Ethereum May See Its Most Important Breakout Since 2018: All Eyes on $240

Out of the top-five cryptocurrencies, Ethereum has been the most bullish one over recent weeks. The cryptocurrency has pushed closer and closer to local highs as Bitcoin and XRP have stalled. Analysts say that with this recent price action, ETH is likely preparing to see a massive breakout. One trader, in fact, said that Ethereum may soon see its “most significant breakout” since the bear market ended at the start of 2018. Related Reading: Crypto Tidbits: TikTok’s Dogecoin Craze, Coinbase on Stock Markets, Bitcoin Holds $9k Ethereum Could Soon See…

Indicators Suggest Ethereum Could Still Rally Above $250

Ethereum traded to a new monthly high near $249 before correcting lower against the US Dollar. ETH price is currently trading nicely above $253 and it could rally again towards $250. ETH price is holding the main $235 support level and the $232 pivot level against the US Dollar. It is facing a couple of important hurdles near $240 and $250. There is a crucial contracting triangle forming with resistance near $242 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair could rally again above $245 as…

Ethereum 2.0 Is Likely to Boost DeFi Further, Even After Parabolic Rally

One of the hottest crypto trends over recent months has been Ethereum DeFi. Also known as decentralized finance, DeFi is the industry of building decentralized applications for financial services. As can be seen below, coins related to this sector have gone parabolic, outpacing Ethereum. Take the example of Aave’s LEND token, which is up by over 700% since the middle of April. Chart of Ethereum vs. top DeFi altcoins (Compound, Chainlink, Ren, Synthetix Network Token, and Aave’s LEND) over the past three-four months. Chart from TradingView.com According to a prominent…

Explosive Defi, Stablecoin Activity Send Ethereum Fees Above Bitcoin

The median transaction fees on the Ethereum blockchain have been above Bitcoin’s for over a month. Data aggregator Messari noted that an explosion of activities on Ethereum-backed decentralized finance and stablecoin projects shot its fees higher. It further stated the Ethereum’s consistent uptrend shows that its demand is not slowing down. Ethereum has set a new record against Bitcoin. The second-largest blockchain project by market capitalization charged higher fees for confirming blocks throughout the past 30 days. Its median transaction charge surpassed that of Bitcoin and stayed there for over…

Technicals Suggest Ethereum Must Stay Above $230 For Hopes of a Fresh Rally

Ethereum started a downside correction from the $248-$250 resistance zone against the US Dollar. ETH could extend its decline, but it must stay above $230 for hopes of a fresh increase. Ethereum is correcting lower and trading near the $235 support zone. The price is now trading below the $242 pivot level and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $245 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to extend its…

Tether Blacklists 39 Ethereum Addresses Worth Over $46 Million

Tether (USDT) has blacklisted 39 Ethereum addresses worth $46 million in USDT, with 24 holding a total of over 5.5 million USDT being blacklisted this year. This revelation comes on the back of Centre’s first blacklisting of an Ethereum address holding $100,000 USDC. Ethereum researcher at Horizon Games Philippe Castonguay used Dune Analytics to create a dashboard that tracks the number of addresses blacklisted by both Centre and Tether. The largest address holds over 4.5 million USDT and was only recently blacklisted on April 5. 39 addresses blacklisted by Tether.…

‘Significant’ Ethereum Rally Signals New Altcoin Season — Peter Brandt

Popular trader Peter Brandt believes that Ether (ETH) saw a significant breakout in its ETH-BTC pair on July 9. According to the veteran trader, the breakout could be a signal that a new altcoin season could occur in the near-term. Brandt tweeted: “Significant breakout in ETH-BTC with target of .03276 BTC. Most alts should gain on Bitcoin in near future.” ETH-BTC daily chart. Source: Peter Brandt The strong performance of alternative cryptocurrencies in recent weeks coincides with an Ether rally and the expectation that upcoming network upgrades will solve the…

Sell Signals On Ethereum and Others Could Mean Altcoin Season Is Finished

Chainlink set a new all-time high and has gone parabolic. Dogecoin has gone viral. Even XRP is pumping. The crypto space is clamoring that altcoin season is finally here. However, sell signals appearing on the price charts of numerous alts suggest otherwise. Is alt season already over before it officially began? Altcoin Season Explained Bitcoin and altcoins exploded alongside one another during the crypto bubble. But since then, the two crypto assets have had a somewhat inverse relationship. When Bitcoin was pumping all throughout 2019, altcoins fell further in value.…

This Prominent Bitcoin Advocate Just Went Long on Ethereum; Here’s Why

Ethereum has been expressing some notable strength against Bitcoin over the past couple of days. This comes as it was able to rally past a significant resistance level that was previously forcing it lower. Analysts are now noting that the cryptocurrency could be poised to see further upside, with one veteran trader offering a target that is nearly 30% higher than where it is currently trading. The strength it has expressed over the past couple of days has even been enough to cause one Bitcoin maximalist and prominent Ethereum critic…

Centre Freezes Ethereum Address Holding $100K USDC

Centre, the company that issues the stablecoin USD Coin (USDC) has blacklisted an Ethereum address holding $100,000 in USDC in response to a law enforcement request. In the first of its kind, the address had a “blacklist(address investor)” function called on June 16, 2020. It’s not yet clear the reason behind the law enforcement request, but Centre Consortium — founded by Circle and Coinbase — did release a statement confirming the blacklisting: “Centre can confirm it blacklisted an address in response to a request from law enforcement. While we cannot…