Ethereum

ethereum

Ethereum Dips Amid Market Woes, Buterin Maps Out Future Steps

  • Ethereum’s price dipped to $3,362 amidst a market downturn led by Bitcoin, despite historically performing well in Q2 and receiving significant institutional interest.
  • Market volatility is highlighted by over $500.6 million in liquidations, with Ethereum’s intrinsic developments overshadowed by its correlation with Bitcoin and speculative market dynamics.
  • Vitalik Buterin’s discussions on “The Purge” aim to enhance Ethereum’s decentralization and security, while technical analysis suggests potential support in the $3,200-$3,000 range amidst ongoing volatility.

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Bit & Eth

Bitcoin, Ether could witness upside volatility

  • Bitcoin and Ether options contracts worth $15.2 billion (R288.192 billion) are set to expire this Friday, potentially inducing significant price volatility in the cryptocurrency market.
  • A significant portion of these options, particularly for Bitcoin, are expected to expire in-the-money (ITM), suggesting a possible upward pressure on market prices due to the recent price rally.
  • Market dynamics around the ‘max pain’ points and hedging activities by market makers could lead to increased market volatility, especially near the $70,000 (R1,327,200) strike level for Bitcoin.

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Ethereum

Ethereum’s New Feature Causes Spike in Network Fees

  • The introduction of “blobscriptions” on the Ethereum blockchain, allowing text and images to be embedded in temporary storage areas, has led to a significant rise in network congestion and transaction costs.
  • This surge in Ethereum’s transaction fees, reaching a peak of 586.26 Gwei (equivalent to approximately R11,118.30), mirrors the impact of Ordinals on the Bitcoin network, highlighting the global crypto community’s engagement with innovative blockchain functionalities.
  • Ethereum’s price and future prospects are closely monitored, especially in South Africa, with the cryptocurrency facing resistance at $3,697 (about R70,096.32). The outcome of the U.S. Securities and Exchange Commission’s decision on the Spot Ether ETF could further influence Ethereum’s market position.

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ethereum

Ethereum’s Future Hangs in Balance Amid US Congress Inquiry

  • The US Congress, particularly some House Republicans, is pressing the SEC for clarity on Ethereum’s (ETH) classification as a security or commodity, influencing the approach of US broker-dealers like Prometheum Inc. to crypto custody operations.
  • The SEC’s decision on Ethereum’s security status could significantly impact the DeFi ecosystem, Ethereum-based smart contract projects, and ETH holders, amidst existing ambiguity in the SEC’s stance on cryptocurrencies.
  • Ethereum’s price is trading below $3,700 (R70,115), with potential movements tied to the SEC’s forthcoming decision. Technical indicators suggest a bearish outlook, but a move above $3,575 (R67,746.25) could invalidate this, potentially leading to near 14% gains from current levels.

 

 

 

 

 

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Ethereum

Ethereum’s Price Dips as Exchange Supply Hits Annual High

  • Ethereum’s supply on exchanges has reached a one-year high, indicating increased selling pressure and suggesting a potential for short-term correction.
  • The rise in exchange supply correlates with a decrease in large transactions ($100,000 and higher), hinting at profit-taking by large investors or “whales” after Ethereum’s peak.
  • Ethereum is facing a downtrend, with a possible dip to the $3,000 support level. A rebound is possible if it can gather liquidity below this level, but continued selling pressure could challenge this recovery.

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crypto

FOMC Meeting Sparks Market Volatility Ahead

 

  • Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are experiencing downward pressure, with BTC struggling below the $65,000 mark as the crypto market anticipates the upcoming Federal Open Market Committee (FOMC) meeting.
  • Market participants are hopeful for a pause in interest rate hikes by the FOMC, which could foster a more favorable economic environment for cryptocurrencies, potentially leading to a market rally.
  • Technical analyses suggest a potential decline for BTC, ETH, and XRP, with Bitcoin facing a 12% drop, Ethereum eyeing a 10% fall, and Ripple possibly decreasing by 11%, although recovery scenarios also exist depending on market response post-FOMC meeting.

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ethereum

Base Hits 2M Daily Transactions After Upgrade

  • Following the Dencun upgrade, Base’s daily transactions skyrocketed to 2 million on March 16, demonstrating a significant increase from the pre-upgrade level of 440,000 transactions per day.
  • The upgrade led to a drastic reduction in transaction fees on Base, with average fees dropping by more than 60%, making it the sixth-largest network in the Ethereum layer-2 ecosystem with a total value locked of $1.46 billion (approximately R27.42 billion).
  • The Ethereum Dencun upgrade, introducing data blobs or proto-danksharding, significantly reduced gas costs by up to 90% for some networks, contributing to a decrease in average transaction fees across leading layer-2 networks like Arbitrum, Optimism, Base, and zkSync Era by between 60% and 90%.

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ethereum

Ethereum Dencun Upgrade Slashes Transaction Fees

  • The Ethereum Dencun Upgrade significantly reduces transaction fees for Layer 2 projects, spurring interest in reviving dormant L2 projects.
  • Benefits include lower transaction costs, improved network efficiency, and cost savings for users, positively impacting the crypto ecosystem.
  • Challenges faced by new L2 solution, Blast L2, highlight the upgrade’s broad impact but also showcase the community’s swift response to resolve issues.

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ethereum

Ethereum Surges Past R75,000 Amid ETF Uncertainty

  • Ethereum’s price exceeded the $4,000 mark, fueled by anticipation surrounding the Dencun Hard Fork and the potential approval of a Spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC), despite recent political campaigns casting doubts on the viability of such ETFs.
  • The optimism for a Spot Ethereum ETF has waned due to the SEC’s lack of engagement with ETF issuers and custodians, in stark contrast to the active discussions surrounding the Spot Bitcoin ETF, and is further challenged by political opposition, notably from Senator Elizabeth Warren.
  • Concerns arise over the SEC’s potential rejection of the Spot Ethereum ETF based on Ethereum’s classification as a security versus a commodity, which could unravel previous regulatory stances and open the door to legal challenges, despite Ethereum’s near-perfect correlation with its futures market indicating suitability for an ETF.

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Ethereum

Ethereum Skyrockets,nearing R74,700

  • The cryptocurrency market cap has reached $2.58 trillion, with Ethereum leading altcoin gains by approaching the $4000 mark.
  • BlackRock’s Bitcoin ETF experienced record daily inflows of $788.3 million and trading volumes of $3.76 billion, underscoring increased investor interest in cryptocurrencies.
  • Legislative and market movements, including the Arizona Senate’s consideration of bitcoin ETF shares for state pensions and the volatility spike in Bitcoin, reflect growing mainstream acceptance and the dynamic nature of the crypto market.

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