Crypto News Ethereum

TA: Ethereum Hesitates But Further Gains Seem Likely Above $2K

Ethereum gained pace and cleared the $2,000 resistance against the US Dollar. ETH is consolidating and might rise further towards the $2,120 resistance. Ethereum extended its increase above the $1,920 resistance zone. The price is now trading above $1,950 and the 100 hourly simple moving average. There was a break above a short-term bearish trend line with resistance near $1,950 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to rise further higher towards the $2,050 and $2,120 levels. Ethereum Price Eyes More Upsides Ethereum remained well bid above the $1,850 level. ETH gained pace after there was a clear move above the $1,880 resistance zone. It even climbed above the $1,920 level. The bulls pumped the price above the $1,950 resistance and the 100 hourly simple moving average. Finally, there was a move above the $2,000 resistance and the price traded as high as $2,029. Recently, there was a downside correction below the $2,000 level. Ether declined below a key bullish trend line forming with support near $2,000 on the hourly chart. There was a move below the $1,950 level, but the bulls were active near the 100 hourly simple moving average. A low was formed near $1,905 and the price started another increase. There was a clear move above the 50% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The price even tested the $2,000 resistance. Source: ETHUSD on TradingView.com An immediate resistance on the upside is near the $2,000 level. It is near the 76.4% Fib retracement level of the recent decline from the $2,029 swing high to $1,905 low. The first major resistance is near the $2,030 level. A clear move above the $2,030 level could start a steady increase to $2,080. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term. Dips Limited in ETH? If ethereum fails to rise above the $2,030 resistance, it could start a downside correction. An initial support on the downside is near the $1,950 zone. The next major support is near $1,920 and the 100 hourly simple moving average. The main support is near the $1,900 level, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,855 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,920 Major Resistance Level – $2,030

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TA: Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K

Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone. Bitcoin started a fresh increase above the $24,200 resistance zone. The price is now trading above the $24,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above the $25,000 resistance. Bitcoin Price Gains Momentum Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average. The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high. However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support. There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level. Dips Supported in BTC? If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level. The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 level. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $24,500, followed by $24,200. Major Resistance Levels – $25,000, $25,800 and $26,200.

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Dogecoin Competitor Shiba Inu Erupts, Hitting $10,000,000,000 Market Cap As Bitcoin and Ethereum Tap Resistance

Capital in the crypto markets is shifting to meme coins as a new week kicks off. The Ethereum-based dog-themed crypto asset Shiba Inu (SHIB) soared 40% in the last 24-hours, briefly shattering a $10,000,000,000 market cap. The Dogecoin (DOGE) rival’s rise from $0.00001259 to as high as $0.00001762 comes just after Bitcoin and Ethereum tapped […]

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New Yorkers Affected By The Cryptocurrency Crash Requested to Contact Attorney General’s Office

US Post Office Patents A Novel Blockchain-Backed Mail-In Voting System

In a press release dated August 1, 2022, New York Attorney General Letitia James issued an investor alert calling upon New Yorkers who have been deceived or affected by the cryptocurrency crash to contact her office. A statement from the NY Attorney General read: “The recent turbulence and significant losses in the cryptocurrency market are […]

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Solana, Avalanche, and Polygon Breaking Out as One DeFi Altcoin Carves Bear Market Bottom: Top Crypto Analyst

The crypto analyst who accurately called the 2018 bear market bottom for Bitcoin (BTC) says a trio of altcoins is in the midst of a breakout. The pseudonymous analyst known in the industry as Smart Contracter tells his 210,500 Twitter followers that Ethereum (ETH) challenger Solana (SOL) has taken out the resistance of its symmetrical […]

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Former Goldman Sachs Executive Makes High Conviction Call for Crypto Bottom Amid Shifting Macro Backdrop

Macro guru Raoul Pal says he believes with a high degree of certainty that the bottom for the crypto markets is in. In a new interview with asset management firm Arca, the former Goldman Sachs executive says that the macroeconomic environment that has kept the crypto market bearish for most of the year is beginning […]

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Crypto Strategist Says One Ethereum Rival Is Preparing for Liftoff, With Bitcoin (BTC) Bottom Likely In

A closely followed crypto analyst is predicting a surge for a popular Ethereum (ETH) challenger while saying that Bitcoin (BTC) may have already printed this cycle’s low. Pseudonymous analyst Cantering Clark tells his 142,300 Twitter followers that smart contract platform Solana (SOL) is gearing up for a move that could trigger a strong rally from […]

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Coinbase Warns Polygon (MATIC) and Other Scaling Solutions Pose a Threat to Ethereum (ETH) Price – Here’s Why

Crypto exchange Coinbase is analyzing the impact that scaling solutions could have on the Ethereum (ETH) blockchain. In a research report, Coinbase says that layer-2 scaling solutions (L2s) could cannibalize Ethereum’s revenue. “The future of L2s could very well be a zero-sum game, as whichever L2 houses the majority of decentralized applications could one day […]

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Anthony Scaramucci Warns Against Emotional Trading, Predicts Massive Gains for Bitcoin in Coming Years

SkyBridge Capital founder Anthony Scaramucci tells crypto investors to avoid knee-jerk reactions as he predicts a huge price tag for Bitcoin (BTC) in the coming years. In a new interview with CNBC, the hedge fund veteran cautions investors to “see through the current environment” and resist emotion-based trading. “You’re getting better-than-expected inflation data… I was […]

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Founder of Crypto Exchange Giant Huobi in Talks To Sell His Shares for Over $1,000,000,000: Report

The founder of crypto exchange platform Huobi is reportedly looking to sell his shares of the Seychelles-based firm for a over billion dollars. According to a new report by Bloomberg, Huobi founder Leon Li is in talks with investors to sell about 60% of his stake in the company that’s seeking a valuation of $3 […]

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Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

Have you heard about Taro? It’s an improvement proposal for the Lightning Network that Lightning Labs introduced in April. “Taro makes Bitcoin and Lightning multi-asset networks,” the company claims in the latest edition of their newsletter. They also explain in simple words what the protocol does, how it does it, and the implications of its implementation. “In a world of omnipresent communications connectivity, nobody says “cross-border messaging” anymore. Taro promises to do the same thing to “cross-border payments” by decentralizing the entire global FX market into a protocol that can run on a Raspberry Pi by anyone, anywhere.” Is the Lightning Labs exaggerating? Or is Taro the protocol that will bring the next billion people to the Lightning Network? “The opportunity provided by Taro bringing assets like stablecoins to the Lightning Network is clearly enormous,” the company claims. Can Lightning Labs back that case and argue it convincingly? Let’s find out. What Taro Does And How It Does It   The first thing Lightning Labs makes clear is the psychology behind the improvement proposal. It almost seems like bitcoin’s Lightning Network will be serving Taro and not the other way around. “Instead of starting from scratch and bootstrapping a new ecosystem of nodes and liquidity, Taro will leverage the existing network effects of both the infrastructure that’s been built out over the last several years plus the 4000+ BTC allocated to the network today as a global routing currency.” How does it work, though? The “edge nodes” are the key. By “integrating with Taro,” normal Lightning nodes can now “process an instantaneous conversion from L-USD into BTC or vice versa, for a small fee.” That means that “every Taro transaction on the Lightning Network will be converted into BTC by the first hop, routed across the network as BTC, and then converted back into a Taro asset by the last hop before the destination” What is a “Taro asset”? Whatever you want, your BTC can be “converted into different assets such as USD to EUR or USD to BTC.” Or, as Bitrefil’s Sergej Kotliar puts it, “Pay in currency of sender’s choice, receive in currency of recipient’s choice. This means that every wallet can now have native Strike-type “USD balance” functionality for example. With no need to trust the wallet, the only trust lies in the issuer of the token.” The trust model is the main difference from Galoy’s Stablesats, another novel concept that looks for a similar result. BTC price chart for 08/13/2022 on Bitstamp | Source: BTC/USD on TradingView.com What Does Taro Mean For The Lightning Network? In a recent interview published by NewsBTC, AXX’s head of research and strategy Ben Caselin explained the protocol further “In Taro, smart contracts and asset transfers are not executed by the blockchain, and they are also not enforced by the blockchain. Instead, transfers are executed by the sender of an asset (who has to make a corresponding bitcoin transaction), and enforced by the recipient, same as the Lightning Network.” And in the previous Lightning Speed, we theorized about how big could this development be for the Lightning Network. “According to The Bitcoin Layer, “a global capital market operating on top of bitcoin-denominated financial rails is inching closer with each new onramp.” And the Taro protocol and all of the assets it would bring to The Lightning Network is the mother of all onramps.” Back to Lightning Lab’s newsletter, the company toyed with even bigger expectations. For example: “A community bank could issue a local stablecoin on Taro and it would only need a handful of nodes or liquidity providers to make a market between the local currency and the BTC core of the Lightning Network to be connected to a global community of buyers and sellers. No permissioning required!” They’ll Never See It Coming According to Lightning Labs, bitcoin “renders cross-border payments obsolete.” Stablecoins are a huge business and so are cross-border payments. In the intersection between them, Taro stands tall. “Visa’s 65% operating margin is one of the highest of all the companies in the S&P 500 index, and this margin is Lightning and Taro’s opportunity. They’ll never see it coming.” The company expects that the benefit for everyone working on the Lightining Network will be tremendous. “We expect that bringing Taro to market and making Lightning a multi-asset network will dramatically expand the Total Addressable Market for those building Lightning applications.” And you know what more users mean, more of those sweet-sweet fees.} Featured Image by Joseph Mucira from Pixabay | Charts by TradingView

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Here’s What’s Next for Bitcoin, Ethereum, Solana and One Gaming Altcoin, According to Top Crypto Trader

Widely followed analyst Justin Bennett is weighing in on several top crypto assets as the markets finish the week on a high note. In the latest edition of the trader’s Cryptocademy newsletter, Bennett identifies $24,200 as being a crucial make-or-break level for Bitcoin (BTC). “Bitcoin is struggling to close above the $24,200 area that I’ve […]

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Altcoins

Under-the-Radar Altcoin Soars After Surprise Coinbase Roadmap Listing

A low-cap, decentralized finance (DeFi) altcoin is surging after top US-based crypto exchange Coinbase added it to its listing roadmap. Coinbase announced OOKI, the native asset of the Ooki Protocol, was added to the roadmap on Friday. The roadmap consists of crypto projects currently under consideration to be included on the exchange’s growing list of […]

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