Crypto Strategist Warns Ethereum Rival Fantom Could See More Sell-Offs if Immediate Support is Lost
Altcoin Sherpa, a well-known crypto strategist, has cautioned that Fantom (FTM), an Ethereum challenger that has already dropped by 65% this year, could experience further sell-offs if it loses its immediate support at $0.15. Altcoin Sherpa believes that FTM is overvalued and underused compared to its competitors. He also predicts that Ethereum's value will continue to decline against Bitcoin (ETH/BTC) until it reaches support at 0.053 BTC, which is approximately $1,454. Altcoin Sherpa expects the altcoin markets to rally once ETH/BTC reaches its downside target.
Ethereum client Hyperledger Besu launches Besu version 23.10.0
Ethereum client Hyperledger Besu has announced the release of version Besu 23.10.0, which is recommended for all mainnet/public network users. It includes many performance improvements, bug fixes, and a new transaction pool that can build more efficient modules with fewer resources. <br>
Since February, Ethereum whales have sold more than 5 million ETH, equivalent to approximately US$8.5 billion.
Well-known on-chain analyst Ali posted on X Platform stating that since February 2023, Ethereum whales have taken advantage of the price surge to sell or redistribute over 5 million ETH, equivalent to about $8.5 billion. The analyst noted that it is worth noting that this selling trend is still continuing, and there is currently no indication that the whales are turning to hoard ETH.
ETH fell below 1550 USDT, down 4.53% in 24H
OKX market data, ETH has fallen below 1550 USDT and is currently priced at 1558.7 USDT, with a 24-hour decline of 4.53%.
Portfolio Insights: EigenLayer
EigenLayer is already working on developing new products such as EigenDA, that provides a hyperscaled data availability layer for Ethereum to unlock higher bandwidth while optimising for cheaper and more consistent fees.
Ethereum Staking Reaches Milestone as 23% of Total Supply is Locked Up
Binance, a major cryptocurrency exchange, has confirmed that around 23% of the total Ethereum supply is now staked, which equates to approximately $45 billion. This trend reflects the growing number of users who are locking up their ETH holdings to participate in various Ethereum-based protocols and earn rewards. The surge in Ethereum staking can be attributed to several factors, including the promise of improved scalability and reduced energy consumption with Ethereum 2.0, the rise of decentralized finance (DeFi), and the transition to a Proof of Stake (PoS) consensus mechanism. While Ethereum staking offers financial incentives, users should carefully consider the potential risks and implications on liquidity and price volatility.
ETH supply increased by nearly 30,000 coins in the past 30 days, worth $47.9 million
According to data aggregator Ultrasound.money, the global supply of ETH has surged by nearly 30,000 ETH in just the past 30 days, equivalent to approximately $47.9 million. The sharp increase in ETH circulation is mainly due to a significant decrease in transaction volume on the Ethereum network: NFT transactions have significantly decreased, as have DeFi activities. Recently, Ethereum's gas fees have dropped very low, with the current average network transaction fee at 7 gwei, or $0.24.
OKX Ventures: EIP-7514 protocol upgrade will bring a more democratic and organic economic system to Ethereum
OKX Ventures stated on the X platform (formerly Twitter) that the current ETH collateralization ratio has reached 22.81%, with a total ETH collateralization of about 27 million coins. ETH collateralization currently faces high centralization risks, but future upgrades such as the EIP-7514 protocol that limits the number of validators, as well as incentives provided by Eigenlayer for decentralized collateralization, will bring a more democratic and organic economic system to Ethereum.
Justin Sun withdrew 32,500ETH from Binance 1 hour ago and deposited 32,600ETH to Lido Finance
Data tracked by Scopescan shows that Justin Sun withdrew 32,500 ETH ($53 million) from Binance through four transactions one hour ago and deposited 32,600 ETH ($53.1 million) into Lido Finance.
Ethereum's Off-Exchange Holdings Reach Record Highs as Supply Dynamics Shift
The supply dynamics of Ethereum have shifted significantly, with 110,000 ETH worth $181 million moving off exchanges in a single day. This marks the most substantial movement away from exchanges since August 21st and reflects a growing trend among Ethereum holders. Currently, the amount of Ethereum held outside of cryptocurrency exchanges has reached an all-time high of 115.88 million ETH, while the supply of Ethereum available on exchanges has dwindled to its lowest level in approximately 5.5 years. This trend suggests strong HODLer sentiment and reduced selling pressure, but it's important to acknowledge the potential for market volatility.
