Category: Cryptocurrency News

Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, the blockchain network’s transaction fees have been much lower than they were ten days before The Merge. Roughly four months ago on May 13, 2022, high-priority ether transactions could cost 68 gwei or $2.97 per transaction, and today at $0.18, a high-priority ether […]

The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — one week on Cointelegraph in one link!

BNB price has entered a symmetrical triangle formation, and the conflicting trends will decide the fate of the altcoin as it battles near $280.

In a tweet two days ago, Bluntz predicted that ETH is only a 10% drop away from stabilizing. The Crypto trader is famous for accurately predicting Bitcoin’s 2018 bear market. More popular as the “smart contracter,” the strategist explained that he had been closely tracking ETH price charts since August.  “Ethereum is in the final stages of its current bearish run and will swing upward soon,” he assured his 211,000 followers. Once the token corrects its course, investors can then get ready to take up long-term positions, the tweet explained. Related Reading: XRP Sluggish In Last 7 Days As Ripple Vs. SEC Case Drags On Smart Contracter’s Predictions Have Held Thus Far  Smart Contracter presented a chart based on the Elliot Wave theory as evidence of his predictions. As one of the prominent theorists of this market analysis method, Bluntz has successfully made some predictions in the past. Apart from his much-lauded 2018 Bitcoin forecast, the strategist’s recent predictions on Ethereum seem to be holding so far. Smart contracter predicted September’s $1800 rise last month using the Wave crowd psychology method.  At the time of his prognosis, the second largest crypto was trading a $1600 low. The analyst predicted that ETH would rise temporarily in a B wave before bottoming out in anticipation of another rally. He forecasts that ETH will dip to $1,200 before climbing back to $2,000. Other Predictions By Smart Contracter We’re in the final innings of this $eth correction, correcting the rise from July. Have been mapping this out step by step since August top, only 10% or so more down to go before we begin to look for long-term buys, Bluntz said. Furthermore, the Analyst’s chart indicates that Ethereum is going through another drop that will eventually transition into a Bull run. $1,300 will mark the buy signal point if the chart’s structure looks appropriate, says the pseudonymous strategist.  Notably, Ethereum is not the only crypto Smart Contracter is tracking. Last week, he expressed bearish sentiments on Bitcoin, claiming its price charts looked ugly at the time. Another famous analyst ‘Dave the Wave’ had predicted that the king Coin was gearing up for a bull run according to his MACD chart. However, Bluntz insisted that Bitcoin was still expecting several more dips. He announced that he would not buy any bitcoin unless it dropped below $17,000. Several Factors Contribute to The Crypto Market’s Current Volatility Although Smart Contracter’s predictions have remained unrefuted so far, there is still time before his predictions get proven or discounted. Several factors, including inflation, the CPI release, and Ethereum Merge, continue contributing to crypto’s volatility. Hence crypto traders and investors will do well to be circumspect in their investment decisions. Related Reading: Bitcoin Loses $20,000 Grip, Extends Consolidation For 2nd Straight Day At the time of writing, Ethereum is trading around $1,470, up over 2.50% in the last 24 hours, according to TradingView data. Featured image from Pixabay and chart from TradingView.com

Are there any risks associated with connecting your Metamask wallet to Kyberswap and swapping tokens on the ETHW network? Can your wallets be compromised on multiple chain ID's (such as ETH chain in this case) if your wallet somehow gets compromised? (I am not talking about typing in your seed words, but in other ways).…
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A Securities and Exchange Commission filing filed on September 16 shows that the company Grayscale Investments has declared “distribution of rights to Ethereum Proof of Work Tokens.” The newly launched ETHW blockchain went live on September 15 and roughly 50-60 terahash per second (TH/s) of hashrate is dedicated to the new network. Grayscale notes that […]

A quant has explained how the movement of whales differed between before and after the Ethereum merge went live. Ethereum Funding Rates Reached An All-Time Low Just Before The Merge As pointed out by an analyst in a CryptoQuant post, a lot of ETH investors bet on the price going down around the merge’s completion. The relevant indicator here is the “funding rate,” which measures the periodic fee that perpetual futures contract traders exchange between each other. When the value of this metric is positive, it means long investors are paying a premium to the short holders right now to hold onto their positions. Such a trend shows a bullish sentiment is more dominant in the market currently. Related Reading: Bitcoin Whale Selling Pressure Continues As BTC Dips Under $20k On the other hand, negative values of the indicator suggest shorts are overwhelming the longs at the moment as the majority are feeling bearish. Now, here is a chart that shows the trend in the Ethereum funding rates over the last few days: Looks like the metric had a deep red value not too long ago | Source: CryptoQuant As you can see in the above graph, the Ethereum funding rates had been going down only a couple of days back, and reached a new negative peak right as the merge arrived. The quant explains that this was because investors thought the PoS transition hype had already impacted the market, and so they bet on short positions, believing that the price would go down during the aftermath of the much anticipated event. Related Reading: Uniglo (GLO) Beats Luna Classic (LUNC), Dogechain (DC), And Ethereum Classic (ETC) With Massive Price Surge But just following the merge, the price actually rather saw a slight improvement. Seeing that the decline they had waited for didn’t come, these short holders quickly started closing up their positions, leading to the funding rates sharply moving up. Right as this happened, the whales who had been waiting jumped in and dumped their ETH, causing the price to plunge down hard. The analyst notes that this is a display of whales trying to make a move in such a way that nets them the largest gains. “To read those moves, we need to utilize both on-chain data and charts,” says the quant. ETH Price At the time of writing, Ethereum’s price floats around $1.4k, down 7% in the last seven days. Over the past month, the crypto has lost 24% in value. The below chart shows the trend in the price of the coin over the last five days. The value of the crypto seems to have been going down during the last few days | Source: ETHUSD on TradingView Ethereum has been trending down since the merge took place, and right now it’s unclear when the crypto may show some reversal. Featured image from Thomas Lipke on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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