Market Wrap: Bitcoin Slumps to $10.7K; Ethereum Fees Rise Again

Bitcoin lost momentum Thursday while DeFi delirium pushes fees on Ethereum back up. Bitcoin (BTC) trading around $10,920 as of 20:00 UTC (4 p.m. ET). Slipping 0.73% over the previous 24 hours. Bitcoin’s 24-hour range: $10,735-$11,052 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Coinbase since September 15. Source: TradingView Bitcoin headed downward Thursday, going as low as $10,735 on spot exchanges such as Coinbase, but recovering to $10,920 as of press time.  Andrew Tu, an executive at quant trading firm…

Ethereum Price Drop Below This Level Could Mean Bigger DeFi Carnage

The price of Ethereum (ETH) has dropped from $488 on September 2 to below $380, falling by over 22%. If the correction of ETH continues, traders say decentralized finance (DeFi) tokens could further suffer. Despite the rally of Bitcoin from $10,300 to over $11,000, DeFi tokens and Ethereum have underperformed. The daily chart of Ethereum with key levels. Source: Flood, ETHUSD on TradingView.com Some traders are considering the possibility of a take-profit rally, as investors funnel profits from altcoins back to Bitcoin. Coincidentally, the Bitcoin dominance index rose sharply in…

Ethereum Risks Plunging Towards $350 Following Rejected Spikes

A string of back-to-back upside rejections at a local top is putting Ethereum at risk of correcting lower towards $350. Looking at ETH/USD 1H chart shows the pair attempting to close above $384, a resistance target that had held through extreme bullish biases in the past. It continues to defend bears as Ethereum traders repeatedly fail to push the prices above, leading to the formation of multiple lengthy wicks to the upside. ETHUSD trades near the interim resistance area of $384-390. Source: TradingView.com ETHUSD trades near the interim resistance area…

Ethereum 2.0 Moves Closer But Hoskinson Raises Doubts Over its Security

Phase 0 of Ethereum 2.0 took a step forward today following the submission of EIP 2982. Phase 0, also known as the “beacon chain,” refers to the transition from proof-of-work to proof-of-stake. More specifically, in Phase 0, the goal is to lay the groundwork for staking and the operation of sharding chains. “At first, the beacon chain will be responsible for registering validators and coordinating everyone’s staked ETH. This is foundational to the rest of Eth2 and lays the groundwork for the shard chains.” Product Marketing Manager at Set Labs,…

This Pivotal Level Could Trigger an Ethereum Correction Under $300

Analysts are fearful that Ethereum could drop under $300 despite strength in Bitcoin and legacy markets. Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Ethereum Could Move Under $300, Analysts Fear: Here’s Why Ethereum is risking a drop under $300 due to it reaching a pivotal resistance region in the $380 region. One analyst commented on the matter: “$ETH is likely headed to the top of this channel here at $400 and from there comes the moment of truth. I favor the RED path, but a HTF…

Ethereum Rallies Into Resistance: Here’s Why Bulls Are Comfortable

Ethereum rallied more than 5% and it broke the key $370 resistance against the US Dollar. ETH price is struggling to clear the $390 resistance and it is currently correcting lower. Ethereum started a strong increase after forming a key double bottom pattern near $355. The price is up over 5% and it surpassed the $370 barrier and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $372 on the hourly chart of ETH/USD (data feed via Kraken). The pair…

“Altseason” is Postponed as Ethereum Begins Flashing Warning Signs

Ethereum has been seeing some intense selling pressure over the past few days, which has likely come about due to the trend reversal seen amongst DeFi tokens. Because the DeFi market is essentially built on top of Ethereum, the ETH token has been heavily influenced by the expansion of this sector. That being said, as yields across platforms begin waning and as token prices plunge, some investors appear to be offloading their Ethereum holdings in favor of Bitcoin – which has been able to rally higher over the past couple…

You can now send email right from your Ethereum address

Unstoppable Domains has introduced a new feature — Unstoppable email. Now anyone who owns a domain with a .crypto extension can send email signed by the Ethereum (ETH) private key that controls it. This is reminiscent of how the old cypherpunks used to sign their emails with PGP keys. In the 1990s, an early Bitcoin (BTC) adopter Hal Finney helped develop Pretty Good Privacy or PGP, which allowed users to encrypt various digital mediums, including emails. Unstoppable Domains co-founder Bradley Kam told Cointelegraph that the email service is not decentralized…

Spadina Testnet to Run with Medalla Before Ethereum 2.0 Phase 0 Launch

The Spadina testnet will be launched to avoid interfering with the progress made by Medalla. With an increased pressure on the Ethereum developers to deliver a successful Ethereum 2.0 as promised, the lead developers are leaving nothing at the chance. According to a blog post made by Danny Ryan, a core developer at the Ethereum Foundation, there will be a parallel testnet Spadina running alongside Medalla. Ryan wrote in the post: “We’ve therefore opted for a short-lived dress rehearsal that will run in parallel to Medalla later this month. Welcome…