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Institutional investors load up ETH, with its share of AUM hitting a new record

Institutional investors continue to exit BTC in favor of ETH, with Ether investment products now representing more than one-quarter of institutional crypto AUM.

Institutional demand for Ethereum continues to surge, with Ether products now representing more than one quarter of the assets under management (AUM) of crypto investment products.

According to CoinShares’ June 1 Digital Asset Fund Flows Weekly report, the past week saw significant institutional inflows of $74 million as investors sought to capitalize on the fall out from the recent crash in which many crypto assets lost more than 50% of their value.

More than 63% of institutional inflows were injected into Ether products, or $46.8 million of the total. Ether products now represent 27% of the combined AUM for crypto investment products — the highest share yet.

Significant inflows were also made to products offering exposure to multiple crypto assets ($11.1 million) as well as funds targeting Cardano ($5.2 million), XRP ($4.5 million), and Polkadot ($3.8 million).

Outflows from Bitcoin products have slowed, with roughly $4 million in capital exiting the markets — down from last week’s $110.9 million in outflows. Over the past three weeks, $246 million has exited BTC investment products.

Despite Bitcoin’s 30-day inflows of $47.9 million currently equating to roughly one-third of Ether’s $147.7 million, Bitcoin still dominates year-to-date inflows with nearly $4.4 billion compared to Ether’s $973 million.

However, Ether’s recent momentum has given rise to renewed speculation as to whether Ethereum is gearing up to flip Bitcoin, with Ethereum currently beating out crypto’s honeybadger by transaction count, volume, and fees, and trade volume.

According to CoinGecko, Ether is currently the second-most traded crypto asset with $38.8 billion in daily volume, ranking behind only Tether’s $103 billion. Roughly $32.9 worth of BTC changed hands over the past 24 hours.

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Ethereum Mining Revenue Topped Bitcoin in May With $2.35 Billion:


Over $1 billion in Ethereum mining revenue came from transaction fees.
By Jeff Benson
In brief
Bitcoin mining revenue lagged behind Ethereum last month.
The future of Ethereum mining is uncertain.
Ethereum miners took in record revenues in May, allowing them to earn more than Bitcoin miners for just the second time in the last year.  

Monthly mining revenue on the Ethereum blockchain reached $2.35 billion in May, according to statistics from Coin Metrics, compared to $1.45 billion for Bitcoin. In February, Ethereum mining revenue narrowly pipped Bitcoin, $1.37 billion to $1.36 billion. Otherwise, Bitcoin mining tends to dominate for gross revenue, if not always profitability.


Proof-of-work mining asks people to dedicate their computing power to helping secure the network. It is the process by which new transactions are processed on the network and new tokens are created.

Mining revenue consists of two elements: block rewards and transaction fees. Every time someone mines a block of transactions and adds it to the blockchain, they receive a set number of newly created tokens. In Bitcoin's case, that's 6.25 BTC ($227,000) every 10 minutes; for Ethereum, it's two ETH ($5,100) every 13 or so seconds.

They also receive the transaction fees within that block. 

Ethereum’s GPU Mining Landscape is Bracing for Change
Ethereum's May dominance is a byproduct of the price of ETH itself—it hit a record high of $4,164 on May 10—as well as high transaction fees on the congested network. The busier the network gets—and it's gotten very busy thanks to the boom in decentralized finance (DeFi) applications and NFTs—the more competitive it becomes to get a transaction through; fees adjust in line with supply and demand. Just over $1 billion of ETH miners' revenue last month came from fees, compared to $130 million for BTC. Ethereum's transaction fees consistently outstrip Bitcoin's.

Two looming events are set to alter Ethereum's mining landscape, however: the inclusion of EIP-1559 in a July network upgrade known as the "London hard fork" and the eventual move to proof-of-stake consensus.

EIP-1559 is an Ethereum improvement proposal that will burn the ETH transaction fees rather than give them to miners. By decreasing the amount of ETH in circulation, the move could make demand for the asset go up, thereby increasing the value of the block rewards in US dollars.

Proof of stake, however, will kill mining altogether, replacing it with "staking." Essentially, the network will be secured through the process of people depositing ETH. They'll claim fresh rewards if they correctly validate blocks of transactions, while losing portions of their stake if they don't.

Ethereum miners, then, shouldn't get too used to the record revenue.

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Trace your CryptoPunk's history with Etherscan’s new NFT toolkit

Etherscan has enabled users to “track most NFT activity on Ethereum” after it revealed its new non-fungible token transfer tool on June 1.

 

Ethereum blockchain explorer and analytics platform Etherscan has enabled NFT tracking as part of its transaction tracking tool kit.

In a Twitter post yesterday, Etherscan revealed that users will now be able to “track most NFT activity on Ethereum,” which includes both ERC721 and ERC1155 based non-fungible tokens.

 
The new feature will help provide more transparency on a significant percentage of the NFT market, and may help new investors ascertain the value of an NFT as they can now look up its entire price history, transaction dates and minting date.

Etherscan users can use the “non-fungible tokens transfers” section to look up NFT minting, distribution, transfers, and burn events of popular non-fungible projects such as CryptoPunks, Bored Ape Yacht Club and Sorare.

Etherscan’s NFT tracker shows that Sorare in particular, has had a rolling seven-day average of 26,138 NFT transfers, with the next best seven-day transfer volume from Bonsai at 9,557.

c88add6f-0845-44a5-8585-e8f8e3ca3ab8.png  

The ability to track NFTs will also mean the transactions on popular NFT marketplaces such as Nifty Gateway, Rarible, and OpenSea are more transparent, with the NFT tracking showing the marketplace where the trade was conducted, as well as the recipient address of the trade.

Collectors using NBA Top Shot however won’t be able to view the platform’s NFT transactions as that project uses Flow Blockchain.

Etherscan was built and launched in 2015, and is focused on providing real-time Ethereum network analytics such recording and updating the status of transactions and addresses on the network.

The firm adds NFT tracking to its list of other blockchain-based services, including “Binance BSC Explorer” which is a block explorer for the Binance Smart Chain, "ETHProtect” — which is a detection system used to identify if incoming funds are tainted — and “Blockscan” which is a search engine for decentralized website domains.

On May 21, Ethereum layer-two scaling solutions provider Optimism announced a partnership with Etherscan. Optimism has integrated Etherscan to enable users to monitor deposits, withdrawals, and view when layer-two transactions are pre-confirmed along with when they have been posted and finalized in batches on layer-one.

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TA: Here’s Why Ethereum (ETH) Could Surge Above $2.7K and Test $3K

 
in ETH
 
Reading Time: 2 mins read

Ethereum is stable above the $2,500 support zone and the 100 hourly SMA against the US Dollar. ETH price is likely to rally if there is a clear break above $2,700.

  • Ethereum is trading in a positive zone above the $2,500 and $2,520 support levels.
  • The price is now trading above $2,600 and the 100 hourly simple moving average.
  • There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a steady increase if it breaks the $2,750 resistance zone in the near term.

Ethereum Price Is Showing Positive Signs

Yesterday, ethereum gained pace above the $2,500 resistance zone. ETH broke the $2,600 resistance zone and it settled nicely above the 100 hourly simple moving average.

The price even traded close to the $2,750 level and a high was formed near $2,746. Recently, there was a downside correction below the $2,700 level. Ether declined below the 23.6% Fib retracement level of the upward move from the $2,275 swing low to $2,746 high.

The price tested the $2,500 support zone and the 100 hourly simple moving average. It also tested the 50% Fib retracement level of the upward move from the $2,275 swing low to $2,746 high.

Ethereum Price

Source: ETHUSD on TradingView.com

It is now rising and it reclaimed the $2,600 level. There was a break above a short-term contracting triangle with resistance near $2,600 on the hourly chart of ETH/USD. The pair is now facing resistance near the $2,650 level. The first major resistance is near the $2,700 level.

The main breakout resistance is now forming near the $2,750 level. A close above the $2,750 level could start a major increase towards the $2,850 level or even $3,000 in the near term.

Dips Supported in ETH?

If Ethereum fails to clear the $2,700 and $2,750 resistance levels, it could start a downside correction. An initial support on the downside is near the $2,550 level.

The main support is now forming near the $2,500 level and the 100 hourly SMA. A downside break below $2,500 may possibly put a lot of pressure on the bulls. The next key support is near the $2,450 level and a connecting bullish trend line.

Technical Indicators

Hourly MACD  The MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSI  The RSI for ETH/USD is currently above the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,750

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Ethereum Exchange Inflow Volume Hit a Monthly Low of $34.27 Million

The recent market crash made Ethereum (ETH) shed off more than half of its price from a high of $4,350 to lows of $2,000.

The second-largest cryptocurrency based on market capitalisation was up by 2.91% in the last 24 hours to trade at $2,682, according to CoinMarketCap.

According to digital asset firm Glassnode, Ethereum exchange inflow volume reached a one-month low of $34,277,495.88.

This trend signifies an attitude of sitting on the fence because more users keep their Ether in cold storage for speculative or future purposes, which is usually bullish. 

Market analyst Lark Davis recently stated that big money flow was piling in Ethereum’s decentralised finance (DeFi) sector, and this was also bullish.

DeFi has aided Ethereum’s bull run since the second-largest cryptocurrency broke the previous record of $1,400 set in 2018. Some features like smart contracts in the ETH network are in high demand in the non-fungible token (NFT) and DeFi sectors. 

DeFi on the ETH network experienced an exponential expansion over the past few months as the number of users increased by 1,300% to hit 2.1 million. The total value locked (TVL) in smart contracts shot up by 9,000% and stood at $113 billion.

ETH hourly fees have dropped from a record-high of $10.5 million

According to data science company IntoTheBlock:

“Ethereum hourly fees have dropped from the recent ATH of $10.5 million on May 18 to averaging $284,888.33 over the past 3 days.”

ETH has been facing high fees, forcing some users to shun it for cheaper alternatives.

On the other hand, Ethereum is experiencing a supply scarcity, as explained by IntoTheBlock.

“From the current 116.1m ETH in circulation: 5.21m ETH deposited in the ETH2 staking contract, 9.58m ETH currently locked in DeFi Protocols, and 5.92m ETH have been withdrawn from centralized exchanges.”

Time will tell whether the supply scarcity and low exchange inflows in the ETH network will boost Ethereum’s price upwards. 

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Norton 360 to Soon Let Users Mine Ethereum (ETH)
JOHN P. NJUI·

ETHEREUM (ETH) NEWS·JUNE 3, 2021

NortonLifeLock has launched a new feature dubbed Norton Crypto
Norton Crypto will enable users to safely mine crypto, specifically Ethereum
Select users will be invited to mine Ethereum beginning today
Norton Crypto aims at easing the process of mining crypto by providing a secure platform to do so
NortonLifeLock, the parent company of the globally trusted antivirus of Norton, has announced a new feature that will allow users of its Norton 360 platform to mine cryptocurrency. According to the official press release, the new feature, aptly named Norton Crypto, will invite select users of Norton 360 to start mining Ethereum as soon as today June 3rd.

The CEO of NortonLifeLock, Vincent Pilette, went on to explain that the new Ethereum mining feature will provide a secure avenue for the company’s customers to mine digital assets using a brand they trust. Gagan Singh, the Chief Product Officer at NortonLifeLock, also added that Norton Crypto will allow users to easily turn the idle time on their PCs into an opportunity to mine digital assets with just a few clicks.

Ethereum Wallet Stored in the Norton Cloud
Norton Crypto goes a step further by offering wallet services thus removing the additional risk of potentially losing a personal hard drive with Ethereum earnings. The team at Norton Crypto explained the workings of the wallet service through the following statement.

Earnings are commonly stored directly on miners’ hard drives, where their digital wallet could be lost should it fail.

Norton Crypto delivers a secure, reliable way for consumers to mine for Ethereum without opening themselves and their devices up to these pitfalls. Once cryptocurrency has been earned, customers can track and transfer earnings into their Norton Crypto Wallet, which is stored in the cloud so it cannot be lost due to hard drive failure.

Norton Crypto to Be Available in the Coming Weeks, May Require Certain PC Requirements
The Norton Crypto Ethereum mining service will eventually be available to all Norton 360 customers in the coming weeks. In addition, the team at NortonLifeLock pointed out that Norton 360 customers may require certain PC hardware to run the new service.

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Ethereum is On Track to Surpass BTC’s Market Cap – Bloomberg Report
JOHN P. NJUI·ETHEREUM (ETH) NEWS·JUNE 4, 2021

 

  • Ethereum could be on track to surpass Bitcoin in terms of market cap
  • Ethereum’s market cap is currently half of Bitcoin’s
  • Ethereum will thrive due to continual use-case such as DeFi 
  • Ethereum should consolidate for a while between $2k and $4k

The team at Bloomberg has released their monthly Crypto Outlook Report in which they point out that Ethereum is on track towards surpassing Bitcoin in terms of market capitalization.

According to their research, Ethereum’s journey towards eclipsing BTC is hinged upon the various use-cases of the network such as Defi, and the role the native digital asset of ETH plays in the ecosystem. The report goes on to highlight that Ethereum has been continually gaining market share against Bitcoin and its market cap is now half of BTC. This fact was explained by the team through the following statement and accompanying chart.

…the foundation and use case of [Ethereum] is a strong complement to the more macro store-of-value attributes of [Bitcoin]. Our graphic [below] depicts volume as a leading indicator for advancing Ethereum (ETH), which has attained the 50% mark vs. Bitcoin in terms of market cap. ETH’s 10-day average trading volume from Coinmarketcap has about doubled toward 80% of Bitcoin’s from the start of 2021.

 

Ethereum is On Track to Surpass BTC's Market Cap - Bloomberg Report 16
 
 

Ethereum To Consolidate for a While Between $2k and $4k

With respect to price action, the Bloomberg team labeled ETH’s $2k to $4k price zone as being a ‘sweet spot’ and where Ethereum will be consolidating for a while.

According to their analysis, the recent dip below $2k flushed out the majority of the speculation surrounding ETH. As a result, Ethereum’s current price can be considered as being at a discount given that the network is the ‘go-to platform for cryptos and decentralized finance’.

The Ethereum network has more or less won the adoption race. Therefore, the number two digital asset will most likely continue on an upward trajectory with $2k acting as good support and $4k being a reasonable resistance moving forward.

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ETH/USDT
Ether broke above the resistance line of the symmetrical triangle on June 3 but the bulls could not push the price above the 50-day SMA ($2,895). This may have attracted selling from short-term traders and the price dipped back into the triangle today.

64af27ea-7c4c-48af-aef1-5ccbe5820930.png ETH/USDT daily chart. Source: TradingView
 

The flat moving averages and the relative strength index (RSI) near the midpoint suggest a few days of consolidation. The pair could remain stuck inside the triangle for a few more days.

A breakout and close above the 50-day SMA will signal the start of an up-move that could reach the 61.8% Fibonacci retracement level at $3,362.72. Conversely, a break below the triangle may result in a retest of the critical support at $1,728.74.

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Ethereum Platform Brought to Space to Provide More Efficient Smart Contract Operation

IN BRIEF
SpaceChain has launched a blockchain-based payload into space aboard a SpaceX Falcon 9 rocket.

It's the first integration of Ethereum technology into the company's hardware on the International Space Station.

Some other blockchain-focused projects have also been experimenting with launching their products in space.


In a space-as-as-service effort, an Enterprise Ethereum Alliance member, SpaceChain, has integrated Ethereum (ETH) technology in space by rolling out on-orbit Ethereum multisignature transaction services.

On June 3, the company launched a blockchain-based payload into space aboard a SpaceX Falcon 9 rocket. Nanoracks and Nexus are part of the initiative, wherein the former ensured a Space Act Agreement with NASA and the latter is the first user of this service.

While this is SpaceChain’s fourth blockchain payload launch into space, it’s their first integration of Ethereum technology into the company’s hardware on the International Space Station.

As the release explained, “the security and remoteness of space infrastructures ensures the independence of Ethereum contract operation from centralized terrestrial servers, hence providing more efficient smart contract operation and greater application scenarios.” Commenting on the development, Zee Zheng, SpaceChain co-founder and CEO, said:

“With Ethereum’s smart contract platform running in outer space, it enables us to fortify blockchain applications and transactions with enhanced security and immutability.”

Other recent space-as-a-service initiatives
Some other blockchain-focused projects have also been experimenting with launching their products in space. Recently, decentralized finance synthetic derivatives Opium Finance protocol revealed that its decentralized insurance contract will work in tandem with UMA’s oracle solution to bring real-world data to the blockchain.

The derivatives work as binary options contracts, allowing users to purchase insurance against a failed launch on SpaceX. Using the SmallSat Rideshare program, organizations can send lighter and smaller payloads to space for as low as $1 million.

This month, IoT firm WISeKey is launching the first part of a non-fungible token ecosystem aboard a SpaceX Falcon 9 rocket. A WISeKey device will be attached to the exterior of the deployer, and be exposed to space for several weeks. This period in Earth’s low orbit will therefore be a first demonstration of WISeKey’s space-based WISeSat ecosystem.

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TA: Ethereum Recovery Hits Roadblock, Why Close Above 100 SMA Is Important

Ethereum
 

Ethereum started a steady increase and cleared the $2,550 resistance against the US Dollar. ETH price is now struggling to climb higher above $2,650 and the 100 hourly SMA.

Ethereum gained pace for a move above the $2,500 and $2,550 resistance levels.
The price is struggling to settle above $2,600 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must settle above $2,600 and the 100 hourly SMA to continue higher in the near term.
Ethereum Price is Facing Hurdles
Ethereum settled above the $2,450 level and extended its upward move. ETH broke the $2,500 and $2,550 resistance levels to move into a positive zone.

There was a break above the 50% Fib retracement level of the of the key decline drop from the $2,850 swing high to $2,310 low. The price even spiked above the $2,600 level and the 100 hourly simple moving average. However, ether failed to remain stable above $2,600.

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It is now trading below the $2,600 level and the 100 hourly simple moving average. It seems like there is a bullish trend line forming with support near $2,500 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com
On the upside, the price must settle above the $2,600 level and the 100 hourly SMA. The next key resistance is near the $2,650 level. It is close to the 61.8% Fib retracement level of the of the key decline drop from the $2,850 swing high to $2,310 low.

A clear upside break above $2,600 and $2,650 could start a strong increase in the near term. The next major resistance could be $2,720, above which the price might revisit the $2,880 level.

Dips Limited in ETH?
If Ethereum fails to clear the $2,600 and $2,650 resistance levels, it could correct lower. An initial support on the downside is near the $2,550 level.

The first major support is near the $2,500 level and the trend line. A downside break below the trend line could increase selling pressure and ether might drop towards $2,400.


Technical Indicators

Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSI – The RSI for ETH/USD is currently near the 50 level.

Major Support Level – $2,500

Major Resistance Level – $2,650

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