Ethereum Network Activity, DeFi Still Rising, When Will ETH Price Grow?

Fundamentally, Ethereum moves from strength to strength. Network activity is active, development is on the way, an update is imminent and DeFi is reaching record numbers. Still, ETH prices have fallen again, what is happening?

Ethereum Network Strengthens

Despite the FUD bargaining between Bitcoin maximalists and rival network supporters, Ethereum remains the second largest crypto asset for good reason. There are many ways to measure the state of the network, with the hash rate one and the activity second.

According to research conducted by Blockchain Analytics, more than 70,000 new addresses were created on the Ethereum network in the last 24 hours. In addition, there were approximately 245,000 active addresses that prove that things are still working well.

A summary of last month’s activity at Ethereum also reinforces things for the overall health of the network. Positive metrics include more than 9 million blocks mined in Ethereum, 15.6 million addresses with zero account balance and a solid increase in the use of DAP, including a record number of ERC-721 transactions in Ishtar, a popular game of digital commerce It is.
One of the most important developments in November was the MakerDAO protocol update that created a multi-collateral DAI, which now accepts Ether and Basic Totention Token (BAT) as a guarantee for the generation of Dai.

DeFi breaking record

Despite a 50% drop in the total capitalization of the crypto market in the last six months, decentralized finances based on Ethereum continue to grow.

The total amount of ETH blocked in the DeFi protocol reached a record high of more than 2.7 million. Slightly more than the record of the previous week. This is approximately 2.5% of the entire supply. In terms of USD, it is more than $670 million.

Why is ETH Dumping?

At the moment, the only positive thing about Ethereum is not its price. According to Tradingview.com, Ethereum has again dropped to $150. A few hours ago, ETH was dumped to $147 before a small stretch while struggling to stay.

Since last month, ETH has lost almost 20%, as it digitally surpasses its older brother. On a bright note, the asset is still quoted 37% more than the previous year. During those long and cold crypto winter months, ETH fell to a minimum of $ 85.

Countdown says that Istanbul is less than five days away and will present 6 EIPs, related to network security and gas cost reduction. However, the important point is that the update is the precursor to a major change for ETH 2.0, since the early stages of Serenity can start working.

The Ethereum roadmap may be delayed, but development is still advancing and the network is still strong. So the current value of the token is by no means an indication of the overall picture.

Bitcoin Bears Back as Sentiment Wanes, Will BTC Drop to $6,000?

After a positive week, in which BTC represented a solid 18%, the bears seem to be returning to the force. This perception is again negative as the Christmas rally is expected to fall a second time and analysts are analyzing $6k.

BTC consolidates but for how long?

BTC remains above $7k for the second day of this week and has begun to create a consolidation channel here. At first, it is only a few days before making a big move so that something is imminent.

The trade dropped to $7,150, according to Tradingview.com, last night, but quickly returned to $7,350, where the property is currently listed. In the hourly chart, Bitcoin supports the 200-hour moving average.

A death cross in this short period of time can cause more damage. The departure from the daily chart still shows a clear decrease with support greater than $6,800.

Merchant and analyst Josh Rager have conducted another mini-survey to assess general sentiment and this is a massive slowdown at this time. Approximately 57% of approximately 2,000 respondents believe that the BTC will fall to $ 6,500 before returning $ 8,000.
Another indicator of market sentiment is the Bitcoin fear and greed index, which currently records level 28 of ‘fear’. The feeling of recession spreads like a forest fire when things are in a downtrend. But the big picture tells a completely different story.

Why so tolerant?

The macroeconomist gs Riggs’ commented on the abundance of recession in the crypto Twitter;

“I find it funny that all these” top “people of Bitcoin on Twitter have become one of the 3 most important buying opportunities in the history of the investment. Does your small signal flash quickly and just throw in the towel? All the noise”

It is true that day by day things dominate the cryptographic social networks and only look for fast returns. There are probably many, if not more, investors that accumulate and keep assets. So these short-term charts do not make much sense to them.
This is also a valid statement, but it is often difficult for most to still be clearly in recession and sales continue.

There is also a small déjà vu with crypto markets here, as it happened almost this time last year. A rebound for crypto winters may be inevitable for most alternative currencies. But Bitcoin has increased by around 90% since the beginning of December 2018. If you return to those levels, it may be time to start worrying, but by then all that is really not needed is the feeling of recession.

Bitcoin Reaches Pivoting Point as Bulls Defend Key Support Level; Is a Rally Inbound?

After trying to promote Bitcoin (BTC) higher yesterday, the cryptocurrency bull lost some of its strength, pushing the bears to the cryptocurrency at $7,200. Which seems to be a significant level of support for the cryptocurrency, which buyers have defended constantly.

An analyst no longer realizes that the buyer’s ability to defend this level despite the seller’s current strength may mean greater impending stability, but analysts remain opposed to recovery. Will it be permanent or not?

Altcoin Apocalypse: Number of Dying cryptocurrencies is Increasing

The great rise of cryptography at the end of 2017 is a long-distance souvenir today. Almost all Altcoin grew in ridiculous proportions as the FOMO wave swept the scene. Today, most cryptocurrencies are melting and many will simply not survive another winter.

Crypto Assets on Death Row

Today, the total capitalization of the encryption market is approximately 200 billion dollars. It exceeded $800 billion through this level in November 2018, but fell again in November 2018 to $100 billion. Another impulse sent the total limit to $380 billion this year. But since then it has fallen 50% again as alternative currencies begin to die.

Many of them have maintained their profits this year and some have fallen to levels before the big bomb two years ago. Looking at the current scene, it is very unlikely to happen again. The only positive at the moment is that the total limit since the beginning of the year is 60%. But almost all bitcoins are doing it.

Taking as an example the unidentified Zcash crypto, the merchant Z DonAlt 'reported. That it has almost dropped to zero compared to the token launch prices.

ZEC is not the only Altcoin thrown more than 90%. Ripple's XRP token is also poor, despite several strong foundations and associations of a San Francisco-based fin technology company. It seems that the encryption community does not want to invest in centralized tokens that the company can manipulate.

XRP is currently trading at $0.225 and is below the market capitalization of $10 billion. Cross-border payment tokens have not declined before the big bomb in November 2017. He spent most of that year hovering around $0.20 and returning there. Since its peak, XRP has shed 94%.

Bitcoin Cash is another alternative currency that has failed to gain momentum. Despite the continued efforts of project leaders to boost it. BCH's market capitalization is now below $4 billion. And its dizzying increase 94% from its December 2017 high of $ 4,000.

More than 90 percent of the losers include Stellar, Tron, NEO, Iota, Dash, Vetchin, Ethereum Classic, Ontology, NEM, Qtum, Augur, Nano, Bitcoin Gold and even in the list of coin caps.

There are only a handful of cryptocurrencies that have lost only 60% or so and Bitcoin is one of them. According to Livecoinwatch, others include Binance Coin, Bitcoin SV, Cardano, Cosmos, LEO, Chainlink and Huy Token. Three of them are cryptoactive based on the exchange.

There have been no Altcoin seasons this year or the past and future do not look very good for most of them. Many of the major alternative currencies are still actively developing. But investors do not appear to be interested in other cryptography as winter approaches at this time.

Ethereum Ready for Downside as Support Starts Volatilize: Analyst

Analysts point out that Ethereum could be downside for more periods in the short term, driven by the lack of key support that exists directly below its current price levels.

The price action of Ethereum was very similar to that of Bitcoin in recent days and weeks. With the correlation of ETH with the strengthening of BTC since the encryption market in general witnessed a boom.

Ethereum breaks below $150 as Analysts Eye Next loss

At the time of writing, Ethereum is quoting down almost 2% at its current price of $149.80. Indicating a significant drop from its daily high of less than $160 set yesterday.

It is important to keep in mind that ETH is currently moving away from its recent lows of $147 that were set simultaneously with the $7,200 decrease in BTC this morning. And its bulls have so far defended this level of close support. They are able to do it.

The Ethereum bulls have been able to put a significant amount between their current prices and recent transactions of $130. Which established during the capitulation episodes observed in the recently assembled crypto market, led by the decline in Bitcoin. It cost $6,500.

Popular cryptocurrency analyst Nick Patel talked about the Ethereum price action in a recent blog post. He pointed out that any Bitcoin could be exaggerated further in Ethereum's USD trading pair.

Will The Dwindling support more losses for ETH?

Patel also wrote in his Market Update blog post that strong support for Ethereum that existed in the region of less than $100 could be broken. Which could mean further reversal and possibly a capitulation. It can cause one.

Assuming that Bitcoin support is in the region of $7,000, Ethereum is much less likely to see significant losses against the BTC staggering its USD support areas.

Bitcoin Analyst Advises Money Investing into Market

For some reason or another, bearish sentiment has accelerated the bitcoin market; Now, it has countless cryptocurrency investors asking for another 80% drop in the market capitalization of digital assets.

Despite this hard feeling, an analyst has claimed that the proverbial crypto ball remains in favor of the bull from a long-term point of view. Popular analyst CryptoThies said in a recent tweet that by taking a look at the monthly Bitcoin chart. It may be unethical to curb cryptocurrencies.

Supporting his point, he looked at the register money flow indicator. Checkin Money Flow (CMF), says Investopedia an oscillator that is derived from MACD, a trend indicator to signal market strength.

Thies said CMF "suggesting that smart money is flowing in the market at the moment and has an upward trend". Indicating that the cryptocurrency could begin to accumulate in 2020 and a positive trend.

I am not mentioning that the Thys good market indicator, which indicates the trends in the all-time frames, is still printing a "buy" signal for the one-month Bitcoin chart. This means that the cryptocurrency still has potential in the coming months and years unless the "cell" prints the signal.

The Basics suggest the improvement of Bitcoin in 2020

Analysts say it will only admit that Bitcoin is the flagship by 2020. Thomas Lee of Fundstrat Global Advisors recently met with CNBC to discuss his latest analysis of financial markets. While the segment focused on US stocks. In the US, Host closed the segment with a question about the slowdown in cryptocurrency markets and if it will grow in 2020. Lee, although it is noted that the recession is predominant, does not.

He added that the increase in the value of US stocks, which is now mostly general, sets the stage for risk-tolerant investors to add capital to Bitcoin and other markets that can be considered "risky." Classic approach. In fact, the analyst said that the years of Bitcoin's best performance are correlated with strong years in the S&P 500 and other major indices, reducing the risk of investors.

Lee added during this segment that with next year's Reduction of Blocking Rewards (Halving), Bitcoin could receive new momentum.

Bitcoin Falls to $7,400, Making $6,000 likely again

After reaching $6,600, Bitcoin (BTC) experienced sharp price increase, only to return to $7,800 yesterday. This marked an increase of about 20% from the bottom, which led some to believe that the bottom is inside. However, in the last 12 hours, the cryptocurrency has begun to slide once again, causing bearish reactions from a number of industry analysts.

Bitcoin falls to $7,400

At the time of writing this article, bitcoin is trading for $7,400 in several major exchanges, losing 3% of its value in the last 24 hours. While this wasn't conclusive a recessive movement. This means that new lows are coming, analysts believe that it is a precursor of the coming pain.

Popular trader Immortal Technique recently observed that the upward trend had been a rapid deceleration from the $6,600 level, with each high momentum (of which there were three) with lower purchase volumes, which were hurting the bull. Not to mention that the three impulses did not reach the apparent support area near the high $8,000. Therefore, he stated that "the party is over."

Johnny Mo noted that the recent price action satisfies a growing wedge he drew on his chart. Growing wedges are recession patterns seen in financial markets that are often less derogatory. A disadvantage of the triangle may be that BTC will recover $6,000.

Fundamentals Back Narrative Bearish

It seems that the story of the recession in the fundamentals is back, unfortunately. Earlier this week, the Korean exchange Upbit reported in an announcement that 342,000 Ethereum transactions (worth $50 million) were suspicious. The translated version of the related release did not include the word "hack". Although many have taken the statement as an indication that $50 million in cryptocurrencies have wrongly granted and currently cannot be recovered.

Upbit has confirmed that it will cover up to $51 million of its corporate funds, and has also revealed that it has transferred all cryptocurrencies to its cold wallet to protect its customers.

Some suggest that the sales pressures of this event may suppress the cryptocurrency market in the coming weeks.