Top Trader Predicts Rallies for Ethereum and Broader Altcoin Markets – But There's a Catch

A closely followed crypto strategist is predicting a burst to the upside for Ethereum (ETH) and the altcoin markets in general. Pseudonymous analyst Credible tells his 340,600 Twitter followers that he believes Ethereum is gearing up for a strong rally.

Timeline of Ethereum

This article delves into the wild turn of events leading to an unplanned cap on Ethereum's ether supply. It examines the role of the EIP-1559 burn mechanism, the impact of the Ethereum's transition to PoS, and the potential long-term consequences for Ethereum and the broader crypto market.

Liquid staking protocol Lido (LDO) anticipates its users making large staked Ethereum (stETH) withdrawals this week following the successful completion of its V2 upgrade. Withdrawal request spikes According to 21Shares researcher Tom Wan, Lido users have started increasing their withdrawal requests following the successful test of the feature.

The Bedrock hard fork, proposed earlier this year and approved by the Optimism community in April, is supposed to bring a “new level of modularity, simplicity and Ethereum equivalence.”

On-chain data shows the Ethereum taker buy/sell ratio has formed a crossover recently that has historically signaled tops in the asset's price. Ethereum Taker Buy/Sell Ratio 280-Day and 476-Day MAs Have Crossed Recently As pointed out by an analyst in a CryptoQuant post, the last time this crossover formed was back in May 2021, when ETH observed the bull rally top formation.

Ethereum managed to surpass the $1,800 price level initially, but it has been experiencing a period of consolidation recently. In the past 24 hours, there has not been much progress in the price movement.

In a significant development for the blockchain industry, IoTeX's community has overwhelmingly voted in favor of Improvement Protocol 21 (IIP-21), paving the way for bridging IOTX, the native coin of the IoTeX network, to Ethereum. The proposal received overwhelming support from the IoTeX community, with a final tally of 306 million IOTX (73.77%) voting in favor of the bridge, while 109 million IOTX (26.23%) opposed the proposal.

Ethereum Price Analysis: On May 11th, the Ethereum price breached the monthly support of $1827 indicating a possibility for momentum selling to trigger a longer correction. However, it's been five days since the breakdown, and the coin price moving sideways indicates a weakness in sellers' commitment.

An address associated with the 2021 exploit of automated market maker Uranium Finance recently laundered over $1.18 million of stolen assets through crypto mixer Tornado Cash. The assets were transferred in ten transactions in 30 minutes today.

As the world grapples with the relentless squeeze on traditional banking yields, the digital universe presents an enticing alternative. Ethereum, a leading player in the cryptosphere, is set to witness a surge in yields, attracting attention from investors worldwide.

After ChatGPT's success, OpenAI CEO Sam Altman's other ambitious project Worldcoin is in the news these days. Sam Altman is close to securing $100 million in funding and plans to launch the open-source protocol in the first half of 2023.