Crypto Analyst Predicts Strong Surge for Ethereum, Axie Infinity and One More Low-Cap Altcoin

A closely tracked analyst is predicting a strong rally for leading smart contract platform Ethereum (ETH) and two additional altcoins as crypto markets bounce. Pseudonymous analyst Altcoin Sherpa tells his 180,600 Twitter followers that he believes Ethereum has more gas left in its tank despite nearly doubling its value in less than two months.

Timeline of Axie-infinity, Ethereum

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees. Related Reading: Proof of Work Vs Proof of Stake – Laneaxis The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain.

The Ethereum community has been anticipating the move from the Proof-of-Work (PoW) to the Proof-of-Stake mechanism. Luckily for everyone, the Merge will soon occur, and reports show that the developers are approaching the final test phase before the significant event.

Data shows the Ethereum supply locked in the ETH 2.0 staking contract was holding unrealized losses amounting to almost $15 billion just a few days back. Realized Price Of ETH 2.0 Deposits 44% More Than Normal Supply As per a special report released by Glassnode and CoinMarketCap, the Ethereum locked into the 2.

On-chain data shows the Ethereum exchange inflows have declined to low values recently, a sign that could be bullish for the crypto's price. Ethereum 7-day MA Exchange Inflows Have Gone Down In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the ETH price has been reversing up as the PoS merge comes near.

Ethereum saw a substantial 30% price increase over the past week. In the first attempt, after 50 days, the bulls could hit the overhead resistance zone in the range of $1,700 – $1,800 (in red).

Ethereum price analysis is bearish today as we have seen further consolidation after a strong rally earlier this week. Therefore, ETH/USD should soon start to retrace and look to retest the $1,600 mark as support.

NFTs across Ethereum [ETH] marketplaces seem to have sustained steadiness as July closes. However, the entire NFT market has not fully recovered despite the uptrend in the crypto market and ETH's uptick.

Benzinga has examined the prospects for many investors' favorite stocks over the past week, while offering a 24/7 news feed, live chat and charting software on Benzinga Pro.  Investors were digesting a lot of data this week with major companies reporting earnings, including Alphabet inc (NASDAQ: GOOG), General Motors Co. (NYSE: GM), Apple Inc (NASDAQ: AAPL) and Amazon.com Inc (NASDAQ: AMZN).

In its recently organized Academic Grants Round, the Ethereum foundation issued a $2 million grant that will be used to support research on Ethereum and the network's related technologies. Fund Allocated to 39 Research Projects Earlier this year, the Ethereum foundation announced that it would issue a $750K grant to fund several “formal, scientific and systematic” research projects aimed at improving the Ethereum network.

Axie Infinity CEO denied the allegations of insider trading and blamed some media outlets for focusing on the speculation while totally ignoring the achievements that were made by his company after the Ronin hack so let's have a closer look at today's latest cryptocurrency news.