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Skies – Cryptocurrencypanther https://cryptocurrencypanther.com Latest Crypto News Sat, 22 Apr 2023 01:35:51 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://cryptocurrencypanther.com/wp-content/uploads/2021/07/cropped-Cryptocurrency-e1626714913653-32x32.png Skies – Cryptocurrencypanther https://cryptocurrencypanther.com 32 32 Ethereum On-Chain Data Point To Clear Skies Ahead Of The Shanghai Upgrade https://cryptocurrencypanther.com/2023/04/22/ethereum-on-chain-data-point-to-clear-skies-ahead-of-the-shanghai-upgrade/ https://cryptocurrencypanther.com/2023/04/22/ethereum-on-chain-data-point-to-clear-skies-ahead-of-the-shanghai-upgrade/#respond Sat, 22 Apr 2023 01:35:51 +0000 https://cryptocurrencypanther.com/2023/04/22/ethereum-on-chain-data-point-to-clear-skies-ahead-of-the-shanghai-upgrade/

As the long-awaited Shanghai upgrade finally nears tomorrow, April 12th, the Ethereum (ETH) network and the crypto market are about to experience a significant influx of funds, as $33.5 billion worth of ETH is set to become available for use or sale. 

The upcoming Shanghai upgrade will enable validators to withdraw their staked ETH and use it as they please, resulting in a surge in liquidity for the cryptocurrency market. Before this upgrade, staking ETH was a one-way street, as Jarvis Labs’ analyst JJ the Janitor described in a recent article, with validators unable to withdraw their funds once they were staked.

As the Shanghai upgrade approaches and validators can un-stake their ETH, the cryptocurrency market is bracing for a potential surge in activity. The question on many investors’ minds is whether the unlocked ETH will lead to a massive wave of selling pressure or whether holders will choose to keep their tokens, particularly with the bull market on the horizon. 

Positive Signs Ahead Of The Upgrade For Ethereum 

In its recent analysis ahead of the Shanghai upgrade, JJ the Janitor highlights that last month ETH delivered the resistance break above the $1,700 level, which is key for the cryptocurrency, with a retest of support in March that quickly led to a breakout above resistance, as we have seen in recent days.

Furthermore, JJ highlights some important nuances surrounding the Shanghai unlocks and how they may affect Ethereum’s price. One key point is that withdrawal limits are in place that cap the amount of ETH that can be unstaked daily, which could help mitigate any immediate sell pressure on the price of the cryptocurrency. 

Additionally, JJ notes that a significant amount of selling may already be priced into the market. Many stakers who need access to cash have already sold claims to their staked ETH “over-the-counter” or hedged their long position with shorts via options and futures contracts.  Given these factors, JJ suggests that any narrative-driven dips back into the $1,700 range should be viewed as an opportunity rather than a sudden end of the 2023 bull run. 

ETH Whales Lead The Price Movements

JJ the Janitor shows, on the chart below, the behavior of ETH whales during the March dip. JJ notes that during this dip, whales found deep value in the $1,450-$1,550 range, as indicated by the prevalence of red and orange dots below. 

Ethereum
Ethereum’s whale’s accumulation zones. Source: Jarvis Labs via JJ the Janitor.

This suggests that despite the market turbulence, large holders of ETH saw an opportunity to buy the cryptocurrency at a discounted price. Furthermore, there was a sighting of ETH whales accumulating the cryptocurrency in the $1,000-$1,200 range for the first time since the post–FTX debacle period. 

Additionally, JJ notes that March also saw an all-time high on the ETH exchange-whale ratio chart, which for JJ, suggests that there are multiple positive indicators for the future of ETH. 

In addition, JJ uses the 30-day returns metric, which was stuck under resistance for two years, from mid-2018 until 2020, indicating a lack of bullish momentum in the market. However, once the trend broke through and regained momentum, it coincided with the price of Ethereum shattering through a key resistance level. 

Ethereum
Ethereum fractal resembles the 2019 breakthrough of key resistance levels. Source: Jarvis Labs via JJ the Janitor

JJ notes that price and 30-day returns have broken above key resistance levels in unison, indicating a potential bullish trend shortly. If this breakout is real, JJ suggests that we should expect 30-day returns and ETH’s price to begin a cycle of rapid appreciation in the coming months.

Ethereum
ETH is trading above the key resistance zone of $1,700 on the 1-day chart. Source: ETHUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com



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]]> https://cryptocurrencypanther.com/2023/04/22/ethereum-on-chain-data-point-to-clear-skies-ahead-of-the-shanghai-upgrade/feed/ 0 Infinity Skies rallies by 200% today as the broader market struggles https://cryptocurrencypanther.com/2022/08/15/infinity-skies-rallies-by-200-today-as-the-broader-market-struggles/ https://cryptocurrencypanther.com/2022/08/15/infinity-skies-rallies-by-200-today-as-the-broader-market-struggles/#respond Mon, 15 Aug 2022 15:24:56 +0000 https://cryptocurrencypanther.com/2022/08/15/infinity-skies-rallies-by-200-today-as-the-broader-market-struggles/

The broader cryptocurrency market has underperformed over the last 24 hours, but Infinity Skies has rallied by more than 200% during that period.

ISKY, the native coin of the Infinity Skies ecosystem, is up by 200% in the last 24 hours. Thus, making it one of the best-performing cryptocurrencies in the entire crypto market. By contrast, Bitcoin is down by 1.5% today and is trading above $24k per coin. Ether, the second-largest cryptocurrency by market cap, is also down by nearly 4% today and is now trading just above $1,900.

ISKY’s ongoing rally can be attributed to several factors. Community engagement has increased over the past 24 hours, thanks to the ongoing competition. The Infinity Skies team has $5,000 up for grabs for the best castle builders within its community.

The Infinity Skies builders have created some interesting castles, and this has improved the general community engagements. 

Another reason behind the ongoing rally is the imminent launch of Infinity Skies’ staking pool. The staking pool would make it easier for users to stake their tokens and earn rewards for doing so.

The Infinity Skies team is also participating in the ongoing Battle of the DApps hosted by BSCNews. In Battle of the Dapps, 9 projects on BNB Chain compete in a community-decided event to be crowned King of the Dapps.

Infinity Skies is competing against eight other decentralised applications, including Floki, GMR, EverRise, Hypermine, DG Pals, Ten Finance, Mogul Productions, and XWG Games.

Finally, another reason why Infinity Skies is rallying today is the upcoming land sale within the ecosystem. The land sale event will allow people to own a piece of the Infinity Skies ecosystem, allowing them to build amazing structures and castles.





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