Kategorie: Ethereum News

What blockchain will win? A common question in the world of cryptocurrency. But in truth, the future is likely one of interoperability. Certain blockchains will be bigger than others, but many will exist.

I sat down with Ram Ramachandran on the latest episode of the CoinJournal podcast to discuss this issue and more. Ram is the CEO of the Router Protocol, an infrastructure layer which aims to enable communication between blockchains.

Ram has been in crypto for the best part of a decade, meaning he has some good perspective on the recent bear turn and how it compares to what else we have seen. Previously working in the traditional capital markets, Ram even worked for the rating agency Moody’s during the Great Financial Crisis, meaning he has a unique perspective from his time at the heart of the storm.

We discuss the bear market, why Ram believes Ethereum will remain King, the current economy, inflation, interoperability, running a start-up in the current turbulent times and a lot more.

The full interview is below:

Spotify -> here

YouTube to follow shortly

 

Router Protocol Contact Details

Router Protocol website: www.routerprotocol.com

Twitter: @routerprotocol

Flagship Dapp: app.thevoyager.io/swap

Telegram: routerprotocol

Discord: here

The post Interview: The future is interoperability – CEO of the Router Protocol appeared first on CoinJournal.

Ethereum price bounced back on Wednesday as the market refocused on the upcoming interest rate decision by the Federal Reserve. ETH rose to a high of $1,460, which was significantly higher than this week’s low of $1,356. 

Fed decision ahead

Ethereum price staged a strong recovery this month that saw it soar to a multi-month high of $1,665. This rally happened as investors bought the dip as they anticipated the upcoming merge. The combination of the current version with the Beacon Chain is expected to take place in September of this year. 

Once complete, the merge will bring the biggest shift in the blockchain industry in years because of the important role that Ethereum plays in it. It will make popular applications built on Ethereum like Aave, Uniswap, and Compound faster and less costly.

Ethereum price also jumped because of the strong inflows in the decentralised finance (DeFi) industry. The total value locked (TVL) across the sector rose from over $72 billion to about $85 billion. This was a strong recovery considering that the sector has been under intense pressure in the past few months.

ETH price is now bouncing back for two main reasons. First, the US dollar index has pulled back slightly ahead of the upcoming FOMC decision. The bank is expected to publish the latest decision during the American session.

Analysts expect that the bank will hike interest rates by another 0.75%. If this happens, it means that the Fed will have increased rates by 225 basis points this year alone. The US dollar is possibly retreating as investors price in a less hawkish statement from Powell.

Ethereum price is also rising as the stock market recovers. Futures tied to the Dow Jones, S&P 500, and Nasdaq 100 rose by more than 1% after the mixed earnings by companies like Microsoft and Google.

Ethereum price prediction

The 4H chart made a strong bearish breakout on Tuesday as the crypto sell-off accelerated. It reached a low of $1,356, which was the lowest level since July 18th. The coin managed to move below the 25-day and 50-day moving averages. At the same time, it invalidated the bullish flag pattern that is shown in black.

Now, Ethereum price is attempting to retest the lower side of the ascending channel. This is known as a break and retest pattern, meaning that the coin will likely have a bearish breakout in the near term. If this happens, the next key point to watch will be at $1,278.

The post Ethereum price forecast: break and retest pattern forms appeared first on CoinJournal.

Ethereum has rallied by nearly 40% in 10 days. The coin is now firmly above $1000. It has also surpassed the $1300 resistance as investors rush in to buy the July crypto dip. However, technical indicators suggest that ETH has lost momentum. The coin is now facing a steep sell-off. Here are some key takeaways:

• Momentum indicators on the chart show ETH is now overbought.

• The coin is struggling to hold above its 50-day moving average of $1300.

• A correction of around 20% is plausible over the next few days.

Data Source: TradingView 

Ethereum Price Analysis and Prediction

Between July 15th and July 25th, ETH charted a strong upward trend. The coin was up 40% during this period as the broader market recovered from July lows. But this strong momentum has now slowed. ETH has retreated sharply and is now hovering above its 50-day moving average of $1300. A drop below $1300 will likely trigger a steep sell-off that ultimately sends ETH to $1180.

Despite this, analysis of previous ETH trading history shows strong demand at $1550. In fact, nearly 586,000 unique addresses have purchased 5.1 million coins at the $1550 mark. If ETH reverses the current downtrend and rallies to $1550, our bearish outlook becomes invalidated.

However, this will not be easy. For instance, ETH is overbought. This leaves minimal space for a strong uptrend. The Tom DeMark (TD) Sequential indicator is also flashing the ‘sell’ signal. All these factors strongly affirm our prediction that a sharp ETH sell-off is highly probable.

Will ETH rise again in the near term?

For now, the best-case scenario is for ETH to hold above the 50-day MA at $1300. If this happens, we may see a period of sideways trading as the coin tries to generate demand.

However, the more likely outcome is that ETH will end July in the red. The coin might even fall below $1000 over the next 14 days.

The post Is it time to sell Ethereum despite the recent rally? appeared first on CoinJournal.

Today morning, Ethereum price plunged by about 10% after staging a very promising recovery rally last week. The sudden drop caught the majority of traders and investors by surprise.

Most crypto traders were expecting Ethereum to maintain the bullish trend as it heads to its much-awaited “Merge” upgrade.

But why the sudden drop? What happened or what caused the second largest cryptocurrency to lose so much in such a short time?

Large selling volume

While there is no major news touching on Ethereum or its ecosystem, there has been a relatively large Ethereum selling volume on the market after bears started to sell their ETH holdings actively.

The huge sell-off has pushed the liquidation of Ethereum to almost $100 million, causing the price to drop sharply.

Today’s plunge marks the third unsuccessful attempt by Ethereum to break towards $2,000. This leaves the fate of the recent recovery rally in jeopardy since Ethereum has to first recoup what it has lost before continuing with the rally.

And although there is a lot of hype around the upcoming “Merge” upgrade, uncertainties have arisen following the huge sell-off. A majority are asking themselves why there should be such a huge sell-off for a coin if it is expected to perform better after the upgrade.

Some investors believe what we are seeing is a bear trap that will become the catalysts for another bearish reversal pushing the prices to new lows.

Secondly, the planned decrease in ETH supply after the “Merge” does not auger well with investors since some believe there is not enough push for investors to see the need to acquire more coins.

The post Ethereum drops by almost 10% within hours after a promising rally: here’s why appeared first on CoinJournal.

Polygon, a decentralised Web3 infrastructure and Ethereum scaling solution, has launched Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), a layer 2 solution that leverages zero-knowledge proofs to offer seamless transactions buoyed with reduced costs and increased throughput.

The batching of transactions support allows for significant reduction of gas fees, while it also supports faster settlement of deposits and withdrawals – an attractive aspect for DeFi developers.

Advancing Web3 infrastructure

The zkEVM also offers frictionless functionality with all smart contracts, wallets and developer tools, tapping into the same robust security that secure the Ethereum blockchain.

Polygon zkEVM also allows for developers to migrate decentralised applications (dApps) from EVM-compatible chains via a simple switch of nodes. They don’t have to change the code, tooling or smart contracts when they migrate from EVM-compatible to zkEVM.

The solution thus boasts the three main features that are crucial to the Web3 ecosystem – scalability, security and Ethereum-compatibility – which Polygon co-founder Mihailo Bjelic called the “holy grail of Web3 infrastructure.”

“Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption,” he commented.

The L2 solution supports seamless minting of NFTs, Web3 gaming and enterprise applications. In all these, developers get the benefits of higher throughput and low fees (Polygon believes its zk-rollups can cut fees seen on the Ethereum network by 90% and that a future off-chain feature could push the fees even lower).

The post Polygon announces zero-knowledge EVM rollups to boost Web3 infrastructure appeared first on CoinJournal.