Category: Ethereum




Snoop Dogg Partners With Virtual Blockchain World Sandbox — Rapper Plans to Recreate His Mansion and Drop NFTs


Snoop Dogg Partners With Virtual Blockchain World Sandbox — Rapper Plans to Recreate His Mansion and Drop NFTsFollowing the American rapper Snoop Dogg doxing himself as a crypto whale with millions of dollars worth of non-fungible token (NFT) assets, Snoop has revealed he has partnered with the virtual gaming world Sandbox. According to the announcement, Snoop is recreating his mansion in Sandbox and will be launching his new NFT collection. Virtual ‘Trees’: […]



Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain Collectibles


Wormhole Releases Solana and Ethereum NFT Bridge — A Bi-Directional Highway for Blockchain CollectiblesLast Friday, blockchain project the Wormhole Network launched the protocol’s ethereum ↔ solana bridge which enables users to exchange assets from both networks in a cross-chain fashion. Five days later, the Wormhole Network team announced the launch of a non-fungible token (NFT) bridge for transferring NFTs between both blockchains. Wormhole Launches Ethereum ↔ Solana NFT […]





Infrastructure Provider Blockdaemon Raises $155 Million With Participation of Goldman Sachs


blockdaemonBlockdaemon, a blockchain infrastructure provider, has raised $155 million in its Series B funding round, which will aid its expansion plans to make acquisitions in the crypto infrastructure market. The funding round had the participation of Goldman Sachs, Softbank Vision Fund 2, Matrix Capital Management, Sapphire Ventures, and Morgan Creek Digital, among others. Blockdaemon Raises […]


Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC Siphoned


Avalanche Defi Platform Vee Finance Attacked — $35 Million in ETH, BTC SiphonedOn September 21, 2021, an Avalanche-based decentralized finance (defi) platform Vee Finance announced that it suffered from an incident that siphoned 8,804 ether and 213 bitcoin out of the system. The team has suspended the defi platform contracts and stressed that the stablecoins have not been “affected by the attack.” Defi Project Vee Finance Suffers […]




Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears


The pattern's neckline support near $1,984 emerges as Ethereum's downside target.

Ethereum's native asset Ether (ETH) prices slumped on Sept. 20 amid a broad selloff in the cryptocurrency market, led by worries about a potential housing bubble crisis brewing in China.

The ETH/USD exchange rate dropped as much as 12.52% to $2,911 on the Coinbase exchange, hitting its lowest levels since the beginning of August 2021. Elsewhere in the crypto market, Bitcoin (BTC), Binance Coin (BNB), Cardano (ADA), Solana (SOL), and other top tokens plunged in tandem.

The performance of top ten crypto assets in the past 24 hours. Source: Messari

The drop imitated the mood in the broader market as United States equities plunged following a day of red in both the Asia-Pacific and European indexes. On the other hand, the U.S. dollar and government bonds surged on haven-buying.

At the core of Monday's sell-off was a liquidity crisis at Chinese property developer Evergrande. The world’s most indebted property developer faces obligations of more than $300 billion to creditors. That also includes a critical interest payment deadline on its offshore bonds, arriving on Sept. 23.

DW noted that if the Evergrande topples, it could bring many banks down with it, same as the Lehman brothers did during the 2008's housing bubble crisis in the United States.

Although Ether does not trade in sync with global markets, its 30-day correlation with Bitcoin, the leading digital asset exposed to macroeconomic fundamentals, sits near 0.85. As a result, the altcoin appeared to have faced an indirect consequence to China's looming housing crisis.

Bearish pattern triggered

The latest bout of selling in the Ethereum market also triggered a classic bearish pattern, which has a 75% accuracy when it comes to hitting its downside targets.

Dubbed the "Double Top,' the pattern develops after the price rallies strongly, pulls back, rises again towards the previous peak, and corrects all over again — all while standing atop the so-called neckline support. Ultimately, the price falls below the neckline and targets levels located as deep as the distance between Double Top's peak and the neckline.

Ether appears to be halfway through while painting a Double Top pattern. The cryptocurrency's chart below shows that it topped near $4,385 on May 12, fell towards the neckline support of $1,984 and rose back to another sessional peak of $4,030 on Sept. 3.

ETH/USD weekly price chart. Source: TradingView.com

If the Double Top pattern flourishes, the ETH/USD rates could extend their ongoing selloff toward $1,984 for a potential breakdown move afterward. Nonetheless, it does not look feasible for ETH/USD to drop aggressively below the $1,984-neckline.

The level is also near the Ether's 50-week exponential moving average (EMA) (the velvet wave) currently at $2,118, offering another support layer to safeguard Ether's bullish bias. Earlier, the wave acted as an entry-level for bulls following sharper ETH/USD pullbacks.

Related: Ethereum killers or just pretenders? But Ether remains king for now

At the same time, on a daily timeframe, the next support line for Ether appears near its 200-day EMA (the orange wave) at $2,536. Thus, a sharp pullback from the said level could negate the Double Top setup. 

ETH/USD daily price chart featuring 200-day EMA support. Source: TradingView.com

Fundamentals

Ether continues to eye adoption against Ethereum's role in backing the booming decentralized finance (DeFi) and nonfungible token (NFT) industry. In the recent SALT conference, Cathie Wood, the CEO of Ark Invest, also said that investors should allocate at least 40% of their crypto portfolios to Ether.

Excerpts from Wood's statement:

“I’m fascinated with what’s going on in DeFi, which is collapsing the cost of the infrastructure for financial services in a way that I know that the traditional financial industry does not appreciate right now.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.


JPMorgan Strategist Estimates Ether’s Fair Value at $1,500 Amid Competition From ‘Ethereum Killers’


JP MorganA strategist at JPMorgan stated that ether’s fair value is way lower than its current price. According to a set of measurements based on network activity, he calculated ether’s value at $1,500, 55% lower than its market price. One of the reasons argued for this assessment, is that Ethereum is not so unique anymore, and […]



Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 Billion


Defi TVL Climbs Higher, Optimism Use Rises, 270K BTC on ETH, Lending on ETH Taps $44 BillionIn mid-September, the total-value locked (TVL) in decentralized finance (defi) continues to climb higher, as the value held on Ethereum, Binance Smart Chain, Avalanche, Solana, and more blockchains has risen dramatically to $171 billion today. On the Ethereum network, there’s 270,783 bitcoin held in TVL worth more than $13 billion and $15 billion has been […]





Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 Weeks


Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 WeeksFollowing the successful Alonzo hard fork, the Cardano network now has a large swathe of new smart contracts. However, developers must wait to use them as they are locked in a timelock contract. At the time of writing, metrics show an aggregate total of 2,352 smart contracts since the Alonzo upgrade was implemented. Cardano Has […]



Vitalik Buterin Among Time’s 100 Most Influential People of 2021


buterinVitalik Buterin, a co-founder of Ethereum, the second-largest cryptocurrency by market cap, has made Time magazine’s list of the 100 most influential people of 2021. The programmer was listed as an innovator, and Time valued his ability to empower other creators with his continued support for Ethereum and all the things that its prime feature, […]



Ethereum After 1559: Network Participants Burn Over 300,000 Ether Worth More Than $1 Billion


On August 5, 2021, the Ethereum network and its participants successfully completed the highly anticipated London upgrade, which saw the implementation of the Ethereum Improvement Proposal (EIP)-1559. Since then, 303,681 ether worth more than a billion U.S. dollars have been burned. More Than 300K Ether Burned Following EIP-1559 More than a billion dollars worth of […]


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