Kategorie: Ethereum News

• Ethereum remains intact at above $1,000 despite hot inflation numbers

• The price gained by double digits on Friday

• Ethereum has formed inside bars and is gearing for a breakout

Ethereum ETH/USD remains in a bear market despite double-digit gains on Friday. However, Ethereum lovers have something to be optimistic about its price. 

Ethereum has kept the $1,000 level intact. This is good news considering that the cryptocurrency was weighed by the inflation data on Wednesday. At the current $1,198, Ethereum is still pushing higher. A higher than expected 9.1% inflation jump rattled markets. At the very least, cryptocurrencies were expected to remain suppressed due to high inflation. The latest gains in Ethereum confirm that investors are developing a thick skin. It means that the cryptocurrency has somewhat started to price in the high inflation environment.

We cannot confirm that Ethereum is bullish after the latest gains. However, we believe the cryptocurrency is heading for a major breakout. The breakout will usher in a bullish era and end speculations of a potential slump to as low as $700. The chart below reveals it all.

Ethereum forms inside bars at key support

Source – TradingView

On the weekly chart, Ethereum has formed multiple inside bars at minor support of $1,000. The inside bars are a communication of market indecision. However, we are drawn to the fact that Ethereum has been in a bearish market. The indecision is a potential indication of bear exhaustion and entry of buyers. Furthermore, the price has been gaining, suggesting a potential bullish reversal.

A potential breakout of the inside bars from the mother bar will make Ethereum bullish. The breakout will occur at around $1,440, allowing ETH to reclaim another support. 

Concluding thoughts

Ethereum’s breakout of the inside bar pattern will confirm a bullish reversal. Buyers will be safe buying at around $1,440, which will be the support after the breakout.

The post Ethereum eyes a breakout, and bulls could be preparing to pounce in appeared first on CoinJournal.

Ethereum and Cardano fit the bill in terms of environmental consciousness 

Key points:

• The EU has come up with crypto regulations, and one of the critical areas of focus is the environmental metrics of cryptocurrencies. 

• Cardano and Ethereum are among the cryptocurrencies that perfectly align with these regulations.

• Aside from compliance with regulations, these two cryptocurrencies are growing in real-world adoption. 

Recently, the European Union developed a raft of regulations to bring sanity to the crypto market. The regulations also give an idea of how cryptocurrency regulations could go globally. They also offer an idea of the best cryptocurrencies to buy going into the future. 

One of the critical aspects of the regulations is that cryptocurrencies will be required to declare their carbon footprint. This is an indicator that going forward; the EU will be more pro-environmentally friendly cryptos.

From an investor perspective, this is also a pointer to the type of cryptocurrencies that are likely to find more favor with investors going forward. Below are the top-ranking cryptocurrencies to keep an eye on after the EU regulations.

Cardano

One of the key reasons why Cardano (ADA) became a thing in the first place is to deal with the environmental costs of Proof-of-Work cryptocurrencies like Bitcoin and Ethereum. As such, it is perfectly in line with the new EU regulations. That said, Cardano is a lot more than just environmentally-friendly crypto.

Cardano also happens to be one of the most technologically advanced cryptocurrencies. Its Ouroboros Proof-of-Stake algorithm is one of the best because it strikes a perfect balance between security, decentralization, and scalability.

On top of that, Cardano has gained significantly in adoption. For instance, in places like Ethiopia and Rwanda, the Cardano blockchain is already being used to streamline government systems. Since it is in the developing world that such systems are needed the most, Cardano is on the right track to adoption and value growth.

That’s why it stands out as the top crypto to watch now, even as the crypto bear market persists.

Ethereum

For years, Ethereum (ETH) has been bad for the environment since it uses a Proof-of-Work algorithm. However, since 2020, it has been transitioning to Proof-of-Stake, in what’s popularly known as Ethereum 2.0.

Ethereum has made significant strides on this front, and a testnet merge of Ethereum and Ethereum 2.0 is complete. It is widely expected that in a month or so, Ethereum will be running as Ethereum 2.0 and use only a tiny percentage of the energy it was using when running as Proof-of-Work.

Besides being in line with the new EU guidelines, there are many other reasons why Ethereum looks attractive as an investment. One of them is security. In the altcoins market, Ethereum is easily the most secure and decentralized. After the events of the last few months, where some cryptos have collapsed, Ethereum’s security is likely to see it attract more investors in the EU and outside.

The post Top cryptos most compliant to new EU crypto regulations appeared first on CoinJournal.

Ethereum price has struggled in the past few months as investors remain concerned about several factors. The ETH token is trading at $1,083, which is significantly lower than its all-time high of near $5,000. The coin’s market cap has dropped to about $131 billion. At its peak, Ethereum was valued at over $600 billion.

DeFi, NFT, Gaming growth concerns

Ethereum price has crashed as investors continue worrying about the rising inflation and the strong US dollar. Data published on Wednesday revealed that America’s inflation surged to 9.1% in June of this year. This was the biggest increase in more than 41 years.

Inflation has an impact on Ethereum and other cryptocurrency prices. For one, high inflation pushes the Federal Reserve to embrace an extremely hawkish policy. In return, this policy tends to push the value of the US dollar much higher. 

Learn more about how to buy Ethereum.

Indeed, the US dollar index has surged to $108, which is the highest level it has been since 2002. A strong US dollar usually devalues the prices of other financial assets that are priced in the currency. Unfortunately, Fed is expected to double down by implementing a 100 basis point rate hike later this month.

Ethereum price has also crashed because of the ongoing performance of key sectors like gaming, decentralized finance (DeFi), and non-fungible tokens (NFT). In the past few months, the total value locked (TVL) in DeFi has crashed from over $250 billion to about $73 billion. In this period, the TVL in Ethereum has dropped to about $45 billion.

The same trend has happened in the gaming industry. The number of active players in an Ethereum platform like Axie Infinity has dropped to below 500k. Decentraland has also seen waning user growth. 

Further, the volume of non-fungible tokens (NFT) traded on a daily basis has declined significantly in the past few months.

Ethereum price prediction

The daily chart shows that the ETH price has been falling in the past few months. Most recently, the coin has formed a horizontal channel that is shown in blue. This channel resembles a bearish flag pattern. It has also moved below the 25-day and 50-day moving averages.

Therefore, because of the bearish flag, there is a possibility that Ethereum will soon have a strong bearish breakout as sellers target the support at $888, which was the lowest level this year.

The post Ethereum price bearish flag points to a major crash soon appeared first on CoinJournal.

The cryptocurrency market has lost the gains it recorded on Monday and could face further losses soon.

The cryptocurrency market has recorded heavy losses over the past 24 hours. The market has wiped out nearly $50 billion in the last 24 hours, with the total market cap down around $870 billion.

Bitcoin, the world’s number one cryptocurrency, is trading below the $20k psychological mark for the first time in a week after losing more than 4% of its value in the last 24 hours.

Ether maintains its position as the second-largest cryptocurrency by market cap. However, it has lost more than 7.5% of its value over the past 24 hours. ETH is currently trading around $1,060 and risks dropping below the $1k mark for the first time this month.

In the last seven days, ETH has shed more than 6% of its value and further losses could await the native token of the Ethereum blockchain.

Key levels to watch

The ETH/USD 4-hour chart is bearish at the moment as Ether has been underperforming over the past 24 hours. The technical indicators show that Ether is the worst performer amongst the top 10 cryptocurrencies by market cap. 

The MACD line has dropped below the neutral zone and currently stands at -41, indicating bearish momentum. 

The 14-day relative strength index of 23 shows that Ether is currently in an oversold position.

If the bearish trend continues, ETH could drop below the $1,000 mark for the first time in a month. In the event of an extended bearish performance, ETH could lose it second major support level around $935.

However, if the bulls regain control, ETH could reclaim its price above $1,100 before the end of the day. The second major resistance level at $1,172 should cap further upward movement in the short term. 

The post Ether could slip below $1k as the broader market retraces appeared first on CoinJournal.

The Ethereum network will soon leave its proof of work mechanism and migrate to a proof of stake.

SSV DAO, the body responsible for building ssv.network, announced earlier today that it will distribute grants to development teams to help decentralise Ethereum’s consensus layer in preparation for its transition to POS.

According to the press release shared with Coinjournal, SSV DAO revealed that it had allocated over $10 million in assets to boost staking activities on the Ethereum network.

This latest development comes after SSV DAO partnered with some industry-leading companies including Coinbase, DCG, and Okex. As a result of these partnerships, SSV DAO is increasing its effort to build the staking infrastructure needed for other decentralised staking applications.

SSV DAO is now encouraging developers to apply for grants and participate in bug bounties and incentivised testnets. 

The DAO is set to allocate over $3 million to open and pre-defined grants aimed toward developers to build applications, staking pools, and other tools needed by the network.

It will allocate another $3 million towards bug bounties, while a whopping $4 million is available for incentivised programs for early adopters and testers. These funds would be available to developers in USDC, ETH, and SSV tokens.

Alon Muroch, the head of SSV Protocol commented that;

“The Ethereum community has identified DVT as a crucial component in ensuring that the protocol remains decentralized and secure. We encourage development teams to join the Grant Program and unlock distributed staking on Ethereum for the next billion users.”

According to SSV DAO, developers in the space including RockX, Swell, Forbole, and Ankr have submitted and received roughly $1M in approved grant requests since March. 

The team now intends to scale the grant program and invite more companies and developers to build projects on top of the SSV protocol. 

Ssv.network provides developers with a stable infrastructure that allows them to build liquid staking protocols, delegation services, and staking pools. The network also solves the blockchain trilemma of centralisation, scalability, and security that have existed since Ethereum’s inception. 

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