Ethereum

[Anna Williams]

Can you share your short-term outlook on Ethereum after yesterday’s move lower?

[James Byrnes]

Hi Anna, thanks for the question. As you said, Ethereum dipped 10% lower on Sunday early morning as the entire crypto market plunged. At this point, there are no clear reasons to answer the question of why this volatile bearish move happened in less than an hour. Bitcoin dropped from $9,500 to $8,100 at the same time, before recovering to around $9,000.

Ethereum broke below the $200 mark on the back of this move to tag the $180 handle for the first time in two weeks, a move that facilitated a break of the ascending channel. The buyers lost this fight as the price action closed below the 100-DMA at $191, which is likely to facilitate more selling pressure.

Hence, I believe the risk is now to the downside with the next layer of support being located at $175, where the 200-DMA trades. 

[Bruce Harding]

Hi Anna,

Over the past few days, Ethereum(ETH/USD) has been advancing as the bulls are trying to break $250 resistance. Recently, an Ethereum whale paid $2.6 million in transaction fees in an attempt to transfer $130 worth of ETH. This represents the largest-ever transaction fee a person has paid when transferring ETH. 

The Ethereum user sent 0.55 ETH to an address provided by the cryptocurrency exchange Bithumb and paid 10,668 in transaction fees to perform that transfer. The transaction was mined by SparkPool, a significant Ethereum mining pool. The enormous fee will go to a large number of SparkPool miners. 

"We are further investigating the incident of unusually high tx fee, and you are welcome to provide clues to [email protected]. SparkPool has had the experience of handling similar issues properly. There will be a solution in the end," according to SparkPool.

Co-founder of Ethub and product marketing manager at Set Labs, Anthony Sassano, commented that the transaction fee could be a mistake or a part of money laundering activity. 

"It could have been a mistake, some form of money laundering or washing. It was mined by SparkPool so they could send that ETH back to the original owner if they wanted to,” he said.

As for the user who made the transaction, there is not much information. All that’s known is that the person has made transactions to Bithumb in the past. 

By the end of May, Ethereum buyers secured around 20% in gains, lifting the price action above $240. However, bears have managed to turn down bulls’ attempts to break the price action above $250, which represents a multi-month high for ETH.
 

[Lily Green]

Hello, thanks for coming here.

Ethereum (ETH) had a great year since it has almost doubled in value so far, with the number of active ethereum addresses increasing at a rate twice higher than Bitcoin (BTC).

The address count of the second most valuable cryptocurrency in the world has surged by 118% year-to-date, according to data reported by the blockchain analytics firm Messari.

Ethereum users are still waiting for the long-anticipated Ethereum 2.0 upgrade. However, Justin Drake, a researcher at the Ethereum Foundation, said the blockchain isn’t prepared for the new version. In a post on Reddit, Drake argued that it can take up to 2-3 months for developers to solve the bugs after the public testnet rollout, saying that we shouldn’t expect the new version before January 2021. Vitalik Buterin, the co-founder of Ethereum, disagreed with Drake’s comments and said that Ethereum might get the upgrade as early as November 2020.
 

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