Donald Trump’s presidential election win was especially bullish for Ethereum, which has been held down by the SEC, Consensys CEO Joe Lubin said.
Justin Drake, a researcher at the Ethereum Foundation, announced a new consensus layer upgrade proposal called “Beam Chain” during Devcon on Tuesday. The ambitious project aims to overhaul Ethereum’s consensus mechanism by 2030. What Is The Ethereum Beam Chain? “The Beam Chain is a complete redesign of Ethereum’s consensus layer,” explained Porter, a prominent figure […]
Ether price and network fundamentals are showing momentum, increasing the chance of a rally to $4,000.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 12, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Some 30% of respondents expect Solana to tap $600 in 2025, according to a survey by MV Capital.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 11, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin’s strong weekend rally to $81,000 could add more fuel to the current price action in ETH, SOL, SUI, and AAVE.
Analysts see that Ethereum has the potential to reach a new all-time high by December after it achieved its first breakout in three months. Its growth can be attributed to the growing optimistic sentiment on cryptocurrencies fueled by the results of the recently concluded national elections. Related Reading: Chainlink 125% Target In Sight As Whale, On-Chain Activity Soar—Analyst Ether Breaks The $3,000 Barrier Data has shown that Ethereum experienced a big price hike–a growth that analysts said could be the result of the triumphant victory of Donald Trump in the US elections. Analysts said that the second largest crypto in terms of market capitalization was able to move past the “critical” $2,000 level, peaking at $3,179 on Sunday noon. Ethereum’s price rally is being viewed as an indicator that after a period of stagnation, the digital currency will gain momentum and will be on the road to recovery, which is good news for ETH investors. Many analysts suggested that the growth has something to do with the incoming Trump administration. During the campaign, Trump has already hinted that he is more inclined to have more favorable regulations on cryptocurrencies. Hence, his victory signaled great optimism about the future of crypto under his leadership. Ethereum is among the digital currencies riding on this optimism, resulting in a 20% price hike in the past week. Analysts also note that another major contributor to the bullish momentum is the significant increase in spot Ether ETF inflows. On November 8, data showed that inflows recorded a weekly high of $85.9 million, an indicator that investors are getting more confident about the long-term potential of Ether. Ether market cap currently at $385 billion. Chart: TradingView.com An All-Time High Is Possible Market commentators said that many indicators showed that a new all-time high for Ethereum could be just around the corner, saying that it could reach $3,366 any time soon. They added that ETH increased by 8% last Thursday. Analysts predicted that the crypto could hit a new all-time high by December, fueled by a growing demand for the top altcoin. One of these growth indicators is the coin’s open interest which is also on the rise. #Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5 — Ali (@ali_charts) November 9, 2024 Reports illustrated that ETH’s futures open interest (OI) experienced a massive uptick. It increased by about 20% to $16.18 billion from $13.05 billion in the last two days. Analysts explained that OI refers to the total number of outstanding contracts in a derivatives market. They added that if OI went up together with prices, it meant new funds were entering the market to fuel an upward trend. If Ethereum’s OI keeps on growing, it might result in a massive price surge, propelling the digital coin to reach a new record high before the year ends. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% The $10,000 Projection Analyst Ali Martinez forecasted that there is a possibility that Ethereum could reach the $10,000 mark, saying that breaching the $3,000 level is only the start of the upward price movement. Martinez claimed that ETH is on the right trajectory to attain the $10,000 level, comparing the crypto to the S&P 500. Geoffrey Kendrick of Standard Chartered agrees with the prediction, saying that ETH could hit that level soon. Kendrick explained that the anticipation of clearer crypto regulations by the new administration and what is being perceived as a crypto-friendly government could fuel this massive growth. Featured image from OneSafe, chart from TradingView
Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5 US elections. The second-largest cryptocurrency by market capitalization has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment for the crypto and ETH-based investment products. Related Reading: Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading Ethereum ETFs See Third Best-performing Day Amid ETH’s price rally, spot Ethereum exchange-traded funds (ETFs) have recorded their best-performing day in 13 weeks. Launched in late July, ETH ETFs have seen a shaky performance in the past few months. The crypto investment products surpassed experts’ expectations during its first two days. However, ETH ETFs recorded massive outflows amid Q3 market retraces. Ethereum-based products saw their second-largest single-day inflow since launch during the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in positive net flows, led by Blackrock’s ETHA. Since then, the crypto products have struggled to break past the $20 million mark, only registering inflows above that range five times in three months. ETH’s current rally has seemingly improved sentiment around the cryptocurrency and the investment products based on it, as it has recorded a notable performance during the last two days. Ethereum ETFs recorded their best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, the investment products saw their third-largest single-day performance on Thursday and their best day since August 6, with $79.7 million in inflows. ETH Rallies 16%, Is $3,500 Next? Ethereum has seen a massive 16.6% surge in the last seven days, jumping from the $2,500 support zone to the $2,900 mark lost mid-Q3. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during the market retraces. The cryptocurrency struggled to break past the crucial $2,800 resistance level, being rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the Thursday presidential elections has given the whole crypto market a renewed push toward the second leg of the bull run. In the last three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum saw its price move from the $2,400 range to near the long-awaited $3,000 resistance. Crypto analyst Rekt Capital noted that ETH’s recent performance filled its GME gap, which formed in early August. The gap saw ETH’s price go from $3,000 to $2,700 before crashing on August 5. Related Reading: Solana (SOL) Looks ‘More Bullish Than Before’ After Flipping BNB As 4th Largest Crypto Per the analyst, a weekly close above the current levels, followed by a retest, would confirm ETH’s breakout from the 3-month range. Moreover, reclaiming the $2,900 resistance would “set ETH up for a move to $3,500 over time,” which could further propel Ethereum’s rally toward its yearly high above $4,000. As of this writing, Ethereum is trading at $2,925, a 4.2% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
The strong performance of Ethereum in recent days has caught the attention of experts. In several posts on X, prominent fund managers and industry leaders have projected a bullish outlook for Ethereum (ETH), positioning it to outperform Bitcoin (BTC) with a target price of $8,000. This optimism is underpinned by anticipated regulatory advancements for the decentralized finance (DeFi) ecosystem. Why Ethereum Could Outperform Bitcoin Raoul Pal, Founder and CEO of Global Macro Investor, articulated his perspective on ETH’s potential resurgence in a post that has garnered significant attention within the crypto community. “I’ve been expecting ETH to start gaining lost ground on BTC. It’s partly driven by the risk-taking cycle but it’s also driven by the election,” Pal stated. Pal highlighted two primary factors contributing to ETH’s anticipated outperformance. The first one is the enhanced utility in DeFi: “Utility tokens in DeFi begin to offer yield or reward of underlying protocol which creates network value. Most of this is on ETH,” Pal explained. Related Reading: Ethereum Jumps 10% As DeFi Sentiment Rebounds With Trump’s Victory The second factor is the adoption by Traditional Finance (TradFi). “TradFi will likely begin to build larger use cases but on the most tested, adopted chain. Think of ETH (and the L2’s) as the Microsoft of web3. No one gets fired for using it,” Pal asserted. These developments, according to Pal, are poised to “dramatically re-rate ETH and offset the current retail adoption on other chains,” with the added advantage that ETH yields will attract more institutional players. He emphasized the potential for constructing sophisticated financial products, such as guaranteed funds, under improved regulatory conditions. “With better regs this activity will explode,” Pal concluded. Supporting Pal’s outlook, Dan Tapiero, founder and CEO of 10T Holdings—a growth equity fund specializing in mid-to-late stage investments within the digital asset ecosystem—commented on Pal’s post: “Yup. More eloquent version of what I posted last night. Very funny.” Tapiero referenced his own earlier assertion that “Ethereum too cheap. Gonna explode from here. Gensler and Co killed Defi in the US in ’22-24. Not killed now. Long Live US Defi. Break of $4k going over $8k in the next year.” Related Reading: Ethereum Surges Past $2,500: What The Futures Market Signals For Traders However, Pal also noted a hierarchical adoption landscape within the crypto space, suggesting that while ETH may outpace BTC, it might underperform Solana (SOL) and, subsequently, Sui (SUI). “My view is that ETH begins to outpace BTC for the rest of the cycle but underperforms SOL and SOL underperforms SUI as SUI is in the ultimate performance stage of adoption – early > proven. Let’s see,” he remarked. The discourse around Ethereum’s prospects also attracted engagement from the broader crypto community. A user named Himura (@aceddeca1) proposed an alternative investment thesis: “ETH will be fine but if that is your thesis it would be better spent on UNI especially with Unichain … Uniswap going to own chain is the base token you wish Coinbase would launch.” Pal responded succinctly, “Interesting thought.” Additionally, concerns regarding potential biases were raised by user Galavis (@FedericoGalavis): “Be careful with SUI folks as only 0.82% of the supply has been unlocked. Are you a paid SUI promoter Raoul? If you are you better disclose.” Pal countered, “You need to do more research on all your comments,” addressing the speculation over his impartiality. Notably, Pal serves as a Board Member at the Sui Foundation, a fact that may inform perceptions of his commentary on SUI. At press time, ETH traded at $2,916. Featured image created with DALL.E, chart from TradingView.com
After lagging Bitcoin for most of 2024, Ethereum appears to be in the early stages of a bullish trend reversal. Here’s why traders are closely watching the ETH/BTC pair.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 8, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Trump’s election victory has inspired more optimism among crypto analysts, with some expecting Bitcoin to breach $100,000 before the end of 2024, boosting Ether’s price along the way.
Bitcoin just made a new all-time high, but ether is the real winner here.
In November, L2s have been posting some 3x more transaction data each day to the mainnet than they did in March.
Elevated interest rates in the U.S. have dented ether’s appeal as the internet equivalent of a bond, offering a fixed-income-like return on staking.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 7, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ethereum analysts are keeping a close look at the altcoin, which is stuck in a long downtrend. Some call for major upward breakout and others keep a cautious stance, warning to expect this downtrend will continue. Ali Martinez, a crypto analyst, is optimistic about the coin’s price trajectory, stating Ether would hit $10,000 in the coming bull run. Related Reading: Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone Martinez, whose research often links ETH with more general market movements, has compared Ethereum’s rise with that of the S&P 500, suggesting that a similar breakout might be just ahead. Nevertheless, not all individuals are satisfied with this optimistic outlook. Peter Brandt, another crypto expert, maintains an alternative perspective. Brandt, who is renowned for his technical expertise and precise predictions, has issued a cautionary note regarding a robust bearish pattern on the daily chart of ETH. In his most recent analysis, he emphasizes a “bearish flag”—a descending channel—that he believes indicates potential additional downside risk. The Stock Market Connection Martinez has grounded his case on the historical relationship between Ethereum and the S&P 500 (SPX). Examining ETH in tandem with SPX Martinez noted that both assets had a bottom in late 2022 and kept an increasing trend until 2023. #Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I — Ali (@ali_charts) November 4, 2024 Based on the S&P 500 performance recently, he believes this alignment indicates ETH is preparing for a similar breakout. Martinez believes ETH might follow a similar trajectory, perhaps reaching the elusive $10,000 mark as the S&P 500 somewhat sank after its breakthrough to roughly $5,900. If such a trend is to follow through, then Ethereum needs a push to around 310% higher than the market price today. At the time of writing, Ether was trading at $2,618, up 8% in the last 24 hours. Martinez is cheerful about it, especially taking into account the development coming into the broader market perspective, although the objective has a very steep curve; however, Brandt’s warning is that ETH journey might not be as facile as envisioned, especially at the emergence of bearish signals. A Blend Of Signals The on-chain data from IntoTheBlock indicates that Ethereum holders have a divided sentiment. At present, nearly 23% of active addresses that hold ETH are in advantageous positions, which indicates that these holders are “in the money.” Although this implies that there is support at a certain level, the break-even level of 60% of the portfolios implies that the market remains uncertain. The holding by these individuals will determine how to buy more units or sell them in case of either a rise or drop in the price of Ethereum during the next weeks. More Losses Ahead? Veteran trader Peter Brandt warns that ETH’s bearish trend is severe and improbable to turn around. Brandt lately saw ETH’s daily chart’s negative predominance and projected more losses. Interesting to note that there was not a buy signal in $ETH In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2 — Peter Brandt (@PeterLBrandt) October 31, 2024 October 31 saw seasoned analyst Brandt, known for his accurate forecasts, draw attention to Ethereum’s bearish trend on X (formerly Twitter). ETH’s one-day chart starting in August has indicated a declining trend. This “bearish flag” indicates that the fall will keep on. Brandt saw no Ethereum purchase signals or momentum changes. His negative view contradicts with the rally forecasts of speculators. Since the chart shows no reversal, Brandt thinks ETH’s price may fall below current support levels. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival A Differing Perspective Although both are highly contradictory in terms of their opinions, the analysis by Martinez and Brandt of what is likely to happen in the subsequent phases of Ethereum has revealed such unpredictability. Ether is seen to continue its rise upward like that of S&P 500 toward $10,000. On the other hand, a similar cautionary tale given out by Brandt suggests that even in the future, difficulties may lie ahead due to the continuous presence of downward forces. Featured image from DALL-E, chart from TradingView
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 6, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin dominance approached 61% with Solana dominance also primed to touch record high.
Altcoins have lagged throughout the year amid regulatory uncertainty, and hence, K33 Research analysts said they are "more sensitive" to the election results.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 5, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 4, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Like most digital assets, Ethereum witnessed a correction this week by losing over 5% in the last 24 hours while trading just above $2,500. While the increased on-chain activity could eventually make the bulls bet for the bounce back of Ether, a few experts differ with this perspective. Crypto veteran analyst Peter Brandt predicts further downfall in Ether to the extent of loss of over 60% from its present price, with no indication of changing. Currently, Ether is trading at a 42-month low. While Bitcoin re-tested the $70k mark early this week, Ether maintains a sluggish price action and is too far off from the experts’ target of $4k. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? Ether’s Strong Bearish Movement Ethereum trades at its 42-month low against the world’s top digital asset, which suggests a bearish momentum. Zooming out of the price chart, Ethereum is on a downward spiral and a painful market correction for holders and investors. According to Brandt, Ethereum’s bearish sentiment will continue with no reassuring signs of reversal. Interesting to note that there was not a buy signal in $ETH In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2 — Peter Brandt (@PeterLBrandt) October 31, 2024 In a Twitter/X post, Brandt shared a graph saying there’s no but signal for Ether. He added that Ethereum’s chart is bearish, with the bulls making it difficult to hit the $1,551 target. The 1-day-chart highlights the asset’s continued bearish moment momentum that started last August, characterized by a descending channel. Ethereum’s bearish flag is terrible news for traders and holders, suggesting a continued downtrend. Analyst Sees Bearish Metrics For Ethereum Aside from the bearish signals on the graph, Brandt also noted a few discouraging metrics for Ethereum. For example, Ether has dropped by over 5% over the last 24 hours, registering a sharper decline than Solana, at -4.91%, and Bitcoin, at -3.87%. Also, Brandt noted that the ETH/BTC trading ratio dipped to 0.03613, a 42-month low, as BTC continues to lead the broader crypto market. Although Ethereum is currently priced at $2,507, Brandt sees the asset dipping even further to $1,551, reflecting a possible 62% decline from its current value. $1,551 As Ethereum’s Unmet Target Brandt sees $1,551 as the asset’s unmet target and a key milestone. In his analysis, this level serves as the holders’ point of capitulation. The recent dips in price have affected investors’ and holders’ confidence, with Ethereum struggling to sustain the $2,400 support. Related Reading: Ethereum Claims Address Dominance With 43% Lead—Will It Keep Rising? As the second biggest crypto, Ethereum has displayed initial signs of a rally. Many observers have predicted a market rally, targeting a long-term price of $6,000. Short-term estimates put Ethereum’s price at $2,750. However, Brandt offers a more bearish outlook for Ethereum, saying that the asset will go downhill unless a new set of technical indicators emerges. Featured image from Tokpie, chart from TradingView
The latest price moves in bitcoin (BTC) and crypto markets in context for Nov. 1, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Tim Robinson, Head of Crypto Research at BlueYard Capital, has unveiled groundbreaking simulations indicating that Ethereum’s implementation of “blobs” could be exceptionally bullish for the long-term price of ETH. In a series of posts on X, Robinson highlighted how blobs could revolutionize Ethereum’s scalability and economic dynamics. “Many people arguing about blobs, but so far no one has simulated how they respond to demand… until now,” Robinson stated. “TL;DR: Blobs are insanely bullish for ETH long term.” Why Blobs Are ‘Insanely Bullish’ For Ethereum Price Blobs, introduced in Ethereum Improvement Proposal (EIP)-4844, are large data structures designed to enhance the network’s capacity by efficiently storing and processing data off-chain. This mechanism is pivotal for Layer 2 (L2) scaling solutions, enabling them to offer lower transaction fees while maintaining security through Ethereum’s consensus. Related Reading: Ethereum Bullish Signal: Whales Withdraw $750 Million In ETH From Exchanges Robinson’s simulation projects Ethereum operating at 10,000 transactions per second (TPS), burning 6.5% of its total ETH supply annually, with L2 transactions costing an average of $0.06. This scenario involves 16 MB of blobs per block, aligning with Ethereum co-founder Vitalik Buterin’s medium-term goals outlined in his latest “The Surge” post. “Yes, that’s Ethereum operating at 10k TPS, burning 6.5% a year while L2 transactions cost an average of $0.06, with 16 MB of blobs per block,” Robinson elaborated. “You thought L2’s were parasitic and Vitalik didn’t think this through? Ah, sweet summer child, little do you realize how insane this will get when the Ethereum ecosystem really kicks into high gear.” A key insight from Robinson’s research is the rapid escalation of ETH burning as blob usage increases. “It’s interesting how quickly blobs go from being free to burning a ton of ETH. It seems almost everyone doesn’t understand this tipping point. It also makes me think there might be a better pricing mechanism,” he observed. Robinson provides a simulation tool illustrating the ETH burn rate‘s exponential growth as TPS scales from the current ~180 TPS to 400 TPS. The data shows burned ETH increasing from roughly 4 ETH per day to 1,832 ETH per day. It’s interesting how quickly blobs go from being free to burning a ton of ETH. It seems almost everyone doesn’t understand this tipping point. It also makes me think there might be a better pricing mechanism. Here’s what it looks like increasing from today’s ~180TPS to 400TPS pic.twitter.com/fjuK19NL6y — Tim Robinson (@timjrobinson) October 29, 2024 The scalability potential is further enhanced by the implementation of Peer Data Availability Sampling (PeerDAS), which allows blob capacity to scale with the number of validators. “Because total blob capacity scales with total validators, after PeerDAS is implemented, blobs can scale as high as needed,” Robinson explained. “There are 10k+ nodes to shard the load between them. While other ecosystems struggle under load, Ethereum will supply the world with cheap, abundant block-space while being extremely deflationary.” Related Reading: Ethereum Prepares For Potential Rally To $6,000, Analyst Says An intriguing feedback loop identified by Robinson is the inverse relationship between ETH price and the burn rate. “Another interesting feedback loop is the lower the ETH price, the higher the burn! As transaction prices are lower, more transactions are made, and the burn soars,” he noted. “See how different the burn is with ETH at $2k vs ETH at $10k”. Another interesting feedback loop is the lower the ETH price, the higher the burn! As transaction prices are lower, more transactions are made, and the burn soars. See how different the burn is with ETH at $2k vs ETH at $10k: pic.twitter.com/tbSbC6unwM — Tim Robinson (@timjrobinson) October 29, 2024 Addressing the question of value accrual for ETH, Robinson stated, “So how will ETH accrue value? Being the most useful, scarce, deflationary asset with 10,000+ teams using Ethereum to grow their products will probably do it. Long term, ETH has the best fundamentals in the world; it just takes time for them to play out.” The research sparked enthusiasm and discussions within the ETH community. Mat (@materkel) commented on X: “Will be extremely interesting once we hit blob capacity. My guess is a lot of L2s still need to figure out how to handle this case and properly fee their users. There will be a lot of inefficiencies to fix; we just didn’t really have multiple competing L2s in this scenario before. Once the dust settles, we’ll have proper price discovery both for fees on L2s together with blobs on L1.” Robinson responded, emphasizing the importance of proactive analysis: “Yeah, absolutely! I’m trying to bring the data so we can solve any problems before we get there. The market becomes more stable with more blobs, but in the early days, fees could be quite volatile.” At press time, ETH traded at $2,638. Featured image created with DALL.E, chart from TradingView.com
Crypto-linked stocks such as MicroStrategy, Coinbase, Robinhood and bitcoin miners MARA, RIOT also suffered sizable declines.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 31, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.