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Ethereum will SOAR to 5K after Doing THIS!

As the cryptocurrency market soars, many crypto projects are seeing their valuations grow back again. In fact, Bitcoin managed to pull back the entire cryptocurrency market from a worrisome downtrend. In a week’s time, BTC managed to jump by 10%. Today, Bitcoin breached its 60K mark. On the other hand, Ethereum managed to also regain its uptrend and show another bullrun. In fact, Ethereum is eyeing its previous all-time valuation of USD 4,375. This time, the technicals are in place to break yet another new psychological area. Will we witness an Ethereum 5K price before 2022? Let’s do some analysis to better assess where the market might lead ETH prices.

Ethereum Price Prediction – Where are ETH prices Going?

Despite several crashes, Ether was still on an uptrend. We did witness a heavy adjustment both on the 12th of May and the 7th of September. Despite what the mainstream media said on multiple occasions about ETH prices, it was purely based on FUD and regular descriptive news. Looking at figure 1, we can clearly how ETH prices are on an uptrend, with the previously mentioned price adjustments.

Price adjustments are very important, as they allow prices to breathe after extended uptrends. Most price breathers occur because of profit-taking or a technical short-term bear formed by stronger selling pressure on prices.

For now, prices are definitely eying the upper channel of the uptrend, delimited by the psychological price of 4K, then the previous ATH of USD 4,375.

ETH/USD 1-day chart showing the uptrend of Ether
Fig.1 ETH/USD 1-day chart showing the uptrend of Ether – TradingView

Can Ethereum Price reach 5K soon?

Before Ether’s price reaches 5K, there are two important requirements both on a fundamental and technical level. From a fundamental perspective, negative events such as exchange hacks, governments crypto bans, or negative ratings from hedge funds would create FUD and drive prices downwards. This happened on multiple occasions previously, and such events usually end the uptrend, coupled with profit-taking.

From a technical aspect, prices need to first reach the previous all-time high, consolidate for a brief period before reaching 5K. In figure 2, we can see an estimated path for ETH prices based on previous price-actions.

ETH/USD 4-hours chart showing the potential path of ETH towards 5K
Fig.2 ETH/USD 4-hours chart showing the potential path of ETH towards 5K – TradingView

The Crypto Market at a Glance

In the past 24 hours, most prices held a consolidation stance after the previous crypto market rally. NuCypher, Stellar, and Enjin Coin managed to gain respectively 22%, 12%, and 7%. On the other hand, Perpetual Protocol, Bitcoin Gold, and Flow lost the most, but barely 4% each.

1- Bitcoin (BTC) : – 1.5 %

2- Ether (ETH) : – 0.01 %

3- Binance Coin (BNB): – 1.33 %

4- Cardano (ADA) : – 1.87 %

5- Tether (USDT) : 0 %

6- Ripple (XRP) : + 0.82 %

7- Solana (SOL) : – 1.77 %

8- Polkadot (DOT): – 1.33 %

9- USD Coin (USDC) : + 0 %

10- Dogecoin (DOGE) : + 1.43 %

Stay Ahead, Stay Updated
Rudy Fares

standard chartered ethereum 2.0 valuation
standard chartered ethereum 2.0 valuation © Cryptoticker

The post Ethereum will SOAR to 5K after Doing THIS! appeared first on CryptoTicker.

Nervos enters DeFi arena with ‘Yokaiswap,’ $70 million locked up on first day

Nervos today announced that “YokaiSwap,” a decentralized trading platform, is now live on the mainnet. YokaiSwap is the first decentralized exchange (DEX) built on Nervos, marking an important step for the network’s development as emerging projects begin building and launching decentralized apps (dApps) within the ecosystem. As DeFi continues to take off and crypto users::Listen

Nervos today announced that “YokaiSwap,” a decentralized trading platform, is now live on the mainnet. YokaiSwap is the first decentralized exchange (DEX) built on Nervos, marking an important step for the network’s development as emerging projects begin building and launching decentralized apps (dApps) within the ecosystem.

As DeFi continues to take off and crypto users move their assets from centralized exchanges to decentralized platforms, DEXs continue to see major growth. According to a new report from Chainalysis, the value on large decentralized exchanges (DEXs), like Curve, Uniswap, and PancakeSwap grew by about 550% from August 2020 to 2021.

DeFi on Nervos 

YokaiSwap brings a battle-tested codebase to the network but with unique farming and yielding solutions that leverage the speed and interoperability Nervos offers. Via the Force Bridge, Nervos’ cross-chain bridge, assets from other ecosystems can enter the network and be traded and paired for use on YokaiSwap.

As an Automated Market Maker (AMM), YokaiSwap enables users to easily and efficiently swap any whitelisted token on the Ethereum network—including ETH, WBTC, USDT, and USDC—with CKB interchangeably. Wrapped tokens from other chains, including ADA and BTC, will also be supported in the future.

The launch of YokaiSwap marks the first time users can move their CKB token assets on-chain and earn APY through incentive programs. Users can earn rewards on their deposited and traded assets via LP (Liquidity Provider) Token Farming and Single-Token Staking either by protocols fees and daily emissions. LPs are rewarded with the YokaiSwap DEX token, YOK.

“DEXs play a crucial role in DeFi, as they bring liquidity and earning opportunities to the community,” said Kevin Wang, co-founder of Nervos. “We’re excited to see the YokaiSwap team bring its project to the mainnet, as Nervos continues to welcome blockchain developers, projects, and enthusiasts to our growing ecosystem.”

On the heels of Force Bridge and Godwoken

YokaiSwap’s launch comes on the heels of Nervos releasing Force Bridge and Godwoken, Nervos’ Ethereum Virtual Machine (EVM) compatible Layer 2 blockchain, on the mainnet. The arrival of YokaiSwap is also expected to pave the way for other major DeFi players, such as Aave and Curve, to join the network in the future and provide even more opportunities and incentives for users.

YokaiSwap is one of the first projects to receive financial support from InNervation, a fund that aims to expand the Nervos Network and greater blockchain ecosystem by making investments in early and growth-stage startups building user-facing solutions with blockchain technology.

The Nervos Network is a collection of protocols and public blockchain aiming to solve the biggest challenges facing blockchains like Bitcoin and Ethereum today.

The post Nervos enters DeFi arena with ‘Yokaiswap,’ $70 million locked up on first day appeared first on CryptoSlate.

Ethereum will SOAR to 5K after Doing THIS!

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