Ethereum Explosion Past $400 Is Likely As Bulls Claim Key Levels

An Ethereum explosion past $400 is likely as the bulls claimed key levels despite the strong drop since peaking this weekend. The leading cryptocurrency is now trading at $380 which marks a drop after Bitcoin dropped as well from its daily highs. Analysts believe that ETH will move higher due to technical trends so let’s read more in today’s Ethereum news.

Analysts remain confident about the Ethereum explosion despite the uncertainty in the price of Bitcoin. One trader referenced how ETH is still holding above range supports:

“I don’t short Ethereum because im not a moron, that said currently PA needs to get above and flip $390 into support for us to start heading higher, seems to be that price as gotten comfortable below $400 recently… Thinking that tomorrow we could see $400+. Send it.”

eth price — Chart of ETH’s price action aover the past few months overlayed with the amount of ETH (% of total supply) held by the top 10 addresses.

One cause of concern is that the whales could have stopped accumulating ETH or already started to sell their tokens on retail traders as per on-chain data. Santiment which is a leading blockchain analytics firm said on the matter of Ethereum’s price action potential:

“The top 10 $ETH whales are holding their lowest percentage of #Ethereum’s token supply since July 26th. This 3-month low isn’t necessarily an indication of a sell-off, and can be perceived as an indication of widespread adoption among more addresses.”

eth price action — Charts of ETH’s price action over the past few months with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).

The ETH 2 deposit contract was expected to be delayed so Danny Ryan of the ETH foundation said:

“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct. Given how critical this library is, and given that, if there is a fundamental error in this library we could f*ck some sh*t up in terms of genesis deposits, that is the blocker.”

Fortunately for the bulls, it was revealed that the deposit contract for ETH 2.0 is nearing. David Hoffman who works at Bankless, the eth-focused media startup, shared a link online which shows that the GitHub account named “CarlBeek” released a number of files that contain the ETH 2 deposit contract and other applications.

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