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There’s Millions of Dollars of Ask Orders Suppressing Ethereum Upside



  • Ethereum has undergone a strong rally over the past few weeks, moving higher with Bitcoin.
  • But key market data suggests that the case for upside will be limited for the time being.
  • For one, there are “monstrous sell walls” on Coinbase for the Ethereum chart.
  • These walls should limit upside for the time being.

Ethereum Market Data Suggests Price Could Drop

Ethereum has undergone a strong rally over the past few weeks, moving higher with Bitcoin.

But key market data suggests that the case for upside will be limited for the time being.

He shared the chart below just recently, which shows that there are “monstrous sell walls” on Coinbase for the Ethereum chart. These sell walls should limit upside for the time being. The sell walls are situated in the $480 region, where ETH found resistance during the summer.

Chart of ETH’s price action over the past few days with order book from CL (@CL207 on Twitter)

The same trader shared this chart below slightly earlier. The chart shows Ethereum’s December futures contract on Huobi. As can be seen, there is quite a large imbalance of ask orders to buy orders. That’s to say, there is currently more selling pressure on the books than buying pressure, which may result in downward price action in the weeks ahead.

“kinda agree, Im hedging some of my DeFi exposure iva ETH, huobi whales have thick asks on quarterlies too so upside on ETH should be limited.” 

Ethereum is also facing some pressure as Bitcoin consolidates once again. Also, some say that a further strong rally higher in the price of BTC could result in further consolidation in Bitcoin from altcoins.


Long-Term Trend Still Positive

While there are signs that Ethereum could drop in the near term, the long-term trend still seems intact for further upside.

A crypto-asset analyst recently shared the chart seen below, which compares BTC’s price action to ETH’s price action over the past two and a half years. As can be seen, the charts are largely correlated until recently, with BTC pulling away dramatically from ETH. Bitcoin is now much closer to its all-time high than Ethereum.

Analysts think that this divergence will eventually be recuperated by Ethereum bulls, resulting in a rally of like 100% or more in the price of the top cryptocurrency.

Ethereum also has fundamental trends like the release of ETH2 and institutional accumulations that should result in a move higher in the weeks ahead.


Chart of BTC's price action over the past few years with a fractal analysis to ETH's chart over the same time frame by crypto trader HornHairs.
Source: BTCUSD from
Featured Image from Shutterstock
Price tags: ethusd, ethbtc
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There's Millions of Dollars of Ask Orders Suppressing Ethereum Upside

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Filecoin storage tops 1 billion GB as tokenized FIL launches for use in DeFi




Cryptocurrency infrastructure providers Anchorage and Tokensoft are teaming up to wrap FIL, the native token of decentralized file storage network FIlecoin, for use on Ethereum.

The firms announced wFIL on Nov. 23, promoting its use in decentralized finance applications including Compound, Maker, and Uniswap. Filecoin ecosystem lead, Colin Evra, stated:

“Wrapped Filecoin will enable some really creative DeFi products that create huge opportunities for Filecoin miners and storage users.”

The news came on the same day that Filecoin announced the storage capacity dedicated by its global mining community has exceeded one exbibyte — equal to more than one billion gigabytes.

According to an announcement, Filecoin’s capacity could store 4,500 Wikipedias, 290 million movies at 1080p quality, and 19 copies of the entire Internet Archive.

Filecoin is a trustless decentralized storage network that offers incentives to miners who provide storage capacity in the network. The network expects to attract developers and websites who will pay FIL in exchange for accessing Filecoin’s storage or for hosted data.

Filecoin’s Discover feature allows its miners to select datasets spanning literature, science, art, and history to mobilize unused storage capabilities to host and make accessible to the public. The datasets include Berkeley’s Self-Driving Data, a copy of Wikipedia’s database, and The International Genome Sample Resource’s 1000 Genomes Project.

The team describes the milestone as “solidifying FIlecoin’s position as a legitimate challenger to cloud-storage giants such as AWS [Amazon Web Services], Google Cloud, and Dropbox.” Colin Evra stated:

“Our aim was to build a Library of Alexandria for humanity’s most precious knowledge — one that could never be burned […] Filecoin’s mission to create a decentralized, efficient, and robust foundation for humanity’s information is now a reality.“

On Nov. 24, Filecoin also announced it had partnered with top crypto exchange Huobi to launch the Huobi-Filecoin Incubation Center. The center, which will be supported by a $10 million fund, will focus on blockchain incubation, investment, and community development.

Filecoin currently comprises more than 670 active miners and boasts more than 90 organizations building on its network.

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Celsius says it tipped in 25,000 Ether to help launch Ethereum 2.0




The highly anticipated launch of Ethereum 2.0, or Eth2, is scheduled to take place next week. Specifically speaking, Eth2’s proof-of-stake blockchain known as “the beacon chain” has been confirmed to run alongside the Ethereum network starting Dec. 1. 

Although some members of the blockchain community remained skeptical about a Dec. 1 launch date for the beacon chain, an impressive 524,288 Ether (ETH) from 16,384 validators has been deposited into the Eth2 contract. As such, there is now assurance from The Ethereum Foundation that Eth2’s beacon chain will indeed go live as expected.

While impressive, it’s important to note that additional deposits went into the Eth2 deposit contract even after the target goal was reached. To put this into perspective, Vitalik Buterin, the co-founder of Ethereum, sent a recent tweet on Nov. 24 showing the impressive amount of transaction across the Ethereum network over time:

While it’s unknown where these transactions came from, Alex Mashinsky, chief executive officer and founder of Celsius Network — a crypto lending and borrowing platform — told Cointelegraph that Celsius provided 25,000 worth of ETH to ensure that the Eth2 deposit contract had enough funds to launch on time. 

According to Mashinsky, the amount of ETH Celsisus deposited was equivalent to $15,125,000 at the time of the transaction. Mashinsky further noted that funds came from the Celsius ‘s pool of community assets, explaining that this will be used to generate an even higher yield for the community once the Eth2 network is officially launched. Currently, Celsius users can earn up to 7.21% Annual Percentage Yield on ETH held in the Celsius wallet. Mashinsky said:

“We already have 230 thousand users on the Celsius network, along with 3.3 billion dollars worth in assets. These users are putting in ETH, allowing the network to earn yield on it in many different ways. The 25,000 ETH contributed to the proof-of-stake Ethereum network will generate another source of yield for our community.”

Mashinsky further shared that the growing Celsius community has been modeled off Ethereum, noting the importance of giving back the Ethereum network:

“We built our CEL token on the Ethereum blockchain and used it to scale and become one of the fastest-growing companies in crypto. We are proud to inaugurate the ETH 2.0 Genesis and contribute the last building block with 25,000 ETH from the Celsius community and be a helping hand to a company that helped us scale our own project.”

Hopes are high for Eth 2.0, but concerns remain

Although the Eth2 beacon chain is set to launch on Dec. 1, concerns still remain. For example, while scalability issues are expected to be resolved as Ethereum adopts a proof-of-stake consensus algorithm, the security of some Ethereum smart contracts remains questionable. This has especially come to light with the rise of decentralized finance, or DeFi, projects.

As such, a new working group from the Enterprise Ethereum Alliance called “EthTrust Security Levels Working Group” has been focused on creating a set of defined standards to ensure Ethereum smart contracts are safe to use. The working group eventually hopes to develop a digital registry for secure smart contracts to be utilized by enterprises.

Additionally, some remain concerned that benefits will not be seen immediately following the gradual launch of Eth2. As such, the need for layer-two scaling solutions has become apparent.

Concerns aside, Mashinsky expressed excitement for faster scalability from the Eth2 network:

“Ethereum 2.0 will scale everything 100 times faster than now. The ability to move Ethereum from a proof-of-work to a proof-of-stake network will open a world of new ideas and opportunities that couldn’t be achieved before due to scalability issues.”

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ETH 2.0 set to launch Dec. 1 after late surge in deposits




Update: The threshold was crossed just after 2.20am Universal Time on November 24.

ETH 2.0’s Phase 0 launch looks all but certain for Dec. 1, with the number of Ether transferred to the ETH 2.0 deposit contract snowballing as today’s deadline approaches.

As of this writing, nearly 499,000 of the 524,288 Ether required to secure the Dec. 1 beacon chain genesis has been deposited into ETH 2.0’s deposit contract, with 11 hours remaining for the deadline to be reached.

Less than 32,000 Ether is now required and more than that was deposited in the past six hours alone. Hourly deposits increased from approximately 10,000 Ether to more than 15,000 ETH every 60 minutes.

Pundits are now certain that ETH 2.0’s beacon chain launch will come at the start of December:

Ethereum’s co-creator Vitalik Buterin also took to Twitter to celebrate the influx of deposits and remind people they must deposit before the beacon chain’s activation if they wish to participate in the genesis cohort of stakers:

Last week, the crypto community was speculating the deposit contract may not reach its target until well into 2021, with only 50,849 ETH having been deposited within the first week of the deposit contract’s launch.

Many were concerned that low staking participation would force further delays due to Ether holders being unwilling to lock their tokens up without knowing when they would be able to make withdrawals.

Currently, it is anticipated that stakers will be able to withdraw their tokens alongside the launch of “Phase 1.5” — which will see the current Ethereum mainnet merge with ETH 2.0’s new beacon chain and sharding system. Phase 1.5 is expected to launch sometime around late 2021 or early 2022.

The surge in deposits has seen wild volatility on Polymarket’s prediction market for whether the ETH 2.0 genesis event will occur on Dec. 1, with contracts in favor of such jumping from $0.36 12 hours ago to $0.95 as of this writing.

Price chart for prediction market for ETH 2.0’s expected Dec. 1 genesis: Polymarket

The imminent launch of Phase 0 has also driven bullish pressure in the ETH markets, with Ether rallying into new year-to-date highs above $600 over the past 12 hours. Since changing hands for $135 at the start of the year, ETH has gained nearly 350%.

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