Tag: Ethereum

The Ethereum 2.0 update is generating a lot of buzz and interest, and we’re getting closer to its launch than ever before. Ethereum 2.0 Goes To Testnet Testing for Ethereum’s long-awaited Merge is progressing, though not at the rate that many had hoped. Testing on Ropsten, Ethereum’s largest and primary testnet, which has the closest similarity to the mainnet, is the next key milestone in the Merge testing process. Ropsten testing will be merged on June 8, according to Ethereum client developers. Although there is no official indication on when the Merge will take place on mainnet, it is expected to happen in the second part of this year. On Monday, Ethereum DevOps developer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code, indicating that it is ready for implementation. The Merge is Ethereum’s long-awaited upgrade, in which the current Ethereum Mainnet and the beacon chain PoS system will merge. Because it has a comparable network structure to the Ethereum Mainnet, this testnet is considered the best replication. Developers may now perform realistic deployment testing before making changes to the mainnet. The Ropsten testnet Merge will combine the proof-of-work (PoW) network with a new proof-of-stake (PoS) consensus layer testnet, with a May 30 launch date. It will simulate what will happen when Ethereum and the Beacon Chain merge and the network becomes a PoS network. Related Reading | New Data Shows China Still Controls 21% Of The Global Bitcoin Mining Hashrate Testing how the merge would work on Ethereum’s main public testnet would be one of the final assessments. As a result, the Ropsten public testnet is regarded as the most accurate clone of the Ethereum Mainnet, as it uses a similar network structure and allows developers to test their work in a live environment. Online, community developers have expressed their enthusiasm for the testnet announcement. According to Preston Van Loon, an Ethereum core engineer at Prysmatic Labs: Ropsten testnet is getting merged on June 8! Merging Ropsten is a huge testing milestone towards Ethereum’s mainnet merge later this year. 🎉 https://t.co/X7eLIMA72g — prestonvanloon.eth @ Permissionless (@preston_vanloon) May 18, 2022 Price Fails To Hold $2K ETH is dropping inside a falling wedge on a daily time frame (in yellow). It’s worth noting that the wedge bottom is lined with the $1700 horizontal support level (in green), which could signal a trend reversal. As a result, if the bulls can hold the green zone, the price will be more likely to rise towards the $2450 level of static resistance. The price is more likely to begin a protracted regression phase if the bears continue to suppress the market and breach below the green support zone. ETH is trading on dynamic support (in green) against Bitcoin, which has blocked additional price decreases four times in the past. The world’s second-largest cryptocurrency, down 4.1 percent in the last 24 hours to US$1,974, has lost 48% of its value since 2022. ETH/USD trades below $2k. Source: TradingView And crypto investors who bought on November 16, 2017, when the Ethereum price was at an all-time high of US$4,892, will have lost just over 60% of their investment. Ethereum’s market cap has decreased to US$236 billion from well over half a trillion dollars at its height, despite maintaining its number two position. Related Reading | Bitcoin Indicator Hits Historical Low Not Seen Since 2015 Featured image from iStockPhoto, Charts from TradingView.com

According to a recent Bloomberg article, John Roque of 22V research believes that Ethereum might fall to $420, a loss of 80% from its present price, and here’s why.
Ethereum May Fall 80%
The trader believes Ethereum, which is presently trading at…

When Solana’s price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token’s TVL has been on a steady decline since November 2021. In that month, it reached an all-time high of $15 billion but then lost momentum and went down to $4.34 billion.  Solana’s TVL continued to plummet in the third week of May due to bearish trends within this market that have seen declining interest from investors. Related Reading | Ripple (XRP) Price Picks Up As SEC Legal Showdown Drags On With its price struggling to find footing, it’s been one of the best-performing crypto projects in recent months. However, the research says that Solana has lost 60% in total value locked since January first day of 2022, trapped inside a bear market pattern.  To be exact, on January 1st, Solana’s TVL was approximately $11.22 billion, but by May 16, it had fallen to around $4.38 billion. Solana is a blockchain that helps create user-friendly applications that are very scalable. As the fastest growing ecosystem in the crypto finance space, Solana has thousands of projects under Web3, non-fungible tokens (NFTs), and DeFi. Reason Behind The Decline in Solana Total Value Locked This week, the Solana TVL reached new lows due to the number of decentralized applications (dApps) in its ecosystem plummeting. For example, the Tulip yield aggregation platform has shed more than 11% of its TVL in the last month. Likewise, the Solend decentralized lending and borrowing platform have also fallen by more than 8% within the same timeframe. With the value of both projects locked up, Staking platform Marinade Finance and decentralized exchange (DEX) protocol Serum have lost more than 48% and 42%, respectively. Saber, Raydium, Orca, Atrix, Quarry, Francium, and Mango Markets are the other dApps caused a decline in the total value locked. Solana is still keeping the fourth position with the most locked value blockchain. Despite plummeting by more than $6 billion in 2022.  Solana still reigns supreme in value locked over Cardano, TRON, Fantom, Polygon, Cronos, Near, Waves, DefiChain, Harmony, and Osmosis. However, Ethereum, BNB, and AVAX sit at the top of their game.  Meta Platforms has announced that Solona will be integrated with Instagram. This means that Solona’s non-fungible tokens (NFTs) will be usable on the social media platform. Other platforms that have been named for this integration are Polygon and Ethereum. Related Reading | Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market When SOL opened the year, it was priced at $170.31; by Jan 2nd, the coin reached its yearly high at $179.43. As of May 16, SOL is trading at $ 55.38 per coin. This means that the price has decreased by 67% since the start of the year.   Featured image from Flickr, and the chart from Tradingview  

Ethereum hashrate has been on the rise in recent times. The cryptocurrency has been one of the most profitable ventures for crypto miners and as more people flocked to enjoy some of the spoils, the hashrate has skyrocketed. It has now hit multiple all-…

These BIG3 NFTs might become one of this year’s most entertaining stories. The 3-on-3 basketball league created by Ice Cube and Jeff Kwatinetz offers utility beyond belief for its “BIG3 Ownership” NFT collection. The Fire tier NFTs holders will get to …

Ethereum found support near $1,700 against the US Dollar. ETH started a recovery wave and climbed above the key $2,000 resistance zone.

Ethereum started a decent recovery wave above the $1,900 and $2,000 levels.
The price is still trading below $2,150…

Ethereum has bled heavily owing to the aftermath of the crypto crash. Prices of other altcoins followed suit as Bitcoin hangs below the $30,000 price mark. Ethereum’s current price has hit a new low in 2022. The altcoin had tried to pull off a brief recovery a week back but the broader market weakness finally crept in and caused it to dip further. At the time of writing, ETH is seen below its major support line of $2500. Selling pressure had accelerated as the increased fear index drove investors out of the market. From the technical outlook, Ethereum is set to dip further and then could stage a recovery above $2500. Ethereum’s long entry point could be at $2500, with a stop loss at $2400 and profit between the $3000 to $3100 price level, respectively. Ethereum Price Analysis: One Day Chart Ethereum’s price were given support at the $2500 level for 43 weeks before they fell below the same. At press time, ETH was trading at $1907. The coin had last touched this price level in August 2021. A move below the $1900 level could be expected and ETH might find temporary support at the $1700 area before it makes a bounce back. The altcoin displayed a long descending line (yellow), and at press time, ETH broke below the descending line. Chances of price rebounding cannot be ruled out as the coin is heavily discounted. For ETH to have a successful price rebound, it has to reclaim $2500 and then $3000. Over the last 28 hours, ETH lost 8.8% of its market value and in the past week, the coin depreciated by over 30%. Technical Analysis ETH’s price was seen below the 20-SMA which made investors stay away from buying the coin. A reading below the 20-SMA meant sellers were driving the price momentum in the market. Bulls have tired out as ETH dipped below its crucial support of $2500. The Relative Strength Index was nearing the 20-mark which is considered heavily bullish as it marks an intense sell-off in the market. The RSI last hovered around this range in January, which points toward a multi-month low for the indicator. Related Reading | TA: Ethereum Dives 15%, Why Close Below $2K Is The Key Moving Average Convergence Divergence indicated bearish signal on the chart. MACD underwent a bearish crossover because it displayed growing red signal bars highlighting a negative price action for the coin. On the flipside, a resurgence of buyers can help push prices up briefly. Chaikin Money Flow indicates capital outflow and inflows. The indicator was below the halfline and that meant capital outflows were greater than inflows at press time. Capital inflows have been negatively affected because buyers have left the market. Related Reading | TA: Ethereum Nears Breakout Zone, Why ETH Might Start Recovery Featured image from Unsplash, chart from TradingView.com

Ethereum has been on a downward trend with the rest of the market. Most notable though had been the movement of the digital asset in the last 24 hours. Ethereum which had been holding up above the $2,000 level had finally succumbed to pressure from bea…

Ethereum gained bearish momentum below $2,000 against the US Dollar. ETH even traded below $2,000 and remains at a risk of more losses.

Ethereum started a fresh decline below $2,100 and $2,000.
The price is now trading below $2,100 and the 100 hourly …

Ethereum started an upside correction from $2,200 against the US Dollar. ETH might gain bullish momentum if it clears the $2,400 resistance zone.

Ethereum started an upside correction above $2,300 and $2,320.
The price is still trading below $2,400 an…

The mysterious organization known as The Proof Collective defines itself as “a private members only collective of 1,000 dedicated NFT collectors and artists.” To join the Proof Collective someone would have to, you guessed it, own their NFT. So, in the…

Ethereum extended losses below the $2,500 level against the US Dollar. ETH even tested the $2,200 support and remains at a risk of more losses.

Ethereum remained in a bearish zone and declined below $2,300.
The price is now trading below $2,400 and th…

Ethereum started a major decline from the $2,970 zone against the US Dollar. ETH dived below $2,800 and might accelerate lower below the $2,700 support.

Ethereum started a major decline after it failed to surpass $2,970.
The price is now trading below…

Ethereum exchange inflows had been on the high side for the better part of the past week. They averaged above $1 billion each day giving credence to the sell-off trend that has been experienced in the market. However, it seems there is a turn in the tide coming. As the weekend draws to a close, exchange inflows have been on the decline. This signals that the sellers are entering into a cool-off period that could potentially alter the price movement. Inflows Fall Below $1 Billion This week had opened up with alarming inflows into exchanges. Although the outflows had been enough to offset this, the rate at which investors were moving their Ethereum into exchanges was enough to be a cause of alarm. At its peak, Ethereum had seen $5.2 billion flowing into exchanges in a single day, rivaling even that of bitcoin.  Related Reading | Experts Say Ethereum Will Grow 100% To Hit $5,783 By Year-End This trend would continue for the next couple of days where inflows had been lower than this peak number but remained above the $1 billion mark. That is until the midweek trading market where exchange inflows had slowed significantly and finally dropped below $1 billion. In the past 24 hours, the amount of ETH flowing into exchanges had dropped to $880 million. This signals that sellers are now taking a break from flowing the market with coins. 📊 Daily On-Chain Exchange Flow#Bitcoin $BTC➡️ $1.5B in⬅️ $1.6B out📉 Net flow: -$112.5M#Ethereum $ETH➡️ $880.5M in⬅️ $781.0M out📈 Net flow: +$99.5M#Tether (ERC20) $USDT➡️ $663.4M in⬅️ $641.6M out📈 Net flow: +$21.8Mhttps://t.co/dk2HbGwhVw — glassnode alerts (@glassnodealerts) May 5, 2022 Nevertheless, the massive inflows had been offset by outflows. The accumulation frenzy among investors was enough to stall sellers who were trying to pull down the price, although not for the last 24 hours as outflows had been lower by inflows by $99.5 million. Will Ethereum Price Follow? Ahead of the opening of the trading day on Thursday, Ethereum’s price has not been doing well on the charts. It continues to suffer dips that have put it close to testing the $2,900 once more. It is following the general trend of the crypto market but the digital asset on its own is not doing too well according to indicators. ETH price holding above $2,900 | Source: ETHUSD on TradingView.com One of the scenarios where Ethereum continues to fall short is on the short-term trend. It is still trading below the 50-day moving average, an important point to hold if there is to be any bullish trend for the short term. The current price does not fall below this range by a large margin but is still enough to question if there is enough momentum for a recovery in the coming days. Related Reading | Institutional Investors Exit Market As Crypto Declines, New Report Reveals It is also important to note that the next significant support level for the digital asset lies at $2,824. This means that if bears are able to beat it down past $2,900 this morning, then further dips are expected before the cryptocurrency may be able to find adequate support.  On the flip side of this, the first major resistance point now sits at $3,015. However, as it has proven in the last couple of days, reaching the $3,000 is a harder sell than falling to $2,800. Featured image from Token Information, chart from TradingView.com

Ethereum started a decent increase above the $2,920 resistance against the US Dollar. ETH must clear $2,980 and $3,000 to continue higher in the near term.

Ethereum started a steady recovery wave above the $2,900 resistance.
The price is now trading a…

The NFT market is thriving, actually. Once again, the Wall Street Journal makes a fool of itself by tackling subjects beyond the publication’s comprehension. The author declares “the NFT market is collapsing,” citing suspicious numbers and two cases of bad trades as proof. And then, to top it all off poses a terrible theory. The “NFT Sales Are Flatlining” article is embarrassing beyond belief. Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Among other things, it proposes the worst definition of NFTs ever written:  “NFTs are bitcoin-like digital tokens that act like a certificate of ownership that live on a blockchain.” No, NFTs are not “bitcoin-like” at all. And the WSJ just forgot about the “non-fungible” aspect of these unique digital assets. And yes, someone bought an NFT of Jack Dorsey’s first tweet for $2.9M, another person bought a Snoop Dogg endorsed one for $32K. Both tried to auction the digital assets and only got embarrassingly low offers. Based on those two cases, the WSJ implies that the whole NFT market is dead on the water. THE DEATH OF NFTs… One buyer purchased a Snoop Dog curated NFT in early April for about $32,000 worth of the cryptocurrency ether. It’s now up for auction, with an asking price of $25.5 million. The highest current bid is for 0.0743 ether—about $210.https://t.co/dg54XYijxh — Steven Russolillo (@srussolillo) May 3, 2022 The WSJ bogus numbers about the NFT Market Admittedly, the Wall Street Journal probably has access to a wider array of data than NewsBTC. However, the numbers they use to prove the NFT market is dead are suspicious as hell.  “The sale of nonfungible tokens, or NFTs, fell to a daily average of about 19,000 this week, a 92% decline from a peak of about 225,000 in September, according to the data website NonFungible.   The number of active wallets in the NFT market fell 88% to about 14,000 last week from a high of 119,000 in November.” Notice that they don’t link to NonFungible and provide a few low-resolution graphs that the normal eye can’t audit. However, everyone can go to NonFungible. The number of sales for May 3rd is 104.465 and that represents $206B. Hardly the signs of a dead NFT market. Granted, the number of sales for April 3rd is approximately 14K, but on May 1st the NFT market moved a whooping $778B in 117K sales. That’s not it. The WSJ also presents these stats as if they prove its case: “The imbalance between supply and demand is also hurting the NFT market. There are about five NFTs for every buyer, according to data from analytics firm Chainalysis. As of the end of April, there have been 9.2 million NFTs sold, which were bought by 1.8 million people.” Have they even been to OpenSea? There are hundreds of collections. And NFT aficionados own dozens of pieces. Sometimes, hundreds. Sometimes, thousands. And that’s just one platform that serves one blockchain. Five NFTs for every buyer is nothing. ETH price chart for 05/04/2022 on Coinbase | Source: ETH/USD on TradingView.com The Wall Street Journal’s Off The Mark Theory This might be the most ridiculous part of the article. Let’s let the author bury himself: “There are signs that collectors may also differentiate between NFTs that catalog a vast set of cartoonlike characters—like the CryptoPunks—and tailored, NFT art projects spurred by major artists who already enjoy museum followings.”  And then he talks about Jeff Koons and Chinese artist Cai Guo Qiang, who sold out NFT collections, and director Kevin Smith, who’s planning to. Meanwhile, Moonbirds set the NFT market on fire and the Bored Ape’s Otherside literally broke Ethereum. We’re talking billions of dollars for the “cartoonlike characters” team. Not only that, The Nightly Mint points us towards Nansen’s numbers.  6/ Taking a look at NFT Paradise, volume is robust – the last two weeks are both set to be among the top-10 in history (measured in ETH). Users per Week and Transactions per Week are likewise looking to reverse downtrends that began at the start of the year. pic.twitter.com/edNKzddMQW — Nansen🧭 (@nansen_ai) May 3, 2022 They clearly show that “the last two weeks are both set to be among the top-10 in history (measured in ETH).” And that “the Blue Chips and Social sectors are on a tear, up 81% and 83% YTD.” So, what game is the Wall Street Journal playing? Is this a case of poor research or evidence of malicious intent? That’s for you to decide, dear reader. Featured Image by Philip Strong on Unsplash | Charts by TradingView

Ethereum broke the $2,820 support to enter a bearish zone against the US Dollar. ETH remains at a risk of more downsides below the $2,740 level.

Ethereum started a fresh decline after it failed to clear the $2,880 zone.
The price is now trading below …

Ethereum remains one of the most successful cryptocurrencies in the market, although its current price does leave a lot to be desired. It has not been spared from the general market downtrend that has rocked the crypto space and has since lost its foot…

On Saturday, April 30th, Bored Ape’s creators Yuga Labs broke Ethereum. Their new metaverse-inspired project, Otherside sold plots of virtual land to a roaring crowd of people yelling “Shut up and take my money!” In this case, the currency in question was the recently created ApeCoin. However, since Ethereum hosts ApeCoin and the land NFTs, the roaring crowd needed ETH to pay for the operations’ gas fees.  If you’re familiar with Ethereum, you already know what happened. According to IntoTheBlock’s Lucas Outumuro, “The Bored Ape’s Otherside land sale led to more fees being processed by Ethereum in three hours than in the previous two weeks.” Of course, all hell broke loose. The gas prices across the network went through the roof, many transactions failed causing people to lose their gas fees, and others just couldn’t afford to mint the NFT lands they were entitled to. At the end of the day, the Otherside virtual plots NFTs, known as Otherdeeds, sold out. The Ethereum network pocketed around $125M just in gas fees. It didn’t survive the madness unscathed, though. Several Ethereum-based projects reported failed and/or slowed down operations and Etherscan, Ethereum’s block explorer, completely crashed. “We’re sorry for turning off the lights on Ethereum for a while,” Bored Ape’s creators Yuga Labs stated. The Origins Of Otherside Back in March, Yuga Labs raised an Andreessen Horowitz-led funding round of $450M to build Otherside. Apparently, it’s a Metaverse project in the vein of Decentraland and The Sandbox, but with a Play-To-Earn element built into it from the beginning. That same month, they created the now-defunct http://somethingisbrewing.xyz/ to ask people to KYC themselves and link their personal info to their Ethereum addresses. Those registered addresses had the right to mint two plots of land in the Otherside playground. Bored Ape’s holders received two free plots each. There are a total of 55K Otherdeeds. To mint each one cost 305 ApeCoin, plus the Ethereum network’s gas fees. Even though it was expensive, considering Yuga Lab’s successful track record, it seemed like a steal. Until the gas prices rose to unpayable levels, that is. ETH price chart on FTX | Source: ETH/USD on TradingView.com Bored Ape’s Creators Yuga Labs Speak After selling everything, breaking everything, and leaving humble collectors land-less, the Bored Ape’s creators responded to the controversy with this brief Twitter thread. We know that the Otherdeed mint was unprecedented in its size as a high-demand NFT collection, and that would bring with it unique challenges. — Yuga Labs (@yugalabs) May 1, 2022 Among other things, Yuga Labs stated: Even though they took the mentioned KYC measures, too many people wanted in. “This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations.” Soon, ApeCoin will cease to be an Ethereum token and will become a full-fledged cryptocurrency. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. ” We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction. — Yuga Labs (@yugalabs) May 1, 2022 They will refund the gas fees of the operations that didn’t go through. “For those of you affected, we appreciate your willingness to build alongside us – know that we’ve got your back and will be refunding your gas.” In a posterior tweet, Yuga Labs announced that the gas-refunding process has already started. “Note that you do not need to do anything – we will transfer it all back to your wallet and announce when it is completed. Don’t click any links.” We are still working on refunding all Otherdeed minters with failed transactions their gas. Note that you do not need to do anything – we will transfer it all back to your wallet and announce when it is completed. Don’t click any links. — Yuga Labs (@yugalabs) May 2, 2022 Even though it sounds like the Bored Ape’s creators are doing the right thing, its worth noting that the people receiving said refunds didn’t get to buy an Otherdeed NFT and the collection sold out. They can still get them in the secondary market at a premium, but the community is not pleased. Bored Ape’s Users Speak What follows is a narrow selection of opinions about the launch. Most of these people are Bored Ape’s rich and are heavily invested in the Yuga Labs ecosystem, but they’re worried. Let’s summarize what they said. According to Ap3father, “The drop went unbelievably poorly. That’s the truth of it all.” Plus, “this drop did nothing to help further the distribution of the already popular Yuga community … the same 27.5k people bought ..” However, he reflects, “Yuga Labs made me a millionaire. I am beyond spoiled, humbled, and blessed to be in this situation because of them.” The drop went unbelievably poorly. That’s the truth of it all. The initial thesis was that not enough KYC wallets exist for it to sell out in wave-1 .. not only was that incorrect … It sold out with 2+E in gas the entire way … a nightmare scenario … — ap3father.eth (@ap3father) May 1, 2022 His conclusion is that “The community responded atrociously to this mint.” And his advice is to sell, “You may have millions in NFTs and that’s outstanding, but grab onto reality. When you die one day … they don’t bury you in the metaverse my friend. ” He has extra Bored Apes, though, so he’s not going anywhere. “I am excited to both sell some apes & continue my journey into the otherside.” For his part, Irish expressed suspicion. “How does the biggest innovators in the space not forsee a gas war? You literally have every address, identification of every KYC’d.  Offer each KYCd 2 lands?” And tried to get Yuga Labs to honor their promise to sell him an Otherdeed, “We hear how you “make good” I’m thrilled you are paying failed transactions! Acknowledge your mint mistake.” I spent 3 hours constantly refreshing and trying like many here. If you really want to spread to wallets let those KYC’d mint. We should’ve been given 2 weeks. And put on allowed mint list on contract. Similarly like Gary Vee did, Instead you chose PR nightmare. — Irish (@Irishmikeys) May 2, 2022 On the other hand, 3433 defended Yuga Labs. “Yuga let us mint BAYC for 0.08, they gave us Dogs to claim currently worth 9 ETH, they gave us free serums worth 57 ETH to drink or hold/sell which made Mutants, worth 30 ETH, they gave us 100-200k USD worth of $APE coin.” Sure, maybe the mint could of gone better, we could of had a Cue/Raffle system, but at the end of the day every successful mint on ETH is a fucking shitshow, we all know this. — 3433.eth 🍌 ☕️ (@boredape3433) May 1, 2022 Vitalik Buterin Speaks Last but not least, Ethereum’s creator Vitalik Buterin defended the Yuga Labs smart contract that governed the whole operation. “Regardless of contract details, tx fee goes up until list price + tx fee = market price. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000.” Don’t think optimizing the contract would help. Regardless of contract details, tx fee goes up until list price + tx fee = market price. If gas usage per purchase decreased 2x, the equilibrium gas price would have just been >12000 gwei instead of 6000. — vitalik.eth (@VitalikButerin) May 1, 2022 Nevertheless, the Bored Ape’s creators seem pretty determined to create their own blockchain. Some people even suggest that they orchestrated this whole situation to justify and market it.  Featured Image: Bored Ape’s metaverse Otherside logo from the site | Charts by TradingView

Ethereum started a recovery wave above the $2,820 level against the US Dollar. ETH must clear the $2,920 resistance to start a steady upward move.

Ethereum started a short-term upside correction above the $2,780 and $2,800 levels.
The price is now tra…

Ethereum started a recovery wave above the $2,800 level against the US Dollar. must clear the $2,850 resistance to continue higher in the near term.

Ethereum started a decent recovery wave above the $2,780 and $2,800 levels.
The price is consolidating…

The extreme success of Moonbirds is the NFT story of the year so far. The collection opened up so strongly that it archived instant blue chip status and a place at the top of the charts. The market for NFTs is bearish at the moment, how did the pixeled owls accomplish such a feat? It certainly wasn’t just the art, even though the Moonbirds have a distinctive look and probably make excellent profile pictures AKA PFPs.  Let’s uncover the story. This one has it all; a nascent but powerful organization, crazy numbers, internet legends, an ambitious roadmap, light controversy, and, of course, metaverse plans. Moonbirds: Formal Characteristics There are a total of 10K Moonbirds, they were issued under the ERC-721 standard on the Ethereum blockchain. The mint price for each one was a whopping 2.5 ETH. That means that, at current prices, the Proof Collective made over $70M on that first day. The madness doesn’t end there,  according to CryptoSlam, the Moonbirds have generated $481M in sales so far. That’s 160K ETH from almost 12K buyers. And for every sale on the secondary market, Proof received a 5% cut. According to the Moonbirds official site, the organization distributed those original 10K owls as follows: 7,875: Public sale to allowlist winners 2,000: PROOF Collective Members (1,000 passes) each receive two free mints 125: PROOF wallet for future collaborations, marketing, and advisors All interested parties, including Proof Collective members, were able to enter a raffle to be whitelisted for that public sale. Of course, there was controversy, which we will cover. The Moonbird NFT collection promised the usual, membership to a private group and a Discord server, and future yet-to-be-revealed utilities. A staking mechanism, cleverly named “nesting” and a future metaverse codenamed “Project Highrise.” According to the Moonbird’s site, their “unique take on the Metaverse” will be “a dramatic departure from the existing ‘never-ending’ worlds that feel like a digital ghost town. Ours is uniquely different, and you’ll have first access as a nested Moonbirds holder.”  It’s also worth noting that, “owners of Moonbirds have full commercial art rights for the Moonbird they own.” ETH price chart for 04/30/2022 on Oanda | Source: ETH/USD on TradingView.com What Is “Nesting” And What Can It Do For You? Staking is a DeFi staple. It locks assets and takes them off the market, which benefits all other holders and the project in general. In Moonbirds, the process is called “nesting,” and “the longer you nest your Moonbird, the more rewards you’ll accumulate.” What rewards exactly? That’s not yet clear. And the nesting process is not yet available.  However, the Moonbirds site already lists certain characteristics. Nesting will be “non-custodial (no need to transfer it to another contract) and the holder numbers displayed on OpenSea etc will not be impacted.” Those stats are very important for NFT projects. Holders can’t sell their NFTs while nesting, but they can transfer them. “The intent is to allow holders to move their Moonbirds between their own accounts, e.g. if they compromise their wallet via a rogue signature.” There’s also this vague promise, “as soon as your Moonbird is nested, they’ll begin to accrue additional benefits. As total nested time accumulates, you’ll see your Moonbird achieve new tier levels, upgrading their nest.” Controversy. Of Course. For the level of success that the Moonbirds accomplished, the controversy around them is pretty mild. One could argue that the first two aren’t the Proof Collective’s fault, and the third one is pretty standard practice. Let’s go through them: Their raffle got hit with a Sybil Attack. That means, a person or organization created more than 400 wallets to get as many tickets, or chances to win a whitelist. They earned more than 50 spots. This Twitter user unveiled the whole thing: Looks like someone created 400+ accounts to Sybil Attack the @moonbirds_xyz raffle:https://t.co/HeWT5d8DCP They’ve already sold the majority it looks like. Just at a quick glance they won 20+ One example:https://t.co/UTqYWRkgsG pic.twitter.com/szgJGT5JXO — zachxbt (@zachxbt) April 16, 2022 According to The Next Web, they found “at least 10 hacked Twitter accounts across countries ranging from athletes to politicians posting scammy links that lead you to a fake Moonbirds website. ”Their aim was to get the unsuspecting audience to send them ETH in hopes of getting a non-existent Moonbird. When pressed, one of the Proof Collective founders said, “Oh the spam is terrible! We’re doing everything we can to contain it. Lots of bad actors doing their play.” Oh the spam is terrible! We’re doing everything we can to contain it. Lots of bad actors doing their play. This wasn’t project criticism (which is of course valid) so much as gatekeeping which projects deserve recognition or success. — Justin Mezzell (🥃,🦉) (@JustinMezzell) April 19, 2022 The NFT Ethics account did its best to attack the Moonbirds project, but all they could do was accuse the Proof Collective of wash trading to pump up the price for their other NFT project and of gifting those memberships to influencers. “GaryVee (Gennady), his brother AJ, Beeple and some old friends received the Proof collective for free.” 1/ Some people contacted us to ask our opinion on @moonbirds_xyz that is minting tomorrow for 2.5 ETH, which would take out more than 75 million USD out of the ecosystem. As usual, many are afraid to speak out because they don’t want to offend “powerful” Web3/NFT influencers/VCs. pic.twitter.com/YXvAqs8mwn — NFT Ethics (@NFTethics) April 15, 2022 All in all, the controversy is hardly anything to write home about. On the next “Blue Chip NFTs 101” we’ll take a look at the organization behind the Moonbirds, the Proof Collective, and their other NFT project. A membership to the influential group. It might be the NFT with the most valuable utility to date. Feature Image Moonbirds sample from the official website | Charts by TradingView

Over time, the crypto market has maintained a close relationship with the stock market. Ethereum, the second-largest cryptocurrency, rose in lockstep with U.S. stocks for the first time in February. As a result, the token’s 40-day correlation coe…

Ethereum domain name sales have shot up to a colossal 2,300% with many big names like Vitalik Buterin (vitalik.eth), Paris Hilton (parishilton.eth), and the like rushing into the hype of buying the 3-digit domain identities.
The exclusivity and simplic…

Ethereum started a recovery wave above the $2,840 level against the US Dollar. ETH is now facing a major challenge near $2,905 and the 100 hourly SMA.

Ethereum started a decent recovery wave above the $2,840 and $2,850 levels.
The price is still below…

Ethereum was trying to move on the upside, although modestly. The price action has been tight as the range that ETH was trading remained between $2800 and $2900 respectively. Prices have been consistently trying to restest the $2900 mark but have faced rejection from the aforementioned level. Sellers currently have pushed the price beneath the $2900 mark. Over the last week, ETH lost over 7%, however, in the past 24 hours the king altcoin showed signs of recovery. The coin registered a 1% jump in prices. This development could make it possible for the bulls to re-enter the market. It is a good sign that the bulls have been buying at lower price levels for the altcoin. This signals that prices might shoot up over the upcoming trading sessions. Ethereum Price Analysis: One Day Chart Ethereum was priced at $2871 at the time of writing. Its immediate mark of resistance was at $3028, over the past immediate trading sessions ETH lost vigour and got rejected from the $3000 price mark. The coin depicted signs of positive price action as the volume traded was seen in green as the closing price was higher than the previous session. In case ETH manages to push its way up then it could break past the $3000 mark and trade close to $3263. On the flipside, the local support level for the coin was at $2794 and failing to trade over which ETH would trade at $2437. The king altcoin depicted an ascending triangle, which is characterised to be bullish. An ascending triangle positive continuation pattern. It has a rising lower trendline and a flat upper trendline. Buyers at the moment have tried to overpower sellers as ETH continues to make higher lows. Related Reading | Why This Ethereum Indicator Points to Bullish Continuation Technical Analysis Ethereum’s brief recovery could try to push prices above the 20-SMA line. At the moment, ETH was trading beneath the 20-SMA line which signifies sellers have taken over the market in the short term. It is to be noted that buyers had pushed ETH’s prices to trade above the 20-SMA just 24 hours back even when prices were dropping. This reading meant that buyers have been aggressively buying the asset at lower price levels in anticipation that prices would increase. On the Relative Strength Index, even though the indicator was placed below the half-line it noted a slight uptick. An uptick reconfirms the possibility of buyers returning to the market. Ethereum’s choppy prices have reflected on the Awesome Oscillator. The indicator depicts price momentum, however, despite flashing red histograms ETH displayed signs of recovery. The red histograms were declining in size indicating that ETH might climb over the next trading sessions. Chaikin Money Flow indicated that capital inflows were more than outflows despite Ethereum struggling to break past the $3000 mark. This corresponds with the above indicators that despite current bearishness, ETH is eying its immediate resistance mark. Related Reading | Institutional Investors Bearish On Bitcoin, Ethereum. Here’s What They’re Buying Featured image from UnSplash, chart from TradingView.com

The price of Ethereum (ETH) was in bad health on Tuesday, falling almost 6% to the south and breaking below $2,800. Bulls, on the other hand, were waiting to jump in and buy ETH at a steep discount. The price of Ethereum is up 2.5% in early trading and…

Ethereum briefly bounced back from its critical support zone, but the bears resumed their attack. The second crypto by market cap has returned to an area that must be defended to prevent further losses. Related Reading | TA: Ethereum Revisits $2.8K, Why Upsides Might Be Limited At the time of writing, Ethereum (ETH) trades at $2,840 with a 3% loss in the last 24-hours. The general sentiment in the market has been trending to the negative as Bitcoin, Ethereum, and larger cryptocurrencies experience more downside. However, some experts have been providing bulls with hope as long as the crypto market can sustain its current levels. A pseudonyms trader pointed at ETH’s price current structure and determined that it can trend upwards from its present price. The trader looked at Ethereum’s On Balance Volume (OBV) and said it is “still alive”. As seen below, this metric has been moving sideways since the start of April despite ETH’s price action. In that sense, the trader said the bullish biased remains as long as the OBV is capable of sustaining these levels. Ethereum has been making higher highs and higher lows throughout 2022 and seems poised to bounce back to the former above $3,000, as the chart above shows. The pseudonym trader said: You may think I’m still being biased bullish but I can’t call this chart bearish yet. OBV has held support on the daily, and we still have made a higher low. Break one of those and I lose my bullish thesis. In the past, these long periods of consolidation in the price of Ethereum and its OBV have been followed by important rallies. In May and June last year, the price of large cryptocurrencies trended to the downside and then move sideways before re-entering uncharted territory. Should You Sell Ethereum At Its Current Levels? The crypto market, as many operators have been pointing out across social media platforms, is moving in tandem with traditional equities. These assets are reacting to a negative earnings season for major companies and the possibility of an aggressive shift in monetary policy from the U.S. Federal Reserve (FED). The Nasdaq 100 index, highly correlated with Ethereum and the crypto market, has been displaying weakness as it trends further downwards in 2022. As long as this index remains on a bearish trend, crypto seems unlikely to regain its strength. Related Reading | Will The Ethereum Merge Skyrocket ETH? However, current levels could operate as a short-term bottom for ETH and BTC prices. The pseudonym trader said the following about the current price action and its capacity to bounce upwards: “Selling major support is one of the biggest mistakes traders make”. Look what happened last time people were selling Bitcoin. At least wait until support breaks if you want to sell.

Ethereum started another decline from the $3,030 resistance against the US Dollar. ETH even spiked below $2,800 and currently attempting an upside correction.

Ethereum started a major decline below the $2,950 and $2,860 support levels.
The price is no…

Ethereum started a strong recovery from $2,800 against the US Dollar. ETH is back above $3,000 and eyes a major increase above the $3,035 resistance.

Ethereum started a major recovery wave above $2,900 and $2,950.
The price is now trading above $2,950…

Ethereum started a sharp decline from $3,000 against the US Dollar. ETH is struggling below $2,900 and might slide below the $2,800 level in the near term.

Ethereum started a major decline after there was a clear move below $3,000.
The price is now tr…