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Ethereum

Ethereum relaunches its rocket takeoff to new record high with $1,500 as the orbital target

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  • Ethereum resumes the uptrend following support at $1,200.
  • Ether keeps investor interest at the peak with price projections between $1,500 and $3,000 in the near term.
  • Ethereum must hold above the 50 SMA on the 4-hour chart to sustain the uptrend.

Ethereum, the largest altcoin and the leading smart contract token has kept its investors on the toes as they wait for the ultimate breakout to levels above $3,000. Some analysts have recently predicted that Ether will spike to $10,500 by the end of 2021.

In the previous week, Ethereum went ballistic, leaving Bitcoin behind, and charted its path to a new all-time high of $1,481 (Coinbase). However, a correction occurred soon after. The support at $1,200 came in handy, as reported.

ETH rebounded, aided by the buyer congestion at the 100 Simple Moving Average on the 4-hour chart. A more comprehensive glance at the cryptoasset’s price actions illustrates the trading in an ascending parallel channel.

Amid the ongoing recovery, Ethereum stepped above the channel’s middle boundary resistance. The gulls have eyes on $1,400 in the near term, but Ethereum is exchanging hands at $1,345. The mid boundary of the channel provides short-term support in conjunction with the 50 SMA.

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ETH/USD 4-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

For now, the least resistance path is upwards, as reinforced by the Moving Average Convergence Divergence or MACD. The MACD line has just crossed above the signal line, which is a call to buy. However, it essential to wait for a confirmed divergence before going all-in on ETH.

Trading above $1,400 could help confirm the expected upswing to $1,500 (new record high). Note that Ethereum’s upswing is unlikely to stop at $1,500, especially with CME futures scheduled for launch on February 8.

Realize that a correction under the channel’s middle boundary will confirm a correction that may send ETH to test the support at the 100 SMA or the recent support at $1,200.

Ethereum intraday key levels

Spot rate: $1,345

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Relative change: 9

Percentage change: 0.7%

Trend: Bullish

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Volatility: Expanding

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Ethereum

Here’s What Will Trigger the Next Big Ethereum Rally, According to Top Crypto Analyst

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A popular crypto trader is predicting what needs to happen for Ethereum’s (ETH) price to surge even further.

In the TechnicalRoundup newsletter, the pseudonymous analyst DonAlt says ETH is likely to underperform during a Bitcoin (BTC) breakout but will overperform later if the market rides “a multi-month uptrend.”

“As Bitcoin gets sufficiently pumped (very technical term) risk trickles down to lower market cap assets, including Ethereum.

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From a technical point of view, the market is in a range between support (low-mid $3000s) and resistance ($4000).

Given the relative strength of the market and the proximity to new all-time highs, a range breakout is more likely than a range breakdown.

Generally, triple tops aren’t compelling resistance structures, especially those that form at prior all-time highs.”

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Source: DonAlt/TechnicalRoundup

Ethereum is trading at $4,189 at time of writing, up more than 16% in the past week, according to CoinGecko. The second-biggest crypto asset by market cap hit its all-time high of $4,356 in mid-May.

DonAlt thinks Bitcoin currently offers traders more upside than downside.

“If you long Ethereum and you’re right, you’ll probably make less money than longing Bitcoin. If you long Ethereum and you’re wrong, you’ll probably lose more money than longing Bitcoin.

Our conviction on this isn’t incredibly high, but the likelihood of a Bitcoin-dominant breakout is one worth considering.

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In our view, the time to rotate into Ethereum will come once the breakout dust has settled. A large puke in Ethereum/Bitcoin would be a good time to start looking for punts.

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Mars Land NFTs Released on Ethereum, MARS4 Tokens Listed on Bittrex, Sushiswap

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Here’s how land plot on Mars can be obtained in a new-gen manner through NFT marketplace

Shortly after the release of an eccentric NFT-focused metaverse, the Mars Land project sees its core native utility asset, MARS4, listed by Tier 1 centralized exchange Bittrex and leading DEX SushiSwap (SUSHI).

Here’s how NFT instruments allow crypto enthusiasts to purchase land on Mars

The Mars4 team behind Mars Land, a novel digital collectibles project, has modeled a 3D map of Mars’ terrain based on the latest NASA data. The total area of Mars’ terrain is divided into 99,888 tokenized plots.

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Then, the NFTs associated with segments of Mars Land are available for sale as non-fungible tokens. Mars Land NFTs are minted on Ethereum (ETH) blockchain and can be utilized in various digital economic initiatives.

Namely, Mars NFTs can be locked for staking and utilized for liquidity mining; therefore, Mars Land NFTs evolved into a full-stack instrument of passive income for cryptocurrency enthusiasts with various levels of expertise.

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Mars Land NFTs are released in batches; 10,000 tokens are listed per epoch. Starting from Epoch 1, 51% of the income generated is redistributed among current NFT holders. By mid-October, there are more than 50,000 NFTs in circulation.

MARS4 listed on CEXes and DEXes: Why is this crucial?

Mars Land adheres to a dual tokenomic design: its architecture includes NFTs and MARS4 dollars. In total, there are four billion MARS4 tokens in circulation.

MARS4 tokens are now available on Bittrex, a veteran centralized cryptocurrency trading ecosystem. Bittrex offers the widest range of assets amidst all CEXes working in the United States.

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Also, MARS4 tokens can be purchased on leading Ethereum-based decentralized exchange, SushiSwap (SUSHI). On SushiSwap (SUSHI), MARS4 tokens can be staked as well.

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Ethereum Whales with 1 to 10 Million ETH Add 13.9% Coins As Ether Approaches ATH

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Large holders of Ethereum have been buying large amounts of Ether on a steady basis since August, an analytics report says

Top Ethereum wallets have been adding Ethereum steadily since August and keep doing so even as the price is approaching the all-time high reached in May.

Top ETH whales buy another 13.9% of Ether

Santiment on-chain data provider has tweeted that Ethereum wallets holding from 1 to 10 million Ethereum have been purchasing massive lumps of Ether in the past three months.

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Over this period, they have acquired 13.9% of the Ethereum supply and keep adding more, even though the Ether price has soared to the $4,200 zone, inching closer to surpassing the May all-time high of Ethereum.

Non-exchange ETH whales hold 5x more ETH than whales on exchanges

According to a Santiment tweet published earlier in October, the ratio of non-exchange and exchange crypto whales and their ETH holdings now constitutes 5:1.

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Crypto whales now hold five times more Ethereum on non-exchange wallets than other whales hold on exchange addresses.

The ETH holdings of the former now total 22.91 million Ethereum compared to only 4.6 million ETH stored on addresses based on crypto exchanges.

Besides, in July, the top 10 Ethereum addresses acquired big amounts of ETH and, back then, they held 20.58% of the second-largest cryptocurrency.

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In the meantime, as reported by U.Today earlier, ETH exchange supply has been declining substantially as investors have been withdrawing Ether to cold wallets for long-term storage. This may be one of the main reasons for the growth of the Ethereum price.

Ethereum inches closer to its May peak

On May 12, Ether managed to reach a historic rise, soaring to a $4,362 all-time high. Since then, ETH has dropped twice to the $1,780 low (in June and July). In early August, it surpassed the $3,000 level after the implementation of EIP-1559 (also known as the London hardfork) on Aug. 5.

At the end of last week, Ethereum recovered the $4,000 line and, on Wednesday, it surged to the $4,239 price mark, following Bitcoin hitting an all-time high of $66,930.

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Along with the EIP-1559 upgrade, a burning mechanism for Ethereum was rolled out for ETH fees. Since then, large amounts of Ether have been destroyed, which makes the ETH supply smaller and more deflationary, helping its price to rise.

As of Oct. 11, more than 500,000 ETH have been destroyed. Over the past 30 days, around $824 million worth of Ethereum fees have been burned.

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