Ethereum (ETH) Still Following $300 Plan Despite Price Drop: Analyst Michael van de Poppe

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Fri, 06/12/2020 - 10:44
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Vladislav Sopov
Ethereum (ETH) bulls might have been confused by the recent 8% price decline. But a top cryptocurrency analyst believes there's nothing to worry about
Ethereum (ETH) Still Following $300 Plan Despite Price Drop: Analyst Michael van de Poppe
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Seasoned cryptocurrency trader and analyst Michael van de Poppe has updated his recent chart that predicted that the Ethereum (ETH) price would surge above $300 in August, 2020.

Structure looks fine

According to his evaluation, this painful drop on June 10th-11th, 2020 won't affect the overall bullish trend of the Ethereum (ETH) price. Recently, it plunged to $226 on some spot exchanges after two attempts at conquering the $250 level.

Michael van de Poppe
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As revealed by this updated chart, the vulnerable territory for bulls starts between $210 and $220. So, this drop is no more than a predicted correction before the next series of upsurges. And the $250 level still remains the next target for price movement.

After $250, there is one more crucial level of bearish pressure. It is near $280 and it is here where another correction may put some water in bulls' wine.

Then, the upmove of the second cryptocurrency likely won't meet any resistance on its road to new yearly highs above $300.

Too many catalysts

Mr. van de Poppe published this chart for the first time one week ago, on June 7th, 2020. He highlighted that sub-$220 zones look comfortable for longs to be opened.

His bullish prediction resonated perfectly with a couple of mid-term evaluations that foresee a bright future for Ethereum (ETH) bulls.

For instance, global macro investor Dan Tapiero, founder of Gold Bullion International fund claims that we are on the verge of an explosive upmove for Ethereum (ETH) prices. The rapid technological progress of both Ethereum (ETH) and Ethereum-based products is the main catalyst behind this action.

Also, the euphoria around Grayscale Ethereum Trust Stocks (ETHE) refuses to reside. Wall Street Investors are buying Ethereum (ETH) stocks with an almost four-digit premium.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)