Kategorie: Ethereum News

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. 

The post SSV DAO allocates $10 million to solidify the future of ETH staking appeared first on CoinJournal.

The cryptocurrency market has had a net positive week so far and could end the week on a positive note.

The cryptocurrency market has been performing well since the start of the week. The market had added more than 5% to its value since the start of the week, with the total market cap now above $920 billion. If the positive momentum is maintained, the total market cap could cross $950 billion before the end of the week.

Bitcoin remains the industry’s pace-setter and is up by nearly 2% today. It has maintained its price above $20,000 but continues to struggle to surge past the $21k resistance level.

Ether, the world’s second-largest cryptocurrency by market cap, has had a net positive week so far. In the last seven days, ETH has added more than 15% to its value, making it one of the top performers amongst the top 10 cryptocurrencies by market cap.

In the last 24 hours, ETH is up by more than 3% and is trading above $1,100 per coin. If it maintains its positive performance, ETH could cross the $1,200 resistance level over the next few hours.

Key levels to watch

The ETH/USD 4-hour chart is positive as Ether has been performing well since the start of the week. 

The MACD line crossed into the positive zone a few days ago and has maintained its positive above that level. The 14-day relative strength index of 62 shows that ETH could enter the overbought region if the market conditions continue to improve. 

At press time, ETH is trading at $1,186 per coin and could rally past the $1,200 resistance level before the end of the day. 

However, Ether would need the support of the broader market to move past the $1,300 resistance level for the first time this month.

The post Ether is up by 3% today, and looks set to top the $1,200 resistance point appeared first on CoinJournal.

• Ethereum is forming support at around $1,000.

• The cryptocurrency price has been weakened by the waning DeFi and NFT sectors.

• Ethereum is yet to bottom as the price remains bearish.

Ethereum ETH/USD has oscillated between the $1,000 to $1,100 level for almost three weeks. We do not consider the level/zone as established support. However, bulls resist further downside, and a potential reversal could occur. At the current price of $1,047, Ethereum has slightly recovered. This was after slipping below $1,000 in the third week of June.

Since topping $4,800 Ethereum in November 2021, Ethereum has failed to match the gains. Crypto weakness and waning interest in NFTs and DeFi have contributed to the decline. NFT sales are now at their one-year lows. The sales hit the lowest in the year in June. However, NFTs and DeFi remain popular market segments as the crypto sector booms. We believe it’s a matter of when and not if Ethereum will recover to its former self. Investors should be watching for price bottoms to take the price higher. The key question is, has Ethereum bottomed at the $1,000-$1,200 region?

Ethereum consolidates at $1,000 bottom, but the price is under pressure

Source – TradingView

Technically, we view $1,000-$1,100 as a potential zone for Ethereum. The cryptocurrency is establishing the zone as important support. However, technical indicators suggest that Ethereum could fall further. Although the MACD line moves above the moving averages, it is still yet to get out of the bear zone. Again, the 14-day and 21-day moving averages suggest a bear market. The confirmation of a rebound is if the price successfully moves above moving averages. The price surge must also coincide with an improved crypto sentiment.

The other likely bottom is the established support at around $750. With the current bear market, $750 is a very realistic bottom for Ethereum. The level will be reached if Ethereum breaks below $1,000. For now, there is no confirmed bottom for Ethereum, and the price could fall further.

Summary

Ethereum is bearish at developing support of $1,000-$ 1,100. The token is yet to become bullish, and the price could fall to $750.

The post How likely will Ethereum rebound at the $1000 – $1100 level? appeared first on CoinJournal.

Most cryptocurrencies are now fully in a bear market. Ethereum fell below $1000 for the first time in years as weakness in the market continues. While we did see some slight recovery in 24-hour intraday trading, the overall trend will continue downwards. Here are some of the highlights:

• ETH bearish run will continue as the coin tries to find support at $800

• $1000 was seen as a crucial support zone for ETH

• It is unlikely the coin will reclaim $1000 in the coming days.

Data Source: TradingView 

Are steep losses coming for ETH?

Over the past week alone, Ethereum has seen a 35% drop in value. This is one of the worst weeks for the coin in 2022 and sadly, we have not seen the last of it. At the time of writing, the token was hovering above $950. However, we don’t think the price action will stay there for long.

Instead, ETH will slide as bears take full control. It may however try to find support at $800. In fact, looking at the chart, the $800 mark has often proven very tough to crack. Bulls will hope to keep ETH above this as they await sentiment to improve in the market. 

But despite this, there are still several fundamental risks that the broader crypto market has to deal with. First, tightening monetary policy means that the era of cheap credit is over. As money is sipped out of the economy, we may see lower flows of capital towards risk assets, including crypto.

When will the bear market end?

The crypto bear market started off at the start of 2022. There were periods when analysts felt that perhaps most coins had bottomed, but it seems more weakness is still coming. 

ETH could take another 3 months of high volatile trading before it establishes a sustained bull run. But for now, the key to watch is how long it stays above $800. If this support is lost, then we may see massive losses again for ETH.

The post Ethereum drops below $1000 as bears aim for $800 appeared first on CoinJournal.