Ethereum Recovery Hits Roadblock, Why Close Above 100 SMA Is Important

Ethereum started a steady increase and cleared the $2,550 resistance against the US Dollar. ETH price is now struggling to climb higher above $2,650 and the 100 hourly SMA. Ethereum gained pace for a move above the $2,500 and $2,550 resistance levels. The price is struggling to settle above $2,600 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken). The pair must settle above $2,600 and the 100 hourly SMA…

Bitcoin and Ethereum transaction fees sink 95% from all-time highs

The cost of using the Bitcoin and Ethereum blockchains is on the rapid decline, as evidenced by a 93%–95% reduction in average transaction fees over the past couple of months. Fees are paid to the miners who process transactions on a typical proof-of-work blockchain. The size of the fee depends on the size of the transaction in bytes and how many transactions a coin has gone through in the past (as these need to be checked every time a coin is moved). Supply and demand for space also dictate the size…

Ethereum Signals Recovery, How ETH Could Start A Strong Increase

Ethereum extended its decline and it traded close to $2,300 against the US Dollar. ETH price is now recovering and it could start a strong increase if it clears $2,550. Ethereum extended its decline below the $2,400 and $2,300 support levels. The price is now well below $2,600 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $2,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely forming an inverse head and shoulders pattern with resistance…

Over 1% of Bitcoin Now Lives as WBTC on Ethereum

Key Takeaways WBTC has reached a supply of 187,610 which is equivalent to roughly 1% of Bitcoin’s circulating supply. Of all the tokenized variants of BTC, WBTC has found the most traction among Bitcoin holders. Despite the advantages, WBTC carries some risk as tokenization exposes users to counterparty risk. Share this article The total number of wrapped Bitcoin on Ethereum has exceeded 1% of the total circulating Bitcoin supply, the team announced. This is being considered a major milestone for the tokenized Bitcoin project. Ethereum Becoming a Home For BTC…

Ethereum bull trap? ETH price signals breakdown versus Bitcoin

A recent run-up in Ether (ETH) prices against its top rival, Bitcoin (BTC), appears to be at the risk of exhaustion, even as analysts see the second-largest cryptocurrency as the stronger of the two. The ETH/BTC exchange rate has risen by up to 40.19% after bottoming out at 0.0553 BTC on May 23. The powerful rebound move reflected a spike in the capital flow from the spot ETH to spot BTC market. That also led analysts at Delphi Digital, an independent market research firm, to highlight Ether’s “formidable strength” in…

Ethereum Topside Bias Vulnerable, What Could Trigger Sharp Decline

Ethereum started a fresh decline from the $2,850 resistance against the US Dollar. ETH price is down over 5% and it is struggling to stay above $2,420. Ethereum declined sharply after there was a clear break below the $2,650 support. The price is now well below $2,650 and the 100 hourly simple moving average. There was a break below a key rising channel with support near $2,760 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down unless there is a strong recovery…

Ethereum Outpaces Bitcoin, Here’s Why ETH Could Surpass $2,880

Ethereum started a fresh increase from the $2,550 support zone against the US Dollar. ETH price is rising, and it is likely to accelerate higher if it breaks $2,880. Ethereum is showing positive signs above the $2,750 resistance zone. The price is well above the $2,700 support and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $2,750 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a strong increase if there is no break…

Ethereum options data shows traders’ mixed opinions on ETH’s future

After reviewing Ether (ETH) options for June 25, one might think that traders either became overly optimistic or ultra-bearish. Currently, there are large bets for prices below $1,000 while others aim for $3,800 and higher. A recent report from Coinshares shows that multiple crypto funds have begun seeing net inflows after weeks of record outflows. The report notes that Ether vehicles saw a total of $47 million in inflows, bringing its market dominance up to 27%. DeFi growth supports higher Ether prices Another positive factor is that DeFi protocols maintain…

SpaceX Launches Flight to ISS with Ethereum Node

Key Takeaways A SpaceX rocket is carrying an Ethereum node to the International Space Station for SpaceChain. SpaceChain offers blockchain custody services and claims this project is a sign of decentralization and censorship resistance of blockchain technology. Institutional clients will get access to the node to better their security and protect their digital assets. Share this article While Elon Musk’s recent tweets have sent the crypto market into a downturn, his company SpaceX has collaborated with SpaceChain to send an Ethereum node to the International Space Station. Ethereum Node Heads…

Bitcoin, Ethereum, DeFi Hit by Latest Musk Tweet

Key Takeaways Crypto prices plummeted Thursday after Elon Musk posted a tweet suggesting he’d broken up with Bitcoin. Bitcoin, Ethereum, and various DeFi tokens are in the red. The crash liquidated $600 million worth of futures positions in the crypto derivates market. Share this article The cryptocurrency market slumped Friday morning after Elon Musk called an end to his love for Bitcoin.  Elon Musk Shakes Bitcoin Price  Bitcoin’s price dropped 7.6% from yesterday’s $39,250 closing to lows of $36,250 following a tweet from Elon Musk.  The Tesla and SpaceX founder,…