ETH
Ethereum Retraces: Here’s Why ETH Bulls Must Decisively Break Above $3,500
Published
3 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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SUI Eyes Potential Breakout Amid Market Retrace, Is $2.30 Next?
Published
12 hours agoon
November 2, 2024By
adminRubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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crypto
Whales Abruptly Load Up on Ethereum As Crypto Markets Flash Signs of Imminent Bounce: Santiment
Published
5 days agoon
October 29, 2024By
adminMarket intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH) and that a bounce for digital asset markets could be near.
In a new post on the social media platform X, Santiment says that the activity level of ETH whales has spiked to a six-week high, an encouraging sign that the top altcoin could spark a rally.
“Ethereum’s whale activity spiked to a six-week high as its price declined as low as $2,380 Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging.”
Santiment’s chart indicates that on October 24th, 6,428 new ETH wallets were created, the highest daily number since September 5th.
The crypto analytics firm goes on to note some catalysts for a potential market rally, which include increased FUD (fear, doubt and uncertainty) as well as heightened attention toward memecoins, indicating that a bounce may come as soon as the next few days.
“Solana, Jito, Cosmos, and Jupiter have been the notable standouts during a tumultuous up and down week for crypto markets. Data indicates meme coins have drawn increased interest levels while Bitcoin treads water.
Assuming markets keep their underwhelming trajectories going into the weekend, expect for sentiment to begin reflecting some much-needed FUD, which would in turn imply a market bounce to start [this] week.”
Ethereum is trading for $2,498 at time of writing, a 1.9% increase during the last 24 hours.
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Altcoins
Whales Are Diving Into Ethereum – Could A 60% Price Spike Follow?
Published
6 days agoon
October 27, 2024By
adminAnalysts predicted that Ethereum price could exponentially increase as whales become more interested in the crypto asset, with whale activity hitting a six-week high.
Despite the projected growth, an Ethereum insider suggested that the cryptocurrency should address several key issues to ensure that it can continue to flourish.
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Ethereum: Projected Price Upsurge
Analyst Bаsictrаdingtv stated that prices of Ethereum could skyrocket as there is a growing interest among investors to buy the digital asset, saying that a 60% price hike is highly likely to happen.
Blockchain data analysis firm Santiment identified a spike in whale activity on the Ethereum network and recommended a potential purchasing spree.
According to their recent update, whale activity reached a six-week high, with average holders accumulating Ethereum after the con’s recent price decline.
🐳 Ethereum’s whale activity spiked to a 6-week high as its price declined as low as $2.38K Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging! pic.twitter.com/zcofdvszLF
— Santiment (@santimentfeed) October 26, 2024
Projections shown by market observers suggested that Ethereum prices could soar and hit the $4,000 mark with some analysts forecasting that it might even breach the $6,000 level.
Ethereum price growth could be fueled by its growing appeal to whales as demonstrated in the six-week high whale activity wherein more than 6,400 new wallets were made by large investors.
Bаsictrаdingtv also agreed that Ethereum prices could reach the $4,000 level. However, he hinted that the possible bullish breakout would be invalidated if the ETH price dipped to $2,000, saying that this “pricе zonе” is a key indicator that should be kept an eye on.
Recalibrating Protocol For Growth
Meanwhile, Ethereum co-founder Vitalik Buterin said in a post that there are several issues that the cryptocurrency needs to address to thrive in the ever-evolving crypto space.
Buterin explained that one of these issues is to simplify its protocol and ensure its continuous growth, saying that the coin’s protocol has become more complicated and it already undermines Ethereum’s integrity and security. He said that simplification of the protocol could help address the said issue.
He explained that Ethereum has already implemented changes in the past, citing the removal of the SELFDESTRUCT opcode as an example. The SELFDESTRUCT opcode was known to complicate interactions among users and posed potential security risks.
However, Buterin cautioned that the removal of such features must be conducted in a systematic approach so developers could see the impact of such action before implementing the changes.
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Solving The Storage Problem
Another critical issue raised by Buterin is the storage problem being experienced by the cryptocurrency.
Buterin said that Ethereum needs at least 1.1 terrabytes of storage to house its enormous historical data.
He suggested the implementation of “cryptographic proofs of the state”, adding that this solution will allow nodes to retain only a fragment of the histories.
He added that this approach is the same as the torrent system wherein nodes only keep pieces of data that intersect from one node to another.
At the time of writing, Ethereum is being traded аt $2,470, a 2.84% price dip in the last 24 hours. On the other hand, ETH’s trаding volumе went up by more than 30% to nearly $22 billion in only a single day.
Featured image from Forbes, chart from TradingView
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