Connect with us

ETH

Ethereum Whales Send Over $205 Million To Coinbase

Published

4 months ago

on


On-chain data suggests that some Ethereum whales might be jumping off the bandwagon amidst the ongoing tug-of-war between bulls and bears. This phenomenon has become increasingly evident as transaction data from whale trackers reveals a significant uptick in whale activity over the past 24 hours. The majority of these transactions are directed towards various crypto exchanges, indicating a possible shift in strategy or sentiment among these large-scale investors. 

Notably, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH has been transferred into crypto exchange Coinbase from unknown wallets within the past 24 hours. 

Ethereum Whales Send Huge Amounts To Coinbase

As noted earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH were sent to the crypto exchange Coinbase in the past 24 hours from whale wallets. These transactions, collectively worth $205 million at the time of transfer, were made known through the social media platform X.

It is interesting to note that the movement into Coinbase wasn’t made through a lump sum but was made through a series of five transfers, each with an average of 10,290 ETH worth over $34 million. Interestingly, the transfers were made in such a consecutive manner that it might suggest that they were controlled by the same entity. Regardless, the movement of such a significant amount of ETH has ignited attention, as evidenced by comments on the alerts on X. Observers are speculating about the intentions behind these transfers, with most suggesting a potential liquidation. 

What Does This Mean For ETH?

The increase in whale activity comes at a time when Ethereum is experiencing considerable volatility. ETH bulls and bears are currently engaged in a fierce battle for control after the launch of Spot Ethereum ETFs. 

Crypto whales have considerable influence over market dynamics. Their actions are closely monitored by retail traders and analysts. As a result, these substantial Ethereum transfers to Coinbase could have significant implications for the cryptocurrency market. When large amounts of ETH move to exchanges, it often signals an intention to sell, which may lead to increased selling pressure. This influx of supply could drive down the price of Ethereum in the short term.

At the time of writing, Ethereum is trading at $3,340 and has struggled to maintain a position above a significant resistance level of $3,357. This resistance point represents a formidable order block, which has consistently posed challenges for bullish investors in the past 30 days. The recent substantial transfers of Ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance. 

Despite this, there is a prevailing bullish sentiment within the trading community, with many traders anticipating initial breakouts above key order blocks around $3,357 and $3,540. 

In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.

Ethereum price chart from Tradingview.com
ETH price fails to take $3,400 | Source: ETHUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com





Source link

Related Topics:
Continue Reading

crypto

A Vision For Ethereum Final Design

Published

1 week ago

on

November 13, 2024

By



Este artículo también está disponible en español.

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. 

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.

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.

Ethereum
The daily chart shows ETH’s price surge experienced over the past week. Source: ETHUSDT on TradingView.com

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



Source link

Continue Reading

ETH

Ethereum Price Walk to ATH Begins as ETH Whales Resume Buying

Published

1 week ago

on

November 11, 2024

By


The 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.

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.

Ethereum Price Ethereum Price
ETH/USD -1d Chart

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.

✓ Share:

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.





Source link

Continue Reading

Altseason Indicator

Ethereum Analyst Sees Altseason Potential As BTS Is Still Outpacing ETH – Time To Buy Altcoins?

Published

2 weeks ago

on

November 8, 2024

By



Este artículo también está disponible en español.

Ethereum has finally surged after breaking through a critical resistance level that had kept the price subdued since early August. This move has shifted market sentiment, as many investors and analysts previously doubted ETH’s potential in the current cycle, expecting it to lag behind. However, Ethereum’s recent strength is starting to reshape these perspectives.

Prominent analyst and investor Ali Martinez recently shared insights indicating that while Ethereum’s momentum is building, the much-anticipated “Altseason” hasn’t arrived just yet. 

According to Martinez, this stage of the cycle typically sees Bitcoin outperforming Ethereum and other altcoins—a common pattern as BTC often leads market rallies. This dynamic could provide a strategic opportunity for investors looking to enter ETH and other altcoins before the broader market euphoria begins.

As Ethereum gains traction, market participants are keeping an eye on further confirmations of its breakout, with many speculating that once Bitcoin’s lead cools, capital may flow more aggressively into altcoins. 

Ethereum Waking Up

Ethereum is making a remarkable comeback, surging over 22% in just two days of strong upward momentum. While this performance is impressive, key data highlights that Bitcoin is still leading the market, slightly overshadowing Ethereum’s gains. For savvy investors, this could present a prime opportunity to start accumulating Ethereum and select altcoins before they potentially rally in the next phase of the cycle.

Ali Martinez, a prominent analyst, recently shared a Glassnode chart revealing insights on the “Bitcoin Altseason Indicator.” This tool compares net capital flows between Bitcoin and Ethereum, showing that while Ethereum is on the rise, Bitcoin’s net capital change is currently outpacing it. 

Ethereum is still underperforming against BTC
Ethereum is still underperforming against BTC | Source: Ali Martinez on X Data from Glassnode

This trend confirms that Altseason—where altcoins outperform Bitcoin—hasn’t begun yet. Martinez points out that such dynamics are typical for this stage, with Bitcoin usually leading the initial rally and Ethereum following shortly after.

Historically, Altseason often arrives once Bitcoin’s price momentum stabilizes, as capital flows from Bitcoin into high-potential altcoins. Many seasoned investors recognize this part of the cycle as an ideal time to accumulate ETH and strong altcoins at attractive prices before the broader market shifts its focus.

In the coming weeks, the relationship between BTC and ETH performance will be closely watched, potentially setting up a shift in market sentiment and capital distribution.

ETH Technical View

Ethereum recently surged past a critical resistance at $2,820, breaking above the 200-day exponential moving average (EMA) and touching the 200-day moving average (MA) at $2,955. This marks a significant bullish move, as ETH had been trading below these levels since early August, and reclaiming these indicators is seen as a positive signal for further gains.

ETH testing the 200-day MA
ETH testing the 200-day MA | Source: ETHUSDT chart on TradingView

For the bullish momentum to continue, ETH must break above and sustain itself above the daily MA at $2,955, solidifying this breakout as a foundation for the next phase of the uptrend. However, some analysts suggest that a period of consolidation just below the 200 MA could be beneficial, allowing ETH to gather strength for a more sustained rally. This pause could temper the rising euphoria and avoid overextension in the short term.

As the market sentiment turns increasingly optimistic, many investors are eyeing this level closely. Holding above these critical indicators would give bulls more control, potentially setting Ethereum up for a more robust recovery as it targets new highs.

Featured image from Dall-E, chart from TradingView



Source link

Continue Reading
Advertisement [ethereumads]

Trending

    wpChatIcon