Grayscale Investments and NYSE Arca have applied for permission from the U.S. Securities and Exchange Commission (SEC) for the transformation of the Grayscale Ethereum Trust (ETHE) into a spot Ethereum exchange-traded fund (ETF) following the approval of the first Ether futures ETF.
Filing of New Request
On October 2, the New York Stock Exchange Arca submitted a conversion request to the Securities and Exchange Commission (SEC) of the United States. A spot ETF will invest in the underlying asset instead of Grayscale’s previous trust, which invested in Ether futures contracts as a secondary way to get exposure to ETH.
Michael Sonnenshein, the CEO of Grayscale, announced X (formerly Twitter), stressing the company’s intention to offer conventional investment products with exposure to cryptocurrency assets.
He declares, “As we file to convert ETHE to an ETF, the natural next step in the product’s evolution, we recognize this as an important moment to bring Ethereum even further into the U.S. regulatory perimeter.”
Grayscale’s Win Over SEC Lawsuit
Grayscale Investments recently won a big legal battle against the SEC, a crucial step toward allowing cryptocurrency exchange-traded funds (ETFs). This ruling isn’t just about Grayscale’s Bitcoin Trust (GBTC); it sets rules for how regulators should handle future crypto ETF applications. Gautam Chhugani, a digital asset expert at Bernstein, highlighted how important this is for the entire crypto industry.
He said that the crypto market can be pretty bumpy. For instance, when Grayscale had good news, Bitcoin’s price shot up by 6%, but it quickly fell when the SEC delayed a Bitcoin ETF decision. This shows that the crypto market is still pretty shaky and unstable.
Grayscale, the world’s largest cryptocurrency asset manager, has applied to the US Securities and Exchange Commission (SEC) to convert its Ethereum Trust (ETHE) into an Ethereum exchange-traded fund (ETF). If approved, the move would create the first-ever spot Ethereum ETF. This would represent a huge milestone for the cryptocurrency industry because it would increase liquidity, reduce volatility and add legitimacy to the market. The proposed ETF is expected to offer investors exposure to Ethereum without actually having to physically buy and hold the cryptocurrency.
Bitwise Asset Management has announced that trading for two of its Ethereum-themed ETFs will commence on October 2, 2023. The groundbreaking initiative will enable investors to gain exposure to Ethereum through the widely popular and regulated Exchange-Traded Fund (ETF) format for the very first time.
Bitwise’s Latest Offerings: AETH & BTOP
Bitwise unveiled that it will be launching two specialized ETFs: the Bitwise Ethereum Strategy ETF (ticker: $AETH) and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (ticker: $BTOP). According to Matt Hougan, the Chief Investment Officer at Bitwise, Ethereum offers a broader investment portfolio than Bitcoin.
“Ethereum has elements of both a traditional growth investment and an alternative asset, making it a compelling choice for a wide range of investors,” Matt Hougan
Bitwise isn’t alone in its Ethereum ETF ambitions. Asset management firm Invesco, already a key player in the financial markets, recently announced its intent to launch the Invesco Galaxy Ethereum ETF. This move comes amidst a backdrop of regulatory delays for Bitcoin ETFs, which has seen big names like Blackrock and Invesco awaiting decisions from the U.S. Securities and Exchange Commission (SEC).
Though the prospect of a Bitcoin ETF approval in 2023 is dim, the future is not all bleak for crypto ETFs. The verdict in favor of converting the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF could be a game-changer when the SEC makes its decision in 2024. James Seyffart, a Bloomberg analyst, recently revealed that as many as nine Ethereum Futures ETFs have been earmarked for SEC accelerated approval on October 2.
What sets Ethereum apart from other crypto assets?
For one, its correlation with traditional equities like the S&P 500 Index, Nasdaq-100 Index, and Russell 2000 Index has been relatively low over the past two years. This makes Ethereum an attractive diversification option. Furthermore, its real-world applications make it easier to grasp and value for experienced investors, according to Hougan.
As part of Bitwise’s broader strategy, the launch of these Ethereum ETFs adds to its already diverse line-up of over 20 investment products. This includes five other ETFs, private placement funds, multi-strategy solutions, and separately managed accounts.
As one of the largest and fastest-growing crypto asset managers in America, Bitwise’s new Ethereum ETF offerings are poised to attract not just crypto enthusiasts but also traditional investors looking to diversify their portfolios.
The post Bitwise’s Bitcoin & Ethereum ETF May Launch Next Week, Says Bloomberg! appeared first on Coinpedia Fintech News
Crypto investment firm Bitwise is reportedly gearing up to launch its Equal Weight Bitcoin and Ethereum Futures Exchange-Traded Fund (ETF) next week. This follows the company’s submission of an updated prospectus for the ETF to the regulators. With an expense ratio of 0.85% and the ticker symbol BTOP, Bitwise’s ETF joins VanEck’s fund, which is also set to launch in the coming days. The launch comes at a time when Bitcoin and Ethereum prices have hit all-time highs, and investors are looking for regulated and easy ways to gain exposure to the cryptocurrencies.
With Bitcoin finding a fresh breeze of bullish momentum, Ethereum takes the scenic route to the exit of the bear trend. The ETH price breaks above the falling channel by making a bullish reversal to abruptly end the negative cycle.
However, the uptrend will have to face multiple supply spots filling the Ethereum daily chart before reclaiming the $2000 mark.
Looking at the larger trend, most ETH price trend remains in a correction phase after sharp bullish moves. The recent correction trend took the shape of a falling channel pattern, accounting for a 23% drop at maximum.
However, with the market-wide recovery, Ethereum takes a bullish reversal to exit the falling channel with a 3.49% jump. The sharp jump forms a bullish engulfing candle and hints at a rounding bottom reversal.
Currently, the ETH price trades at $1657 with an intraday growth of 0.25% and struggles to prolong the bullish move. Moreover, the uptrend faces opposition from the 50-day EMA and might give a breakout entry shortly.
Moreover, the uptrend beyond the 50-day EMA will increase the probability of a golden crossover in the Ethereum price chart.
RSI indicator: The daily RSI line spikes above the halfway line and reflects the improvement in the underlying bullish pressure.
MACD indicator: The MACD and signal lines avoid a bearish crossover, and the bullish histograms resurface.
Therefore, the momentum indicators maintain a positive viewpoint for the future ETH price trend.
Will ETH Price Cross $2000?
With the channel breakout and the market-wide recovery, the uptrend is set for Ethereum in the coming days. The breakout rally can fuel the ETH price higher to the $2000 mark next month, and the 50-day EMA breakout will be an excellent entry spot.
Conversely, if things go south for Bitcoin ETF, Ethereum prices may suffer a ripple move and plunge to $1600.
Currently, the race to establish dominance in the ETF (Exchange Traded Fund) space is heating up. One of the most notable names in the asset management sector, VanEck, is making headlines once again. With a massive $80 billion under its management, VanEck is preparing to launch an Ethereum Futures ETF. This move comes as a surprise to many, especially given the recent delay by the U.S. Securities and Exchange Commission (SEC) in its decision-making process regarding spot Ethereum ETFs.
VanEck Dodges SEC’s Delay
In a significant move, VanEck, the asset management giant with $77.8 billion under its belt, has announced its plans to introduce an Ethereum futures exchange-traded fund (ETF). Named the VanEck Ethereum Strategy ETF (EFUT), this fund is set to accelerate VanEck’s dominance in the crypto market.
According to the firm’s recent statement, the EFUT will primarily invest in standardized, cash-settled ETH futures contracts. These contracts will be traded on commodity exchanges that are duly registered with the Commodity Futures Trading Commission (CFTC)
The Ethereum Strategy ETF will find its listing on the CBOE. This move follows in the footsteps of the firm’s previous successful venture, the VanEck Bitcoin Strategy ETF (XBTF). With the addition of EFUT to its portfolio, VanEck continues to solidify its position in the ETF race.
However, it is to be noted that while XBTF and EFUT are associated with Bitcoin and Ethereum respectively, they do not directly invest in BTC, ETH, or any other digital assets.
The announcement follows the rising trend among traditional finance entities submitting proposals to the SEC for ETFs based on ether futures. Among those vying for a piece of the ETH futures ETF pie are notable names like Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF, and Grayscale Ethereum Futures ETF.
This Christmas Might Be Bullish For VanEck
The U.S. Securities and Exchange Commission (SEC) has granted a 45-day extension to the original decision-making deadline for the spot exchange-traded fund applications submitted by Ark Invest and VanEck. In two distinct letters released on Wednesday, the SEC pushed back the initial November 11 deadline. Consequently, the revised date for a decision is set for December 26, 2023.
However, in a post on X, Bloomberg Intelligence analyst James Seyffart remarked that it seems the SEC might greenlight several Ethereum futures ETFs as early as the following week.
Seyffart’s statement came as a reaction to fellow ETF analyst Eric Balchunas, who mentioned he had received information suggesting the U.S. Securities and Exchange Commission was keen on fast-tracking the release of Ether futures ETFs.
Moreover, U.S. Representatives Mike Flood (R-NE), Tom Emmer (R-MN), Wiley Nickel (D-NC), and Ritchie Torres (D-NY) penned a letter to the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler. In their correspondence, they pressed the regulatory body to immediately grant the approval process for spot bitcoin exchange-traded funds (ETFs) ahead of government shutdown.
In a move that has left the cryptocurrency community buzzing, famous crypto influencer Mr. Huber took to Twitter to express his disbelief over the recent legal proceedings against Steven Nerayoff, a former Ethereum advisor. “This stinks to high heaven,” Huber tweeted, addressing the U.S. Department of Justice’s (DOJ) seemingly paradoxical stance in the case.
A Brief Background:
On January 10, 2020, Nerayoff and Hlady were charged with Hobbs Act Extortion Conspiracy, among other allegations, for extorting money and Ethereum (ETH) from a Seattle-based cryptocurrency business called Company 1. These charges covered their dealings with the company, leading up to its ICO in November 2017, and a 10,000 ETH loan from Company 1 in March 2018.
Michael Hlady pled guilty and openly confessed his agreement with Nerayoff to extort Company 1. This act usually would seal the fate of a co-defendant, especially when the plea involves admitting to conspiracy.
But the DOJ made an extraordinary move. On February 13, 2023, the department filed a motion that aimed to dismiss the indictment against Nerayoff.
Nerayoff Strikes Back:
Steven Nerayoff didn’t sit quietly, either. He took to Twitter to present his view that the SEC and the government attempted to co-opt the cryptocurrency industry. He also mentioned he was one of the very few people who had a list of ETH contributors, subtly hinting at the leverage he holds.
To fuel the fire, Nerayoff leaked email conversations dating back to July 21, 2014, which involved Ethereum co-founders Vitalik Buterin and Joseph Lubin. Tagging them as “#CryptoJudas” and “#CrookedElbowJoe” respectively, he appeared to assert that his contributions to Ethereum were being discredited.
- Why would the DOJ reject its case despite having a co-defendant’s guilty plea?
- What are the broader implications of Nerayoff’s potential “contributor list”?
- Is there a more extensive conspiracy in the Ethereum and wider crypto community?
Is Ethereum facing a karmic reckoning? Long perceived to have received a regulatory “free pass” compared to other cryptocurrencies like XRP—which faced intense scrutiny despite its arguably superior technology—Ethereum now grapples with its controversies, including scalability issues and governance dilemmas. Only time will tell if this is a small bump in the road or a sign that Ethereum’s luck is running out.
Binance, one of the largest cryptocurrency exchanges, has integrated Ethereum (ETH) on the Base network. Deposits for the token on the network are now open, and users can find their assigned token deposit address within the Deposit Crypto page. The exchange will open withdrawals for the token once there are sufficient deposits, and no further announcement will be made. Binance’s move to integrate Ethereum on the Base network will provide users with increased transaction speed and lower fees.
Ethereum Holders Might Soon Exit As Addresses In Profit Reach A Low: Will ETH Price Regain Momentum?
Ethereum’s value has shown strong bearish tendencies recently, dropping past key levels in just a week. As Bitcoin struggles with the $26K mark, ETH is on the brink of breaching a vital support level. Additionally, multiple on-chain metrics are now leaning towards bearish signs, with investors growing restless as the number of profitable addresses hits a several-month low.
These Ethereum Metrics Might Trigger Negative Sentiment
Recent on-chain metrics have raised concerns in the altcoin market, suggesting a potential bearish trend for Ethereum in the coming days. Two metrics, in particular, stand out: the Ethereum Percent Addresses in Profit and the Ethereum Number of Addresses Holding 32+ Coins. Both the metrics have witnessed a steady decline recently, suggesting rising negative momentum on the price chart.
According to Glassnode, the Ethereum percent addresses in profit has plummeted to an 8-month low, standing at just 52.302%. This means that 48% of Ethereum holders are currently in loss, a concerning figure given Ethereum’s historical performance. A decline in this percentage can indicate a growing number of investors who bought at higher prices are now facing potential losses. This could lead to reduced confidence among investors, potentially triggering sell-offs and further driving down the price.
Additionally, the number of Ethereum addresses holding 32 or more coins has reached a 10-month low, with only 126,211 addresses meeting this criterion. The significance of the number 32 is tied to Ethereum 2.0 validator’s limit. A decline in the number of these addresses can suggest reduced interest in ETH’s staking activity which can impact the network.
As bulls are liquidating in recent hours heavily, exceeding $2 million in long liquidation, it contributes to a selling sentiment, making a recovery trend more challenging.
What’s Next For ETH Price?
ETH price recently lost momentum as it failed to meet buying demand near the resistance of $1,600. As a result, sellers intensified pressure and ETH price is now steadily declining towards immediate resistance of $1,565, indicating that the bulls might be hesitant to buy. As of writing, ETH price trades at $1,585, declining over 0.3% from yesterday’s rate.
While the declining moving averages favor the sellers, the RSI hints at a potential bullish divergence. The RSI level is currently making a positive move below the midline, suggesting growing buying pressure as ETH bounced from $1,565. This could mean that the selling momentum is declining, raising the chances of a surge above $1,600.
A push by the bulls past the 100-day EMA trend line would suggest aggressive purchases. This move can bring more buyers and send ETH price toward monthly resistance of $1,674. However, if the bears manage to pull and maintain the ETH price below $1,531, we could see a drop to $1,470.
Renowned Thai crypto influencer Mahachai has boldly criticized the centralization of XRP, questioning its legitimacy. His outspoken remarks highlight the ongoing debate within the crypto community regarding the centralization of XRP nodes, an issue that has cast a shadow over Ripple for years.
Here’s a detailed look at what was recently unveiled.
Is XRP Centralized?
Mahachai’s critique revolves around XRP’s inability to identify the individuals behind its centralized nodes. This lack of transparency, according to him, renders XRP an illegitimate tool for anyone. Furthermore, he has accused Ripple’s CEO, Brad Garlinghouse, of manipulation.
Murky Origin Story
Recently, new evidence has come to light, suggesting that David Schwartz, Ripple’s Chief Technology Officer, may have held the blueprint for the XRP Ledger as far back as 1988. Yes, you read that correctly—1988! This stunning revelation was unveiled by EDO Farina, a vocal XRP advocate, on Twitter. Farina drew comparisons between Schwartz’s 1988 patent and the current XRP Ledger, sparking intense debate within the XRP community.
Ethereum in the Hot Seat
The term “ETH Gate” is gaining traction, particularly among XRP enthusiasts. Influential figure Influencer Whale brought attention to this by highlighting what appears to be cozy relationships between key Ethereum figures and U.S. regulatory bodies. The tweet pointed to Joseph Lubin’s hiring of Patrick Berarducci, alleged email exchanges between Hinman and Lubin, and Jay Clayton’s post-SEC involvement with One River Digital Asset Management—a company with substantial Ethereum holdings.
Another point to be noted is that Ethereum now faces its own existential challenges, such as scalability, setting the stage for rival platforms like XRP to carve out their territories.
Despite the controversies, Ripple continues to make significant progress. It is being utilized by numerous global banks for efficient and cost-effective payment transfers. Moreover, it is under consideration by the Colombian government for applications related to land registry. With Ethereum grappling with scalability problems, Ripple, along with other blockchain projects, seems poised to capitalize on any opportunities arising from Ethereum’s market hold.
Mahachai’s outspoken critique, along with the revelations about Ripple’s CTO, adds to the intrigue and debate surrounding XRP’s centralization.
What are your thoughts on the “ETH Gate” allegations?
Ethereum, the world’s second-largest digital currency, has recently witnessed a wave of activity, with its price, user engagement, and overall sentiment experiencing a dip. Adding fuel to the fire, Vitalik Buterin, Ethereum’s brainchild, has been making some eyebrow-raising moves.
Vitlaik Buterin’s Big Moves
Vitalik Buterin has been notably transferring his Ethereum holdings to platforms like Coinbase. Such large-scale transfers often suggest preparations for potential sales. Data from Lookonchain points out that Buterin moved about 400 ETH, worth roughly $632,000, to Coinbase. While these activities might seem routine, they often set the market abuzz with speculation.
What Analysts Are Saying
Crypto enthusiasts and experts have been closely monitoring these transfers. CryptoQuant, a leading on-chain analysis tool, hinted at the possibility of Ethereum facing a short squeeze. To make things more tangible, traders are now facing what is termed as ‘negative funding rates’ in the futures market.
In simpler terms, this suggests that many are expecting Ethereum’s price to drop further. However, this overwhelming negative sentiment might backfire. If too many traders hold this view, it could lead to a sudden and sharp price increase.
Ethereum Price Analysis
Ethereum’s price is $1,574 when writing this article, marking a 1.14% decrease over the last day. It’s been a rollercoaster for Ethereum’s price recently. It struggles to climb past $1,500 but finds some solace around the $1,425 mark.
If Ethereum manages to push past $1,600, it might hit another wall at $1,650, and then the $1,660 mark might be another tough spot. On the flip side, if prices dive below $1,500, we might see it slide down to the $1,400 zone.
Those relying on charts and indicators to make predictions lean towards a bearish view. Key signals, like the 50-day EMA, RSI, and MACD, all point toward a possible downturn. For those with skin in the game, the $1,500 price level is crucial. If Ethereum breaks below this, it might be a sign for many to consider their selling options.
As Ethereum’s (ETH) price struggles to break away from the critical $1,600 level, it leaves traders feeling frustrated due to its continuous consolidation. Nevertheless, in recent hours, a variety of on-chain indicators have shown conflicting signals amid Ethereum’s decreased volatility. As a result, there’s an increased chance of a robust price move for ETH in the upcoming week.
Ethereum’s Amount Of Supply Touches 1-Month Low
Based on insights provided by Glassnode data, there has been a notable surge in activity among short-term Ethereum holders in recent hours. On-chain data reveals that the quantity of Ethereum supply that was last active within one week to just one day ago has now reached its lowest point in one month. With the 1-day moving average (MA) dropping to 926,194.509 ETH, it signals a sentiment shift in Ethereum’s on-chain activity.
A lower number of Ethereum coins held by short-term holders who have not moved them for a week or less indicates that these holders are actively participating in buying and selling, rather than holding onto their assets. This can be a sign of increased short-term trading or a shift in sentiment among short-term traders. This can cause selling activity on Ethereum’s minor rallies.
Nonetheless, there’s a noteworthy development observed by Santiment. Ethereum’s average fee has reached a nine-month low, reaching the level of $1.15, a figure last witnessed on December 26, 2022. According to Santiment, historical data suggests that Ethereum’s utility tends to rise when ETH becomes more affordable to transact, which can accelerate ETH’s recovery.
It’s worth highlighting that Ethereum’s average fees may experience a further significant decline as layer 2 solutions continue to snatch a massive portion of transactions from the Ethereum network. This is another contributing factor to the declining average fees observed in the Ethereum network.
What’s Next For ETH Price?
Ethereum continues to face rejection at the 20-day Exponential Moving Average (EMA) at a price of $1,602, signaling the ongoing bearish sentiment and a tendency for sellers to capitalize on price upticks. As of writing, ETH price trades at $1,588, declining over 0.55% from yesterday’s rate.
The bears are poised to strengthen their position further by pushing the price below the critical support level at $1,570. If they succeed in doing so, the ETH price might begin a downward trend, targeting the subsequent significant support level at $1,531.
Conversely, if the price reverses from its current position or experiences a rebound from the $1,570 mark, it would suggest that buyers are becoming active at lower price levels. The initial indicator of renewed strength will emerge in a breakthrough and a close above the $1,623 level, potentially paving the way for a bullish rally towards the $1,674 level.
In recent days, Ethereum (ETH) has encountered short-term bearish sentiments as it undergoes a daily death cross between its 50 and 200 Moving Averages (MA). Many traders anticipate imminent weakness, coupled with a price rejection around the $1,737 support/resistance level, the emergence of a double tops pattern, and a declining daily RSI divergence. Additionally, historical data suggests that September tends to be a bearish month, especially in Bitcoin’s pre-halving years.
Ethereum Price Analysis
Prominent crypto analyst Crypto Tony predicts an impending Ethereum relief rally in the coming months, followed by a deeper correction toward a support level near $1,370. He suggests that Ethereum’s price could surge as high as $1.9k before the bullish momentum wanes. Notably, Crypto Tony anticipates a bullish October for Ethereum, drawing parallels with historical patterns observed in Bitcoin’s pre-halving years.
Given Ethereum’s pivotal role in the altcoin market, Crypto Tony foresees most altcoins following a similar price trajectory, characterized by periods of rapid price increases followed by corrections.
Development and Market Outlook
The Ethereum network continues to dominate the DeFi (Decentralized Finance) ecosystem, boasting a total value locked (TVL) exceeding $20 billion. This stronghold has prompted other smart contract-oriented blockchains to develop EVM-compatible environments to secure future growth prospects. Furthermore, Ethereum’s on-chain activity remains robust despite the challenges posed by the recent crypto bear market.
While Ethereum faces immediate bearish pressure due to technical indicators and historical trends, Crypto Tony’s analysis suggests a potential relief rally in the near future. Traders and investors should closely monitor these developments and exercise caution in this volatile market.
The broader crypto landscape, including altcoins, is also expected to experience similar price movements in the coming months. Ethereum’s continued influence on the DeFi space highlights its significance in the evolving blockchain ecosystem.
Ethereum Displays Extreme Bearish Indicators With Declining Outflows! Here’s The Next ETH Price Level
The Federal Reserve announced, as expected, that it would maintain its main policy rate, as outlined in its economic summary. Ethereum’s price seemed to react positively to this news, holding above $1,600. Yet, in the last few hours, Ethereum couldn’t maintain its trade above $1,600 and dipped beneath Fibonacci levels due to reduced exchange outflows. Moreover, a massive selloff among whales has intensified the bearish pressure on the price chart.
$11 Million Worth Of Long Positions Liquidated
Over the last few hours, ETH price has dropped heavily below the crucial $1,600 mark, triggering a wave of selling activity among investors. Coinglass reports that a massive $11 million in long positions was wiped out in just a few hours.
This liquidation indicates increased selling pressure, especially as ETH struggled near its resistance of around $1,620. For those new to the concept, long-liquidation refers to traders who anticipated a price rise having to close their positions, typically at a deficit, because the price didn’t move as they forecasted.
Glassnode indicates that Ethereum’s exchange outflow has hit a one-month low, with 6709 ETH, pointing to a growing exchange reserve. A drop in outflow implies that more Ethereum is staying in exchanges, with fewer ETH being taken out. This rise in exchange reserves indicates a higher availability of Ethereum for sale, which is generally seen as a bearish indicator.
Additionally, the ratio of ether to bitcoin plunged to its lowest in 14 months as major token holders, including Ethereum’s co-founder Vitalik Buterin, transferred coins to exchanges, potentially signalling an intent to sell.
Currently, the ETH-BTC ratio approached 0.05957, as per TradingView data, marking its lowest point since the previous July. However, a positive funding rate suggests a majority of traders are bullish on Ethereum, expecting its price to rise from the bottom.
What’s Next For ETH Price?
Recently, bulls failed to hold the ETH price above the crucial $1,600 level as the altcoin faced a heavy selloff near the high of $1,620. As a result, ETH price dropped below crucial Fib channels and touched a low near $1,570. As of writing, ETH price trades at $1,587, declining over 2.7% from yesterday’s rate.
The extended wick on the candlestick pattern indicates buyers are defending further decline. The declining 20-day EMA at $1,624 and the RSI nearing the overselling region suggest a bearish advantage. However, bulls will likely attempt to send the price above the 20-day EMA.
If Ether surges past $1,623, it might give the bulls an edge. This could potentially push the ETH price towards $1,674. However, if it drops below $1,531, it would imply that the bears are still in the game, possibly driving the price further down.
The Bitcoin price gained over 3.5% in value last week, resulting in the industry leveling out its losses from the price plunge it had experienced recently, further indicating stability in the market. Ethereum, despite being the top altcoin, has gained less than 2% and continues its struggle to hold the price as the bulls are constantly failing to gain momentum.
Since the start of September, ETH’s price has repeatedly failed to cross the resistance level of $1,660. It is constantly trading in a consolidated range of $1,624.3 to $1,639.39, indicating a possibility of massive price action in the coming days.
Following the massive price volatility, the price plunged to a low of $1,532.43, breaking down its crucial support level for a short period of time, after which the bulls regained power and leveled the losses from the drop, indicating a price fakeout in the market.
The bulls struggle hard to push the price above its resistance range but fail to do so. The price had recently broken out of the resistance range. Still, due to the instability in the market, the price has displayed a double top in its chart, indicating the possibility of a bearish price action in the coming days.
The RSI recently fell below the mid-point and continues to decline, indicating weak buying and selling pressure for the top altcoin. On the other hand, MACD displays constant flatlines, with its averages declining towards the neutral line, indicating the price to further fall before retesting its resistance level.
Will ETH Price Go Back Up?
A bullish moment could initiate if the Bulls gain power, cross the consolidated range, and break out of the resistance level of $1,660. Further, if the market manages to hold the price above the level, it will prepare itself to test the upper resistance level of $1,695.09 by the end of the month.
On the contrary, if the market experiences a fresh breeze of a bearish wave as the price has displayed a double top in its charts, the price will test its support level of $1,619.22. Further, if the price fails to hold the level and falls, it will prepare to test its next support level of $1,576.01 by next week.
CoinEx, a global cryptocurrency exchange, has announced that it will be upgrading the deposit addresses for several cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The upgrade will take place on September 21, 2023 (UTC), and new deposit addresses will be generated for all users. Old deposit addresses will no longer work, and assets sent to them will be permanently lost. Users are urged to double-check that they are using the new address before depositing.
Investment firm Grayscale Investments has proposed a new application for an Ethereum futures exchange-traded fund (ETF). The fund would track the value of Ethereum futures contracts. Grayscale has already applied for an Ethereum futures ETF, but this application was filed under the Securities Act of 1933 rather than the Investment Company Act of 1940, which it used in the earlier attempt. The reason for the modification is fuzzy, but Grayscale may be attempting to increase its chances of approval as Bitcoin futures ETFs have been approved under both acts. Ethereum is currently trading at $1,639.
Charles Hoskinson, Cardano’s founder, has weighed in on the controversy surrounding Ethereum’s connection with the U.S. Securities and Exchange Commission (SEC) and their alleged involvement in a plot against Ripple and XRP. In his X post, Hoskinson points out Ethereum’s early days, noting its modest beginnings with an $18 million initial coin offering (ICO). He further spilled the beans on their personal relationships and undisclosed agreements that may have influenced the SEC’s leniency towards Ethereum in its early stages. However, there is no official clarification on this yet. These discoveries fuel the argument over the SEC’s crypto suppression, as Cardano is also battling with its restrictions.
This raises the question: Is it a conspiracy theory or a significant crypto scandal?
But looking at the bribe rumors, Hoskinson has rejected such claims as Ethereum bribing the SEC to target Ripple and XRP, labeling it as an unfounded conspiracy theory. He pointed out that Ripple operated in a different smart contract space and was not a direct competitor to Ethereum.
Hence, the whole controversy began when Steven Nerayoff claimed that a false case was constructed against him due to his knowledge of Ethereum’s ICO. He alleged that individuals associated with the SEC, the Department of Justice, the FBI, and even Ripple were involved in this supposed plot. Nerayoff ultimately won his legal battle.
In response, Nerayoff’s lawyer said that he aims to reveal what he knows the right way, putting justice and the public’s interest first.
Controversy Heightened by Hinman’s Mail Exchange
Notably, John Deaton has given it another angle as he highlighted an email exchange between Bill Hinman and Joseph Lubin, stressing the close tie between a regulatory figure and prominent key officials in the crypto space. Somehow this connection has raised concerns about potential favoritism towards Ethereum within the SEC, particularly since Jay Clayton, the former SEC Chairman, was previously a partner at the law firm Sullivan & Cromwell, where Hinman also worked. For one more reason, this mail exchange is important, as Hinman later publicly stated that Ethereum is not a security, despite warnings from the SEC’s Office of General Counsel.
Amidst the volatile market, ETH price emerges resilient, clutching firmly to its pivotal $1,500 support zone. Even with sharp market moves, Ethereum’s unwavering posture above this key benchmark is commendable.
Looking back at last week, the ETH price climbed its way back up to $1600. That’s a jump of 6.30% in just a week! But, just like Bitcoin, Ethereum had a slow weekend and saw a small drop of 1.5%. The ETH price is currently trading at $1635 as the market hints at a recovery.
Digging deeper into the technical panorama, the conspicuous ‘death cross’ on the daily graph casts a shadow of bearishness over Ethereum’s trajectory. But, starting the week, Ethereum’s showing some promise with a 0.49% rise.
Plus, with the ETH price not dipping much over the weekend, it looks like Ethereum might be gearing up for a comeback. Moreover, the lower price rejection observed in the recent daily candles implies a potential imminent bullish resurgence.
RSI indicator: The daily RSI traces a potent bullish divergence, further fanning the flames of a prospective rally breakout.
MACD indicator: Both the MACD and its counterpart, the signal line, dance deftly, evading a bearish entanglement.
Will Ethereum Prices Float To $2000?
ETH price rally seems set to collide with a potent barrier located at the intersection of the 50-day EMA and the short-term resistance trendline. A triumphant breach past these adversaries could set the stage for Ethereum’s glorious return to $2000. This will realign the 50 and 200-day EMA in a bullish manner.
Conversely, a descent beneath the $1600 mark may threaten to pull Ethereum back into the gravitational grip of the $1500 threshold.
Making informed investment choices is paramount to getting significant profits, and following the steps of experienced investors is one way of doing this. On that note, a Wall Street veteran recently gave reasons why he bets on Tesla (TSLA), Ethereum (ETH), and Bitcoin Spark (BTCS) in 2023 and beyond.
Tesla stock price
On September 11th, the Tesla stock price gained about 10% to around $274, closing at its highest level since July 19 and reaching its largest single-day increase since January. The surge in price came after Morgan Stanley analysts, led by Adam Jonas, changed their rating for the Tesla stock from hold to buy, increasing their price target from $250 to $400. The main reason behind Morgan Stanley’s upgrade was its optimism for Tesla’s Dojo supercomputer, which Jonas estimated could add up to $500 billion in enterprise value for the electric vehicle manufacturer.
How to mine Ethereum?
Ethereum mining is no longer possible due to the blockchain’s move to a Proof-of-Stake (PoS) consensus mechanism through what was known as The Merge. Ethereum now relies on validators, who are chosen based on the number of ETH they have and are willing to stake as collateral, to confirm blocks. The Merge solved a number of the limitations of the previous Proof-of-Work (PoW) system, improving the scalability, energy efficiency, and speed of Ethereum. It also laid the groundwork for other developments to advance the Ethereum blockchain.
Bitcoin Spark is a new Bitcoin fork with significant enhancements that position it as a pioneer of the next generation of crypto. It, nonetheless, retains Bitcoin’s tokenomics, having a maximum supply of 21 million BTCS.
The network offers faster and cheaper transactions due to its short block time, enhanced individual block transaction capability, and vast number of nodes. With its multi-layered architecture, the network also establishes itself as a more scalable and versatile platform for smart contracts and decentralized applications (DApps).
The Bitcoin Spark network introduces a novel consensus mechanism called the Proof-of-Process (PoP), which gives rise to decentralized CPU and GPU rental. The PoP rewards users for confirming blocks and contributing their processing power to the network. However, to ensure a more equitable dissemination of rewards, the PoP is combined with an algorithm that exponentially reduces the rewards per additional power. This nonlinear rewards functionality, combined with Bitcoin Spark’s vast nodes and lightweightness, allows for many more validators. The team behind Bitcoin Spark will provide an application compatible with Windows, Linux, Mac OS, iOS, and Android, which will enable users to participate in network validation by simply permitting access to their device’s processing unit. The app will work in an isolated virtual environment to ensure security and will continuously adjust the processing power used to conserve battery, prevent overheating, and account for simultaneous device usage needs.
The contributed power will be ‘rented out’ as remote computing power to the network’s clients, who will then pay for the service using BTCS. The revenue generated will go to the network validators in addition to the BTCS minting rewards. Additionally, Bitcoin Spark will have small slots for community-policied ads on its application and website, with network participants getting 50% of the revenue earned plus incentives for policing the ads. With the ability for unlimited devices to provide processing power and the booming of the marketing industry, Bitcoin Spark could evolve into an autonomous revenue-generating network with constantly profitable participants.
Lastly, Bitcoin Spark is in its Initial Coin Offering (ICO), which enables investors to get BTCS at a relatively discounted price. BTCS will launch at $10 but is currently selling at $2.50, accompanied by a 9% bonus. The ICO also suggests a low market capitalization, which allows the BTCS price to rally by unprecedented levels. The project’s launch, being close to the start of the next expected crypto bull, further boosts this probability.
The bottom line
While a Wall Street Veteran favouring Tesla, Ethereum, and Bitcoin Spark suggests great potential for these assets, conducting your own research before investing is crucial.
To get more information on Bitcoin Spark:
The post Coinbase Earns $1 Million from Ethereum crash, doesn’t Compensate Victims! appeared first on Coinpedia Fintech News
Coinbase, the largest U.S. exchange, has reportedly made a profit of around $1 million due to the recent Ethereum price crash. Market participants and observers have said that Coinbase is sitting on this inadvertent windfall and has not surrendered it to the victims. It is not currently obligated to do so. The incident occurred due to a bug in Ethereum’s network and led to a temporary crash in the cryptocurrency’s price. Coinbase stopped trading for a few minutes during the incident and has since resumed normal operations. The incident highlights the need for exchanges to have proper risk management systems in place to avoid such situations in the future.
Ethereum has launched its newest testnet, Holesky, on the first anniversary of the introduction of The Merge. Designed to improve the testing environment on Ethereum, Holesky is the third testnet on the network, alongside Goerli and Sepolia. It is expected to play a pivotal role in Ethereum’s future, especially as reports suggest the potential phase-out of Goerli in 2024. One of Holesky’s defining characteristics is the expected provision of 1.6 billion testnet ETH to simplify the process of testing Ethereum smart contracts.
As Bitcoin (BTC) Faces 22% Trading Slump, Ethereum (ETH) and InQubeta (QUBE) Emerge as Favored Picks by Investors.
A move that surprised many was Bitcoin (BTC), experiencing a 22% trading slump. Although the pioneering crypto has been trading in a downtrend, the substantial downturn in its trading volume nonetheless caught many off guard. Amidst this turbulence, Ethereum (ETH) and InQubeta ($QUBE) have emerged as favourable picks for investors. This is thanks to their upward trajectory and unique value propositions.
This article will delve into Bitcoin’s recent challenges and the factors driving investor interest in Ethereum and InQubeta. Further, it will examine what makes them altcoins to watch in 2023.
InQubeta ($QUBE): A Solid Crypto Investment
InQubeta ($QUBE) has emerged as a favourite, capturing investor interest thanks to its innovative ecosystem, real-world utility, disruptive concept, and explosive growth potential. It is at the centre of innovation and growth, making it a top pick for investors. Consequently, there has been strong backing from the crypto community, with over $3 million raised in presales and more than 350 million tokens sold.
Its innovative concept involves reshaping the fundraising landscape of the AI industry. By being an intersection between blockchain and AI, InQubeta leverages blockchain technology to introduce a novel fundraising idea into the AI scene. The actualization of this idea is InQubeta, the world’s first platform for AI startups fundraising via cryptocurrency, albeit still in the building phase. AI developers and entrepreneurs can now raise funds within the buoyant crypto community.
Further, at the heart of the ecosystem will be a custom-built NFT marketplace and $QUBE, the utility native token. AI startups can raise funds within the marketplace by minting investment opportunities, which will be tokenized as NFTs. These non-fungible tokens will be equity-based and fractionalized, representing stakes in AI startups, thereby giving investors partial ownership of early and profitable real-world investments.
Meanwhile, regarding utility, $QUBE will be used for AI startups‘ fundraising, investments, and governance. In addition to its vibrant ecosystem and revolutionary concept, these make it the best coin to invest in.
The presale is ongoing and selling out fast. Currently in stage 4, a token is priced at $0.0133, which experts forecast will rally by 20x in 2023. To participate in this unique and profitable investment, simply follow the link below.
Bitcoin (BTC): Recent Slump in Trading Volume
Considering its pioneering status, Bitcoin (BTC) is the best crypto for beginners. Additionally, its volatility is relatively low compared to other altcoins, making it the go-to for many institutions and retail investors. Further, it makes a great store of value, making it the best crypto to buy for the long term.
However, despite its relevance and dominance in the crypto landscape and beyond, it recently faced a 22% trading slump. Several factors have contributed to this downturn, including concerns over the broader crypto market and macroeconomic events. Nevertheless, such fluctuations are not uncommon and come with the territory, and Bitcoin is expected to soar in volume and price soon.
Ethereum (ETH): An Investor Favorite
Ethereum (ETH) is the second-leading cryptocurrency, earning the status of a blue-chip token and Bitcoin. Consequently, it is one of the best coins to invest in. Meanwhile, as the leading smart contract platform, Ethereum has become a hub for decentralized applications (dApps).
Amidst Bitcoin’s recent challenges, Ethereum has exhibited remarkable resilience and emerged as a favorite pick among investors. Several factors have contributed to this shift, including Ethereum’s smart contract capabilities, market resilience, and astounding growth potential, which could potentially surpass Bitcoin.
Bitcoin’s recent trading slump has shifted focus to alternative cryptocurrencies with strong value propositions like $ETH and $QUBE. Ethereum’s resilience and solid fundamentals, combined with InQubeta’s disruptive concept and real-world utility, make them the best cryptos to buy now. With the InQubeta presale ongoing, there is still a chance to be an early investor by simply following the link below.
The release of Consumer Price Index (CPI) inflation numbers recently created some buzz in the market. While many were expecting a 3.6% year-over-year inflation rate, the actual data revealed a slightly higher figure of 3.7%. The upcoming Federal Reserve meeting, or FOMC meeting, is critical. Market participants largely anticipate no rate hike at this meeting, which would maintain current interest rates.
However, according to Crypto World on YouTube, the Bitcoin chart has not changed much recently. Bitcoin is still finding support in the range of $24,300 to $25,300. While it hasn’t broken free from its bearish trend entirely, it’s essential to note the potential signs of a bullish divergence.
The Bitcoin chart is showing a positive sign as it bounced from a critical support level that was once a barrier. While we’re not completely out of the downward trend, there’s a chance of a breakthrough. The Bitcoin RSI on a daily basis is also showing promise with higher lows, indicating a possible shift towards more positive momentum in the short term.
In terms of levels to watch, there is strong support between $25,600 and $25,700, with additional support at $25,000. On the other hand, resistance is expected in the range of $26,600 to $26,800.
Talking about Ethereum, he said that it recently had a short-term improvement in its price. However, it’s still below an important level that used to be supported but is now acting as resistance, which is between $1,620 and $1,660. In terms of key price levels to watch, there’s support around $1,510 to $1,520, which is at the 50% Fibonacci retracement level.
If it goes lower, there’s another support area between $1,360 and $1,400. On the flip side, if Ethereum goes up, it will face resistance in that range he mentioned earlier, which is between $1,620 and $1,660.
The post Friend.tech’s Daily Ethereum Trading Volume Surpasses NFTs Again! appeared first on Coinpedia Fintech News
Friend.tech, a platform that allows users to share and trade digital assets, has seen its daily trading volume on Ethereum reach an impressive $12.3 million. This marks the third time that Friend.tech has surpassed non-fungible token (NFT) trading volume on the Ethereum network. On the same day, NFTs saw a daily trading volume of $9.2 million. The surge in Friend.tech’s trading volume highlights the growing demand for digital assets and blockchain-based platforms in the cryptocurrency market. The increasing popularity of NFTs and other digital assets is expected to contribute significantly to the growth of the crypto market.
The post Nasdaq Requests SEC Approval for Ethereum ETF from Hashdex! appeared first on Coinpedia Fintech News
The Nasdaq stock exchange has filed a request with the SEC to list an Ethereum exchange-traded fund from Brazilian asset manager Hashdex. The Hashdex Nasdaq Ethereum ETF will hold both spot ether and futures contracts and is managed by Toroso Investments, which is a commodity pool operator registered with the Commodity Futures Trading Commission and a member of the National Futures Association. This marks a significant shift for fund managers looking to create crypto ETFs, as they are now exploring middle-of-the-road options that incorporate both futures contracts and spot funds.
Ethereum (ETH) has experienced a significant price dip, hitting $1,540 in the past 24 hours. This marks the first time it has touched this level since March 12, 2023. The drop in Ethereum’s value is a result of a recent surge in pessimistic sentiment, mainly due to the impending FTX asset liquidation, injecting approximately $192 million worth of Ether into the market.
The crypto bear market rally has also faced challenges in the latter part of the year.
Bears are Tightening Their Grip
Examining Ethereum’s price movement, the market intelligence platform Santiment suggests that bearish forces could gather steam in the coming weeks. Santiment’s analysis indicates a movement of substantial amounts of idle Ether in recent days, signaling potential advantages for bears.
This aligns with the common observation that asset prices tend to decrease when the mean dollar age decreases.
Long Traders Might Be In for Disappointment
Ethereum’s price decline has been disheartening for long traders who had hoped for a rally above $2,120 following the Shanghai upgrade earlier this year. With the confirmed bearish trend in August, it’s probable that Ethereum’s price will continue to decrease, possibly revisiting the bear market lows of around $1,000 seen in 2022. As long as the weekly death cross between the 50-day and 200-day moving averages remains in place, Ethereum’s price is expected to remain trapped in a bearish sentiment.
However, Ethereum, known as the leader in smart contracts and the DeFi ecosystem with a total value locked (TVL) of over $20 billion, might find temporary support around $1,372.
This Might Interest You: September Doom to Present Massive Buying Opportunity for Bitcoin and Altcoins; Expert Maps Levels
What is your price prediction for Ethereum in the next few months?
Everlodge (ELDG), a promising new player in the blockchain arena, is rapidly becoming a beacon for Ethereum (ETH) and Ripple (XRP) tycoons looking to diversify their portfolios. The platform is currently in the presale phase, offering early birds the opportunity to secure their stake in what is poised to become a pivotal bridge between luxury accommodation and digital currency. Let’s dive into the details.
Everlodge (ELDG): Luxury Real Estate Reimagined on Blockchain
Everlodge stands tall as a testament to the boundless possibilities of blockchain. It offers a revolutionary avenue, allowing Ethereum and Ripple magnates to expand their portfolios beyond traditional crypto assets into the realm of luxury real estate.
Imagine a world where a stake in an upscale Manhattan penthouse isn’t the exclusive domain of the ultra-rich. Everlodge’s model breaks down these elite barriers by transforming coveted properties into digital assets, fractionalized for ease of ownership, with values transparently and securely stored on the blockchain.
It’s no coincidence that Ethereum and Ripple enthusiasts are gravitating towards Everlodge. The platform’s DNA is deeply rooted in blockchain’s core principles. Like Ethereum’s smart contracts, Everlodge uses this technology to meticulously mint details of properties, ensuring each transaction is seamless, secure, and transparent.
For Ripple aficionados, accustomed to rapid, low-cost cross-border transfers, Everlodge offers a similar allure but in the world of real estate. Its ecosystem eliminates the cumbersome bureaucracy and high fees typically associated with international property investments.
Central to Everlodge’s ecosystem is the ELDG token, quickly becoming a favorite among Ethereum and Ripple tycoons. More than just a medium for property transactions, ELDG is a passport to a world teeming with luxury and privileges. It’s an instrument not just for investment, but also for reaping rewards, privileges, and unique experiences tailor-made for the crypto aristocracy.
This ELDG token is currently priced at $0.010 during the initial presale phase of discounted tokens. With a tiered pricing structure, the price of ELDG tokens will increase to $0.020 as the second phase begins any day now.
As anticipation mounts for the official launch and exchange listings of the ELDG token, market analysts are buzzing with projections. There’s a growing consensus that ELDG could witness an astronomical surge to $0.50 by 2024.
Ethereum’s current price of $1,649 reflects a journey of development, challenges, and adaptation. Several market experts are bullish about Ethereum’s prospects, with many agreeing that $10,000 by 2024 is a realistic target.
However, an ominous sign is the “death cross” pattern emerging on Ethereum’s weekly chart. Historically, the occurrence of this pattern has been followed by a 60% decline in Ethereum’s price, which is worrisome for potential investors.
The Ethereum price also just fell from a descending trendline that was acting as support for eight months. This could cause Ethereum’s price to drop further, making the ELDG token even more attractive for investors looking to diversify their portfolios.
The next support zone appears to be at the $1,400 area but there is no guarantee that the Ethereum price won’t fall further if Bitcoin’s price drops. To the upside, the $2,000 resistance is the line in the sand that Ethereum must cross to reclaim its bullish momentum.
Ripple (XRP): Triumph Over the SEC and Shift to Everlodge (ELDG)
Ripple’s triumph against the SEC was celebrated as a pivotal event for the cryptocurrency sector. The immediate surge from $0.45 to $0.95 reflected the overwhelming sentiment during the protracted Ripple legal battle.
However, the volatile nature of the crypto space soon manifested. Profit-taking and the looming realization of the SEC’s appeal saw Ripple’s price retreat to $0.52, highlighting the unpredictability inherent to the market.
While Ripple boasts its distinct value proposition, its price trajectory remains seemingly tied to Bitcoin’s market movements. The failure to establish its independent momentum post-SEC victory was a stark reminder that Ripple’s potential is still reliant on the broader crypto market.
Everlodge’s unique value proposition as a token firmly embedded in the vacation and hospitality industry presents a real-world use case that many investors find compelling. Plus, the appeal of getting in at the ground level with a new token offers the allure of potential significant returns, a prospect that is proving difficult for Ripple holders to resist.
Find out more about the Everlodge (ELDG) Presale
Ripple’s latest revelation has ignited a blaze, shining a spotlight on the SEC’s controversial stance towards digital currencies. With Ripple raising an accusing finger at the SEC for what they see as an unequal application of the Howey Test, the Ethereum saga, once again, is under scrutiny.
Ripple’s Smug Point
Esteemed crypto sleuth, Mr. Huber, has taken to platform X to share his insights on this bubbling controversy. He suggests that while Ripple has brazenly highlighted the SEC’s inconsistent approach toward most cryptocurrencies, Ethereum seems to have received preferential treatment.
Huber goes on to insinuate potential foul play, hinting at the possibility of Ethereum’s inner circle influencing the SEC’s decisions. Whether by deliberate intent or sheer oversight, the SEC’s differential attitude has raised eyebrows.
The Courtroom Drama Unfolds
A court filing screenshot from Ripple, shared by Mr. Huber, reflects the digital currency giant’s frustration. Ripple underscores the pressing need for the SEC to decide on the legitimacy of its prosecution of Ripple executives, Mr. Garlinghouse and Mr. Larsen.
According to Ripple, the SEC’s claim of this case being a mere “application of a well-settled legal test” seems dubious. The digital asset industry’s emerging landscape and the SEC’s attempts at regulation are viewed skeptically by Ripple. The company asserts that the SEC itself has shown inconsistency in determining the classification of digital assets, hinting at a lack of clear direction.
The SEC-Ethereum Controversy
For the uninitiated, the SEC’s relationship with Ethereum has been a topic of hot debate. Ethereum’s initial coin offering (ICO) in 2014 raised questions about whether its token, Ether, should be classified as a security. A security classification would place Ethereum under a stringent regulatory framework, impacting its operations and utility.
In a surprising turn, in 2018, the SEC declared that Ether was not a security, citing its decentralized structure. This announcement was met with mixed reactions, leading to allegations and speculations of undue influence and preferential treatment. Now five years later, with Ripple’s XRP having been declared non-security by the Judge in the infamous SEC case, this Ethereum controversy is still very much a hot topic in the crypto community.