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Ethereum

Ethereum Will Explode Past $400 as Key Level Reclaimed by Bulls

Published

2 Monaten ago

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Ethereum has undergone a strong drop since peaking at $400 this past weekend. The leading cryptocurrency currently trades for $380, down after Bitcoin dropped from its daily highs. Analysts still think that ETH will move higher, though, citing technical trends.

Ethereum Could Explode Past $400, Analysts Say

Analysts remain confident about Ethereum despite recent uncertainty in the price of Bitcoin. One trader said, referencing 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.”

Charts of ETH's price action over the past few months with analysis by crypto trader Cactus (@TheCryptoCactus on Twitter).
Source: ETHUSD from TradingView.com

One cause for concern is that whales have stopped accumulating Ethereum, or have begun to sell their tokens on retail traders as per on-chain data.

Santiment, a leading blockchain analytics firm, recently 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.”

Image

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.
Chart from Santiment, a blockchain data and analytics firm.

ETH2 Deposit Contract

It was expected that the ETH2 deposit contract would be delayed, thus delaying the launch of ETH2. Danny Ryan of the Ethereum Foundation said last month:

“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 bulls, it was recently revealed that the deposit contract for Ethereum 2.0 is nearing. David Hoffman of Bankless, an Ethereum-focused media startup, shared a link online showing that a Github account called “CarlBeek” released a number of files that seemingly contain the ETH2 deposit contract and other related applications.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Analyst: Ethereum Will Explode Past $400 as Key Level Reclaimed by Bulls





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

52 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.