ETH
Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500
Published
4 months agoon
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adminEthereum is firm when writing, rapidly rising after slipping to around $2,800 earlier this month. As of writing, the second most valuable coin is up by over $24% and remains in an uptrend despite the scare of July 4 and 5.
Ethereum Finds Strong Resistance At $3,500
Even as buyers expect ETH bulls to press on and push the coin above $3,700, a key resistance line, on-chain data shows that there is resistance. According to IntoTheBlock data on July 22, ETH has strong resistance at $3,500, which has been the case since July 16.
At this level, 3.13 million unique addresses bought ETH at an average price of $3,547. Therefore, if prices trend below this level, these holders are in red and contemplating exiting at a loss.
The fact that some addresses could be willing to dump and exit the market when prices fall makes the general environment fragile, a considerable hindrance to the upside. This makes the situation even dire, considering that ETH is not all that firm despite the expansion of July 15.
From the daily chart, the uptrend remains, but there are pockets of weaknesses due to the sharpness of the July 4 and 5 dumps. The sell-off forced ETH towards the $2,800 level, reversing gains of May 20.
For buyers to take over, reaffirming the uptrend of July 15, prices must zoom past $3,500 but, most importantly, $3,700. This reaction line is crucial and is the only local resistance buyers must overcome for ETH to float above $3,900 and $4,100.
Millions Of ETH Pulled From Exchanges, Spot ETF Launch Fanning Demand
For now, there is strength in reading from on-chain analysis. Though over three million users are in the red, more ETH continues to be moved from exchanges.
On July 19, IntoTheBlock data revealed that $126 million worth of ETH was moved from leading exchanges. Notably, this development comes amid the expected approval of the first batch of spot Ethereum ETFs in the United States.
If the United States Securities and Exchange Commission (SEC) greenlights these products this week, it would be a massive win for ETH.
The regulatory clarity that comes with this move will be of importance. United States SEC officials have yet to clarify the status of ETH.
However, once spot Ethereum ETFs are listed in various bourses in the country, it would be assumed that the regulator agrees that the second most valuable coin is a commodity, just like Bitcoin.
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ETH
Ethereum Believers May Be Staring Down Opportunity As ETH Reaches Another Low Against Bitcoin: CryptoQuant CEO
Published
17 hours agoon
November 22, 2024By
adminBelievers in Ethereum (ETH) could be on the verge of an opportunity, according to Ki Young Ju, the founder and chief executive of the digital asset analytics firm CryptoQuant.
Young Ju tells his 370,400 followers on the social media platform X that the ETH/Bitcoin (BTC) Net Unrealized Profit/Loss level just hit a four-year low.
“Despite Ethereum’s underperformance against Bitcoin, ETH holders endure losses without realizing them. This mirrors levels from its early 2020 bottom.
This might be an opportunity for ETH believers.”
Young Ju also notes that ETH is becoming less correlated with BTC.
“The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.
Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”
Young Ju isn’t the only crypto analyst who’s bullish on Ethereum: Former Goldman Sachs executive Raoul Pal also thinks ETH is primed for big gains.
The Real Vision CEO says ETH’s current chart is playing out similarly to Bitcoin’s between 2011 and 2019.
“Ethereum now versus the previous periods is following the last in Bitcoin. Now whether it gets to the target here of $20,000/ETH, who knows. Doesn’t really matter. But directionally, we’ll see what happens. ETH should accelerate from here, and I’m pretty confident that it will.”
ETH is trading at $3,054 at time of writing. The second-ranked crypto asset by market cap is down more than 1% in the past 24 hours.
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In a significant development for the Ethereum (ETH) ecosystem, researchers propose redesigning the network’s consensus layer, aiming to enhance scalability, decentralization, and security.
During a presentation at DevCon in Bangkok on Tuesday, Justin Drake, an Ethereum Foundation researcher, introduced the concept of “Beam Chain,” a new consensus layer intended to replace the existing Beacon Chain.
The Beam Chain Proposal
Drake explained that the Beacon Chain, which has been operational for five years, has become somewhat outdated. “In those five years, so much has happened,” he remarked, highlighting the rapid advancements in blockchain technology and research.
The redesign will reportedly focus exclusively on the consensus layer, leaving the Ethereum Virtual Machine (EVM) and the binary large object (blob) data layer untouched.
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In addition, the Beam Chain aims to revamp several critical aspects of Ethereum’s staking mechanism, block production system, and cryptographic architecture. One of the central proposals is to reduce the validator bond from 32 ETH to just 1 ETH, a move intended to foster greater decentralization within the network.
Drake noted that the current issuance model for Proof of Stake (PoS) is perceived as flawed, presenting an opportunity for improvement that could benefit Ethereum’s long-term health.
To enhance censorship resistance, the proposal includes mechanisms for attestor-proposer separation, which would further secure the block production process. Additionally, the Beam Chain is designed to improve throughput by accelerating block time slots, ultimately leading to faster transaction confirmations.
Plans To Transform Ethereum Future
A hallmark of the Beam Chain initiative is its incorporation of zero-knowledge (ZK) consensus, which leverages Succinct Non-interactive Argument of Knowledge (SNARK) proofs.
These cryptographic tools will serve dual purposes: enabling consensus clients to compile high-level languages into bytecode and creating a “hash-based post-quantum infinitely-aggregatable scheme” that can condense thousands of hashes into a single proof.
Recent advancements suggest that users can prove over 2 million hashes per second, indicating that the “SNARKification” of the consensus layer is feasible even on consumer-grade hardware.
Drake outlined that if the community supports the proposal, the next steps would involve specification in 2025, development in 2026, and testing in 2027.
The researcher described this strategy as “ossification accelerationism,” aiming to achieve stability and maturity for Ethereum sooner rather than later. “We want Ethereum to go into ‘maintenance mode’ as soon as possible,” he stated.
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The proposal has generated considerable interest within the Ethereum community, with Drake emphasizing the importance of community participation in shaping the future of the consensus layer. He referred to the Beam Chain as his “most ambitious initiative to date,” highlighting the need for collaboration to realize this vision.
In an exclusive interview with NewsBTC, Professor Christian Cachin from the University of Bern commended the Beam Chain proposal for its potential to solidify Ethereum’s consensus roadmap.
Cachin noted that while the planned upgrades involve sophisticated and non-backwards-compatible technologies, they are crucial for advancing Ethereum’s scalability and overall capabilities:
As far as I see so far, the proposal makes the existing Ethereum consensus roadmap concrete, it takes the next steps toward more powerful and more scalable consensus of Ethereum.
At the time of writing, ETH was trading at $3,227, up 22% for the week.
Featured image from DALL-E, chart from TradingView.com
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Ethereum Price Walk to ATH Begins as ETH Whales Resume Buying
Published
2 weeks agoon
November 11, 2024By
adminThe crypto witnessed an unusual spike in buying on Sunday morning as Bitcoin price rallied to a new ATH above $80,000. The bullish momentum spread quickly to the altcoin market as the largest cryptocurrency, ETH, sustained its position above $3000. The Ethereum price recovery backed by whale accumulation eyes current All-Time High of $4,981.
By press time, ETH price had traded at $3,228, with an intraday gain of 3.2%. According to Coingecko, the asset market cap holds at $389.4 Billion with a 24-hour trading volume of $42.1 Billion.
Ethereum Price Eyes ATH as Whale Buying Resumes
The cryptocurrency market kickstarted an accelerated bullish momentum in November after Donald Trump’s victory in the 2024 presidential election. The pioneer digital asset, Bitcoin, leverages the broader market sentiment to reach a new high of $80,000 today.
Onchain data shows the BTC price recovery is further backed by whale accumulation, signaling the large investor confidence in a prolonged uptrend. However, smart money investors have shifted their focus not only on accumulating Bitcoin ($BTC) but also on Ethereum ($ETH).
Earlier today, four whale wallets withdrew 12,499 ETH( worth approximately 40 million) from crypto exchange Binance, according to Lookonchain data. This large-scale withdrawal could point toward a potential surge in Ethereum price as the accumulation phase among whales often precedes major market moves.
Whales are not only accumulating $BTC but also $ETH!
Today, 4 fresh wallets withdrew 12,499 $ETH($40M) from #Binance.
Address:https://t.co/SQuMHXIHB9https://t.co/5i2dQycE6Jhttps://t.co/0Uxu9f146Ahttps://t.co/LcipzWKOcJhttps://t.co/rmmywMcE6C pic.twitter.com/GCPyZ4abdG
— Lookonchain (@lookonchain) November 10, 2024
ETH Price Rally Concludes Major Correction Trend
Following the Bitcoin rally, the Ethereum price prediction showcased a six-day recovery from $2,380 to $3,220— a 36% surge. This sharp upswing, backed by increasing volume, gave a decisive breakout from ETH’s 3-month accumulation and falling wedge pattern.
Since late May, this chart setup has driven a steady correction trend within two converging trendlines, with the recent breakout signaling a significant shift in trend. The Ether buyers reclaimed the daily EMAs (20, 50, 100, and 200), further bolstering the bullish sentiment in the market.
If the pattern holds true, the Ethereum price is poised to surpass the in-between resistance of $3,560 to hit a $4,100 high, registering a 26% surge. A potential breakout from this will drive a rally to ATH.
On the contrary, financial assets are unlikely to sustain a unidirectional move without external bullish news. As a result, the Ethereum price is likely to experience a corrective pullback, potentially toward the daily EMAs, to regain exhausted bullish momentum.
Frequently Asked Questions (FAQs)
Ethereum’s path to its all-time high ($4,981) signals a renewed bullish momentum in the altcoin market, driven by Bitcoin’s rally to $80,000 and increasing whale accumulation
Yes, ETH is likely to experience a corrective pullback toward key EMA supports, allowing the coin to consolidate and regain momentum for the next rally.
A bullish crossover between the 20-and-100-day exponential moving averages (EMAs) and continued whale accumulation could further accelerate Ethereum’s price recovery.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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