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Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?

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Over the past 24 hours, the price of Ethereum has increased up to $141 which is a 13 percent increase against the US dollar according to the altcoin news and analysis we have for today. Many of the analysts see a short-term recovery in the near future as the market gains momentum.

The increase in price shows a pretty gloomy performance for some of the coins such as EOS, Bitcoin Cash, Binance Coin, and Ethereum and the sentiment of the market is overall gloomy as well. Before the crypto market rally, a popular crypto trader named ‘’Mayne’’ said that the investors cannot still be bear-biased based on the last performance of the market. He said:

 “We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’

Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks.

Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:

 “Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Ethereum News

Market For ETH/BTC Went Off A Cliff In 2019, Could Reverse Now

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The biggest altcoin of all, Ethereum, did not see a positive 2019. The second largest cryptocurrency by market cap registered a negative performance in 2019 which was contrasted by Bitcoin and its yearly gains of over 90%. In the crypto news today, we can see that the market for ETH/BTC is improving and while it fell off a cliff in 2019 with the price of one ETH as low as 0.016, the situation is now changing. Over the past few weeks, Ethereum has shot higher against the US dollar and against BTC. It was buoyed by the sentiment that there is an impending altseason and the simple fact that the asset was oversold in 2019. A recent analysis by a prominent market commentator named Loma (LomahCrypto) shows that the market for ETH/BTC could be on the verge of going near-vertical. The trader posted the below chart to back his point and showed that the trading pair has begun consolidating above the key horizontal support around 0.026 Bitcoin. https://twitter.com/LomahCrypto/status/1230764062008471552 In fact, the pair remained above the key infection point for around 10 days now, boding well for the bullish narrative that is building. The consolidation, as Loma depicted, is a likely sign that ETH will rally 15% against Bitcoin (BTC) in a near vertical fashion in the coming few weeks. He believes that the ETH news will show increases and that the pair will move vertically. But there are more fundamental reasons to believe that the market for ETH/BTC will improve and outperform the tried and true market leader from this point. The proximity of the blockchain's 2.0 (Serenity) upgrade will certainly change how Ethereum works in a way that many say will be for the better. Ethereum 2.0 will see the amount of ETH issued per block to be cut dramatically. This means that the relatively high inflation rate of the asset will be dropped dramatically. The decreased selling pressure from miners along with the adoption enabled by the technical improvements in Serenity will help and push Ethereum higher in the long run. And while there is the growth of DeFi and the Ethereum 2.0 project that are well for bulls, there are concerns regarding on-chain finance which may act as a bearish case in the market for ETH/BTC moving forward.
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Enjin Goes Live On The Ethereum Mainnet: Report

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Enjin goes live on the Ethereum network today and the platform will enable the developers to integrate cryptocurrencies in crypto apps and games without having to write blockchain codes as we are reading further in the upcoming Ethereum news. Game and app developers will now be able to integrate cryptocurrencies into their own products without having to write complex blockchain codes as Enjin goes live today. The company behind the project announced the launch of the game development platform and the mainnet has gone live on Ethereum thus allowing anybody to mint their own utility tokens. The Enjin platform will allow the app developers and game engineers to use the decentralized inventory once they start building their products according to the company’s blog post. The platform makes it easier to integrate both of the blockchain-based gaming and the non-gaming assets into the games and apps as per the company, saying that they also aim to simplify the process of managing economic gameplay mechanisms. Enjin also supports the ERC1155 Ethereum token standard which allows the developers to integrate the fungible and non-fungible tokens into a smart contract and they also stated that more than 2,500 projects have been created on the platform testent and later adopted the same ERC1155 standard. The company explained:
 “Simple, great user experience is one of the core product design philosophies at Enjin, and we made damn sure that the Web Panel is minimal, straightforward, and clean.’’
The process of creating a new blockchain project is not so complex and it can be done in four steps. The process doesn’t require any coding knowledge but while the Enjin platform web panel enables the codeless creation and management of the blockchain assets, the developers will have to employ Enjin platform API and SDKs when the time will come to integrate those assets with games and apps. The platform API is graphQL based while the Platform SDKs include Java, NODEJS, Godot and Unity. According to the company, the Enjin platform will be powered by Enjin Coin and will serve as the ultimate minting resource and used to back the value of the issued blockchain assets. While the Enjin platform is a relatively new platform, the company was present in the crypto space for more than 10 years. Enjin’s huge ecosystem is preferred among gamers and with partnerships with major companies such as Unity, Samsung, and PC Gamer, the platform has a strong presence in the gaming industry. When it comes to future plans, the company said to be working on a new way to distribute blockchain assets via QR codes.
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bZx DeFi Protocol Under Attack, More Than $1 Million ETH Compromised

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The bZx DeFi protocol got seriously hit this week after the entire decentralized finance space got under attacks and the compromised funds lost more than $1 million as we are reading further in the Ethereum news today. The first attack happened four days ago, right after Valentine’s day according to the official reports from bZx. According to the document, the attack was launched during ETHDenver and at that time bZx’s team has been out attending the event, so block 9484588 was hit hard. The attack took advantage of the bZx DeFi protocol to lend and swap a huge amount of ETH and wrapped bitcoin which represents a token being launch on the Etheruem network while tracking the price of Bitcoin. This allowed the attack to manipulate the prices and to profit off of the decentralized leveraged trade. At first, the attack took 10,000 ETH from dYdX which is a decentralized lending protocol. He used about half of that to collateralize a loan for 11 wbTc on another lending protocol. The attacker later spent 1,300 ETH to open a 5x leveraged ETH/BTC short position on the Fulcrum trading platform while borrowing 5,673 ETH through the Kyber platform. This amount he swapped for 51 wBTC which caused a massive slippage. This allowed the attack to make huge profits from swapping the 112 wBTC from compound to 6,671 ETH and to make an income of 1,193 ETH which reaches a sum of $318,000. At the end, the attacked paid back the initial 10,000 ETH on the dYdX platform. The team also confirmed the second attack: According to the official reports, the attacker managed to acquire a net profit from the system of around $600,000 and bring the losses to more than $900,000 worth of ETH but the mechanism of the second attack was much more different than the first one. The problem was the oracle manipulation. Oracles represent centralized components that provide external information to the on-chain apps. The bZx team also stated that they are working with Chainlink and other providers to create ‘’ more robust oracle and reduce the surface area of attacks against our protocol.’’ The bZx DeFi protocol managed to postpone the realization of the profits from the second attack and stated that they believe ‘’the system can recover from this.’’
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What Is Ethereum Showing With The Latest Move?

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The largest altcoin by market cap, Ether (ETH), has been adding a lot to its price overnight and today, the altcoin is up by around 7%. Many people wonder what is Ethereum showing with this move but the truth is that the cryptocurrency smashes key resistance and the technicals indicate a fresh new rally to $288. The ETH news also show that the price is gaining pace and could rise further above $270 and $275. Yesterday highlighted a major bearish trend line which was breached with resistance near $262 on the hourly chart of ETH/USD. Meanwhile, the Bitcoin price is slowly recovering as well and could test the $9,800 and $10,000 resistance levels. What is Ethereum showing with this new rise is simply the ability that it can move higher even after a downfall. As soon as the ETH price settled above the $260 level and the 100 hourly simple moving average, we saw ETH consolidating and being in the middle from the downside correction from a $289 high to a $236 low. It seems like bulls are preparing for a push above the $272 and $275 levels. In this mentioned case, the price of Ethereum (ETH) is likely to rise strongly towards the $280 and $285 levels. The main hurdle on the upside is near the $288 and $289 area, above which there are many chances of a strong rise towards the $300 and $305 levels which are the goal for many analysts now. Anyways, what is Ethereum showing now is a swift move and a solid price which can continue above the $275 resistance and correct a few points. An initial support is also near the $264 level and the 100 hourly SMA. Therefore, if Ethereum fails to stay above the 100 hourly SMA, the bulls are very likely to struggle to protect the $260 support. In this mentioned case, the price may also correct towards the $255 support area. The technical indicators for ETH in the crypto news today are as following:
  • Hourly MACD – The MACD for ETH/USD is now back in the bullish zone.
  • Hourly RSI – The RSI for ETH/USD is currently rising and it is well above the 50 level.
  • Major Support Level – $262
  • Major Resistance Level – $275
The total market capitalization is at $285 which is good as it slowly tries to regain the $300 billion levels.
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