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Ethereum

Pre-Merge: Here’s the full scope of the ETH 2.0 Deposit contract

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Pre-Merge: Here’s the full scope of the ETH 2.0 Deposit contract

Ethereum, the world’s largest altcoin, continues to create headlines ahead of the upcoming Merge. As expected, it has been seeing significant demand and adoption from institutions and retail investors/traders. Hence, there is a sense of belongingness around.

Many Highs

The reason behind the much-anticipated upgrade is an obvious one. The same focuses on improving the speed, efficiency, and scalability of the network. Such bullish anticipation has indeed fueled a positive environment for what’s about to come.

Source: Glassnode

ETH 2.0 saw deposits surge from about 8 million in mid-May 2022 to a press time value of over 13 million. To be specific, according to Glassnode, the number of staking ETH 2.0 deposit contract addresses hit 13,302,229.

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The deposit contract on the Beacon Chain, launched in November 2020, allows ETH holders to lock their assets ahead of the switch. That’s indeed the case here with the world’s largest altcoin.

ETH, at press time, was trading well above the $2k mark on the charts. Yes, the hype and FOMO around the Merge played a huge role here.

Copy and Paste

Surging demand amidst supply burns and ETH addresses too contributed to the asset’s move beyond fear. Let’s look at the latter first –

For instance, data from CryptoQuant revealed that active ETH addresses hiked to new highs (>400,000 in a day), compared to its previous figures.

Source: CryptoQuant

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This could be a sign that new investors/traders jumped into this pool, alongside undeterred HODLers.

Here, the latter cohort has continued to hold ETH, regardless of market conditions. In fact, the number of addresses holding 10+ ETH also touched an ATH, at press time, as per Glassnode’s latest insights.

📈 #Ethereum $ETH Number of Addresses Holding 10+ Coins just reached an ATH of 313,353

View metric:https://t.co/6ggy1nLbSD pic.twitter.com/tDERgRb6gn

— glassnode alerts (@glassnodealerts) August 14, 2022

Needless to say, such impressive demand needs were directly met by the intense burning mechanism seen on the Ultra Sound Money platform. Within a year, the blockchain burnt over 2.58 million ETHs with an aim to help the altcoin’s price.

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Herein, ETH transfers led the Ethereum-burning actions, while OpenSea, USDT, and Uniswap V2 followed.

Overall, it’s been a bullish week for the 2nd largest cryptocurrency. In fact, ETH outperformed Bitcoin ahead of the Merge event in September. The second largest cryptocurrency by market capitalization has gone up by 61% against Bitcoin since June. Something to look forward to, perhaps…

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CFTC

Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

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Regulatory Scrutiny Threatens Ethereum’s Rise, Will It Succumb Under Pressure?

Ethereum has been seeing increased regulatory scrutiny in recent months. This comes following the network’s move to a proof of stake mechanism and the introduction of staking to the others. As sanctions have been levied against protocols such as Tornado Cash, it is becoming increasingly possible that regulatory bodies may turn their focus to Ethereum. Now, it seems the parameters for determining whose purview ETH falls under are being hashed out.

Ethereum Might Be A Security

Previously, the Securities and Exchanges Commission boss Gary Gensler had said that the top two cryptocurrencies, Bitcoin and Ethereum, did not qualify as securities. But this was when both of these networks were still firmly operating under a proof of work mechanism.

With Ethereum’s move to proof of stake, the SEC is beginning to backtrack on the previous comments that Ethereum did not qualify as a security. It reasons that since there is now the availability of staking on the network, investors are currently “anticipating profits based on the efforts of others.” This gives it pause to say that the digital asset might now qualify as a security. It also follows the SEC boss’ view that most cryptocurrencies are currently operating as securities.

Meanwhile, the impact of Ethereum being classified as a security by the regulatory body has a lot of implications. The most prominent of these is that there are more ETH nodes running in the United States than in any other country, which would mean that a large majority of transactions would fall under the SEC’s purview.

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Ethereum struggles to hold above $1,300 | Source: ETHUSD on TradingView.com

However, since these assets are yet to be classified as securities, there have been other speculations of what they could be classified as. The CFTC has previously been called to regulate the crypto industry, and Chairman Rostin Behnam has said that digital tokens are commodities and that the CFTC should be able to regulate them.

Will ETH Survive The Scrutiny?

Ethereum being regulated by either of these watchdogs can go a number of ways. Presently, it is expected that regulators will soon come out with a final classification for the digital asset and then put measures in place to regulate it as such. However, the price is likely to suffer for this.

The sanctions against the crypto mixer Tornado Cash already have ETH investors at the edge of their seats. Adding more regulation for ETH could tank the price of the cryptocurrency. ETH is already struggling to hold above $1,000, and any regulatory action will likely send its price to sub-$1,000.

Such a move against Ethereum would also greatly impact the rest of the decentralized finance (DeFi) and NFT market, triggering rapid declines in values across the space. In the end, the winner would be assets like Bitcoin, which are truly decentralized and would serve as a safe haven for crypto investors. 

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Featured image from BeInCrypto, chart from TradingView.com

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High

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Bitcoin, Ethereum Technical Analysis: BTC Climbs To 2-Week High

Bitcoin continued to trade above $20,000 on Wednesday, as the token remained near a two-week high. Bullish momentum in cryptocurrency markets has been higher this week, with prices surging after a recent downward spell. Ethereum, on the other hand, was largely unchanged in today’s session.

Bitcoin

Bitcoin (BTC) was once again trading above $20,000, as the token continued to trade near a two-week high.

BTC/USD surged to a peak of $20,479 late in Tuesday’s session, which was its highest point since September 13.

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On Wednesday, prices remained near this level, however slipped marginally after failing to extend a breakout of a key resistance point.

BTC/USD – Daily Chart

The token slipped below this ceiling of $20,350 earlier today, and as of writing, is trading at $20,024.63, which remains higher than yesterday’s low of $19,917.91.

As can be seen from the chart, the 14-day relative strength index (RSI) has also declined today, with the indicator now tracking at 52.45.

This mark is marginally under a support level of 53.00, and should the reading continue to depreciate, we will likely see BTC back below $20,000.

Ethereum

Ethereum (ETH) was mostly consolidating on Wednesday, as the token fell back towards a support point of its own.

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Following a high of $1,364.97 during yesterday’s session, ETH/USD dropped to an intraday low of $1,335.89 earlier in the day.

As a result of this slippage, the world’s second largest cryptocurrency moved back towards its floor of $1,330, a level which it broke out of less than 24 hours ago.

ETH/USD – Daily Chart

Looking at the chart, the decline appears to have come once the RSI failed to move beyond yesterday’s resistance of 44.90.

Currently price strength is tracking at 43.67, and seems to be heading for a floor close to the 42.00 level.

Should it arrive at its destination, then there is a strong likelihood that ethereum will be under $1,300.

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Do you anticipate ethereum falling below $1,300 this week? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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ETH

TA: Ethereum Price Breaks Hurdle, Why Bulls Could Aim $1,500 or Higher

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TA: Ethereum Price Breaks Hurdle, Why Bulls Could Aim $1,500 or Higher

Ethereum cleared the key $1,350 resistance zone against the US Dollar. ETH is rising and might climb further higher towards the $1,500 resistance zone.

  • Ethereum is slowly moving higher and trading above the $1,350 level.
  • The price is now trading above $1,350 and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if there is a clear move above the $1,370 resistance.

Ethereum Price Eyes More Upsides

Ethereum formed a support base above the $1,250 level. ETH remained strong and started a steady increase above the $1,300 level. The price was able to clear the $1,320 resistance zone and the 100 hourly simple moving average.

There was also a move above the $1,350 level. It traded as high as $1,369 and is currently consolidating gains. Ether price is now trading above $1,350 and the 100 hourly simple moving average. The price is also trading above the 23.6% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high.

Besides, there is a major bullish trend line forming with support near $1,350 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,370 zone.

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Source: ETHUSD on TradingView.com

A clear break above $1,370 might start another increase towards the $1,400 level. If the bulls remain in action, the price could rise towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance zone. The next major resistance sits near the $1,550 level.

Dips Limited in ETH?

If ethereum fails to climb above the $1,360 resistance, it could start a downside correction. An initial support on the downside is near the $1,350 level and the trend line.

The next major support is near the $1,320 level. It is near the 50% Fib retracement level of the upward move from the $1,268 swing low to $1,369 high. A downside break below the $1,320 level might send the price towards the $1,275 support.

Technical Indicators

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Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $1,320

Major Resistance Level – $1,370

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