Parabolic Bull Run Could Be On The Verge For Ethereum
A parabolic bull run could be upcoming for Ethereum since, after the Black Thursday, the ETH price remained about 90 percent below its all-time-high which was established in 2018 at $1,400 as per the reports here in the Ethereum price news.
The simple market cycle fractal shows that Ethereum could be on a verge of another massive parabolic bull run rally. One trader even shared some images suggesting that Ethereum’s price action could be coming soon which is similar to the price of Bitcoin before the rally formed from $500 to $20,000. These implications refer to Ethereum following the Bitcoin market cycle so that it reaches a multiyear rally ahead of itself.
This is the second time a scenario like this was presented since 2020 started. Another trader also commented that Ethereum could be one of the best investments this year pointing to the fact that there are a lot of similarities between the ETH charts now and the Bitcoin ones before the parabolic rally to $20,000 to triple digits. The traders are starting to prepare for this opportunity as well. According to the previous reports, the data from major exchanges such as Bitfinex shows that there were so many traders that wanted Ethereum to do better and now 1.8 percent of the total supply of the asset is ‘’marging long on Bitfinex.’’
There is other evidence that can support the upcoming parabolic rally for Ethereum. Reddit, the biggest online forum with millions of users is now using Ethereum’s help to built the new project called Community Points. ‘’MagoCrypto’’ discovered the news after posting a video showing that the Reddit wallet was integrated with an Ethereum address along with explanations of a digital coin point system. Reddit is among the most popular social media and now it is experimenting with the Community Points based on the Ethereum blockchain in a form of ERC-20 tokens. The details about the project are still quite hard to come by and the members of the cryptocurrency community were happy to see a notable price increase in Ethereum. Ryan Sean Adams who is a crypto investor at Mythos Capital wrote:
“Reddit [is] rolling out a community tokens system on…Ethereum. Could this 100x DeFi users? Wouldn’t take much.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.
11 hours ago
April 12, 2020
16 hours ago
April 12, 2020
One of the most interactive social networks out there, Reddit, is apparently testing an Ethereum-powered points system for one of its online communities. In the cryptonews now, we can see that Reddit confirms using Ethereum blockchain for this system. The pilot program will apparently establish a new wallet as part of the Reddit app and store users “community points” as ERC-20 tokens, according to one informational video posted by a community manager working for Unstoppable Domains, a startup that is creating blockchain based domains. https://www.reddit.com/r/CryptoCurrency/comments/fxf0bz/reddit_is_implementing_a_points_system_on_the/ One spokesperson from Reddit confirms using Ethereum blockchain and as he told Decrypt:
Basically, the system works like the following… Users will earn community points when their posts or comments are upvoted. These points will be publicly displayed – and users can then spend their points to purchase special memberships which unlock exclusive features on the site such as badges, animated emojis and GIFs, according to the informational video. Reddit confirms using Ethereum blockchain to facilitate all of this – and the spent points will be burned to increase the value of other community members holdings. The ETH news also show that the points will be decentralized and stored on the Ethereum blockchain. Because of this, Reddit moderators will not have any ability to interact with or change a user’s balance. Moreover, a recent follow-up from “MagoCrypto” who is an user that is apparently involved and following the latest ongoings with Reddit and the ETH blockchain, the project will use ETH-based ERC-20 tokens called “Community Points” which allow power users to access certain aspects of the community.
In the end, this is not an unexpected move for Reddit – the co-founder Alexis Ohanian is a noted Bitcoin bull, while the forum has long been a home for many crypto enthusiasts and members of the cryptocurrency community.
2 days ago
April 11, 2020
The recent volatility which was experienced in the cryptocurrency market led many to believe that an abrupt drop would kick in soon and affect all coins. However, in today’s crypto news we can see that Ethereum and Tron continue their surges and are focused on gaining even more in the market. ETH and TRX are two of the cryptocurrencies which are performing well lately. The performance of Bitcoin has inspired them to surge and increase their performance on the market. Speaking of, Ethereum and Tron are great coins which enjoyed the beginning of 2020 when their prices rose significantly across January and February. March was a bad month for the crypto after it witnessed a stall in price and crashed later on March 13. This was a day after the leading cryptocurrency Bitcoin crashed. Still, it looks like ETH is going to make a massive surge soon with the coin trading at $169 at the time of the publication. Meanwhile, Tron (TRX) is one of the coins that has been struggling but stopped its struggles lately. The Tron news show that the new value for TRX today is $0.0126 – which is still a drop from $0.013 where TRX stayed yesterday. Anyways, Ethereum and Tron continue to record stability and their Bollinger Bands hold them steady. However, their MACD suggests that this development might give way to bullish volatility in the market. One of the biggest losers over the past few days is Decred (DRC), a cryptocurrency that is in dangers of falling back into bearish territory with a current trade price which is little above its bearish support. Known as an autonomous digital coin with a hybrid consensus, DRC is currently trading at $12.80 with its support price put at $10.03 and a resistance at $19.17. The digital currency even recorded an 8.96% gain over the past five days. Even though it is closer to the bearish line, experts have backed the crypto to make a massive surge in the days ahead. The focus of the news today is Chainlink (LINK) – the coin which continues to rise and is now at $3.32 following its new partnerships and stable momentum lately. Now, LINK is on the 11th place on the market and coming closer to the 10th-placed Tezos (XTZ) which also added 2% to its price on the day, arriving at $1.99.
2 days ago
April 10, 2020
Reddit experiments with a new project named Community points that will be based on the Ethereum blockchain. These community points represent ownership of a subreddit so let’s find out more in the following Ethereum news. Reddit is among the most popular social media and now it is experimenting with the Community Points based on the Ethereum blockchain in a form of ERC-20 tokens. With the current plans, the users will be able to earn more Community Points by simply posting and commenting on subreddits and with the full control of the users’ wallets, the points will be visible to everyone on the platform but accessible only by their owners. The Reddit community points will become a tool to measure the users’ reputation and their level of contribution. The community points will allow the users to purchase memberships and to see votes on polls. The users will also be able to purchase profile icons and images as well as gifs and animated emojis. When a certain user purchases these features, the tokens will be burned. Points can also be purchased from Reddit itself with cash. As Reddit experiments, the subreddits that have community points will get an enhanced view of the poll results so that the members will be able to see further outcomes. A Reddit spokesperson commented:
The current contribution rating system of Reddit Karma is earned through upvotes and comments, Karma reflects the users’ contributions across the platform. The Community Points will be decentralized blockchain tokens that represent ownership in the community. The use will be determined by the community. If the experiments proceed to launch, 50 million community points will be issued at the start, based on the Karma model while an additional 50 million points will be issued over the first year. The distributions will decline over time as the number of points approaches 250 million. The community moderators will get a 10 percent share of the points while Reddit will get 20%. Another 20% will be reserved for the broader Reddit community.
Author: Published 11 hours agoon April 12, 2020By Stefan
Will Reddit be running on Ethereum Blockchain soon? Experiment started – Crypto News Flash
Ethereum Price Prediction: ETH/USD Settles Above $165, Watch Out For the Next Move
ETH Price Prediction – April 12
Ethereum bulls push through the $160 resistance but still fall short of $170.
Resistance levels: $200, $205, $210
Support levels: $128, $123 $119
The recent bullish action of ETH/USD failed to sustain gains above $170 level, although a high was achieved at $165.09. For the past few days, Ethereum consolidated the accrued gains between $155 and $160 but the bullish wave across the board today placed ETH/USD on a recovery trajectory, pulling the price above the critical $160 level.
Currently, Ethereum is trading at $165.09 after adding 4.12% onto its value on the day. The strength of the coin is opening the door for a massive recovery movement targeting $175. Meanwhile, the critical resistance at $175 must come up to pave the way for the impending action. From a technical perspective, ETH/USD is capable of tackling the hurdles towards $200, $205 and $210 resistance levels as the RSI (14) shows a bullish sign.
Therefore, the bulls still have room for growth in the short term. On the downside, if there are fresh declines and the bulls struggle to hold the $140 support. So, traders should be alert for various support levels including $135 and $130. Other key support levels include $128, $123 and the critical $119.
When compared with BTC, Ethereum (ETH) is currently changing hands at 0.0229 BTC following a bearish moment at the time the market opens today. Looking at the daily chart, the current trend of the coin is perpetually looking bearish in the short-term, moving above the 9-day and 21-day moving averages within the descending channel.
Meanwhile, the resistance levels to look for are 0.025 BTC and 0.026 BTC while the closest support levels to keep an eye on are 0.021 BTC and critically 0.020 BTC. The RSI (14) is moving around 56-level, which could continue to give bearish signals in the nearest term.
Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Ethereum’s Reddit Announcement Could be a Major ‘Silver-Lining’ In Terms of Long-Term Adoption of ETH
After weeks of disappointing performances in price charts, the community of Ethereum finally had something to cheer on. The largest altcoin in space currently valued at $158 was the center of the discussion as reports suggested that Reddit is testing an Ethereum-based community point system for its online users.
According to a video released by a Redditor MagoCrypto, the social media platform would be releasing a list of members and their karma every month, and these members would be able to propose changes, which will allow them to claim Community Points.
It was believed these Community points will be Ethereum based ERC-20 tokens that would enable Redditors to access certain parts of the community. A statement from the Reddit feature Mago, indicated,
“Community points are fully controlled by the people who own them. They live on the Ethereum blockchain, which is the same technology as Bitcoin to guarantee property rights and control. Even Reddit cannot take them away.”
However, a media outlet reached out to a Reddit Spokesperson and the person involved confirmed that Reddit was experimenting with a blockchain-based system. However, Ethereum wasn’t mentioned in his statement. He said,
“We continuously experiment with ways to support communities on Reddit. In this instance, we’re working with one community to test a feature that represents a user’s involvement in a community. We value and seek out community feedback as we continue to explore features that engage our users and communities.”
Assuming the reports are accurate and Ehtereum has been taken under consideration for the new community points system, it will be largely positive for Ethereum’s adoption over the long-term.
Reddit reported an active user base of over 430 million in early 2019 which can only be expected to increase over the past 12 months.
If such a large userbase is exposed to ETH on Reddit, it could be hugely beneficial for the growth of DeFi. As mentioned above, ERC-20 tokens would be considered as community points. ERC-20 tokens are DeFi compatible and needless to say, it will create an influx of users into Decentralized Finance.
With over 350 million active users on Reddit, a migration of a mere 10 percent of the total users into DeFi will facilitate a 10,000 percent growth in the DeFi space.
Considering Ethereum holds an edge over Bitcoin due to its compatibility nature, which is the ability to combine different systems within a single blockchain, it may allow ETH to outperform BTC over the few years.
However, Ethereum continues to deal with its long-term scalability issue, and according to various analysts, the interoperability aspect of DeFi requires further development as well.
The liquidity in DeFi is also limited to an extent that would be solved if more assets can be used as collateral on the DeFi platform.
Overall, the announcement is fairly positive for Ethereum’s space, as its asset has struggled to attain a bullish rally since the market collapse of 13th March.
Author: Utkarsh Gupta