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Ethereum’s Resilience Amid Resistance, Investors Stand Firm

Ethereum Battle with Resistance: While Ethereum has faced prolonged resistance over the past two months, “whale” investors remain confident, with the cryptocurrency trading at $1,577. Despite this struggle, optimism remains high among investors, especially the larger ones. In other corners of the crypto market, Bitcoin surges after breaching key resistance levels, and XRP anticipates a boost from a notable alliance promoting widespread adoption.

https://preview.redd.it/i7tocgyoj3vb1.png?width=602&format=png&auto=webp&s=e3bd60c6f0169dc446e969f3acffbc70703bcef5

ETHEREUM:

Ethereum Struggles With Resistance Level As ‘Whales’ Hold Steadfast.

The second-largest cryptocurrency by market capitalization, Ethereum, has been struggling for more than two months with resistance levels, but big investors, or “whales,” are showing steadfast confidence. Ethereum trading price is currently at $1,577 as of Wednesday, having only recovered from the support line at $1,533.

For the past two months, the price of Ethereum has been struggling to make significant progress. This hasn’t, however, had any negative effects on investors, who are now more optimistic than ever, particularly large investors.

Technical Overview:

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https://preview.redd.it/tohijp4qj3vb1.png?width=602&format=png&auto=webp&s=98bac7843d9f6323bad72118082a88cef10c2737

Moving Averages:

Exponential:

• MA 5: 1569.61 | Positive Crossover | Bullish
• MA 20: 1566.88| Positive Crossover | Bullish
• MA 50: 1582.89| Negative Crossover | Bearish

Simple:

• MA 5: 1570.42 | Positive Crossover | Bullish
• MA 20: 1556.52| Positive Crossover | Bullish
• MA 50: 1594.56 | Negative Crossover | Bearish

RSI (Relative Strength Index): 52.16| Buy Zone |Bullish

Stochastic Oscillator: 60.61 | Buy Zone | Negative

Resistance And Support Levels:

• R1: 1586.55| R2: 1686.46
• S1: 1523.64 | S2: 1427.43

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 1616.15 | Take Profit: 1686.46 | Stop Loss: 1571.75.

Elsewhere In The Crypto Market

After surpassing both the previous resistance line of the ascending channel and the 200-day moving average, Bitcoin saw a spike in demand and was close to $29K again on Wednesday morning. The price of XRP may rise soon because of a recent alliance between two well-known businesses that used the remittance token to push for widespread adoption.

Bitcoin is down (0.09%) at 28383.00, Ethereum is up (1.14%) at 1,583.3, Litecoin is down (0.05%) at 62.05, Solana is down (0.75%) at 23.89, Doge coin is down at (0.25%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

(CNY) GDP (YoY) (Q3) Actual 4.9%, Forecast 4.4%, Previous 6.3% at 07:30.

(EUR) ECB President Lagarde Speaks at 14:30.

https://www.capitalstreetfx.com/en/technicalanalysis/daily-crypto-analysis-ethereums-resilience-amid-resistance-investors-stand-firm/

#Ethereum #Cryptocurrency #BitcoinSurge #WhaleInvestors #CryptoMarket #XRPAdoption #BullishTrend #EthereumResistance #CryptoNews #MarketAnalysis #InvestmentOptimism #TechnicalAnalysis #CryptoTraders #BitcoinDemand #MarketSentiment

The Halving Reminder

Attention Nervos heads!

The CKB halving event is approaching quickly!

November is near!

In our previous thread, we touched upon Satoshi's reasons for introducing the halving mechanism in Bitcoin. In this one, we'll explain why it is used, and improved for CKB.

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https://preview.redd.it/0vkcnfg3r0vb1.png?width=1200&format=png&auto=webp&s=c7aa5c573a457930027c17682a6387507f06ed23

The halving is a brilliant mechanism to solve the initial token distribution problem in cryptocurrencies and create a sound incentive mechanism for miners to support the network during its bootstrapping phase.

https://preview.redd.it/ij1cl836r0vb1.png?width=1200&format=png&auto=webp&s=fb1401ff858a44c63af9e2c09f9a2d9c2d036e70

Moreover, halving is also a great way to design a deflationary inflation schedule that contradicts that of fiat currencies and makes cryptocurrencies highly sought-after, scarce assets.

https://preview.redd.it/46o39pi8r0vb1.png?width=1200&format=png&auto=webp&s=b449f9ba60a7444847b919a0219f5df45d192a0c

That being said, what happens to the network's security when the block rewards become too small remains a hotly debated question. "...when the reward gets too small, the transaction fee will become the main compensation for nodes," is Satoshi's desired outcome

https://preview.redd.it/p0426qacr0vb1.png?width=1200&format=png&auto=webp&s=591a49d1c7565adb2d7187bdc746d3d87e1c6d90

However, whether that truly becomes the case remains to be seen. Many crypto pundits speculate that transaction fees alone won't provide adequate compensation for miners to guarantee sufficient security for Bitcoin.

That rings especially true when considering that in many ways, Bitcoin was not designed as a transactional platform but rather a preservational one, making it cheap for users to store value securely but increasingly expensive to transfer it.

https://preview.redd.it/jno760pfr0vb1.png?width=1200&format=png&auto=webp&s=84e172726a30cead8312c904e2bab599d7c507f6

To that point, users that occupy Bitcoin's state to store value long-term aren't (continually) paying the miners for their ongoing security provision. Instead, they're paying a one-time upfront transaction fee and then benefiting from Bitcoin's security, at the miner's expense.

https://preview.redd.it/l1n5avcir0vb1.png?width=1200&format=png&auto=webp&s=a758942dc9409f57d5eebc3feb4ee8388953af3d

Beyond this incentives misalignment, the transaction fee model introduces a dose of uncertainty for the miners, who-on the long-term-can't know upfront whether the transaction demand will be high enough to make mining worth the effort.

https://preview.redd.it/bqxjq3rlr0vb1.png?width=1200&format=png&auto=webp&s=a9f308dcc553475d286acb6408400d0a5dc90697

For this reason, CKB iterates on this monetary model, with two types of token emissions, instead of one:

1. Base issuance: Where the block rewards go to miners and halve every four years until all CKB coins from the base issuance are mined. (Same as Bitcoin)

https://preview.redd.it/wl02xanor0vb1.png?width=1200&format=png&auto=webp&s=f328dc162ddb3ae7114569c3e114ca39f67b20ac

1. Secondary issuance: This issuance is uncapped & follows a fixed emissions schedule of 1.344 billion CKB annually However, unlike base issuance (which goes entirely to miners) the secondary issuance is split between miners, NervosDAO depositors, and (in the future) a treasury

The precise ratio of the split depends on how the currently circulating CKB tokens are utilized within the network. Suppose 50% of all CKB are used to store state (more on this later), 30% are deposited into the NervosDAO, and 20% are kept liquid.

https://preview.redd.it/vu8m3hfsr0vb1.png?width=1200&format=png&auto=webp&s=a8453d5be2bb8af002aaeda099c166515f6f684f

Then, 50% of the secondary issuance will go to miners, 30% will go to the NervosDAO depositors, and the remaining 20% will to the treasury. Today, treasury issuance is being burned, but this could change in the future via a community-initiated hard fork.

The point of the secondary issuance is to collect state rent and ensure that the miners are compensated for the security they provide the network in perpetuity, regardless of future transaction volume and data storage demands.

https://preview.redd.it/o7mze3ywr0vb1.png?width=1200&format=png&auto=webp&s=c1b8312f351b3c6b2d7bcd516b35ba546c52be4c

Equally important to understand here is that the inflation from the secondary emissions is narrowly targeted and affects only state occupiers.

This means that CKB can simultaneously act as a deflationary hard-capped token (like Bitcoin) for long-term CKB holders, and an inflationary token for the blockchain’s users.

https://preview.redd.it/6a2fzbf3s0vb1.png?width=1200&format=png&auto=webp&s=18ede9162076109b0ac1d0178ca10f08ba988066

This unique two-tiered token emissions model ensures the long-term sustainability of the Nervos Network by making the miner compensation independent of transaction fees and more closely tied to the utilization of the blockchain as a preservation or store-of-value platform.

https://preview.redd.it/fomko8m6s0vb1.png?width=1200&format=png&auto=webp&s=15fe7cb4caec888f1d07018b3cb5d9823b0c673d

For the long-term token holders, the upcoming halving event is one of the most important events to happen in CKB's history! Join us for the party!

Discord; https://t.co/ts5a7hO5JF

https://preview.redd.it/mmnxk6pes0vb1.png?width=1152&format=png&auto=webp&s=0d1a1e09f8711ba34533a5aac539cd7b0f155dca

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Stohn Coin being promoted on MiningPoolStats

https://i.redd.it/5nqnthibmyub1.jpg

Bullish Projections: Bitcoin Expected to Reach $130,000 After 2024 Halving

Bitcoin market experts and analysts are increasingly optimistic about the future price of Bitcoin following the anticipated 2024 halving event. Various price models have pointed towards a significant milestone of $130,000 in 2025, suggesting that Bitcoin will double its current all-time high within two years of the April 2024 halving.

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CryptoCon, has been conducting extensive research on Bitcoin price cycles and their peak levels. Their findings consistently indicate that the price of Bitcoin seems to gravitate towards the $130,000 mark. This suggests a strong bullish trend for Bitcoin's long-term trajectory.

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The research highlights a pattern of "early" price tops in each cycle, occurring approximately three weeks on either side of July 9. Following these early tops, new all-time highs tend to manifest approximately three weeks on either side of November 28.

By analyzing simple diagonal trendlines originating from the first early top, CryptoCon's research has accurately predicted the price of the last two cycle tops. This methodology, along with data from the previous cycle, points to a potential Bitcoin price of approximately $138,000.

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In summary, Bitcoin's price models are converging on a bullish outlook, with a target price of $130,000 emerging as a prominent and consistent prediction for 2025. This suggests that the post-2024 halving era may usher in a significant surge in Bitcoin's value.

Bitcoin ETF

With the biggest financial firms in the US fighting to be first in the country to create a btc backed ETF, in a market that highly depends on network size and user count, what is your rationale for BCH?

Tons of demand is coming to bitcoin specifically in the next 6 months with about 5% of total supply available. 6 months until the halving which further decreases the flow of additional supply making it the hardest money the world has ever seen. Common sense and basic economics said the increase of demand and decrease of supply will cause the underlying asset’s price to rise. It would have to be a historical event in the sense that it has never happened before to not see a Bull run post halving.

It seems to me that this demand and the accessibility it will bring to the common user will result in bitcoin’s network size and user count rising exponentially compared to bch.

With all that being said I do see the benefits of bch. I think the bitcoin network becoming even more dominant and it being common place in people’s retirement accounts will be a good thing for bch. I think we could see bch being used hand in hand with btc if other layers like lightning don’t work out.

What is Chain Reorganization ?

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In the realm of cryptocurrencies, "chain reorganization," often termed "chain reorg," is a pivotal concept primarily observed in blockchain-based systems like Bitcoin and Ethereum. This phenomenon unfolds when an alternative version of the blockchain gains dominance, replacing the prior one. Chain reorgs typically originate during blockchain forks, which can be either planned upgrades or unintentional events due to network issues. Forks create a situation where two or more blocks are mined and appended to the blockchain simultaneously, causing a brief divergence in the chain. In blockchain networks, consensus mechanisms such as Proof of Work or Proof of Stake determine the valid chain by relying on miners or validators' choices. The chain with the most accumulated work or the highest stake backing it is confirmed as the authentic one. When one of the competing blocks forms a longer or more fortified chain, the network performs a reorganization to adopt this new chain as the primary one, effectively discarding the shorter or weaker branch.

Chain reorgs are an intrinsic part of blockchain networks, instrumental for maintaining the blockchain's integrity, rectifying forks, and achieving consensus among network participants. Nevertheless, it's important to note that chain reorganizations can pose challenges for cryptocurrency exchanges and businesses that depend on a specific number of confirmations to deem a transaction final. Transactions with deeper confirmations offer greater resilience against chain reorgs, as modifying them would require a substantial amount of computational power.

#Blockchain #ChainReorg #Cryptocurrency #Forks #ConsensusMechanisms #CryptoExchange #TransactionConfirmation #ProofOfWork #ProofOfStake