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Ethereum (ETH) Shows Severe Selling Pressure Amid Bearish Sentiments

The cryptocurrency market is on a downward trend after Bitcoin failed to establish support at the $11,000 level, plunging instead to around 10% to the $10,000 region. Ethereum has equally felt the heat, plunging 32% in what was the largest percentage loss ever in a single day, and on Monday it was trading at $206.08.

Ethereum Plunges as a Result of Selling Pressure

As selling pressure continues to build, Ethereum continues to plunge, and it is expected to drop even lower in the near future. Ethereum has significantly dropped from its daily high of around $270, and the pressure that the coin is experiencing is an extension of the pressure that was experienced late last month when it surged to $350 before plummeting to $280 as a result of selling pressure.

The recent downward trend has taken ETH’s market capitalization to around $23.42 billion, which is a significant drop of around 8.5% of the total market cap of the crypto market. The highest market cap of Ethereum was around $135.58 billion. In the last 24 hours, Ethereum has, on average, traded between $206.08 and $226.66.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

Cryptocurrency Market Dropping

Other cryptocurrencies are also on the downward trend on the Investing.com index. Bitcoin, for instance, has dropped 14.3% on the day to trade at $9,943.4 while XRP has lost 12.33% to drop to $0.29561. The recent selling pressure has been a result of the inability of Bitcoin to sustain a support level at $11,000 after it surged in recent weeks. However, Ethereum does not have a considerable support level until it goes below the $230 region.

Nevertheless, it is expected that the near-term price action of Ethereum will largely depend on how Bitcoin performs. As the day drags on, it is expected that Ethereum will continue to drop, which would ultimately lead to a significant drop in the short term.

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ethereum

Ethereum (ETH) Struggles to Hold $300 Mark

Ethereum (ETH) is the second biggest cryptocurrency in the world in terms of market cap, and during the course of the Bitcoin rally, it has had its ups and down as well. Bitcoin has seen wild price swings this year; its price has risen over 220% since January. Well, Ethereum has also witnessed crazy price movements.

Wild Moves

Ethereum has seen plenty of action in the past month, when it hit a monthly low of $226 and a high of $360. Right now, it is trading at $294.

Talking about resistance level, ETH is at $296.10. Some believe that we will see it rise to $300, which is the next resistance level.

ETH is currently holding support at $285.9. Once it is cleared, the sell-off may be extended to $278, which is the lowest level of July 2. The next barrier comes at $271.6, which is the lowest level of July 3.

Fundamental Change

There is some good news for Ethereum holders, which has to do with a fundamental change to the entire ecosystem. According to reports, the Ethereum network is apparently going to switch to a staking consensus system from the current proof of work one, and although it has had its share of brickbats from critics, this is going to be the start of the next generation of the cryptocurrency, as it were.

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To reduce the whole thing to much simpler language, this is a natural progression of the Ethereum project and one that has been wanted by the developers for quite some time. It is believed that there had been some form of agreement among developers that Ethereum 2.0 was going to go live around this time, and it seems that it is going ahead on schedule.

The network switch will also help the blockchain in managing more transactions with far more ease, and in this regard, it is important to note that the transaction value managed to cross the one million thresholds back on June 28. This is a significant development, and it remains to be seen what effect it will have on Ethereum’s price.

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Ethereum (ETH) | Foundation Hands Out Over $3 Million in Awards

The Ethereum (ETH) Foundation has just announced its fourth set of grants given out to 20 individuals and groups working on the Ethereum blockchain.

Ethereum (ETH) Grants

According to the official press release, the total amount of the fourth round of awards was just over $3 million USD.

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In the announcement, the Ethereum Foundation expresses its gratitude to members of the community by saying:

“Thank you to all the fantastic community members that have applied with creative ideas on how to bolster our ecosystem. We would not exist without the time and energy that you put into Ethereum. While the program continues to grow, we will increasingly continue to involve more community members in the decision making process.”

The biggest grants handed out went to Prystmatic Labs and to States, worth $500,000 a piece. Both of these companies are working on developing Ethereum 2.0.

“The ethereum killer is ethereum, the ethereum of China is ethereum, the ethereum of Taiwan is ethereum… 2.0,” said Vitalik Buterin at BeyondBlock Taipei 2017.

Grant recipients were divided by the manner in which they contributed to the development of the Ethereum network and the importance of their work. Other large grants were given to Finality Labs and Prototypal for front-end state channel research.

The funds given out in the awards comes from the Ethereum Capital Fund, which was founded back in February of 2018. Six large-scale blockchain projects created this fund. Golem, OmiseGo, Cosmos, Raiden, and Global Brain all agreed they would grant $100 million to various projects that developed the Ethereum blockchain ecosystem.

Ethereum co-founder, Vitalik Buterin, also donates money to open-source projects that build solutions to improving the Ethereum blockchain network.

DevCon 4

Currently, the Ethereum team is gearing up for Devcon 4 that will be held from Oct 30th–Nov 2nd in Prague. Tickets are currently sold out to this event. Devcon is Ethereum’s annual conference to educate and empower the Ethereum community to build decentralized applications on the Ethereum network.

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Ethereum News | Shasper Begins and Joe Lubin Funds DrumG

In today’s edition of Ethereum news, we’ll cover the details of Ethereum Startup Parity Technologies adding Casper code to their blockchain toolbox and why Ethereum’s co-founder, Joe Lubin, invested in a competitor.

Ethereum News: Parity Technologies and Casper

Parity Technologies, an Ethereum startup, has just added an early version of the highly anticipated Casper code to its platform, Substate.

The code was released on GitHub yesterday, and the team behind the implementation at Parity is calling it their ‘Shasper’ upgrade.

“Shasper is combination of Casper and sharding. Once it lands, we should see vast improvements in terms of ethereum’s transaction throughput,” Wei Tang, the dev leading the Parity integration, told CoinDesk.

This is the biggest Ethereum news that has broken in quite a while and a positive one, at that. While this is only the first step, the proof-of-stake consensus switch on the Ethereum network is closer. Shasper combines Parity’s in-house scaling solution and sharding, along with Ethereum’s proof-of-stake consensus switch, Casper.

ETH has yet to see a price spike since the news though.

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Ethereum News: Joe Lubin Funds DrumG

Ethereum co-founder Joe Lubin has invested $6.5 million cash in a startup formed by senior-level execs from R3, Ethereum’s most heavily funded competitor, Forbes reported this morning.

Lubin’s ConsenSys blockchain startup will take a minority stake in DrumG. Lubin will also join as the sole outside member of the board of directors.

“The decentralized Web future—Web 3.0, linking corporations to public blockchains—that’s definitely an interledger future,” Lubin told Forbes. “It’s going to be hundreds of thousands of decentralized protocols for trusted transactions and automated agreements.”

DrumG will initially only focus on two platforms that seek to add as many as ten blockchains soon. DrumG seeks to help enterprises better understand how multiple blockchains might help them become more efficient.

DrumG also has a US patent on technology that is designed to standardize the way its clients talk about business workflows.

Are you excited by any of the Ethereum news?

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Ethereum (ETH) Price Prediction | Tom Lee Thinks ETH will Reach $2,000

Tom Lee has been a long-time crypto bull and has faced Wall Street head on. Lee is the managing partner and head of research at Fundstrat Global Advisors. Usually, he gives his price predictions on Bitcoin (BTC), but yesterday he predicted the price of Ethereum (ETH).

Tom Lee Ethereum (ETH) Prediction

“We believe Ethereum is about to stage a trend reversal and rally strongly,” Lee said in a note to clients Thursday.

Ethereum, the world’s second-largest digital asset, is down more than 70 percent this year. In the past three months, ETH has dropped 50 percent and has been passed by XRP twice, according to CoinMarketCap.

Last year, Ethereum outperformed its predecessor Bitcoin in price, but it seems this year is a different story. Investor patience is wearing thin, as it has been almost a year since Ethereum was bogged down by its inability to handle large amounts of transactions.

The Ethereum Foundation held its DevCon3 conference in November 2017 in Cancun. The main topic of discussion with Ethereum’s scalability issue. A month or so later, Ethereum’s network faced just that. It all started with CryptoKitties, which caused the network to be backed up by nearly 30,000 transactions.

This instance showed that Ethereum’s network was not ready for a dApp to go mainstream and take off.

However, Lee feels that “sentiment is currently overly negative on ETH.” The Fundstrat advisor claims that while the coin underperformed its peers by two standard deviations, that is his “sign of capitulation.” Still, Lee feels that Ethereum’s biggest threat is its challenging technical picture, and many analysts feel that’s why the coin will remain in its downtrend.

ETH Price Movement

Ethereum (ETH) has had a wild week on the market. It was passed by XRP twice but regained its second-largest cryptocurrency position within hours of being passed. At press time, ETH is trading at $225.94 a coin, up 3.12% in 24 hours.

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