Ethereum Confirms Bullish Retest Of Crucial Support Against Bitcoin
Ethereum spent the summer months easily outperforming Bitcoin, but that trend reversed as soon as the fall months hit. The change in tune towards the DeFi trend helped take the second-ranked cryptocurrency down to retest resistance turned support.
The overperformance of the DeFi space eventually corrected hard, taking Ethereum down with it, and causing the top-ranked alt to tank on the BTC pair.
BTC dominance is back to retesting recent highs, sending the once trending altcoins back down to retest support against Bitcoin.
The monthly chart shows a critical retest and confirmation of resistance turned support | Source: ETHBTC on TradingView.com
Ethereum’s support on monthly timeframes dating back all the way to 2016 has held strong after the crypto asset reclaimed the resistance level.
A bullish retest on high timeframes could signal that altcoins are about to turn around against the trending Bitcoin.
If Ethereum can continue to maintain over the monthly support level, it could lead to the completion of an inverse head and shoulders chart formation.
This type of chart pattern is often a bottoming pattern, which could point to a longer recovery in Ethereum against the first-ever cryptocurrency.
The weekly chart depicts an inverse head and shoulders in the making with a +100% target | Source: ETHBTC on TradingView.com
From the peak of the head to the neckline of the structure, was a 120% run. According to the measure rule, applying the height of the pattern to the point of breakout provides a potential target of nearly 0.08 on the ETHBTC ratio.
The highest price ever recorded on the ratio, was 0.15, making one Ethereum worth roughly 15% a single BTC. Today, Ethereum trades at just under 3% that of the price of a Bitcoin, but if the pattern completes, will get a lot closer to 10% before the summer of next year.
Featured image from Deposit Photos, Charts from TradingView.com
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Ethereum User Accidentally Pays $9,500 Transaction Fee to Send $120 – news.kuaidiantou.vip
An ethereum user accidentally paid $9,500 in transaction fees to send just $120.
According to a Reddit post published last week, an ethereum user mistakenly typed the wrong transaction fee when attempting to transfer $120, resulting in a payment that cost seventy-nine times as much.
Reddit user ProudBitcoiner shared their story of accidentally paying 23.5127 ($9500) ETH for a minuscule Uniswap transaction that was eventually processed by the mining pool Ethermine. The user explained they manually attempted to change the gas limit amount after conducting a failed transaction, but erroneously swapped the input fields.
The post reads,
So I decided to change it manually in the next transaction (this one), but instead of typing 200000 in “Gas Limit” input field, I wrote it on the “Gas Price” input field, so I payed 200000 GWEI for this transaction and destroyed my life :/.
ProudBitcoiner was using the MetaMask Ethereum wallet, which automatically puts in the average gas fee for users to execute their transactions.
The Reddit user attempted to contact Ethermine CEO Peter Pratscher via social media but received no reply.
Inter-personal relationships between miner pools and cryptocurrency users need to be settled. Miner pools don’t treat us network users as their customers, they have no obligations toward us, we don’t exist for them, ironically they live from our cryptocurrency usage and transaction fees we pay.
Ethermine made headlines in June after deciding to keep an anonymous $2.6 million ETH fee on a $133 transaction.
Featured Image Credit: Photo via Pixabay.com
Ethereum 2.0 deposits at 10% of launch threshold as deadline approaches
The deposit contract for Ethereum 2.0 now holds 50,849 Ether (ETH), worth approximately $22 million as of press time.
This is slightly less than 10% of the minimum required stake of 524,288 ETH, or $230 million. Ethereum 2.0 is set to launch on Dec. 1 — but only if the minimum stake threshold is reached seven days before that date.
The influx of new deposits appears to have tapered off recently as the majority of prospective stakers joined within the first three days of launch.
Ethereum 2.0 stakers must go through a dedicated launchpad to register validators with a 32 ETH stake each. While the same person or entity can stake more, they must set up multiple validators to do so.
Staking yields are expected to be below 10%, but that number largely depends on the number of active stakers. As they will compete for the same rewards, new participants will lower the returns for others.
Most notably, Ethereum 2.0 deposits cannot be withdrawn or used until some time between the implementation of Phase 1 and Phase 2, which may take years.
This may be a significant deterrent for onboarding, as stakers will sacrifice liquidity for relatively low yields and an uncertain lockup period. An informal poll held by Taylor Monahan, CEO of MyCrypto, seems to suggest that the majority of users would not consider it a worthwhile investment.
The Ethereum community has another two weeks left to reach the deposit threshold before the launch is delayed. While progress has been relatively slow so far, this may change quickly.
Author: by admin
Ethereum 2.0 Deposit Contract Tops $22.5M One Week After Launch
After going live last week, the deposit contract for Ethereum’s 2.0 upgrade now holds over 50k ETH – 10% of the threshold needed to activate the watershed update.
This deposit contract is the cornerstone of the Ethereum 2.0 update and serves as a bridge for the migration Ethereum network away from proof-of-work (PoW) to a new technical infrastructure that supports proof-of-stake (PoS).
In order to become a transaction validator on the new network (those individuals who process transactions like miners in PoW), an Ethereum user must stake at least 32 ETH. There are currently 52,801 ETH locked up in the deposit contract worth $23.8 million, and it will need at least 524,288 ETH split between 16,384 stakers to trigger Eth 2.0’s “genesis event” and activate the upgrade.
Once Ethereum 2.0 goes live, these validators will begin earning block rewards on the new network at an estimated rate of 8-15% annually – a lucrative yield that is a necessary deal sweetener for what may be considered a risky upgrade.
A few days after the contract went live, Ethereum creator Vitalik Buterin sent 3,200 ETH worth roughly $1.4 million to the contract to claim 100 validators. Once the 16,384 validator threshold is reached, then the central nervous system of the new network, the Beacon chain, will go live.
Ethereum developers estimate that the Beacon chain will go live sometime in December. If and when it activates, the migration will move on to the second of four phases needed to complete the Eth 2.0 upgrade.
Author: By OneCryptoNews
TA: Ethereum Could Rally To $500 If It Clears The $470 Barrier
Ethereum is slowly rising and trading above the $460 resistance against the US Dollar. ETH price is likely to rally towards $495 or $500 if it clears the $470 resistance zone.
After forming a support base above $440, Ethereum started a steady rise. ETH price broke the $450 and $455 resistance levels to move into a positive zone.
The upward move was such that the price climbed above the key $460 resistance, plus settled well above the 100 hourly simple moving average. A swing high was formed near $467 and the price is currently consolidating gains.
An initial support is near the $460 zone (a multi-touch zone). It is also close to the 23.6% Fib retracement level of the recent upward move from the $441 swing low to $467 high. The first key support is near the $455 level, where the bulls are likely to emerge.
Source: ETHUSD on TradingView.com
The 50% Fib retracement level of the recent upward move from the $441 swing low to $467 high is also near the $455 level. There is also a major bullish trend line forming with support near $444 on the hourly chart of ETH/USD.
On the upside, the $468 and $470 levels are important barriers. A successful close above the $470 resistance level might open the doors for a sharp increase. The next key resistance is seen near the $480 level. Any further gains might call for a move towards the $495 and $500 levels.
There are many supports forming for Ethereum, starting with $460. The first key support is near the $455 level. The main support is forming near the trend line, $445 and the 100 hourly SMA.
A clear break below the $444 support level might negate the current bullish view. Any further losses may perhaps open the gates for a drop towards the $420 support zone.
Hourly MACD – The MACD for ETH/USD is slowly losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now well above the 60 level.
Major Support Level – $455
Major Resistance Level – $470
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