Ethereum 2.0 Staking Upgrade Can Trigger An ETH Rally
The crypto market looks great today, with Bitcoin, ETH, XRP, and other important coins trading in the green.
At the moment of writing this article, ETH is trading at $209.36.
An analyst is suggesting that staking could trigger a bull run for ETH, but how likely is ETH 2.0 to generate this amount of demand.
When the Etehreum 2.0 finally ships, it could offer the “largest economic shift in society” according to Cointelegraph.
Ther launch of ETH 2.0 is planned for July and this will transform ETH from a “no-frills proof-of-work protocol to a fully-fledged staking platform.”
After that, users will not compete against one another in order to solve puzzles anymore, but the ones who accrue the most wealth or stake will become in charge of validating the transactions.
A lot of experts believe that this might be able to trigger a bull run for ETH. Cointelegraph mentions the partner at MetaCartel Ventures DAO, Adam Cochran.
The online publication continued and explained that back in April, Cochran composed a 50-tweet-long rationale for ETH 2.0, rendering one of the largest “economic shifts” society has ever witnessed.
He believes that the ETH supply will dwindle as big investors will flood in seeking steady gains.
We recommend that you checkout Cointelegraph’s complete analysis on the matter.
Also, make sure to check out Cochran’s official blog post on Medium.
There are various bullish predictions about ETH these days. Not too long ago, we addressed the fact that NewsBTC wrote that a simple market cycle fractal is suggesting that ETH is on the verge of a massive rally.
Even if the movements of the crypto market might be seen pretty random, there’s a rhythm there.
Author: [email protected]·6h
- EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/05/20
- Ethereum (ETH) Down $0.74 Over Past 4 Hours, Started Today Down 1.49%; Pin Bar Pattern Appearing on Chart
- Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin points above 150K after the imminent halving
- Development Update #3 – Ethereum.org
- Ethereum killer NEAR promieses to achieve infinite scalability
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 05/05/20
EOS fell by 2.48% on Monday. Following on from a 3.55% slide on Sunday, EOS ended the day at $2.7693.
A bearish start to the day saw EOS slide from an early morning intraday high $2.8466 to a mid-morning intraday low $2.6274.
EOS fell through the first major support level at $2.7326. Finding support at the second major support level at $2.6273, EOS recovered to $2.73 levels before sliding back.
Through the 2nd half of the day, EOS managed to break back through the first major support level to a high $7.7982 before easing back.
At the time of writing, EOS was up by 0.22% to $2.7754. A bullish start to the day saw EOS rise from an early morning low $2.7690 to a high $2.7800.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.80 levels to bring the first major resistance level at $2.8681 into play.
Support from the broader market would be needed, however, for EOS to break out from Monday’s high $2.8466.
Barring a broad-based crypto rally, the first major resistance level at $2.8681 would likely leave EOS short of $2.90 levels.
Failure to move through to $2.80 levels would see EOS struggle throughout the day.
A fall through to sub-$2.75 levels would bring the first major support level at $2.6489 into play.
Barring an extended crypto sell-off, however, EOS should steer well clear of sub-$2.60 levels on the day.
Major Support Level: $2.6489
Major Resistance Level: $2.8681
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum declined by 1.61% on Monday. Following on from a 1.87% fall on Sunday, Ethereum ended the day at $206.86.
A bearish start to the day saw Ethereum slide from an early morning intraday high $210.96 to a mid-morning intraday low $195.17.
Ethereum fell through the first major support level at $203.85 and the second major support level at $197.47.
Finding support in the late morning, Ethereum moved back through to $202 levels before falling back to $198 levels.
Through the 2nd half of the day, Ethereum recovered to a high $209.41 before easing back. The recovery saw Ethereum back through and hold above the first major support level at $203.85.
At the time of writing, Ethereum was up by 0.31% to $207.51. A mixed start to the day saw Ethereum rise to an early morning high $208.21 before falling to a low $206.92.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $210 levels to bring the first major resistance level at $213.49 into play.
Support from the broader market would be needed, however, for Ethereum to break out from Monday’s high $210.96.
Barring an extended crypto rally, the first major resistance level at $213.49 would likely limit any upside.
Failure to move through to $210 levels could see Ethereum struggle throughout the day.
A fall back through to sub-$204.30 levels would bring the first major support level at $197.70 into play before any recovery.
Barring a crypto meltdown, however, Ethereum should steer clear of sub-$190 support levels on the day.
Major Support Level: $197.70
Major Resistance Level: $213.49
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slipped by 0.64% on Monday. Following on from a 2.00% decline on Sunday, Ripple’s XRP ended the day at $0.21785.
Tracking the broader market, Ripple’s XRP slid from an early morning intraday high $0.22090 to a mid-morning intraday low $0.20723.
Ripple’s XRP fell through the first major support level at $0.2142 and the second major support level at $0.2092.
Through the late morning, Ripple’s XRP recovered to $0.2128 levels before sliding back to sub-$0.21 levels.
Finding support at the second major support level at $0.2092, Ripple’s XRP struck a late high $0.21997 before easing back.
While breaking back through the first major support level at $0.2142, resistance at $0.22 pinned Ripple’s XRP back late on.
At the time of writing, Ripple’s XRP was up by 0.18% to $0.21824. A range-bound start to the day saw Ripple’s XRP rise from an early morning low $0.21807 to a high $0.21900.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move through to $0.22 levels to support a run at the first major resistance level at $0.2234.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from Monday’s high $0.2209.
Barring an extended crypto rally, the first major resistance level would likely limit any upside on the day.
Failure to move through to $0.22 levels could see Ripple’s XRP fall back into the red.
A fall through to sub-$0.2150 levels would bring the first major support level at $0.2098 into play.
Barring a crypto meltdown, however, Ripple’s XRP should steer clear of the second major support level at $0.2017.
Major Support Level: $0.2098
Major Resistance Level: $0.2234
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
This article was originally posted on FX Empire
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Ethereum (ETH) Down $0.74 Over Past 4 Hours, Started Today Down 1.49%; Pin Bar Pattern Appearing on Chart
Updated May 06, 2020 03:18 AM GMT (11:18 PM EST)
Ethereum’s 3 four-hour candle positive streak has officially concluded, as the candle from the last 4 hour candle closed down 0.36% ($0.74). Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 3rd since the last 4 hour candle in terms of percentage price change.
Ethereum is down 1.49% ($3.12) since the day prior, marking the 2nd day in a row a decrease has occurred. The price move occurred on stronger volume; specifically, yesterday’s volume was up 35.73% from the day prior, and up 41.52% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 3rd since the day prior in terms of percentage price change. Here is a daily price chart of Ethereum.
The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 6 out of the past 10 days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.
Behold! Here are the top tweets related to Ethereum:
As global demand for USD moons esp in dev economies near collapse, the easiest way to get USD is w/ #Ethereum. Set up wallet, buy #ETH & dex into stable coin is far easier & more trustworthy than trying to open USD bank account & hope govt don’t steal ur money. #Lebanon right now
Remember when the top 3 tokens were #btc #Ethereum #LTC ? What ever happened to LTC? The media and everything mainstream had the hots for all three.. Now the new 3rd asset isn’t even talked about. Infact its skipped over… Its like there’s an elephant in the room made of glass..
I think Brave has one of the dumbest excuses for moving to Ethereum and creating their BAT token. “Bitcoin fees were high in 2017, which doesn’t matter anymore since we’re a custodial wallet that requires KYC to even touch the blockchain.” Huh?
As for a news story related to Ethereum getting some buzz:
Ethereum 2.0 | BitMEX Blog
Eth1 will continue as a proof of work chain while Eth2 will operate under the new proof of stake system….At first, proof of work could continue, but after a set number of blocks, for example every 100 blocks, consensus of the block could be determined by the proof of stake system….It is possible this whole process of voting committees, indexes of voting committees, referencing checkpoint block transitions and waiting for two epochs for finalisation is an unnecessary abstraction, merely breaking down proof of stake voting system into different components to add complexity and obfuscate the fact that the security model is fundamentally broken, due to the nothing at stake problem….Figure 8 – Illustrative structure of blocks in the Ethereum shard system (displaying two shards) It should be noted that in phase 1, the sharding system and staking process become interrelated….Figure 9 – Ethereum potential staker committee allocation among shards The beacon chain is therefore left with only one validator committee per slot….The proof of stake system works just as before, except rather than the beacon chain containing voting information in an index of committees, it contains voting information from each shard. There are no checkpoint blocks within individual shard chains, nor is there a justification or finalisation process.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin points above 150K after the imminent halving
The event of the year in the crypto universe, the Bitcoin mining reward halving, is less than a week away.
The direct consequence of this event will be that Bitcoin mining revenue reduced by half.
The Bitcoin Network rewards miners with a fixed amount of Bitcoins every 10 minutes. Until now, and after the July 9, 2016 halving, the network created 12.5 Bitcoins per period, and after the imminent halving, it will create 6.25.
The reduction in Bitcoins production means a lower flow of sales in the market, and the market expects the price to adjust upwards in the face of greater scarcity.
After the 2016 halving, the price of Bitcoin went from $650 to just under $20000, a 3025% growth in a few months. After the first halving, back in 2012, the price of Bitcoin went from $12 to $650, a 5416% growth.
The declining rate of post-halving growth would project an increase of 1689 %, which at today’s price means a theoretical target of $152400 per Bitcoin before the next halving in 2024.
No one knows if this scenario will crystallize or not, but the market is based on expectations, and this particular one is on the table.
The Bitcoin dominance chart shows us why the resistance to the advance that Bitcoin is experiencing just above $9000. The reasons for this are the 200-day simple moving average at the 67.16% dominance level, and especially the price congestion resistance at the 67% dominance level.
On the opposite side, the Ethereum dominance chart shows the reason for the Ether’s weakness in the last few days. After losing the fragile support of the bearish trend line (A), the first support level is at 9.25% dominance, then the second at 9% and the third one at 8.69%.
Market sentiment has worsened by 10% since yesterday, confirming that the desire to get rich from Bitcoin has both fear and hope as ingredients.
The ETH/BTC pair is the most direct expression of the struggle to dominate the crypto market between its two top representatives.
The ETH/BTC is currently trading at the price level of 0.0231 and confirms the drilling of the 50-day exponential moving average and the 100-day simple average.
The first resistance level is at 0.0235, then the second at 0.0245 and the third one at 0.0258.
The first support level is at 0.0228, then the second at 0.022 and the third one at 0.0215.
The MACD on the daily chart is already moving very close to the neutral level of the indicator, which could provide support and help contain the downward movement.
The DMI on the daily chart shows bears losing strength once they break down the ADX line. The bulls are holding on to high levels of trending force, although they are not showing much interest in competing for the lead.
The BTC/USD pair is currently trading at the price level of $9026 and seems to have difficulties in breaking up the price congestion resistance at $9150 again.
Above the current price, the first resistance level is at $9150, then the second at $9650 and the third one at $10400.
Below the current price, the first support level is at $8800, then the second at $8400 and the third one at $8200.
The MACD on the daily chart shows an outstanding bullish profile. The line spacing and the upward slope indicate a potential for further price increases in the coming days.
The DMI on the daily chart shows bulls trying to bounce up from the ADX line. If the buy-side fails to hold above this trend line indicator, an end of trend pattern will be triggered.
The ETH/USD pair is currently trading at the $208.6 price level and remains equidistant between the short-term downward trend line at the top and the main moving averages at the bottom. This situation in the price of Ether increases the pressure and can lead to violent movements.
Above the current price, the first resistance level is at $210, then the second at $225 and the third one at $230.
Below the current price, the first support level is at $207, then the second at $200 and the third one at $195.
The MACD on the daily chart is in a bearish cross-phase, and only a bullish reaction in the next few hours can prevent this from happening. If the bearish cross is confirmed, we could enter a price compression scenario with a time horizon of May 20 for its resolution.
The DMI on the daily chart shows the bulls moving a little higher after deactivating the bullish pattern by piercing the ADX line downwards.
The XRP/USD pair is currently trading at $0.219 and finds reliable support at $0.217 due to the presence of the 100-day simple average and also the presence of price congestion support.
Above the current price, the first resistance level is at $0.227, then the second at $0.237 and the third one at $0.253.
Below the current price, the first level of support is at $0.217, then the second at $0.2115 and the third one at $0.20.
The MACD on the daily chart shows a loss of the bullish profile, although a small gap between the lines remains. The MACD on the daily chart shows a loss of the bullish pattern, although a small gap between the lines remains.
The DMI on the daily chart shows the bulls trying to bounce up from the ADX line. The bears are moving up, but are still far from being able to risk the leadership of the buying side.
Development Update #3 – Ethereum.org
Hey Ethereum! Here’s the latest update from the ethereum.org team:
Over the last 6 months, the global Ethereum community has translated Ethereum.org into 23 languages. Today, traffic to non-english pages accounts for more than 20% of all traffic.
Over the next 2 months, we want to raise the total number of supported languages to over 30. If you are a speaker of a language that is not currently supported by ethereum.org, we’d love to have your help!
We’re especially looking for native speakers of Vietnamese, Thai, Danish, Norwegian, Hungarian, Finnish, or Ukranian.
Even if your language is already supported, we’d love your help updating localizations to the most recent version of the site!
Want to get involved? Learn more about the ethereum.org translation program here.
The website is now available on IPFS and accessible via ENS at ethereum.eth. Here’s more information from the ENS team on how to access it.
Special thanks to the IPFS team (particularly Chris Waring) who created a VuePress plugin for IPFS to make this implementation as easy as possible. Additional shoutouts to Brantly Millegan of the ENS team and Alex Van de Sande for contributing to this initiative.
A truly community-inspired upgrade, we received feedback from multiple users that ethereum.org’s site search (which only listed results based on page title or header matches) made it difficult to find resources on specific topics, even if we did have content covering it on the site.
We just shipped a new search function using Algolia, which indexes all HTML on our pages and provides results based on fuzzy matching in addition to exact and partial matching. This should greatly improve the discoverability of all our site’s guides, tools and resources.
One year ago, we launched the new Ethereum.org.
Over the last 12 months, we’ve been amazed at the Ethereum community’s support. We’ve had more than 170 people make contributions to the website, and more than 350 volunteers have helped translate the site into their native languages.
Thank you for your support, feedback, and above all for being part of the Ethereum community.
Content will be a major focus for our team over the coming months, including revamps of existing pages and the addition of new pages:
We’re nearly finished a full audit of all the Developers content on the site, thanks to the help of some awesome Ethereum community members. This is going to result in removing and adding content, re-organizing pages, and re-writing some of the existing content.
Want to get involved? Or are you curious to see what we’re working on day-to-day? We recently published a new About Ethereum.org page that displays our public roadmap. Feel free to take a look and share your ideas and feedback with us.
Author: Ethereum Foundation
Ethereum killer NEAR promieses to achieve infinite scalability
- The NEAR protocol is called the potential new next generation Ethereum killer because it is said to have solved Ethereum’s scaling problem with a new sharding approach.
- NEAR raised more than U$21 million in venture capital in a new financing round.
The scalability of the Ethereum network is still a weakness of the ecosystem, for which there are many different solutions. However, for some experts in the industry, the development is progressing too slowly.
The NEAR protocol is considered to be the supposed new “Ethereum Killer” and comes up with a new scaling approach. NEAR relies on a proof-of-state network that uses sharding to achieve high transaction throughput and high security for the ecosystem. NEAR is a decentralized application platform that places great emphasis on simple and easy application creation.
Furthermore, NEAR uses a novel consensus mechanism called Doomslug, by which there is no theoretical limit to the capacity of the network. Doomslug works in such a way that a block is considered “final” if a block produced by Doomslug contains endorsements by more than half of the block producers for the previous block. The previous block is irreversible unless at least one of the block producers is removed.
According to the press release published a few hours ago, NEAR launched Mainnet yesterday, allowing developers to take full advantage of the platform’s functionality immediately. The Genesis block was mined on April 22, 2020 at 6pm UTC. Illia Polosuchin, CEO of NEAR Inc, the company behind NEAR, said:
Genesis occurred at 2020-04-22 18:00:00 UTC and, while there’s still lots of work to do, this means that developers can actually deploy production apps while the network gets more decentralized and is ultimately handed off completely to the community over the next several months.
It is also remarkable that NEAR was able to raise more than $21.6 million in a financing round led by Andreessen Horowitz. Among the investors were Pantera Capital, Electric Capital, Blockchange, Libertus Capital and Distributed Global. The capital will be used for the launch and adaptation of the platform and is expected to benefit millions of developers.
NEAR has already been able to find a strong partner in Stardust, who appreciates the advantages of the platform. Canaan Linder, founder and CEO of Stardust, explains:
NEAR’s technology allows Stardust to scale to millions of users without having to worry about infrastructure limitations or costs. Without NEAR, Stardust’s business model could not work.
Although NEAR has published big words and numbers, the functionality of the network is limited so far, as there are only four nodes and a limited number of validators. According to the official schedule, the blockchain of the platform should be fully operational by July. NEAR provides detailed instructions under this link where an account can be created.
According to a recently published study, Ethereum can currently process up to 9,000 transactions per second and, with planned technical developments, can exceed the scalability of Visa, Mastercard and PayPal. The combination of sharding and plasma should one day enable a scalability of one million transactions per second, Vitalik Buterin announced in an AMA session with OmiseGo.
Author: Collin Brown