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Nvidia CEO Huang: “Ethereum Is Going To Be Quite Valuable”

Nvidia CEO Huang: “Ethereum Is Going To Be Quite Valuable”

If you weren’t sure the stance for Nvidia CEO Jensen Huang when it comes to Ethereum’s upcoming shift to proof-of-stake, no need to question it further. Huang is clearly optimistic about Ethereum’s future. In an online-only Computex event, he fielded a variety of questions ranging anywhere from his thoughts on the metaverse to global semiconductor shortages.

Huang: A ‘Reasonable Bull’ Perspective

Jensen Huang’s comments around Ethereum in particular showed great optimism. When asked broadly about crypto and the supply and demand constraints around Nvidia products, Huang was clearly excited; “The reason why Ethereum chose our GPUs is because it’s the largest network of distributed supercomputers in the world. It’s programmable. When Bitcoin first came out, it used our GPU”, he said. “Am I excited about proof of stake? The answer is yes”, Huang added. “As we go towards that transition, it’s now established that Ethereum is going to be quite valuable.” He went on to discuss a new Nvidia product, CMP, which can address the crypto mining consumer and put ease on GeForce supply in order to deliver more GeForce products to gaming consumers.

It was still tempered optimism for Huang here, however. When asked later in the session about limiting hash rates in the future, Huang shared more perspective around his thoughts on crypto. “I believe that cryptocurrency is here to stay. It’s a legitimate way that people want to exchange value”, he said. “More important, Ethereum and other forms like it in the future are excellent distributed blockchain methods for securing transactions.” Huang added, “cryptocurrency is going to be here to stay. Ethereum might not be as hot as it is now. In a year’s time it may cool down some. But I think crypto mining is here to stay.”

Related Reading | TA: Ethereum Revisists $2,400, Here’s What Could Trigger More Downsides

More From The Field Of Questions…

The Nvidia CEO made some other interesting comments as well. When asked about virtual worlds, he said that he felt that there would come a time that there would be “a larger market, a larger industry, more designers and creators, designing digital things in virtual reality” than designers in the physical world today.

He also used the press opportunity to show off Nvidia’s newest facility, ‘Voyager’, set to be host to over 3,000 of the company’s employees, which Huang described as “a city inside a building”.

Huang also shared his excitement around the success of the RTX 30 series, the firm’s growing enterprise business, and the future of AI. What’s next for the Nvidia’s spurring growth? Huang and company clearly have a number of ideas, and crypto mining clearly lives at the forefront.

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Nvidia's Jensen Huang is cautiously optimistic about Ethereum's popularity in the next year. | Source: ETH-USD on TradingView.com

Related Reading | Ethereum At A Discount, Why ETH Looks Like BTC In 2017

Featured image from Pixabay, Charts from TradingView.com

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Ethereum Price Prediction: ETH/USD Breaches Southward Slightly

Ethereum Price Prediction: ETH/USD Breaches Southward Slightly

Breaches Southward Slightly – June 12
The market operation between Ethereum and the US Dollar breaches southward slightly at the recent lower range zone of $2,500 to now trade around $2,334 line at a reduction of -0.84 percent.

Breaches Southward Slightly: ETH Market
Key Levels:
Resistance levels: $3,000, $3,500, $4,000
Support levels: $2,000, $1,800, $1,600

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ETH/USD – Daily Chart

The ETH/USD daily chart depicts that there have been serial short falling pressures in the crypto economy from June 4 until the present around the range trading zone of $2,500level. The 50-day SMA indicator and the 14-day SMA trend-line are pointing toward the east as the bearish trend-line drew across the smaller SMA at a near-front spot. The Stochastic Oscillators have slantingly bent downward from the overbought region to touch range 20. That, to some extent, indicates that the ETH/USD market may still experience more slight falling pressures.

Will the ETH/USD market hold lowering long, as it now breaches south?

Holding long lowering in the Ethereum market versus the US Dollar as price now breaches southward slightly seems releasable only for a while. In the light of that technical trading assumption, it would be necessary that bulls needed to be on the lookout as to whether a bullish signal candlestick will emerge from the depth of a lower trading zone to be able to consider a decent buy entry position.

At this point, traders contemplating to go short further as regards the level of the lower trading situation of this crypto market are enjoined to think twice. A further southward push below the $2,500 level could only be that price will heading down to test the immediate support level of $2,000. In another technical trading sense that, It is one best investment time that an investor may consider worthy of joining now.
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ETH/BTC Price Analysis

Comparing the market trending outlook between Ethereum and Bitcoin, the price analysis chart depicts that only the smaller SMA trend-line now breaches southward slightly at one of the higher levels that the base crypto has pushed against the flagship counter crypto previously. As result, the base crypto still posses more trending weight than the counter crypto. The bullish trend drew between the 14-day SMA and the 50-day SMA as they all point more importantly to the north. The Stochastic Oscillators are dipped into the oversold region with the lines closed in an attempt to possibly point back to the north. In the light of that, it could be said that the base tool will in no time regain its stances to push against the counter trading instrument.

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VanEck Lists Bitcoin and Ethereum ETPs on SIX

VanEck Lists Bitcoin and Ethereum ETPs on SIX

VanEck, a New York-based investment management firm, has listed four new cryptocurrency exchange-traded products (ETPs) on SIX, Switzerland’s leading stock exchange.

Officially announced on Friday, the newly listed products will give investors exposure to the prices of the top two digital currencies: Bitcoin and Ethereum. They can be traded against both the US dollar and Swiss franc.

Exchange-traded cryptocurrency products are seen as a gateway for mainstream adoption. Traders can cut short the technicalities of cryptocurrency trading and purchase and sell the assets directly from their regular brokerage accounts.

Altcoin Demand Is Soaring

VanEck has become one of the many companies with their crypto products listed on the Swiss exchange. Additionally, SIX earned the reputation of becoming a crypto-friendly venue with a total of 100 crypto ETPs and structures products.

Though the initial rush was only for Bitcoin, demand for top altcoins like Ethereum is also gearing up.

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“Ethereum is the second most liquid cryptocurrency after Bitcoin,” said Christian Reuss, Head SIX Swiss Exchange. “We’re proud to offer 59 products on the two most liquid cryptocurrencies for trading with a market capitalization of USD 1,000 bn.”

Moreover, the volatility in the cryptocurrency market spiked the demand for such exchange-listed products. SIX revealed that nearly CHF 4.6 billion in volume of its listed cryptocurrency products have been traded since the beginning of this year. That was a 310 percent gain compared to the figures for the entire 2020.

In addition, VanEck is approaching other European exchanges with its crypto products. At the end of last month, the company listed Bitcoin and Ethereum exchange-traded notes on Euronext’s Amsterdam and Paris exchanges.

Meanwhile, the company could not manage to gain approval from the United States financial markets regulator for the listing of a much-anticipated Bitcoin exchange-traded fund (ETF). VanEck is one of the many companies whose applications are currently being reviewed by the SEC.

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Ethereum Price Prediction: ETH/USD Defends $2400

Ethereum Price Prediction: ETH/USD Defends $2400

Ethereum Price Prediction – June 10

The Ethereum price sees a 6.57% price fall within the few hours of trading as it drops back towards $2400.

ETH/USD Market

Key Levels:

Resistance levels: $3200, $3400, $3600

Support levels: $1800, $1600, $1400

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD is currently declining and it may likely trade below the lower boundary of the channel. The Ethereum price is holding the $2428 support level, but there is a possibility of sideways movement in the nearest term. The pair is currently consolidating near $2400 and it could decline towards the $2200 support as the technical indicator faces the south. More so, the Ethereum price is struggling to resume higher and it might revisit the $2400 support level before it could climb again.

Ethereum Price Prediction: Will ETH see a further Downside?

If there is an upside break above $2500, the Ethereum price could test the $3000 resistance level. Any further gains might push the price towards the $3200, $3400, and $3600 resistance levels. On the downside, the $2200 level is initial support. If there are more downsides, the price could test the critical support levels of $1800, $1600, and $1400, where the bulls are likely to take a stand.

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In the meantime, ETH/USD is yet to show some positive signs above the $2800 level, but it could dip further in the short term. Having said that, the Ethereum price may likely bounce back above $2600, as long as there is no daily close below $2400. However, the Relative Strength Index (14) is following a sideways movement at 44-level, indicating an indecisive market movement.

Against Bitcoin, the Ethereum price is now trading below the 9-day and 21-day moving averages within the ascending channel as the bears are still dominating the market. ETH/BTC is currently trading at 0.0678 BTC and the bulls couldn’t push the price to the north. Looking at the chart, if the price continues to drop, the next key supports may likely be at 0.056 BTC and below.

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ETHBTC – Daily Chart

In other words, a possible bullish movement could push the market above the 9-day and 21-day moving averages within the channel, a break above this may enable Ethereum price to reach a high of 0.820 BTC and above but the Relative Strength Index (14) is crossing below 50-level, which shows that the market might experience more downtrends.

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Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

The ethereum price is weakening sharply today. The past few weeks have been bad for the broader crypto market and the selling has started again in earnest. While the greatest slump has been felt by bitcoin, altcoins have also not been spared. Ethereum has been losing, and it is barely recovering from the May meltdown.

Last week, ethereum managed to scale some key levels as it reached around $2,500. The largest altcoin in terms of market cap touched $2,800 yesterday, but bears have interrupted the upward price movement, causing another market dilemma. ETH has lost $400 in the past 24 hours to trade, at around $2400. As of writing, ETH’s value was slightly above $2400.

Ethereum Price: bears in charge

Ethereum’s near-term support is at $2,400, and if the coin can maintain above that level it may prevent the decline from deepening further. The Moving Average Convergence Divergence (MACD) metric shows that the coin could be headed into a bearish market.

ethereum price

The chart above also shows that the Relative Strength Index (RSI) may be dropping towards the negative area. However, this is not all bad news because there is still a high chance that the bulls may pick up again, especially after new investors start buying the coin because of the lower prices.

However, a move above the 100 SMA is required for ethereum to show signs of recovery. Further analysis also states that the largest altcoin will only show its full bullish intent when it pushes to above $3,000.

Ethereum has been classified as a better and superior token compared to bitcoin, a factor that may be causing rising prices. Goldman Sachs, one of the leading banks on Wall Street, published a report after the May market crash. The report stated that ethereum had a high chance of overtaking bitcoin as a store of value, and this revelation boosted ethereum’s value towards the end of April.

Ethereum has great fundamentals says Goldman Sachs

According to Goldman Sachs, the Ethereum network had many real-world applications because it offers support to smart contracts, which has created a great space for the proliferation of DeFi applications. Besides, the Ethereum network is also a hub for developing non-fungible tokens (NFTs) that are gaining popularity. These projects increase ether transactions, and it is reducing the volatility of the coin.

Ethereum’s value, just like the value of the broader crypto market, has been affected following the crypto regulations in the market. However, 27-year old founder of Ethereum, Vitalik Buterin, recently interviewed at a Fridman podcast where he said that “I don’t think governments have the ability to ban crypto to the extent of just completely preventing blockchains from existing. But they definitely have the ability to really marginalize it.”

Ethereum’s price is not just slated to be a short-term thing. Towards the end of this year, the Ethereum network plans to launch a layer two upgrade to make the platform even more attractive to DeFi developers. When this happens, the demand for ether will skyrocket, and it may even reach above the $4000 ATH.

Where to buy Ethereum

The dominance of the Ethereum network in DeFi development shows that the token is a great buy because its demand is not as volatile as the other cryptocurrencies. The anticipated layer two upgrades is also expected to push for the token’s value. One can buy ether in the current dip at:

eToro

One of the most recommended exchanges where you can buy ether tokens is eToro. The exchange is popular for crypto trading, and it even has features that allow new traders to learn how to go about the market. Through copy-trading, inexperienced traders can gain insights from crypto experts on the exchange.

Once you sign up on eToro, go to the order section and place an order for the number of ether tokens you want to purchase. You can also sell the token on the exchange.

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