Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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Ethereum price prediction: ETH has more short-term upside

  • Ethereum price made a strong bullish breakout on Tuesday.

  • Investors expect companies to launch of several Ethereum ETFs.

Ethereum price staged a strong recovery on Tuesday as investors remained optimistic about cryptocurrencies. ETH coin jumped to a high of $1,738 on Tuesday, the highest level since August 17th. It has soared by more than 11% above its lowest level this month.

Ethereum ETF next?

The main catalyst for the Ethereum price surge was the decision by a US court to side with Grayscale. The lawsuit emerged from a decision by the SEC to arbitrarily reject Grayscale’s attempt to convert its GBTC ETF into a spot ETF.

In the verdict, the court said that the SEC should review and approve the ETF. As a result, investors hope that the SEC will move on to approve the fund together with those requested by companies like Blackrock, Vanguard, and Invesco.

Grayscale’s initial strategy will likely be to convert the $5.2 billion Grayscale Ethereum Trust (ETHE) into a spot ETF. An ETF operates best because it does not have the discount to Net Asset Value (NAV). Today, the market price of ETHE stands at $11 while the value of holdings stand at $16.72.

Other companies like Blackrock and Invesco could also apply for their Ethereum ETFs. The challenge for Ethereum is that it has become significantly different from Bitcoin. By merging with the Beacon Chain, Ethereum transitioned into a proof-of-stake coin. 

SEC’s Gary Gensler has previously argued that Ethereum, because of its staking features, has transitioned into a financial security. He believes that brokers and exchanges that hold ETH for staking should provide more disclosures to investors.

Analysts believe that the agency has a better chance of convincing a court about Ether being a security than in the XRP case.

Ethereum price prediction

The 4H chart shows that the ETH price moved from a consolidation phase and made a strong bullish breakout. It has moved above the crucial resistance level at $1,702, the highest level on August 23rd. The coin has also moved above the 25-day and 50-day moving averages.

Most importantly, it seems like it is forming a small bullish flag pattern. Therefore, the outlook for the coin is bullish, with the next level to watch being at $1,800. A move below the key support of $1,702 will invalidate the bullish view.

How to buy Ethereum

AVATrade

Ava Financial Ltd operates the AvaFX and AvaTrade forex brands and all business associated with them. The company has a branch office in Dublin, Ireland, which enabled it to get an operational license from the Irish authorities.

Buy ETH with AVATrade today

Binance

Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.

Buy ETH with Binance today

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Ethereum phone, with preinstalled Ethereum OS, available for preorders

  • Ethereum is launching an Ethereum OS smartphone.
  • Ethereum fans can preorder the smartphone by minting certain NFTs.
  • The smartphone will make Ethereum, the largest smart contracts platform, even more decentralized, transparent and censorship-resistant.

Customers in the United States, Canada, and Europe can now place preorders for “Ethereum Phones,” which are mobile smartphones with the Ethereum OS already preinstalled. The initial wave of phones is only available to Ethereum fans who mint certain NFTs, according to the official statement.

Ethereum Phone, which is a smartphone based on the popular mobile phone Google Pixel 7a, is advertised as the first physical phone to come with Ethereum OS (ethOS) pre-installed. Ethereum seems to be following in the steps of Solana which recently launched its Saga smartphone, which is currently available in Canada, the United States., the United Kingdom, the European Union, and Australia.

Ethereum Phone features

A variety of components in the ethOS software package allow the phone to flawlessly interact with the Ethereum (ETH) utility network.

For example, it has a built-in decentralized payments tool, a noncustodial crypto wallet, a decentralized messenger, and Ethereum Name Service (ENS) integration.

Minting the ethOS phone NFTs

Supporters of Ethereum (ETH) are asked to mint particular NFTs on the campaign’s domain in order to reserve an Ethereum phone in the preorder campaign.

Currently, these NFTs can be purchased for 0.39 Ethers (ETH), which is about $650 refundable one year after the sale. According to a tweet made by the ethOS mobile organization, you can “mint your ethOS NFT today, and burn it to redeem your physical ethOS phone and have it sent directly to you. Shipping begins Fall 2023.”

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Valkyrie just filed for an ETH futures ETF with the U.S. SEC

  • Valkyrie already resubmitted its Bitcoin futures ETF with the SEC.
  • Valkyrie is the first company to file for an ETH futures ETF in the U.S.
  • Ethereum (ETH) price reacted minimally to the news and was trading at $1,819.73, down 0.96% in the last 24 hours.

Asset management company Valkyrie has filed for an Ether (ETH) futures exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). In accordance with the filing made on August 16, the application represents an expansion of the business’s prior decision to modify its Bitcoin futures ETF application which the SEC accepted in July.

According to the application, the fund will seek to buy several Ether futures contracts rather than making a direct investment in the cryptocurrency. Ether, the native token of the Ethereum blockchain, is utilized for decentralized network peer-to-peer transactions.

According to the application document, “Ether may be regarded as a currency or digital commodity depending on its specific use in particular transactions. Ether may be used as a medium of exchange or unit of account, although a number of large and small retailers accept ether as a form of payment in the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly, ether may be used as a store of value […], although it has experienced significant periods of price volatility.”

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Volatility Shares aims to list its Ether Futures ETF on October 12

  • Volatility Shares plans to have its Ether Futures ETF (ETHU) open to investors on October 12. 
  • The company listed its 2x Bitcoin-linked ETF (BITX) in July.

While all eyes remain on the US Securities and Exchange Commission (SEC) with regard to the several spot Bitcoin ETF applications before it, market experts say the first Ethereum futures exchange-traded fund in the US is an equally massive development.

First ETH Futures ETF for US market

Volatility Shares, one of the leading ETF providers in the market, has indicated plans to list its Ether Strategy ETF on October 12, 2023. The product will trade under the ticker ETHU, offering the company’s first Ether-linked ETF and come a few months after Volatility Shares’ 2x Bitcoin-linked ETF (BITX) that launched in July.

Eric Balchunas, a senior ETF analyst at Bloomberg, says Volatility Shares’s positioning for the debut of the Ether ETF could see it beat rivals amid the race to be first to market with the highly anticipated product.  

Even though the SEC hasn’t pronounced itself on ETHU, Balchunas notes that the regulator “looks to be ok” with the proposal as there hasn’t been any withdrawal. Also notable is the application date, which with the 75-day approval window, means the company is likely to be first to the market on October 12.

Nonetheless, the SEC may choose to group the filings and Volatility Shares are probably “just pushing the envelope” as they did with their BITX offering.

Stuart Barton, the CIO of Volatility Shares has indicated that the company is looking to have ETHU available to investors before they shift focus to the increasingly demanded-for spot ETF market.

The SEC has notably not approved any spot crypto ETF for the US, and the next big decision after a recent delay for the Ark spot Bitcoin ETF, will be on Grayscale. With the 160-day window up on Tuesday, the expectation is that this decision comes on Friday morning.

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Bald Network developer sends 7,000 ETH to Ethereum, deposits some on Kraken

  • After a spectacular mess up, Bald developer has transferred ether worth $12.9 million back to Ethereum Network.
  • The developer deposited 2,100 ether on Kraken.
  • In most cases, whales transfer cryptocurrencies to exchanges to sell them or trade them for other coins.

After weeks of rapid growth, its mysterious creator of bald (BALD) yesterday transferred $12 million in ether (ETH) back to the Ethereum network. Bald had reached a market capitalization of $80 million before some events caused the token price to fall by 90%.

According to data published by analytics company Lookonchain, The bald token developer transferred 7,000 ether (worth about $12.9M) from the Base network back to Ethereum on Sunday. He then deposited 2,100 ether, worth $3.87 million at current prices, to the crypto exchange Kraken.

According to a Dune Analytics query, this is the first time that more funds were sent out of the Base Network than deposited.

The catastrophic fall of Bald

Bald saw a surprisingly increased popularity in early August, when Base, a blockchain created by Coinbase, wasn’t even formally open to the public. A popular tweet about a trader who turned $500 into hundreds of thousands of dollars caused Bald to soar 4,000,000% in a matter of days, bringing in almost $66 million in ether (ETH) from investors looking to squeeze out profits from an otherwise stagnant larger crypto market.

At the time, Bald appeared to have it all: seemingly limitless liquidity, a thriving neighbourhood, an infusion of fresh traders, and, in some quarters, tenuous expectations that it may develop into the next SHIB. This exhilaration, however, did not endure more than a few days. After reaching a high of $0.02795, bald prices dropped by as much as 90% after the token’s deployer removed millions of dollars worth of liquidity, which swiftly affected sentiment as investors moved to remove their funds from the project.

The deployer had previously contributed up to $35 million worth of ether to a liquidity pool on the Base network-based exchange Leetswap, giving the appearance that the project was well-funded. Along with providing ether in exchange for BALD tokens and selling ether for BALD as prices increased, the deployer may have earned millions of dollars in fees.

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