Category: Cryptocurrency News

Ethereum appears to have now seen a notable shift in its major metric. Particularly, a recent CryptoQuant analyst, Burak Kesmeci report, highlighted the potential significance of Ethereum’s current funding rates. The analyst pointed out that similar patterns in the past have been followed by substantial price increases, suggesting that Ethereum might be on the verge of a new surge. Related Reading: Analyst Predicts $4,000 Mid-Term Target for Ethereum, Declares End to ETH Correction Calm Before The Storm? Funding rates are a key future market metric, indicating the balance between long and short positions. When the funding rate stays low for an extended period, it can signal market indecision or calm, but if the rate rises sharply, it often precedes a strong price movement. According to the report by Kesmeci, Ethereum’s funding rates have been hovering between 0.002 and 0.005, a relatively low level last seen in September 2023. The funding rate then spiked above 0.015, followed by a price rally from $1,500 to over $4,000. The analyst further explored whether Ethereum’s funding rate in September 2024 could signal a similar price movement. The current low funding rates have persisted for about a month, starting from August. This situation mirrors the period before last year’s significant price surge. September and the final quarter have historically been pivotal times for crypto markets, often seeing increased trading volume and price gains as summer ends. However, Kesmeci noted: I can’t say if history will repeat itself, but there’s certainly a rhythm to it. We will wait for Ether’s funding rate to rise above 0.015 to see if the calm before the storm breaks. A move above this level in funding rates is crucial for tracking healthy increases during bull markets. How Is Ethereum Faring So Far? While Ethereum hasn’t seen a further decrease following its low of $2,197 last month, the asset hasn’t seen a major price increase in the past weeks. Instead, ETH has continued to consolidate within a specific range. Following an attempt to create a new all-time high back in March, trading above $4,000, ETH has seen a consistent decline ever since and has remained below $3,000 since August. So far, the asset has declined 2.7% in the past weeks and has also seen a 0.7% increase in the past 24 hours. However, the asset remains below the $3,000 mark, currently trading for $2,331 at the time of writing. Related Reading: Ethereum Sees Massive Outflows from Derivatives: What Does This Mean For ETH? According to a recent post from a renowned crypto analyst, Alex Clay, on X, ETH might have ended its correction. Clay noted that a “break above $2500 will confirm the beginning of the rally.” #ETH/USD Imo we are at the end of the $ETH correction💁‍♂️ Looking for some consolidation above the Key Zone + 200 MA & 200 EMA confluence Break above $2500 will serve a confirmation of the beginning of the rally🚀#Ethereum turned to be a heavy asset so $10k target is rather… pic.twitter.com/jjGPPUHWE3 — Alex Clay (@cryptclay) September 9, 2024 Featured image created with DALL-E, Chart from TradingView

After moving to Farcaster, Vitalik Buterin appears to be back on X with over 150 posts or replies in the last month.

A “substantial bull market” is needed to avoid VC funds drying up after too much money was allocated to funds “clearly underperforming benchmarks,” a crypto analyst says.

The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”

submitted by /u/hiorea [link] [comments]

I used to used eth2spec(PyPI) to parse beacon chain's ssz files but it seems the library does not support recent fork changes and new fields. The release history says the project's latest update was in 2022 which explains the unsupported fields of structures. So is there any other library (not only from Python but some…
Read more

OpenAI claims its newest model, OpenAI o1, is so advanced it was “resetting the counter back to one” for naming its AIs.

BNB price started a fresh surge above the $525 resistance zone. The price is now consolidating gains and might aim for more gains above $550. BNB price started a fresh increase above the $525 resistance zone. The price is now trading below $535 and the 100-hourly simple moving average. There is a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $525 pivot level to start another increase in the near term. BNB Price Settles Above $525 In the last analysis, we discussed the chance of more gains in BNB price above the $525 resistance. The price outperformed Ethereum and Bitcoin. It surged above the $525 and $535 levels. It even tested the $550 resistance zone. A high was formed at $549.5 and the price started a downside correction. There was a move below the $545 level. The price slipped just below the 23.6% Fib retracement level of the upward move from the $507 swing low to the $549 high. The pair is now trading above $535 and the 100-hourly simple moving average. There is also a short-term rising channel forming with support at $540 on the hourly chart of the BNB/USD pair. If there is a fresh increase, the price could face resistance near the $548 level. The next resistance sits near the $550 level. A clear move above the $550 zone could send the price higher. In the stated case, BNB price could test $562. A close above the $562 resistance might set the pace for a larger move toward the $580 resistance. Any more gains might call for a test of the $585 level in the near term. Are Dips Limited? If BNB fails to clear the $550 resistance, it could start another decline. Initial support on the downside is near the $540 level and the channel trend line. The next major support is near the $525 level or the 61.8% Fib retracement level of the upward move from the $507 swing low to the $549 high. The main support sits at $520. If there is a downside break below the $520 support, the price could drop toward the $505 support. Any more losses could initiate a larger decline toward the $500 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $540 and $525. Major Resistance Levels – $548 and $550.

Dogecoin (DOGE), the leading meme coin in the crypto sphere, witnessed a notable uptick on Thursday, propelled by the influential backing of Tesla and SpaceX tycoon Elon Musk, a longstanding advocate of the digital asset.  Musk once again showcased his support for Dogecoin through a cleverly crafted social media post, triggering a surge in the token’s value and stirring reactions across the cryptocurrency community. Elon Musk’s DOGE Humor Boosts Price, Michael Saylor Chimes In In a characteristic move on Thursday, the tech mogul, who now owns the social media platform X (formerly Twitter), addressed two topics in a single post.  Elon Musk referenced former President Donald Trump’s proposal for him to spearhead a government efficiency commission, encapsulating the idea with the phrase “Department Of Government Efficiency,” cleverly abbreviated as DOGE.  Related Reading: Grayscale Unveils First XRP Trust In The US, ETF Ahead? This playful nod not only fueled a rally in Dogecoin’s price but also prompted responses from industry figures like Michael Saylor, a prominent Bitcoin proponent, who retorted with the acronym “Banish, Tedious, Complexity” (BTC), underscoring the enduring appeal of Bitcoin. This recent episode follows Musk’s earlier engagement with the Dogecoin community, where an X post featuring an image of the billionaire spelled out the word DOGE, triggering a price resurgence for the cryptocurrency.  Subsequently, DOGE’s value experienced a revival, inching closer to the $0.10 mark. Despite a modest pullback, the token secured a 2% increase on Sunday, reclaiming the $0.096 threshold. Dogecoin Price Analysis Musk’s latest social media intervention has propelled Dogecoin towards $0.101, marking a substantial surge of nearly 4% over the past week and over 2% within the last 24 hours.  Nonetheless, the daily trading volume for the meme coin has not mirrored this bullish momentum. CoinGecko data indicates a $508 million trading volume in the last 24 hours, reflecting a 10% decline amidst broader market uncertainties. Related Reading: SUI Bulls Gear Up, Can They Push Through The $1.16 Ceiling? Preventing further gains for the token, DOGE is still trading just below its 200-day exponential moving average (EMA) at $0.107, which could act as a short-term resistance wall for bullish investors in the scenario that the current momentum continues.  This is also because Dogecoin has seen additional downward pressure in longer time frames, amounting to nearly 4% over the past month, mirroring the struggles of major cryptocurrencies that have failed to regain higher levels.  Furthermore, the prevailing bearish market sentiment, compounded by the lack of significant macroeconomic catalysts, has hindered the potential for further price upside across the digital asset landscape. Featured image from DALL-E, chart from TradingView.com

Donald Trump said in a video posted to X that his World Liberty Financial crypto project would launch Sept. 16.