Tag: Ethereum

Ethereum is following the general sentiment in the market as Bitcoin and other cryptocurrencies make a run towards previous highs. The second cryptocurrency by market cap knocked some gains over today’s trading session but seems poised for a re-test of its lows before moving to the upside. Related Reading: LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It? At the time of writing, Ethereum (ETH) trades at $1,300 with a 2% profit in the last 24 hours and in the last week. Unlike in previous rallies, ETH’s price is lagging larger cryptocurrencies, such as Bitcoin, the number one crypto that records a 4% profit over the same period. Ethereum At Critical Point, Will It Finally Breakout? Today’s bullish price action seems to be prompted by a rebound across legacy financial markets, the S&P 500 and Nasdaq 100 have been trading in the green giving cryptocurrencies room for a run. The bullish price action is leading to a change of sentiment across the digital asset class as investors turned optimistic. Over the weekend, with traditional markets close, the situation was different and market participants were gearing up for a potential leg down. According to a pseudonym trader, Ethereum saw a spike in Open Interest (OI) against the U.S. dollars. This increase in OI was recorded as the cryptocurrency trended to the downside. Therefore, the analyst claims that the metrics hinted at a spike in short (sell) positions from traders expecting further downside in the short term. The liquidity provided by these short positions accumulates to the upside, making each rally stronger and fueling further bullish momentum. However, the analyst believes the market might take this upside liquidity before re-testing support levels. The pseudonym trader wrote the following via his official Twitter account: I said yesterday that there was a lot of short build up on $ETH. They’re getting squeezed now. Once that’s done it gets slapped back down I think. Looks like a clean short set-up. Related Reading: Quant Explains How US Stock Market Volumes Influence Bitcoin Price In case of potential downside, data from Material Indicators shows that the area between $1,280 and $1,250 has the biggest concentration of bid (buy) liquidity on low timeframes. These levels might provide the bulls with strong support to either resume the bullish momentum or send ETH back into accumulation mode.

The Ethereum Merge upgrade is expected to haul in more new users on the network which happens to be true with the surge of new active wallet addresses on the platform.  Ethereum’s new active wallet addresses climb to a new ATH of 3,001.804  ETH seen to spike in terms of social media engagements and mentions  ETH price up by 0.46% as of press time According to a Twitter post by Glassnode shared on October 2, the number of new active wallet addresses on the Ethereum network recently climbed to a new ATH of 3,001.804. While it’s true that this screams a boost in investor interest in the alt, the recent plunge in market volume and sentiment seems to be in contrast to everyone’s expectations to date. The number of new active wallet addresses on the Ethereum platform is seen to have dropped in August and recovered since September. Related Reading: Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31 Spike In Number Of ETH Addresses Trigger Increase In Social Metrics The increase in the number of wallet addresses also triggered a spike in social media engagement of the altcoin. Ethereum has shown a significant improvement of 4.63% surge in terms of social mentions and also 27.6% in social engagements. The Merge has created a lot of buzz on social media especially in the past month but the overall sentiment wasn’t purely positive. In fact, Ethereum is down in terms of weighted sentiment as seen in the last few days. In addition, ETH value has also been moving downwards as seen in the past couple of days. The altcoin volume has retreated from 13.45 billion on September 30 to only 6.03 billion on October 2. On the brighter side, even with the negative public sentiment, Ethereum still managed to attract more whale investors in the altcoin. Evidently, the top 500 ETH whales have gained interest in investing and buying the crypto. The momentum of Ethereum has shown some growth as seen in the past three days indicating an increase in wallet transactions involving Ether. Ethereum Development Activity Decreasing More so, the altcoin also gained the approval of Deutsche Telekom following their announcement of planning to roll out an Ethereum validator. On the other hand, the development activity on Ethereum has been spiraling down too which implies the decrease in activity on the GitHub. The current market state has however negatively impacted Ethereum as even the Merge failed to meet expectations in terms of capital outflow. Consequently, despite the growth in terms of wallet transactions and the rise in social media engagements, the price of ETH wasn’t able to keep up with the positive sentiment.  The coin is seen to recover a bit and is in the green lane as of publication. According to CoinMarketCap, ETH price has soared by 0.46% or trading at $1,304.30 as of this writing. Related Reading: Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price? The ETHUSD pair is trying to break past the $1,317 level on the daily chart | Source: TradingView.com Featured image from Top Trend Coins, chart from TradingView.com

For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety. Stablecoins Gain Favor Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time. The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period.  ETH price settles above $1,300 | Source: ETHUSD on TradingView.com On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC. Ethereum Whales Want Stability Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm. The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors. Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Ethereum started a major decline from the $1,400 resistance against the US Dollar. ETH is moving lower and might even slide towards the $1,200 level.

Ethereum gained bearish momentum below the $1,350 and $1,320 support levels.
The price is now trading…

Ethereum saw a major rejection near the $1,420 zone against the US Dollar. ETH is down over 6% and remains at a risk of a drop below the $1,220 support.

Ethereum started a fresh decline from the $1,420 resistance zone.
The price is now trading below $…

Though volatility is a core attribute of cryptocurrency, the swing is quite excessive for Ethereum. The price movement for Ether was progressive from the beginning of the second of the year. ETH gradually surged over the $1,800 level before the Merge. To some reasonable extent, the positive sentiment surrounding Ethereum’s transition from PoW to PoS contributed to the surge. As a result, several participants in the crypto industry tilted towards the second largest crypto asset by market cap. Related Reading: Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow The token recorded a huge increase in its trading volume and other Ethereum derivatives over the period. However, the launch seems to come with a bearish trend for Ethereum. Just some hours following the Merge, ETH started a southward movement. The increasing selling pressure depleted the value gradually as the price kept decreasing. Through the past weekend, Ether plummeted below $1,300 as it lost sustainability on some supportive levels. Is Another Ethereum Correction Underway? There’s a hint for a more bearish pattern from the Ethereum technical chart. This implies the possibility of another correction of 25% from its current price, which hovers around the $1,350 region. So, ETH might dip further to $1,000. Based on the last report for the US CPI data for August, there’s an indication of a rise in the inflation rate. However, the response from the crypto assets has been very unfavorable. The FOMC (the Federal Reverse System’s monetary policymaking body) has scheduled its meeting for Wednesday, 21, 2022. But the entire crypto market is already feeling aggressive selling pressure before the outcome of the FOMC meeting. The analysis of the Ethereum price charts indicates a drastic drop below the token’s standard deviation. On the higher side, the price of ETH could not cross the hurdle at the $1,800 region. Also, the downtrend shows that Ether went beyond its critical support of $1,340. Hence, the overall technical implication is that the deviation from support levels has the risk of a downtrend. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears This is primarily because Ethereum’s deviation is below the regression channel from the lows as of June. The token is now exposed to the third deviation retreat of $1,250. With that, ETH could hit the next possible support level of $1,000. ETH Derivatives And Liquidations According to data from Deribit, the number of Ethereum put, and call contracts has skyrocketed. Its open interest ranges between $1,000 and $2,000, with expiration by the end of September. The range could mark the possible trading value for Ether. There have been more liquidated positions as the price of Ether increases. As of yesterday, the entire crypto market recorded over $400 million in liquidations. At the time of writing, data from Coinglass shows that Ethereum has over $58 million in liquidated positions within the past 24 hours. Featured image from Pixabay, Chart: TradingView.com

We’re in a post-merge world, and the lessons keep arriving. As it turns out, the mythical Merge was a sell-the-news event for Ethereum. Technically, the event was a success and Ethereum kept a 100% uptime as optimistically predicted. Economically, the asset has been bleeding for the whole post-merge season. As a result, Ethereum lost ground against bitcoin, and bitcoin dominance is back up. Related Reading: Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow Let’s go to Arcane Research’s The Weekly Update for the exact stats and numbers:  “Since the merge, Ether (ETH) is down 17% in USD and down 13% compared to BTC, with ETHBTC currently trading at 0.07. ETH has found support at 0.07 ETHBTC, which represents the average ETHBTC price over the last 365 days.” Will this become a tendency or are these just the post-merge jitters?  The Post-Merge Post-Mortem For a rational analysis, let’s quote The Weekly Update: “Ether traded idly after the merge, and volatility remained low until U.S. markets opened down. The ETH blow was related to a correlated environment to risk assets, but excess leverage from long traders contributed to exacerbating Ether’s relative underperformance versus BTC.” And the fact of the matter is that the old adage “buy the rumor, sell the news” applies perfectly here. Fuelled by hype, Ethereum’s price ballooned before the event. It was still far away from its all-time high of around $4,8K, but $1.7K was great for the market we’re in. The asset outperformed bitcoin and threatened its dominance. It was overbought, though. Post-merge, people sold and ETH is now in a downtrend. Textbook behavior that shouldn’t surprise a soul. The chart to watch, though, is that of Ethereum’s issuance. The main difference between the post-merge Ethereum and its predecessor is that the new coin will be much more scarce. And that could affect the price tremendously. ETH price chart for 09/21/2022 on Bittrex | Source: ETH/USD on TradingView.com State Of The Ethereum Forks One of the drivers of the pre-merge rally was the expectation that there might be forks and there might be airdrops. Two brand new Ethereum forks emerged from the messy situation. Those two suffered the most during this post-merge period. Back to The Weekly Update: “Ether has not struggled in isolation, Ether forks have experienced severe headwinds, and both ETHW and Poloniex’s competitor fork EthereumFair (ETF) have seen more than two-thirds of their valuation slashed since launch.” This brutal smackdown was to be expected. All forks generate something akin to an airdrop, as people received the equivalent to the ETH they had in ETHW and ETF. Users exchanged that free money for harder currencies pretty fast. And now it’s time for those forks, who the all-powerful stablecoins don’t support, to prove their worth. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears An older fork was also in the news because of the merge and has been struggling as much as its cousins.  “Ethereum Classic has also underperformed versus ETH. Amid the merge, many miners migrated to ETC, leading ETC’s hashrate to peak at 300 TH/s. However, as the difficulty has increased in ETC, the hashrate in ETC has declined to 186 TH/s” Some people thought that Ethereum Classic, who remains a Proof-Of-Work blockchain, was going to thrive post-merge. So far, they’ve been proven wrong. But we’re in the early innings and things might drastically change for old reliable Ethereum Classic.  ETHBTC price chart on Binance | Source: The Weekly Update Conclusions Apparently, the merge was a success but the price didn’t hear the news. However, we should take into account that September is usually a bad month for cryptocurrencies in general. That, mixed with the classic “buy the rumor, sell the news” behavior have ETH against the ropes. For now. Featured Image by Gerd Altmann from Pixabay | Charts by TradingView and The Weekly Update

Ethereum is struggling to gain pace above $1,350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase.

Ethereum is facing an increase in selling below the $1,400 level.
The price is now trading below $1,400 and…

Ethereum price tried to rise on its daily chart at the time of writing. Over the last 24 hours, ETH rose by 2%, price action continues to be mundane. In the last week, the Ethereum price fell by 21%. Technical indicators pointed towards continued bearishness. Buying strength declined substantially, which has pushed the price of Ethereum closer to its immediate support line. If buyers do not defend the closest support line, then Ethereum could head for a further decline on its one day chart. For the bearish thesis to be invalidated, ETH has to hop past several resistances. Selling dominance can further push the altcoin down. With the price of major market mover Bitcoin declining on its respective chart, most altcoins have followed suit. ETH has to move past the $2000 price level for the bearish thesis to be invalidated. ETH bulls are required to defend $1,200 price zone or else ETH could free fall to the $1,000 price level. Ethereum Price Analysis: One Day Chart ETH was trading for $1,360 at the time of writing. Ever since Ethereum touched the $1,800 price mark, the bulls could not sustain themselves and caused the asset to tumble further. The closest support line for the coin stood at $1,200. It is crucial for demand to shoot up for buyers to hold onto the $1,200 price mark because a fall from that level could make ETH touch $1,000. Resistance for the altcoin was at $1,560, moving past which there could be a ceiling at the $1,800 price level. If ETH manages to break past $2,000, then the bearish thesis could be invalidated. The amount of Ethereum traded in the last session depreciated, signalling an increase in selling pressure. Technical Analysis ETH continued to slip south owing to a lack of demand at the time of writing. Indicators have also depicted bearishness on the chart. The Relative Strength Index was pictured below the half-line, and that meant excess selling pressure compared to buying strength in the market. That was a sign of less demand for Ethereum at the time of writing. The Ethereum price was seen below the 20-SMA as demand fell for the coin. It meant that sellers were driving the price momentum in the market. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week The altcoin had displayed a sell signal at press time, indicating that there could be further bearishness. The Moving Average Convergence Divergence displays the price direction and the market momentum.The MACD underwent a bearish crossover, which led to the formation of red signal bars, signifying sell signal for ETH. Bollinger Bands that indicate price volatility and fluctuation also pointed towards an incoming price change as the bands widened at press time. Related Reading: Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming? Featured image from Pixabay, Chart: TradingView.com

Ethereum rallied from the hype generated by the Merge announcement. Although this is recent news, ETH already hit the $2,000 mark after the bearish July market.  After over a month of price increases, ETH’s price closed in on the $2,000 mark. One of its highest since the entire crypto market crashed. However, the most recent rally has placed confidence in investors and traders alike.  Related Reading: XRP Bulls Charge Hard To Pull Prices Up Past $0.34 After A Dismal August The Highly-Anticipated Merge The rally was because of the recent ETH Merge announcements that has been the talk of crypto traders around the world. This move, according to Ethereum co-founder Vitalik Buterin, will bring efficiency to the network and reduce overall carbon footprint.  These types of announcements however boost the confidence of traders and investors pushing the price up.  As of this writing, ETH is oscillating at ranges $1,718.41 and $1,791.76. The token is also trying to entrench itself on the 78.60 percent in the Fib retracement.  Related Reading: How Litecoin (LTC) Is Able To Muster A 5-Day Straight Rally Ethereum Bulls Try To Breach Resistance The recent support is set at $1,740.63 with the resistance at the $1,802.12. The bulls have consistently tried to target $1,802.76 resistance to continue the rally. But as the graph shows, the rally has stagnated and the bull now tries to consolidate the position.  Two things might happen while ETH’s price stabilizes; (1) the resistance will be pierced on a later day and will rally again, or (2) the price breaks the $1,740 support and drops.  If the price pierces the 61.80% Fib level, then the bulls will gain momentum and may reach $2,000 in a few days’ time. But the indicators say otherwise.  The CCI and Stochastic RSI numbers indicate a slow down in trend price. As of writing, the CCI is at 16.69 and Stoch RSI at 16.17 indicating a small sell-off movement.  If the bulls manage to gain momentum once again, then the price might jump and pierce to the next resistance level at the 61.80% Fib level. If the price goes down however, we can expect the support to be at the $1,662.31 range.  This is a crucial point in ETH’s history pre-merge. If the bulls fail to at least consolidate the price at the $1,740 support line then there will be a large chance for a downward price reversal. This would inherently have an effect on ETH’s price post-merge.  Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com Featured image from Crypto News, Chart from TradingView.com

Ethereum gained pace above the $1,700 resistance against the US Dollar. ETH is showing positive signs and might even clear the $1,800 resistance.

Ethereum started a major increase and settled above the $1,700 level.
The price is now trading above $1,7…

Ethereum price flashed recovery over the last 24 hours after it witnessed consolidation at the $1,800 price mark. Over the last week, ETH logged 20% appreciation. It has been a bullish week for the king altcoin. The last time the altcoin traded around this price level was almost two months ago. It had failed to topple over the $1,900 zone and had retraced shortly after that. The robust support line for Ethereum price was at $1,600. Ethereum price could possibly witness a sharp change once the Ethereum Merge goes live next month. The Merge is the transition from proof-of-work to proof-of-stake has been a highly anticipated event for the Ethereum community. This shift from proof-of-work shall diminish the altcoin’s power consumption by almost 99.5%. If the price of Ethereum manages to stay above the $1,900 mark for a substantial period of time, the coin will manage to touch the $2,000 mark price ceiling. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1,918 at the time of writing. The coin had finally managed to move past the $1,800 price region. Ethereum price has to maintain momentum over the $1,900 mark in order to touch the $2,000 price mark. Overhead resistance for the coin was at $1,970. Local support level for the coin was at $1,700 and then at $1,600 respectively. Incase ETH loses vigour and falls to the $1,600 mark, the inability to sustain at that price level can push the coin to $1,300. The amount of Ethereum traded in the last session was falling which meant that selling pressure was declining at the time of writing. Technical Analysis The altcoin’s technical outlook depicted bullishness on the four hour chart. Buying strength for Ethereum also increased as Ethereum price travelled upwards on its chart. The Relative Strength Index was parked above the 60-mark indicating that buyers dominated the market at press time. If demand for ETH continues to rise, the altcoin might be overvalued leading to a possible price pullback. Ethereum price was above the 20-SMA line, which meant that buyers were driving the price momentum. The altcoin was also above the 50-SMA line which points towards the rising price of the asset. Related Reading: TA – Ethereum Price Faces Resistance As Merge Date Is Announced ETH’s other important indicators also depicted positive price action. Moving Average Convergence Divergence is supposed to display that price momentum and reversals in the same. MACD witnessed a bullish crossover and flashed green signal bars above the half-line registering buy signal for the asset. Directional Movement Index is responsible in determining the price direction of Ethereum. DMI was positive as the +DI line was above the -DI line. Average Directional Index (Red) was bordering the 40-mark which meant that the current price direction was gaining strength. Related Reading: Ethereum Price Forecast Remains Bullish As Network Nears Another Milestone Featured image from UnSplash, chart from TradingView.com

As the launching of the long-awaited Ethereum upgrade, Merge, approaches, there’s a spike in institutional investment. Ethereum products are receiving more attention from big-shot investors. Though there is no stated period for the Merge, most developers anticipate the upgrade by September 19. However, most Ethereum derivatives are getting more investment deals as the final phase details are revealed. James Butterfill, the Head of Research of CoinShares, stated that investors’ sentiment for Ethereum products is changing. Butterfill made this known in the latest edition of Digital Asset Fund Flows Weekly Report. He noted that the sudden intensity and desire from the investors is due to the Merge approach. According to the report, most institutional investors make preferential investments in Ethereum products. Hence they are pushing in more funds as they believe in the great possibility of the Ethereum network. To them, upgrading the global second largest cryptocurrency would create a more positive and profitable impact. Due to the change in sentiment, the report noted that Ethereum had seen more inflows amounting to about $16 million. This resulted in a seven-week pattern of inflows that accumulated up to $159 million. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week So, Butterfill reports that the change in the investors’ sentiment signifies more clarity with the Merge’s timing. This would create the desired transition for the Ethereum network as it moves from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum blockchain has been operating with a PoW consensus mechanism for its transaction validation and security of its network. Unfortunately, this involves using the mining process that consumes more energy or electricity. But the Merge would transform the system of operation for the blockchain. First, it would start using the more energy-efficient staking process that requires the staking of ETH tokens. Plan For Ethereum Merge Has Been A Tough One The plan for the shift has been delayed for several months. But as the date for the launch approaches, Ethereum proponents are having their fun-filled season. The journey has taken several rough routes that include changes in roadmaps, ambiguous terminology, and, lastly, the recent opposition to the Merge. On the part of its founder, Vitalik Buterin, he kept announcing all the possible hard forks to the transition. This action is an excellent advantage for any PoW blockchain that may opt for a change in the future. However, some prominent personalities in the industry don’t mind a hard fork. For example, Justin Sun, the founder of Tron, pledged the listing of both ETHs and ETHw tokens on his Poloniex exchange. Also, BitMEX revealed its support for any ETHPoW fork. Once it finally happens, it will link the Ethereum mainnet and the Ethereum 2.0 Beacon Chain for a complete transition to PoS. Hence, Ethereum 2.0 would receive increased efficiency and security in its execution of transactions.’ Related Reading: Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? Also, there would be a drastic reduction of carbon emission into the environment by over 99% as the network become energy efficient. This was one of the main criticisms against Ethereum as a PoW network. Featured image from Pixabay, Chart from TradingView.com

Ethereum started a major increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

Ethereum found support near $1,680 and started a fresh increase.
The price is now trading above $1,800 a…

Total value locked (TVL) on Optimism, a layer-2 scaling solution for the Ethereum blockchain, has increased 284% in the last month, according to data from DefiLlama. Users lending and borrowing assets on Aave through Optimism’s layer-2 chain make up the vast majority of TVL. Ethereum Optimism TVL Surges In anticipation of The Merge update, which will see the blockchain switch from a proof-of-work network to one based on proof-of-stake, investors have been bidding up digital assets tied to the Ethereum ecosystem. The merge will be tested by Ethereum developers on the Goerli testnet on Thursday, August 11. If everything goes according to plan, the mainnet merging will be approved on September 19. The mainnet merge would probably be delayed if there are issues with the Goerli merge. The Merge’s anticipated launch date has been set for September 19, according to a recent Ethereum developer call. With Rollups, or off-chain computations, Optimism, an Ethereum layer-2 blockchain, aims to extend the ecosystem and expedite transactions. On Optimism, transactions are entered, and on Ethereum, they are completed. ETH/USD trades at $1,853. Source: TradingView The project is home to 35 protocols, including automated market maker Velodrome, decentralized exchange Uniswap, and derivatives exchange Synthetix. The Ethereum blockchain’s current capacity of 30 transactions per second is inadequate to manage the enormous amount of user trade orders on exchanges (including cancellations). Nevertheless, according to some analysts, the network might scale to 100,000 transactions per second with The Merge upgrade, with layer-2 solutions improving this capacity even further. Related Reading: Uniswap Price Falls Below $9 After It Met With A Sell-Off, What’s Next? Optimism blocks are constructed and executed on layer-2 while user transactions are batched up and submitted to the Ethereum layer-1. On layer-2, transactions are immediately accepted or rejected with no mempool, enabling a fast user experience. Correspondingly to the TVL development, the project’s namesake tokens have also rallied by 300% during the same period. Dai on Optimism 👀 From 30 million to 140 million in 5 days. pic.twitter.com/AQlNWvX6c9 — Maker (@MakerDAO) August 9, 2022 Goerli Testnet: A Brief The Ethereum network will be one step closer to its biggest update yet in less than 24 hours. The second-largest cryptocurrency by market capitalization has been preparing to switch from Proof-of-Work (PoW) to the significantly less energy-intensive and, in some people’s opinions, more decentralized Proof-of-Stake for years (PoS). Senior Ethereum developers stated last month that the so-called “Merge” to “Ethereum 2.0” will occur on September 19. However, there is still a challenge for developers to overcome before the “Merge” can be implemented on Ethereum’s mainnet. Developers want to implement the merging on one last testnet after completing the switch from PoW to PoS on two of Ethereum’s main testnets (Ropsten and Sepolia) in June and July. From its mid-July lows under $1,000, Ethereum has increased by more than 80%, and at last check, it was trading in the mid-1,800s. While most of this has coincided with a larger cryptocurrency market rebound amid an uptick in macro mood (Bitcoin is up over 25% from its mid-July lows), analysts have indicated that anticipation ahead of the merger has been a key tailwind driving ETH higher. Related Reading: Why Are Crypto Investors Rotating From Bitcoin To Altcoins? Featured image from iStock Photo, chart from TradingView.com

On-chain data shows around 800k ETH has exited wallets of the crypto exchange Gemini, a sign that could prove to be bullish for Ethereum.
Crypto Exchange Gemini Observes outflows Of 800k ETH
As pointed out by an analyst in a CryptoQuant post, the Ether…

The crypto market has extended its bullish momentum despite recent tailwinds, Ethereum continues to lead in this recovery. The second crypto by market cap trades at $1,600 with a 35% profit in the past week. Related Reading | Crypto Market On The Mend: ApeCoin And Curve DAO Show Gains Trading firm QCP Capital shared a market update claiming the current bullish price action has been a “pleasant surprise for all”. This price action started on the back of the latest U.S. Consumer Price Index (CPI) print; a metric used to measure inflation. The CPI stands at a 40-year high which was expected to have a negative impact on the crypto market. The opposite occurred, the trading firm claims, due to market participants expecting lower inflation in the coming months. This potential decline in inflation could give some room for risk asset to continue their rally and persuade the U.S. Federal Reserve (Fed) from ruling out a 100-basis point (bps) interest rate hike. The financial institution will announce its decision on July 27. QCP Capital said: Currently, a 20% chance of 100bps is still being priced in but our view is that 75bps is the most the Fed will do. So expect another boost as 100 bps gets completely priced out. Ethereum is leading the relief because there is more clarity around the upcoming “Merge”, an event set to combine this network’s execution layer with its consensus layer. Thus, consolidating Ethereum’s migration to a Proof-of-Stake (PoS) consensus protocol. “The Merge” has been tentatively scheduled for September which has contributed to the shift in the general sentiment across the crypto market and supported this rally. The bullish price action, QCP Capital said, has been “keenly felt in the options market”. The sector saw a “rush” to purchase buy contracts (calls) for the September expiry. In other words, options traders are bullish on the potential impact that “The Merge” will have on Ethereum. Can Ethereum Extend Current Rally? Conversely, the options markets hint at potential exhaustion for Ethereum in the short term. QCP Capital records an increase in calls selling for ETH’s price and believes insolvencies announcements from other companies could operate as tailwinds for the second crypto by market cap. Part of the contagion triggered by the default of crypto hedge fund Three Arrows Capital (3AC), which failed to honor billions in debts from their counterparties, many companies have been negatively impacted. This includes Celsius, BlockFi, Voyager, and Genesis. These companies have had to halt their operations at some levels with new companies announcing that they have been affected by 3AC coming out almost every week. Yesterday, crypto exchange Zipmex suspended withdrawals, and there have been growing rumors about other companies taking similar measures. Related Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions QCP Capital said: While the markets have been sanguine, it might not be completely free of the credit contagion yet. We have been adding to our downside skew position and we are keeping slightly long gamma and vega (longer term options).

Ethereum remained well bid above the $1,465 level against the US Dollar. ETH could start a fresh surge if there is a close above the $1,600 resistance.

Ethereum corrected lower but the bulls were active near the $1,465 zone.
The price is now trading a…

The future of the second-largest cryptocurrency is hampered by the US dollar index’s recovery. On Thursday, the price of Ethereum (ETH) showed just slight decreases.
Ethereum Consolidates
On July 21, price movement in the cryptocurrency market as…

Ethereum started a downside correction from $1,630 against the US Dollar. ETH could extend losses if there is a clear move below the $1,480 support.

Ethereum started a downside correction from the $1,630 resistance zone.
The price is now trading below…

Ethereum has rallied considerably over the last week securing close to 53% appreciation. At the moment ETH has managed to break past an important resistance mark of $1500 and flipped it into a support level. The coin maintained a rally after it crossed the $1000 mark, chance of correction still remains on the horizon. Bullish strength has regained vigour as buying strength also shot up. The invalidation of bearish thesis started once ETH managed to cruise past $1200. If the coin remains above the $1500 mark then the bulls could propel the price higher. The rally was also caused by the bullish sentiments revolving around the Merge that is anticipated in the month of September. There are chances for the coin to shoot up to $2000 but there are other resistances that ETH has to break past for that to happen. The coin has been trading on an ascending trendline and it could soon revisit $1660 on its chart. The global cryptocurrency market cap today is $1.12 Trillion with 4.6% positive change in the last 24 hours. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1600 at the time of writing. The king altcoin has broken past the $1500 mark. The overhead resistance for the coin was at $1660, strength from buyers could push ETH to touch $1660. Other important price ceilings were at $1745 and $1800 respectively. Once the coin moves past the $1800 mark, $2000 can be on the chart for Ethereum. If the coin witnesses a correction then, the first support level would stand at $1300 and then at $1200. Volume of Ethereum traded in the last session grew signifying that buying strength remained high. Technical Analysis ETH’s bulls have caused buyers to re-enter the market.  The altcoin has visited the overbought zone a couple of times in the past weeks. The Relative Strength Index portrayed an uptick and was near the 70-mark which meant that buyers heavily outnumbered sellers in the market. Ethereum was above the 20-SMA signalling the same thing that buyers were driving the price momentum in the market. Ethereum was parked above both the 50-SMA and 200-SMA lines which are signs of excessive bullish force in the market. Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite Increased buying strength was reflected on the other indicators however, there has been mixed signals on the indicators. The Moving Average Convergence Divergence depicts the price momentum and trend reversals. MACD underwent a bearish crossover and flashed red histograms. These red histograms are an indication of a change in the price trend and also sell signal for the altcoin. Bollinger Bands that indicate volatility remained wide. Wide Bollinger Bands signal at chances of increased price volatility which means that Ethereum might undergo price fluctuations. Related Reading | TA: Ethereum Rally Could Start Again, Why Bulls Might Aim $1,800 Featured image from UnSplash, chart from TradingView.com

The merge is near, so it’s Ethereum time to shine. The eternal second most popular cryptocurrency by market capitalization has been outperforming bitcoin for the last few days. Is the reason the return of the market’s appetite for risk? Or is it just t…

Ethereum corrected a few points from the $1,633 high against the US Dollar. ETH remains well supported above the $1,480 level and might start a fresh rally.

Ethereum started a consolidation phase below the $1,600 resistance zone.
The price is now trad…

Ethereum corrected a few points from the $1,633 high against the US Dollar. ETH remains well supported above the $1,480 level and might start a fresh rally.

Ethereum started a consolidation phase below the $1,600 resistance zone.
The price is now trad…

Ethereum continues to trend to the upside and seems poised to break above $1,600, in the short term. This would place the second crypto by market cap on track to push north of $1,700 and reclaims its early 2022 levels. Related Reading | Bitcoin Whale Exchange Inflows Still At Highest Ever Level, Will Recovery To $22k Be Lost? However, a recent survey published by Finder claims ETH’s price is far from hitting that price target. According to 54 industry experts interviewed for the survey, the second crypto by market cap will target $1,700 by the end of 2022. This would suggest ETH’s price current price action is a “fakeout”, an uptrend to trap bullish investors into taking long positions before re-testing lower levels. The survey claims ETH’s price could bottom after experiencing another massive crash. The cryptocurrency recorded a yearly low at around $950, but Finder’s experts expect ETH to reach another low at $674. As seen below, a large portion of Finder’s panel expects ETH to drop to around $500 to $800 with a minority predicting a re-test of the 2020 lows below $499. !function(){“use strict”;window.addEventListener(“message”,(function(e){if(void 0!==e.data[“datawrapper-height”]){var t=document.querySelectorAll(“iframe”);for(var a in e.data[“datawrapper-height”])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[“datawrapper-height”][a]+”px”}}}))}(); Some of the survey participants believe “The Merge” will be ETH’s price major bullish catalyzer. This event will complete Ethereum’s transition into a Proof-of-Stake (PoS) consensus protocol and will allegedly open up the door for network improvements and more scalability. In that sense, Joseph Raczynski, a technologist, and futurist for Thomson Reuters ETH is still positioned as the best for success. The Merge is not priced into it. The platform it created still supports hundreds of billions of dollars in transactions and value, with thousands of tokens. At this stage, Ethereum is still the blue blood of the crypto world. Ethereum Price Prediction For The Long Term In the long run, Finder’s experts believe ETH’s price could see as much as $20,000 with a majority expecting the cryptocurrency to break above $10,000 in the next two years. The successful implementation of “The Merge” on the Ethereum mainnet will be crucial in its future price development. !function(){“use strict”;window.addEventListener(“message”,(function(e){if(void 0!==e.data[“datawrapper-height”]){var t=document.querySelectorAll(“iframe”);for(var a in e.data[“datawrapper-height”])for(var r=0;r<t.length;r++){if(t[r].contentWindow===e.source)t[r].style.height=e.data[“datawrapper-height”][a]+”px”}}}))}(); Related Reading | Ethereum Classic (ETC) Reclaims $3 Billion Market Cap, More Upside To Follow? Managing director of Digital Capital Management Ben Ritchie believes ETH’s price would continue to trade in tandem with the current macro-economic factors. These could operate as mid-term obstacles for Ethereum to reclaim previously lost territory. Ritchie said: Since Ethereum’s correlation to Bitcoin is still high, we can speculate that if Merge happens before the year-end, its price may decouple. However, the outside economic factor is vital, bringing hurdles to the short-term price action. We also estimate that the Ethereum price will reach as high as $15,000 in 2030 due to the upcoming upgrades to the ETH’s tokenomics, such as deflationary emissions and scalability.

The global cryptocurrency market increased by about 5 percent during the past 24 hours to reclaim the $1 trillion benchmark. The price of Polygon (MATIC) has increased by over 60 percent in the past seven days, placing it among the top performing crypt…

Ethereum extended its rally above the $1,550 resistance against the US Dollar. ETH is correcting gains but dips might find bids near $1,460.

Ethereum gained bullish momentum and even surpassed the $1,550 resistance.
The price is now trading above $1,5…

The bulls for Ethereum are back on the chart, the altcoin has appreciated over the last 24 hours. Bitcoin’s northbound movement has helped Ethereum gain some of its lost value. Other altcoins have also followed a similar trading pattern. Ethereum recently touched the $1500 mark but at press time, the coin was placed slightly below the aforementioned level. In the past week, Ethereum registered close to 30% increase in its value. The new week has made market movers trade in the green. With consistent increase in price, Ethereum left behind the $1280 resistance mark which the coin previously struggled to move past. It faced resistance at the aforementioned level a couple of times. Buying strength also returned into the market which further helped ETH to maintain its price action. For ETH to solidify its bullish stance, its important Ethereum maintains its price above the $1500 mark. With Bitcoin moving over $22,000 and ETH touching $1500, market capitalisation also soared. The global cryptocurrency market cap today was at $1.04 Trillion after more than a month with a positive 3% change in the last 24 hours. Ethereum Price Analysis: Four Hour Chart ETH was trading at $1476 at the time of writing. It was moving very close to the $1500 mark which it touched few trading sessions ago. Overhead price ceiling was at $1500, and climbing above the same could intensify ETH’s bullish stance. On the flipside, if Ethereum witnesses a correction, It would first fall to $1300 and then to $1100 respectively. ETH has continued to register higher highs which is a sign of a price uptrend. Amount of Ethereum traded declined which meant that buyers dominated the market. Technical Analysis ETH has recovered in terms of buying strength over the past week. Buying pressure has consistently built up and remained that way. The Relative Strength Index was over the overbought territory as buyers continued to dominate. In the same vein, ETH’s price was above 20-SMA portraying that buyers were driving the price momentum on the four hour chart. Not only that, price of the altcoin was stationed above the 50-SMA and 200-SMA lines too, this marked bullish strength for the king of altcoins. Related Reading | Liquidations Cross $230 Million As Ethereum Barrels Past $1,400 Growth in buying strength is often synonymous with increased capital inflows of an asset. The indicator pictured the same reading on the above chart. Chaikin Money Flow registers capital inflows and outflows. The indicator was above the half-line which meant that capital inflows were more compared to capital outflows on the four hour chart. Awesome Oscillator marks the price direction and potential reversal too. AO displayed green histograms and that signified buyers were back as it also can be interpreted as buy signal for Ethereum. Push above the $1500 mark remains important for ETH along with buyers assistance in the market. Related Reading | TA: Ethereum Outpaces Bitcoin, Why ETH Could Rise To $1,500 Featured image from UnSplash, chart from TradingView.com

Strong technical indicators for the price of ethereum suggest that the bull run might only be beginning.
Ethereum Has Bottomed?
Ethereum [ETH] has had a recovery over the previous five days from its month-long demand zone in the $1,049 range. As a resu…