Category Archive : Ethereum

Ethereum may be on its way up

The price of Ethereum fluctuated throughout the week, but it rose 6.11% over that same period ending on October 24th. The coin is hovering around $4100 Monday morning after hitting a 5-month high above $4220 last week.

The sudden increase in cryptocurrency prices following the debut of a Bitcoin ETF on Wall Street has caused both bitcoin and Ethereum to rise significantly.

Coin prices have skyrocketed as coins are more popular than ever before with this innovative financial instrument. Experts say that Ethereum and bitcoin should be your top choices for investing capital into crypto markets moving forward.

The cryptocurrency has followed the trend of other volatile assets, including Bitcoin. ETC Price hit its all-time high last week at $4,379 per coin on May 16th, according to Coindesk.

Read: Shiba Inu Coin Price Forecast: SHIB hits an All-Time High

Read: Ethereum Classic Price Prediction: Will ETC Price hit $100 Soon?

Read: XRP Price Prediction: Will XRP Price hit $10 Soon?

Read: Dogecoin Price Forecast: DOGE is expected to break out and rally soon

Ethereum Price Analysis

Ethereum has been waving a bright yellow flag for quite a while now. It took the first significant resistance level at around $4,086.

It then broke through it with much enthusiasm to find itself back within sight of green just below that same mark before quickly shedding those gains once more as we entered into another weekend-long downtrend which saw prices fall all the way down under four grand.

Ethereum managed to break back through the first significant resistance level on Saturday, just three days after being met. The 7% jump in prices was highlighted by Wednesday’s impressive rise of 4%. This week will be spent calming down before our next move up begins again.

The current price of Ethereum is still climbing, and it will need to avoid the $4,045 pivot level for its momentum if prices are going higher than previous levels.

A break of this crucial support point could lead Ethereum into testing previous resistance at $4,413, which additional barriers would follow up until May’s all-time high of $4,4383.

ETHUSD Analysis (Trading View)

According to Yahoo Finance,

“In the event of another extended breakout, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,743”.

“A fall through the $4,045 pivot would bring the first major support level at $3,714 into…

Read more at www.thewistle.com

Will Binance Coin enter supply shock, akin to Ethereum post EIP-1559

It has been quite a week for the collective crypto market, with Bitcoin making a new all-time high. However, some altcoins seemed to be in a rather dormant position, and one of them was Binance Coin.

For the past couple of days, BNB more or less consolidated, and failed to make any new moves on the charts. Nonetheless, the asset was up by 1% over the last week and somehow managed to retain its third spot in the market. 

Now, with BSC’s announcement of the new Binance Evolution Protocol (BEP-95) which will accelerate the burn rate of BNB tokens and make the Binance Smart Chain more decentralized, can the same trigger a BNB rally?

Following Ethereum’s lead

The BEP-95 recommended burning 10% of the transaction fees in an ongoing manner. The implementation of BEP-95 could decrease the cumulative amount of BNB tokens that delegators and validators earn from staking, while simultaneously increasing the fiat-denominated value of the rewards.

The proposal will be validated once it receives a minimum deposit of 2000 BNB. As per the announcement, the burning mechanism would further reduce the BNB supply, as, increasing demand would drive BNB’s value higher thereby creating a kind of supply shock.

Interestingly, the protocol would introduce a burning fee mechanism that looks quite similar to Ethereum’s burning policy. In fact, many in the market have high hopes for BNB’s price and expect gains like Ethereum saw post EIP-1559. 

Notably, Ethereum soared close to 30% in the two weeks after EIP-1559. The difference between ETH and BNB, however, is that, unlike Ethereum, Binance Smart Chain already has a burn mechanism in place. BNB’s 17th Quarterly burn was supposed to take place during the end of Q3 2021, but due to unknown reasons, it hasn’t taken place yet.

Till date, Binance burned a total of 1,335,888 tokens and intends to burn 50% of the total supply of BNB over time.

Are things looking good for BNB ahead?

As BNB’s price consolidated, the alt was trading around $$475.6 at the time of writing, but Binance Smart Chain’s (BSC) growth seemed to be intact. This week, BSC hit 100,000,000 addresses on the network. The daily transactions of BSC were still in a growing trend, with the daily active address currently, at 8.8 million transactions/day. In fact, the chain’s Total Value Locked increased to around $830 million (3.55%). 

Source: Coin98 Analytics

However, despite the recent BEP announcement, BNB’s price showed no signs of gains. In…

Read more at ambcrypto.com

Only a Handful of Ethereum Whales Own the Majority of NFTs: Report

New research revealed that the majority of non-fungible tokens (NFTs) are owned by whales — big investors that have tied up most available options — accounting for over 80 percent of the market. Individual investors pooled together accounted for less than 20 percent of the total NFT market on Ethereum, between April 1 and September 25, 2021, according to research by blockchain analytics platform Moonstream.

NFTs are virtual collectibles which make use of blockchain technology to identify the ownership of virtual assets, which could be music, videos, images, or any other digital files such as in-game equipment or characters. And over the course of this year, NFTs have been one of the hottest assets in the crypto space, ever since one collection was auctioned for $69 million, or over Rs. 500 crore. But it’s perhaps no surprise that most of the holdings are concentrated among the big investors.

Blockchain analytics platform Moonstream said that their scan of 1,145,767 blocks yielded transfer activity for 7,020,950 tokens from 9,292 Ethereum NFT contracts across 727,102 addresses. As highlighted by the report, these NFT mints and transfers play a key role in forming the core of the Ethereum dataset.

“Many of those owners are marketplaces and clearinghouses like OpenSea, Nifty Gateway, and other platforms of the same ilk,” the report said listing some NFT whales on Ethereum.

While the current distribution pattern of the NFTs on the Ethereum network shows an inclination towards whale wallets, the report has noted that small NFT investors are also around, participating in the growth of this space.

“What this data shows us is that the Ethereum NFT market is open in the sense the vast majority of its participants are small-time purchasers who likely make their purchases manually,” the report highlighted.

Currently, 83.29 percent Ethereum enthusiasts own the remaining 19.02 percent of the NFTs available on the blockchain.

With the likes of several celebrities like Amitabh Bachchan, Salman Khan, and Snoop Dogg among others, the NFT space is prospering in several parts of the world.

NFT sales volume surged to $10.7 billion (roughly Rs. 79,820 crore) in the third quarter of 2021, according to data from market tracker DappRadar. This figure is eight times more than what it was in the previous quarter.

Surging sales and hefty prices of NFTs — items that do not physically exist — have baffled many, but the multi-fold growth is showing no depreciation…

Read more at gadgets.ndtv.com

Musk Reveals Bitcoin, Ethereum And Dogecoin Bet And Torpedoes The Price Of Meme-Based Rivals

The following is an excerpt from the daily CryptoCodex email newsletter. Sign up now for free here

Going nowhere fast 🏃💨

For all the excitement around bitcoin exchange-traded funds (ETFs), the cryptocurrency market has failed to make much headway since the launch of the first bitcoin futures ETF last week. The bitcoin price, after soaring in the run-up to ProShare’s ETF launch, has traded sideways since—even as the second bitcoin futures ETF is set to launch today.

Ethereum has also struggled to make headway, with its rally coming off the boil at just over the $4,000 per ether mark. Ethereum is flat on the last 24 hours. One of its biggest rivals, solana, is kicking off the week with a bang, however, adding 6% since this time yesterday and threatening to storm into the top five most valuable cryptocurrencies as measured by CoinMarketCap.

The meme-based dogecoin got a boost last night after Tesla

TSLA
chief executive and meme-master Elon Musk poured cold water on fan theories he owns the doge-based rival shiba inu. Musk said he owns just three cryptocurrencies: bitcoin, ethereum and dogecoin. Doge is up 6% over the last 24 hours while shib has dropped 2%—though remains up around 400% since the beginning of the month.

Now read this: The ETF revolution is going to disrupt bitcoin

The future of Facebook

FB
🔮

Metaverse metamorphosis: Facebook will this week outline exactly how it envisions its transformation from the world’s biggest social media company to a “metaverse” company.

Why it matters: Facebook, more than two years since announcing its now-hobbled libra cryptocurrency, is still searching for a way out of its advertizing-led business model that’s increasingly seen as toxic and a threat to political stability by governments around the world. Facebook had hoped the stablecoin libra, now rebranded and downsized to “diem” after central banks and regulators balked at the concept of a Facebook-controlled global currency, might offer it a new route to monetization that doesn’t depend on ever-increasing engagement. The metaverse is stage two of that plan that’s already been forced to divert from its roadmap. Cryptocurrencies, non-fungible tokens (NFTs) and blockchain-based…

Read more at www.forbes.com

HIVE Blockchain Restates Previously Issued Financial Statements Based on Non-Cash Valuation of 25,000 Ethereum Investments

No Impact on Cash Position, Business Operations or Commercial Arrangements of HIVE.
HIVE Remains Well Capitalized and Well Positioned in the Current Digital Currency Landscape.

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated February 2, 2021 to its short form base shelf prospectus dated January 27, 2021.

Vancouver, British Columbia–(Newsfile Corp. – October 25, 2021) – HIVE Blockchain Technologies Ltd. (TSXV: HIVE) (Nasdaq: HIVE) (FSE: HBF) (the “Company” or “HIVE“) has announced that the previously issued financial statements for the interim period ended June 30, 2021 and 2020 and the corresponding management’s discussion and analysis (collectively, the “Original Documents”) have been restated and reissued (collectively, the “Restated Documents”) and filed under the Company’s profile on www.sedar.com. An incorrect mark-to-market value relied upon in the Original Documents caused the coin inventory of 25,000 Ethereum to be higher and, as a result, the Company’s profit, to be overstated by approximately US$5.0 million. Revenue as reported for the quarter remains unchanged. Earnings are comprised of two major components, cash flow from operations and changes in liquid investments like stocks, bonds and digital assets such Bitcoin (BTC) and Ethereum (ETH). The earnings reported from operations have not changed however the price used to value the 25,000 ETH coins in our cold wallet have been restated and reduced by US$200 per ETH coin, which amount is expected to be fully recovered in the following quarter ended September 2021 due to an increase in the mark-to-market value of ETH coins.

The effect of the restatement does not impact the Company’s ongoing operations, revenue from digital currency mining, equipment or other assets. The restatement is a non-cash charge and will not affect the Company’s positive operating results. The inventory of cryptocurrency coins held at June 30, 2021 remains unchanged as reported and unaffected. The inventory of ETH remains the same for the following quarter while the BTC inventory has increased during the July to September calendar quarter 2021.

Details of the changes are fully described in Note 27 to the restated condensed interim consolidated financial statements for the three months ended June 30, 2021 and 2020 as filed on SEDAR on October 25, 2021.

About HIVE Blockchain Technologies Ltd.

HIVE Blockchain Technologies Ltd. went public in…

Read more at finance.yahoo.com

Ethereum Gearing For Another Lift-Off If It Clears This Level

Ethereum extended its decline below $4,100 and spiked below $4,000 against the US Dollar. ETH is recovering, but it must break $4,175 before there was a fresh increase.

  • Ethereum corrected lower below the $4,200 and $4,175 support levels.
  • The price is now trading above $4,050 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase if it clears the $4,200 and $4,175 support levels.

Ethereum Price Could Rally

Ethereum started a downside correction from the $4,000 resistance zone. ETH traded below the $4,200 support zone and the 100 hourly simple moving average.

Ether price even traded below the $4,000 support zone. A low was formed near $3,964 before there was a recovery wave. There was a break above the $4,050 level and the 100 hourly simple moving average.

The price climbed above $4,100, but it is facing resistance near the $4,175 and $4,200 levels. A high is formed near $4,155 and the price is now consolidating. An immediate support is near the $4,100 level. The stated level is near the 23.6% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high.

Source: ETHUSD on TradingView.com

There is also a key bullish trend line forming with support near $4,000 on the hourly chart of ETH/USD. An immediate resistance on the upside is near the $4,175 level. The next major resistance is near the $4,200 level, above which the price might start a fresh rally. In the stated case, the price might rise towards the $4,250 level. Any more gains could lead the price towards the $4,320 level.

Dips Supported in ETH?

If ethereum fails to continue higher above the $4,175 and $4,200 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $4,080 level.

The first key support is now forming near the $4,050 level. It is close to the 50% Fib retracement level of the upward move from the $3,964 swing low to $4,155 high. The main support is near the $4,000 level. Any more downsides could lead the price towards the $3,920 support.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 level.

Major Support Level – $4,000

Major Resistance Level – $4,200

Read more at www.newsbtc.com

Bitcoin and Ethereum – Weekly Technical Analysis – October 25th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 1.07% in the week ending 24th October. Following a 12.48% rally from the week prior, Bitcoin ended the week at $60,847.0.

A mixed start to the week saw Bitcoin fall to a Monday low $59,883.0 before making a move.

Steering clear of the major support levels, Bitcoin rallied to a Wednesday all-time high and intraweek high $66,958.0.

Bitcoin broke through the first major resistance level at $64,990 before falling to a Saturday intraweek low $59,755.0.

Continuing to steer clear of the first major support level at $55,928, Bitcoin revisited $61,000 levels before falling back into the red.

4 days in the green that included a 3.66% rally on Tuesday delivered the upside for the week. A 5.76% slide on Thursday limited the upside, however.

For the week ahead

Bitcoin would need to move through the $62,520 pivot to support a run the first major resistance level at $65,285

Support from the broader market would be needed for Bitcoin to break back through to $65,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s all-time high $66,958.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $69,723.

Failure to move through the $62,520 pivot would bring the first major support level at $58,082 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$55,000 levels. The second major support level at $55,317 should limit the downside.

At the time of writing, Bitcoin was up by 1.53% to $61,778.8. A mixed start to the week saw Bitcoin fall to an early Monday low $60,632.0 before rising to a high $62,111.0.

Bitcoin left the major support and resistance levels untested early on.

Ethereum

Ethereum rose by 6.11% in the week ending 24th October. Following a 12.66% rally from the previous week, Ethereum ended the week at $4,082.64.

A bearish start to the week saw Ethereum fall to a Monday intraweek low $3,676.35 before making a move.

Steering clear of the first major support level at $3,491, Ethereum rallied to a Thursday intraweek high $4,374.95.

Ethereum broke through the first major resistance level at $4,086 and the second major resistance level at $4,325.

Bearish going into the weekend, Ethereum fell back through the resistance levels to sub-$4,000.

A bullish Saturday, however, saw Ethereum break back through the first major resistance level to revisit $4,100…

Read more at finance.yahoo.com

Ethereum price outlook remains bullish after touching all-time-high

ETHs monthly profits stand at an impressive 40+% despite recent volatility

  • Ethereum’s market dominance has continued to rise over the past month, with the metric currently hovering above the 18% mark.
  • The total market capitalization of the crypto industry lays at US $2.69 trillion (AU $3.6T approx).
  • An increasing number of independent artists are turning towards NFTs to maximize their commercial revenue streams.

After having scaled up to its all-time high value of US $4,361 (AU $5,800) on Oct 21., Ethereum, the world’s second-largest cryptocurrency by total market capitalization, has remained largely rangebound between AU $5,350 – $5,600 for over 72 hours running. At press time, ETH is trading for AU $5,500.

And while Ethereum’s performance continues to closely mirror Bitcoin’s price action, it is worth noting that a number of other altcoins have continued to shine over the past week as well. For example, since Oct 23., Shiba Inu (SHIB) — a spin-off of the popular meme-token Dogecoin (DOGE) — has proceeded to scale up to its all-time high value, showcasing a surge of nearly 50% during the last two stretch.

As a result of its ongoing ascent, SHIB’s total cap has increased significantly recently, making it the 13th biggest cryptocurrency in terms of market capitalization, just two slots away from DOGE. It is also worth noting that Shiba Inu’s gains seem to have stemmed, in large part, to Tesla CEO Elon Musk recently tweeting about the arrival of a new Shiba Inu puppy (called Floki) into his family.

How to buy Ethereum

Reactivated ETH pool helps spur latest RUNE rally

As some of our readers may recall, earlier in 2021, the THORChain (RUNE) protocol was faced with a number of exploits that resulted in miscreants making their way with US $8 million worth of tokens from the platform’s coffers. The development severely affected the price of RUNE, causing the token to slide from around US $20 to under US $8 (between May 20 – 24).

That being said, earlier this week, the THORChain team revealed that it was all set to re-open its Ethereum pool along with a number of other token pools (including Bitcoin), a decision that seems to have had a positive impact on the value of RUNE, with the asset exhibiting gains of nearly 75% over the last seven days alone.

NFTs continue to redefine the global music industry

With each passing day, it appears as though an increasing number of independent artists are continuing to adopt non-fungible tokens…

Read more at www.finder.com.au

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – October 25th, 2021

Ethereum

Ethereum fell by 2.53% on Sunday. Partially reversing a 4.95% rally from Saturday, Ethereum ended the week up by 6.12% to $4,082.64.

A mixed start to the day saw Ethereum rise to an early morning intraday high $4,188.42 before hitting reverse.

Falling short of the first major resistance level at $4,219, Ethereum fell to a late intraday low $3,962.05.

Ethereum fell through the first major support level at $4,027 before a partial recovery to end the day at $4,080 levels.

At the time of writing, Ethereum was up by 0.17% to $4,089.72. A mixed start to the day saw Ethereum fall to an early morning low $4,069.22 before rising to a high $4,100.00.

Ethereum left the major support and resistance levels untested early on.

For the day ahead

Ethereum would need to avoid a fall back through the $4,078 pivot to bring the first major resistance level at $4,193 play.

Support from the broader market would be needed, however, for Ethereum to break out from $4,150 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $4,188.42 would likely cap the upside.

In the event of a broad-based crypto rally, Ethereum could test resistance at May’s all-time high $4,383.4. The second major resistance level sits at $4,304.

A fall back through the $4,078 pivot would bring the first major support level at $3,967 into play.

Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,800 levels. The second major support level at $3,851 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $3,967

Pivot Level: $4,078

First Major Resistance Level: $4,193

23.6% FIB Retracement Level: $3,369

38.2% FIB Retracement Level: $2,740

62% FIB Retracement Level: $1,725

Litecoin

Litecoin fell by 2.99% on Sunday. Reversing a 2.84% gain from Saturday, Litecoin ended the week up by 3.67% to $190.48.

A bullish start to the day saw Litecoin rise to an early morning intraday high $199.90 before hitting reverse.

Coming up against the first major resistance level at $200, Litecoin slid to a late afternoon intraday low $185.23.

Litecoin fell through the first major support level at $191.

Finding support at the second major support level at $185, however, Litecoin ended the day at $190 levels.

At the time of writing, Litecoin was up by 0.06% to $190.60. A mixed start to the day saw Litecoin fall to an early morning low $189.63 before rising to a high $191.63.

Litecoin left the major support and resistance levels untested…

Read more at finance.yahoo.com

ethereum: IOTA’s network upgrade has smart contracts, zero transaction fees and Ethereum interoperability

The eco-friendly cryptocurrency IOTA, launched in 2014 by Dominic Scheiner and David Sostenbo, released its beta version smart contracts on October 21. According to co-founder Schiener, IOTA has made a successful transition to the network upgrade – Chrysalis (IOTA 1.5) – and now has a completely new protocol, implementation and cryptography. 75 percent of IOTA token holders owning $3 billion have been moved to the Chrysalis from the old network in 6 months, zdnet.com reported.
The remaining token holders will be able to make governance decisions by voting through their Firefly wallet. The transactions on the new network take less than 10 seconds, and the Firefly wallet has been a big success too, said Schiener. Firefly is the official wallet released for Chrysalis migration on April 21, 2021 for IOTA 1.5 and beyond.
The beta smart contracts of IOTA will upgrade the efficacy of IOTA in the following ways:

  • The IOTA smart contracts aim to address the existing problems of scalability, fees and interoperability.
  • Smart contract chains can be deployed without permission, auctions, additional cost or fees.
  • It will allow users to decide their transaction fees, to the point of making it feeless by providing the right incentives.
  • Smart contracts will offer IOTA limitless possibilities to build decentralized applications (dApps) and other Web3 innovations.
  • It aims to open up opportunities for builders and early adopters to directly capitalize on the explosive growth of IOTA as it gets absorbed in the mainstream.
  • IOTA Smart Contracts supports the Ethereum Virtual Machine (EVM) and any smart contract written in Solidity, Ethereum’s programming language for smart contracts.
    • This will provide wide-ranging compatibility, bridging the biggest smart contract ecosystem onto IOTA’s feeless ledger.
    • It will allow solidity contracts to be easily ported to IOTA, which will benefit it with the vast ecosystem of Solidity tooling and products available on the market today.

IOTA was developed in 2014 to address the scalability and environmental issues caused due to mining of cryptocurrencies. Schiener said that IOTA does not aim to compete directly with the market leader Ethereum but to integrate and familiarise consumers and developers to IOTA’s smart contract features which are a combination of zero fees, interoperability and compatibility.
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Read more at timesofindia.indiatimes.com

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