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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Breaks To The Upside, Why ETH Could Track On Price Discovery

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
Ethereum ETH ETHUSD

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Ethereum is leading the charge on this fresh run towards new frontiers. As of press time, the second crypto by market cap trades at $4,432 with a 5.6% profit in the daily and 9.1% profits in the weekly chart.

Ethereum ETH ETHUSD
ETH on a rally in the daily chart. Source: ETHUSD Tradingview

Up 500% Year To Date, Ethereum has rallied on the back of massive adoption of non-fungible tokens (NFTs), decentralized finances (DeFi), and institutional demand.

Related Reading | TA: Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

As seen below, in the chart shared by Joe Orsini research director at Eaglebrook Advisors, Ethereum has gone from under $1,000 to its current levels in record time.

Additional data provided by Orsini indicates that Ethereum still has a lot of room to continue its room has displayed in the ETH/BTC trading pair. Compared to the 2017 bull run, ETH is far from reaching an all-time high of 0.14 BTC as it currently sits at around 0.08 BTC.

Ethereum ETH ETHUSD
Source: Joe Orsini via Twitter

In support of the bulls’ current push, Delphi Digital records a “leverage wipeout in crypto futures” as yesterday’s session wash charge with volatility to the downside. Thus, Ethereum and other major coins dipped to previous higher lows in less than an hour.

Ethereum ETH ETHUSD
Source: Delphi Digital via Twitter

The fast recovery signals convection on the bulls’ corner. As over-leverage traders were shaken out of their position, prices are more likely to sustain their levels. Delphi Digital claimed:

The average daily funding rate across exchanges is down from its recent high a few days ago, but it looks like there’s still some room for rates to fall. OI on exchanges like Binance and Huobi experienced a massive wipeout, which confirms the aforementioned deleveraging.

Related Reading | New Ethereum-to-Cardano Bridge Will Provide NFT Creators Eco-friendly Options

Ethereum Implements Hard Fork, Closer To The Merge

The rally in the price of Ethereum could have been driven by the implementation of Hard Fork Altair. The successful deployment of this upgrade puts the network closer to migrating to a Proof-of-Stake consensus.

The Altair beacon-chain upgrade is live! Pretty smooth upgrade, even got some time to paint on @POAPart

Find Waldo -> Find Proto pic.twitter.com/VSGpKuPFV7

— proto.eth (@protolambda) October 27, 2021

In the past months, the amount of ETH locked in the ETH 2.0 deposit contract has soared as developers moved into the PoS based blockchain and the Merger. This event will join both networks and it’s expected to be a potential bullish catalyst for Ethereum’s price.

Related Reading | TA: Ethereum Rally Gathers Pace, Why Uptrend Isn’t Over Yet

Investors are drawn to the PoS model because of its alleged higher efficiency in energy consumption and its capacity to generate yield. According to the Eth2 Rewards monitor, this stand at 5.46% since October 27, 2021.

—Current Network—
🤑 Reward rate: 5.46%
👨‍🌾 Participation rate: 98.50%
💻 Active validators: 250,374

—Queue—
⏰ Wait time: 0 hours
💻 Validators: 0
📉 Rewards impact: -0.08%

—Projected Annual Returns—
Ξ 1.75 ($6,909.18)

— Eth2 Rewards Bot (@Eth2Bot) October 28, 2021

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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