Ethereum News Daily Official TheBitTimes.com

Ether risks falling further below $1,350 in August as the ETH price rally is losing steam. Ethereum's native token Ether (ETH) tumbled on July 26, reducing hopes of an extended price recovery. The ETH/USD pair dropped by roughly 5%, followed by a modest rebound to over $1,550. Ethereum gets rejected at $1,650  These overnight moves liquidated over $80 million worth of Ether positions in the last 24 hours, data from CoinGlass reveals. ETH/USD hourly price chart. Source: TradingView The seesaw action also revealed an underlying bias conflict among traders who have been stuck between two extremely opposite market fundamentals. The first is the euphoria surrounding Ethereum's potential transition to Proof-of-Stake in September, which has helped Ether's price to recover 45% month-to-date. However, this bullish hype is at odds with macroeconomic headwinds, namely the Federal Reserve's and European Central Bank's hawkish stance, which put pressure on risk assets and saw E...

Experts share their views on how the Merge would impact Ethereum’s scalability solutions in the form of layer-2 chains. Ethereum is just over a week away from officially moving to a proof-of-stake (PoS) blockchain with the Merge slated for completion around Sept. 13–15. With the transition, Ethereum would abandon its current proof-of-work (PoW) chain, eliminating miners from the ecosystem.  Ethereum is a vast ecosystem with thousands of decentralized applications and decentralized finance protocols working on top of it. Additionally, there are several layer-2 solutions, i.e., solutions built on top of the blockchain itself, the layer 1, to facilitate faster transactions and make Ethereum more scalable. The Merge would mark the completion of the second phase of the three-phase transition process. The upcoming event will only see the official change of consensus, where the Ethereum blockchain would start processing transactions on the PoS chain. However, there won’t be much impact on s...

Ethereum price has been gaining momentum in April, even against Bitcoin, as the much-anticipated Shanghai hard fork is just days away. Ethereum's Ether (ETH) token dropped by over 7.5% in its Bitcoin (BTC) pair in 2023. But ETH/BTC may wipe its year-to-date (YTD) losses entirely in April as Ethereum's long-awaited Shanghai hard fork is just days away. The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.  ETH price undergoes key technical bounce Many experts see the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April so far. As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20.  The bounce was largely expected, particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects o...

The S&P 500 is attempting a recovery, but Bitcoin and select altcoins are struggling to break above their respective resistance levels. Bitcoin (BTC) is down about 11% in August, just shy of the 13.88% fall seen in the corresponding month in 2022, according to CoinGlass data. The picture does not look very bright for September either. History shows that every year since 2017, Bitcoin has declined in September.  Bloomberg Intelligence senior macro strategist Mike McGlone is even more bearish on Bitcoin. While speaking to Kitco News, McGlone warned that in case of a “global economic reset,” Bitcoin could nosedive to as low as $10,000. Daily cryptocurrency market performance. Source: Coin360 Although analysts have been giving both bullish and bearish targets, it is better to wait for the price to break out of the range before taking large bets. Typically, after a low volatile period, the volatility picks up but it is difficult to predict the direction of the breakout with certainty. ...

Technical analysts suggest that months of low volatility is often followed by a big price move. The Bitcoin (BTC) and Ether (ETH) 90-day price volatility hit a new multi-year low in August as the top two cryptocurrencies continue to trade under their key resistance of $30,000 and $2,000 respectively. According to data shared by crypto analytic firm Kaiko, the 90-day volatility of BTC and ETH hit 35% and 37% respectively making it less volatile than oil with volatility of 41%. Such a decline in the price momentum of the top two crypto assets was last seen in 2016. 90-day price volatility of Bitcoin, Ether and Oil. Source: Kaiko The chart above indicates that BTC and ETH price volatility is more than half at the same time last year. While August is considered a bullish month for the crypto ecosystem, the declining price fluctuation is considered bullish by many. Apart from the 90-day volatility at its lowest in 7 years, the daily Bitcoin volatility is also at 5-year low. Bitcoin dail...

The ETH balance decline began in September 2022, dropping significantly in November and December after the downfall of FTX. The balance of available Ether (ETH) across crypto exchange s dropped to a five -year low on May 26, bringing the total amount of Ether held on exchange s to 17.86 million. A drastic decline in the exchange supply of ETH like this has not been seen since April 2018. According to Glassnode data, only 14.85% of the total Ether supply is currently held on centralized exchanges, compared with the 25–26% of supply held during the 2021 bull run. The decline in Ether exchange balances. Source: Glassnode The drop in ETH supply began in September 2022, dropping significantly after the FTX crisis in November. Apart from a decline in the exchange balance, Ethereum wallet addresses holding more than 100 ETH have also declined to a six-month low. #Ethereum $ETH Number of Addresses Holding 100+ Coins just reached a 6-month low of 46,858 View metric:https://t.co/FbjiMG3uFX ...