Ethereum Prints Pivotal Reversal Against Bitcoin Amid ETH2 Rollout

Ethereum Prints Pivotal Reversal Against Bitcoin Amid ETH2 Rollout

Ethereum strongly underperformed Bitcoin during BTC’s move to $16,000. In fact, for most of the rally from $13,000 to $16,000, ETH was trading for $380-400, failing to break higher.

But after BTC has begun to consolidate, ETH has finally started to break higher. Ethereum currently trades for $440, up 10% in the past 24 hours alone.

Analysts see this reversal as notable due to the fact that it comes at an important support level for the ETH/BTC trading pair.

As noted by a prominent crypto-asset analyst during the move higher, ETH/BTC’s bounce comes at a pivotal level. The chart below shows that the bounce has allowed Ethereum to maintain a level of macro importance against Bitcoin, which held during the late-2017 correction, along with other corrections in ETH’s history.

The same analyst noted that this bounce came on an influx of volume for Ethereum. This indicates that there were investors that cycled their profits from Bitcoin into Ethereum, sparking the strong 10% gain that we’ve seen today.

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Ethereum is getting buoyed by fundamental trends, it seems.

Australia’s central bank, the Reserve Bank of Australia, recently announced its intent to use Ethereum technology for its CBDC pilot test:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

There also seems to be an institutional push towards the adoption of the leading cryptocurrency. Ethereum, for one, is expected to be added to Fidelity’s cryptocurrency platform.

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Source: icryptodesk.com

Author: admin


Chainlink, Ethereum Classic, Dogecoin Price Analysis: 06 November

Chainlink, Ethereum Classic, Dogecoin Price Analysis: 06 November

The rally is on and the crypto community awaits most altcoins to join the rally with Bitcoin. Currently, most alts have been lagging and witnessing bearish sentiment. However, given the correlation with the largest asset, the alt season may not be far away.

Some alts have already started to realign themselves for a bullish turn of events, while others have to escape short-term pressure.

Chainlink [LINK]

The price of Chainlink has been moving like a wave and currently was being traded at $11.28. If we look at the above chart, the price has recently been moving higher, which has resulted in the 50 moving average to slip under the candlesticks.

The changing trend was also highlighted by the signal line which was noting the rising price of LINK. The Bollinger Bands appeared to be closer than before, indicating reducing volatility in the market. If the current price receives more support from the traders, LINK might be able to jump on the growth train.

Ethereum Classic [ETC]

The above chart noted the strong resistance at $5.85 and ETC’s failure in surpassing this level. After re-testing this level recently, the digital asset dropped to the support at $4.45. However, after surpassing the support for a brief moment, it noted a minimal rise in price and was valued at $5.19, at press time.

The Awesome Oscillator indicator noted a negative momentum in the ETC market. It meant that the selling pressure was still higher in the short term, making the dominant trend a bearish one. The 50 moving average has also crossed over the candlesticks, which also meant the price was trending lower.

Dogecoin [DOGE]

The meme coin gained a lot of attention due to massive transactions being carried out in June, but ever since has been on a downward slope. The asset’s price has not been supported by enough volume and has recently been consolidating between $0.0030 and $0.0023. Even though DOGE tried to surpass the resistance formed at $0.0030 yesterday, but failed. Its current value remained at $0.0026.

The Parabolic SAR indicator aligned under the candlesticks noting the emerging bullishness in the market. Similarly, the MACD indicator also noted a changing trend. The MACD line overtook the signal line, as the buying pressure for DOGE increases. The MACD had been noting a long bullish trend, but not supported by enough volume. However, the current market is also noting a rise in volume.

Source: www.gamerenews.com

Author: admin


Ethereum Surges to $470 Amid ETH2 Launch and DeFi Rally

Ethereum Surges to $470 Amid ETH2 Launch and DeFi Rally

  • Ethereum has undergone a strong rally over the past few days, pushing as high as $470.
  • ETH is up around 10% in the past 24 hours, despite Bitcoin stagnating in the high-$15,000s.
  • Ethereum’s rally higher comes as other altcoins have rebounded.
  • Analysts remain bullish on Ethereum and altcoins.
  • Ethereum has undergone a strong rally over the past two days despite strong weakness over the past few weeks. The price of the leading cryptocurrency currently is $460, slightly below the $470 highs that were seen just hours ago. ETH is up around 10% in the past 24 hours, despite Bitcoin stagnating in the high-$15,000s.

    Ethereum’s rally higher comes as other altcoins have rebounded. The prices of leading digital assets such as Yearn.finance, Litecoin, Stellar Lumens, and many others have benefited as capital has cycled from Bitcoin into these smaller players.

    Despite BTC potentially looking to reverse lower, analysts remain bullish on Ethereum and altcoins.

    One analyst shared the chart below recently, showing ETH’s market capitalization over time. The chart shows that the cryptocurrency has printed a bullish reversal at a pivotal support level at the end of September. This should result in a rally towards $700-800 in the coming months, the trader says. Commenting more specifically on the chart, he said on the matter:

    “$ETH I simply don’t think we get any real pullbacks soon. Maybe some low timeframe pullbacks but the target is 7-800 pretty easy.”

    Image

    What future awaits cryptocurrencies?
    GOODBAD

    Ethereum is also printing a strong bounce against Bitcoin. One crypto-asset analyst recently said that the cryptocurrency has seen a strong bounce against Bitcoin:

    “No denying this looks great and adding to spot here in the grand scheme of things is not a bad idea. However, a tap of the channel midpoint and weekly demand would seal the deal for me and cure any remaining bear market ptsd I had left.”

    Ethereum is likely benefiting from fundamental trends. The Reserve Bank of Australia recently announced its intent to use Ethereum-based tech:

    “The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

    ETH2 is also in the midst of being rolled out, adding to the coin’s bull case.

    Source: cryptomoneyteam.co

    Author: By TeamMMG


    Ethereum 2.0 goes live next month - here's why that's a huge deal

    Ethereum 2.0 goes live next month – here’s why that’s a huge deal

    The next generation of the Ethereum blockchain has been in the works for years, but is finally about to come to fruition.

    As per an Ethereum Foundation blog post, Ethereum 2.0 will now go live on December 1, instead of January 3 2021 as originally planned.

    The upgrade will see the blockchain transition from a Proof-of-Work (PoW) model to Proof-of-Stake (PoS), whereby participants tie their cryptocurrency to the network as collateral.

    For the launch of Ethereum 2.0 to take effect, 16,384 validators will need to stake a minimum of 32 ether (the cryptocurrency underpinning the network), which is worth circa  $12,800 at current market rates.

    Meeting this figure will trigger the launch of the Beacon Chain – infrastructure that will facilitate the switch – in what is being described as the Ethereum 2.0 genesis event.

    “We’ve hardened Ethereum 2.0 as much as we can with simulated test environments, formal verifications and audits,” said Joe Lubin, Ethereum co-founder and CEO at ConsenSys.

    “We are incredibly excited to see the community galvanize around the first phase of Eth2, now with real value at stake.”

    Ethereum 2.0 will roll out in phases over the coming months, but the launch of the Beacon chain represents the all-important first step.

    The most significant change is that the consensus mechanism underpinning the Ethereum blockchain will transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), which is generally considered to be a more effective and energy-efficient means of maintaining the network.

    A basic way to describe the difference is that, in a PoW system, one unit of computational power equates to one unit of mining power. Under PoS, however, one unit of value secures one unit of mining power for the validator.

    Both systems are designed to incentivize the maintenance of the network, while also ensuring that data held on the blockchain cannot be tampered with.

    The second main improvement is the introduction of sharding to the Ethereum network (although this will occur as part of a later phase), which means that only a portion of nodes need validate any given transaction, thereby increasing the network’s throughput dramatically.

    In the past, Ethereum has been criticised for lacking the scalability that would allow it to compete with legacy systems. For context, Visa is thought to process roughly 1,700 transactions per second (TPS), whereas Ethereum 1.0 can only manage a meagre 25 TPS.

    By effectively dividing the network into lanes, however, the maximum number of TPS processed by the Ethereum 2.0 can be increased by magnitudes.

    Source: gcfrng.com

    Author: Published 1 day ago on November 6, 2020

    By GCFR NG


    Ethereum Prints Pivotal Reversal Against Bitcoin Amid ETH2 Rollout


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