So I’m sitting on only half an ether atm. In the past I actually used eth for online purchases rather frequently but I’m at the point where I probably won’t be selling, buying, or purchasing anything in the foreseeable future. What’s the smartest move? Basically this is sortof just spare money at this point. I…
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On August 2, the Atlanta-based crypto payment services provider Bitpay announced that it has expanded its crypto asset support with two different crypto assets. Bitpay revealed the company has integrated apecoin and euro coin into the firm’s platform and the luxury retailer and designer Gucci has announced it will be the first merchant to accept […]
The mining firm said it aims to have a hashing capacity of 28 MW at the Alabama facility by the fourth quarter, and 55 MW by the second quarter of 2023.
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On-chain data shows the number of active Ethereum addresses has recently spiked up to a new all-time high. Here’s what happened in the past when the metric reached such high values. Ethereum Active Addresses Surge To A New All-Time High As pointed out by an analyst in a CryptoQuant post, a signal that has usually been bearish for the price of the crypto has gone off recently. The “active addresses” is an indicator that measures the total number of Ethereum wallet addresses that showed some movement on any given day. The metric takes into account both senders and receivers. When the value of this metric goes up, it means an increasing number of addresses are displaying some activity right now. Especially large values can be a sign of high activity from retail investors. On the other hand, low values of the indicator suggest not too many Ethereum wallets are making moves at the moment. Now, here is a chart that shows the trend in the ETH active addresses over the last few years: The value of the metric seems to have been pretty high in recent days | Source: CryptoQuant In the above graph, the quant from the post has marked the relevant points of trend for the Ethereum active addresses. It looks like whenever the indicator has risen above the “575k active addresses” level, the crypto’s price has registered a local top. The metric has just recently observed a very sharp spike and set in a new ATH. The last all-time high occurred back in the 2017 bull run and coincided with the rally’s top. If the past trend is anything to consider, then the latest surge to values never seen before may prove to be bearish for the coin this time as well. Normally, one would think a large amount of addresses should instead be bullish as it shows high investor activity. However, the analyst believes it to not be the case. The metric’s value gives hints about what kind of investors are active in the market right now. According to the quant, the latest surge could be coming from investors who are FOMO’ing into the crypto after learning about the merge and the recent upwards momentum that Ethereum has enjoyed. ETH Price At the time of writing, Ethereum’s price floats around $1.6k, up 14% in the last seven days. Over the past month, the crypto has gained 51% in value. Below is a chart that shows the trend in the price of the coin over the last five days. Looks like the value of the crypto has slid down over the last couple of days | Source: ETHUSD on TradingView Featured image from Choong Deng Xiang on Unsplash.com, charts from TradingView.com, CryptoQuant.com
The firm’s book-making took a huge hit after being exposed to the TerraUSD collapse.
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Bitcoin has seen a lot of sideways price action during this week but might be able to extend its gains and regain higher grounds. The cryptocurrency continues to trade in the green and seems to be showing signs of further short-term appreciation. At the time of writing, Bitcoin trades at $23,200 with 9% profits over the past week and 1% profits in the last 24 hours. Over the last week, Bitcoin has provided more clarity about its price direction. According to a report from Arcane Research, the cryptocurrency has managed to slowly break above the critical resistance levels at $20,000, $20,700, and $23,000, this coincides with the conventional definition of an uptrend, as defined by Investopedia: An uptrend describes the price movement of a financial asset when the overall direction is upward. In an uptrend, each successive peak and trough is higher than the ones found earlier in the trend. The uptrend is therefore composed of higher swing lows and higher swing highs. As long as the price is making these higher swing lows and higher swing highs, the uptrend is considered intact. Arcane Research noted the following on BTC’s recent bullish momentum and its capacity to break previous resistance turning them into critical support: The bitcoin price is currently at an interesting level. $23k acted as resistance in mid-June and two weeks ago and could potentially be flipped to a support level this week. If the price holds at current level, it will mark another higher low and be a bullish signal. In that sense, Arcane Research expects Bitcoin to continue flirting with the $24,000 resistance and potentially break above it. This would signal potential continuation of the bullish trend with a potential target of $27,000 and $28,000, on lower timeframes. Why Bitcoin Is Likely To Sustain Its Gains Bitcoin’s price bullish potential has been capped by macro-economic factors, the collapse of major crypto companies and ecosystems, and an increase in selling pressure from BTC miners. The latter have had to sell more of their BTC stock to meet debt obligations in the face of higher energy prices and low BTC prices, according to a report by QCP Capital. In that sense, Bitcoin will have a limited capacity to break above $28,000. The trading desk coincides with Arcane Research, BTC’s price might revisit those levels but it’s unlikely to see another massive rally like the one experienced in 2020. On the contrary, BTC’s price might trade sideways as it recovers higher levels and has it records lower lows at three critical support zones: $20,700, $17,500, and $10,000. The latter seems likely to be revisited at some point in 2022, QCP Capital claims.
