ETH is a resistance at an important price level. ETC will be added over 180% in July. Optimistic coins outnumber the risers of the week. RVN jumps from the low price.
Ethereum price has been higher this week, but has fallen from resistance at the $1,700 level in recent days.
As you can see in the price chart, this is a very important crossroads for ETH. Levels of $ 1,700 to $ 1,800 mark the pinnacle of a sharp uptrend channel and are currently testing a May low of around $ 1,670. This week’s pricing behavior may determine whether ETH will continue to rise or if short-term corrections will be seen.
There is concern that the coin may go down before the next merge upgrade due to the airdrop. This is playing out in the futures market in a backwardation event when the futures price falls below the spot price. This is due to low demand from futures traders who believe the coin is priced for now. Quarterly Ethereum futures contracts, which are set to expire in December 2022, are currently trading below spot prices, with futures traders clearly seeing a year-end dip.
However, there is also talk of a possible chain split that could turn bullish in the run-up to a merger, according to some analysts. Roshun Patel, former vice president of institutional lending at Genesis Trading, said December Ether futures were backdated by Ethereum’s “forked odds,” with traders pushing spot ETH ahead of the merger. Said it could be purchased. The answer will unfold over the next few months as the ETH chain nears a merge.
On the other hand, the International Monetary Fund warned “There are other things that could go wrong,” said a cryptocurrency investor following the recent Terra Luna debacle.
“We could see further declines in both crypto and risk asset markets such as equities,” said Tobias Adrian, director of financial and capital markets at the IMF. “Some coin offerings may fail more, especially some of the hardest-hit algorithmic stablecoins, some of which may fail.”
Ethereum Classic continues its progress, posting a profit of around 180% in July.
IntoTheBlock analysts said, “ETC has been driven by speculation that ETH miners will migrate to ETC, potentially leading to another hard fork that could benefit them. , spurred by an upgrade to the Ethereum chain due to be completed this fall, the move from a Proof-of-Work (PoW) blockchain to Ethereum’s Proof-of-Stake (PoS) blockchain prompts miners to return to ETC. became.
Ethereum Classic is the only real chain compatible with ASIC technology, and miners with expensive rigs will want to keep using the machine.
“Ethereum’s mining network consists of two types of hardware: ASICs and GPUs,” said Sami Kasab of Messari in a report. “The problem with ASICs is that they can’t be used for anything other than ETH mining. Ethereum Classic is his only PoW coin that can be mined with ETH ASICs because the hash algorithm is compatible with his ETH algorithm. . “
Ethereum Classic price is currently rising to $36.50 and price action is executing in a classic channel pattern. The resistance at $42-45 will determine whether ETC can continue to move higher.
Optimism was a well-named project that made the most of this week. The price of the coin is currently trading at $ 1.65 after he hit a low at $ 0.40 in July.
The Optimism project relies heavily on the Ethereum blockchain, calling itself a “low-cost, ultra-fast Ethereum L2 (Layer 2) blockchain”.
This project offers strong interoperability with Ethereum and the Ethereum virtual machine. A developer may want to build an app on this blockchain and later transfer it to Ethereum.
Last month, the project launched Optimism Collective. This is “a large-scale experiment of digital democratic governance with a mission to readjust the Internet and its components.”Currently the first air drop in progress on the project.
OP has a market capitalization of $385 million and the project ranks 98th on the list of coins.
The price of Ravencoin is also up about 150% from its low.
raven coin is a Bitcoin clone that seeks to return to the top 100 cryptocurrencies and solve some of the problems of the original BTC chain.
For example, RVN has a fast transaction time of 1 minute compared to BTC’s 10+ minutes. While BTC has a limited supply of 21 million, Ravencoin has a supply of over 11 billion, making it more affordable and with lower transaction costs than BTC.
Ravencoin also allows users to create tokens on-chain, potentially creating financial assets, entertainment tickets, gift cards or rewards.
In a recent article, we discussed using NFTs or blockchains for sports tickets. Said:
“… NBA is considering offering NFT“ ticket stubs ”to fans when they redeem tickets at the venue. why? The NBA isn’t seeing anything like that right now, as memorable match ticket stubs will turn into big bucks in the future. However, NFTs can be programmed to focus some of all future secondary sales, in this case, on a specific address owned by the team that issued the ticket. In this way, fans retain what can be of value, and the NBA creates new passive revenue streams from secondary market activity. It’s a win-win. “
The RVN price is currently trading at $0.038, 10x away from the all-time high set in early 2021.
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