|
|
Ethereum Plunges $4,000 Amid Technicals and Short Squeeze Triggering Rebound
Ethereum's surge past $4,000 seems to be technically supported and driven by a series of trading activities. With intensified buying pressure, momentum indicators for the token such as RSI and MACD have been bullish over the past week. In the last 24 hours, Ethereum's trading volume on major exchanges exceeded $22 billion, marking an 82% surge compared to the previous day. This enhanced liquidity has propelled Ethereum's breakthrough as bulls actively absorb selling actions.
On-chain data indicates that this upward trend has triggered liquidations of over $24 million worth of over-leveraged Ethereum shorts on derivatives exchanges. These forced buybacks are only fueling Ethereum's upward trajectory. The decisive breach of $4,000 has also sparked a fresh wave of buying, with some experts now eyeing $4,200 as the next upside target. Ethereum is now just 21% away from its all-time high, with a new peak potentially within sight.
Anticipation builds for Ethereum's significant upgrade
While technical factors have been driving Ethereum's breakthrough, there might also be a powerful underlying fundamental force pushing prices higher — excitement surrounding the Dencun upgrade. For the uninitiated, Dencun is one of the most significant updates designed for Ethereum as it continues to evolve. Set to activate on March 13th, Dencun aims to lay the groundwork for Ethereum's expansion through proto danksharding and better integration of layer-two scaling solutions. In simple terms, Dencun aims to significantly reduce Ethereum's fees, enhance its capacity, and make the cost of aggregating off-chain data lower for solutions like Arbitrum.
This paves the way for these layer-two networks to effectively support millions of users. If successful, the impact of this upgrade is monumental. Dencun could ultimately transform Ethereum into the globally accessible decentralized application (dApp) platform envisioned by its core developers. DeFi, NFTs, gaming, and microtransactions are poised to become even more attractive on Ethereum post-Dencun, leading investors to grow increasingly bullish on ETH's price outlook. Consequently, ETH prices soar as anticipated, crossing $4,000 for the first time in over two years.
Green Bitcoin ICO Heats Up with Novel "Profit Prediction" Betting Mechanism
While Ethereum's rise grabs attention, a new cryptocurrency project — Green Bitcoin — is also garnering interest. This eco-conscious token is capturing significant attention for its ongoing ICO by combining two trending investment narratives: environmental sustainability and Bitcoin price prediction. Unlike energy-intensive proof-of-work (PoW) blockchains, Green Bitcoin reduces its carbon footprint by employing Ethereum's more efficient proof-of-stake (PoS) consensus.
The project's whitepaper claims that GBTC is 10,000 times more environmentally friendly than traditional Bitcoin mining, but its key innovation goes far beyond sustainability. It introduces the first-of-its-kind "profit prediction" mechanism, allowing users to bet on the token by accurately predicting Bitcoin's price movements and earn rewards. This gamified model capitalizes on the recent frenzy for real-money cryptocurrency prediction markets and Bitcoin's inherent volatility.
Developers have allocated over 5.8 million GBTC, over a quarter of the total supply, to incentivize betting and prediction rewards. With high APY also provided for holding GBTC long-term, it's easy to see why the project is attracting so much attention. Green Bitcoin's presale ICO has already surpassed $3 million, and rumors of future exchange listings seem to accelerate daily. As more people show interest in sustainable cryptocurrency alternatives, Green Bitcoin could become an intriguing project worth watching.
Disclaimer: The above article is sponsored content; it was written by a third party. CryptoPotato does not endorse or take responsibility for the content, advertisements, products, quality, accuracy, or other materials on this page. None of the content herein should be construed as financial advice. Readers are strongly advised to independently verify information before engaging with any mentioned companies or projects and conduct their own research. Investing in cryptocurrencies carries the risk of capital loss, and readers are also advised to consult with professionals before making any decisions, possibly based on or independent of the aforementioned sponsored content.
Green Bitcoin (GBTC) tokens are unrelated to Grayscale's Bitcoin Trust and have no affiliation in any form. |
|
Post time 19-3-2024 07:16:59