Is Ether heading for $3,500 after surpassing the $3,100 resistance point?

Ethereum (ETH) coin with 2 stacks of coins either side of it

The cryptocurrency market continues its fine start to the week, with the major cryptocurrencies currently in the green.

The broader crypto market continues its excellent start to the week, adding nearly 2% to its total market cap. At press time, the total cryptocurrency market cap stands above $1.9 trillion.

It could soon cross the $2 trillion mark if the current market momentum is maintained. Bitcoin remains the leading cryptocurrency by market cap and currently trades above $41k per coin.

Ether, the second-largest cryptocurrency by market cap, has also performed well in the last 24 hours. ETH is currently trading above $3,100 per coin, up by more than 2% so far today.

In the last seven days, ETH has added nearly 3% to its value, making it one of the poor performers amongst the top 10 cryptocurrencies by market cap.

However, with the bullish trend currently in play, Ether could record further gains over the coming hours and days. The cryptocurrency could target the $3,500 resistance level in the short term.

Key levels to watch

The ETH/USD 4-hour chart is currently neutral as Ether’s ongoing positive performance cancels the losses recorded a few days ago. The technical indicators show that Ether’s price action is currently improving.

The MACD line is around the neutral zone, indicating that Ether is no longer in the bearish region. The 14-day RSI of 58 shows that ETH could enter the overbought territory if the existing market momentum persists.

At press time, ETH is trading at $3,100 per coin. If the bulls remain in control, it could surpass the first major resistance level at $3,227 before the end of the day. However, the second major resistance level at $3,350 should cap further upward movement in the short term. 

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Ethereum vs Solana: Which is a better buy between ETH and SOL

Ethereum and Solana are leading blockchain projects that are helping developers build decentralized applications (dApps) in all industries. ETH and SOL have a combined market cap of over $390 billion, with Ethereum being the bigger one. In this Ethereum vs Solana comparison, we will assess the better option between the two.

The case for Ethereum

Ethereum stats

  • Market cap: $353 billion.

  • Total value locked: $115 billion.

  • Architecture: Proof-of-work (PoW)

  • YTD performance: -22%.

  • How to buy Ethereum.

There are several reasons why Ethereum investors believe in its platform. First, it has one of the best-known brands in the blockchain industry. In terms of brand awareness, only Bitcoin comes first. Therefore, investors believe that this quality will lead to more investments as the industry grows.

Second, Ethereum price has performed well over the years. Its price has moved from less than $10 to over $3,000, making it one of the best performers of all time. Third, the network has maintained a strong market share even as it faces substantial competition from the likes of Solana, Avalanche, and Cardano.

Third, Ethereum is a dynamic platform that is going through changes. After successfully running on the proof-of-work (PoW) model, the developers are transitioning to a proof-of-stake (PoS) framework. The merge of the Beacon Chain and the current platform is set to happen in July. 

Therefore, the network will be substantially faster and cost effective. Therefore, developers will not have the need for other blockchains.

The case for Solana

Solana stats

  • Market cap: $32 billion.

  • TVL: $6.8 billion.

  • Architecture: Proof-of-history

  • YTD performance: -45%

Solana is a blockchain project that uses an architecture framework known as a proof-of-history. This is a relatively new framework that deals with a high-frequency verifiable delay function (VDF) that takes a number of steps to evaluate blocks. 

As a result, Solana has a substantially high throughput of over 2,000 transactions per second (tps) and low costs of about $0.0001 per transaction. This strong performance is one of the main reasons why most developers believe that Solana is a better investment than Ethereum.

Second, Solana has been used to build some of the best-known applications in Web 3.0. Some of these applications are Audius, Brave Browser, and StepN among others. Therefore, there is a likelihood that more Web 3.0 developers will select Solana for their development.

Third, Solana has a longer runway for growth than the mature Ethereum. Besides, it is a young project that has gained a lot of traction from developers already.

Verdict: Ethereum vs Solana

In my opinion, I believe that Ethereum is still a better investment than Solana. I expect that the merger of the Beacon Chain and the main Ethereum will lead to faster speeds and lower costs. As a result, it will become a better alternative for developers.

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Ethereum (ETH) is set for a strong bullish run – Here is why

After reporting sharp losses at the start of this week, Ethereum (ETH) has rebounded. The coin has shown incredible resilience in the face of major market pressure. ETH now looks poised for a major bull run, but how will this play out? Here is what you need to know first:

  • ETH Managed to regain the crucial $3000 support after falling below in recent days

  • So far, the price action has largely consolidated above $3000.

  • ETH has now crossed over its 50-Day SMA, and more gains will follow.

Data Source: Tradingview 

What is ETH’s upside potential?

For most parts of 2022, it looks like growth for Ethereum has been capped at $4000. The coin has failed to breach $4000 this year, and every time it gets close, it ends up falling back down once more. For now, we do not think ETH has the bullish momentum needed to reach $4000. 

Instead, we expect the price action to steady at slightly above $3000. Once this happens, ETH will likely break above $3200, and eventually, the coin will retest its 100-day SMA of around $3600 in the days ahead. If this happens, we could see gains of around 30%. 

But if bulls are not able to hold the $3000 support, this prediction will become invalidated. ETH still remains highly volatile, and we may see it push lower than $3000 if current trends don’t hold.

When will ETH Hit $4000?

The bellwether for ETH’s decisive bullish breakout will come if the coin smashes $4000. In fact, many investors have been watching this price for the last four months. 

Well, right now there isn’t enough to suggest that ETH will surge above $4000 in the near term. Instead, the coin is likely to range between $2700 and $3600. But this could change as we end Q2 this year. ETH is also predicted to hit $10,000 by the end of 2022.

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Former Ethereum developer sentenced to 5 years in prison

Former Ethereum developer Virgil Griffith (39) has been sentenced to 63 months in prison and a $100,000 fine for his aid to North Korea. In September, Griffith pleaded guilty to violating international sanctions against North Korea. Against the rules, Griffith gave a presentation at a crypto conference in Pyongyang in April 2019.

According to the FBI, Griffith helped the regime of dictator Kim Jong-un evade Western economic sanctions, allowing the country to develop nuclear missiles to threaten the world.

The crime carries a maximum sentence of 20 years, but Griffith managed to turn his original sentence of 78 down to 63 in a deal with federal prosecutors. This means a prison sentence of 5 to 6.5 years. However, Griffith has already spent two years in custody, of which he was released on bail for 14 months. The remaining 10 months already count towards his sentence.

Defence asks for leniency

Before hearing the judge’s final verdict, Griffith was given the chance to make one final objection or comment. Griffith exchanged a few glances with his parents and friends in the courtroom, whereupon his lawyer began with a request for leniency. In legal terms, a request for leniency means a request for a less severe sentence.

Brian Klein, Griffith’s lead attorney, asked Judge Castel to consider factors that he said were not included in the final verdict. Specifically, the harsh conditions at the Metropolitan Detention Center (MDC) in Brooklyn, where Griffith is being held.

Klein described various difficult and inhumane conditions in his speech. For example, the fact that during the COVID-19 outbreaks, there was no possibility for family to visit. He faced limited access to blankets and warm clothing, and Griffith was even forced to use his sink as a toilet. Further, Griffith was limited to two or fewer meals a day. Meals mainly consisted of bread with peanut butter and jelly. This is because the gangs in the MDC control the kitchen.

“I learned my lesson”

Attorney Klein also informed the judge about a recent psychological examination that Griffith underwent, during which two personality disorders have come to light. These are Narcissistic Personality Disorder (NPD) and Obsessive Compulsive Personality Disorder (OCPD). According to Griffith’s defence, this explains his “obsession” with North Korea and the fact that he went that way against the advice of family and friends.

Klein further stated that Griffith is fully committed to his therapy and that his psychiatrist has labelled him “treatable”. Griffith himself spoke of his time in prison as a period of reflection, in which he acknowledged his selfishness. “I’ve learned my lesson,” said Griffith. 

The federal judge couldn’t agree with his statement. On Tuesday, he ruled that Griffith would face 63 months in prison and a $100,000 fine for his crime. He said Griffith had no good intentions and instead showed “a desire to educate people on how to avoid sanctions.”

The judge justified the need for the harsh sentence by referring to the war in Ukraine and the US sanctions against Russia. The jail sentence “will deter others in a similar situation,” the judge said.

Assisting North Korea to evade sanctions

The judge was not at all convinced by lawyer Klein’s story and Griffith’s own words. Castel then began reading a series of text messages and emails in which Griffith admits he is sharing information with North Korea to help the Kim regime evade sanctions.

What the judge most disliked was that during the conference in North Korea, Griffith wore a traditional North Korean suit and stood in front of a blackboard that read “No sanctions!”. According to the judge, tough action, in this case, is important to deter other sanctioned countries from relying on the methods Griffith has.

$1.5 billion in crypto

North Korean hackers have already managed to steal large sums of cryptocurrencies several times. Last year, they would have stolen a total of $395 million. Over the past five years, the country has acquired $1.5 billion in cryptos, according to blockchain analytics firm Chainalysis.

Russia could use cryptos to evade Western sanctions, according to ECB President Christine Lagarde. Although several crypto crime experts contradict that.

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Bitcoin vs Ethereum: Which crypto is a better buy?

Bitcoin and Ethereum are the two biggest cryptocurrencies in the market with a combined market cap of over $1.2 trillion. The two coins have also generated substantial returns to their shareholders in the past decade. In this Bitcoin vs Ethereum piece, we will identify the one that is a better investment for long-term investors.

Bitcoin vs Ethereum

Bitcoin and Ethereum are blockchain projects with different goals. BTC was designed as an alternative currency while Ethereum was built with smart contract capabilities. As a result, many developers have used Ethereum’s platform to build their decentralized products like Aave and Uniswap. 

In terms of performance, the two have had spectacular returns in the past decade. And a closer look shows that a close correlation exists between the two. Bitcoin has risen by about 18,700% since 2015 while Ethereum has gained by over 22,000% in the same period. This means that Ethereum has been a better investment than Bitcoin.

The case for Bitcoin

There are several reasons why many investors believe that Bitcoin is a better investment than Ethereum. First, as the first cryptocurrency on record, Bitcoin has a better brand name than Ethereum. This explains why many institutional investors prefer holding it to Ethereum. Second, it has a limited supply, which means that it will keep getting rare over time.

Third, BTC is viewed as digital gold, which explains why many people invest in it. And finally, Bitcoin is an autonomous organization that is managed by the community. Ethereum is different because of the role that the Ethereum Foundation plays.

The case for Ethereum

Meanwhile, when comparing Bitcoin vs Ethereum, many inventors believe strongly in Ethereum for several reasons. First, they believe that Ethereum has more use-cases than Bitcoin. 

For example, the platform has been used extensively to build decentralized applications in the DeFi, metaverse, and NFT industries. Examples of leading apps in Ethereum are Uniswap, OpenSea, and Aave. Therefore, as these industries grow, the Ethereum price will keep rising.

Second, Ethereum is addressing its carbon footprint issue by transitioning from a proof-of-work network to a proof-of-stake platform. This process is going on and analysts expect that the merge will happen in the third quarter of 2022. Therefore, Ethereum will be more attractive to ESG-focused investors.

Third, Ethereum has additional features that Bitcoin lacks. The most important one is staking, which happens in Ethereum 2. As a result, it is possible to earn money by simply buying and holding the coin.

Therefore, because of these features, in my opinion, I believe that Ethereum is a better investment than Bitcoin. 

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