Ethereum (ETH) Reviews - Page 3

Ethereum whales get busy as transactions hit highest point since January. Ethereum whales have been transacting a huge volume of Ethereum, marking the highest one day whale activity since January. Despite widespread losses being posted throughout the crypto market, Ethereum whales have been busy buying and selling Ether (ETH) at a rate not seen since January this year. According to data from Santiment, Ethereum whales made a total of 2,956 transactions, each valued at over $1M on Wednesday, marking the highest day of whale transactions in nearly 5 months. Santiment clarified that whales are typically defined as any account holding between $1M to $10M.

ETH/BTC rallies to test its 'ascending triangle' pattern for a bullish breakout. Ethereum's native token Ether (ETH) has grown stronger against its rival for the top position — Bitcoin (BTC) — despite an ongoing crypto market rout. But can the ETH/BTC pair continue to rally in the coming months? Let's look at the charts. ETH/BTC gained 5.5% between the May 9 low of 0.0720 and the May 10 high of 0.0759. ETH also rebounded by almost 9.75% against the U.S. dollar, and Bitcoin underwent a similar upside retracement in the same period. The gains across the pairs appeared after a brutal selloff witnessed across the past 24 hours. The drop sent Ether to its worst levels since January 2022 and Bitcoin below $30,00 for the first time since July 2021. The situation was similar in the traditional markets, with the U.S. benchmark index, S&P 500 (SPX), slumping 3.2% to its lowest level in 2022. On the other hand, the dollar reached its two-decade high, reinstating its "safe-haven" status in times of market turmoil. Moreover, the cryptocurrency equivalent USD-pegged stablecoins witnessed a similar surge in demand.

Ethereum on-chain data hints at further downside for ETH price. An assortment of on-chain and derivatives data signal that ETH price is unlikely to rally above $3,500 any time soon. Analyzing Ether's (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%. Currently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with the Ethereum network's on-chain metrics.

Ether (ETH) broke below the 50-day SMA (3,000) on April 18 but the bears could not sustain the lower levels. The bulls purchased the dip and pushed the price back above the 50-day SMA. The buyers drove the price above the 20-day EMA ($3,113) on April 20 but the long wick on the day’s candlestick suggests that bears continue to sell at higher levels. The bears are currently attempting to sustain the price below the 20-day EMA. If they succeed, the ETH/USDT pair could consolidate in a tight range between $2,883 and $3,166. This tight range trading is unlikely to continue for long and may result in a sharp range expansion within the next few days. A break below $2,883 could sink the pair to the uptrend line while a break above $3,166 could clear the path for a possible retest of the 200-day SMA ($3,491).

Ethereum price 'bear flag' could sink ETH to $2K after 20% decline in three weeks. Analysts still expect Ethereum to hold its long-term bullish bias on bets that its highly-anticipated technical upgrade this year will be successful. Ethereum's native token Ether (ETH) has dropped by nearly 20% in the last three weeks, hitting monthly lows near $2,900 on April 19. But despite rebounding above $3,000 since, technicals suggest more downside is possible in the near term, according to a classic bearish pattern. Dubbed "bear flag," the bearish continuation signal appears as the price consolidates higher inside an ascending parallel channel after a strong downward move (called the flagpole). It resolves after the price breaks out of the channel to drop further. ETH's price turned lower after testing its bear flag's upper trendline on April 4 and now eyes an extended decline towards its lower trendline near $2,700. If the pattern pans out as intended, the price could drop further, with its target at length equal to the flagpole's height, as shown in the chart below. As a result, Ether's bear flag setup risks a potential retest of $2,000 in the second quarter. Ethereum's correlation with Bitcoin and the areas of traditional markets have also increased its downside risks in recent months. For instance, the correlation coefficient between Ether and Nasdaq 100 was 0.95 this April 19. A coefficient of 1 means that the two assets move in perfect tandem. Ether price is down by nearly 19% since the start of 2022. Meanwhile, Bitcoin, stock and other riskier markets have also fallen this year as investors assess the Federal Reserve's willingness to aggressively raise rates and reduce its $9 trillion balance sheet.

The bulls are attempting to arrest the decline at the 50-day simple moving average (SMA) ($2,958). Although Ether (ETH) attempted a rebound on April 12, the buyers could not sustain the higher levels. The bulls are again attempting to extend the relief rally on April 13. The bounce is likely to face selling at the 20-day EMA ($3,172). If the price turns down from this level, the likelihood of a break below the 50-day SMA increases. If that happens, the ETH/USDT pair could decline to the uptrend line. Contrary to this assumption, if the price breaks above the 20-day EMA, it will suggest aggressive buying by the bulls. The pair could then attempt a rally to the 200-day SMA ($3,490). The pair may then consolidate between the 50-day SMA and the 200-day SMA for a few days.

ETH devs implement first-ever ‘shadow fork’ as PoS testing continues. The shadow fork, which is intended to test the next phase of Ethereum’s configuration, has no impact on the existing mainnet. Ethereum developers implemented the network’s first-ever “shadow fork” on Monday, marking an important milestone in the ongoing shift to a proof-of-stake (PoS) consensus. The shadow fork provides a venue for developers to stress test their assumptions around the network’s complex shift to PoS, according to Ethereum Foundation developer Parithosh Jayanthi. “The aim of the Kiln merge testnet was to allow the community to practice running their nodes, deploying contracts, testing infrastructure, etc.,” he tweeted on Sunday.

Ether (ETH) turned down from the 200-day SMA ($3,488) on March 29 but the shallow correction and the sharp recovery suggest strong demand at lower levels. The rising 20-day EMA ($3,098) and the relative strength index (RSI) near the overbought zone indicate that bulls are in control. If buyers propel the price above the 200-day SMA, the bullish momentum could pick up further and the ETH/USDT pair could rally to the psychological level at $4,000. Contrary to this assumption, if the price once again turns down from the overhead resistance, it will suggest that bears are unwilling to relent. The bears will then try to pull the pair below the 20-day EMA. If they succeed, the pair could drop to the 50-day SMA ($2,860).

Ether (ETH) broke and closed above the 200-day SMA ($3,487) on April 3 but the bulls could not sustain the higher levels. This suggests that the bears are trying to pull the price lower and trap the aggressive bulls. If the price breaks below $3,411, the bears will try to pull the ETH/USDT pair to the 20-day EMA ($3,197). This is an important level for the bulls to defend if they want the positive momentum to remain intact. If the price rebounds off the 20-day EMA, the buyers will again try to thrust and sustain the price above the 200-day SMA. If they manage to do that, the pair could rally to $4,000. On the other hand, if the 20-day EMA support gives way, the selling could intensify and the pair may drop to the 50-day SMA ($2,895).

Ethereum’s dominance as the blockchain of choice for DAOs remains strong, but there is a case being made for other chains which may be better suited. The crypto community and industry have chosen Ethereum as the chain of choice for most blockchain-based decentralized applications (DApps), but other chains may be better suited to handle the workload for decentralized autonomous organizations (DAOs). Technical advantages and cheaper transactions have yet to become a major pull factor from Ethereum Virtual Machine (EVM) chains. EVM compatibility enables a network to use Ethereum’s security features. Ethereum and its compatible chains have a clear advantage in the number of DAOs compared to any other. They house more than 4,200 DAOs and protocols requiring governance participants according to data from blockchain voting platform Snapshot. Comparatively, the Solana ecosystem has only 140, Cardano has 10 DAOs, according to ecosystem tracker Cardano Cube and Polkadot Substrate says it has just eight. This is not to discount the fact that among the top 10 DAOs by the number of decisions made over the past seven days, DAO tracker DeepDAO shows that three are based on Solana. Ethereum’s leg up over the rest may be due to simple yet practical reasons, according to DAO tracker DeepDAO CEO Eyal Eithcowich in response to Cointelegraph. He attributes Ethereum’s dominance to the fact that it is “the chain where the DAO movement started.”

Ether (ETH) broke and closed above the overhead resistance at $3,411 on March 29 but the bulls could not clear the obstacle at the 200-day SMA ($3,488). This indicates that bears have not yet given up and are attempting to stall the recovery at the 200-day SMA. If the price sustains below $3,411, the bears will try to pull the ETH/USDT pair to the 20-day EMA ($3,042). A strong rebound off this level will suggest that the sentiment has turned positive and traders are buying on dips. The bulls will then again try to propel the price above the 200-day SMA. If they succeed, the pair could rally toward $4,000. Contrary to this assumption, if the price breaks below the 20-day EMA, it will suggest that the traders may be rushing to the exit. That could pull the pair down to the 50-day SMA ($2,853).

Ethereum bulls look to overcome major resistance at $3,000 as the community prepares for the merge of the Ethereum mainnet with the proof-of-stake Beacon Chain. A new week in the cryptocurrency market has brought more of the same sideways price action that the wider ecosystem has experienced in recent months, as Bitcoin (BTC) continues to hold support near $41,000 while some analysts warn that high inflation and rising interest rates could see the top cryptocurrency fall to $30,000. On the altcoin front, Ether (ETH) appears to be showing some signs of life as noted by cryptocurrency analyst Willy Woo, who recently tweeted that “Ether [is] setting up to break upwards out of a very long term, 3.5-month bearish trend line.” Data from Cointelegraph Markets Pro and TradingView shows that the ETH price is now trading above support at $2,900, with bulls looking to make another run at breaking the $3,000 resistance after being firmly rejected at that level over the past few days. Here’s what several analysts are saying about ETH's near-term outlook and what levels to keep an eye on should the price break to the upside or experience a slide lower. The coiling nature of the current Ether price action was highlighted by crypto trader and pseudonymous Twitter user "Rager," who posted the following chart and noted that “Ether continues to slowly compress with lower-highs.”

Jerome Powell's speech at the end of the Fed meeting has returned investor interest to the stock market, becoming the driver of the best two-day increase in the S&P500 index since April 2020. Both Dow Jones and Nasdaq went up. This is not to say that the increase in such risk appetites has helped cryptocurrencies a lot, but at least it has kept them from falling further. The BTC/USD bulls tried to gain a foothold above $40,000 once again, while their ETH/USD counterparts tried to push the pair closer to $3,000.

The well-known crypto-analyst and trader Michael van de Poppe looks at the current situation quite differently. He believes that against the background of geopolitical tensions in the east of Europe, bitcoin can continue its fall to $30,000. "Why?" asks the specialist. And he answers: “Because of a short-term panic. You should understand that traders are people who are focused on the short term, are very impulsive, emotional, and this is what the markets reflect.” At the same time, Michael van de Popp notes that the current recession is a good opportunity for those who are still optimistic about the first cryptocurrency to replenish its reserves. As for the altcoins led by ethereum, according to the trader, they are under strong selling pressure in the current situation, which could push them further down until the ethereum reaches the $2,000 mark.

Ether (ETH) turned down from the 50-day SMA ($2,865) and dropped to the support line of the triangle indicating that higher levels continue to attract selling by the bears. The price has rebounded off the support line of the triangle but the bulls will have to push and sustain the ETH/USDT pair above the 50-day SMA to signal a possible change in the short-term trend. If that happens, the pair could rally to the resistance line of the triangle. Conversely, if the price turns down from the moving averages, it will suggest that the bears continue to sell at higher levels. That will increase the possibility of a break below the triangle. A close below the triangle could open the doors for a possible retest at $2,300.

Ether (ETH) broke and closed above the moving averages on Feb. 15, but the bulls are struggling to sustain the price above the 50-day simple moving average (SMA) ($3,068). This indicates that bears continue to sell on rallies. The sellers will now try to pull the price back below the moving averages. If they succeed, the ETH/USDT pair could drop to the strong support at $2,652. Conversely, if the price rebounds off the moving averages, it will suggest that traders are accumulating on dips. The bulls will then again attempt to drive the price above $3,283.66. A close above this level will complete an inverse H&S pattern, which will indicate the start of a possible up-move. The pair could then rally to $4,000.

Ether (ETH) surged above the 20-day EMA ($2,839) on Feb. 4 and has reached the resistance line of the descending channel. This level has acted as a strong resistance previously, hence the bears may again try to defend it with all their might. If the price turns down from the zone between the resistance line and the 50-day SMA ($3,256), it will suggest that bears continue to sell at higher levels. The ETH/USDT pair could first drop to the 20-day EMA and then to $2,652. If the price rebounds off this zone, it will indicate a change in sentiment from sell on rallies to buy on dips. The bulls will then make one more attempt to push the pair above the overhead zone. If that happens a trend change could be in order. Alternatively, a break below $2,652 will suggest that the pair may continue to trade inside the channel for a few more days. The 4-hour chart shows the price is rising inside an ascending channel pattern. The 20-EMA and the 50-SMA have turned up and the RSI is in the positive territory, indicating that bulls have the upper hand. If bulls drive the price above the channel, the momentum could pick up further and the pair may rally to $3,400 where the bears are expected to mount a stiff resistance. Conversely, if the price breaks below the 20-EMA, the pair could plummet to the support line of the channel.

Ether (ETH) surged above the 20-day EMA ($2,839) on Feb. 4 and has reached the resistance line of the descending channel. This level has acted as a strong resistance previously, hence the bears may again try to defend it with all their might. If the price turns down from the zone between the resistance line and the 50-day SMA ($3,256), it will suggest that bears continue to sell at higher levels. The ETH/USDT pair could first drop to the 20-day EMA and then to $2,652. If the price rebounds off this zone, it will indicate a change in sentiment from sell on rallies to buy on dips. The bulls will then make one more attempt to push the pair above the overhead zone. If that happens a trend change could be in order. Alternatively, a break below $2,652 will suggest that the pair may continue to trade inside the channel for a few more days. The 4-hour chart shows the price is rising inside an ascending channel pattern. The 20-EMA and the 50-SMA have turned up and the RSI is in the positive territory, indicating that bulls have the upper hand. If bulls drive the price above the channel, the momentum could pick up further and the pair may rally to $3,400 where the bears are expected to mount a stiff resistance. Conversely, if the price breaks below the 20-EMA, the pair could plummet to the support line of the channel.

Ether (ETH) broke and closed above the breakdown level at $2,652 on Jan. 31, but the bulls could not clear the overhead hurdle at the 20-day EMA ($2,792). This suggests that the bears are defending this level aggressively. If the price slips and sustains below $2,652, it will suggest that the bears are back in action. The ETH/USDT pair could then drop to $2,476 and later to the support line of the channel. The downtrend could resume on a break below $2,159. Conversely, if the price rebounds off the current level, it will suggest that bulls are buying on dips. The buyers will then again attempt to push and sustain the pair above the 20-day EMA. If they manage to do that, the pair could start its march toward the resistance line of the channel.

Bears target new lows for Ethereum as Friday’s $1.1B options expiry approaches. ETH bulls will need to keep searching for positive news, especially as bears apply extra pressure ahead of Friday’s $1.1 billion monthly options expiry. Ether (ETH) price tumbled below the $3,000 support on Jan. 21 as regulatory uncertainty continues to weigh down the sector and rumors that the United States Securities and Exchange Commission is reviewing DeFi’s high-yield crypto lending products continue to circulate. On Jan. 27, the Russian Finance Ministry submitted a crypto regulatory framework for review. The proposal suggests that crypto operations are carried out within the traditional banking infrastructure and that mechanisms to identify traders’ personal data are included. Further bearish news came as Ryan Korner, a top special agent from the United States Internal Revenue Service (IRS) Criminal Investigation’s Los Angeles field office, issued negative remarks during a virtual event hosted by the USC Gould School of Law. According to Ryan, crypto is the “future,” but ”fraud and manipulation are still rampant in the space.” Ether bulls are trying to determine whether the Jan. 24 drop to $2,140 was the final bottom for the current downtrend. This 47.5% correction in 30 days caused an aggregate of $1.58 billion in long futures contracts to be liquidated.