On Wednesday, Ethereum (ETH) surged above the $2,700 mark for the first time in over a week, sparking a bullish sentiment among several crypto analysts. Some suggested that the second-largest cryptocurrency will soon break from the next resistance level and reclaim the $3,000 mark. Related Reading: Neiro Breaks Above Key Level Following 10% Weekly Drop, Is $0.0020 Next? Ethereum Retests $2,700 Ethereum surged above a key resistance level on Wednesday morning as most of the crypto market soared. The cryptocurrency rallied 3.1% toward the $2,700 horizontal level, hitting the $2,722 mark before retracing to $2,710. Over the past week, ETH hovered between the $2,430-$2,650 range after failing to hold its support. This performance worried many investors and market watchers, who have heavily criticized the crypto’s price action throughout the year. However, today’s jump represents a 5.6% increase in the weekly timeframe, which sparked a bullish sentiment among the community. Crypto trader CRG noted that Ethereum is testing a support level in its trading pair against Bitcoin (BTC) in a higher timeframe (HTF). Per the chart, ETH/BTC is retesting an HTF support at the 0.0377 level. The 0.023-0.040 zone was a crucial area between 2020 and 2021, with ETH’s all-time high rally starting after breaking above the upper line of this range. The trader suggested that Ethereum’s surge would be short-lived as the “King of Altcoins” has had a “disappointing” performance despite the spot ETH exchange-traded funds (ETF) approval. “ETH is like the toxic ex-gf that keeps you going back,” he jokingly stated. Similarly, crypto analyst Michaël van de Poppe remarked that it’s time to be bullish on ETH, suggesting that there’s a “massive bullish divergence” in the one-day timeframe of the ETH/BTC chart, while it was “popping up” in the three-day timeframe. Van de Poppe pointed out that the 0.051 area is the crucial zone for a trend reversal. ETH To Hit $3,000 In Two Weeks? Various crypto analysts have set the $2,800 resistance level as the next crucial zone if Ethereum successfully reclaims the $2,700 mark. Analyst Crypto Yapper pointed out that ETH has registered five consecutive green daily candles since bouncing from last week’s lows. To the analyst, if ETH breaks above the $2,800 horizontal level, the cryptocurrency will rally toward the $3,000 resistance level and potentially kickstart the altcoin season. Similarly, van de Poppe suggested that Ethereum will break above the crucial horizontal level in the next two weeks, as it took the liquidity at the $2,450 level and “ran back up to resistance.” According to the analyst, this could propel ETH’s price to $3,000 in November. Related Reading: Bitcoin Volatility To Peak By November 8 As ‘Trump Trade’ Intensifies – Report ETH has been rejected from the $2,700 resistance level, hovering between the $2,680-$2,690 price range for the past hour. As of this writing, the cryptocurrency trades at $2,693, a 1.4% and 3.3% increase in the daily and monthly timeframes. Nonetheless, it’s worth noting that the crypto market might continue facing high volatility over the next few days as speculation increases ahead of the US presidential elections. Featured Image from Unsplash.com, Chart from TradingView.com
Ether {{ETH}} is primed for a period of upside price action after underperforming against bitcoin {{BTC}} in recent weeks. Skeptics have claimed that the emergence of layer-2 networks has seen Ethereum fall out of favor among DeFi traders, but the data tells a different story.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 30, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Ethereum co-founder Vitalik Buterin has unveiled “The Splurge,” a comprehensive set of protocol upgrades aimed at addressing a variety of challenges within the Ethereum ecosystem. In his latest blog post titled “Possible futures of the Ethereum protocol, part 6: The Splurge,” Buterin delves into the technical intricacies of upcoming enhancements that seek to propel Ethereum […]
For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.’ However, just like Bitcoin, Ethereum has been the subject of many criticisms and attacks, and many have claimed that its popularity will end. The latest […]
Price action in Ethereum has attracted the attention of investors and analysts alike, as it trades near a critical support level at $2,600. Analyst Ali Martinez has pinpointed this region as the critical threshold that Ethereum will cross before it makes its next significant move. Related Reading: Bitcoin Potential For Monetary Policy Sparks Growing Interest Among Central Banks If this support is sustained, according to Martinez, it shall serve as the catalyst in staging a rally to usher the cryptocurrency to the ambitious target of $6,000. However, things do not seem that smooth ahead as already some market observers and participants have opined that the existing support could break under pressure. #Ethereum is testing a key support zone at $2,400. If this level holds, we might see $ETH aiming for the channel’s upper boundary near $6,000! pic.twitter.com/W8J8WVy5CL — Ali (@ali_charts) October 26, 2024 Ethereum has begun forming a rising channel from July 2023. An ascending channel is a technical pattern in which two parallel trend lines represent the support and resistance level. Recently, the price of Ethereum stayed near the lower edge of this corridor. Martinez believes that Ethereum will rally from here, so everyone’s holding on tight. Important Support And Resistance Zones The ascending channel pattern does not occur by accident. It indicates the probable paths of Ethereum. The trend line acts as a resistance level in the channel, while the trend line at the bottom actually acts as a support level for the price to bounce. The move of Ethereum past $2,600 is also an important retest point that will act as a pivot for its new price target. Martinez believes this is a good risk-reward opportunity for the investor and recommends placing stops at around $2,00 to $2,150. The idea behind these stop-losses is to limit the potential losses, but they also open up upside in case Ethereum moves higher towards the upper trendline. This observation appears somewhat vague, as some analysts are expressing concerns about a potential breakdown at the $2,500 range. However, Martinez has not provided much insight into how this situation could still create favorable conditions for a rally to occur. Indicators Look Positive: On-Chain Data On-chain data shows 70% of Ethereum holders are profitable. Therefore, this positive attitude would be further supported in terms of the level of profitability that reduces the chances of big sellers. When there aren’t strong motives for selling, then an upward movement for Ethereum could easily be expected. Related Reading: Floki Inu Warning: Analyst Says ‘Prepare For The Crash’ – Details Robust Long-Term Projections Meanwhile, the future estimates for Ethereum have room for growth. The current market predictions reveal that Ethereum is trading about 6.5% lower than the predicted target for next month, which also means the asset is underpriced. More positive projections for the long term range from 173% possible returns in a year, according to figures by CoinCheckup. Such growth could probably give a push to Ethereum’s upward movement and form a firmer support base that may encourage price levels to stay high and stabilized. Featured image from StormGain, chart from TradingView
The latest price moves in bitcoin (BTC) and crypto markets in context for MONTH XX, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The new index series from HKEX will offer a single reference price for Bitcoin and Ether, aligning with Asia-Pacific trading hours, and it aims to boost transparency in the digital asset market.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 28, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
In a spirited response to allegations that the Ethereum Foundation has been irresponsibly selling off its ETH holdings, co-founder Vitalik Buterin firmly denied the accusations on X. In an explanation, Buterin provided detailed insights into the Foundation’s financial practices and its contributions to the ecosystem. The controversy arose after a X user accused the Ethereum […]
Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 25, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
In a post published on October 23, Ethereum (ETH) co-founder Vitalik Buterin shared details about ‘The Verge’ upgrade, which aims to make it easier to run validator nodes. New Ethereum Upgrade To Make Running Nodes Easier Buterin highlighted several issues currently facing the Ethereum network, particularly the high resource requirements needed to run Ethereum nodes. Related Reading: Ethereum Demand Driven By Use In On-Chain Applications, Token Transfers: CoinShares According to research from Paradigm, an Ethereum client needs to store “hundreds of gigabytes of state data” to verify transaction blocks. Further, this data requirement increases by almost 30 GB every year, leading to fewer entities being able to run validator nodes. Through ‘The Verge’ upgrade, running nodes can be made more accessible and less resource-intensive by leveraging two key innovations – stateless clients and cryptographic SNARKs (Succinct Non-interactive Arguments of Knowledge). The uninitiated, stateless clients function as fully-verifying nodes without the intensive hardware requirement associated with typical Ethereum blockchain clients. Specifically, stateless clients only need a few gigabytes of storage, in contrast to the current requirement of over 1 terabyte (TB), which makes running a full node considerably resource-intensive. Buterin posits that stateless verification will “make fully-verifying the chain so computationally affordable that every mobile wallet, browser wallet, and even smart watch is doing it by default.” By reducing storage needs, stateless clients can democratize network participation, lowering entry barriers – especially for solo stakers – and enabling more entities to secure and validate transactions on the Ethereum network. Buterin Encourages Solo-Staking By Lowering Requirements Buterin has recently emphasized the importance of making Ethereum solo staking more accessible by lowering entry barriers, such as the minimum amount of ETH required to stake and reducing bandwidth demands. Related Reading: Ethereum Proposal EIP-7781 Promises Network Performance Boost – Here’s What To Expect Additionally, Buterin discussed the advantages of SNARKs in strengthening cryptographic verification and defending against the potential threat of quantum computing. SNARKs are sophisticated cryptographic proofs that enable users to verify blockchain data without downloading all its data. “Download some data, verify a SNARK, done,” Buterin summarizes. In the detailed blog post, Buterin also shed light on the Ethereum Improvement Proposal (EIP) 4762, which deals with stateless gas cost changes in the context of stateless verification. EIP-4762 seeks to adjust gas fees for resource-intensive cryptographic operations to maintain Ethereum network scalability and security. The proposal also introduces ‘multidimensional gas’, which charges different gas fees for call data, computation, and state access functions. Ethereum’s native token, ETH, has attracted increased institutional interest as the smart contract platform’s adoption grows. A recent survey shows that nearly 70% of institutional investors are involved in ETH staking. Despite the overall bullish outlook for Ethereum’s future, this optimism has not yet translated into significant price movement for ETH. Nevertheless, long-term ETH holders remain confident in the token’s long-term potential. At the time of writing, ETH is trading at $2,526, up 1.7% in the past 24 hours. Featured image from Unsplash, Chart from Tradingview.com
Bitcoin Cash and Uniswap led CoinDesk 20 gains, each rising more than 5%.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 24, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Cryptocurrencies weren't spared as stocks, bonds, gold and oil all declined on Wednesday.
Solana was the best-performing asset in the CoinDesk 20 Index through the week, advancing 11%, while BTC and ETH declined.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 23, 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 Oct. 21, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Data points to an Ethereum price rally to $3,000, but ETH charts imply that a few corrections could occur along the way.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 18, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
Bitcoin ETFs have purchased around 48 days of the mined bitcoin supply in the past four trading days.
Some analysts don’t see this as a centralization concern due to the Ethereum network’s underlying builder-proposer architecture.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 15, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The launch of Monochrome Ethereum ETF follows the crypto investment firm's spot bitcoin ETF, which went live in August.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 11, 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 Oct. 10, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The Taiwanese financial watchdog is reportedly considering trialing institutional crypto custody services, with local banks being evaluated for a pilot program. Taiwan Looking To Integrate Crypto Assets Into Economy Taiwan’s financial regulator, the Financial Supervisory Commission (FSC) is reportedly encouraging local banks to pilot digital asset custody services. Related Reading: Taiwan’s New Regulatory Proposal: A […]
One observer noted 7,000 PlusToken-related ETH transferred to crypto exchanges on Wednesday, raising concerns about potential selling pressure.
Robinhood users in Europe can now deposit and withdraw crypto using external wallets and exchanges like Binance.