A relatively new crypto asset has surpassed Ethereum and XRP in daily volume, according to Messari’s Real 10 crypto volume index. Ethereum saw a 2% price rise today but is struggling to break above resistance at the $160 level. Ethereum was trading above $170 last week Price action has formed a potential bearish flag via the daily chart view, at risk of a breakout to the downside. ETH/USD 60-minute chart The price mo The fees that the Ethereum users pay for using the robustness of the network are now bigger than what the network spends to keep the pace. Ethereum is slowly moving higher and trading above $155. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.
A relatively new crypto asset just surpassed Ethereum and XRP in daily volume, according to Messari’s Real 10 crypto volume index.
Messari created the index in March of last year in an effort to reveal legitimate crypto volume by tracking 10 exchanges: Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken and Poloniex.
The move followed a report from Bitwise that was submitted to the US Securities and Exchange Commission in March of 2019. At that time, Bitwise researchers declared that 95% of all reported Bitcoin (BTC) trading volume on CoinMarketCap was fake or non-economic in nature.
Messari founder Ryan Selkis highlighted today’s volume stats, which show Chainlink (LINK) surpassed Ethereum and XRP to become second in overall trading volume on Monday. Messari reports $130,535,603 in LINK trading volume, compared to $118,309,525 for Ethereum (ETH) and $77,029,141 for XRP.
Bitcoin remains on top, with $1,025,618,898 in trading volume on April 13th.
$LINK is an absolute monster.
#2 in Real 10 volume today. pic.twitter.com/SLAZ2C81qq
— Ryan Selkis (@twobitidiot) April 14, 2020
The volume shift happened despite LINK’s current status outside of the top 10 largest cryptocurrencies by market cap. It ranks 11th.
Chainlink is designed to help companies streamline the process of taking data that is external to blockchain applications and placing it on-chain. Its native token, LINK, was created to reward operators who power the network.
It was one of the best-performing cryptocurrencies of 2019, surging from 29 cents to $1.80 — a 520% increase. The coin has continued to rally in 2020 and is now $3.37 at time of publishing.
A new report from IntoTheBlock shows the network’s on-chain fundamentals are strong, with a steady rise in the number of addresses holding LINK in the last 12 months.
However, according to new analysis from News BTC’s Tony Spilotro, the TD sequential indicator, which tracks a series of price points to identify trend reversals, is currently flashing a sell signal for LINK which suggests that a price drop is on the horizon.
Ethereum (ETH) Price Analysis: ETH Battling Resistance at $160 – Have the Bulls Started To Give Up?
Ethereum increased by a small 2% today as it bounced from support at around $155 to reach the current resistance at $160. The cryptocurrency has failed to break above this resistance over the past 5-days of trading which is a sign that the coin might roll over soon and head lower.
On the other hand, if ETH can remain above $155, it would still have the potential to climb higher back toward the $175 resistance level.
ETH/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see that ETH was struggling to break above resistance at $175 last week which caused the cryptocurrency to roll over and drop. It went on to fall into support at $155 which is provided by a short term .236 Fibonacci Retracement level.
ETH has now been bouncing between $155 and $160 for the past 5-days of trading as it struggles to break out of this range.
Ethereum remains bullish in the short term but a break beneath the support at the .236 Fib Retracement would turn it neutral. It would need to fall further lower and break beneath the rising support trend line to turn bearish.
If the bulls manage to break the resistance at $160 we can expect immediate higher resistance at $176 which is provided by a 1.414 Fib Extension level. Above this, resistance is located at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
On the other hand, the first level of strong support lies at $155. This is followed by support at the rising support trend line. Beneath the trend line, support is to be expected at $142 (.382 Fib Retracement), $132 (.5 Fib Retracement), and $122 (.618 Fib Retracement).
Support: $155, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76..
Resistance: $160, $172, $176, $180, $191, $200, $205, $210, $213, $220, $227.
Ethereum (ETH) Price Analysis: ETH Battling Resistance at $160 – Have the Bulls Started To Give Up?
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Ethereum Price Forecast: ETH/USD at risk of a daily bear flag breach
Price action has formed a potential bearish flag via the daily chart view, at risk of a breakout to the downside.
The price movements via the 60-minute chart view remain very much directionless, with supply observed from $157-159. There is the possibility of a bullish pennant breakout.
Spot rate: 153.38
Relative change: +1.15%
Ethereum User Fees Surpassed Uncle Block Rewards in March 2020 ⋆ ZyCrypto
The fees that the Ethereum users pay for using the robustness of the network are now bigger than what the network spends to keep the pace. The Tokenanalyst data published by Ankit Chipluncar claims in March 2020 the miners of uncle blocks received 20.4K in Ethereum. In the same month, the total sum of money users and smart contracts sent as fees equals 26.1K.
Since February 2019, the users’ fees were always lower than the uncle block’s rewards. However, in March 2020, the situation is under a rough change. Worth noting the correlation change, presumably coming after the March 13 big crypto sell-off. Otherwise called the ‘bloody Friday’, March 13 became a day when Bitcoin lost 40% of its price in one day. Ethereum, and other mainstream coins, were following the trend.
A look into $ETH miner rewards 👇
1/2) Fees paid to miners (ETH 26.1K) exceeded the uncle reward (ETH 20.4k) paid to miners in March 2020.
i.e. the fees paid by the users are now greater than the cost paid by the network to maintain a 15sec blocktime.
data: @thetokenanalyst pic.twitter.com/jXXXBiWYRW
It is a fraction of the real block reward paid to the small miners who submit blocks a little later than big miners. All thanks to the high competition among miners, and the low Internet speed in some regions. In Bitcoin, only one block goes to the network every 10 minutes. Even if two big mining companies produce 2 blocks at the same time.
In Ethereum, there are several blocks in production. Those are base blocks (main chain), stale blocks (or the Uncle blocks), and Forked (Orphan) blocks. The network pays a small amount of block reward to people who submit stale blocks to the network to keep them in mining. It also pays a slightly bigger sum to the miners of the forked block.
Stale and forked blocks are the alternatives to the blocks accepted by the network by default every 15 seconds. All types of blocks are typically mined almost at the same time.
What is the difference between uncle blocks and orphaned blocks? Uncle blocks are linked to the blockchain forever. They are not the canonical ‘truth’ for the particular block height. However, after network reorganization, the forked blocks are disappearing, but the uncle blocks are staying. More than that, Ethereum’s Vitalik Buterin claimed that it’s good to use/reference to uncle blocks:
“Stale blocks in Ethereum can be re-included into the chain as “uncles”, where they receive up to 75% of their original block reward. This mechanic was originally introduced to reduce centralization pressures, by reducing the advantage that well-connected miners have over poorly connected miners, but it also has several side benefits, one of which is that stale blocks are tracked for all time in a very easily searchable database – the blockchain itself.”
Thanks to the Ethereum’s fast block generation, every 15 seconds the network can produce ‘twin’ blocks. Even if your transaction is not in the main block, the uncle could help out.
Ankit also notes that since January 2019, smart contracts are paying more and more fees, compared to individuals. Per the chart with the basic transactions count, in March people paid 2.7K in Ethereum as fees. Smart contracts (sometimes operating without direct human involvement) have sent 23.4K in Ethereum TX fees over the same period. This is 8.6 times more than what people are sending via the base transactions.
Not all of the smart contract transactions operate in automation. Sometimes people manually order a contract to execute a series of events (including the future ones), like payroll sending, etc.
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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
Author: Jeff Fawkes
This Scenario Will Trigger A New Ethereum Rally: Key Levels To Watch
Ethereum is slowly moving higher and trading above $155 against the US Dollar. ETH price is likely approaching a crucial bullish break if it clears the $160 and $162 resistance levels.
- Ethereum is grinding higher and showing positive signs above the $155 level.
- The bulls are likely to face a strong selling interest near $160 and $162.
- This week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD (data feed via SimpleFX).
- The pair must surpass both trend lines and $164 for a convincing bullish break in the near term.
In the past three sessions, there was a decent recovery in Ethereum above the $155 resistance against the US Dollar. ETH price managed to settle nicely above the $155 pivot level and the 100 hourly simple moving average.
The upward move was such that the price tested the first major hurdle near the $160 level. However, this week’s two bearish trend lines are active with resistance near $160 and $162 on the hourly chart of ETH/USD.
The first trend line acted as a key barrier for the bulls and protected more upsides above $160. A high is formed near $160 and Ethereum price corrected below the 23.6% Fib retracement level of the upward move from the $148 low to $160 high.
On the downside, the previous resistance near $155 and the 100 hourly simple moving average are currently providing support. Besides, the 50% Fib retracement level of the upward move from the $148 low to $160 high is also near $155.
To start a strong rally, the bulls need to push the price above both trend lines and $164. A successful follow through above the $164 and $165 resistance levels may perhaps initiate a solid upward move. The next key hurdle is visible near the $175 resistance level.
On the downside, there is a crucial support forming near the $155 level and a connecting bullish trend line on the same chart. If Ethereum fails to stay above the $155 and $154 support levels, it could turn bearish.
An immediate support is near the $150 level, below which the bears are likely to aim a test of the $145 support area in the coming sessions.
Hourly MACD – The MACD for ETH/USD is slowly gaining strength in the bullish zone.
Hourly RSI – The RSI for ETH/USD is currently just above the 50 level.
Major Support Level – $154
Major Resistance Level – $162
Image from unsplash
Author: Aayush Jindal