Kategorie: Ethereum News

• Vitalik Buterin says crypto winters help developers focus on projects and not the speculation that dominates during bull markets’
• Weak projects fade away in bear markets, he added.
• Bitcoin and Ethereum have seen major losses since touching their all-time highs in 2021.

Ethereum co-founder Vitalik Buterin has commented on the current crypto market outlook, noting in an interview with Bloomberg that a crypto winter would likely be “welcome” in the digital asset space.

“The people who are deep into crypto, and especially building things, a lot of them welcome a bear market,” he said.

According to him, many of these developers ‘welcome’ a crypto winter- a period where the markets experience a prolonged bearish run with crypto assets trading lower or sideways.

Bear markets are when weak projects fade away

In a bull market, many people get excited by the “long periods of prices moving up by huge amounts,” he noted. However, even as many people enjoy the soaring markets, it tends “to invite a lot of very short-term speculative attention.”

Commenting on why an extended bear market could be of benefit to the digital space, Buterin told Bloomberg:

“The winters are the time when a lot of those applications fall away and you can see which projects are actually long-term sustainable, like both in their models and in their teams and their people.”

The Ethereum co-founder’s comments on projects fading away mirror similar observations across the crypto industry. After the 2017 bull market and initial coin offering (ICO) boom, a bear market followed over 2018, with assets choppy till a new bull market set in 2020.

Of the hundreds of projects to launch and benefit from the hype that sent prices skyrocketing, the majority have since faded.

Buterin wasn’t categorical if the crypto market is indeed in a crypto winter already. However, his observations come as Bitcoin (BTC) and Ethereum (ETH) have led the broader crypto market in battling a brutal drawdown since late last year.

The crypto guru made the comments during the annual ETHDenver conference.

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The largest Ethereum event in the world, EthDenver, concluded yesterday. For ten days, some of the brightest minds on the planet gathered in Denver, presenting and discussing all kinds of topics related to Ethereum.  

Still only six years old, but already at a market cap of $328 trillion, the world’s second biggest crypto offers technology that has facilitated all kinds of thrilling applications such as NFTs, DAOs and the launch of other cryptocurrencies, to name a few. So naturally, the day after the event has concluded, I want to discuss a pair of pyjamas.

Surprisingly, however, Shiba didn’t ramp. In fact, it continued to lull.

The Story

You’ll recall that last year, there was brief hysteria in the markets when Vitalik looked ready to “dump” the 50% of Shiba tokens which had been sent to him by the anonymous founder, Ryoshi, when Shiba was launched back in August 2020.

Started as a joke token inspired by Dogecoin, half the supply was sent to Vitalik, likely done on a whim; a tribute to one of the greatest minds in crypto, while seen as a funny way to “burn” (remove from supply) half the supply. And for a while, as Shiba grew steadily, that’s the way it worked – a proxy burn wallet. Vitalik likely had no idea the coins were in his wallet, or what Siba even was.

Of course, we all know what happened next. Shiba pumped north of a $14 billion market cap, and suddenly Vitalik was facing a very real moral dilemma over what to do with the approximate $7 billion dollars that he now sat on. If he sold, it would undoubtedly tank the market price, leaving investors holding the bag. But could he really sit there on billions and billions of dollars while so many around the world were struggling to make ends meet?

He decided he couldn’t, preceding to donate a billion dollars worth of SHIBA to the Indian COVID relief fund. Broadcast live on the blockchain, Vitalik’s transaction sent the Shiba price into freefall as the market feared Vitalik was about to donate his entire stack – “Vitalik is dumping on us!”.

The Dilemma

I really felt for Vitalik in a way. It’s a mind-boggling amount of power for one person to hold; he never asked for that immense responsibility – the tokens were sent to him without consent, when nobody even knew what Shiba was. It was a colossal amount of money that could help a lot of people, regardless of whether the coin’s founder sent him the amount with the expectation that he would just burn the tokens.

“I don’t want to be a locus of power of that kind” – Vitalik Buterin

The Shiba community was incensed. But Vitalik subsequently burned the remaining tokens which he held, somewhat redeeming himself to the Shiba faithful. The market stabilised and the price recovered (it even rocketed to a new all time high five months later, sitting at a $40 billion market cap).   

So…What do the Pyjamas Actually Mean?

It’s a crazy tale, but with Vitalik sporting Shiba pyjamas at the conference, it looks like he has made peace with the chaotic meme coin. There doesn’t appear to be any deeper meaning, aside from Vitalik just goofing around. The market also seems to agree, looking at the muted price response. So perhaps it should merely be viewed as a light-hearted conclusion to how a stranger-than-fiction story of how a 27 year-old computer whizz became the reluctant protagonist in a surreal tale tying together doggy memes, thousands of overnight millionaire investors and a country struggling under the weight of a COVID crisis.  

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At the start of February, we saw the entire crypto market rebound sharply. Ethereum (ETH) was one of the key performers and at one point, even got closer to $4000. But it has been a sharp fall ever since. More importantly, ETH has fallen below the crucial support zone of $2800. So, how far can bears take this? Here are some highlights:

• ETH was trading at $ 2734 at press time, down about 5% in the last 24 hours

• ETH has also fallen below the crucial 20-day exponential moving average

• It is likely that the coin will fall to its next support of $2400 in the coming days.

Data Source: Tradingview

Ethereum (ETH) – Price analysis and prediction

There is a big systemic risk in the crypto market right now due to the tensions between Ukraine, the West, and Russia. We are likely to enter a period of extreme market volatility in the coming weeks, at least until the crisis is resolved. 

For this reason, it’s very difficult to make accurate technical predictions with such huge systemic risks hanging over the market. However, as of now at least, bears have the upper hand with Ethereum. 

We expect the coin to fall towards $2400 before bulls try to find sufficient demand for some momentum. Besides, ETH still remains below the 20- and 200-day exponential moving averages, suggesting weakness. The relative strength index also shows a bearish outlook.

Should you consider Ethereum (ETH) right now?

With a short-term bearish outlook, this may not be the right time to get into Ethereum (ETH). In fact, there is a real chance of buying in at a very good discount since the price is expected to fall further. 

The $2400 mark will be the perfect entry point for both short- and long-term buyers. Short-term buyers should hope to exit once ETH bounces back to $2800.

The post Ethereum (ETH) falls below the important $2800 support zone – how far can bears take it? appeared first on Coin Journal.

Ethereum (ETH) has had a series of struggles, the second biggest crypto by market cap is finally starting to register gains. Look no further than this quick guide to get the details about Ethereum and the best places to buy it today.

Top places to buy Ethereum now

eToro

eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.

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Alvexo

Alvexo is an established broker that stands out for its education and service-oriented focus. Alvexo services excel in delivering a comprehensive array of market news, webinars, analysis to fortify our clients‘ need to take intelligent trading decisions on the world’s most dynamic financial markets.

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What is Ethereum?

It is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.

Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

The crypto has pioneered the concept of a blockchain smart contract platform. Smart contracts are computer programs that automatically execute the actions necessary to fulfill an agreement between several parties on the internet.

They were designed to reduce the need for trusted intermediates between contractors, thus reducing transaction costs while also increasing transaction reliability.

Should I buy it today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also consider how you would feel about losing money.

ETH price prediction

The vast majority of analysts predict a long-term increase. Digital Coin Price predicts Ethereum will break $4,000 by the end of 2025.

Economy Watch is more bullish, predicting Ethereum will reach $10,000 by the end of 2025. Finally, Trading Education forecasts an ATH beyond $10,000 by the end of 2025.

Ethereum on social media

#Ethereum number of addresses holding 0.01+ $ETH just hit a new ATH 📈 pic.twitter.com/kIYbR2chUW

— Crypto-Gucci.eth ᵍᵐ🦇🔊 (@CryptoGucci) February 14, 2022

The post Ethereum (ETH) gained 7% in 24 hours: here’s where to buy it appeared first on Coin Journal.

It’s been a decent month in February for Ethereum (ETH) so far. The coin is climbing from its January lows and in fact, it managed to pierce through the crucial $3000 mark. But as momentum built, ETH has pulled back, dropping below $3000 once more. Here are some highlights:

• After hitting lows of around $2100 this year, ETH has surged in February, at one point rising to $3800.

• But the crypto market pullback we have seen has pushed ETH below $3000 in a sharp decline.

• At press time, the mega-cap coin was trading at $2878, down by nearly 7% for the day.

Data Source: Tradingview

Ethereum (ETH) price analysis – Can it bounce back to $3500

The recent pullback in the price action was largely expected. It’s a very common occurrence when markets go on a bull run. Ethereum (ETH) still remains in a bullish trend even with the recent drop. 

In fact, after dropping to nearly $2000, we have seen a massive rally with the coin falling short of the $4000 during the February run. But despite this, ETH has dropped to $2800. We expect ETH to consolidate around that price before bouncing back towards $3500 in the coming days. 

There is however a risk of a trend reversal here. After all, ETH has gained over 50% from its lows in January. We may see a mini correction of that bullish surge before the coin rises again.

Should you buy Ethereum (ETH) now?

Yes, you should consider buying Ethereum right now. It is likely that the coin may never dip to these levels again. After all, sentiment will eventually improve over the coming months, and ETH will grow. If you are thinking of buying and holding it for at least a year, then this is the time to get in on the action.

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