Crypto News Ethereum

Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet

Ethereum fees had touched new highs thanks to the popularity of the decentralized finance (DeFi) space. As network activity had grown, so had the transaction volumes. The effects continue to linger even into the bear market, although fluctuations between low and high are now more common in the space. Presently, transaction volumes have fallen sharply and ETH fees have now plummeted to monthly lows. Ethereum Transactions At $0.5 Ethereum transaction fees have declined to one of their lowest points this year. Gas costs which have been fluctuating between high and low seem to have found their resting place at lower prices. In the early hours of Monday, the gas costs for the Ethereum network had declined to their lowest point for June. It sat at only 19.8 Gwei per transaction at the time of this writing, which converted to about $0.5 per transaction on the network.  Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO This translates to a more than 80% drawdown from the peak of the gas costs last week at 151.3 Gwei per transaction. This coincides with a decline in transaction volume on the network, as shown on Messari. The data aggregation website shows that Ethereum’s transaction volume is down more than 80% from its monthly high. On the 13 of June, transaction volumes on the network had sat at more than $10 billion in real volume. Today, the real volume was sitting at $570 million, the lowest it has been for the month. ETH price declines to $1,179 | Source: ETHUSD on TradingView.com Supply has also taken a hit in the month of June. By the end of last month, there was more than 8.6% of all total ETH supply in DeFi. However, as of the time of this writing, there is less than 8.3% of the circulating supply in DeFi. This also translates to a dollar value of under $10 billion when three weeks ago, the value was at $30 billion. ETH Profitability Tanks With the recovery in the price of Ethereum has come some good tidings for investors. But, there is still a gap in the profitability levels from last year compared to this year. Going into the last month of the year in 2021, more than 80% of ETH investors had been swimming in profit. Given that the digital asset had hit a new all-time high in November, this was expected. However, there is a significant drawdown from this point. Data from IntoTheBlock shows that while the majority of ETH investors remain in profit, it is only by a small margin. 52% of wallets are currently in the green while 47% are in loss. This puts only 2% of all investors in the neutral territory, which remains shaky. Related Reading | Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash When it comes to the growth of the network, there is more negative sentiment among investors. The major reason for this is all of the competitors that are moving into the DeFi and NFT space. Solana especially has been giving Ethereum a run for its money in the NFT game, triggering an exodus towards the network which offers faster transactions and lower fees. Nevertheless, Ethereum remains the second-largest cryptocurrency by market cap. Currently trading at $1,200 at the time of this writing, the cryptocurrency boasts a market cap of $149 billion. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Bitcoin Crypto News

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

Bitcoin price action on monthly timeframes has made a historic move to the touch the lower Bollinger Band – a popular technical indicator and volatility measuring tool. Although he warns there isn’t yet a sign that a bottom is in, the tool’s creator says where price action tapped is a “logical” level for such a bottom to occur. Unprecedented Bitcoin Price Action Taps Monthly Bollinger Band For First Time In History Expectations for Bitcoin price in 2022 were closer to $100,000 per coin and above. Yet the top cryptocurrency today is trading close to its former 2017 all-time high at $20,000. But unprecedented macro conditions has caused unprecedented price action in Bitcoin and other cryptocurrencies. Never in the past has the top cryptocurrency by market cap retested its former all-time high this way. Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next? And never did Bitcoin price on monthly timeframes ever reach the lower Bollinger Band. But that’s exactly what happened this past month when crypto market contagion spread and brought asset prices down considerably. BTCUSD monthly touches down on the lower Bollinger Band | Source: BTCUSD on TradingView.com Touching the lower Bollinger Band, however, could be a logical place for a bottom according to the tool’s creator. Time To Pay Attention: John Bollinger Points Out Logical Level For Potential Bottom The Bollinger Bands are a technical analysis tool that can help to measure and predict volatility, or find areas of potential resistance and support. It was created in the 1980s by John Bollinger, who today is a frequent Bitcoin speculator. It relies on a 20-period simple moving average and a dynamic upper and lower band set each at two standard deviations. Mr. Bollinger pointed out the touch of the lower Bollinger Band in a new tweet, where he suggests the area would be a “logical” level to bottom. Bollinger did warn, however, that there still aren’t signs of such bottoming yet. In the past, Bollinger was able to call out the April 2021 peak by spotting a “three pushes to a high” bearish reversal pattern with striking accuracy. The analyst says his tools later confirmed what he says was an “M-type” double top. Picture perfect double (M-type) top in BTCUSD on the monthly chart complete with confirmation by BandWidth and %b leads to a tag of the lower Bollinger Band. No sign of one yet, but this would be a logical place to put in a bottom.https://t.co/KsDyQsCO1F — John Bollinger (@bbands) June 27, 2022 Bollinger also shared in his chart a look at ancillary indicator, B%, which also has set historical lows. Monthly Bollinger Band Width can be used to measure volatility, and still has room to fall compared to past cycles. Related Reading | Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison Does Bitcoin price have more room to fall also? Or will a bottom form in this “logical” zone as the tool’s creator calls attention to? Either way, it seems to be “time to pay attention.” Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin Crypto News

Crypto Payment Channel Banxa Reduces Its Staff By 30% To Survive Crypto Winter

The cryptocurrency market has been facing a second bloodbath without any gap for the first time in history, disrupting the blockchain industry to a vast extent. Consequently, crypto-oriented businesses, including exchanges and payment channels, reduce their workforce due to decreased crypto trading volume affecting the revenue. Similarly, the Australian crypto payment channel, Banxa, used to […]

Altcoins Ethereum

Top Analyst Bullish on Ethereum and Its Rival Solana, Says Both ETH and SOL Could Ignite Huge Rallies in Coming Months

A widely tracked crypto strategist says he’s keeping an eye on smart contract platforms Ethereum (ETH) and Solana (SOL) as he sees the potential for both assets to rally big depending on how they close the month. Pseudonymous analyst DonAlt tells his 411,100 Twitter followers that he expects Ethereum to launch a nearly 80% rally […]

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Crypto News Ethereum

Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

Uniswap is once again hogging the headlines following the token’s comeback in the wake of optimistic signs that the bear market may be winding down. In the past week, UNI, its native token, has seen enormous growth, as the decentralized exchange’s trading volumes have rivaled those of Ethereum, the blockchain on which it is constructed. Multiple news agencies stated that Uniswap had exceeded the Ethereum network in terms of transaction fees. The flagship DEX collected more than $4 million, surpassing the second-largest blockchain. UNI increased by roughly 45 percent in the last week, reaching $5.46, its highest level in more than three weeks. Uniswap Making Northbound Trajectory The biggest DeFi exchange has been trending upward since the beginning of the week. Looking at the price trend over the last few days, it appears that UNI’s main objective is to close June on a positive note. In addition, the stockpiling of UNI tokens by whales is a significant component in the token’s price bump. After a debilitating first half of the year, rising fees on Uniswap may be an indication that the DeFi market is beginning to recover. UNI total market cap at $4.14 billion on the weekend chart | Source: TradingView.com This year, total value locked (TVL) in DeFi has shrunk by more than 60 percent, according to data from DeFi Llama. Katie Talati, an analyst at Arca, attributes the DeFi exchange’s most recent accomplishment to quickly increasing volatility, which led to a substantial increase in trading volumes. Simultaneously, Ethereum has witnessed a significant fall in user activity, whereas layer-2 solutions are gaining popularity because of their low transaction fees. UNI Facing Bullish Momentum Uniswap is among those that have benefited from the recent market restoration, having lately attempted a price turnaround. UNI is up 2% in the last 24 hours, which is a significant increase for the token since it dropped to $3.39 during the last slump. Faced with the continued bullish advance, there is no selling opportunity for bears in the $5.8 to $6.2 resistance zone, which has been in place for more than 30 days and has been repeatedly retested. Although bears are still prominent in the bull market, bulls do not wish to relinquish their UNI token holdings. This year, Uniswap has lost less than 50 percent of its total value locked (TVL). This week has also seen modest inflows, with the TVL increasing by 11 percent to $5.1 billion. Enhanced participation with Ethereum Layer 2s may contribute to the exchange’s rising popularity. Already embraced by major organizations like Polygon and integrated into other Ethereum-based applications, Uniswap has a large user base. Featured image from Cryptokio, chart from TradingView.com