Ethereum Encounters Crucial Resistance Level After Flashing Bullish Signal
Ethereum has shown a bullish signal by bouncing off the 100-day moving average of $1791 and experiencing a price spike, but it has encountered a crucial resistance level that must be surpassed for another surge. The price has reached the upper boundary of a descending wedge pattern at $1.9K due to its recent surge and is on the verge of surpassing this critical level. The price is currently confined within a narrow range between $1791 and the static resistance zone of $2K, and a breakout from the wedge is likely to trigger another rally toward the $2K resistance zone. The Active Addresses metric has fallen into a downtrend during the recent consolidation phase, indicating a decrease in demand and a period of uncertainty among market participants.
Ethereum and Lido Finance Among Top Revenue Generators in DeFi, with Strong Growth Trends
According to a ranking by data provider Token Terminal, the Ethereum network and Lido Finance are among the top revenue generators in the world of decentralized finance (DeFi). Ethereum ranked first with a 30-day revenue generation of $370.6 million, while Lido Finance came in third with $6.1 million. Both Ethereum and Lido Finance have seen significant growth in their 30-day revenue in the past month, with increases of 81.9% and 23.8%, respectively. As of Monday, the total value locked (TVL) on the entire Ethereum network stood at $27.9 billion, with Lido Finance responsible for almost half of it.
Ethereum Competes with Visa as it Processes $3.01 Trillion in Transactions
The use of blockchain technology for payments is growing, as Ethereum has processed $3.01 trillion in transactions, just slightly less than Visa's $3.08 trillion. Despite its association with scammers and cybercriminals, Ethereum has become the second-largest network with a market capitalization of $227.8 billion, due to its versatility in powering various financial technology solutions. Established players such as Visa and Mastercard are recognizing the potential of Ethereum and experimenting with its technology to improve their payment systems. Additionally, businesses should consider accepting Ethereum due to its low gas fees and other benefits.
Cryptocurrency Market Sees Net Inflows of $47.2 Billion, Bitcoin and Ethereum Caps Grow by 5% and 5.5% Respectively
The cryptocurrency market has seen net inflows of $47.2 billion since last Friday's wMarket report, bringing its total value to $1.16 trillion, a 4.2% increase from $1.12 trillion. Bitcoin and Ethereum's market caps grew 5.5% and 5%, respectively, over the weekend, with all of the top 10 cryptocurrencies recording gains in the last 24 hours. The top 5 gainers include FantasyGold, TomoChain, ARAWA, Open Campus, and Global Currency Reserve, while the top 5 losers are inSure, RenderToken RNDR, Polymath Network BGB, Aptos, and EOS.
Bitcoin and Ethereum Prices Rebound on News of Hong Kong Crypto Exchange Reopening
Bitcoin and Ethereum have seen interesting price movements recently, with Bitcoin's lateralization phase ongoing but the early May waning phase seemingly over. Bitcoin's price has been fluctuating between $26,000 and $30,000, but has rebounded above $28,000. Ethereum's price has been stable around $1,900 for over two months, with the difference from Bitcoin largely due to the market impact of the Sepolia update and Ethereum's burn process. The reopening of crypto exchanges in Hong Kong could attract capital from all over China, potentially leading to a return of Chinese capital to the crypto markets. However, it remains to be seen if Chinese capital will follow suit, especially if China allows its citizens to use the crypto trading services offered by Hong Kong exchanges.
Ethereum's Balance on Exchanges Hits 5-Year Low as Investors Accumulate, Whale Holdings Decline
Investors are accumulating Ethereum as its balance on exchanges hits a new 5-year low. However, the number of wallets holding over 10 coins has decreased, suggesting that some whales may be selling their assets.
Ethereum's Potential Breakout Uncertain Despite Gradual Recovery in Derivatives Demand
Ethereum has displayed a bullish trend for four consecutive days, indicating a possible increase in demand and surpassing of sell pressure. However, it is too early to conclude whether this signifies a breakout from the narrow price range of the past two weeks.
Ethereum's Mean Block Size Surges to 1-Month High, Signaling Improved Network Capacity and Transaction Throughput
Glassnode, an on-chain analysis platform, has reported that Ethereum's mean block size has reached a new 1-month high, indicating an improvement in the network's capacity and transaction throughput.
Ethereum and Lido Finance Lead in Revenue Generation in the Past 30 Days
Ethereum and Lido Finance have been generating significant revenue in the past 30 days, with Ethereum surpassing $1 billion in cumulative revenue over the last 180 days. Lido Finance has also performed well, ranking third and fifth in revenue for the past 30 and 180 days, respectively.
Layer 2 Data Fees Reach All-Time High on Ethereum Blockchain
According to recent data from The Block, data fees related to the transfer and execution of data on Layer 2 networks built on the Ethereum L1 mainnet have reached an all-time high. The popularity of Layer 2 solutions due to their benefits has led to an increase in demand for off-chain transactions, indirectly causing an increase in the usage and demand for such solutions.
