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Analysts Expect Ethereum’s Price To Drop Towards $170

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Analysts expect that Ethereum’s price will drop towards the $170 price level despite the recently incurred upwards momentum which happened after Bitcoin and the rest of the crypto market felt a slight resistance overnight. The new price trends sparked a short-term downtrend as we are about to see in the Ethereum news today.

A lot of the analysts expect Ethereum’s price may soon target even lower lows which could mean that the recent uptrend was only a flash in the pan that precedes the next major path down for ETH and other major altcoins. Ethereum is trading down by about 2 percent at its current price of $186 which marks a notable drop from the previous high of more than $195 that was set during a massive upwards movement that happened overnight. It appears that the mid-to-upper $190 region is a strong resistance level for ETH and the overnight drop happened right when Bitcoin surged to highs of more than $9,000 before starting a massive influx of selling pressure that sent it shooting lower.

In the near-term, Ethereum has found support around the current price although the key long-term support level remains around $160 while looking at the monthly charts since it is where it has found a lot of buying pressure that has been proceeded by the uptrends. The popular crypto analyst on Twitter Mayne explained that he looks at a $175 price range for Etheruem in the near-term and $8,150 for Bitcoin:

 “Retest of $175 $ETH and $8150 $BTC IMO.’’

Another crypto analyst- The Cryptomist, also explained on Twitter that the $183 is a key-near short term support level that most of the bulls will defend and there is a drop below this level potentially sparking a lot of capitulation that quickly sends it to $174:

 “$ETH It is important for the price to sustain a successful re-test of this ascending triangle breakout at the price of $183. Should it fail to do so $174 may very well be next.’’

As per the latest crypto news, the next few days will likely be very indicative when it comes to how most of the altcoins like Ethereum will continue their trends and seemingly will take guidance from Bitcoin.

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Ethereum News

Buterin Convinced The Foundation To Sell 70,000 ETH To Boost Liquidity

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Buterin convinced
Vitalik Buterin convinced the Ethereum Foundation to sell about 70,000 coins during 2017’s parabolic run which resulted in a $100 million liquidity which was the intention. In our ethereum latest news, we find out more about how he managed to do so.ETH is still the second-biggest cryptocurrency by market cap but its price nowadays is not even close to what it used to be two years ago. The volatility has taken up a beating and a breakout seems to be impossible at the moment. However, Buterin convinced the foundation which had the financial already sorted and it so happens that the co-founder managed to convince them to sell 70,000 ETH once the coin peaked in 2017.This resulted in an instant liquidity boost of around $100 million assuming that they will sell the coins at the absolute peak once the price hits the $1,400 mark. Buterin revealed that this was his plan in a conversation with Eric Weinstein which is a well-known podcaster who is also the managing director of the Thiel Capital company. Buterin's leverage of the coin’s rally helped him make a lot of money for himself too. He sold about 30,000 ETH which was worth more than $22 million at that time. This move made many of the users wonder whether the foundation’s motives are right. A lot of people in the community though they did so as they spent the entire fiat reserves and according to Buterin, this should not have happened.When he was asked what he thought about the drop in prices, Buterin admitted that he was relieved when it happened. According to him, the entire industry has yet to create a lot of value to actually be worth half a trillion dollars. He noted that he didn’t short but he did convince the foundation to sell a huge chunk of ETH. This comes as no surprise as many other prominent crypto figures did the same. One of the examples is Charlie Lee the founder of Litecoin who was heavily criticized for the move as many believed that he could be dumping coins because of the knowledge that was unavailable to the wider public.
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Ethereum News

Ethereum’s Volatility Is At Multi-Year Lows, Signalling Potential Action

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ethereum's volatility
The latest Ethereum news show that the ETH cryptocurrency is at new record lows when it comes to its volatility. In fact, Ethereum's volatility is at multi year lows now and the downtrend which has been here since early November has resulted in the price of this altcoin to face an ongoing period of sideways trading. However, analysts are now wondering if this low volatility could result in a spark soon.The lack of volatility has impacted Ethereum before, during and after its Istanbul hard fork. At press time, we can witness the lowest 60-day volatility levels since 2016, signalling that a massive movement is imminent at this time.In more detail, we can see that Ethereum's volatility comes in time when ETH is trading down just under 1% at its current price of $144.55, marking a slight decline from its daily highs of just over $146.Over the past week, we could see that ETH has been ranging within the mid-$140 region and finding strong support at roughly $140 as well as strong resistance at $150. This trading range is what has been growing tighter in recent times as ETH has been stuck between $142 and $145 for the past few days. Currently, Ethereum's volatility shows fewer signs of any major trend shift being imminent in the near term.The sideways trading has come about concurrently with a major drop in the 60-day volatility for ETH, which is right now at multi-year lows. Analysts at CoinMetrics (a blockchain research firm) were in the crypto news for noting that this could mean a big price movement is imminent.
“With $ETH’s 60d volatility falling to levels not experienced since 2016 are we finally due for some price action? Or just more of the same,” they said when pointing to the price chart seen below.
https://twitter.com/coinmetrics/status/1205572020504858624Now, it is highly probable that any ETH movement will still remain dependent on Bitcoin as BTC has been a strong guiding force over major altcoins in recent times. Even though it remains unclear as to whether or not Ethereum's volatilty could translate to a massive movement, opinions are split.The co-founder of Ethereum, Joseph Lubin, recently spoke about the strength that the cryptocurrency has. As he said in a tweet:
“Over 20M total #Ethereum accounts were created in 2019. Over $650M USD is currently locked in #DeFi. Over 4.5M $ETH was issued this year from block rewards. The @ethereum machine just keeps chugging!”
https://twitter.com/ethereumJoseph/status/1205567272393293824
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Ethereum News

One Forecast Sees ETH-Based DeFi Hitting $5 Billion By 2020

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The latest cryptocurrency news can confirm that the future of finance is evolving. A couple of days ago, we wrote about how the Ethereum DeFi space is revolutionizing things and why it is important right now. As we can see now, one forecast sees this industry hitting $5 billion by 2020 and rising higher with even bigger and bolder predictions in the long term.For those of you who don't know, DeFi refers to decentralized finance which is essentially a system that offers a unique way to earn interest on digital assets without any middleman taking a cut. With the traditional banking system being on the verge of a collapse, interest rates go into negative territory and savers are getting more punished on a wider scale.This is how DeFi acts as a solution (and why one forecast sees it bigger in years to come) - acting as a deposit in Ethereum or a stablecoin which can earn impressive interest rates on some platforms. This week, reports showed us that new records have been set for the amount of ETH that is locked up in DeFi.According to Defipulse.com, the amount of ETH locked in DeFi is at an all time high of over 2.7 million. The Ethereum news today also show that these numbers will grow and are growing as we speak.What's hot right now is one forecast by the industry advisers Blockchain Capital, which predicts that DeFi will continue to grow in 2020 and could be worth $5 billion. On a not so positive note, the report added that the fledging industry could come under the scrutiny of many regulators as it currently does not require any KYC or AML procedures.https://twitter.com/blockchaincap/status/1205249223857278976From all this, we can safely conclude that next year is likely to blossom in terms of DeFi adoption and the entire ecosystem. According to a recent blog post on DeFiPulse, privacy and anonymity solutions using zero knowledge are very keen to improve next year as further development on the Ethereum network proceeds.Aside from this one forecast predicting big things in the DeFi space, other reports show that decentralized exchanges are also very likely to grow next year. The efficient non-custodial financial tools will certainly continue to attract more traders away from the centralized profit-driven exchanges.
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Ethereum News

Ethereum Price Targets A 9-Month Low, DeFi Markets Strengthen

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ethereum price targets
The Ethereum today's news show that the price of the cryptocurrency is still unstable and may target new low in the coming days and weeks. It has been another miserable week as the Ethereum price targets lows and updates show that the opposing trend comes with continued growth in the sector.Deep in a two year bear market, the ETH cryptocurrency has displayed little effort to pull itself out of its solid fundamentals. The market cap of the leading altcoin has also dumped to a $15 billion which is far from its highs of $100 billion in early 2018.A 4% dump on the day has also seen new Ethereum price targets, now being set to $140 as the cryptocurrency corrected. Aside from the brief dip on November 25, the asset has not been this weak since late March which was nine months ago.As data from CoinMarketCap shows, ETH plunged below $140 a couple of hours ago and is still deep in bearish territory with prices making lower lows on a regular basis now. In the cryptocurrency news today, ETH is at $142 and has improved but overall, the dip is still measuring around 3%.Ethereum is now a lot close to its prices at the beginning of the year and has wiped off all of the gains in a massive 60% correction over the past six months. This is why the Ethereum price targets new lows and from a technical standpoint, the cryptocurrency has successfully rolled out the Istanbul upgrade which opens the doors to Serenity to begin.Despite the Istanbul hard fork, we don't see much of a movement and ETH is trapped in a downward momentum. The DeFi marketplace continues to grow - Defipulse.com shows that new records have been made again with the total value of ETH locked in DeFi now being at 4.6 million.The Ethereum price targets new lows because of several reasons. The biggest and most important one of them is the fact that the entire market is being dragged downwards. As DeFi grows, more ETH will be used and locked in to interest earning platforms as opposed to the amount of it being traded on open markets. As reports show, this overtime will decrease the volatility and increase the value of the token. 
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