Ethereum (ETH) Reviews - Page 5

Ethereum’s price is looking immensely bullish. The cryptocurrency has been sleeping for a while as the price was doing but consolidating. Yesterday, we saw the price breaking out of its ugly zone and now traders have a clear direction for Ethereum. Looking at the price action, it seems that ETH traders have only one price point in focus and that is the all-time high. It is highly likely that we may actually begin to see ETH outperforming Bitcoin and the gains in ETH are likely to be much more superior. It is very possible that we may see the ETH price breaking above the 5K if the momentum continues like this and in fact the 10K target for ETH is also looking much more realistic now.

The massive rally seen in digital coins over the last few days has expanded their market capitalisation above the $2 trillion level. The massive surge in the value of altcoins can be clearly seen through the performance of Ethereum. Over the last 12 months, the value of Ethereum has surged nearly 720%, with its current price near $3,200. This boost in value is based on the potential of DeFi projects, which are worth a whopping $83.8 billion. Venture capital companies are also showing increasing interest in this field. During the first half of 2021, $17 billion has been injected into DeFi and NFT projects, most of which are based on Ether. The future outlook of Ether also appears to be very promising because, as per JPMorgan Chase’s report, Ethereum’s update to Proof-of-Stake would enhance its value by about $40 billion.

The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain with almost 800 "deflationary blocks" produced. A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days which has resulted in a lot more gas being burnt. Around four hours ago (as of 22.00 UTC), the "ETH Burn Bot" recorded an instance when 545 ETH was burnt within a one-hour period. With Ethereum issuance reported at 532 ETH per hour, it resulted in the asset seeing deflation of minus 13 ETH for that brief period. A larger deflationary burn was detected by the ETH Burn Bot a couple of hours later in which 945 tokens were burnt within the hour resulting in a temporary negative issuance of -417 ETH. It calculated this as an annualized deflation rate of -3.12%. When the amount of ETH burned is greater than the mining reward, deflationary blocks are produced and the supply temporarily decreases. This has been observed on a tracker from advisory firm Carbono which is currently reporting that there have been 791 deflationary blocks so far, which it defines as blocks where the burnt fee exceeded the mined ETH. The Ethereum economy is not expected to see sustained deflation until the fee burning is combined with the reduction in block reward issuance as a result of the merge to proof-of-stake at some stage in 2022. The news is not all good for Ethereum users however, as gas prices have increased again. According to Bitinfocharts, the average transaction price has climbed to $20 from a low of around $4 in late July. Etherscan’s gas tracker is reporting as much as $28.60 for a token swap on Uniswap. The surge in demand for Ethereum blockspace has been driven by NFTs with the OpenSea marketplace, Gala Games’ Vox, and Axie Infinity all in the top 4 for gas burning with a combined total of 2,200 ETH, or $7 million burned so far.

The ether price is kept around $ 2,500. In two weeks, the price for ether increased by 57%, to $ 2698. The growth of quotations was facilitated by the general rebound throughout the market, as well as the expectations of the London renewal. Ethereum's growth has stalled with less than a day left before the hard fork. A hard fork will allow the original blockchain to scale and make it more user-friendly. Ethereum positions remain strong as buyers have support from the ETH / BTC pair rally. Buyers started to worry as ETH / BTC is on the trendline (0.0655) from the top of 0.0824. If, after the update, fixing begins in tandem with Bitcoin, then the main ETH / USD pair will quickly reach $ 2270. The continuation of the rally in Ethereum against Bitcoin, on the contrary, will provide support and open the way for buyers to the $ 3000 level.

Ether (ETH) turned down from the downtrend line on July 26 but the bears could not sink and sustain the price below the moving averages. This suggests that bulls are buying on minor dips. The moving averages are close to completing a bullish crossover and the RSI has risen into the positive zone, indicating that bulls have the upper hand. If bulls drive the price above the downtrend line, the momentum may pick up. That could open the doors for a possible rally to $3,000. Alternatively, if the price turns down from the current level or the overhead resistance and dips below the moving averages, the ETH/USDT pair could gradually drop to the critical support at $1,728.74.

Ether’s (ETH) recovery attempt hit a wall at the 20-day EMA ($2,034) as seen from the long wick on the July 18 candlestick. This suggests that negative sentiment prevails and bears are selling on rallies to the 20-day EMA. The sellers will now try to sink the price below the critical support at $1,723.74. If they manage to do that, the selling could pick up momentum and the ETH/USDT pair could resume the downtrend. The next support on the downside is $1,536.92 and if this level also fails to hold, the pair could slide to $1,293.18. Alternatively, if the price rebounds off $1,728.74, the bulls will try to push the price above the 20-day EMA. A breakout and close above the 50-day simple moving average ($2,245) will signal a possible change in trend.

The buyers have been struggling to push Ether (ETH) above the 20-day EMA ($2,17) for the past three days, which indicates stiff resistance from the bears at this level. The sellers are currently attempting to sink the ETH/USDT pair below the psychological support at $2,000. If they manage to do that, the pair may drop to $1,728.74. A break below this support could signal the resumption of the downtrend. Conversely, if the price turns up from the current level and rises above the 20-day EMA, it will indicate that bulls are attempting to make a comeback. The buyers will then try to thrust the price above the 50-day SMA ($2,339). This level may act as a stiff resistance but if the pair climbs above it, the next stop could be the downtrend line.

While assessing altcoin prospects, many experts, including Galaxy Digital cryptocurrency bank founder Michael Novogratz, say that Ethereum may well weaken bitcoin in the future and become the foundation for pricing in the market. BTC became popular as a means of saving. But if you sum up the number of projects and directions working on the ETH blockchain, the advantage of Ethereum becomes obvious. Stablecoins, De-Fi, and NFT tokens work on its blockchain. The ETH platform has the potential to become the foundation for the upcoming Web 3.0. However, there is one issue: Ethereum is facing stiff competition from Solana, Terra and other ecosystems in this direction.

Experts from Goldman Sachs, one of the largest investment banks, also believe that today ethereum is the cryptocurrency with the highest real use potential that can overtake bitcoin. But at the same time, the bank's experts are also confident that neither bitcoin, nor ethereum, nor any other cryptocurrency will overtake gold in popularity in the near future. Because of its high volatility, digital assets cannot be accepted as a safe haven by investors, and therefore lose out in direct competition with this precious metal.

The future of ethereum is seen even more rosy, according to some experts, . Professor of NYU Stern Business School Aswath Damodaran believes that ethereum is better suited for trading on exchanges than bitcoin. According to the expert, the ETH ecosystem is more flexible, which makes it easier to work with it in trades, especially in an environment of increased volatility. Damodaran noted that many small assets on exchanges are trading better than bitcoin, as transactions with them are faster. The BTC network is much more involved, which means that transfers can take a fairly long period of time, even by the standards of fiat transactions. Therefore, bitcoin is more suitable as a global asset for investment, the specialist believes.

The past week has once again confirmed the correctness of this analysis. If bitcoin quotes were at the level of mid-February 2021 on Friday, May 14, Ethereum increased by almost 130% over the same period, having risen from $1,750 to $4,000. The capitalization of the main altcoin continues to grow as well. The bitcoin dominance index has dropped from 72.65% to 40.55% since the beginning of the year. The share of Ethereum, on the contrary, has increased from 10.79% to 20.52% (maximum of the week). And if the trend continues, then these two cryptocurrencies can take equal positions in the market by the end of July.

Ethereum hit its all-time high, breaking the $ 500 billion market cap for the first time. The price climbed to $ 4370. The weekly growth is more than 8% (reached 11%). Ether continues its amazing upward movement. Since the beginning of April, it has risen in price by 127%, since the beginning of the year - by 480%. Since the March fall (2020) from the low of $ 86, the price has recovered by 4284%. Bank interest on deposits was lost against the background of these values. On May 10, the ether rate fell by 13%, to $ 3650, following Bitcoin and American indices. Demand for ether is high, so buyers bought it back after Tuesday's drop and today ATH (All Time High, the highest price ever) was updated in Asian trading. The VIX jumped to 23.7. Investors fear the start of a long bearish phase. Ether needs to survive today. If the situation stabilizes in the US stock market, the rally will continue. Ether is setting new highs against USDt and BTC. If you look at the horizon until mid-June, then against USDt the target is at $ 5600, against BTC - at 0.0975. Resistance levels: 4450, 4550, 4680. Support levels: 4130, 4050, 3895.

Experts at JPMorgan believe that Ethereum may become even more efficient than Bitcoin in the future. They note that this altcoin is more resistant to external factors. Bitcoin, on the other hand, reacts to almost every major fluctuation in the market, which leads to its correction straight away. With a long negative trend, BTC investors begin to withdraw assets quickly. According to JPMorgan analysts, Bitcoin is very narrow in its application, which is evident from a variety of factors. It is most often used as an asset for investment. All new major projects are developed on the basis of Ethereum. It has more liquidity. ETH has recently substantially increased its position in the spot market as well. Another advantage of Ethereum is its rather large and developed ecosystem.

Mining Ethereum and Ethereum Classic now have about the same profitability. This is remarkable considering where Ethereum Classic was a year ago: trying to recover from numerous 51% attacks, low practical value and a split among key developers. Ethereum Classic is becoming more interesting for miners also in light of the changes awaiting Ethereum. In the summer, the EIP-1559 proposal will be activated on the blockchain of the second largest cryptocurrency, which provides for the burning of most of the commissions paid by users, and in the longer term it will switch to the Proof-of-Stake consensus mechanism. The Ethereum Classic community decided not to support the latest changes to Ethereum, although they previously used the results of works from a sister blockchain that is superior in resources to developers.

Ethereum crossed the iconic round $ 3000 mark for the first time in history. The growth continues, ETH is approaching $ 3200. Over the past 8 days, the second cryptocurrency has risen in price by almost one and a half times. The Ethereum rally comes amid a two-month stagnation in Bitcoin, which is trading well below its all-time highs. Earlier, an important update of Berlin took place on the Ethereum network, which is aimed at solving one of the main problems of the project - high transaction fees. The algorithm for calculating transaction fees will burn part of the fees that miners are currently receiving as a reward. Also, the rise in the cost of altcoin can be associated with the popularity of services from the field of decentralized finance (DeFi), most of which work on the Ethereum blockchain. According to DeFi Pulse, $ 71 billion is currently locked into DeFi services, a figure that has doubled in the past three months. Earlier, the American bank JPMorgan named three reasons why Ethereum is superior to Bitcoin. The company's analysts pointed to the altcoin's more stable liquidity, less dependence on the derivatives market, and higher transaction speed.

Futures have less impact on the ETH market, and the distribution of positions on its derivatives is better balanced than that of Bitcoin. The higher turnover of assets on the ETH blockchain means that a much larger portion of these tokens can be considered highly liquid, which also mitigates the impact of futures liquidations. This suggests that margin demand has less of an impact on ETH than Bitcoin. This technical factor plays an important beneficial role at times.

Ethereum has once again hit all-time highs for the sixth time this month. The second cryptocurrency rose above $ 2,700. Against this background, bitcoin slightly decreased and continues to trade below $ 55,000. The ETH rally began on Monday against a positive news background, and since the beginning of the week Ethereum has already added more than 22%. According to analysts at IntoTheBlock, the rise of altcoin began with strong support from large investors. The volume of transactions on the network in excess of $ 100,000 has reached the highest level in the history of ETH.

Sellers began to close short positions amid a rally in Ether and Litecoin. As a result, the market has collected stops under the “D” wave (below $ 54276), and now buyers with the trend can break stops on short positions above the “E” wave (above $ 56346). You can no longer look at the triangle. Take a look at the daily chart. Key bases are rising. The $ 53000 (dotted lines) and $ 51,500 levels have not been passed. With a rise above $ 57,500, growth may accelerate to $ 59,000. When the day closes above 56425, a bullish engulfing candlestick setup will form. Apparently, someone got scared of a rebound from the daily chart and began to hide.

As for Ethereum, Kraken predicts it could rise to $15,000. Exchange analysts noted the important, in their opinion, support and resistance levels for this altcoin: $1,462 and $2,695. Plotting historical patterns of ETH price movement on logarithmic curves, they concluded that the peak of the bullish cycle is still far away. The experts are confident that the price of Ethereum could rise by 700% from the levels of the end of March and reach a high at $15,238. A slightly more modest forecast for the price of this altcoin was given by the famous crypto trader and host of the podcast The Wolf Of All Streets Scott Melker. According to him, Ethereum may surpass bitcoin in terms of profitability in 2021, and the price of the coin may rise to $10,000.

The active growth of altcoins pushed the total cryptocurrency market capitalization above $ 2.1 trillion. The most impressive growth in a day is shown by the Binance Coin (BNB) coin with a jump of 21%, while the cryptocurrency rose by 62% over the week. The growth of BNB comes amid the continued proliferation of the token in the decentralized finance (DeFi) space on the Binance Smart Chain (BSC) blockchain. No matter how criticized Binance for centralizing the network and copying projects from the Ethereum blockchain, the company has found its niche.