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Ethereum may be primed for a bull run; could follow Bitcoin’s cue and surge by 1100%

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Ethereum may be primed for a bull run; could follow Bitcoin's cue and surge by 1100%
Source: Twitter.com/Tokendesigner

The Golden Cross theory seems to have sent every crypto-enthusiast into a tizzy. Ethereum also exhibited the Golden Cross, which usually indicates a change in price trends. In light of the prevailing the bear market, the cryptoverse on Twitter speculates that this could be the start of a bull run.

Ethereum’s daily chart shows a recurring pattern which is underway. This pattern resembles the move which happened back in 2016-2017.

Source: TradingView

The chart shows a 1-2-3-4-5 pattern formed between 2016-2017, which led to the bull run and caused the price to peak in 2017. A similar pattern was evolving at press time, which could indicate a bull run in the immediate future. Additionally, the volume seems to be miming the previous pattern.

Although Ethereum is the second largest cryptocurrency in the world by market cap, it still hasn’t sufficiently decoupled from Bitcoin. Altcoins being coupled to Bitcoin is a disadvantage because they will follow Bitcoin’s lead in both pump and dump movements, regardless of the development happening in their respective ecosystems.

Fundstrat’s Tom Lee tweeted about the correlation with Bitcoin, stating that the decoupling hasn’t happened and altcoins would follow the same pattern as they did during the last bull rally. He tweeted,



He further added,

“past alt-seasons averaged 1,100% gains. Will the next alt-season be as strong as the past? Given there are probably only ~50mm active wallets (vs 5 billion Visa/MasterCard accts), we think crypto still early in the adoption curve. So it should be similar”

Assuming the pattern holds true and the bull run comes to pass, altcoins, including ETH, may undergo a similar wave led by Bitcoin.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ethereum

Cryptopia hack: Over $7 million worth of Ethereum [ETH] transferred by hacker to unknown wallet

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Source: Unsplash

The New Zealand cryptocurrency exchange, Cryptopia, which fell to its doom due to a security breach that occurred earlier this year, continues to stay in the headlines. The attacker, who almost drained the exchange’s entire Ethereum wallets, has been transferring the stolen funds since the beginning of the day.

Whale Alert, a Twitter account that tracks the large sum of cryptocurrency transactions for all the top coins, has been tracking the movements of all coins compromised to recent hacks. A few minutes ago, the social media account showed that large sum of Ethereum tokens was further being moved to a different wallet.  A total of four different transactions were completed, with around 29770.7290449 ETH [over $7 million] were transferred within 15 minutes.

Notably, all the ETH from the wallet d96ba527be241c2c31fd66cbb0a9430702906a2a was transferred tod4e79226f1e5a7a28abb58f4704e53cd364e8d11, draining all the cryptocurrency from the initial wallet. More so, the attacker first transferred a 1 ETH before making huge transactions.

Wallet address transferred from | Source: EtherScan

Wallet address transferred from | Source: EtherScan

Wallet address transferred to | Source: EtherScan

Wallet address transferred to | Source: EtherScan

This was not the first transaction of the day; the hacker transferred a small chunk of ETH earlier today and ERC20 tokens were also moved to different exchanges.

WhaleAlert reported on Twitter that around $7.67 million worth of Ethereum was transferred to an unknown wallet.



“30,790 #ETH (7,740,465 USD) transferred from Cryptopia Hack to unknown wallet […] The recent Cryptopia Hack transfer very likely went to a #Huobi deposit wallet. From there it has probably been sold for other coins.”

While another report by Coinfirm stated that the exchange’s ERC20 tokens, 0x Project [ZRX], Kyber Network [KNC] and Power Ledger [POWR], were being transferred to major cryptocurrency exchanges.

MisterCandyMan had stated on Twitter,

“This is a problem though because they’re never gonna be able to identify the hacker!”





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