Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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Rocket Pool price dumped as whales sold at the local top

The price of Rocket Pool (RPL) faces fresh downside pressure near $45, with bulls’ attempting to turn the level into a new primary support zone. As of 12.50 pm ET on Friday, the RPL token was trading around $46.60 – about 2.4% down in the past 24 hours.

RPL is one of the altcoins that rallied hard as Ethereum activated the Shapella upgrade.

RPL price- data shows whales sold right at the local top

As CoinJournal highlighted on 14 April, Rocket Pool, Arbitrum and Loopring were among the altcoins to swell as Ethereum (ETH) broke out to $2,100 after the Shapella upgrade. The profit pivot to altcoins saw Rocket Pool’s RPL soar past its previous peak, amid increased buying pressure as the Atlas upgrade inched closer.

According to on-chain data from crypto market intelligence platform Santiment, the Rocket Pool price dumped as whales took profits right at the local top.

On 16 April 2023, RPL price rose to its all-time high of $61.87 before the momentum faded. Santiment says the cryptocurrency continues to see large whale volumes to add to the 70 that involved more than $100,000 worth of RPL.

The 70 transactions signaled the top for Rocket Pool price and is the second largest whale dump for RPL after the 111 large transactions involving more than $100k on 8 November 2021. At the time, RPL price had hit its then ATH of $59.47, Santiment noted.

Rocket Pool price prediction

Although Rocket Pool’s native token is up 14% over the past month, declines over the last two days have seen RPL/USD shed more than 25% from its recently hit all-time high.

In terms of short term Rocket Pool price prediction, further weakness in the Rocket Pool market could see the token’s price hurtle towards $38 or lower.

The post Rocket Pool price dumped as whales sold at the local top appeared first on CoinJournal.

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ETH on exchanges at 5-year low as capital continues to flee crypto


Key Takeaways

  • Only 15% of ETH is on exchanges, the lowest number in 5 years 
  • Drop has been swift since staking opened up in late 2020
  • Bitcoin and stablecoins have also fled exchanges, meaning liqudiity is thin
  • Volatility has risen as a result, with aggressive moves to the downside also possible, despite bullish first quarter for market as a whole

Ethereum has had an eventful few years. 

Obviously, it was tossed around violently in line with the rest of the crypto market. Bouncing around the $100 or $200 levels for a lot of 2018 to 2020, it suddenly thrust upwards during the pandemic, getting close to $5,0000 in late 2021 before crashing back down below $1,000. 

Crypto is fleeing exchanges

While price is all there is to talk about for the vast majority of crypto projects,  I don’t want to focus on that here. Let’s look at the supply of ETH on the market.

I published a deep dive recently looking at how capital has fled the crypto markets at large, with 45% of the stablecoin balance on exchanges exiting in the last four months, the toal balance now the lowest since October 2021. 

This pattern is being followed with cryptocurrencies across the board. Bitcoin has only 11.8% of its supply on exchanges, the lowest since the bull market top five years ago. Looking at Ethereum, there has been a rapid decline in the supply on exchanges, now the lowest in 5 years at 18.1 million ETH. 

Or, looking at the percentage of the total supply, there is now only 15% of ETH on exchanges. 

Ethereum staking could change all this

With Ethereum, however, there is an elephant in the room. Namely, the ETH staking contract that was opened up in November 2020. This allowed users to lock up their ETH in anticipation of the Merge, Ethereum’s transition to a proof-of-stake network, which eventually went live last September. 

Stakers only got access to their tokens last week, however, as the Shanghai upgrade went live. And when you plot the amount of ETH locked up in the staking contract compared to the ETH on exchanges, it is a clear factor. 

Nonetheless, that ETH is now live again. Or at least, stakers can choose to withdraw it if they like. The early diagnosis is that there hasn’t been any extra selling pressure, with ETH leading the crypto market post-Shanghai and breaking past the $2,000 barrier for the first time since May 2022, the month the infamous UST collapsed and sent the crypto market into a tailspin. 

Lack of supply ramping up volatility

The thin amount of ETH on exchanges, in addition to the sparse amount of Bitcoin and stablecoins, is kicking up crypto volatility so much higher. 

This is part of the reason that the market has bounced so sharply in the first quarter of the year. The more optimistic forecast on the Federal Reserve’s interest policy provided the impetus, and with so little capital in the market, it hasn’t been hard to move prices. 

At the end of the day, a price is just a bid finding an ask. And with much fewer bids and asks out there, it’s easy to see why prices have been so sensitive. 

It is tempting to conclude that the stingy supply is bullish for holders of these coins (and in the short-term, while the market is rising, it is – as we have seen with prices so easy to move recently). But on a bigger picture, this is not a good thing. 

Firstly, the opposite is also true – thin liquidity exacerbates moves to the downside as well as the upside, so if the market turns, there is far less to absorb the selling pressure, meaning the surge we have seen in the past couple of months can be reversed easier than normal.

But overall, crypto needs liquidity. The asset class is aiming to establish itself as a reputable brach of the financial economy. It needs a liquid market to buy and sell, and capital moving out of the space is not a good thing. 

The post ETH on exchanges at 5-year low as capital continues to flee crypto appeared first on CoinJournal.

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Ethereum Price Prediction For May. Will Shanghai Split Boost ETH, or is Metacade a Better Investment Option?

Ethereum is well-regarded as a crypto stalwart across the industry and ultimately remains the leading provider of blockchain network services for a host of decentralized apps (dApps), DeFi, and GameFi platforms. Ethereum news is buzzing with the platform’s now completed Shanghai update hot on the heels of “The Merge,” with analysts pondering over what the Shanghai split will do to the Ethereum price prediction in 2023.

While Ethereum news dominates the wires, Metacade’s recent partnership with MetaStudio and successful coin listing on Uniswap has quietly built on the momentum gained during the platform’s incredible presale event. Analysts are now waking up to the potential of Metacade, with many asking which is the better investment option this year, MCADE or ETH?

What is the Shanghai Split?

Shanghai is an upgrade which successfully activated on Wednesday, 12th April, and allows investors who have staked their ETH holding on the network to start withdrawing funds for the first time.

The main feature of Shanghai is to complete Ethereum’s transition from the unwieldy, expensive, and environmentally unsound proof-of-work (PoW) consensus mechanism to the cheaper, more flexible, and ecologically friendly proof-of-stake (PoS) mechanism to approve transactions. This switch allows Ethereum to move away from needing energy-intensive blockchain miners and the associated computer hardware, reopening the broader debate around the environmental impact of P.O.W cryptos.

Ethereum (ETH) Price Prediction 2023

The impact of the Shanghai split on the price of Ethereum remains unknown; however, analysts and investors have voiced their concerns over the potential implications in Ethereum news articles. In addition, many investors are apprehensive that the ability to withdraw staked ETH could deleteriously impact price predictions this year.

While current Ethereum price predictions in May  remain bullish, ( ETH is anticipated to rise above the $2,500 barrier by year’s end), markets and investors are nevertheless braced for price predictions to be revised downwards as a consequence of the possible release of unstaked ETH onto the exchanges.

What is Metacade?

Metacade is a brand-new GameFi platform with lofty ambitions to build the world’s most extensive online gaming arcade. Metacade’s primary goal is to provide its community access to the broadest possible gameplay experience to maximize its total addressable market (TAM).

The platform will revolve around a thriving community built by gamers, developers, and crypto fans as a hub for like-minded individuals to hang out and collaborate to push Metacade to greater heights and help push innovation in the wider Web3 gaming sector. While gamers can earn income through the platform’s outstanding play-to-earn (P2E) mechanics, this is just one string of a comprehensive rewards system that outstrips other GameFi titles.

For instance, users are incentivized to contribute to community building by gaining rewards each time they post social content in the form of alpha, game reviews, and contributions to forums and online chats. In addition, Metacade has a token staking scheme where users can gain passive income while investing in the platform’s future.

These features provide Metacade with exceptional levels of utility built into the MCADE coin. Alongside that, the platform’s transition to becoming a fully decentralized autonomous organization (DAO) will build governance into the token.

One essential part of this devolution of power to the community members is the pioneering Metagrants scheme, through which developers can apply for crypto grants to support the creation of exclusive new games for Metacade. Voting rights are rewarded to MCADE coin holders, who can vote for their favorite ideas. The concepts with the most votes can receive a grant from the platform’s central treasury, thus helping the platform evolve.

Metacade (MCADE) Price Prediction 2023

There is much to be excited about when looking at the price predictions for MCADE this year. With the successful listing on Uniswap at $0.022 already under its belt, the imminent listings on Bitswap and MEXC later in April and early May, respectively, look set to provide MCADE with a boost.

In addition, Metacade’s commitment to paying out rewards in MCADE will help maintain the flow of tokens within its ecosystem, keeping demand high and thus pushing the price higher. That, combined with the roll-out of new games and features throughout the coming weeks and months, could move MCADE beyond $0.50 by the end of the year, a price that would more than 50x returns for investors that bought at the presale launch price of $0.008.

ETH vs. MCADE: Which is the better investment this year?

Recent Ethereum news has made investors nervous about the value of their holding. While this has yet to filter into the Ethereum price prediction for 2023, there’s every chance that analysts will begin to revise their Ethereum price predictions downwards in the coming weeks and months if the Shanghai upgrade and token withdrawal capability hit the value of ETH.

There is no such uncertainty surrounding the future of MCADE. On the contrary, with the impending listing on more exchanges imminent, the platform will reach a wider audience and increase demand for tokens. These new listings, combined with the developing  utility of MCADE this year, make it an interesting potential investment choice in 2023.

You can find more information, including on how to buy MCADE, here.

The post Ethereum Price Prediction For May. Will Shanghai Split Boost ETH, or is Metacade a Better Investment Option? appeared first on CoinJournal.

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Ethereum price prediction as longs liquidations jump

  • Ethereum price dropped violently on Wednesday as cryptocurrencies pulled back.

  • Bullish liquidations jumped to the highest point since March 9.

Ethereum (ETH) price nosedived suddenly as more investors liquidated their positions. The coin pulled back to a low of $1,976, the lowest level since Monday this week. It has dropped by more than 8% from the highest point this week.

ETH bullish liquidations rise

Ethereum joined other cryptocurrencies in a major sell-off on Monday. Bitcoin moved below $30,000 for the second time this week. In the same period, popular coins like Arbitrum, Space ID, Kaspa, and Verasity also pulled back. 

It is not clear why Ethereum and other cryptocurrencies crashed on Wednesday. A likely reason is that the number of bullish liquidations jumped to the highest level in months. According to CoinGlass, the amount of bullish liquidations jumped to over $41.1 million. In contrast, shorts liquidations were over $1.2 million

These numbers were significantly higher than on Wednesday when bulls liquidations were just $9.6 million. Shorts liquidations were $16 million.

In most periods, cryptocurrencies jump when short-sellers start liquidating their coins and vice versa. For example, Ethereum price soared on April 14 when shorts liquidations jumped to more than $62.8 million.

Ethereum’s decline also coincided with outflows from several centralized exchanges. Binance has had over $18 million of outflows in the past 24 hours. Similarly, Bitfinex, Huobi, and Bybit lost over $20 million each.

Meanwhile, Ethereum price also reacted to the latest questioning of Gary Gensler on Tuesday. In congressional testimony, he repeatedly refused to answer whether he believes that Ethereum is now a financial security.

In a previous interview, Gensler said that he believes that Ethereum and other proof-of-stake coins are securities. His main concern is the opaqueness of staking, which he believes should be regulated to protect customers. On Monday, the SEC identified five coins, including Algorand, that it believes are securities.

Ethereum price prediction

The daily chart shows that the ETH price has been bullish in the past few months. It jumped to a high of $2,120, the highest point in months. A closer look shows that it formed a dark cloud cover pattern, which explains why it has dropped sharply. It also dropped below the first resistance of the Woodie pivot point.

Ethereum remains above the 50-day and 25-day moving averages. Therefore, there is a likelihood that the coin will have a bullish breakout in the coming weeks a buyers target the second resistance at $2,200.

How to buy Ethereum

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy ETH with Bitstamp today

The post Ethereum price prediction as longs liquidations jump appeared first on CoinJournal.

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CME to expand Bitcoin and Ether options expiries in May

  • CME group says demand from clients has increased amid the heightened market volatility.
  • The marketplace plans to expand expiries for its standard and micro-sized BTC and Ether options contracts.
  • Approval would see the derivatives platform make the changes on 22 May, 2023.

Derivatives marketplace CME Group is seeking to expand its options expiries for Bitcoin and Ethereum, according to an announcement published today, 17 April 2023.

The platform, which says the plans are subject to regulatory approval, indicates that the plan is to have its suite of crypto options for BTC and ETH contracts expiries be available every business week day – Monday to Friday.

Currently, expiries for micro-sized options on the two crypto futures are available on Monday, Wednesday and Friday. The CME also offers monthly and quarterly expiries for BTC and ETH options on its futures contracts.

If approved, the company will look to have the new expiries available beginning 22 May.

Client demand for BTC and ETH products

Giovanni Vicioso, CME Group Global Head of Cryptocurrency Products said the goal is to have market participants access options contracts that offer “greater precision and versatility” for managing short-term Bitcoin and Ethereum price risk.

“Against a backdrop of heightened market volatility in the digital asset sector, we continue to see clients turn to a trusted, regulated venue like CME Group for reliable and efficient cryptocurrency risk management products,” Vicioso added.

CME Group has seen an increase in demand for Bitcoin and Ethereum futures and options. The top two assets by market cap are also the two best cryptocurrencies for crypto derivatives trading. 

The bitcoin’s numbers in Q1, 2023 for CME achieved a notional of over $3 billion, a record in terms of daily average. The marketplace also saw a record BTC options contracts of 2,357 traded on 22 March 22. Open interest rose to an all-time high of 14,700 contracts on 31 March and could soar further amid a long-term bullish Bitcoin price prediction, particularly going into the next halving.

The all-time high for Ether options contracts was 311 on 22 February, while OI hit a record 1,800 contracts on 24 March.

The post CME to expand Bitcoin and Ether options expiries in May appeared first on CoinJournal.