Connect with us

Ethereum

Crypto Trader Lark Davis Says Ethereum Is a ‘Ticking Time Bomb’ for This One Reason

Published

on

A popular crypto analyst is giving investors a reason why they should not give up on Ethereum (ETH) despite its recent struggles.

Lark Davis tells his 540,000 Twitter followers that even though ETH has seen a decrease of 23% from its 30-day high, its price should skyrocket because the token’s supply is dwindling on exchange platforms.

Davis tweets,

Advertisement

“There are around 3 million less #ethereum on exchanges now compared to when the price was at an all-time high. Wow! This market is a ticking time bomb!”

An asset’s exchange reserve is the number of tokens present in all wallets on centralized exchange platforms.

Davis’s remarks come on the heels of Ethereum activating its London hard fork earlier this year, which among other things, implemented a deflationary mechanism that burns ETH based on how many transactions are being processed by the network. So far, over $1 billion of ETH has been burned using this method.

Advertisement

According to Viewbase, Ethereum has seen nearly 170,000 tokens disappear from exchange platforms in the last seven days, with a total of 1.17 million tokens burned over a 30-day span.

Ethereum is exchanging hands at $3,012 at time of writing, according to CoinGecko.

News Source

Advertisement

Ethereum

Ether tops $4.2k, eyes record high

Published

on

The hit five-month highs of over $4,200 earlier today, extending Wednesday’s 7.3% gain – the biggest since Oct. 1. The price chart shows the path of least resistance is to the higher side, and record highs could soon come into play.

Ethereum
  • has convincingly breached the bearish trendline connecting May and September highs. Bitcoin topped similar resistance earlier this month and clocked new record highs of over $66,000 on Wednesday.
  • Ether has also flipped the September high of $4,030 into support.
  • There is little resistance overhead on the way to $4,379 – the record reached in May.
  • The relative strength index (RSI) on the 4-hour chart is signaling overbought conditions with an above-70 print. So, a pullback to former hurdle-turned-support at $4,030 may be seen before a continued rally to lifetime highs.
  • The options market is leaning bullish, with investors buying out-of-the-money or higher strike call options on expectations that U.S. regulators would soon approve an exchange-traded fund (ETF) tied to ether futures contracts.

News Source

Continue Reading

Ethereum

Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

Published

on

The broader crypto space is fast approaching the $3 trillion mark with approximately 5% gains in 24 hours. Star cryptos of the space Bitcoin and Ethereum seems to be moving side by side with incredible gains from the start of the Q4. Especially, the most valued altcoin outperformed the flagship asset in terms of profits as well as liquidation. Here, we have brought enthralling analytics about the future of the coin!

Ethereum registers Stunning Onchain Activity! 

Looking at the clear picture of the space, Ethereum registered fresh breakthroughs in 24 hours. A recent report from Santiment, a crypto metric platform, highlighted post the launch of the EIP-1559 London hard fork upgrade, the altcoin gained traction of a new user base. Approximately, addresses with 1M to 10M ETH purchased 13.9% of the total coins in circulation in the last 24 hours. The rising activity indicates the increasing interest in the asset.  

Advertisement

Another exciting report coming out from Skew, a crypto analytics platform. Highlighted that the Open Interest (OI) of CME Ethereum futures surged beyond $1 billion on October 21st, 2021. As the altseason is on the horizon and the Ethereum merger is scheduled to launch in early 2022, traders seem to be showcasing massive confidence towards the asset. 

Meanwhile, ByBt, a crypto analytics platform reported that there were about $27.59 million ETH liquidations took place in 24 hours. Which is more than Bitcoin, where BTC liquidations were about $20.37 million. Despite huge selling pressure, the star altcoin outperformed the most dominant asset with 7.95% profits in 24 hours. Traders are now looking out for long liquidations as the long versus shorts ratio stands at 1.04. 

Ethereum Price Enters Discovery Phase:

Ethereum price has just hit a new ATH of $4,366 and is trading at a decisive phase. As the pattern of the altcoin is entering its crucial compression zone, the breakout could take its value to the moon. The star altcoin is expected to retest between $3600 to $3800 before it begins with another uptrend. If a significant number of buyers fails to uplift the price action from there, then the asset could settle down at support levels between $3,200 and $3400. 

Advertisement

Collectively, Ethereum price is having immense profits and if its decisive phase ends up on a positive note. Then the star altcoin could trigger the biggest altseason of the decade. The current price action of the coin could slowly pave the way for major altcoins with a larger market cap. Then, traders may shift their attention to coins with stronger fundamentals. From there, meme coins and the rest of the coins could boom. 

News Source

Continue Reading

Ethereum

Ethereum Price Enters & Exits Discovery Phase In Hurry!! Will Altseason Be Triggered!

Published

on

The broader crypto space is fast approaching the $3 trillion mark with approximately 5% gains in 24 hours. Star cryptos of the space Bitcoin and Ethereum seems to be moving side by side with incredible gains from the start of the Q4. Especially, the most valued altcoin outperformed the flagship asset in terms of profits as well as liquidation. Here, we have brought enthralling analytics about the future of the coin!

Ethereum registers Stunning Onchain Activity! 

Looking at the clear picture of the space, Ethereum registered fresh breakthroughs in 24 hours. A recent report from Santiment, a crypto metric platform, highlighted post the launch of the EIP-1559 London hard fork upgrade, the altcoin gained traction of a new user base. Approximately, addresses with 1M to 10M ETH purchased 13.9% of the total coins in circulation in the last 24 hours. The rising activity indicates the increasing interest in the asset.  

Advertisement

Another exciting report coming out from Skew, a crypto analytics platform. Highlighted that the Open Interest (OI) of CME Ethereum futures surged beyond $1 billion on October 21st, 2021. As the altseason is on the horizon and the Ethereum merger is scheduled to launch in early 2022, traders seem to be showcasing massive confidence towards the asset. 

Meanwhile, ByBt, a crypto analytics platform reported that there were about $27.59 million ETH liquidations took place in 24 hours. Which is more than Bitcoin, where BTC liquidations were about $20.37 million. Despite huge selling pressure, the star altcoin outperformed the most dominant asset with 7.95% profits in 24 hours. Traders are now looking out for long liquidations as the long versus shorts ratio stands at 1.04. 

Ethereum Price Enters Discovery Phase:
Ethereum price has just hit a new ATH of $4,366 and is trading at a decisive phase. As the pattern of the altcoin is entering its crucial compression zone, the breakout could take its value to the moon. The star altcoin is expected to retest between $3600 to $3800 before it begins with another uptrend. If a significant number of buyers fails to uplift the price action from there, then the asset could settle down at support levels between $3,200 and $3400.

Advertisement

Collectively, Ethereum price is having immense profits and if its decisive phase ends up on a positive note. Then the star altcoin could trigger the biggest altseason of the decade. The current price action of the coin could slowly pave the way for major altcoins with a larger market cap. Then, traders may shift their attention to coins with stronger fundamentals. From there, meme coins and the rest of the coins could boom.

News Source

Advertisement
Continue Reading