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They see ETH rollin’: Why did Ether price reach $3.5K, and what’s next?

Attention is firmly on the short-term future of Ether after Ethereum’s native cryptocurrency surged to new all-time highs above $3,500.

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The next few months promise to be exhilarating and decisive for Ether (ETH), as its recent all-time highs above $3,500 put an even bigger spotlight on the cryptocurrency and its smart contract blockchain, Ethereum.

As the cryptocurrency markets continue to grow five months into 2021, both the preeminent Bitcoin (BTC) and a host of other blockchain projects and tokens have soared in value, chief among them being Ether. The second-biggest cryptocurrency by market capitalization has enjoyed a buoyant fortnight that has seen it rise to new heights.

Indeed, ETH went on a late-April surge, backed by several key factors that have led to a rapid price appreciation across cryptocurrency markets. The booming decentralized finance sector coupled with the burgeoning nonfungible token, or NFT, space have been attributed as major reasons for ETH’s price boom, as these technologies are mostly based on the Ethereum blockchain. However, the importance of the recently implemented Berlin upgrade and bullish ETH options traders has helped push the price of the network’s token even higher.

The booming price of ETH has also led to renewed talk of a fabled ETH–BTC “flippening,” which would see Ether overtake Bitcoin as the most valuable cryptocurrency by market capitalization. While that is still a long way off, as Ether’s $411-billion market cap is worth just 39% of Bitcoin’s $1.06-trillion market cap, ETH is increasingly catching up.

This is evident in the sheer amount of capital that is being poured into Ether by investors. CoinShares recently estimated that institutional investment managers and firms hold around $13.9 billion in ETH, with $30 million worth of ETH purchased in the last week of April and around $170 million bought over the past calendar month.

The question on the minds of cryptocurrency traders, “hodlers,” Ethereum proponents, DeFi and NFT users, and the wider community is fairly obvious: What lies in store for ETH over the next few months, and can the network keep up with the demand?

Speculatively bullish?

Maria Paula Fernandez, adviser to the board of directors of Golem Network — a protocol built on Ethereum’s second layer that facilitates computational resource sharing — told Cointelegraph that the next few months promise to be exciting given the growth up until this point.

While she was cautious to give an outright price prediction for ETH, Fernandez believes that the upcoming changes to the network will pave the way for further growth in value across the Ethereum ecosystem: “I’m in as much awe as everybody else, so out of abundance of caution, I’m having a hard time making predictions, but I can definitely say that $10k ETH is no longer a pipe dream but something that’s likely to happen.”

Fernandez agreed that the price of ETH could certainly go higher in the next two months leading up to the deployment of the hotly debated Ethereum Improvement Proposal 1559, which will form part of the London hard fork.

While the looming EIP-1559 will play an integral role, Fernandez said that Ethereum’s utility has already been proved as a better solution for various financial tools and that this is a key driver of the price of ETH. “The NFT fever coupled with 2020’s DeFi summer brought in swathes of new users and they are here to stay.” She added further:

“Now, 2021 has been proving to be the year of Layer 2 solutions, which alleviated the challenges with Ethereum’s scalability, and that, together with the incredible improvements on UX on the application layer which makes it easier to use an Ethereum-based app than, say, online banking, clearly proves ETH as fuel and as hard money for the open finance ecosystem.”

Nikhil Shamapant, a retail investor and medical resident, recently published a research report titled “Ethereum, The Triple Halving” in which he presented arguments for why he thinks ETH could see a meteoric rise in value to around $150,000 by 2023.

When asked by where ETH could be headed in the next couple of months leading up to the London hard fork, Shamapant provided Cointelegraph with an extremely bullish, and admittedly speculative, prediction for the smart contract blockchain’s native token:

“It definitely can go much higher, I think we can see the price go to $10,000, where a lot of ETH bull price targets begin to kick in and people take profits. I think we’ll head up to that $10-25k range, hit a lot of supply and could see some big drawdowns and consolidation at that point.”

Shamapant’s lofty long-term price prediction for ETH does need to be put into context. If the price of ETH were to hit $150,000, the market cap of the cryptocurrency would be around $17 trillion, considering that there is 115,764,316 ETH in circulation. Unlike Bitcoin’s finite supply of 21 million BTC, there is no supply cap for Ether, which is part of the reason that the network is looking to implement EIPs that introduce some sort of deflationary mechanism, like EIP-1559 — but more on that later.

As Shamapant unpacks in his report, things may well be ramping up as of May, but the current price of ETH and the burgeoning use of NFTs and DeFi could well be the catalyst of some serious growth for an ecosystem that he believes is still undervalued:

“NFTs and DeFi have shown a clear use case, but we’re still in the early innings. NFT quality is going to go up dramatically, DeFi usability will improve with scalability improvements to ETH2.0 — and yes, ETH is dramatically undervalued in this context.”

Fernandez gave a more subtle take on the current valuation of the Ethereum ecosystem and its native token, admitting that the network is finally realizing its potential, which is reflected in the price of ETH: “I don’t feel the network is undervalued. It was definitely undervalued before, and throughout the bear market — but I think right now it’s getting the recognition and visibility that it deserves.”

London looming on the horizon

The London hard fork of the Ethereum blockchain is expected to take place in July and will introduce EIP-1559. The upgrade has been both contentious and highly anticipated due to the changes it’s set to make to the structure of fees paid by users and earned by miners.

As Nick Johnson, lead developer of Ethereum Naming Service — a naming service for Ethereum wallets — explained to Cointelegraph, EIP-1559 will make some important changes to how fees are calculated and paid for on the blockchain:

“It [the London hard fork] will include EIP-1559, the much-anticipated rework of the transaction fee market, which will have a huge impact on user-experience sending transactions on a congested network. It will also make it possible for smart contracts to fetch the ‘base fee’ — effectively, the gas cost of the current block — which will make projects such as gas-price-derivatives and tokens possible.”

The major reason that EIP-1559 has also been labeled contentious is the built-in ETH burn mechanism that will destroy some of the Ether used to pay the associated transaction fee. This has had Ethereum miners up in arms, as receiving transaction fees has traditionally been an important incentive for miners to maintain the network by confirming transactions and bundling them into blocks.

Although EIP-1559 has met some opposition from miners, the upside promised by the reduction in fees will likely positively impact the price of and raise even more interest in Ether, which have both been nothing short of astronomical with DeFi platforms and decentralized application usage exploding in recent months.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/they-see-eth-rollin-why-did-ether-price-reach-3-5k-and-what-s-next

Blockchain

NFT Roundup: Porsche Reveals Subsidiary, Chainlink-Integrated NFTs, and Mark Cuban Backs Genius

Nonfungible tokens had another exciting week. Porsche announced its NFT subsidiary, Mark Cuban invested in Genius, and Genshiro launched new nonfungibles.

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Nonfungible tokens had another exciting week with Porsche announcing its NFT subsidiary, Mark Cuban investing millions in Genius, and Genshiro’s launch of Chainlink-powered nonfungibles.

Porsche Unveils NFT Subsidiary

German automobile maker Porsche is gearing for an entry into the nonfungible token (NFT) market. On June 14, the company revealed the launch of its NFT startup Fanzone, which will be centered on soccer-based NFT collectibles.

The venture is based on Porsche’s digital subsidiary Forward 31. It has already announced a partnership with major football teams in Germany and a deal with third-tier professional teams. Fanzone is also planning to connect with other soccer leagues and sporting codes in the future.

Porsche’s NFTs will be based on ERC-20 tokens and issued by the Lukso blockchain, which was founded by former Ethereum developer Fabian Vogelsteller.

The firm also acknowledged the ecological concerns surrounding NFTs in its announcement and pledged a part of Fanzone’s transaction costs to “sustainable sports and environmental projects.” Furthermore, Fanzone revealed that all its employees use emission-free means to commute to its office.

Genshiro Launches Chainlink-Integrated Nonfungible Tokens

Genshiro, the Kusama-based parachain of Polkadot project, Equilibrium, is set to introduce a limited-edition of NFT collectibles powered by Chainlink. The collection in question is dedicated to five major crypto assets.

Genshiro previewed the project on its official Twitter page with an image depicting cartoon kitties sporting Bitcoin, Ethereum, Polkadot, Kusama, and Genshiro logos. The Ethereum based NFTs will be integrated with Chainlink to unlock special features upon crossing certain milestones.

Mark Cuban Joins Ashton Kutcher in Funding Genius NFTs

Music-focused NFT startup Genius has just closed its $4 million fundraising round. The effort was backed by several prominent investors such as Dallas Mavericks owner Mark Cuban, actor Ashton Kutcher, Dapper Labs CEO, Roham Gharegozlou, and Morgan Creek Digital co-founder, Anthony Pompliano.

Genius is working on three different NFT projects at the moment including “Gaia” — a marketplace for music scheduled to launch on Dapper’s Flow blockchain, “Cryptobuds”, a digital arthouse for cannabis-themed artworks, and “Sidekick”, a place for collectibles inspired from comics.

The company is looking into expanding Gaia’s operations to bring sports, gaming, and comedy within its scope. Genius is confident that demand for NFTs will continue to soar despite the recent decline in the market.

READ  Ethereum’s Oldest NFTs Genesis MoonCats Face Extinction After Bot Attacks

#Ashton Kutcher #Genshiro #Kusama Parachain #Mark Cuban #NFTs #Porsche

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/nft-roundup-porsche-reveals-subsidiary-chainlink-integrated-nfts-and-mark-cuban-backs-genius

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Blockchain

1Inch Exchange (1INCH) and Origin Protocol (OGN) Technical Analysis: What to Expect?

1Inch Exchange and Original Protocol are in green. OGN/USDT prices could race to $1.3 while 1INCH/USDT bulls target $7.5.

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1Inch Exchange and Original Protocol are in green. OGN/USDT prices could race to $1.3 while 1INCH/USDT bulls target $7.5.

1Inch Exchange (1INCH)

The Binance Labs-backed DEX aggregator provides the best prices for DeFi swappers. Using 1INCH token, holders have instant governance of the protocol.

Past Performance of 1INCH

Encouraging developments on June 14 as price action in the daily chart shows; bulls have the upper hand.

At the time of writing, 1INCH is up 22 percent, building on the recoveries from the tail-end of last week.

The odds of a close above $3.5 in a buy trend continuation pattern remains high.

READ  An Analysis of Polygon Network for Instant Blockchain Transactions

Day-Ahead and What to Expect

1INCH/USDT prices are leveling out after posting sharp losses from the second half of May 2021.

Overly, the path of the least resistance from the top-down is southwards.

However, that will change if today’s close is firm and with high trading volumes above $3.5.

1INCH/USDT Technical Analysis

1INCH Price Daily Chart for June 15

There is an opportunity for aggressive traders to buy the dips, targeting May 2021 highs of $7.5.

This is subject to a close above $3.5, preferably with high trading volumes.

Risk-averse 1INCH holders can wait for clearance above $4 to double down.

Losses below $2.5 and later $2 cancel the uptrend.

Origin Protocol (OGN)

OGN token is behind the platform that leverages Ethereum and the IPFS blockchain.

Their overall objective is to build a decentralized and robust system where users can promote their products cheaply, without an intermediary.

READ  SushiSwap (SUSHI) and Synthetix (SNX) Technical Analysis: What to Expect?

Past Performance of OGN

The OGN price fell 80 percent from April 2021 highs before finding support.

At press time, though, prices are recovering. OGN builds on the weekend’s gains, adding 17 percent below $1 and the middle BB.

Day-Ahead and What to Expect

The OGN/USDT prices were under pressure, but there are signs of optimism reading from price action in the daily chart.

For instance, there has been confirmation of the double-bar bullish reversal of June 12 and 13.

Additionally, since OGN prices are within the May 25 to 26 bull trade range, buyers have the upper hand from an Effort-versus-Results perspective.

This bulwarks bulls’ confidence, helping form a solid foundation.

OGN/USDT Technical Analysis

OGN Price Daily Chart for June 15

Aggressive traders may find loading opportunities below the middle BB and $1.

READ  DeFi Project KingSwap Raises $20 Million in Funding and Liquidity Support

Since there is a double-bar bullish reversal pattern of June 12 and 13 is valid, and OGN/USDT prices are within May 24 to 26 trade range, the uptrend seems firm.

OGN buyers could target $1.3.

On the other hand, losses below $0.50—May 2021 lows—invalidate the uptrend.

#1INCH Exchange #1INCH/USDT #DeFi #OGN #OGN/USDT #Origin Protocol

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/1inch-exchange-1inch-and-origin-protocol-ogn-technical-analysis-what-to-expect

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Blockchain

Polkadot Surges to $25.55 on Exchanges Following Listing on Coinbase Pro

The price of Polkadot (DOT) surged to touch the level of $25.55 following the recent announcement of listing on Coinbase Pro.

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The price of Polkadot (DOT) surged to touch the level of $25.55 following the announcement of listing on Coinbase Pro. Starting from June 16, the trading of Polkadot’s DOT token will be allowed on the Coinbase Pro platform as revealed in the recent announcement.

Polkadot (DOT) Spikes Following Coinbase Pro Listing Announcement

In accordance with the announcement made today, Coinbase Pro has listed the DOT token of Polkadot and the users are now made eligible to transfer DOT into their accounts.

The announcement read:

“Starting immediately, we will begin accepting inbound transfers of DOT to Coinbase Pro. Trading will begin on or after 9 am Pacific Time (PT), Wednesday, June 16, if liquidity conditions are met.”

In addition to this, it should be noted that trading on DOT will be allowed from June 16, Wednesday. Also, a condition is provided for the beginning of the trading journey of the coin, which is the lucidity conditions that should be met. However, they are most likely to meet though.

The native token of Polkadot is to be made available in all the jurisdictions that extend support to the exchange except Singapore.

A Market Signal or Just the Magnitude of Listing?

Well, there are some rumors in the market that the rise in the price of the coin could be a signal of the market bouncing back, but no, it is not. Generally, when a coin gets listed, be it any coin, there are huge chances that the listed coin will experience inflows which will ultimately spike the price of the coin.

Since the time of the announcement regarding the listing of the native coin of Polkadot on Coinbase Pro, the coin has managed to surge to the level of $25.550 on some exchanges.

It is, considering the current market situation, a decent surge as it marked a rise of around 15%.

READ  CoinDCX Launches New Ad to Encourage Investors Amid Crypto Turmoil

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/polkadot-surges-to-25-55-on-exchanges-following-listing-on-coinbase-pro

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Blockchain

LUNA Technical Analysis: Price Likely to Fall Below $6.1, $5.73, and $5.156

LUNA price is trading below the 50% FIB retracement level of $6.5. It may soon rise above the FIB retracement level of $6.50, which also acts as a strong resistance. Thereafter, we have to wait and watch if the price breaks out of this level. In that case, the price upswing is likely to continue tomorrow as well.

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According to the whitepaper, Terra (LUNA) provides fast and affordable payment solutions to its clients. LUNA does not affiliate itself through fiat-pegged stable coins. Also, LUNA owners can vote for governance in the firm. The technical analysis for LUNA is as follows:

Past Performance

On June 8, 2021, LUNA opened at $5.60. On June 14, 2021, LUNA closed at $6.23. Thus, in the past week, the LUNA price has increased by approximately 11.25%. In the last 24 hours, LUNA has traded between $5.87-$6.45.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/luna-technical-analysis-price-likely-to-fall-below-6-1-5-73-and-5-156.png

https://www.tradingview.com/x/3HSsqluk/

Day Ahead And Tomorrow

Currently, LUNA is trading at $6.39. The price has increased from the day’s opening price of $5.92. Thus, the market seems bullish.

READ  Cardano (ADA) Hits Another All-Time High Above $2, Altcoins Market Rallies

The MACD and signal lines are negative. However, a bullish crossover by the signal line over the MACD line has occurred. Thus, the overall market momentum is turning bullish. Hence, the price may rise further.

Currently, the RSI indicator is at 62.63%. It faced rejection at 52.45% and rose to this level. Thus, buying pressures are slowly mounting for LUNA. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

On the 4 hour chart, the OBV indicator is picking up the pace. Thus, it seems that buying volume is more than the selling volume. However, High selling activity will exert downward pressure on the LUNA price.

In short, when we look at all three oscillators, we can say that the price may continue to rise. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.

READ  Avalanche (AVAX) and Terra (LUNA) Technical Analysis: What to Expect?

Currently, the price is below the second Fibonacci pivot point of $6.518. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $6.1, $5.73, and $5.156 respectively.

LUNA Price Analysis

Currently, the price is below the second Fibonacci pivot point of $6.518. If the bears remain strong till day end, then the price is likely to fall below the first, second, and third support levels of $6.1, $5.73, and $5.156, respectively.

The price is trading below the 50% FIB retracement level of $6.5. It may soon rise above the FIB retracement level of $6.50, which also acts as a strong resistance. Thereafter, we have to wait and watch if the price breaks out of this level. In that case, the price upswing is likely to continue tomorrow as well.

READ  LUNA Soared Nearly 38% During Last Week, Downswing Ahead – Technical Analysis

#LUNA #Terra

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/luna-technical-analysis-price-likely-to-fall-below-6-1-5-73-and-5-156

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