Ethereum's native token Ether (ETH) looks poised to extend its selloff this week as it wobbles near a key support level of $4,000. ETH price dropped by over 5.50% on Dec. 6 to an intraday low at $3,913. In doing so, it slipped through upward sloping support that constituted an Ascending Channel that — more or less — appears like a Bear Flag, a bearish continuation setup. Conservative traders typically spot Bear Flags when an instrument consolidates higher inside a parallel channel after a considerable price drop (called Flagpole). They anticipate the price to break below the Flag's lower trendline. …

Ethereum's native token Ether (ETH) plunged alongside other cryptocurrencies on Dec. 4. Still, its move downside did not deter it from hitting a three-year high against Bitcoin (BTC), the world's leading crypto by market capitalization. The ETH/BTC exchange rate jumped a little over 11.50% to hit 0.0835 BTC for the first time since May 2018. The pair's price rally appeared in contrast to Ether's 15% price drop against the U.S. dollar on Saturday, which appeared in the wake of a market-wide selloff that saw Bitcoin plunging by as much as 21% intraday. The ETH vs. BTC "hedge" narrative emerges While …

By 2021, proof-of-stake (PoS) anchored itself as the consensus mechanism of choice for new and innovative blockchains. Ethereum 2.0, Cardano, Solana, Polkadot, Terra Luna — five out of the top 10 base layer blockchains run on PoS. It’s easy to see why PoS blockchains are popular: The ability to put tokens to work — verifying transactions and earning a reward in the process — allows investors to earn a passive yield while improving the security of the blockchain network they’d invested in. While blockchains make incredible progress, the financial products and services available to institutional investors struggle to keep up. …

This week Ether (ETH) price came within 2% of its all-time high, and on Dec. 2 the altcoin reached its highest price in Bitcoin (BTC) terms since May 2018. Ether hitting 0.0835 in its BTC pair represents a 229% gain for 2021, but Ether bulls might come out empty-handed from this Friday’s $680 million options expiry. Notice the ascending channel formation initiated in mid-October, which likely reflects the network’s $177 billion total value locked in smart contracts (TVL). Moreover, Ether's ETH 2.0 beacon chain balance reached an 8.45 million high, which is a 4.5% increase in November. Last week, four …

Ethereum (ETH) developers have put out a call to the community to help test the long awaited Merge between the Ethereum Mainnet and the proof-of-stake (PoS) based Beacon Chain. The Merge is a major milestone towards the transition to Eth2 as it will see the Ethereum network become a PoS blockchain, decreasing its energy consumption by 99%. On Nov. 29 Ethereum developer Marius van der Wijden announced a new program to get the community involved in Merge testing that caters to three tiers: non-technical users, developers with limited experience in blockchain and highly technical and experienced blockchain developers. Testing is …

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. ETH is burning at a rapid rate! Read on to discover the statistics behind Ethereum’s pursuit of deflationary mechanics. What you’re about to read is a shorter, more succinct version of the newsletter. For a comprehensive summary of DeFi’s developments over the last week, subscribe below. $4.24 billion in ETH burned since EIP-1559 event Blockchain analytics platform CryptoRank shared quantitative data this week that revealed an excess of 1 million Ether (ETH), worth approximately $4.24 billion, has been burned since August’s implementation of the Ethereum Improvement Proposal 1559. Also referred …

In a Twitter post published Wednesday, blockchain research firm CryptoRank revealed that over 1 million Ether (ETH) worth $4.24 billion had been burned since the introduction of the EIP-1559 protocol in August as part of the London hard fork. The EIP-1559 protocol reformed the Ethereum fee market, modifying the limit for gas fees and introducing a burn feature that takes a portion of transaction fees on the blockchain out of circulation, to be canceled permanently. Notable decentralized applications responsible for token burn contributions include popular nonfungible tokens, or NFTs, platform OpenSea.io and play-to-earn NFTs game Axie Infinity. Next, transaction volume …

The Ethereum community has been hard at work over the past few years, laying the foundation for its shift away from its current proof-of-work (PoW) algorithm which has formed the backbone of the blockchain’s operation up until today. Ethereum’s switch to its proof-of-stake- (PoS-) powered Ethereum 2.0 chain is edging closer to reality, with recent updates to its blockchain resulting in the issuance of Ether (ETH) becoming deflationary. Recent upgrades have resulted in deflationary issuance of ETH, where the burning of a portion of transaction fees has surpassed the issuance of new ETH through mining. Some in the industry didn’t …

Today, Binance announced the integration of the Arbitrum One core network and opened Ether (ETH) deposits on the Arbitrum One Layer 2. Arbitrum is a third-generation layer-2 optimistic rollup protocol that runs on an off-chain Ethereum contract and lowers costs and speeds up transactions than on the Ethereum mainnet. The announcement notes that Binance users can now deposit any ERC-20 token from the Ethereum network with Arbitrum at a reduced transaction cost. In addition, Binance also stated that it will enable ETH withdrawals on the Arbitrum One Network Layer 2 in the near future, making it one of the first …

Avalanche (AVAX) rose to a new price high on Nov. 18 and posted weekly gains after its developer, Ava Labs, entered a partnership with "Big Four" accountant firm Deloitte. The AVAX price reached a little over $110 after rising circa 16% week-to-date (WTD), with its circulated market cap hitting $23.76 billion, almost 0.93% of the total crypto market cap. In contrast, AVAX's top rival tokens, including Bitcoin (BTC) and Ether (ETH), fell by over 13% and 12.50% WTD, respectively. AVAX adoption FOMO AVAX picked its bullish cues from Deloitte's decision to use the Avalanche blockchain for building a disaster relief …

Metaverse gaming tokens Ethverse (ETHV), The Sandbox (SAND), GameSwap (GSWAP), Yield Guild Games (YGG), Axie Infinity (AXS) are the few cryptocurrencies seeing gains on Nov. 17 with Bitcoin (BTC), Ether (ETH) and most of the market in the red. Best-performing crypto sector The emerging division of the blockchain universe saw its market cap swell by more than 9% in the previous 24 hours and almost 8% in the last seven days to reach $17.42 billion. Its gains came on the back of volatile upside moves in Ethverse, The Sandbox, GameSwap, Yield Guild Games, Axie Infinity, and other markets. Meanwhile, about …

A selloff in Ether (ETH) on Nov. 16 has increased the chances of ETH's price falling below $4,000. ETH plunged 10% to around $4,100 on Tuesday, amid an ongoing market correction led by Bitcoin (BTC). In doing so, Ether dropped below its fourth-quarter upward trendline support. ETH/USD also tested its 50-day exponential moving average (50-day EMA; the velvet wave in the chart above) as its new price floor before bouncing higher. The next support line to keep an eye on if the 50-day EMA is broken is somewhere around $3,700. More declines ahead? The given Ascending Trendline comes as a …