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Ethereum News

Ethereum Price Analysis: ETH Is Weak But Could Start Upswing Soon

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ethereum price analysis

In today’s altcoin news, we are focusing on a deep Ethereum price analysis which shows how ETH climbed above $231 and traded towards $265 – as well as its current price levels.

What you should know is that Ethereum rebounded from the $231 low in 2019 to a high of $264.99. As of recently, there was a break below a short term asecnding channel with support at $257 on the 30-minute chart. Right now, however, the Ethereum price remains well bid on the downside and trades around $249.

As Bitcoin surged above $8,000, Ethereum retraced too and the ETH price climbed above the $238 and $246 resistance levels. The Ethereum price analysis shows that ETH even broke $260 and traded to a new weekly high at $264.99, which demonstrates a strong rebound from the $231.10 swing low.

The latest cryptocurrency news show the Ethereum price correcting lower below the $260 level. Its 23.6% Fibonacci retracement level shows that there is some support but that the gains are quite independent. The ETH price is currently trading below the $255 level and the 25 simple moving average (30-min).

Any further declines could push ETH towards the $231 swing low which still remains as a level, according to our Ethereum price analysis. When it comes to the current price action, it is definitely going from neutral to bearish but as we see ETH above $242, it is likely to bounce back above $260.

In the coming altcoin news, analysts expect Ethereum to stabilize and potentially mimic another rally sparked by Bitcoin and its solid price performance. In the long run, the Ethereum price analysis shows that there is room for a lot of improvement. The second largest digital asset could open up to the $260 levels psychologically.

On the upside, the coin needs to regain the $270 barrier which is crucial in its development towards the $300 margin. As many best cryptocurrency news sites have showed, the upside is likely to gain traction and the next focus is expected on the critical $300 margin.

As we can see from this Ethereum price analysis, the second largest digital asset has a market value of $27 billion and an average daily trading volume of $11 billion, gaining 1.4% on the day since Sunday but still being down 2.5% since the beginning of Monday.

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Ethereum News

BitPay Now Lets Merchants Accept Ether (ETH) Cryptocurrency

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bitpay now lets
The payment solution BitPay will soon start accepting Ethereum, which is the second largest cryptocurrency by market capitalization. As the latest cryptocurrency news show, BitPay now lets merchants accept Ether (ETH) after an announcement from the company which went live yesterday. With BitPay, the subscribing businesses will be able to pay in Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH) along with a handful of other stablecoins. For those of you who were not following our Bitcoin and altcoin news before, BitPay launched in 2011 as a solution which settles both fiat and crypto payments in more than 200 countries. The co-founder and creator of Ethereum found out that BitPay now lets merchants accept ETH and decided to make a statement. Vitalik Buterin, known for his wisdom and continuous development of Ethereum, said that it was exciting to see BitPay “leading the way in integrating ethereum into global payment systems.”
“This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real-world use cases for cryptocurrencies,” Buterin added.
The company said that it often reviews potential cryptocurrencies for addition. As many best cryptocurrency news sites reported:
“BitPay regularly evaluates blockchains and cryptocurrencies to support the company’s goals of making it easy to send and receive payments for goods and services globally. We selected ethereum as it has broad support for real-world applications and is widely adopted.”
The news that BitPay now lets merchants accept ETH spread like wildfire on many news sites. The CEO of BitPay Stephen Pair was also in the coming altcoin news. As he stated, Ethereum was the next logical choice due to its current market base.
“As one of the largest cryptocurrencies by market cap and one used by thousands of companies, Ethereum is the next logical choice,” he concluded.
Last week, the Hong Kong Free Press (HKFP) claimed that BitPay was holding up the Bitcoin donations to the organization. As a non-profit news organization, the HKPF has been covering the civil unrest in the Chinese city. However, we still await an official response from BitPay concerning these allegations. All in all, the news that BitPay now lets merchants accept ETH is good for both the payment solution and the cryptocurrency, both of which are continuously evolving.
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Ethereum News

Ethereum’s Network Demand Is High Without Transferring ETH Tokens

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ethereum's network demand
Ethereum’s network demand is increasing over the past few days but now it seems that it comes more than just transferring ETH tokens. Let’s find out more in the coming altcoin news below. A large part of Ethereum’s network demand is due to the activity of smart contracts. The most active smart contract on the ethereum network since September 15th this year is one of the growing ETH Ponzi scheme. This contract took the lead over the past few days as the social media users noted. The scheme is gathering traction and more users are now sending in ETH for a short opportunity window in hope to get high returns. The Ponzi scheme contract burned more than 27 percent of all gas just a day ago. The second-largest smart contract ‘’Tether USD’’ issues and transfers USDT coins on the Ethereum network and reached a supply of 1.9 billion USDT. The Tether contract usually burns up to 30 percent of all gas on the Ethereum network and takes up more computational power than the most active distributed apps. The usage rate of more than 30 percent is extremely rare and usually means that the network could be overloaded with huge transaction prices. Over the past month, the fees to send some ETH tokens or to use the Ethereum network kept increasing and reached an average of $0.27. The price is still low but the Tether smart contract means that some of the users will have to wait for their transactions to be included in the block. Ethereum’s network strength is also very weak. The Ethereum Virtual Machine is a distributed computer which works on the open market principle so that anyone can pay for the computation can use the network. Ethereum is censorship-free which means that ETH-based entities can pay for the gas. So when a Ponzi scheme happens, the constant inflows of ETH mean the project has no issues and paying for the fast computation. The presence of the smart contracts also hampers the work of the smaller dapps and makes it hard for the developers to launch their projects. As per the latest cryptocurrency news, ETH is trading at $194 and is on track to reach the $200 level.
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Ethereum News

Ethereum Price Flashing: Can ETH Surge To A New Yearly High?

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Ethereum Price
The price of Ethereum is featured in our coming altcoin news. Over the past two weeks, Ether (ETH) has been a frequent topic of discussion. In the past day or two, the Ethereum price flashing green was another topic for analysts - all wondering if the altcoin has finished its retrace from a 2019 high at $364 or it has potential to rise even more. This week, Ether settled at $170. Currently, the latest cryptocurrency news and updates feature the Ethereum price flashing at around $189 which marks a significant increase. On the day, ETH managed to add around 4% to its rise, proving that a bullish momentum may finally be building up. Even though the news are not as exciting as they sound and not as convincing for a new bull run or a trend reversal, it is true that Ethereum can trigger many altcoins to grow now. In fact, the past 24 hours volume indicates that ETH has already pulled a lot of coins upwards. If Ether bottoms and reverses its course, however, the altcoins will also follow its trend. Traders will now remember that starting from December 2018, Ether and Litecoin kickstarted a great year and initiated a rally which was dubbed as the "altseason" in the news. This is where all the excitement of the Ethereum price flashing went and why everyone is seeing behind the significant rise and to a potential rally. The daily chart also shows that ETH managed to pop above its descending wedge after a double bottom with $167.50 support. On a large scale, it is clear that Ether is attempting to reverse the trend and a move above $196 is now set to be crucial for a new high. When it comes to the purchasing volume, many best cryptocurrency news sites report that it is less than fantastic. Also, it is something that traders should keep an eye on. Some analysts are even attributing Ether's rise to the network's demand skyrocketing over the past month. The weekly Moving Average Convergence Divergence (MACD) histogram also shows positive momentum during the Ethereum price flashing scenario - but the MACD has yet to pull above the signal line.
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Ethereum News

Ethereum Network Demand Skyrockets, But What About The Price?

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Ethereum Network
Ethereum network demand is increasing dramatically after the altcoin market in general responded bullishly to the consolidation of the number one cryptocurrency as we reported earlier in the altcoin news. This momentum has sent it up towards the $185 region which has been a decent level of support for the cryptocurrency earlier. The analysts noted that the Ethereum network demand is expressing significant increase and the network is strengthening which may be a good sign for the near-term price action for the ETH token. At that time of writing, Ethereum is trading over 3 percent from its previous price, reaching $185 which marks a strong recovery from the recent lows of more than $170 that were set at the beginning of the month. ETH managed to find support around this price level in the past few days and weeks and now it is able to surge and underline the bullishness that could be extended in the upcoming day.s The popular crypto trader Josh Olszewics posted on Twitter about the Ethereum price action saying ‘’here’s your $ETH hopium’’ and pointed on the charts that show a near short-term long target at $320. This target was set just when Oszewicz said that all of the indicators are resetting for BTC which in addition to its volume and volatility, it could even reach a ‘’face rip’’ move that will be imminent:
 “Indicators/oscillators all resetting or reset on $BTC. Volume basically dead, volatility plummeting. OI nearing infinity on bmex and dbit. Face rip move coming soon.’’
Here it is important to mention Bitcoin’s hash rate which many analysts saw it as a sign of its network strength which recently surged to all-time highs. Ethereum’s network is also showing signs of strength. The partner at Placeholder Chris Burniske explained that the recent surge in the gas usage of ETH signals that the demand for Ethereum network is high at the moment:
 “This can be read as: demand for #Ethereum’s world computer is at ATH.’’
As per the latest cryptocurrency news reports, the fundamental robustness could mean that the significantly further gains are imminent and the network utility may be followed by a surge in the price of the cryptocurrency.
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