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Tag: Ethereum

  • Ethereum (ETH) coin bearish momentum to end soon?

    Ethereum (ETH) coin bearish momentum to end soon?

    Ethereum (ETH) – the queen of the market – has been on a downtrend ever since the high of the bull run. While once Ethereum was trading hands at $4,000, now the queen of the market is barely above $2,000. At the time of writing, ETH coin stands at a price level of $2,055. The price of the crypto has moved up by 11% in the past twenty-four hours while in a weekly timeframe there has been a decline of $6. The daily trading volume of the cryptocurrency is also increasing.

    Ethereum (ETH) Tchnical Analysis

    The market sentiment for the cryptocurrency is bearish. Out of the total twenty-six technical indicators, ten are standing at a sell position and ten are at a neutral position while six are giving out a signal of buy. The oscillators are neutral while the moving averages are strongly bearish.

    Ethereum (ETH) technical analysis
    Ethereum (ETH) technical analysis

    The bearish momentum of ETH crypto is believed to end soon. As the market crashed, the cryptocurrency appears to have cooled down and the bullish momentum will resume once again. A trader has identified to begin moving towards $3,000. Ethereum is currently operating in a safe supporting zone. The coin is expected to stabilize. Although there is a possibility of falling further, ETH is expected to stabilize and reverse its trend at the supporting zone.

    Lowest gas fees on the Ethereum blockchain

    As Ethereum was moving upwards, the gas fees at the blockchain skyrocketed. The transaction fee went as high as $70 on average and currently it is at $2.15 – the lowest in six months. The declining gas fees make transactions more efficient on the network but it is also indicative of a rapidly decreasing demand for Ethereum. The long-anticipated ETH2.0 upgrade may help revive demand for the cryptocurrency.

  • Ethereum (ETH) coin to break the strong resistance at $2,500?

    Ethereum (ETH) coin to break the strong resistance at $2,500?

    Ethereum (ETH) is not moving in tandem with the king of cryptocurrencies, Bitcoin, which is bullish. Ethereum having a high correlation with BTC coin often completely mirrors Bitcoin but the current scenario indicates towards the dominance of bears for ETH crypto. ETH coin has been consolidating ever since the price hit a low of around $2,000 amidst market corrections. At the time of writing, ETH stands at a price level of $2,496. The price has moved up by 4% in the daily timeframe while the weekly metrics suggests a fall of 10% in the cryptocurrency.

    Ethereum (ETH) Technical Analysis

    The market sentiment for ETH continues to be bearish as the cryptocurrency tries to tackle the bears. Out of the total twenty-six technical indicators, ten stand at a sell position and ten are giving out a neutral signal while the buy signals are only six. The oscillators are neutral while the moving averaged are strongly bearish.

    Ethereum (ETH) technical analysis
    Ethereum (ETH) technical analysis

    The $2,500 price level is acting as a strong psychological resistance for Ethereum. The cryptocurrency has failed various times to break the resistance. A trader has identified ETH crypto to be operating on an impulse wave. The cryptocurrency has completed the first wave and is underway completing the second. Per the analysis, Ethereum is going to break the major resistance level at $2,500 if the impulse wave is validated. The trader suggests the price level of $2,551 to be the potential price target for ETH.

    High dollar inflow into ETH

    While ETH frequently finds itself in the ETH vs. BTC debate, the crypto is definitely ruling over other cryptocurrencies. CoinShares’ weekly report reveals a high inflow of investment into ETH and other cryptocurrencies. Ethereum proves to be the favorite altcoin of investors with the high inflow of $33 million while XRP attracted inflow of $7 million and followed by $4.5 million of Cardano.

  • Polygon (MATIC) – Recent developments to watch out for

    Polygon (MATIC) – Recent developments to watch out for

    Polygon (MATIC) appears to be establishing an uptrend after bearish divergence. Polygon had been stealing the limelight as the cryptocurrency began showing bullish momentum as other cryptocurrencies were crashing. However, the bullish momentum could not be sustained and MATIC crypto once again. At the time of writing, the MATIC coin stands at a price level of $1.69. The price of cryptocurrency has increased by 10% in the past twenty-four hours while the daily trading volume is also growing.

    What is going at Polygon’s network?

    Polygon (MATIC) is a network for Ethereum scaling. Through Polygon’s network, the blockchain of Ethereum can be transformed into a multi-chain network like Polkadot with various capabilities all the while retaining the advantages of Ethereum.

    Polygon has had astounding growth in the past few months. The total value locked in the network grew by a staggering 1,102% in May. During the same month, address activity has increased by four times. Polygon is a strong competitor of Ethereum with many DeFi projects migrating from Ethereum to Polygon.

    Okcoin – a crypto trading platform – has integrated with Polygon Bridge. OKcoin is the first US-based exchange to do so. The bridge will now allow Okcoin to support direct withdrawals of ERC-20 tokens from Okcoin wallet to Polygon’s sidechain. The bridge will help Ethereum users save transaction fees while increasing the efficiency of deploying assets on Polygon. Okcoin currently has 12 ERC-20 tokens listed while Polygon’s MATIC will be added soon. The COO of Okcoin has also expressed their interest in helping Polygon to grow at the astonishing rate it has been growing.

    All is not well on Polygon’s network. As more and more DeFi projects launch on Polygon, the incidents of rug pulls have been increasing on Polygon. Rug pulls are malicious projects with the aim to be abandoned by the team along with users’ liquidity. Another pull rug by the name of PolyButterfly vanished along with over $1.5 million in users’ liquidity. The increase in rug pulls may bring Polygon under the spotlight but not under a positive light.

  • Can Solana (SOL) overtake Ethereum (ETH)?

    Can Solana (SOL) overtake Ethereum (ETH)?

    Solana (SOL) year-to-date performance is a staggering 1,950% gains while Ethereum (ETH) year-to-date returns stand at just 252%. After the crash, both the cryptocurrencies have embarked on an upward trend – although the trend has yet to be confirmed by further price actions. The stark difference in the growth of both cryptocurrencies will clearly give a preference to Solana. However, the difference in the price levels may be accounted for the difference in growth as Solana has a much lower price, it has more room for growth. At the time of writing, Solana stands at a price level of $31 while Ethereum is trading hands at $2,613.

    The debate – ETH vs. SOL

    Solana (SOL) has also been debated to have the potential to one day overtake the queen of the market – Ethereum. Two crypto experts Kain Warwick and Kyle Samani, in a podcast “The Unchained”, have discussed the threat that Solana along with Binance Smart Chain pose to Ethereum. Warwick has postulated that Solana with its stability and predictability can possibly surpass Ethereum. Both Binance Smart Chain and Solana have been gaining organic traction.

    Although Ethereum’s upgrade ETH2.0 is one of the highly anticipated events, Samani has put forward the concerns that he has with the upgrade. At the moment, the future of Ethereum look quite uncertain. Nobody has any idea with dApps would look like with the scaling solution that Ethereum is looking to provide. This uncertainty may lead to users flocking towards Solana and other smart contract platforms.

    A hallmark step for Solana is one of its projects being backed by a leading accelerator. Mercurial Finance is now being backed by DeFi Alliance – a startup accelerator. Mercurial Finance is the first Solana-based project being supported by the notable accelerator which has had mentors like Coinbase. Mercurial Finance is working on building a platform for stablecoins with a competitive edge of dynamic fees and dynamic allocation of slippage.

    Moreover, OpenOcean is bringing its DEX aggregation protocol into Solana. The aggregator recently announced its plans to expand into Solana network. OpenOcean will bring DeFi and CeFi liquidity into Solana which will allow users to enjoy lower gas fees and better yields.

    In conclusion, at this moment, it may look like a plausible argument. However, Ethereum did not become the queen of the market overnight. So, for any project to overtake Ethereum, it would not be an easy feat.

  • Cardano (ADA) and why it has potential

    Cardano (ADA) and why it has potential

    Cardano (ADA) established its all-time high at $2.46. The cryptocurrency fell towards $1.06 – succumbing to the bearish pressures in the market but it has picked up the momentum once again. At the time of writing, Cardano stands at a price level of $1.67. ADA coin is on an uptrend with the price increasing in the past twenty-four hours. The trading volume has, however, declined by 40%.

    What is Cardano and why does it have potential?

    Cardano is a proof-of-stake blockchain with the aim to empower leaders to bring a positive change in the world utilizing its smart contract and decentralized app technology. Cardano was founded by Charles Hoskinson who was also one of the co-founders of Ethereum which is why the cryptocurrency is in direct competition with Ethereum – the queen of the market.

    Three reasons why Cardano (ADA) is better than Ethereum

    Charles Hoskinson, in a recent interview to Yahoo Finance, heavily criticized Ethereum. The Cardano co-founder has listed three reasons why he thinks his network is much better than Ethereum. Per the founder, Ethereum does not have any real capabilities. Hoskinson commented that mere employment of smart contracts is not enough as Ethereum does. Cardano’s smart contracts can be employed with inculcating governance and compliance.

    Secondly, Cardano’s aim is to empower the poor people through financial inclusion and the likes. And Lastly, Hoskinson’s think Ethereum’s structure is vague and confusing. The new ETH2.0 upgrade “will kill ETH1.0”.

    Cardano (ADA) in Africa

    A part of its goal to focus more on the poorer segment, Cardano has been heavily involved in regions like Tanzania, Ethiopia and Georgia. This is also something that sets apart the network from others. Working with the education ministry in Ethiopia, Cardano is developing a blockchain-based ID system for educators and students. In Tanzania, the network has partnered up with World Mobile to create financial acceptance in communities.

  • Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) the beginning of Indian dominance in crypto sphere?

    Polygon (MATIC) may have started seeing some positive momentum after a hard crash. The market crash has caused cryptocurrencies to fall as much as 50% from their all-time high. Even established and high-market cap coins have succumbed to the strong bearish sentiment in the market. However, one thing is for sure the bear market cannot last forever and price growth is imminent after bear markets. Polygon (MATIC) may be one of the few cryptocurrencies that are witnessing some possible reversal of the price movements. At the time of writing, Polygon crypto stands at a price level of $1.17. The price had been increasing in the past twenty-four hours while the daily trading volume is also positive.

    India is cited as the country to host the next Silicon Valley. The country has an abundance of programmers and developers; however, Indians were absent from the cryptocurrency sphere. The ban on cryptocurrencies by the Reserve Bank of India may have had a vital role to play in this absence. But as the cryptocurrency adoption and acceptance boomed, first in the 2017 bull run and now in the 2021 bull run, cryptocurrencies reached nearly every corner of the world.

    Indian developers debut into the crypto sphere with Polygon (MATIC). Originally called Matic Network, the cryptocurrency is a layer-1 scaling solution for Ethereum. The network aims to enhance the capabilities of Ethereum and boost the adoption of cryptocurrencies. Polygon is also compatible with Ethereum which makes it an attractive alternative amidst soaring gas fees and scalability issues on Ethereum.

    The cryptocurrency has quickly climbed the market ranks standing at eighteenth in terms of capitalization. The potential of the network has been realized by many. There had been an influx of yield farmers to the Polygon network. It had also surpassed Ethereum in terms of the number of daily transactions.

  • Crypto futures down by as low as 43%

    Crypto futures down by as low as 43%

    The market crash had been hard, to say the least. All cryptocurrencies have stockpiled immense losses in the past couple of days.

    The perpetual futures market has been trading in par with the spot market. However, amidst high volatility – like what was witnessed today – the difference between perpetual futures and spot trading can skyrocket. Due to high liquidation orders, exchanges are sometimes unable to meet the liquidity requirements or create most positions which leads to a high gap between the price level at which perpetuals are traded and the sport traded price.

    Ethereum, Litecoin, and Sushi went as low as 43% in the futures market from their spot traded price. Ethereum futures were operating at 26% below while Sushi perpetual futures traded for 43% below the spot traded price. Although the wide gap was harmless. Automatic stop orders were not triggered even as the perpetual futures were trading way below the spot price. The gaps were also not long-lasting and the market quickly corrected.

    However, recent price action shows that the bearish trend of the market may have been reversed. Bitcoin breaks above the price level of $40,000 which was acting as a strong resistance level for the cryptocurrency. The previous support of $46,000 will now be acting as strong resistance for the coin.

    After falling to a five-month low of $30,000, the cryptocurrency has finally picked up bullish momentum with the price standing at $41,911 at the time of writing. Following the king of the market, other cryptocurrencies have also started off an upside move. In the 24-hour timeframe, BTC went up by 16% while ETH increased by 19%.

  • Cryptocurrencies now accounts for 2% of global money supply

    Cryptocurrencies now accounts for 2% of global money supply

    Decentralized finance is considered to be the future of the finance ecosystem. DeFi or decentralized finance is making available financial products on public open-source blockchain to increase their availability and affordability. Cryptocurrencies employing the decentralized finance technology have been surging with the rally being led by the queen of the market – Ethereum (ETH). DeFi is also partially responsible for rallies in the cryptocurrency sphere.

    Ethereum is considered the pioneer of the DeFi and smart contracts technology. Ethereum-based projects are the most common in the market that are surging and surpassing expectations. The DeFi projects on Ethereum have been stealing the limelight.

    The findings of Delphi Digital Researchers reveal some of the top decentralized finance include BSC, Polygon (MATIC), Solana (SOL), Terra (LUNA), Avalanche (AVAX), and of course Ethereum (ETH). These projects combined accounts for 34% of the total value locked in the decentralized sphere.

    The cryptocurrency now accounts for 2% of the global money supply – all thanks to the DeFi surge. The growth is a testament to the potential that the technology carry. The bull run of 2021 saw a DeFi surge with many high-profile players acknowledging the role of decentralized finance technology in the future.

    Ethereum (ETH) stands at $3,40 at the time of writing. The cryptocurrency has fallen by 6% in the past twenty-four hours. The second ranked cryptocurrency has its daily trading volume increased by nearly 60%. ETH coin established its all-time high at $4,362. The market has taken a downturn as the CEO of Tesla hinted towards ditching Bitcoin as a payment method for Tesla’s electric cars while also criticizing the king of the market because of its high energy consumption. Ethereum crypto is also in a downward trend but decentralized finance is not going anywhere.

  • Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) under the bulls – What to expect?

    Ethereum (ETH) is on a steep uptrend. The altcoin season has been favorable for the queen of the market. Ethereum established its all-time high at $3,541 hours ago from the time of press. At the time of writing, ETH coin stands at a price level of $3,409 with the price climbing up 5% in the daily timeframe. The daily trading volume for the cryptocurrency, however, has declined. Second only to Bitcoin, the market capitalization of Ethereum has been climbing steadily – now standing at $395 billion.

    Ethereum (ETH) technical analysis

    The market sentiment for Ethereum is strongly bullish. Out of the 26 total technical indicators, fifteen are standing at a buy position with six at neutral position and only five giving out a sell signal. The oscillators are mainly bearish – indicating a sell signal – while the moving averages are bullish.

    A trader has identified Ethereum to have formed multiple wave counts in their ETH price analysis. Per the trader, the cryptocurrency is currently developing two distinct wave counts. The third wave of the more volatile wave count is under development. At the third wave, Ethereum is expected to retest its resistance level at the 1.618 Fibonacci Retracement which lies parallel to the price level $3,688. A minor pullback is likely to occur after failure in retesting the resistance level but Ethereum will reach forward afterwards.

    Why is Ethereum bullish?

    ETH coin was able to cross the psychological resistance level of $3,000 all because of a strong bullish sentiment in the market. The confidence in the cryptocurrency and its technology is growing as the anticipated upgrade, ETH2.0, looms closer. ETH 2.0 is said to be game changer as it will shift the cryptocurrency from a proof of work mechanism to a proof of stake one. The update will drastically improve the scalability of Ethereum and is the primary reason why the confidence in the cryptocurrency is growing at such a pace.

  • The importance of Ethereum’s DeFi technology: Federal Reserve Bank’s paper

    The importance of Ethereum’s DeFi technology: Federal Reserve Bank’s paper

    Federal Reserve Bank of St Louis has issued a paper which details into the role of Ethereum and decentralized finance in the financial ecosystem of the world. The research panel was headed by Dr. Fabian Schar – professor for Distributed Ledger Technologies and FinTech at the University of Basel.

    The queen of cryptocurrencies may have revolutionized the financial ecosystem with its DeFi technology. The decentralized finance sphere has been surging with the total value locked at a staggering $134 billion. DeFi is considered as the future especially with new innovations happening in the sphere.

    According to Dr. Schar, if the current security and regulatory problems with decentralized finance are resolved then it may result in a paradigm shift in the financial industry. praising the accessibility, operability, and efficiency of the system dr. Schar wrote about how smart contracts fuel the decentralized finance by replicating existing financial services.

    Ethereum steps in into the picture as it is looked up at as the pioneer of the DeFi sphere. The backbone of the decentralized finance, smart contracts, majorly run on the Ethereum blockchain. Moreover, most of the popular DeFi projects like Maker (MKR) also run on the blockchain of Ethereum. Hence, Ethereum with its blockchain is powering the DeFi sphere which gives it a very important role.

    Ethereum has shown phenomenal performance in the bull run – leaving the king of the market behind. ETH coin surged upwards establishing a new all-time high at $3,523. At the time of writing, the cryptocurrency stands at a price level of $3,380. The on-site metrics show that Ethereum is still surging upwards and higher highs may be established soon. The market sentiment for the coin is strongly bullish.