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Ethereum

Ethereum Is About To Explode: ETH Could Go Up 400%

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Ethereum is another crypto asset that is about to explode. There are all kinds of optimistic crypto predictions about the digital assets and Ethereum is one of them.

The online publication the Daily Hodl notes that the popular crypto analyst Justin Bennett thinks Ethereum (ETH) is gearing up for another major rally that could take the coin by nearly 400%.

ETH to reach $20k the next year

The analyst explained how Ethereum could rally to $20,000 by January 2022 if Bitcoin (BTC) allows for the right market conditions.

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“If $BTC breaks $65,000 without a significant pullback first, $ETH probably matches it with a close above the May trend line. Would put ETH on track for $20,000 in January. This is my trigger to ape in more than I already am.”

As the online publication mentioned above notes, Bennett thinks that a $20,000 top for ETH is more likely and this is given that too many traders are calling for a high of $10,000.

He also made it pretty clear that he believes that most traders underestimate the rush of capital that can flow in during a parabolic run.

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He also warned traders about a potential dump that could take place soon.

At the moment of writing this article, ETH is trading in the green, and the coin is priced at $4,200.17.

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Bitcoin

Bitcoin Consolidates, Ethereum Inches Higher, LUNA Flips DOGE

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  • Bitcoin price is struggling to settle above the USD 50,000 resistance.
  • Ethereum targets USD 4,400, XRP is up almost 5%.
  • LUNA jumped 13% and entered the top 10 club.

Bitcoin price corrected lower and tested the USD 49,000 region. BTC is relatively stable and is currently (04:24 UTC) facing resistance near USD 50,000. A close above USD 50,000 may perhaps push the price towards USD 52,000.

Besides, most major altcoins are gaining bullish momentum. ETH surpassed USD 4,350 and may perhaps gain strength above USD 4,400. XRP is up almost 5% and it is attempting a clear move above USD 0.85. ADA is rising towards the key USD 1.40 resistance.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a move below USD 50,000, bitcoin price found support near the USD 49,000 level. BTC started a fresh increase but is trying to reach USD 50,000. A close above USD 50,000 and USD 50,500 might open the doors for more upsides. The next major resistance for the bulls is near the USD 52,000 level.

An immediate support on the downside is near USD 49,200. The next major support is near the USD 49,000 level, below which the price could test USD 47,500.

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Ethereum price

Ethereum price found support near the USD 4,200 region and started a fresh increase. ETH cleared the USD 4,350 resistance level and is showing positive signs. A clear move above the USD 4,400 and USD 4,420 levels could set the pace for a larger increase.

On the downside, an initial support is near the USD 4,350 level. The next key support is now forming near the USD 4,220 level.

ADA, BNB, SOL, SHIB, and XRP price

Cardano (ADA) settled above the USD 1.35 level and is approaching the USD 1.38 resistance. The main hurdle is still near USD 1.40, above which it may perhaps rise towards the USD 1.465 level.

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Binance coin (BNB) gained almost 6% and cleared the USD 600 resistance. An immediate resistance is near USD 612. A move above USD 612 could even push the price towards USD 630.

Solana (SOL) found support above the USD 180 level. It is recovering losses and trading near USD 190. An initial hurdle is near USD 195 but the main hurdle is USD 200. On the downside, the USD 180 level is a strong support.

SHIB is trading in a positive zone above the USD 0.0000355 level. It is trimming losses and trading near the USD 0.0000370 level. If there are additional gains, the price could test the USD 0.000038 zone. The next major resistance is near the USD 0.000040 level.

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XRP price gained almost 5% and even cleared the USD 0.850 resistance zone. If the bulls remain in action, the price might test the USD 0.88 resistance. If not, there could be a fresh decline towards the USD 0.800 support zone.

Other altcoins market today

Many altcoins are up over 5%, including WAXP, NEAR, CELO, HT, EOS, AMP, AAVE, LUNA, LRC, RUNE, 1INCH, and GRT. Out of these, LUNA flipped DOGE and entered the list of the top largest cryptoassets by market capitalization. The price is up 13% and is trading above USD 76. It’s also up by 18% in a week. Meanwhile, CELO and NEAR rallied around 20%, while BTT stopped its rally, correcting 11% in a day.

Overall, bitcoin price is consolidating near the USD 50,000 level. If BTC gains strength above USD 50,000, it could start a fresh increase towards USD 52,000 in the near term.

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Ethereum

Macro Guru Raoul Pal Betting on Bitcoin, Ethereum and Nine Additional Altcoins – Here’s His Current Crypto Portfolio

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Real Vision chief executive Raoul Pal is revealing most of his crypto portfolio for public viewing.

In a new interview with Thinking Crypto, the former Goldman Sachs executive says that he primarily started out as a Bitcoin (BTC) investor then switched most of his BTC into Ethereum (ETH).

Pal says he then built a basket of 10 equally weighted large-cap altcoins. He later added the smart contract platform Solana (SOL) to his portfolio as well.

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In an interview last week, the Real Vision CEO noted 82% of his portfolio is in ETH.

He says in his new Thinking Crypto interview that one of the smaller crypto assets he owns has seen such a significant surge in price that it’s ballooned into becoming his second-largest holding.

“What’s fascinating is my second-largest holding now, from an equally weighted basket, second to Ethereum, is Sandbox.

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I’m bought in, it just went up 20x in the last month and a half, which is crazy.

I mean I would not take that position, second-largest position in Sandbox, but that’s where it is, and I’m not rebalancing for the time being.”

The Sandbox (SAND) is an Ethereum-based virtual world that allows fans of video games to build, own and monetize their gaming experiences. The project’s native token, SAND, is used to transfer value, secure the network and govern the protocol.

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Pal also mentions that he bet on the Ethereum-powered decentralized virtual gaming world Decentraland (MANA). Decentraland’s native token, MANA, is used as a means of exchange.

The Real Vision CEO says he has also bet on a handful of decentralized finance (DeFi) projects, including the lending protocol Aave (AAVE), the decentralized exchange Uniswap (UNI), and the smart contract platform Polkadot (DOT).

Additionally, Pal notes that he’s made a couple of bets on social tokens, including Chiliz and Rally.

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Chiliz (CHZ) is a platform for tokenizing sports and esports in order to encourage fan engagement.

Rally (RLY) is a decentralized network that enables creators and brands to monetize their content and offer community benefits.

Pal also says he owns XRP, citing the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the payments company Ripple as a primary factor.

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Coinbase

Coinbase adds ETH2 ahead of key upgrade this week

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  • The ETH2 coin listed on Coinbase will mirror the original Ether (ETH) token at least up to June 2022.
  • This comes just ahead of the Arrow Glacier update that would delay the difficulty bomb on Etheruem.

Cryptocurrency exchange Coinbase seems to be preparing for a key upgrade on the Ethereum blockchain coming up this week on December 10. The crypto exchange has added a mirrored version ETH2 of the Ethereum blockchain’s native cryptocurrency Ether (ETH).

This new version of Ether just tracks the original Ether market data synchronously. As you can see in the below tweet, the cost of purchasing ETH2 is the same as that of the ETH crypto. Interestingly, the two trading volumes, market cap, circulating supply and price turn out to be the same.

However, unlike the original ETH, the new ETH2 crypto shows no trading activity. It seems that the newer version will just merely track the ETH market data at least up to mid-2022. It also shows that Coinbase is making all the early preparations for Ethereum 2.0 upgrade. Thus, ETH2 seems to be posing as the native cryptocurrency of the ongoing update of the Ethereum blockchain.

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Interestingly, the recent ETH 2 listing on Coinbase happens just before the upcoming upgrade “Arrow Glacier” which will further delay the difficulty bomb.

Arrow Glacier update before Ethereum 2.0

The upcoming Arrow Glacier update on Ethereum will delay the difficulty bomb which would make it difficult for people to mine Ether. However, if the BOMB is triggered, it will slow down the Ethereum blockchain as far as it remains proof-of-work.

One of Ethereum’s core developers – Tim Beiko – said that the Arrow Glacier upgrade could probably be the last upgrade before Ethereum 2.0 goes live by June 2022. The Ethereum 2.0 will bring a significant change to the network design. Firstly, this includes a full-scale transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) blockchain.

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In the existing PoW Ethereum network, nodes have to validate each transaction to maintain the Ethereum public ledger. However, the Ethereum 2.0 upgrade will introduce “sharding”. This will divide the entire network into small segments dubbed “shards”. Later, it will randomly assign the nodes to each shard.

This will remove the need for each node to scan the entire chain while improving the speeds and lowering the costs required to maintain the network. These individual shards will share the transaction details with the Beacon Chain, which is the backbone of Ethereum 2.0.

ETH2 won’t be a new crypto

The Beacon Chain will validate transactions on each shard while assisting the Ethereum 2.0 network in reaching consensus. It will detect dishonest validators and further initiate penalties by removing a part of the validator’s stake from circulation.

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The current ETH token will serve as a staking token in the Ethereum 2.0 PoS design. Staking of ETH will allow validators to participate in a network consensus and thus receive block rewards.

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