Ethereum Falls Below Crucial $1,800 Price Point; Shiba Inu Retreats and Cardano Slips
Ethereum has fallen below the crucial $1,800 price point, disappointing investors who were expecting a big recovery in the near future. Despite strong project development on the Ethereum blockchain and a thriving DeFi and NFT ecosystem, ETH's price has suffered a downward spiral.
Ethereum's Top Addresses Accumulate Despite Mixed Market Indicators
According to Glassnode's data, the number of addresses holding more than 10,000 ETH has reached a six-month low, indicating that big players may be selling their assets. However, Santiment's data suggests that investors are accumulating ETH, with the supply held by top addresses increasing significantly in the last 30 days. Despite some market indicators pointing towards a price uptrend, Ethereum's exchange reserve has increased and its taker buy/sell ratio is red, indicating dominant selling pressure in the market.
Ethereum Whales Sell Assets Amidst Mixed Market Indicators
The supply of Ethereum held by major addresses has significantly increased in the past month, despite some market indicators suggesting otherwise. While the price of ETH has been relatively stable, data from Glassnode shows that large players have been selling their assets, causing concern among investors. However, other data sets suggest that investors are actually accumulating ETH, as evidenced by the increase in supply held outside of exchanges. This accumulation could lead to a short-term price spike, although some metrics indicate that the token is under selling pressure.
Base, Ethereum-Based Layer-2 Protocol, Announces Launch Criteria for Mainnet Deployment
Base, the Ethereum-based Layer-2 blockchain protocol affiliated with Coinbase Global Inc, has announced its launch criteria for its forthcoming mainnet launch. The protocol's main focus is on ensuring safety and security, and it will not be issuing a native token for the Base protocol. Base has already completed two of the five criteria required for its mainnet launch, and after the launch, it will enter the Genesis Window to deploy Decentralized Application (DApps) and provide support to developers.
Deribit Prepares for $3.6B Expiry of Crypto Options Contracts amid Low Volatility
Deribit, a crypto futures and options exchange, is preparing for the expiration of $3.6 billion worth of bitcoin and ethereum options contracts this Friday. However, the impact on the market is expected to be minimal due to the current low levels of volatility.
Former CFTC Commissioner Claims Ethereum's Ether May Be Both a Commodity and a Security
Former commissioner of the United States Commodities Futures Trading Commission, Dan Berkovitz, has suggested that Ethereum's native Ether (ETH) token could be both a commodity and a security. This is due to the overlapping legal definitions of commodities and securities, meaning that an asset can be classified as both.
Cryptocurrency Market Sees $20 Billion Net Outflows in Last 24 Hours, Bitcoin and Ethereum Record Losses
The cryptocurrency market experienced net outflows of $20 billion in the past 24 hours, resulting in a current market cap of $1.12 trillion, down 1.98% from $1.14 trillion. Bitcoin and Ethereum both saw their market caps fall by 2.11% and 2.15%, respectively, and all top ten crypto assets experienced losses.
Pepe Token Generates More Social Mentions Than Bitcoin and Ethereum Combined, But Traders Caution Resistance Levels as Shorting Opportunities
Pepe Token, a recently launched meme cryptocurrency, has generated more social media mentions in the past 30 days than Bitcoin and Ethereum combined, according to data from LunarCrush. However, the increased social activity does not necessarily equate to fundamental value or market performance, and traders caution that resistance levels on the token's chart could present shorting opportunities. Market analyst Michaël van de Poppe suggests that every block of resistance could potentially be an area to short the market, and advises shorting the token until it reaches support levels at $0.00000147, $0.00000115, or even as low as $0.00000085. Despite its extraordinary growth, some experts believe that Pepe Token is a scam.
Ethereum Price Fails to Surpass $1,880, Could Continue Lower Towards $1,790 Support
The price of Ethereum has failed to surpass $1,880 and is currently struggling, potentially continuing to decline towards the $1,790 support level. The price is trading below $1,830 and the 100-hourly Simple Moving Average, with a bearish trend line forming with resistance near $1,840 on the hourly chart of ETH/USD. If Ethereum fails to clear the $1,840 resistance, it could continue to move down towards the $1,790 and $1,780 levels. However, a close above the $1,840 resistance could send Ether towards $1,880 and potentially even higher towards $1,920 and $2,000.
Bitcoin vs. Ethereum: A Comparison of Functionality and Investment Potential
The recent introduction of the BRC-20 token standard and Taproot upgrade on the Bitcoin blockchain has sparked speculation about whether Bitcoin will replace Ethereum. While the BRC-20 token standard allows for the creation of fungible assets on the Bitcoin blockchain, it lacks support for smart contracts and non-fungible tokens, which are essential to Ethereum. However, the Taproot upgrade offers promise for Bitcoin's potential to support smart contracts. Despite their differences, both Bitcoin and Ethereum share common traits such as decentralization, cryptographic encryption, and open-source software. The Lightning Network has also significantly improved the speed and cost of transactions on the Bitcoin network, addressing scalability issues.
