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Ethereum Gears Up For Gains: These Bullish Indicators Signal Potential Upside

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Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, has currently been showing signs of a potential upside move as key indicators turn bullish. This positive momentum which may be triggered by an increase in the market buying pressure has led to a growing optimism about the digital asset’s near-term prospects.

In this article, As ETH continues gearing up for significant gains we will be diving into the key indicators signaling this upside potential, and discuss what this could mean for Ethereum’s price trajectory.

Technical Indicators: Key Signals Pointing To An Upside Move

Currently, the price of ETH on the 4-hour chart with bullish momentum is attempting a move toward the 100-day Simple Moving Average (SMA) and the 4-hour bearish trendline. The digital asset has been able to maintain its bullish sentiment since breaking above the $3,051 mark. As a result of this price stability, Ethereum could start up a potential rally toward the $3,360 resistance level.

Ethereum
Source: ETHUSDT on Tradingview.com

Also, the formation of the 4-hour Relative Strength Index (RSI) suggests that ETH’s price may start a bullish move toward the $3,360 resistance level as the signal line of the RSI indicator has been maintaining its bullish sentiment above 50% and is currently rising toward the overbought zone.

On the 1-day chart, although the price of ETH is still trading below the 100-day SMA and bearish trendline, it can be observed that the crypto asset is attempting a bullish move toward the $3,360 resistance level.

Ethereum
Source: ETHUSDT on Tradingview.com

Following the cross above $3,051, Ethereum has been showing bullish resilience thereby keeping its pace above this level. With this recent bullish momentum, if ETH could break above both the bearish trendline and 1-day SMA, the digital asset could potentially start a bullish rally.

Finally, on the 1-day chart, a careful examination of the formation of the 1-day RSI reveals that ETH could sustain its bullish rally above the 1-day SMA and the bearish trendline toward the $3,360 resistance mark as the signal line of the indicator has moved out of the oversold zone and is heading to 50%.

Assessing Ethereum’s Upside Potential

If Ethereum starts up a rally toward the $3,360 resistance level and closes above, it may continue to move upward to challenge the $3,659 resistance. When this level is breached, the digital asset may experience a further price increase toward the $3,975 resistance level and possibly other levels above.

However, should ETH encounter a pullback at $3,360, it will start to decline toward the $3,051 support level. Additionally, the crypto asset may see further price decline to challenge the $2,865 support target and perhaps other levels below if this level is broken.

ETH’s price is currently trading at around $3,156 and has increased by 2.73% in the past day with a market capitalization of over $379 billion and a trading volume of over $11 billion as of the time of writing. There has been a 24-hour increase of 2.77% in its market capitalization and a 27.64% decrease in trading volume.

Ethereum
ETH trading at $3,154 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com



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Ethereum Funding Rates Hit Key Bullish Level, Price Surge Ahead?

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Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.



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Ethereum Foundation Reveals $788M Crypto Holdings And New Conflict-Of-Interest Rules

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The Ethereum Foundation (EF) released its annual financial report earlier today, revealing substantial holdings and a commitment to transparency and long-term sustainability.

Ethereum Foundation Holdings

As of October 31, 2024, the EF disclosed that its treasury holds approximately $970.2 million, with $788.7 million in crypto assets and $181.5 million allocated to non-crypto investments and assets.

Notably, nearly 99.45% of the EF’s crypto holdings are in Ethereum (ETH), representing 0.26% of the total circulating supply of ETH.

In its report, the EF emphasized a conservative treasury management policy designed to weather market volatility and ensure the availability of resources during extended market downturns. They noted in the report:

We choose to hold the majority of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long-term perspective.

To sustain this approach, the EF “periodically” sells portions of its ETH holdings, building up fiat reserves during bullish market conditions to finance spending needs during bearish phases.

It is worth noting that the EF’s transparency about this motive comes against the backdrop of past scrutiny and community reactions regarding large transactions and ETH sales by the foundation without prior notice, leading to calls for clearer communication.

Tightening Conflict Of Interest Rules For Staff Members

The Ethereum Foundation also introduced enhanced measures to address potential conflicts of interest among its team members.  According to the updated policy, EF staff members, referred to as “EFers,” may engage in external work but must disclose their involvement and seek approval from their team leads.

For engagements with a total value exceeding $25,000 annually, a review by an internal discussion group is mandated. The policy specifically prohibits EF staff from accepting compensation in illiquid assets with uncertain market value, such as advisory token packages for pre-launch projects, unless a rare exception is granted.

The report also highlights that the EF’s primary mission is to fund and support public goods for the Ethereum network. Expenditures in 2023 included $47.4 million dedicated to “new institutions” aimed at boosting the ecosystem, a significant increase from $28.6 million in 2022.

Additionally, the EF invested $34.7 million in Layer 1 research and development, up from $32.1 million in the previous year. Aya Miyaguchi, the executive director of the Ethereum Foundation, emphasized the foundation’s long-term approach, stating:

EF’s long-term thinking keeps us focused on supporting a sustainable and open ecosystem. We’re more committed than ever to planting seeds that may only mature years down the line, ensuring Ethereum’s resilience and collaborative growth.

Ethereum (ETH) price chart on TradingView
ETH price is moving upwards on the 2-hour chart. Source: ETH/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView





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Ethereum To Outperform Bitcoin, Fund Managers Set $8,000 Target

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Este artículo también está disponible en español.

The strong performance of Ethereum in recent days has caught the attention of experts. In several posts on X, prominent fund managers and industry leaders have projected a bullish outlook for Ethereum (ETH), positioning it to outperform Bitcoin (BTC) with a target price of $8,000. This optimism is underpinned by anticipated regulatory advancements for the decentralized finance (DeFi) ecosystem.

Why Ethereum Could Outperform Bitcoin

Raoul Pal, Founder and CEO of Global Macro Investor, articulated his perspective on ETH’s potential resurgence in a post that has garnered significant attention within the crypto community. “I’ve been expecting ETH to start gaining lost ground on BTC. It’s partly driven by the risk-taking cycle but it’s also driven by the election,” Pal stated.

Pal highlighted two primary factors contributing to ETH’s anticipated outperformance. The first one is the enhanced utility in DeFi: “Utility tokens in DeFi begin to offer yield or reward of underlying protocol which creates network value. Most of this is on ETH,” Pal explained.

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The second factor is the adoption by Traditional Finance (TradFi). “TradFi will likely begin to build larger use cases but on the most tested, adopted chain. Think of ETH (and the L2’s) as the Microsoft of web3. No one gets fired for using it,” Pal asserted.

These developments, according to Pal, are poised to “dramatically re-rate ETH and offset the current retail adoption on other chains,” with the added advantage that ETH yields will attract more institutional players. He emphasized the potential for constructing sophisticated financial products, such as guaranteed funds, under improved regulatory conditions. “With better regs this activity will explode,” Pal concluded.

Supporting Pal’s outlook, Dan Tapiero, founder and CEO of 10T Holdings—a growth equity fund specializing in mid-to-late stage investments within the digital asset ecosystem—commented on Pal’s post: “Yup. More eloquent version of what I posted last night. Very funny.”

Tapiero referenced his own earlier assertion that “Ethereum too cheap. Gonna explode from here. Gensler and Co killed Defi in the US in ’22-24. Not killed now. Long Live US Defi. Break of $4k going over $8k in the next year.”

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However, Pal also noted a hierarchical adoption landscape within the crypto space, suggesting that while ETH may outpace BTC, it might underperform Solana (SOL) and, subsequently, Sui (SUI). “My view is that ETH begins to outpace BTC for the rest of the cycle but underperforms SOL and SOL underperforms SUI as SUI is in the ultimate performance stage of adoption – early > proven. Let’s see,” he remarked.

The discourse around Ethereum’s prospects also attracted engagement from the broader crypto community. A user named Himura (@aceddeca1) proposed an alternative investment thesis: “ETH will be fine but if that is your thesis it would be better spent on UNI especially with Unichain … Uniswap going to own chain is the base token you wish Coinbase would launch.” Pal responded succinctly, “Interesting thought.”

Additionally, concerns regarding potential biases were raised by user Galavis (@FedericoGalavis): “Be careful with SUI folks as only 0.82% of the supply has been unlocked. Are you a paid SUI promoter Raoul? If you are you better disclose.” Pal countered, “You need to do more research on all your comments,” addressing the speculation over his impartiality.

Notably, Pal serves as a Board Member at the Sui Foundation, a fact that may inform perceptions of his commentary on SUI.

At press time, ETH traded at $2,916.

ETH Price
Ethereum price, 1-week chart | Source: ETHUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com



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