Autor Cointelegraph By Yashu Gola

3 signs Ethereum price is on track toward $2.5K by September

Ethereum’s native asset Ether (ETH) has more than doubled in value since bottoming out at around $885 in June 2022. Now, it eyes a decisive move toward $2,500 in August per a slew of technical and fundamental indicators.Ethereum chain split means more tokensA big part of Ether’s ongoing rally has appeared due to “the Merge,” a network upgrade that will switch Ethereum’s underlying blockchain protocol from proof-of-work (PoW) to proof-of-stake (PoS) in September.Simultaneously, switching to PoS will also eliminate the role of miners in the chain by replacing them with validators. This fear has prompted Chandler Guo, a Chinese crypto miner, to resist the Merge by keeping Ethereum’s PoW version alive.A chain split is possible as a result. Guo has already branded his version of the Ethereum PoW chain as “ETHPoW,” alongside its native token “ETHW.” Furthermore, some crypto exchanges have already listed the token for trading with even Binance considering doing the same, if necessary. The Ethereum Merge is approaching. Here’s what you need to know if you hold $ETH on #Binance:Binance will support “The Merge”.In case of newly forked tokens, we will evaluate and consider support for distribution and withdrawal. View details ⤵️— Binance (@binance) August 10, 2022A key takeaway from a potential chain split is existing Ether holders will receive an equal amount of tokens from the new chains.In turn, that could boost ETH’s demand in the market, leading its price toward the $2,500 mark in the run-up to the Merge. Bullish flipping underwayDuring its recent price recovery, Ether has confidently rallied toward a critical support-turned-resistance range of $1,625-$1,975.ETH/USD now aims to retake the range as support, thus giving itself a strong price floor to pursue a rally toward and above $2,000. Its nearest upside target is the 50-week exponential moving average (50-week EMA; the red wave in the chart below) at $2,340.ETH/USD weekly price chart. Source: TradingViewThe next range breakout target could be at the Ether’ multi-month descending trendline resistance (the black line) at around $2,500.Institutional inflows gain momentumThe technical upside target of $2,500 receives cues from a recent uptick in capital inflows into Ethereum-based investment funds.Related: Optimism TVL surges nearly 300% M/M ahead of The Merge upgradeNotably, these institutional products attracted $16.3 million from investors in the week ending Aug. 5. Similar funds for Bitcoin witnessed capital outflows worth $8.5 million in the same period, suggesting a strong upside bias for Ether versus the top crypto.Net capital flows in/out of crypto funds. Source: CoinSharesOverall, the buzz around the Merge acts as the main bullish catalyst as mentioned above. However, Ether could see a strong price corrections after the upgrade to PoS occurs in September when traders potentially start to “sell the news.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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TORN price sinks 45% after U.S. Treasury sanctions Tornado Cash — rebound ahead?

Tornado Cash (TORN) has lost almost half its market valuation two days after being slapped with sanctions by the U.S. Treasury Department.The department accused Tornado Cash, a crypto mixer platform, of laundering more than $7 billion in cryptocurrencies, including a stash of $455 million allegedly stolen by North Korea-based hackers.Immediate reactions were followed by U.S.-based crypto companies, including Circle and Coinbase. In a controversial move, the popular crypto firms blocked the movements of their jointly-issued stablecoin USDC tied to Tornado Cash’s blacklisted smart contracts.TORN price drops 45%The news prompted traders to limit their exposure to TORN, Tornado Cash’s native token.On the daily chart, TORN’s price has slipped by approximately 45% since the Justice Department’s notice about Tornado Cash, to reach $18.50 on Aug. 10. By contrast, the valuation of all the crypto assets had plunged merely 6% in the same timeframe.  TORN/USD daily price chart. Source: TradingViewInterestingly, TORN’s selloff accompanied a spike in daily trading volumes, suggesting momentume.TORN technicals suggest recoveryThe downside move has pushed TORN price near a critical technical support.Related: Anonymous user sends ETH from Tornado Cash to prominent figures following sanctionsTORN has been testing its $15-$18 range for a potential rebound due to its historical relevance as support. Notably, in January and June earlier this year, this level served as a springboard for TORN price to jump 275% and 100%, respectively. TORN/USD three-day price chart. Source: TradingViewTherefore, a potential rebound move from the range could have TORN tes $32.50 as its next upside target, which coincides with the 0.236 Fib line as shown above. In other words, a 75% recovery by September 2022On the other hand, a breakdown below the support range sends TORN’s price to new record lows.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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What the fork? Ethereum's potential forked ETHW token is trading under $100

An Ethereum fork token that does not yet exist, dubbed ETHW, is trading under $100 across several crypto exchanges after debuting at $30. ETHW and ETHS begin trading ETHW is the native asset to the ETHPoW chain. ETHPoW, for now, is a possible new chain backed by proof-of-work (PoW) miners as the original chain switches to a proof-of-stake (PoS) consensus in September’s “Merge” event.Meanwhile, the proof-of-stake version ETHS is trading at around $1,600 or the difference between the ETH price and the ETHW price. We promise there won’t be any premining or additional token issuance. So there is nowhere to save a reward for any contributors and supporters at this moment. However, if any beneficiaries would love to reward early supporters, we will connect beneficiaries with early supporters.— ETHPoW (@EthereumPoW) August 8, 2022As a result of this potential chain split, anyone holding a certain number of the original chain’s Ether (ETH) will automatically receive an equal amount of ETHW tokens. Such speculations have prompted some exchanges to list ETHW for trading in advance.For instance, Poloniex announced support for both ETHW, as well as ETHS, the PoS chain token, listed for trading against Ether.Trading is now live for the Ethereum (ETH) potential hard fork tokens! @justinsuntron ETHW(ETH1)/ETH:— Poloniex Exchange (@Poloniex) August 7, 2022

Crypto exchange MEXC Global and have also listed ETHW and ETHS on its platform. Concurrently, OKX CEO Jay Hao has committed that they would list the newly forked Ethereum coins if there is “sufficient demand” for them among traders.At @OKX, we actively monitor and will support the #Ethereum Merge.Potential Ethereum hard forks may emerge when the network’s upgrade takes effect.We will evaluate and list the newly forked coins if there is sufficient demand.— jay_star.okx ⚛️ OKX CEO (@star_okx) August 8, 2022

Crypto derivatives exchange BitMEX also launched Tether-margined contracts for ETHW, creating more room for price speculation ahead of the token’s potential inception post Merge.ETHW trading at how much?ETHW debuted on Poloniex and MEXC Global on Aug. 8 at around $30 per token. On the same day, it rallied 333% to $130 before correcting to approximately $100 on Aug. 9. Trading volume was stable throughout the period.ETHW/USD hourly price chart. Source: MEXC GlobalWill ETHPoW survive?Forked chains seldom survive, mainly due to a lack of support from app developers, miners and promoters. Nonetheless, some projects have witnessed reasonable adoption by users and miners alike (e.g. Bitcoin Cash, Ethereum Classic).Notably, Hongcai “Chandler” Guo, a San Francisco-based angel investor in Bitcoin and Ethereum startups, has emerged as the main backer of ETHPoW. He claims he has a team of 60 developers working on getting rid of the so-called “difficulty bomb,” a software tool designed to force the PoW-to-PoS transition.Related: F2Pool co-founder responds to allegations it’s cheating the Ethereum POW systemOn the other hand, Ethereum co-founder Vitalik Buterin called fork supporters “a couple of outsiders” that own crypto exchanges and “want to make a quick buck.”He reasserted that Ethereum miners already have a PoW alternative in Ethereum Classic, the original version of Ethereum, noting that it has “a superior community and superior product for people pro-proof-of-work.” $ETC is the original chain. $ETH is a fork. And $ETHW is a fork of a fork.— ETCPOW (@ETCPOW) August 5, 2022

Ethereum Classic (ETC) has rallied nearly 150% since the Merge’s announcement on July 14.ETC/USD daily price chart. Source: TradingViewMeanwhile, a non-difficulty bomb version of ETHW could grab 2%–10% of Ethereum’s market capitalization, said Kevin Zhou, the co-founder of Galois Capital, a crypto hedge fund. He explains that Ethereum could split into at least three chains after the Merge: ETHW (without the difficulty bomb), ETHW (with the difficulty bomb) and ETHS.How do you think the Ethereum Merge will play out? @Galois_Capital’s Kevin Zhou thinks there will be at least *three* forks and discusses why he thinks the POW chain will maintain a “decent amount of the market cap.”Watch the full ep on @Unchained_pod— Laura Shin (@laurashin) August 5, 2022

Zhou warned about potential liquidations in the Ethereum forked token markets but admitted that the tokens could survive at lower prices.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interest

The metaverse sector is witnessing its very-own housing crisis moment, thanks to massive declines in the prices of its virtual lands in 2022, led by waning users’ interest and a crypto bear market.Land sales plunge 85% in 2022In particular, metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines in their valuations and other key metrics, data from WeMeta shows.For instance, the average price of lands sold across Decentraland peaked at $37,238 in February 2022. But as of Aug. 1, their costs had dropped to an average of $5,163. Similarly, the Sandbox’s average sale price dropped from circa $35,500 in January to around $2,800 in August.Average sale price of virtual lands on Ethereum metaverse projects. Source: WeMetaOverall, the average price per parcel of virtual lands across the six major Ethereum metaverse projects dropped from approximately $17,000 in January to around $2,500 in August, or a 85% decline. Declining metaverse volumesPoor land sale volumes further indicate dampening user interest in Metaverse projects.On a weekly average, the volume, which represents the amount of lands (derived in currency) traded, has dropped from its peak of $1 billion in November 2021 to approximately $157 million in August 2022.Metaverse land sale volumes. Source: WeMetaSimultaneously, the market valuations of the Metaverse tokens in circulation have dipped by more than 80%, led further by a broader retreat across the cryptocurrency sector due to unfavorable macroeconomic conditions. For instance, the market valuation of Decentraland’s MANA tokens in circulation dropped from $10 billion in November 2021 to $2 billion in August 2022. Similarly, Sandbox’s SAND’s net capitalization reached $8.4 billion to around $1.78 billion in the same period.fricking metaverse housing bubble just popped who would’ve thought— lil t the based god (@fauxzus) August 7, 2022Metaverse ETF also takes ahitMeanwhile, the Roundhill Ball Metaverse exchange-traded fund (METV) is tanking alongside blockchain-focused metaverse projects. The ETF gives investors exposure to companies that have been employing the Metaverse in their growth strategy,On the daily chart, METV has dipped by nearly 45% from its record high of $17.11 in November 2021, with the companies iits stock portfolio, including Meta (formerly known as Facebook) and Snap, reporting substantial second-quarter losses.METV daily price chart. Source: TradingViewNonetheless, corporations, venture capital funds and private equity investors pour over $120 billion into the Metaverse sector between January and May 2022, more than double the $57 billion invested in all of 2021, according to a recent McKinsey report.Related: Facebook’s metaverse will ‘misfire,’ says Vitalik ButerinDespite the decline in the metaverse market, however, McKinsey believes the space can become a $5 trillion sector by 2030, noting that e-commerce will likely realize a market impact of between $2 trillion and $2.6 trillion alone, followed by the academic virtual learning sector, which could have an impact of $180 billion to $270 billion. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum price rises by 50% against Bitcoin in one month — but there's a catch

Ether (ETH), Ethereum’s native toke, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, “the Merge,” grows.ETH at multi-month highs against BTCOn the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair’s gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains.ETH/BTC daily price chart. Source: TradingViewThe ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) mining to proof-of-stake (PoS).Ethereum’s “rising wedge” suggests sell-offFrom a technical perspective, Ether stares at potential interim losses as ETH/BTC paints a convincing rising wedge. Rising wedges are bearish reversal patterns that occur when the price trends higher inside a range defined by two rising, converging trendlines. As a rule, they resolve after the price breaks below the lower trendline by as much as the structure’s maximum height.ETH/BTC daily price chart featuring “rising wedge” breakdown setup. Source: TradingViewMoreover, a declining volume and relative strength index (RSI) against a rising ETH/BTC further increases bearish divergence risks. This gives weight to the wedge’s bearish setup for a target of 0.064 BTC, or down 11% from today’s price.Ether looks stronger vs. dollarMeanwhile, technicals paint a brighter picture for Ethereum against the U.S. dollar. The potential of a 10% breakout for ETH/USD looks strong in August due to a classic bullish reversal pattern.Related: Decentralized finance faces multiple barriers to mainstream adoptionOn a four-hour chart, ETH/USD has formed what appears to be a “double bottom.” This pattern resembles the letter “W” due to two consecutive lows followed by a change in direction from downtrend to uptrend, as illustrated below.ETH/USD four-hour price chart featuring “double bottom” breakout setup. Source: TradingViewMeanwhile, a double bottom pattern resolves after the price breaks above its common resistance level and—as a rule of technical analysis—rises by as much as the distance between the first bottom and the resistance. As a result, ETH could rally toward $1,940 in August, up 10% from today’s price.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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