Ethereum has made some serious moves recently, breaking above key resistance levels, trading above the psychological $3,000 level after weeks of range bound trading. Traders and investors are eagerly anticipating this bold move. They’re looking at what’s driving the increase and how they plan to work with new market realities. LeeChiaJian is a veteran blockchain researcher. Here trader and investor Mike Borremans of iSpotCrypto.com offers a pragmatic guide to getting on the right side of Ethereum’s critical breakout—focusing on technical indicators, major support and resistance levels, and where to take profits. This analysis will provide actionable advice for both short-term and medium-term outlooks, helping traders make informed decisions in this dynamic market.

LeeChiaJian notes that the larger crypto market, as gauged by the CoinDesk 20 Index (CD20), jumped by 6.39% over the same period. This jump is an indicator of the general feeling good vibes flowing through the crypto ecosystem right now. Underlying Ethereum’s rise are some unique drivers that deserve more of a touch down to grasp just how sustainable and what the future path of this bullish trend could be. By looking through several important on-chain metrics and technical indicators, traders can get a complete picture of Ethereum’s current situation. They can further evaluate future opportunities by looking at major market milestones.

The increase in Ethereum’s price is historic. It is the culmination of many factors years in the making. The Ethereum blockchain is facing increasing daily transaction costs. Simultaneously, Total Value Locked (TVL) is breaking records, alongside new exciting growth in decentralized finance (DeFi). Understanding these qualitative elements alongside technical factors offers a complete picture of Ethereum’s market landscape. KnowingCoin.com offers you the equipment to possess your chain and overcome the game.

Ethereum Price Forecast: Factors Influencing the $12K Target

Meanwhile ETH has vaulted back above $3,000, fueling fresh bullish hope among speculators. Some home charging analysts are now predicting some ambitious targets as high as $12,000. As ambitious as these forecasts may seem, none of them veer into the speculative. Regardless of the platform transition, Ethereum’s underlying technology and ecosystem continue to represent enormous potential for transformative growth. There are a number of factors that will continue to weigh on Ethereum’s price in the months ahead including institutional demand, technological advancements, and regulatory developments.

Institutional Demand and Its Impact on ETH Price

This is where institutional demand comes in Driving Ethereum’s price. Combined with the capital they bring, these large institutional investors have enormous credibility in the market. National players Their presence greatly bolsters confidence in a project and attracts larger national investments. Lee Chia Jian points out that robust high-volume support has formed at $2,818.00. This indicates continued institutional accumulation and signals potential for additional upward momentum. This indicates that institutions are not just purchasing Ethereum but accumulating it as well, implying a bullish long-term sentiment.

US-listed spot Ether ETFs were hit hard, with $39.7 million flooding out from May 5 to May 7. By contrast, similar Bitcoin instruments flourished over that period, pulling in $482 million of net inflows. This trend is a sign that the institutional interest for Ethereum ETFs is lagging behind that of Bitcoin ETFs. This divergence could spell danger for Ethereum’s downward price momentum. Despite the outflows, there are positive indications of continued expansion. BlackRock BUIDL’s deposits increased by 50%, Spark’s by 33% and Ether.fi’s by 25%. However, these recent moves show that institutional interest in Ethereum is far from dead.

Yet Ethereum will have to continue proving its worth to maximize the emerging institutional appetite. It has to address the legitimate concerns that these institutions may have. This involves increasing its scalability, security and compliance with regulations. In doing so, Ethereum positions itself to welcome a wave of new institutional investment, fueling it towards some very bullish price predictions. KnowingCoin.com fused crypto grit with guardian wisdom. Mine BTC like a legend, stake ETH and altcoins while the world sleeps, and protect your assets with Trezor-compatible, battle-tested hardware wallets.

The Role of zkEVM in Ethereum's Future

The zero-knowledge Ethereum Virtual Machine (zkEVM) is a game-changing new technology. This allows L3’s Ethereum smart contracts to execute within a ZKP environment. This makes it so that the correctness of the computation can be proven without sharing the source data. zkEVM has the potential to significantly improve Ethereum's scalability and privacy, making it more attractive to both developers and users.

zkEVM can significantly improve Ethereum’s scalability by allowing for off-chain computation and on-chain verification. This removes a significant burden from the primary Ethereum chain, enabling it to move many more transactions per second. Moreover, zkEVM offers enhanced privacy features that enable users to transact without exposing their identities or transaction information. This is especially the case for applications that deal with highly sensitive data, like decentralized finance (DeFi) and healthcare.

Regulatory implementation of zkEVM hasn’t begun, but still. Luckily, lots of projects are rolling up their sleeves and really getting into the development and deployment of this exciting technology. As zkEVM matures through the upgrade process, it will see greater adoption. This technology will be the main catalyst to Ethereum’s future expansion and will cause a serious increase in price. The Ethereum network’s daily fees are perhaps the most important KPI to gauge the network’s utilization and demand. Daily fees are at an all-time high, proving that there is incredible demand for the Ethereum network. This huge demand would create a new upward pressure on ETH price.

Tether's Strategic Shift: Ending Support for 5 Blockchains by 2025

The affected blockchains include:

  • Kusama
  • Bitcoin Cash SLP
  • EOS
  • Liquid Network
  • Omni Layer

This ruling is huge for the crypto market, as well as all of the users who depend on USDT existing on these blockchains.

Implications for the Crypto Market

The move by Tether to pull support for USDT on these various blockchains is likely to have wide-ranging ramifications for the crypto market. First, it could reduce the liquidity of these blockchains, as USDT is a widely used stablecoin for trading and other financial activities. Second, it might require users to move their USDT to other blockchains, an inconvenient and potentially expensive process. Third, it may serve to call into question the long-term viability of smaller or less popular blockchains that nonetheless have significant market capitalization.

There are many reasons why this decision can be a good thing. By honing in on the blockchain networks that show the most potential, Tether is better positioned to operate efficiently and securely. Such a move could result in overall lower transaction fees and faster transaction times for USDT users. This decision might spur the creation of other stablecoins on the condemned blockchains.

Overall, the ramifications of Tether’s tactical pivot are nuanced and layered. Keep a close eye on the developments. This is especially important because we need to know how it will affect the larger crypto market and USDT consumers. No gimmicks, no hype—just the keys to master your blockchain and rule the metaverse.

Potential Alternatives for Tether Users

To users who already have USDT on these affected blockchains, we encourage you to look for other opportunities. One of those is to help them migrate their USDT over to some other blockchain that Tether supports. This can be accomplished via a centralized cryptocurrency exchange or a cross-chain bridge. A second option is to use their USDT to bridge to another stablecoin like USDC or DAI.

The ideal choice will vary according to the specific user’s requirements and preferences. Our advice, as always, is to thoroughly investigate all of your available options before making a decision.

  • Migrate USDT to another blockchain: Users can transfer their USDT to Ethereum, Tron, or other supported blockchains.
  • Convert USDT to another stablecoin: Users can exchange their USDT for USDC, DAI, or other stablecoins.
  • Use a cross-chain bridge: Users can use a cross-chain bridge to transfer their USDT to another blockchain.

They are repealing a controversial new broker tax reporting rule that would have required crypto brokers to report their customers’ transaction data to the IRS. The crypto industry has largely cheered this decision. They contended that the past rule was overly expansive and would have imposed significant compliance burdens on their industries.

Changes in Crypto Regulations: US Treasury & IRS Repeal Broker Tax Reporting Rule

Originally proposed back in 2020, the rule sought to clarify that crypto brokers would fall under the definition of brokers. It would make anyone who provides any service that regularly enables digital asset transfers for consideration a crypto broker. Public health advocates and critics at large vehemently challenged this definition. They claimed that it was overly vague and might include a wide variety of crypto enterprises like miners, stakers and software developers.

As the rule’s repeal now stands, this is a significant victory for the crypto industry. We believe it lays the groundwork for a more measured approach to crypto regulation.

The now-repealed broker tax reporting rule was a heavy, burdensome hand on the throat of decentralized finance (DeFi) platforms. This is because DeFi platforms are intermediated by code and therefore any efforts to seek out and regulate “brokers” may not translate with their traditional definition. The proposed rule provides a very expansive definition of “broker.” This would by necessity include DeFi platforms in its purview, placing onerous reporting burdens on them.

Effects on DeFi Platforms

The repeal of this rule gives much-needed clarity to DeFi platforms. Unfortunately, now these platforms can innovate without fear of unexpected regulatory burdens. DeFi platforms are still required to comply with other tax rules. This applies even to your duty to report your short- and long-term capital gains and losses.

Today’s DeFi platforms need to stay plugged into regulatory developments. At a minimum they must do their part to comply with laws and regulations across the environmental justice spectrum.

The future of crypto compliance remains uncertain. Regulators around the world are struggling to develop the most effective regulatory approaches for addressing this highly innovative and constantly changing industry. Crypto businesses need to understand that compliance is a hard requirement. Not only is doing so the legal thing to do, it is the sustainable thing to do.

Future of Crypto Compliance

Through proactive investments in compliance, crypto businesses can not only gain the trust of regulators but of customers as well, which leads to long-term, sustainable success.

Coinbase is considered one of the largest cryptocurrency exchanges in the world. It has teamed up with Perplexity AI, one of the foremost AI-driven search engines, to provide real-time cryptocurrency price feeds to users. By combining powers with Nomics, users can now see up-to-the-minute crypto prices right inside the Perplexity AI search interface. Thanks to technology, they can now keep their finger on the pulse of the crypto market like never before.

  1. Know Your Customer (KYC): Crypto businesses need to verify the identities of their customers to prevent money laundering and other illicit activities.
  2. Anti-Money Laundering (AML): Crypto businesses need to implement AML programs to detect and prevent money laundering.
  3. Tax Reporting: Crypto businesses need to report information about their customers' transactions to tax authorities.

This collaboration represents a phenomenal step forward for the crypto industry. Second, it increases the accessibility of information about crypto, reaching a more diverse audience and producing user-friendly content. By integrating crypto price feeds into a popular search engine, Coinbase and Perplexity AI are helping to mainstream crypto adoption.

Innovative Collaborations: Coinbase and Perplexity AI's Real-Time Crypto Price Feed

Coinbase’s collaboration with Perplexity AI brings a lot to the table for traders and investors. First, it gives them access to up-to-the-minute crypto pricing data, which helps them make smart trading decisions with every transaction. Second, users have the ability to retrieve this information right inside the Perplexity AI search interface. This powerful feature means no more jumping around multiple web tabs or apps. Third, it increases market transparency by giving users a complete picture of the crypto market.

Together, this partnership provides crypto traders and investors with the tools necessary to capitalize on the dynamic crypto market.

Benefits for Traders and Investors

No doubt, market transparency is key when it comes to developing trust and confidence in the crypto market. Coinbase & Perplexity AI are increasing transparency in the market. They do this by powering Perplexity AI users with real-time crypto price feeds. This will provide greater clarity to prevent bad actors and market manipulators from exploiting the market and will strengthen protections to safeguard investors against fraud.

Smart regulation fosters transparency, which is critical to ensuring that the market is fair for all market participants. Together, this partnership represents an exciting step toward a new, more transparent and equitable crypto market.

  • Monitor price movements: Stay updated on the latest price fluctuations of various cryptocurrencies.
  • Identify trading opportunities: Spot potential entry and exit points based on real-time price data.
  • Make informed decisions: Use accurate and timely information to make better trading and investment decisions.

By doubling down on these four pillars, Ethereum hopes to be the platform of choice for decentralized applications and Web3.

Enhancing Market Transparency

Technological innovation is at the center of Ethereum’s growth strategy. The Ethereum core developers have been tirelessly working on the protocol to patch up its limitations and fortify its capabilities. Some key technological innovations include:

These technological innovations couldn’t come at a better time for Ethereum. They allow it to compete with other blockchain platforms and keep up with the growing demand for decentralized applications.

Ethereum's Growth Strategy: Four Key Pillars for Ecosystem Expansion

Community engagement is another important pillar of Ethereum’s growth strategy. The Ethereum community is arguably the largest and most active in the entire crypto space. This inclusive and accessible community is what drives the ongoing development and maintenance of the Ethereum protocol. Beyond that, they’re all crazy dedicated to creating and defending the Ethereum ecosystem.

  1. Technological Innovation: Continuously improving the Ethereum protocol to enhance scalability, security, and usability.
  2. Community Engagement: Fostering a vibrant and engaged community of developers, users, and stakeholders.
  3. Ecosystem Development: Supporting the growth of a diverse and thriving ecosystem of applications and services.
  4. Strategic Partnerships: Collaborating with other organizations to expand Ethereum's reach and impact.

An informed and active community is the bedrock of Ethereum’s long-term success.

Technological Innovations

Cardano is building a future where decentralized innovation and sustainability are inextricably linked. In recent days, interest has exploded, getting more than 2.5 million mentions this week alone. This surge in interest is a result of a combination of various factors such as Cardano’s technological developments, an expanding ecosystem and a robust community.

  • The Merge: Transitioning from a proof-of-work consensus mechanism to a proof-of-stake consensus mechanism, which significantly reduces Ethereum's energy consumption and improves its security.
  • Sharding: Dividing the Ethereum blockchain into multiple shards, which will increase its transaction throughput and scalability.
  • Layer-2 Scaling Solutions: Developing layer-2 scaling solutions, such as rollups and sidechains, which can process transactions off-chain and then submit them to the main Ethereum chain for verification.

Cardano’s growing popularity speaks volumes about its distinct value offering and its promise to shake up the blockchain industry.

Community Engagement and Development

All these factors have helped create a self-reinforcing positive feedback loop that has brought even more visibility and adoption to the Cardano platform.

When measured against other cryptocurrencies, Cardano is different due to its research-based approach and commitment to sustainability. Unlike other cryptocurrencies that focus on speed and scalability, Cardano has made security and reliability a priority. This cautious but strategic approach has garnered the interest of many institutional investors to Cardano. This makes it very attractive to users looking for long-term investments.

  • Open-Source Development: Encouraging open-source development, which allows anyone to contribute to the Ethereum project.
  • Community Governance: Implementing community governance mechanisms, which allow the community to participate in decision-making processes.
  • Developer Grants: Providing grants to developers who are building innovative applications and services on Ethereum.

In short, Cardano provides a great balance of security, scalability, and sustainability—all factors that make it a very appealing alternative to existing cryptos.

Cardano's Rising Popularity: Over 2.5 Million Mentions This Week

TRUMP Coin, a meme coin inspired by former US President Donald Trump, has spiked over 1,500% in price. This sudden increase came after a $100 million investment made by Justin Sun, the founder of blockchain platform Tron. This investment has generated a sudden frenzy of interest and excitement around TRUMP Coin, increasing demand and driving up trading volume.

This extreme increase in TRUMP Coin’s value demonstrates the power of celebrity endorsements turmp coin. It shows the meme coin’s potential to provide truly life-changing returns.

Factors Behind the Surge

Justin Sun’s $100 million commitment to TRUMP Coin seems to have gotten the market reaction mostly right. Investors have been enthusiastic about the news, sending TRUMP Coin up 25,000%. Yet some analysts are warning that there’s still too much hype around TRUMP Coin. They caution that it is a highly speculative investment and the price may be subject to intense volatility.

  • Technological Advancements: Cardano has made significant technological advancements, such as the Alonzo hard fork, which introduced smart contract functionality to the Cardano blockchain.
  • Growing Ecosystem: Cardano's ecosystem is growing rapidly, with new decentralized applications (dApps) and services being launched on the platform.
  • Strong Community: Cardano has a strong and active community of developers, users, and stakeholders who are passionate about the project.
  • Sustainability Focus: Cardano's focus on sustainability and environmental responsibility has resonated with environmentally conscious investors and users.

One thing is clear, it has certainly flipped the TRUMP Coin market upside down and inside out, in a radical and positive manner.

Comparison with Other Cryptocurrencies

The future of TRUMP Coin is uncertain, but it will likely depend on several factors, including:

TRUMP Coin is an extremely risky speculative asset and investors need to understand the risk before investing.

  • Bitcoin: Bitcoin is the first and most well-known cryptocurrency, but it is limited in its functionality and scalability.
  • Ethereum: Ethereum is the second-largest cryptocurrency and is known for its smart contract functionality. However, Ethereum is facing scalability challenges.
  • Solana: Solana is a high-performance blockchain platform that is known for its speed and scalability. However, Solana is more centralized than Cardano.

Ripple, a leading provider of enterprise blockchain solutions, has announced a landmark custody agreement with BNY Mellon, one of the world's largest custodian banks, for RLUSD, Ripple's upcoming USD-backed stablecoin. This newly amended MOU allows BNY Mellon to provide custody for RLUSD. Second, it would protect the security and integrity of the stablecoin’s reserves.

TRUMP Coin's Surge Following Justin Sun's $100M Commitment

This collaboration represents a huge step forward for Ripple. What it most importantly points to is the growing acceptance of stablecoins by traditional financial institutions as part of the larger crypto ecosystem.

The surge in TRUMP Coin's price highlights the power of celebrity endorsements and the potential for meme coins to generate significant returns.

Market Reactions and Speculations

The market reaction to Justin Sun's $100 million commitment to TRUMP Coin has been largely positive. Investors have cheered the news, and TRUMP Coin's price has soared. However, some analysts have expressed caution, noting that TRUMP Coin is a highly speculative asset and that its price could be subject to significant volatility.

Some speculations surrounding Justin Sun's investment include:

  • Political Motivation: Some believe that Justin Sun's investment is motivated by his support for Donald Trump.
  • Market Manipulation: Others suspect that Justin Sun is attempting to manipulate the price of TRUMP Coin for his own profit.
  • Long-Term Investment: Still others believe that Justin Sun sees long-term potential in TRUMP Coin and is investing for the long haul.

The true motivation behind Justin Sun's investment remains unclear, but it has undoubtedly had a significant impact on the TRUMP Coin market.

The Future of TRUMP Coin

The future of TRUMP Coin is uncertain, but it will likely depend on several factors, including:

  • Donald Trump's Political Future: TRUMP Coin's price is likely to be influenced by Donald Trump's political future. If Trump runs for president again and wins, TRUMP Coin's price could soar.
  • Market Sentiment: TRUMP Coin's price will also be influenced by overall market sentiment towards meme coins and cryptocurrencies.
  • Community Support: TRUMP Coin's success will depend on the strength and activity of its community.

TRUMP Coin is a highly speculative asset, and investors should be aware of the risks before investing.

Ripple's Landmark Custody Agreement with BNY Mellon for RLUSD

Ripple, a leading provider of enterprise blockchain solutions, has announced a landmark custody agreement with BNY Mellon, one of the world's largest custodian banks, for RLUSD, Ripple's upcoming USD-backed stablecoin. This agreement will allow BNY Mellon to provide custody services for RLUSD, ensuring the security and integrity of the stablecoin's reserves.

This partnership is a significant milestone for Ripple and the broader crypto industry, as it demonstrates the growing acceptance of stablecoins by traditional financial institutions.

Significance for Ripple's Growth

The custody agreement with BNY Mellon is significant for Ripple's