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Ethereum’s Impulse Move Underway! This is When ETH Price Will Flip Bitcoin!

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Ethereum price clutches iron in the fire to make yet another impulsive move. The altcoin’s leader elevation to the top in the crypto space appears to be unstoppable. With smart contracts in its bag, the star altcoin remains more scalable than Bitcoin. While the ETH merge to Proof-of-Stake is underway it may flip the flagship asset by enabling a more eco-friendly consensus mechanism. 

The altcoin leader seems to be moving in pace with the global market cap. While the broader market cap stands at $2.87 trillion with 1.29% gains round the clock, Ethereum moves in a steady manner against it with 1.2% gains round the clock. However, the star crypto has been moving in the tight upward channel over the past week, breakout expects to skyrocket the price.

Ethereum’s Supply on Exchanges Declines By 8%!

A stock of Ethereum withheld by cryptocurrency exchanges slipped woefully over the past year. A popular crypto analytics platform Santiment has confirmed the same in their latest analytics. The chart highlights a decline in the ETH supply on exchanges from 23.29% to 15.66% over the year, indicating a trader’s quick move to store their asset in cold wallets.

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The launch of EIP 1559 seems to be a game-changer of the trader’s latest move. Moreover, as the star asset is backed up with solid governance, with a drop in the sell-off pressure, there are increased chances of more feasible price gains. 

On the other hand, Crypto analyst Wublockchain reaffirms the continued supply squeeze of the star altcoin. In his latest tweet, he confirmed the burn of 100k Ethereum worth $400 million on the Opensea platform. In addition, ETH transfers have burnt over 85,000 ETH.  Moreover, the ecosystem has been garnering a lot of attention from retail and institutional traders owing to its fast-expanding nature to enable future-ready technology. 

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Collectively, Ethereum’s price has been trading within the tight range of ascending channels at $5,600. If more traders jump in to invest in the next couple of days, it would claim $5,000 by the weekend. Furthermore, if it carries forwards the price momentum then it can reach up to $7.5K by the year’s end. On the other hand, Crypto analyst Moonlambo is hopeful of the price to hit $20k in 2022.

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Ethereum

Ethereum Challenger Terra Becomes Third-Largest Blockchain by Total Value Locked, Surpassing Solana and Avalanche

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Decentralized finance (DeFi) platform Terra (LUNA) has surpassed its rival blockchains to become the third-largest crypto by total value locked (TVL).

Crypto market intelligence firm Delphi Digital says that the Ethereum competitor has now overtaken Solana (SOL) and Avalanche (AVAX) in terms of TVL primarily due to value growth in Bonded Luna (bLuna), which is the token used by liquid staking protocol Lido as collateral to borrow stablecoin TerraUSD (UST) within the Anchor protocol.

“TVL on Terra network overtook Avalanche and Solana, making it [the] third-largest blockchain by TVL after Ethereum (ETH) and Binance Smart Chain (BSC).

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It’s important to note that TVL numbers are highly reflective alongside native token prices as they are commonly used as collateral in DeFi and as base pairs for DEXes. In Terra’s case, DEX base pairs usually utilize Tether instead of LUNA, therefore this growth in TVL is primarily contributed by value growth in Lido bLuna.”

The TVL of a DeFi platform is the total value held within its smart contracts. It is calculated by multiplying the amount of funds locked into the network as collateral by the current price of the assets.

Delphi Digital points to how LUNA’s rise has helped Terra’s stablecoin UST increase its overall supply by 4 billion tokens due to a proposal to mint UST on the Terra network.

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“The increase in UST Supply from under $3 billion to $7 billion across mid-November was due to this proposal to mint UST with LUNA in the community pool to grow the Terra ecosystem through UST usage.

UST did another ~$1 billion of growth in circulating supply after 19th November.”

LUNA is exchanging hands at $70.85 as of writing, an 46% increase from its 30-day low of $38.06.

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Fourth-Largest Ethereum Whale Pounces on Large-Cap Altcoin, Accumulating $580,000,000 in Crypto

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One mega-whale just loaded up on an Ethereum (ETH) token that powers a popular crypto marketplace.

The blockchain-transaction tracker WhaleStats reveals that the unnamed wallet received 14,000,000 FTT, the native token of the FTX exchange. The transaction was worth $581,444,018 at time of sending.

The whale now holds over $1.2 billion worth of FTT with a total value exceeding $3.8 billion and is now ranked fourth on the WhaleStats’ list of the top 1000 Ethereum wallets, excluding the ETH cryptocurrency itself.

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Source: WhaleStats

Popular crypto analyst Smart Contracter is also showing interest in FTT, noting that the Fibonacci ABC spacing between sharp highs and lows on the coin’s historical chart offers encouraging signs for future price action.

The trader says in a tweet to his 196,000 followers,

“Been a long while since I played FTT but I actually think a major bottom is in and we go to [all-time highs] from here.

Perfect ABC on super-high timeframes where ABC came below the 0.618 and bull/bear periods are almost 1:1 extension.”

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Source: Smart Contracter/Twitter

In late October news broke that FTX had purchased advertising airtime during the February 2022 Super Bowl as part of a wider push to bring crypto awareness to the mainstream.

Last week FTX also announced the launch of a marketplace for Ethereum-based non-fungible tokens (NFTs).

At time of writing, the FTT token is mostly flat on the day and trading at $42.73.

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Top Trader Says Ethereum Looks Exceptionally Bullish, Unveils Targets for Bitcoin and Explosive Altcoin Terra

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A popular crypto analyst believes Ethereum (ETH), Bitcoin (BTC) and one altcoin are about to blast off and leave the recent market-wide slump in the dust.

The pseudonymous crypto strategist and trader Kaleo tells his 454,000 Twitter followers that ETH’s time to shine has arrived as the “king” of the layer-1 blockchain protocols.

The analyst says,

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“ETH is so bullish after the most recent flush it’s not even funny.

We’ve seen a major rotation play among the alt [Layer-1s] the past few months.

It only makes sense that the king of the L1s finally has a chance to suck liquidity from the rest of the market and have a run of its own.”

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Ethereum is about even on the day, trading for $4,346 at time of writing.

Kaleo next looks at Bitcoin and says he still believes the top crypto will reach at least $100,000 during the current cycle.

“I’ve said it before and I’ll say it again – I still expect to see Bitcoin have a parabolic move to top out at $100K+ this cycle.

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I’ll gladly start scaling out around $150K. I expect it to go higher, but I’m not concerned with nailing the top. Until then, just keep stacking.”

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Source: Kaleo/Twitter

BTC currently sits at $50,900 after having battled back from a flash-crash low around the $43,500 level on December 3rd.

Lastly, the crypto analyst lays out his price prediction for the Terra (LUNA) protocol, whose native token LUNA underpins a suite of decentralized stablecoins.

Kaleo tells his followers that Terra reaching the $100 threshold is inevitable.

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“LUNA going to $100 from here is only a matter of time.”

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Source: Kaleo/Twitter

LUNA has seen some wild price action in recent days, with the altcoin tumbling from $69.66 to $53.64 late last week before surging to $77.37 on Sunday.

The 10th-ranked crypto has since corrected but is back up 5% on the day to $70.74.

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