The enormous surge of #Ethereum's price was not the most expected event, especially given the potential approval of the Ethereum ETF. However, with the most recent news, we might see it sooner than expected. As sentiment flipped from bearish to bullish, more than $250 million worth of shorts were liquidated in less than 24 hours. Advertisement On the technical front, Bitcoin's recent move has broken through key resistance levels, sending a strong signal to the market. The daily chart shows Bitcoin successfully surpassing the $67,000 mark, which acted as a significant resistance. This breakthrough has set the stage for Bitcoin to aim for the $70,000 level, a milestone that could solidify its position in bullish territory.Source: CoinglassEthereum's chart reveals a similar story. The cryptocurrency has managed to break past its 50-day and 200-day moving averages, indicating a strong upward momentum. The volume of trading has also seen a notable increase, suggesting growing investor interest and confidence in Ethereum's future prospects. HOT Stories Shiba Inu (SHIB) Whales Waking Up: Details $4.9 Trillion Fidelity Pushes for Ethereum Spot ETF Approval Elon Musk Issues Important “Black Mirror” Statement to Warn Community Ethereum to $100,000: Dogecoin Creator Issues Epic Price Call Related Tue, 05/21/2024 - 10:12 'ADA Is Extremely Centralized': Justin Bons Slams Cardano, Community Strikes Back Gamza Khanzadaev The impact of these price movements on the broader market has been profound. According to data, more than $250 million worth of short positions were liquidated as traders rushed to cover their positions amid the bullish trend. This massive liquidation has added further fuel to the rally, pushing prices even higher.Interestingly, the liquidation data shows that the majority of these liquidations were short positions as, prior, to the Ethereum ETF news, the majority of the market was heavily inclined toward bearish sentiment. The chart provided indicates that in the past 24 hours alone, $328.73 million were liquidated, with $267.06 million coming from short positions. In its current state, the market may in fact gain momentum and enter the second phase of 2024's bullrun.
$BTC $ETH $SHIB
#ETHETFS

#Ethereum's chart displays strong upward momentum since June, with higher highs and higher lows. After a six-day decline, #ETH formed a green candle today, finding support at the bottom of the rising channel. Traders are now watching for a potential move towards the upper channel.

On The Daily Chart:

In the daily chart, Ethereum has recently reached the 2029 high following a breakout above the trendline. However, a subsequent pullback has occurred as the cryptocurrency faces resistance in its upward momentum. Currently, Ethereum price is trading above the critical $1,875 support against the US Dollar. For a potential uptrend, ETH needs to surpass the $1,920 resistance level. The price has been relatively stable above $1,875, with active buying interest from bulls, akin to the situation observed in Bitcoin.

On The 4-Hour Chart:

Ethereum has been trading in a rising channel pattern on the 4-hour chart for the past month, experiencing fluctuations along the way. Both the RSI and MACD indicators are moving within a flat range. Notably, the price has rebounded, finding support at the 200 4-hour EMA. A crucial point to watch is if ETH surpasses the 50 4-hour EMA at $1,920, which could trigger buying pressure and potentially drive the price towards $2,000 once again.

Based on Coingabbar Price Analysis, Ethereum's market capitalization currently stands at approximately $229,863,558,072. The anticipated 24-hour trading volume is estimated to be around $8,960,503,710.

KEY LEVELS :

RESISTANCE LEVEL : $1,950-$1,980

SUPPORT LEVEL : $1,880-$1,840

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

#GOATMoments #Binanceturns6 #coingabbar $ETH

Crypto News Key Highlights:

A recent social media rumor suggested that BlackRock, the world's largest asset manager, might be changing its digital currency strategy from Bitcoin to XRP. However, this rumor lacks credible sources and originated from a fake news account. While BlackRock has shown interest in cryptocurrencies, there is no concrete evidence of a shift towards #XRP .

The US dollar eased a bit following a drop in consumer sentiment but remained set for its ninth straight weekly gain. The Japanese yen reached a 10-month low. University of Michigan's Consumer Sentiment Index dipped, while import prices and New York Fed factory activity data showed mixed results. The Federal Reserve is likely to maintain unchanged interest rates in its upcoming policy meeting. The dollar index slipped 0.08%, and the euro saw a slight recovery from a six-month low. Meanwhile, the yen continued to weaken against the dollar, hitting a 10-month low.

Robinhood, the once-popular trading app known for meme-stock rallies, is shifting towards becoming a comprehensive financial services firm. It offers retirement accounts, 24-hour trading, and better yields on cash. However, the company has faced challenges, including regulatory scrutiny and changing user preferences, resulting in layoffs and a stock price drop. It aims to diversify its services and expand globally to secure its future in the evolving financial landscape.

Despite #Ethereum's  dominance in DeFi and NFTs, Bitcoin leads in daily active users, with over 800,000 compared to Ethereum's 378,000 on September 15. However, Ethereum processes over 1 million daily transactions, while Bitcoin confirms less than 600,000. Ethereum's activity has fluctuated, partly due to crypto market fluctuations.

Gemini accuses Digital Currency Group (DCG) of engaging in "fraudulent activities" and attempting to evade responsibility for harm to creditors. DCG's proposed deal, opposed by Gemini, seeks creditors' extensions. Gemini claims DCG concealed terms of a $1.1 billion promissory note and owes $630 million, asserting DCG is responsible for subsidiary insolvency.

In 2009, Kristoffer Koch invested $26 in Bitcoin, acquiring 5,000 BTC. He forgot about it until 2013 when he discovered it had grown to $886,000. Today, with Bitcoin at $26,274, his investment would be worth around $131,370,000. Koch bought a luxury apartment but chose to HODL the rest, highlighting the potential of holding onto digital assets. His story echoes the early days of Bitcoin when few could predict its meteoric rise, exemplified by the legendary pizza purchase with 10,000 BTC in 2010.s

The U.S. Department of Justice has criticized FTX founder Sam Bankman-Fried's proposed jury questions, deeming them "unnecessarily intrusive." The questions range from probing potential jurors' opinions on #FTX to inquiries about ADHD and effective altruism. Prosecutors argued that these questions go beyond the purpose of jury selection and may be intended to support the defense's narrative. Additionally, they requested tech infrastructure upgrades for the trial, including high-speed internet and headphones for the jury.

REXBOX
A groundbreaking technology known as zero-knowledge proof (ZK-proof) is poised to enhance access and validation of historical data on the Ethereum blockchain. The network has encountered challenges related to deep chain validation, which have been a hindrance to its usability.

REXBOX StarkWare, Herodotus launch tech to verify data

Herodotus, a technology company, has introduced an on-chain accumulator that utilizes storage-proof cryptography, enabling users to independently verify data from any point within Ethereum's blockchain without relying on a third party. This innovative solution leverages StarkWare's STARK proofs, a ZK-proof technology co-invented by mathematician Eli Ben-Sasson.

StarkWare provided Herodotus with a customized version of its shared prover service, SHARP, which offers advanced scaling efficiency through recursive proofs. This unique approach allows a virtual machine to generate "proofs of proofs" by concurrently producing proofs for transactions or blocks in real-time and then consolidating them into subsequent proofs.

At a more technical level, the accumulator functions as a cache that stores block headers. If the accumulator already contains a specific header in its cache, the corresponding storage-proof computation can utilize it for validation. However, if the header is not cached, the prover must generate a proof covering the requested block range, add the block header to the accumulator, and complete the storage proof computation.

As the name suggests, the on-chain accumulator effectively accumulates proofs, simplifying the process of verifying the Ethereum blockchain and its associated data at any point in the network's history. Marcello Bardus, the Chief Technology Officer of Herodotus, emphasizes that this technology eliminates the need to traverse the entire blockchain on the blockchain itself, making the process more efficient.

StarkWare points out that storage proofs have the potential to revolutionize cross-chain bridges by providing an alternative to third-party oracles for tracking and verifying data. Kacper Koziol, co-founder of Herodotus, views the accumulator as a much-needed innovation for Ethereum, aligning with blockchain principles of transparency and accessibility. It will empower users to access any historical data point on Ethereum, marking a significant advancement.

"This will be very powerful. For the first time in the history of blockchains, people are going to be able to prove the correctness of any aspect of anyone’s on-chain information," Koziol commented.

Both teams envision storage proofs opening the door to "Web2 equivalent applications," enabling autonomous access and verification of Ethereum blockchain data. Possible use cases include account recovery, where on-chain data verification could trigger actions such as a "dead man's switch" or automate insurance protocols based on historical on-chain events for smart contract payouts.

In summary, this ZK-proof technology represents a major step forward in enhancing Ethereum's transparency and accessibility, allowing users to validate data from its entire history independently. It has the potential to drive innovation in various applications within the blockchain ecosystem.

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