Ethereum Embarks on a “Moon Mission” as Analysts Eye a Move to $290

Ethereum is beginning to flash some signs of strength as it pushes up against the upper boundary of its long-established trading range between $230 and $250. If it can surmount the resistance it is currently facing, it is a strong possibility that it will soon set fresh post-March highs. Analysts are growing increasingly optimistic regarding the cryptocurrency’s near-term outlook. One is even going so far as to note that it is currently embarking on a “moon mission” due to it forming an incredibly bullish market structure. As for where this…

Performance Art Film Is Now Tokenized on the Ethereum Blockchain

HOW ARE WE, a performance art collaboration consisting of 15 short works filmed in COVID-19 quarantine, has been hashed and minted into a non-fungible token on the Ethereum blockchain. Additionally, a mechanism has been put in place to reward the project’s contributors whenever the asset is sold. Artists benefit from potentially appreciating assets A legally binding contract grants the rights to the film to the holder of the ERC-721 token in which the hash and metadata of the artwork is stored. This means that if, for instance, the Museum of…

Waiting for Ethereum 2.0, but Layer-Two Solutions Are Needed Now

Ethereum has been the center of focus in the cryptosphere for some time now, and for good reasons. As the popularity of the second-largest blockchain network continues to grow, so too does the urgency for improved performance and scalability. The Ethereum network has been dealing with some congestion issues, the most recent of which resulted in its transaction fees ballooning in June 2020. The network congestion even led to an increase in the maximum gas allowed per block on the Ethereum blockchain, enabling more transactions to be processed but also…

Ethereum Correcting Gains But Here’s Why $230 Could Trigger Another Rally

Ethereum rallied recently above the $235 resistance region against the US Dollar. ETH is currently correcting gains, but the $230 support might act as a strong buy zone. Ethereum is trading in a positive zone above the $230 and $232 levels. The price rallied above the $240 level and it is currently correcting gains from $244. There was a break below a connecting bullish trend line with support near $240 on the hourly chart of ETH/USD (data feed via Kraken). The pair is likely to find a strong buying interest…

Active DApp Users on Ethereum Doubled in Q2, While COMP Hit ATHs

Decentralized finance (DeFi) applications on the Ethereum blockchain surged in the second quarter of 2020 as the daily transaction volume reached an all-time high in June. The 2020 Q2 Dapp Market Report published by analytics website Dapp.com showed that the number of active DApp users on Ethereum (ETH) increased by 97% in Q2 to reach an all-time high of 1,258,527. In addition, the transaction volume of ETH DeFi DApps reached $5.7 billion in June, making up over 97% of the entire DApp volume on the network. COMP driving Ethereum users?…

The Ethereum Network Activity Surged to Levels Unseen in 2 Years

The smart contracts giant kicked off the week on the right foot. Its price has surged over 4.60% since the weekly open to hit a high of $237.5. However, the Tom Demark (TD) Sequential indicator estimates that Ethereum could be bound for a small intraday correction before it continues rising towards the $239 resistance level.  Based on ETH’s 1-hour chart, the TD setup is currently presenting a sell signal in the form of a green nine candlestick. The bearish formation estimates a one to four 1-hour candlesticks correction. A red…

Ethereum Smashes Crucial Hurdle And It Could Rally To $250

Ethereum formed a strong support base above the $224 level against the US Dollar. ETH is up over 3% and it broke the key $230 and $232 resistance levels. Ethereum is gaining bullish momentum above the $230 pivot and the 100 hourly simple moving average. The price is up more than 3% and it even tested the $235 resistance level. There was a break above a major bearish trend line with resistance near $230 on the hourly chart of ETH/USD (data feed via Kraken). The pair is showing positive signs…

Ethereum Lacking Momentum, But Here’s Why 100 SMA Could Spark Fresh Rally

Ethereum is struggling to clear the $230 resistance level against the US Dollar. ETH price is showing positive signs and it seems like a close above the 100 SMA (H4) could trigger a fresh rally. ETH price is slowly moving higher towards the $230 resistance against the US Dollar. A close above the 100 simple moving average (4-hours) could spark a strong upward move. There was a break above an important bearish trend line with resistance near $225 on the 4-hours chart of ETH/USD (data feed via Kraken). The pair…

Ethereum DeFi Broke Records in June, But Other Categories Are Suffering

Results for the second quarter of 2020 show tremendous growth for decentralized applications across all ecosystems, primarily spearheaded by Ethereum (ETH) decentralized finance, or DeFi. Decentralized exchanges were at the frontlines of the rise as Compound token mining activity trickled down to on-chain swapping solutions. According to Our Network, Curve was one of the biggest beneficiaries of yield farming as it helped users switch between different stablecoins to maximize yield. Curve is an automated money market that only supports swaps between different types of stablecoins and wrapped tokens. This limitation…

Three Important Reasons Why Ethereum Could Tumble Below $220

Ethereum failed to continue higher above $233 and declined sharply against the US Dollar. ETH is now trading below the 100 hourly SMA and it could continue to move down. Ethereum broke the key uptrend support level near $228 and the 100 hourly simple moving average. The price is likely to resume its decline unless it surpass the $228 and $230 resistance levels. The bulls failed to protect this week’s ascending channel with support near $228 on the hourly chart of ETH/USD (data feed via Kraken). The previous support at…