Ethereum ETH/USD ends the trading week at the level of 1473.75 and continues to move within the fall and ascending channel. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price rise and a test of the support level near the area of 1465.05. Where can we expect a rebound again and continued growth in the rate and value of Ethereum with a potential target above the level of 2205.45.
Cryptocurrency Ethereum Forecast March 8 — 12, 2021
An additional signal in favor of the growth of ETH/USD quotes in the current trading week on 8 — 12, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the value of the cryptocurrency in the current trading week will be a fall and a breakdown of the level of 935.05. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 705.05. Confirmation of the growth of the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotations above the level of 1765.05.
Cryptocurrency Ethereum Forecast March 8 — 12, 2021 implies an attempt to test the support area near the level of 1465.05. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 2205.45. An additional signal in favor of a rise in the Ethereum rate will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 935.05 area. In this case, we should expect a continuation of the fall with the target below the area of 705.05.
Ethereum 2.0 Next Steps to Mainnet Shared by Ethereum Foundation
Ethereum (ETH) developers have entered final phase of testing before hotly anticipated ETH1-ETH2 transition
Tim Beiko, Ethereum 2.0 researcher and coordinator at Ethereum Foundation, published a recap of Amphora devnet launch. Why is this milestone special for progress to Ethereum 2.0?
Amphora workshop has been completed successfully
Mr. Beiko has taken to Twitter to share his blog post about the Amphora workshop that launched the interoperable devnet of Ethereum 2.0 Merge.
Fresh off the press: here's a recap of the #amphora interop event 🏺 highlighting the next steps to The Merge, with links to devnets and an A+ infographic by @trent_vanepps. Enjoy 😁! https://t.co/L66OymXFmA— Tim Beiko | timbeiko.eth (@TimBeiko) October 15, 2021
As such, Ethereum’s (ETH) core developer community entered the last phase of its incentivized testing, i.e., “devnets.” Ethereum 2.0 devnets should be considered “public networks with hardened specs for community to test.”
Amphora meetup was joined by a number of teams behind ETH2 client implementations: Besu, Erigon, EthereumJS, Geth, Nethermind, Nimbus, Lighthouse, Lodestar, Quilt, Prysm and Teku.
Amphora’s agenda included five milestones (M1-M5); all of them were accomplished successfully.
10,000 validators, 100 nodes: Welcome to Pithos
To achieve an M5 milestone, a network of 10,000 validators across 100 nodes launched on the top of proof-of-work (PoW) consensus, successfully transitioned to proof-of-stake (PoS) and finalized the chain.
On Oct. 14, 2021, the more stable version of Amphora testnet, Pithos, launched to facilitate upcoming experiments.
As covered by U.Today previously, Ethereum 2.0 Merge was successully activated in an interoperable multi-client testnet in a secret location on Oct. 8, 2021.
Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase
Coinbase Observes Outflow Of 400,000 ETH
As pointed out by a CryptoQuant post, about 400k ETH (1.5 billion at the current exchange rate) was withdrawn yesterday from the crypto exchange Coinbase.
The indicator used here is the Ethereum outflow, which shows the total number of coins exiting wallets of the exchange.
When the metric shows a big spike, it means a lot of ETH was withdrawn from the exchange. Investors usually take out a lot of coins to either hodl them or to sell them through OTC deals.
So, constant outflows can mean that there is a buying pressure in the market and investors feel bullish on Ethereum.
Now, here is how the chart for the indicator looks like for the crypto exchange Coinbase:
ETH's outflow showed a large spike yesterday | Source: CryptoQaunt
As the above graph shows, the crypto exchange Coinbase saw a spike of a massive 400k Ethereum in outflows yesterday.
Outflows this big can be a sign of activity from institutional investors as certainly normal holders won’t have these many coins to move around.
Institutional investors being bullish on ETH can mean huge things for the crypto. If ETH has to move to the next leg up, it will need a lot of money pumped into it, and this usually means whales like institutional investors need to get involved.
As these outflows already signal that institutional investors are taking their coins out of exchanges to perhaps hodl them, ETH’s outlook looks bullish.
At the time of writing, ETH’s price floats around $59.9k, up 9% in the last seven days. Over the last thirty days, the crypto has amassed 25% in gains.
The below chart shows the trend in the price of the coin over the last five days:
ETH's price makes a push up and approaches the $4k mark | Source: ETHUSD on TradingView
ETH has made a big push in the last few days as the coin now approaches a test of the $4k mark. It’s unclear at the moment if ETH can keep this momentum going and reach a new all time high (ATH) soon, or if it will falter once again.
f the outflows are anything to go by, the general sentiment seems to be bullish and institutional investors getting involved can help with the big price pushes the crypto needs to break important resistance lines.
Ethereum’s Move Past $3,800 Put 95% of Holders in Profit, Leaving Minor Selling Pressure Ahead
Ethereum’s move past $3,800 is followed by strong buying power from bulls, according to market data
Ethereum’s run to $3,800 did not remain unnoticed on the market and in the on-chain data. Numerous indicators show that, at this point, the majority of entries in Ethereum remains in profit. With 95% of coins purchased cheaper than the current price, ETH bulls currently control the market with strong dominance.
Data provided by IntoTheBlock suggests that only 4.6% of Ethereum holders are “out of the money,” which means that they have bought ETH for a higher price than it is now. Those entries were most likely present during the previous run to $4,400, when the cryptocurrency market as a whole went through a euphoria phase.
While the previous growth phase was mostly fueled by speculative interest, this time, Ethereum has become more popular among institutional investors that could see a change in the asset’s nature. Due to the implementation of the fee-burning mechanism in the EIP-1559 update, in periods of high network load, there are more Ethereum being burned than distributed.
The In/Out of Money indicator
A metric developed by IntoTheBlock shows the number and average price of coins held by various addresses. By reflecting the average entry on the market, traders and investors are able to track the potential support and resistance zone that could appear once volatility on the position increases.
At press time, the largest entry zone by volume (number of addresses) is $3,300, with the total volume of 10.2 million Ethereum purchased close to that price range.
The indicator’s logic is based on the fact that traders tend to sell their funds for their entry price if the retrace on the assets appears and tend to hold and stack up against their position after the asset’s price has increased.