ETH Exchange Balance at Two-Year Low While Skew Deep into Negative Territory

The weekend is here and so is red.

The cryptocurrency market is seeing a slight correction with ETH going to $455, down from yesterday’s high of $477.

At the time of writing, Ether has been trading at $460 in the red, with 250% year-to-date performance.

The good thing is the percentage of total ETH being held on exchanges is currently at 13.35%, a low last seen on November 23, 2018, as per Santiment.

“The almost exact two-year milestone is a positive sign for Ethereum holders, who have historically benefited when supply held off of exchanges is kept low.

It indicates that large whale selloff probabilities will remain limited.”

Also, “strong demand” is seen for ETH options calls, which are the right to buy the underlying asset.

While the price of Ether is taking a breather here, so are the DeFi tokens which rallied strongly this past week, as Bitcoin stood strong above $16,000 but didn’t move much.

As the price of BTC drops to nearly $15,700, so have the altcoins, ETH, and DeFi tokens except for the likes of Hakka (26%), Hegic (16%), Sushi (12%), and Uniswap (11%).

Overall, the total value locked (TVL) in DeFi space hit a new all-time high today at $13.95 billion, as per DeFi Pulse.

The amount of ETH locked in the sector has also been on the move this past week, nearing the ATH at 8.9 million ETH.

While the ETH locked in DeFi are seeing an increase, those locked in for ETH Phase 0 slowed down, only reaching the 12.1% of the goal.

In its latest update, the Ethereum Foundation noted that with the genesis time set for Dec. 1st, 12 pm UTC, the community has to get their deposits on-chain before November 24, 12 pm UTC.

The deposits contract for ETH 2.0 was launched ten days back along with the mainnet launch Pad.

Yesterday, developer Danny Ryan also updated on the launch of Toledo devnet, a 16k validator testament with v1.0 mainnet configuration. Next week, the aim is to launch Pyrmont, 1 100k validator testnet mimicking mainnet conditions.

“Once Pyrmont is launched and stable, the testnet will be opened up to the community. Pyrmont can serve as a final place to test mainnet software releases and hardware setups in the run-up to mainnet launch.”

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Author: AnTy

Green Shots Emerge in DeFi Following the Painful Unwinding of the Crowded Space

During the recent correction, the DeFi market pulled back hard, so much so that the seven days percentage returns are still in the negative by 20% to 40%.

Except for a handful of top DeFi tokens, all of them plunged 70% to 95%.

But the market seems to be gaining momentum yet again. While in the past hour, DeFi tokens are slowly turning red, in the last 24 hours, significant gains have been made.

Notable mentions include Cream (81%), Swerve (81%), Hydro Protocol (44.3%), bZx Protocol (30%), YFI (17%), Loopring (12%), Aave (10%), Bancor (6.3%), Chainlink (5.6%), Serum (5%), Synthetix (3.8%), and CRV (2.5%).

Total Value Locked (TVL) in DeFi has also climbed to $7.95 billion after falling to the $6.78 billion low today from the high of $9.5 billion on Sept. 2nd.

Uniswap, with $1.47 billion in TVL, is now dominating the DeFi space, a position juggling between Aave, Curve Finance, and the long-standing leader Maker.

Another Vicious to Resume

The market correction was actually the domino effect of DeFi positions unwinding after the head chef of SushiSwap decided to call it a day by pulling a Litecoin’s Charlie Lee, or you could say Ethereum’s Vitalik Buterin.

“The uber-crowded trade in US equities is nothing compared to the crowded nature of DeFi space,” said Denis Vinokourov of London-based brokerage service Bequant.

When DeFi tokens started going down, “the spillover effects turned out to be significant,” which makes sense given that almost $10 billion worth of capital was splashing in the ecosystem. Vinokourov said,

“Going back to the recent price action and as demonstrated in the past, crowded trade unwinds are extremely painful and broad-based but eventually green shots emerge.”

And this is what we are seeing in the market currently. Also, with a considerable reduction in Ethereum gas levels and potential interest from China, another vicious circle will soon resume.

An Opportunity for Competitors

During the DeFi craze, network fees being too darn high also came back in the light. Ethereum miners made a killing from transaction fees, pocketing a total of $113 million in profit in August, up over 3,660% from the meager $3 million earned just four months back.

This means the Ethereum network has all to gain from this DeFi craze and to lose as well.

So, what the second-largest network needs, according to Vitalik Buterin, is nothing but “drastic increase in scalability” – which involves only sharding and rollups, and that has been coming for years.

This makes it a big opportunity for Ethereum competitors such as Cardano, Tezos, and EOS. But while Cardano has just released its mainnet, EOS is not seeing much traction, recording $1.74 billion volume compared to Ethereum’s $5.64 billion.

But according to Brendan Blumer, CEO of Block.one, the company behind EOS, “EOS will unleash DeFi… EOS has the performance, liquidity, and developer community to support DeFi applications that aren’t possible anywhere else.”

Polkadot is another one that jumped the ranks thanks to a denomination – crypto’s version of the stock split.

In the meantime, market participants acknowledged Ethereum’s layer2 solutions like the OMG network and Loopring, resulting in these tokens outperforming.

But Vinokourov says, Ether contenders “command significant financial firepower and a competing platform to rival Ethereum’s DeFi is likely a matter of time.”

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Author: AnTy

Liquidity Coming to Serum: Veteran Market Maker & Liquidity Provider, Jump Trading, Joins the DEX

Amidst the market-wide deep correction on Thursday, the decentralized derivatives platform (DEX) Serum, a collaboration between FTX and Solana blockchain, announced a “huge addition” in the form of Jump Trading.

One of the world’s leading liquidity providers in the financial ecosystem, who is also a market maker for Robinhood and in the crypto world for BitMEX and Bitfinex, Jump Trading has entered into a partnership with and made an undisclosed investment into Serum.

“Liquidity is coming: enough to scale,” tweeted FTX co-founder and CEO, Sam Bankman-fried.

A major step towards the maturation of the DeFi space, Jump Trading, will be providing market making and liquidity services to assets on the Serum platform that was launched just last week.

This past weekend, Serum went live and currently has markets for BTC, ETH, SOL, SRM, FTT, SUSHI, SXP, MSRM, YFI, and LINK with trading pairs against USDT and USDC each.

Founded in 1999, Jump Trading is known for maintaining a low public profile and is active in futures, options, cryptos, and equity markets worldwide and is a member of the Principal Traders Group.

Jump Capital, the sister company, is an active investor in the crypto market and has backed firms like BitGo, Digital Assets Data, Curve, and Bitso, among others.

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Author: AnTy

Ethereum Price Analysis: ETH Could Extend Its Downtrend Below $190

Ethereum price started an upside correction from the $189.35 low vs the US Dollar. ETH to USD is facing many hurdles above $204.50 and it is likely to resume its downtrend in the near term.

Key Takeaways: ETH/USD

  • Ethereum price is trading in a bearish zone below the $204.50 and $207.75 levels against the US Dollar.
  • ETH/USD broke a key contracting triangle with support near $199.60 on the 2-hours chart (data feed from Bitstamp).
  • Bitcoin price is down more than 3% and it is likely to dive below the $7,750 level

Ethereum Price Analysis

In the past few day, there were mostly downsides in Ethereum price below the $215.00 and $204.50 levels. ETH to USD even broke the $200.00 support area and traded to a new monthly low at $189.35.

Ethereum Price
Ethereum Price

Looking at the 2-hours chart, Ethereum price settled well below the $204.50 pivot level and the 50 simple moving average (2-hours, purple). Recently, there was an upside correction above the $200.00 level.

The price made an attempt to surpass the 23.6% Fib retracement level of the downward move from $252.65 to $189.35, but it failed. It seems like the $204.50 and $205.00 levels are important barriers for the bulls.

As a result, Ethereum price broke a key contracting triangle with support near $199.60 on the same chart. The price is now trading well below the $204.50 level. An initial support is near the $194.50 level, below which there is a risk of more losses towards the $189.35 level.

Any further losses may perhaps lead the price towards the $188.50 and $182.50 levels in the near term. Conversely, the price must gain traction above $204.50 to start a decent recovery.

The next hurdles are near the $207.80 level and the 50 simple moving average (2-hours, purple). The main resistance above the 50 simple moving average (2-hours, purple) is near the 50% 50 simple moving average (2-hours, purple) at $221.00.

Overall, Ethereum price is trading in a bearish zone below $204.50 and $207.80. Therefore, there is a risk of more losses below $192.00 and $189.35 unless there is a clear break above $207.80.

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Author: Aayush J

Bitcoin Becoming A “Currency of Choice” Will Push BTC Price Up 2,500% – Tim Draper

  • Bitcoin correction may end up being more than that but we’re in for an interesting ride
  • Tim Draper still holding to his prediction of BTC at $250,000 in 2023 beginning
  • When the time to make the switch comes, “Bitcoin is going to be the big winner”
  • Warren Buffett is a critic because Bitcoin is a “huge threat” to his holdings

Bitcoin has been extremely volatile for the past two weeks, trying to stay above the important psychological level $10,000 but unable to as yesterday we went down below $9,500.

Bitcoin might be in correction but according to venture capitalist Tim Draper, we are in for an “interesting ride.” Draper, the founder of Draper Associates, in an interview with CNBC said,

“I have been out of the market for about six months, it felt pretty lofty for me and I kind of moved most of my stuff to crypto and Bitcoin. It’s kind of a safe haven now and I think this correction may end up being more than that… we’re in for a kind of an interesting ride.”

Bitcoin – A “Currency of Choice”

Draper reiterated his Bitcoin price prediction for Bitcoin that sees the digital asset hitting $250,000 in the next three years.

“I’m still holding to my prediction I think Bitcoin in 2022, Or at the beginning of 2023, will hit $250,000 and that is a big move from where it is here.”

The reason behind such a bold prediction is Bitcoin becoming a “currency of choice.” Draper explains that currently bitcoin isn’t as easy to move around but eventually it will be and then people will have a choice.

And then, they won’t choose to pay the banks two and a half to four percent every time one swipes their credit card. The choice will be the currency that’s “frictionless, open, transparent, global, and not tied to any political force,” he said.

At some point, Draper feels people are going to make that switch and at that time, “bitcoin is going to be the big winner.”

Enormous Risk

Although he didn’t reveal how much of his net worth is in bitcoin and crypto, he did say, “a lot of it.”

“It’s a lot, it is a lot a lot and it is just better in the long term,” said Draper.

But what kind of risk endemic to other holdings if we see an increment of over 2,500 percent in Bitcoin by 2023.

“Enormous risk, I wouldn’t hold a bank if you paid me to own the bag. I wouldn’t hold an insurance company right now. I mean that they are not in good shape going for the next 10 years, things are going to change. very big.”

He also points out how the millennials prefer bitcoin over dollars as it’s a better currency to hold.

Bitcoin a “Huge Threat” to Crypto Critic Warren Buffett’s Holdings

Draper also commented on long term crypto critic Warren Buffett reinstating his dislike for crypto by saying that they don’t have any value and he doesn’t own any crypto and neither will he ever.

“That is hilarious, he owns 50% of his holdings are banks and insurance companies, they are not going to do well in this new decentralized economy, of course, he’s not going to like it.”

Draper said Buffett sees bitcoin and cryptos as a “huge threat to his holdings.” Draper said,

“Clearly he’s not gonna want this new currency that is completely, everyone knows, is so much better than what we have out there and these currencies that are tied to fiat government. I think they’re just gonna be a relic of the past, it’ll be like holding drachmas and Frank’s.”

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Author: AnTy

Electroneum Price Prediction Today: Daily (ETN) Value Forecast – July 1

Electroneum-Price-ETN-Coin-Continues-Its-Slide-Downard-as-Community-Members-Weigh-In
  • On June 18, the bulls were resisted and ETN market was on a downward correction to a low at Ƀ0.00000039.
  • On the upside, if the bulls break above the EMAs, the crypto’s price is likely to rise.

ETN /BTC Medium-term Trend: Bearish

  • Resistance Levels: Ƀ0.00000060, Ƀ0.00000065, Ƀ0.00000070
  • Support Levels: Ƀ0.00000045, Ƀ0.00000040, Ƀ0.00000035

Last June the price of ETN was in a bullish trend after a long period of a bearish trend. In the first two weeks of June, the crypto’s price was making a series of higher highs and higher lows. On June 17, the ETN market reached a high of Ƀ0.00000070. On June 18, the bulls were resisted and ETN market was on a downward correction to a low at Ƀ0.00000039.

The 12-day EMA and the 26-day EMA are now trending southward indicating that price is falling. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. If the bearish pressure continues, the crypto will reach the low at Ƀ0.00000035.

On the upside, if the bulls break above the EMAs, the crypto’s price is likely to rise. Meanwhile, the price of ETN is in the oversold region of the daily stochastic but below 20% range. This indicates that the price of ETN is in a bearish momentum and a sell signal.

ETN/BTC Short-term Trend: Bearish

On the 1-hour chart, the price of ETN is in a bearish trend. The 12-day EMA and the 26-day EMA are trending horizontally. On July 1, the bulls reached a high of Ƀ0.00000046. The crypto s price fell above EMAs and commence a range bound move above it.  However, the ETN price is in the oversold region of the daily stochastic but above the 20% range. This indicates the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Electroneum Price Prediction Today: Daily (ETN) Value Forecast – June 24

electroneum
  • The ETN market was on a downward correction to a low at Ƀ0.00000053.
  • If the bearish trend continues, the crypto will reach the low at Ƀ0.00000046.

ETN /BTC Medium-term Trend: Bullish

  • Resistance Levels: : Ƀ0.00000060, Ƀ0.00000065, Ƀ0.00000070
  • Support Levels: Ƀ0.00000050, Ƀ0.00000045, Ƀ0.00000035

Last week the price of ETN was in a bullish trend. On June 17, the crypto’s price reached a high of Ƀ0.00000070 but was resisted. The ETN market was a downward correction to a low at Ƀ0.00000053. Meanwhile, the crypto’s price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. If the bearish trend continues, the crypto will reach the low at Ƀ0.00000046.

From the Fibonacci tool, ETN price has broken the continuation zone of 0.236 and 0.382 Fib. retracement level. The crypto’s price has also broken the downtrend zones but found support at the 0.786 Fib. retracement level. The current trend of ETN has been reversed. Meanwhile, the price of ETN is in the oversold region of the daily stochastic but above 20% range. This indicates that the price of ETN is in a bullish momentum and a buy signal.

ETN/BTC Short-term Trend: Ranging

On the 1-hour chart, the price of ETN is in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally. The price of ETN is below and above the EMAs which indicates that price is in a sideways trend. However, the ETN price is in the oversold region of the daily stochastic but above the 20% range. This indicates the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Bitcoin Cash Price Prediction: Long-term (BCH) Value Forecast – June 22

Bitcoin Cash (BCH) to Implement Schnorr Signatures Before Bitcoin (BTC) Core
  • The BCH market was in a downward correction after testing the $457 overhead resistance.
  • The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA.

BCH/USD Long-term Trend: Bullish

  • Resistance levels: $480, $500, $520
  • Support levels: $460, $440, $420

The BCH/USD pair was in the bullish trend zone. The BCH market was in a downward correction after testing the $457 overhead resistance. The market fell to a low at $384 price level and resumed a range bound move above the 12-day EMA and the 26-day EMA. A bullish trend line has been drawn to determine the duration of the bullish trend. From the trend line tool, as long as the bullish trend is ongoing, the trend line will be unbroken, the price will test the trend line resume its upward move.

However, if the price breaks the trend line and another candlestick closes on the opposite of it, then the current bullish trend is presumed to be terminated. However, the current trend is ongoing. The stochastic is in the overbought region but above the 60% range which indicates that the price is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

[Domain Disclosure] The crypto-community content sourced, created and published on BitcoinExchangeGuide should never be used or taken as financial investment advice. Under no circumstances does any article represent our recommendation or reflect our direct outlook. We b-e-g of you to do more independent due diligence, take full responsibility for your own decisions and understand trading cryptocurrencies is a very high-risk activity with extremely volatile market changes which can result in significant losses. Editorial Policy \ Investment Disclaimer

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Author: Azeez Mustapha

Bit Torrent Price Prediction Today: Daily (BTT) Value Forecast – June 20

BitTorrent Token Declares Liftoff as BTT Token Passes Its ICO Price By 5x Already
  • The price of BTT was in a downward correction after the bulls were resisted at the $0.001800 overhead resistance.
  • The price fell to a low at $0.001161 on June 9.

BTT/USD Medium-term Trend: Ranging

  • Resistance Levels: $0.001400, $0.001600 ,$0.001800
  • Support levels: $0.001200, $0.001000, $0.0008000

Yesterday, June 19, the price of BTT was in a sideways trend. The price of BTT was in a downward correction after the bulls were resisted at the $0.001800 overhead resistance. The price fell to a low at $0.001161 on June 9. The 12-day EMA and the 26-day EMA were contracting as a single line indicating that the price of BTT is in a sideways trend.

The crypto’s price includes small body candlesticks like the Doji and Spinning tops. These candlesticks describe the indecision between the buyers and the sellers. The crypto’s price fluctuates below and above EMAs. As the crypto’s price is fluctuating in a tight range, there is a likelihood of a bullish or bearish breakout. Meanwhile, the price of BTT is in the oversold region of the daily stochastic but below the 60% range. This indicates that price is in the bearish momentum and a sell signal.

BTT/USD Short-term Trend: Bearish

On the 1-hour chart, the BTT price is in a bearish trend. The 12-day EMA and the 26-day EMA are sloping southward. The crypto’s price is falling and at same testing the 12-day EMA to break above the EMAs.

The BTT price is currently trading at $0.001282 price level. Meanwhile, the price of BTT is in the oversold region of the daily stochastic but below the 20% range. This indicates that price is in the bearish momentum and a sell signal.’

Please add a valid coin_id. You can get it from coin page’s url (slug or short name).

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha

Nano Price Prediction: Long-term (NANO) Value Forecast – June 15

Nano-Founder-Blasts-XRP-Currency
  • On May 30, the bulls tested the upper price range and the price made a downward correction to the support of the EMAs.
  • The price of NANO is trading between the levels of $1.400 and $1.800.

NANO/USD Long-term Trend: Ranging

  • Resistance levels: $2.0000, $2.2000, $2.4000
  • Support levels: $1.4000, $1.2000, $1.0000

The price of NANO is in the sideways trend zone. On April 23, the NANO market reached the $1.94 overhead resistance level. On April 24, the bulls were resisted and the NANO market was in a downward correction to the $1.400 support level. The price of NANO is trading between the levels of $1.400 and $1.800.

The 12-day EMA and the 26-day EMA are sloping horizontally. The crypto’s price is trading under a tight range. On May 30, the bulls tested the upper price range and the price made a downward correction to the support of the EMAs. On June 2, the bulls came back to retest the upper range and were resisted again. The price fell to a lower price range.

Yesterday, at the support level, the bulls were making a fresh bullish move to retest the $1.8000 price level. Nevertheless, a bullish break at the $1.800 price level, will enable the crypto rally above the $2.00 price level.

Similarly, a bearish break at the $1.400 price level will depreciate NANO price to a low of $0.8000. The stochastic is in the oversold region but above the 40% range which indicates that the price of Nano is in a bullish momentum and a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez Mustapha