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Ethereum

Big Bull Cycle on the Brink, Here are The Next Levels for BTC, ETH, & SOL

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After a tumultuous month, bitcoin has rebounded and is closing in on the crucial US50,000 milestone. Ethereum has hit $3,200 up by 8.8% in the last 24 hours, Cardano price has broken above $2 up by 4.7% in the last 24 hours. The Crypto market has kickstarted Q4 and is poised to hike.

Michael van de Poppe, a well-known analyst, and trader believe that top cryptos Bitcoin (BTC) and Ethereum (ETH) will return to all-time highs, while other altcoins will rally.

Bitcoin(BTC)

Van de Poppe in his recent YouTube  strategy session said that he’s keeping a watch on $44,000 as a significant threshold for BTC price to break over. He also believes the cryptocurrency market is “on the verge” of a significant breakout.

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“If We Are Going To Break Through $44k, You Don’t Really Want To See [BTC] Hang Around [That Level] Even More. You Clearly Want To See A Heavy Breakout.”

He further says, On the daily time frame, we’ve reached resistance, but given our recent lower high, we’ve broken the trend and switched to a bullish outlook, implying that we’ll most likely continue heading upwards.

Hence, BTC price is going to make a new higher low, and if it can correct this region around $48k, BTC is going to make a new higher high, which will most likely be around the all-time high.

Ethereum(ETH)

In terms of Ethereum, the analyst considers $3000 and $3130 to be critical levels.

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He says, When Bitcoin consolidates, it is very likely that ETH against Bitcoin or altcoins against Bitcoin will break out.

He further speaks in comparison of ETH and USDT, he states It did break above this resistance zone [$3130], and it’s evident that you want to keep it there. Technically, you can drop to approximately $3k, but you should wait for some consolidation before continuing in this zone he added.

Solana(SOL)

After that, the crypto analyst tells his Twitter followers that cryptocurrency Solana (SOL) is riding BTC’s coattails upward.

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“Marked Those Levels Earlier On $SOL. Beautiful Bounce.

Breaking Above $145-150 And Another Run Should Be Possible. Crucial Level Around $145-150 Though.”

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Ethereum

Massive drop in Ethereum exchange reserves signals imminent supply shock, ETH eyes $8,000

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  • Over 400,000 ETH was pulled out of Coinbase, dropping exchange reserves and driving a supply crisis.
  • Average Ethereum gas fees stay above $20 due to an increase in pressure from smart contracts on the network’s blockchain. 
  • Analysts who are bullish on Ethereum expect ETH price to cross $5000 in an upward climb. 

Institutional investors are bullish on Ethereum with rising capital inflow. Ethereum reserves across exchanges have dropped as outflow increases. 

Coinbase notes massive Ethereum exchange outflow

Coinbase noted a withdrawal of 400,000 Ethereum tokens, and according to community-driven crypto platform CryptoQuant, it is likely that the outflow was institutional activity. Analysts expect a bullish impact on ETH prices. 

400,000 Ethereum tokens are the equivalent of $1.5 billion, withdrawn from the second-largest cryptocurrency exchange. The exchange outflow indicator is considered a sign of increased outflow and a supply shortage in Ethereum. 

Ethereum Exchange Outflow

Ethereum Exchange Outflow.

Ethereum has posted over nearly 20% gains in the past two weeks. 

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Interestingly, there is a spike in whale activity on the Ethereum network. Over $188 million worth of Ethereum was moved between two anonymous cryptocurrency wallets in a single transaction. 

A mysterious whale initiated the transaction, and it was sent to an unknown recipient. The details of the transaction are as follows:

Whale activity on the Ethereum Network

Whale activity on the Ethereum Network.

With news of Bitcoin ETF getting approval by the Securities & Exchange Commission next week, experts are awaiting Ethereum’s turn. Analysts are of the opinion that following Bitcoin ETF approval, capital inflow to Ethereum and altcoins will increase. 

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Pseudonymous cryptocurreny trader and analyst @jroberts3334 has set a target of $8000 for Ethereum for February 2022. 

Simon Dedick, Managing Partner of Moonrock Capital, is bullish on Ethereum; he tweeted:

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FXStreet analysts have evaluated the ETH price trend to analyze where altcoin is headed next. Analysts have set a target of $5200 for ETH price. 

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Ethereum

Ethereum 2.0 Next Steps to Mainnet Shared by Ethereum Foundation

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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.

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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.

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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.

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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.

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Ethereum Looks Set To Explode As 400,000 ETH Exits Coinbase

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On-chain data shows crypto exchange Coinbase saw a withdrawal of 400k Ethereum yesterday. This could be a sign of activity from institutional investors, and could prove to be bullish for the coin.

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.

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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:

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Ethereum Coinbase Outflow
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.

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Ethereum Price

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:

Ethereum Price Chart
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.

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