Blockchain
ETH Gets On Brink Of Setting New ATH As Bulls Take Control

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ETH gets on brink of setting a new all-time high with the bulls taking control and seeing some strong price action over the past few days and sparking a massive upside movement with the cryptocurrency rallying against Bitcoin so let’s read more in today’s Ethereum news.
Where will it trend in the short-term will depend largely on whether or not the bulls are able to close a high time frame candle around the current price levels and this could confirm an uptrend against the cryptocurrency’s pair with BTC and potentially lead to more upsides. One trader explained in a tweet that ETH gets on the brink of setting a new all-time high, that will come swiftly once the cryptocurrency is able to break out against the BTC trading pair.

ETH saw some mixed price action over the past few days with the buyers and sellers being unable to gain more control over the crypto’s price action as it started consolidating. It posted a stronger reaction to a few attempts from the sellers to push it down to the lower $1000 region with the level being defended. Where it will trend in the mid-term will depend on whether or not the bulls can guard against more downsides pressure since it is in a process of building strength and momentum against the BTC pair which could shoot it higher if it is maintained.

At the time of writing, ETH is trading up over 6% of its current price of $1245 which marks taking control and a surge from the daily lows of $1060 that were set at the bottom of the recent selloff. It rallied as high as $1300 today as it faced intense selling pressure which slowed the ascent. Whether or not it is able to climb higher in the near-term it depends on the reaction to a few key support levels.
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One trader explained that he expects ETH to set a fresh new high in the near-term as the crypto’s rally goes parabolic. He noted that the power against BTC coupled with the fact that it still has to break out against BTC which indicates an upside momentum that is imminent:
“One of the last looks at $ETH before new ATH – what an amazing ride it’s been + a gentle reminder that ETH/BTC is yet to breakout.”
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Blockchain
Why Bitcoin Price Could Start Strong Increase Above $50K

Bitcoin price is showing a few positive signs above $48,000 against the US Dollar. BTC is likely to start a strong increase if it settles above $50,000 and the 100 SMA (H4).
- Bitcoin remained well bid above $43,000 and $45,000 support levels.
- The price is now approaching the $50,000 resistance and the 100 simple moving average (4-hours).
- There is a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to start a strong increase if it clears the $50,000 and $50,500 resistance levels.
Bitcoin Price is Gaining Momentum
This past week, bitcoin price corrected lower below the $48,000 support zone against the US Dollar. The BTC/USD pair even broke the $47,000 level and settled below the 100 simple moving average (4-hours).
However, the bulls were able to protect a downside break below the $46,000 area. A low was formed near $46,350 before the price started a fresh increase. It cleared the $47,000 and $48,000 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low.
Source: BTCUSD on TradingView.com
It is now approaching the $50,000 resistance and the 100 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair.
The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low. A clear break above the triangle resistance could open the doors for a fresh increase towards the $52,000 and $53,000 resistance levels. The next major hurdle for bitcoin could be near $55,000.
Limited Downsides in BTC?
If bitcoin fails toc clear the $50,000 and $50,500 resistance levels, it could correct lower. The first key support is near the $48,800 level.
The main support is near the triangle lower trend line and $48,000. A clear break below the triangle support zone could clear the path for a move towards the $45,00 support zone in the near term.
Technical indicators
4 hours MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Level – $48,000
Major Resistance Level – $50,000
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Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-could-start-strong-increase-50k/
Blockchain
Kraken Daily Market Report for March 06 2021

Overview
- Total spot trading volume at $885.1 million, down from the 30-day average of $2.04 billion.
- Total futures notional at $352.3 million.
- The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
- Strong returns from Ocean (+27%), Balancer (+17%), and Keep (+13%).
March 06, 2021 $885.1M traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $48929. ↑0.17% $357.9M |
ETH $1653.5 ↑8.0% $248.8M |
USDT $1.0005 ↑0.01% $104.0M |
ADA $1.1311 ↓2.9% $83.0M |
DOT $33.443 ↓0.7% $34.3M |
FLOW $34.701 ↓0.8% $17.4M |
LTC $182.90 ↑1.3% $15.6M |
LINK $28.164 ↑1.0% $14.6M |
XRP $0.4631 ↑1.7% $13.6M |
USDC $1.0 ↓0.01% $12.4M |
XDG $0.0509 ↑2.7% $8.74M |
OCEAN $1.3938 ↑27% $6.68M |
XTZ $3.8729 ↑2.6% $5.43M |
ATOM $18.951 ↑1.3% $5.04M |
UNI $28.5 ↑0.6% $4.91M |
BCH $500.79 ↑0.5% $4.36M |
XMR $204.72 ↓0.6% $4.23M |
AAVE $388.58 ↑5.6% $3.43M |
XLM $0.4021 ↓0.9% $3.38M |
GRT $1.7973 ↓1.8% $3.14M |
OMG $5.0654 ↑9.7% $2.63M |
KSM $229.84 ↑0.7% $2.62M |
FIL $40.438 ↓0.04% $2.58M |
QTUM $6.3372 ↓3.9% $2.58M |
ALGO $1.0552 ↓0.12% $2.39M |
YFI $34015. ↑6.3% $1.73M |
MANA $0.3594 ↓4.2% $1.6M |
DAI $1.0008 ↓0.03% $1.59M |
TRX $0.0502 ↓0.05% $1.57M |
EOS $3.7264 ↑0.7% $1.46M |
SC $0.0106 ↑1.1% $1.39M |
COMP $491.98 ↑3.2% $1.33M |
BAT $0.6642 ↓2.5% $1.3M |
ICX $1.8370 ↓2.0% $1.27M |
CRV $2.0505 ↓0.29% $1.16M |
ZEC $125.28 ↑3.2% $1.03M |
KEEP $0.3903 ↑13% $924K |
EWT $15.400 ↓3.0% $876K |
WAVES $9.9996 ↑0.7% $874K |
KNC $2.0564 ↓3.0% $869K |
NANO $5.1355 ↓0.11% $856K |
DASH $208.81 ↑1.4% $849K |
SNX $21.255 ↑2.3% $842K |
KAVA $3.8348 ↓0.6% $773K |
MLN $41.894 ↑7.9% $650K |
LSK $3.2082 ↑3.8% $604K |
ETC $11.114 ↑1.2% $516K |
BAL $42.655 ↑17% $497K |
GNO $136.55 ↑7.6% $477K |
OXT $0.4715 ↑0.4% $382K |
PAXG $1717.1 ↑0.5% $351K |
REP $31.072 ↑1.9% $301K |
ANT $5.0315 ↓0.7% $250K |
STORJ $0.6829 ↑4.3% $206K |
TBTC $50639. ↑2.3% $112K |
REPV2 $30.746 ↑2.5% $80.2K |
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 06 2021)
Figure 2: Mid-size trading assets: (measured in USD) (March 06 2021)
Figure 3: Smallest trading assets: (measured in USD) (March 06 2021)
#####################. Spread %. ##########################################
Spread %
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (March 06 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (March 06 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 06 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 06 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
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Source: https://blog.kraken.com/post/8159/kraken-daily-market-report-for-march-06-2021/
Blockchain
DeFi summer 2.0? ‘Gen 2’ tokens on a tear amid wider market slump


As some brand-name decentralized finance (DeFi) tokens sputter, a crop of new projects have emerged that are catching strong bids on the back of aggressive yield farming programs, generous airdrops, and significant technical advances.
It’s a set of outlier projects pushing forward on both price and fundamentals that has led one crypto analyst, eGirl Capital’s mewny, to brand them as DeFi’s “Gen 2.”
feels like theres a gen 1 and gen 2 of defi tokens now
the former is stagnant and the latter is pamping
has nothing to do with fundamentals. its all psychological
— mewny (@mewn21) March 6, 2021
Mewny, who in an interview with Cointelegraph pitched eGirl Capital as “an org that takes itself as a very serious joke,” says that Gen 2 tokens have garnered attention due to their well-cultivated communities and clever token distribution models — both of which lead to a “recursive” price-and-sentiment loop.
“I think in terms of market interest it’s more about seeking novelty and narrative at this stage in the cycle. Fundamental analysis will be more important when the market cools off and utility is the only backstop to valuations. Hot narratives tend to trend around grassroots projects that have carved out a category for themselves in the market,” they said.
While investors might be eager to ape into these fast-rising new tokens, it’s worth asking what the projects are doing, whether they’re sustainable, and if not how much farther they have to run.
Pumpamentals or fundamentals?
The Gen 2 phenomena echoes the “DeFi summer” of last year, filled with “DeFi stimulus check” airdrops, fat farming APYs, and soaring token prices — as well as a harrowing spate of hacks, heists, and rugpulls.
However, mewny says that there’s a population of investors that emerged from that period continuously looking for technical progress as opposed to shooting stars.
“There are less quick “me too” projects in defi. An investor may think that those projects never attracted much liquidity in the first place but they overestimate the wisdom of the market if that’s the case. They did and do pull liquidity, especially from participants who felt priced out or late to the first movers.This has given the floor to legitimate projects that have not stopped building despite the market’s shift in focus. ”
One such Gen 2 riser pulling liquidity is Inverse Finance. After the launch of a yield farming program for a forthcoming synthetic stablecoin protocol, the Inverse Finance DAO narrowly voted to make the INV governance token tradable. As a result, the formerly valueless token airdrop of 80 INV is now priced at over $100,000, likely the most lucrative airdrop in Defi history.
Another Gen 2 star is Alchemix — one of eGirl Capital’s first announced investments. Alchemix’s protocol also centers on a synthetic stablecoin, alUSD, but generates the stablecoin via collateral deposited into Yearn.Finance’s yield-bearing vaults. The result is a token-based stablecoin loan that pays for itself — a new model that eGirl thinks could become a standard.
“eGirl thinks trading yield-bearing interest will be an important primitive in DeFi. Quantifying and valuing future yield unlocks a lot of usable value that can be reinvested in the market,” they said.
The wider markets appears to agree with eGirl’s thesis, as Alchemix recently announced that the protocol has eclipsed half a billion in total value locked:
It is our one week anniversary today, and wow!
That was fast! 500 MILLION TVL!
Vaults: 89.4m
Transmuter: 90.5m
Farms: 322.85m pic.twitter.com/FQsezs6s9q— Alchemix (@AlchemixFi) March 6, 2021
Staying power?
By contrast, governance tokens for many of the top names in DeFi, such as Aave and Yearn.Finance, are in the red on a 30-day basis. But even with flagship names stalling out, DeFi’s closely-watched aggregate TVL figure is up on the month, rising over $8.4 billion to $56.8 billion per DeFi Llama — progress carried in part on the back of Gen 2 projects.
The comparatively wrinkled, desiccated dinosaurs of DeFi may have some signs of life left in them, however. Multiple major projects have significant updates in the works, including Uniswap’s version 3, Sushiswap’s Bentobox lending platform, a liquidity mining proposal working through Aave’s governance process, and Balancer’s version 2.
These developments could mean that DeFi’s “Gen 2” phenomena is simply a temporary, intra-sector rotation, and that the “majors” are soon to roar back. It would be a predictable move in mewny’s view, who says “every defi protocol needs at least 1 bear market to prove technical soundness.”
What’s more, according to mewny some of the signs of market irrationality around both Gen 2 tokens as well as the wider DeFi space — such as triple and even quadruple-digit farming yields — may be gone sooner rather than later.
“I don’t think it’s sustainable for any project in regular market conditions. We are not in regular conditions at the moment. Speculators have propped up potentially unsustainable DeFi protocols for a while now.”
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Source: https://cointelegraph.com/news/defi-summer-2-0-gen-2-tokens-on-a-tear-amid-wider-market-slump
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