Arbitrum Soars 44% To Record Highs As Whales Splash Millions On ARB Tokens
Arbitrum, a layer-two scaling solution for Ethereum, has surged by 44% in the past week, reaching major highs. Though the surge can be attributed to the ubiquitous uptrend in the market, the massive whale buying of the token appears to be a contributor to its bullish trend.
Unlocking the Mind-Bending Potential of Ethereum LSDs
The Ethereum Merge transitioned the Ethereum network to a proof-of-stake consensus mechanism.
Ethereum Is Up 15% Versus Bitcoin Since Shapella
Ethereum's Ether (ETH) has experienced a significant price recovery against Bitcoin (BTC) after hitting a six-month low last week. The ETH/BTC pair reached 0.0709 BTC on April 18, up by approximately 15% from its local bottom of 0.0602 BTC six days prior. Ethereum's Shapella upgrade, which enables Ether stakers to withdraw their rewards from the proof-of-stake smart contract, may have boosted ETH's appeal compared to BTC. Stakers have withdrawn 574,700 ETH worth about $1.21 billion since the upgrade on April 12. However, institutional investors have shown more interest in Bitcoin than Ether in the past week, with Bitcoin-based investment vehicles witnessing $103.8 million in inflows versus Ethereum funds' $300,000. Ethereum's price is also at risk of a potential bearish reversal move due to its overbought daily relative strength index (RSI). The article does not provide investment advice and encourages readers to conduct their own research before making any decisions.
Bitcoin Slips, Ether Inches Above US$2,100
Bitcoin remained above $29,000 but dropped 0.23% to $29,787 on Tuesday amid renewed regulatory concerns. The US Securities and Exchange Commission recently charged crypto exchange Bittrex for breaching securities laws, while other crypto firms including Kraken, Coinbase, Paxos, and Binance have also been targeted by US regulators this year. Ethereum rose 0.48% to $2,101 after a blockchain upgrade, while Dogecoin and Solana fell on the day but rose on the week. The total crypto market capitalization gained 0.17% to $1.27 trillion, while the Forkast 500 NFT index rose 0.64%. Most Asian equity markets fell on Tuesday, except China and Japan, while US stock futures gained. European bourses rose to a year-high, led by Germany's DAX 40. Gold inched up 0.39% to steady around $2,002 an ounce.
ETH Staking Passes Withdrawals for the First Time After Shapella Upgrade
After the successful Shapella upgrade on April 12, more Ethereum (ETH) is now being staked than being withdrawn for the first time. Data from on-chain analytics firm Nansen shows that as of April 17, the amount of ETH being staked exceeded the withdrawal volume, with ETH staked at 124,000 ETH and withdrawals at 64,800 ETH. The majority of validators are re-staking their unlocked Ether, contrary to concerns of mass selling of the token. Most early withdrawals are staking rewards, and some validators had to exit due to regulatory compliance reasons. Currently, 22,231 validators have signed up for a full exit, out of a total of 574,624, while 910,930 ETH out of the 18.6 million ETH is slated to be withdrawn. The average price of staked ETH is around $2,137.
Market Byte: A Pivotal Upgrade for Ethereum
April 12, 2023 marked a significant milestone for Ethereum (ETH), as the long-awaited Shanghai upgrade (“Shanghai”) was successfully implemented.
What Is a ZkEVM and How Can It Enhance the Ethereum Ecosystem?
A zero-knowledge Ethereum Virtual Machine (zkEVM) is an Ethereum state machine that can execute smart contracts in a manner compatible with zero-knowledge proof (ZKP) technology.
Ethereum Inflows Slow Following Shanghai Upgrade, Exchanges See Ether Influx
According to a report from CoinShares, Ethereum-linked products saw little investment interest with inflows of around $300,000 in the week ending April 14, despite the recent upgrade of the blockchain. In contrast, Bitcoin received the lion’s share of $104 million, marking the fourth week in a row of inflows, which CoinShares believes is a flight to safety by investors fearful of ongoing challenges in traditional finance. On-chain analysis company CryptoQuant showed that during the period between April 13 and 17, cryptocurrency exchanges saw a net inflow of about 131,395 Ether ($273.3 million), with over 1.46 million Ether transferred to the exchanges, typically indicating selling intention from crypto holders. (forkast)
Ethereum Price Close Above $2,125 Could Spark Another Surge
Ethereum's price is undergoing a short-term correction after failing to break above the $2,125 resistance level. The price has declined below $2,100 and $2,080, but has found support near $2,050 and is slowly moving higher. The price is currently trading above the 100-hourly Simple Moving Average and there was a break above a key bearish trend line with resistance near $2,080. The next major resistance is near the $2,125 zone or the recent high. If the price gains bullish momentum and there is a clear move above $2,100, it could spark another rally towards the $2,200 resistance and possibly the $2,320 resistance in the coming days. However, if Ethereum fails to clear the $2,100 resistance, it could continue to move down towards the $2,050 and $2,000 levels. The hourly MACD for ETH/USD is losing momentum in the bearish zone, while the RSI is just below the 50 level. (newsbtc)
