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This Eerie Fractal Predicts Ethereum Will Soon Trade At $500

Ethereum could bounce towards $500 after dropping from its $480 highs. The leading cryptocurrency now trades for $380, having been pressured lower by Bitcoin dropping, which itself was catalyzed by weakness in legacy markets. Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop Ethereum Could Soon Jump to $500 One trader […]

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Ethereum could bounce towards $500 after dropping from its $480 highs. The leading cryptocurrency now trades for $380, having been pressured lower by Bitcoin dropping, which itself was catalyzed by weakness in legacy markets.

Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop

Ethereum Could Soon Jump to $500

One trader thinks that Ethereum is currently trading in a textbook broadening wedge, which are often bullish patterns when they are ascending.

He shared the two charts below, which show that Ethereum is trading in a broadening wedge as Bitcoin did during the rally in April 2019. This fractal predicts that ETH will soon bounce from its local lows towards the local highs, then to fresh year-to-date highs above $500.

Image

Chart of ETH's price action over the past few weeks compared to Bitcoin's price action in 2019 by crypto trader Polar Hhnt. Chart from TradingView.com

This sentiment is much different than that shared by one historically accurate trader who predicted Bitcoin’s 2018 lows six months in advance. This trader indicated that a drop towards $300 may soon be had.

Related Reading: There’s an “Unusual” Amount of Bitcoin Sellling Pressure From Miners

Fundamental Risk in High Transaction Fees

Ethereum may face a fundamental risk to its rally, though: high transaction fees. Due to intense congestion on the blockchain caused by an uptick in decentralized finance adoption, the cost of sending ETH and interacting with the blockchain in other ways has reached extreme levels.

Simon Dedic of Blockfyre recent commented on the matter:

“I spent like 800 USD in transactions fees for few trades today. Furthermore, I lost around 10k USD when trying to sell today, because a tx with lower nonce didn’t go through for 3h. $ETH 2.0 has to come ASAP, otherwise I feel gloomy about its future..”

There are solutions on their way, though.

Vitalik Buterin, the founder of Ethereum, recently commented that there are solutions such as rollups or ETH2’s sharding technology:

“In a rollup-heavy ecosystem, on-chain gas fees would remain the same, and 465 gwei may even become the norm, but most transactions would be happening inside rollups, where actual fees paid by users would be hundreds of times lower. The only solution to high tx fees is scaling. Tether, Gitcoin and other apps are doing the right thing by migrating to ZK rollups today. I’m excited about the soon-upcoming optimistic rollups that will generalize rollup scaling to full EVM contracts.”

Whether or not these solutions will come in time to prevent an Ethereum correction, though, remains to be seen.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000
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Price tags: ethusd, ethbtc
Charts from TradingView.com
This Eerie Fractal Predicts Ethereum Will Soon Trade At $500

Source: https://www.newsbtc.com/2020/09/05/this-eerie-fractal-predicts-ethereum-will-soon-trade-at-500/?utm_source=rss&utm_medium=rss&utm_campaign=this-eerie-fractal-predicts-ethereum-will-soon-trade-at-500

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Ethereum EIP-1559 Targeting Gas Fee Challenges to be Implemented in July

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The contentious Ethereum Improvement Proposal (EIP) 1559, will be included in its codebase in July this year. This became clear during the All Core Developers call today.

EIP 1559: What Does it Mean for Fees?

Ethereum’s Improvement Proposal 1559 is aimed at improving the overall Ethereum’s user experience when it comes to transaction fees.

Typically, a user would have to send a gas fee to a miner for their transaction to be included in a block. What EIP-1559 proposes, however, is to send that gas fee to the network itself. Called basefee, this is a sort of a “burn” and there would only be an optional tip that’s paid to the miners. The burnt fee would be set algorithmically, supposedly improving the UX.

The proposal was originally submitted by Eric Conner and its summary provides an overall outlook at what it attempts to achieve:

A transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.

During today’s All Core Developers call, it was decided that it will be included in the so-called London hard fork coming this July.

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Some Miners Disagree

Despite the potential improvements on the entire network that could come with EIP-1559, some of the largest Ethereum mining pools have openly displayed division on where they stand.

F2Pool, the third-largest ETH mining pool with over 10% hashrate share, shared a post, in which it supported the initiative, claiming that it would ultimately have a positive impact.

The publication says that “the general community along with core developers are siding with evolving Ethereum to include EIP-1559. It is important to side with the users and core contributors.”

F2Pool’s statement also argued that the potential EIP-1559 implementation could be factored in ETH’s price, which is more than 100% from the start of the year.

In contrast, though, the largest mining pool with nearly 25% share of the hashrate, Sparkpool, didn’t feel the same way about the integration as it could reduce the profits. They took it to Twitter to emphatically assert that the mining pool “opposes EIP-1559.”

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Source: https://cryptopotato.com/ethereum-eip-1559-targeting-gas-fee-challenges-to-be-implemented-in-july/

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Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

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Uniswap broke out past the $29.3 level of resistance, while Crypto.com Coin was in a phase of consolidation. Compound bounced off the $450 level of support to touch $500 but could see a pullback to $470.

Uniswap [UNI]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: UNI/USDT on TradingView

UNI broke out and went past the $29 area of resistance, where the 23.6% retracement level and the $27.3 level of resistance lay. The upward move had extraordinary volume as UNI touched $31.54 but some selling pressure was seen in the subsequent trading session.

The Doji candle represented short-term exhaustion from the bulls, and the breakout could see UNI pullback to test the $29.3 level to confirm its flip from resistance to support.

The MACD showed strong bullish momentum behind UNI. Bearish divergence on the hourly chart between momentum (MACD) and the price could be seen in the coming hours, which would likely see UNI pullback to $29.4. This can be used to enter long positions, with a stop-loss just at $28.7.

Crypto.com Coin [CRO]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: CRO/USDT on TradingView

The Bollinger bands showed that CRO was in a phase of consolidation at and around its 38.2% retracement level at $0.152. The RSI moved back above neutral 50 to indicate that momentum was swaying towards the bulls’ side.

The defense of the 50% retracement level at $0.127 and the immediate bounce-off was a show of strength from bulls – the $0.146-$0.152 region can be used to accumulate CRO in expectation of another move upwards. The $0.173 and $0.189 levels are levels of resistance to watch.

Compound [COMP]

Uniswap, Crypto.com Coin, Compound Price Analysis: 07 March

Source: COMP/USDT on TradingView

Compound saw a strong bounce-off at the $450 mark which represents a 23.6% retracement for COMP’s move from $205 to $573. At the time of writing, COMP faced some resistance at the $500 area.

Moreover, the Awesome Oscillator on the hourly chart displayed a bearish twin peak set up and gave a sell signal. This development, followed by the AO registering bearish bars on its histogram, is likely to see the price dip to $470. Bulls would need to show some strength at $470, or bears can drive the prices lower to $450 once more.


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Source: https://ambcrypto.com/uniswap-crypto-com-coin-compound-price-analysis-07-march

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Pakistan: Arrests made in Bitcoin extortion case

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The world of finance has never been able to protect itself from the fraudulent activities going around in the world. The cryptocurrency market, which itself is a growing space has also had its fair share of such fraudulent activity being associated with it. However, unlike traditional finance, regulators have been enforced stringent measures when it comes to tackling such offenses.

A recent case has been reported in Pakistan, where the police have arrested several people part of the country’s first extortion case via crypto. According to reports, the police arrested the owner of an outhouse where the complainants, two foreign nationals, were held hostage along with two other suspects.

One of the suspects was identified as Rana Irfan Mahmood and a case has been registered against him and an unidentified accomplice. The hostages were Swiss national Maria Spari and German citizen Stephen [last name remains unknown] who were kidnapped by three men in police uniform along with another person.

After threatening the hostages with a fake drug smuggling case, the victims paid 6,300 euros in cash and made an online transfer of 1.8 Bitcoin which was close to $9k. The suspects made a fake video demanding an additional Rs 300 million [$1.91 million].

According to SSP Investigation Abdul Ghaffar Qaisrani, the police have managed to recover the amount paid to the facilitator apart from the Bitcoin. The crypto has already been transferred to another account and the team was taking assistance from the intelligence agencies to recover it.

Although the regulators in Pakistan have been taking note of Bitcoin and crypto, illicit activities have been a growing concern in the region. In November 2020, the Central bank clarified that it was not banning crypto, contrary to the prevailing fear within many in the crypto-community.

In fact, Pakistan’s Securities and Exchange Commission [SEC] published a paper on the regulation of cryptocurrency trading platforms. This paper outlined the regulatory approach to crypto and included recommendations given by the Financial Action Task Force [FATF], as well as regulations presented by Malaysia, Hong Kong, and the U.S.

However, the police in the country have warned users and the government about the rising cases of ransom and extortion related to crypto. Bitcoin has been at the center of these cases and such fraud activities will only instill fear with the lack of regulation among crypto users in the region.


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Source: https://ambcrypto.com/pakistan-arrests-made-in-bitcoin-extortion-case

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