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Ethereum Will Skyrocket By 70% Against BTC: Analyst Prediction

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Ethereum Will Skyrocket

One pseudonymous cryptocurrency technical analyst with an alias “Rampage” recently predicted that Ethereum will skyrocket and will put Bitcoin in the shadows, rising by more than 70% against the most dominant cryptocurrency.

The coming altcoin news show the tweet in which the analyst attached an image showing the price action of the two markets – overlaid in a single chart. As he predicted, Ethereum will move higher against Bitcoin and will closely follow the price action of its USD counterpart.

Even though the analyst who made the altcoin news is quite anonymous, his chart is definitely spot-on when it comes to the current technicals. He believes that Ethereum will skyrocket based on a compelling technical analysis – and a forecast that supports his prediction.

What’s also interesting is the fact that the same analyst has been featured on many best cryptocurrency news sites on May 24, when he emphasized how Ethereum converted the former resistance of 0.03 into support. In many books, this was seemingly bullish price action as it showed rejection of lower prices.

The tweet below shows is a detailed illustration of that.

If we go into another perspective and see if Ethereum will skyrocket in the long run, a timeframe ETH analysis points to an ultra bullish take on a longer time frame. ‘Rampage’ also posted a chart where targets are specified – where the first target is 0.040873 and the second is set at 0.053449. Right now, ETH is trading at 0.030858 and a USD price of $264.30.

If this analysis turns out to be accurate, more long positions in the market can boost the Ethereum holdings against Bitcoin – by more than 70% in the long run.

It has now been three weeks since this prediction was made – and ETH has yet to make a move. Still, bulls think that Ethereum will skyrocket in the next 24 to 48 hours – where the key level is set at the resistance between 0.031 and 0.032.

A look in the latest cryptocurrency news shows that Bitcoin (BTC) managed to ignite a bullish run and trigger many altcoins to rise. The bulls are now in the perfect position to break out of the pattern and build significant momentum. All of which supports this analyst’s forecast on Ethereum and its price targets.

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Ethereum News

Fidelity Digital Assets Will Consider Adding ETH Support In 2020

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The president of Fidelity Digital Assets, Tom Jessop, is in the Ethereum latest news for announcing that the firm may finally add support for Ether (ETH) in 2020 if there is enough demand for it. The cryptocurrency trading arm of the United States financial services giant Fidelity has unveiled its plans recently in an interview with the industry news outlet TheBlock published on December 13.As Jessop said in the interview, Fidelity Digital Assets may support Ether in the future. He said:
“We've done a lot of work on Ethereum. We intend to support it in the New Year. We're very led by our clients.”
As one of the key people in the organization, Jessop also said that the main obstacles to institutional crypto adoption are price volatility, lack of regulatory clarity and perhaps the absence of track record. He fully explained that he believes these problems will be alleviated with time and said:
“Meaning like, ‘How do I know that if I buy this thing, it's gonna be around tomorrow? Like what indicia of durability or longevity do I have based on the fact that the history of this asset is 10 years old?’ I think many of these things solve themselves with time.”
Meanwhile, Fidelity Digital Assets's cryptocurrency trading and custody platform launched with only a couple of clients in March this year. As the cryptocurrency news showed at the time, the platform is not meant for retail investors - instead, the main clients are hedge funds, family offices, pensions, endowments as well as other institutional investors.In October this year, the personal investing president at Fidelity Digital Assets Kathleen Murphy said that the firm does not offer cryptocurrencies on retail trading platforms - all in order to protect its clients from the marketplace which is full of risk nowadays.All in all, the recent update about ETH coming to Fidelity is one more proof that institutions are changing and that that institutional adoption has already started and is at full steam. As we reported earlier this year, Ether futures could certainly be the next thing which could drive crypto market expansion.Meanwhile, today's market updates show that Ethereum (ETH) is safely locked at $143 with a bearish momentum.
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Bitcoin Cash News

Bloxroute Releases Blockchain Distribution Network For ETH And BCH

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The cryptocurrency software firm Bloxroute is in the latest ETH and Bitcoin Cash news for announcing the launch of the startup's Blockchain Distribution Network (BDN) Version 1. As the co-founder Eyal Markovich said, the BDN V1 release is a milestone for the company and the scalability service aims to enable the exponential blockchain scaling by propagating blocks and transactions in a faster way.The startup Bloxroute is a firm which is dedicated to blockchain propagation software. They recently revealed the launch of the BDN V1 as a protocol with a “Layer-0 blockchain scalability solution” and the company's co-founder noted that developers have been working "tirelessly" toward the effort.We first mentioned Bloxroute in the crypto news back in November 2018 after the Bitcoin Cash blockchain split - and the BSV split from the BCH network. At the time, both of the communities heavily debated about how miners and nodes would handle massive sized blocks in the future. Bloxroute was at the time brought up in the debates quite quick - mostly because they believe that BDN can bring more efficient block propagation for blockchains.
“In particular, Bloxroute propagates blocks without knowledge of the transactions they contain, their number, and the ‘wallets’ or addresses involved. Miners are free to include arbitrary transactions in a block,” the Bloxroute whitepaper explains.
Since then, Bloxroute has been experimenting with multiple blockchains and its recent tests include the ETH Mining Test, the Bitcoin Cash Miner Test as well as the Akomba Labs Test. For instance, the results from the Bitcoin Cash Miner Test showed that “BDN propagates large blocks (32MB) between 2-18 seconds compared to up to 193 seconds without Bloxroute.”
“Block compression technology, such as Compact blocks, improved with the BDN as transaction propagation allowed mempools to be more in sync,” the report highlights.
Additionally, we can see that China saw the "largest improvement" in propagation times and BDN "sped up the fork recoveries" such as missed transactions from compact blocks. Bloxroute has been working with different mining pools and had an apparent partnership with the mining operation Rawpool.As for the latest BDN V1 Gateway software, the co-founder Markovich noted that the protocol is now available via  GithubDockerhub, and Pypi. When asked about the future, he said:
“While the first version of the Blockchain Distribution Network (BDN) supports Ethereum and Bitcoin Cash, we are also working to integrate the BDN with a number of new blockchain projects including Ontology, Quorum, Conflux, and Metadium."
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Ethereum News

ETH Is Primed For More Downsides In The Near Future

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eth is primed
Even though yesterday the Ethereum news showed that the cryptocurrency is trapped and quite clueless, today's updates show that this situation may extend and ETH is primed for more downsides if the trend sustains.All of this started when the analyst known as Mayne in the crypto circles posted a tweet where he explained the price point of Ether compared to the one of Bitcoin. He said:
“$BTC and $ETH: Looking like we are going to get some relief, the question is how high and do you short the bounce? FTA on BTC is $7400 – FTA on ETH is $145,”
https://twitter.com/Tradermayne/status/1205725026273488896Another popular cryptocurrency analyst named Galaxy talked about how ETH is primed for more downsides - especially because the cryptocurrency is now trading within a bearish pennant which could spell significant trouble for its short term price action soon. “$140 must hold or it’s heading to $110. $ETH” he concisely explained.https://twitter.com/galaxyBTC/status/1205876822853984258For now, it is very probable that Bitcoin's price action will play a role in the major movements for Ether. However, we still don't know if ETH is primed for more downsides or a break above $8,000 for BTC will confirm a bullish ETH prediction.The past week, Ether plunged below $144 and $142 support levels against the US dollar. The price even spiked below the $140 support and a new monthly low was formed near $139. Later on, there was an upside correction above $142 and the upward move was capped by the $145 and $146 resistance zones.Right now, ETH is primed to make a change and its current price at $143 shows that it is still trapped below the resistance zone. If the cryptocurrency falls now, it could definitely test the $140 support area again. On the upside, there are many hurdles near the $145 and $47 levels. A clear break above $145 is needed for a decent recovery.The cryptocurrency news and charts now indicate that ETH is primed to visit higher grounds but the reality is that the cryptocurrency is facing tons of hurdles near the $144 and $145 levels. Therefore, the bears are likely to remain in action until there is a major change or potentially an altseason being triggered by any or all of the other altcoins.  
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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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