate Hikes The Federal Reserve attempts to buffer inflation with a 0.75% rate increase. The central bank’s move on the rate hike is said to be in the country’s best interest especially since the U.S. Bureau of Labor Statistics recently broke it to the public that the Consumer Price Index or inflation rate is at 9.1% in June, a 40-year high. The Fed’s continuing rate hikes have sent the negative message that the country could be in danger of a recession. It triggered a domino effect. Following the Fed’s rate hike, the U.S. interest rates have also spiked at a range of 2.25% and 2.5% which is at extreme levels since the COVID-19 pandemic started. The U.S. central bank has recently revealed this development at the Federal Open Market Committee held Wednesday. Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red Survey: 96% Of Americans Worried About Inflation The Fed has been trying to put a rein on the high prices with an increase in interest rates for the longest time. U.S. Bureau of Labor Statistics disclosed that the biggest factors adding up to the inflation rate are shelter, gasoline, and food price hikes. Reportedly, a CNBC poll revealed that around 96% of Americans have been particularly worried or concerned lately regarding the gas, shelter, and food price increase. Image: Beinchain To beat inflation, the Fed has the option to constrict the supply of money. So, it resorts to bumping the interest rates which in effect, makes loans expensive. The 0.75% rate hike was expected although it was earlier ruminated that the central bank may go for a 1% rate hike when inflation mellowed in June. Related Reading | GNOX Set To Overtake APE, MATIC As Token’s Price Continues Ascent The recurring high prices and interest rate hikes have fueled fear in citizens as the danger of a recession continues to escalate. It has heightened levels of uncertainty in global markets especially because a recession would most likely happen following two straight quarterly GDP drops. The GDP as presented by the Bureau of Economic Analysis has shown that the economy has dwindled by 1.6% as shown in the first financial quarter and economists are concerned that a decline is possible too for the second quarter. GDP Q2 numbe..

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Why “The Merge” Is Not Priced In, Says Ethereum Inventor Vitalik Buterin

Ethereum and the crypto market slightly recovered some gains after the Federal Reserve (Fed) announced a 75-basis point (bps) interest rate hike. There was no surprise from the financial institutions, and the second crypto by market cap might be able to extend the bullish trend without external distractions. Related Reading | TA: Bitcoin Price Restarts Increase After Fed Rate Hike But Resistance Intact At the time of writing, Ethereum (ETH) trades at $1,640 with an 11% profit in the last 24 hours and a 7% profit over the past week. The cryptocurrency has reclaimed its position as the best-performing asset in the top 10 by market cap. ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview In an interview with Bankless, the inventor of Ethereum spoke about what could be the most bullish milestone for this blockchain since its inception: “The Merge”. The event that will complete ETH’s migration into a Proof-of-Stake (PoS) blockchain with the promise of bringing more scalability and better performance to the network. For months, there has been an ongoing debate about the impact of this event on the price of Ethereum. Some market participants believe “The Merge” is already priced-in, meaning its impact is currently reflected on ETH’s price, others believe the opposite. Buterin himself is amongst the former, he believes “The Merge” is not priced-in from a market and psychological standpoint. The positive impact of this event will have implications with the potential to ripple across the entire Ethereum ecosystem. These effects will kick in when “The Merge” has been deployed on the mainnet. Buterin said: The Merge is looking more and more in the review mirror. It’s looking more and more like “hey, this things is going to actually happen and when it happens I expect (developer’s) morale is going to go way up (…). I basically expect that “The Merge” is not going to be priced-in, by which I mean not just in market terms, but in psychological, and narrative terms (…). What “The Merge” Could Spell For The Price Of Ethereum Once “The Merge” has been implemented, Buterin predicts that Ethereum will change a “lot of minds”. This could potentially hint at the surge in the adoption of this network’s ecosystem. There has been a lot of talk about cryptocurrencies and their alleged negative impact on the environment. “The Merge” is set to reduce Ethereum’s carbon emissions by 99%. This could translate into more institutions and capital previously sidelined from the crypto space because of its environmental footprint thus, why this event might have profound implications in terms of adoption, price appreciation, and development. Related Reading | TA: Ethereum Surges 15%, Why ETH Could Climb Above $1,700 On the latter, Buterin celebrated Ethereum’s capacity to improve its development speed across the years. After “The Merge”, ETH core developers will focus on scalability and building the infrastructure needed for mainstream adoption.

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Ethereum Merge Now Has A Date, Price Jumps 12%

A specific deadline for the transition to proof-of-stake has been been offered by Ethereum developers who are working on implementing the merging. Ethereum Merge Now Has A Date The Ethereum mainnet is now scheduled to launch the merging during the week of September 19, according to a recent developer teleconference. This will happen after switching the final testnet before the merge to PoS. The adoption of the transition has been delayed on a number of occasions. The crucial transition of the Ethereum network from proof-of-work (PoW) mining consensus to proof-of-stake is almost complete (PoS). During a conference call on Thursday, members of the Ethereum development team declared a timetable for the permanent merger. Tim Beiko, a core Ethereum developer who oversees protocol meetings, suggested September 19 as a viable date for the merger during the conference call. The core developers did not object to the planned goal date. These professionals are giving their all to make sure the combo is successful. This merge timeline isn’t final, but it’s extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI — superphiz.eth (@superphiz) July 14, 2022 The Goerli testnet merge is anticipated to be live in the second week of August. The Bellatrix update will then be released on the blockchain in early September, followed by the merge two weeks later. The new integration date roughly corresponds to the late-August schedule Vitalik Buterin suggested earlier this year. Previously, a shadow fork on the mainnet resulted in the shutdown of 20% of nodes following its rollout, raising questions regarding merging stability. After the Beacon chain underwent a 7-block deep reorganization in May, the price of ethereum crashed. Superphiz.eth, an Ethereum developer, talked about the merger’s timeline and underlined that the proposed goal date should be viewed as a road map rather than a strict deadline. The Sepolia testnet Beacon Chain launched in June, clearing the way for Merge dress rehearsal to offer technical insights to Ethereum network developers. This process culminated with the Sepolia being incorporated into the network on July 7. It is anticipated that switching to Proof of Stake (PoS) technology will reduce energy consumption by 99%. The first quarter of 2023 is when sharding is expected to be implemented, greatly enhancing network scalability. The PoS vs. PoW debate has been going on for a while, with supporters of PoS arguing that it is both equally secure and more ecologically friendly. Opponents of PoW, like Jack Dorsey, have criticized it as centralized and insecure. Related reading | Upcoming ETH Merge Sees Institutional Investor Sentiment Turn Positive News Result In 12% Price Jump Despite the bear market’s persistence, investors have enormous faith in the Merge event, as seen by this morning’s increase of more than 10%..

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Short Liquidations Climb As Bitcoin Recovers Above $20,000

Bitcoin had lost its footing above $20,000 at the start of the week, sparking uncertainty among investors who had previously believed that the price of bitcoin was in a recovery trend. This decline saw more sell-offs in the space, albeit to a lesser extent than previously recorded. With the digital asset now starting on another recovery trend though, traders who had bet against its ability to move upward are finding themselves in very unpleasant situations. Bitcoin Short Traders Suffer Losses Bitcoin had begun to recover just after the CPI had shown that the United States inflation rate had hit a new 40-year high. At 9.1%, it was the highest number ever recorded since 1981 and this had prompted investors to look to other alternatives for protecting their wealth from being eaten into by inflation. The result had been an influx of new money into the bitcoin market. Related Reading | Bitcoin Price Spends Four Weeks At 2017 Peak Prices, What Comes Next? The recovery had seen a lot of traders who had bet against bitcoin suffering losses. Data from Coinglass shows that in the last 24 hours, almost $200 million in liquidations have been recorded and the majority of the liquidations had been from short traders. In total, there have been more than 57,800 traders liquidated and at a percentage of 83.91%, more than 48,000 traders who were betting against the crypto market’s recovery have suffered losses. BTC price recovers above $20,000 | Source: BTCUSD on TradingView.com Even as time has gone on, the liquidations have not subsided. In the last 12 hours alone, the liquidation numbers have come out to more than 54 million. At the time of writing this, the last four hours had seen liquidations of $21 million and this is expected to ramp up as the recovery continues. Ethereum Takes The Lead In most cases, when the market liquidations are calculated, bitcoin always takes the lead. However, that is not the case this time as another has taken the lead in liquidations. Ethereum’s recovery over the last day had been just as dramatic as that of bitcoin and short traders were caught in the wave. Related Reading | Mid Cap Crypto Coins Lead In July, Best Way To Weather The Winter? The second-largest cryptocurrency by market cap accounts for the majority of the liquidations recorded in the last day. It has seen more than 72.64K ETH liquidated, amounting to more than $90 million. Bitcoin which usually leads the pack has only seen half the value of liquidations in the same time period. ETH liquidations ramp up | Source: Coinglass The same is the case on a 12-hour basis, although bitcoin is catching up in this regard. Ethereum continues to lead but by a much smaller margin. Other cryptocurrencies that have recorded high liquidations in the last day include MATIC, SOL, and AAVE with $8.52 million, $5.93 million, and $2.81 million respectively. Featured image from Financial Times, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates,..

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TA: Ethereum Trims Gains, $3,200 Is The Key

Ethereum started a fresh decline from the $3,450 resistance against the US Dollar. ETH price must stay above $3,200 to start a new upward move. Ethereum started a fresh decline from the $3,480 and $3,450 resistance levels. The price is now trading below $3,300 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start another increase if it manages to stay above the $3,200 support zone. Ethereum Price Remains Supported Ethereum failed to gain bullish momentum above the $3,450 resistance zone. ETH formed a high near $3,446 and the price started a fresh decline. There was a move below the $3,350 support zone and the 100 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near $3,300 on the hourly chart of ETH/USD. Ether price is now trading below $3,300 and the 100 hourly simple moving average. It even moved below the $3,250 level and formed a low near $3,215. The price is now consolidating gains above the $3,200 level. An immediate resistance is near the $3,270 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major resistance is near the $3,300 level. Ether price must clear the $3,300 resistance to start a fresh surge. Source: ETHUSD on TradingView.com In the stated case, the price could even surpass $3,350 or the 50% Fib retracement level of the recent decline from the $3,446 high to $3,215 low. The next major stop for the bulls on the upside may perhaps be $3,450. More Losses in ETH? If ethereum fails to start a fresh increase above the $3,300 level, it could continue to move down. An initial support on the downside is near the $3,240 zone. The next major support is near the $3,220 level. The main support is near the $3,200 zone. A downside break below the $3,200 support zone might spark a sharp decline. In the stated case, there is a risk of a move towards the $3,050 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,200 Major Resistance Level – $3,350

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