Ethereum Broke Major Hurdle, Why ETH Could Soon Test $1,420

Ethereum Broke Major Hurdle, Why ETH Could Soon Test $1,420

Ethereum settled nicely above $1,000 to start a fresh increase against the US Dollar. ETH price broke the $1,275 resistance to open the doors for a push towards $1,420.

  • ETH price gained pace after it broke the $1,000 resistance against the US Dollar.
  • The price is up over 25%, and it is trading nicely above $1,300 and the 100 simple moving average (4-hours).
  • There was a break above a key contracting triangle with resistance near $1,240 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards $1,420 and $1,500 in the coming sessions.
  • This past week, bitcoin and ethereum saw a significant rally above $1,000 and $230,000 respectively against the US Dollar. ETH price even surpassed the $1,110 resistance zone and settled well above the 100 simple moving average (4-hours).

    Ether price tested the $1,290 zone and recently started consolidating gains. There was a minor decline, but dips were remained well bid above the $1,190 level. A swing low was formed near $1,065 before the price started a fresh increase.

    It broke the $1,200 level to move back into a positive zone. There was also a break above a key contracting triangle with resistance near $1,240 on the 4-hours chart of ETH/USD.


    It accelerated gains and the price even broke the $1,300 level. Ether price tested the $1,340 zone. It is close to the 1.236 Fib extension level of the downward move from the $1,290 swing high to $1,065 low. It seems like the price might continue to rise towards the $1,400 level.

    The 1.618 Fib extension level of the downward move from the $1,290 swing high to $1,065 low is at $1,428 to act as a key resistance for the bulls.

    If Ethereum fails to clear the $1,340 and $1,400 resistance levels, it could start a downside correction. An initial support is near the $1,275 level (the recent breakout zone).

    The main support is forming near the $1,180 level. Any more losses could lead the price towards $1,135, where he bulls are likely to take a strong stand.

    Technical Indicators

    4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone.

    4 hours RSI – The RSI for ETH/USD is still well above the 60 level.

    Major Support Level – $1,135

    Major Resistance Level – $1,400

    This post was originally published on


    Author: cm_team

    OTC Markets Volumes Surpass $1 Billion

    OTC Markets Volumes Surpass $1 Billion

    More than one billion a day is exchanging hands on stock traded GBTC which has seen increased interest as the main way for Americans to enter bitcoin in a stock form.

    ETHE is somewhat far behind, but its volumes too have increased to now $150 million a day.

    GrayScale has filed a notice of exempt offering today showing $919 million was issued to 514 investors.

    For bitcoin $5 billion was issued to 837 investors. BCH saw some stock issuance too at $77 million while for ETC it was higher at $95 million.

    GrayScale’s total assets under management have now risen to $28 billion. Some $24 billion just for bitcoin, about $4 billion for eth, and small crumbs for the rest.

    Making this now a significant avenue for bitcoin price setting as a number of big investors have said they plan to enter the market through GrayScale.

    As a regulated entity that deals with custody, it makes bitcoin trading like any other stock from traditional and established infrastructure.

    Thus it has attracted some institutional investors as well as arbitragers due to its significant premium of $2,000 for bitcoin.


    Ethereum 2.0 Explained in 4 Easy Metrics

    Ethereum 2.0 Explained in 4 Easy Metrics

    With the launch of every new blockchain comes a new block explorer website to understand. 

    Block explorer sites offer real-time updates on network activity. Normally, they feature information on blocks, transactions and fees. On Ethereum 2.0, the block explorers depict a very different array of metrics involving epochs, slots and attestations. 

    But even for those familiar with the usual Ethereum explorers such as Etherscan, Etherchain and Blockchair, the new sites for tracking Eth 2.0 activity may be difficult to decipher. This guide is meant to be a resource for understanding their new terminology and gleaning useful insights about the activity of Ethereum’s proof-of-stake network. 

    For anyone unfamiliar with blockchain explorers in general, this guide will go over the basic details of reading an Ethereum 2.0 blockchain explorer. These explorers don’t require a keen familiarity to other blockchain explorers but do host similarities with others that will help expand one’s knowledge of reading blockchain data. 

    We’ll go over four basic metrics tracked by two different block explorer sites, BeaconScan and These metrics are by no means an exhaustive list of all that can be analyzed about Eth 2.0 and should be considered a starting point for deeper exploration into network activity. 

    What cryptocurrency will become the main one in a year?

    Unlike Bitcoin and Ethereum, Ethereum 2.0 progresses in epochs, not blocks. An epoch is a bundle of up to 32 blocks that actors on the network (called validators) propose and attest to over a period lasting roughly 6.4 minutes. An epoch, along with all the blocks of which it is composed, is only considered finalized after the progression of two more epochs after it. 

    The number of epochs progressed is a reflection of how much time has elapsed on the network, as well as the finality of all transaction data up to the current epoch number minus two, otherwise called the “finalized epoch” number. (See image above.)

    This metric can be a useful indicator of any network abnormalities. Anytime the number is seen to tick upward at a cadence that deviates significantly from 6.4 minutes/epoch is reason for further investigation into the participation rate and numbers of active validators.

    The number of active validators represents the number of computers, also called nodes, that have a 32 ETH stake on Eth 2.0 and that have passed the activation queue for entry into the network. As of Jan. 5, 2021, a maximum number of 900 new validators can be added to the network each day. 

    A total of 262,144 validators is needed at minimum for Eth 2.0 to advance to its next phase of development in which 64 mini-blockchains, called “shards,” will be spawned. At the current rate of 900 new validators being added to the network each day, phase 1 will occur sometime in late August or early September of this year. 

    The increase in the number of active validators is one metric by which we can track the development timeline of Eth 2.0. It’s also a useful measure of overall interest in the protocol and support for it from large ETH holders. 

    The network participation rate is a useful indicator of Eth 2.0 network health. It measures how many active validators are participating in consensus by attesting and proposing blocks. Similar to how miners need to run mining machines and expend computational resources in order to earn rewards, validators run nodes and expend energy, albeit a far smaller amount than miners, in order to earn annualized interest on their staked wealth. 

    A participation rate of 99% suggests the vast majority of validators on Eth 2.0 are doing their job and securing the network. Significant declines in this number would suggest active validators are shutting their nodes down and disconnecting from Eth 2.0.

    This could be as a result of a major power outage in a certain part of the world or of validators lacking sufficient financial incentive to keep their machines running. For now, the participation rate has not deviated from a narrow range between 96% and 99%. However, its change over time will give clues as to how engaged Eth 2.0 validators are with earning rewards on the network. 

    Last but not least, one of the most intuitive and interesting metrics to track on Ethereum 2.0 is how much validators are earning on average, daily. Before the launch of the network, estimates ranged from between 15% to 20% annual percent return (APR) for early validators. As of Jan. 5, 2021, the APR for the average validator one month into network launch is between 11% to 12%, according to the calculator.

    On block explorer BeaconScan, validator rewards are broken down by day. For the past two weeks, validators have been earning roughly 0.008 ETH/day, which is valued at around $8.86/day at time of writing. Initially, the daily average had reached as high as 0.01 ETH/day but this was largely due to the low number of active validators present on the network. The reward system of Eth 2.0 is dynamically structured so that an increasing number of Eth 2.0 validators will trigger lower validator returns and vice versa. 

    Taking a look at the lowest daily average recorded thus far, which is 0.005 ETH/day on Dec. 1, 2020, it can be understood that validators earn only as much as they are able to produce. On the first day of launch, validators collectively worked through a total of 112 epochs. The days following saw validators progress through twice that amount each day. 

    Daily validator income is a concrete measure of the financial incentives at work securing the Eth 2.0 network. Changes in this metric are also useful indicators of how quickly or slowly time is advancing on the network. 

    Block explorers provide a wealth of information about the hour-by-hour and minute-by-minute activity of the Ethereum 2.0 network. They’re also free to use and available to the public. 

    Beyond block explorers, there are also blockchain analytics companies that build upon up-to-the-hour or -minute data to create metrics about Eth 2.0 spanning longer time horizons. 

    For deeper exploration into Eth 2.0 metrics, explore these sites: CryptoQuant, Dune Analytics and Glassnode. 


    Author: by admin

    Ethereum Broke Major Hurdle, Why ETH Could Soon Test $1,420

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