Due to the market’s changing trends in the last few days, the cryptocurrency price today also remains down. Although the investors’ sentiments remain in the greed zone, the consolidation and downturn are quite common. The prime example of this is the XRP, whose price is down 2%, and other top cryptos like BTC, BNB, and ETH barely survive. Cryptocurrency Price Today: Market Divides Between Bulls & Bears The aftermath of Trump’s tariff on the EU has resulted in crash-like conditions in the crypto market. Moreover, the Fed’s delayed rate cuts are impacting the cryptocurrency price for weeks, including today. Here’s the top assets performance:- Bitcoin Price Maintains $108k Support After achieving a new milestone of $111.9k, Bitcoin maintains its $108.0k support, currently trading at $109.2k. However, despite the high BTC ETF inflows, institutional buying, and the ongoing Bitcoin 2025 conference, the token fails to surpass the $110k mark. Experts believe… Read More at Coingape.com
Ethereum (ETH) price is on a bullish path today, May 1, after crossing above $1,850 for the first time in more than three weeks. The gains come amid chatter that ETH may have hit a local bottom, with key on-chain metrics supporting this hypothesis.
ETH value today trades at $1,847 with a modest 2.62% gain in 24 hours. The uptrend coincides with a 60% spike in trading volumes, as the market eagerly awaits whether a breakout above the psychological level of $2,000 will happen next.
ETH/USDT: 4-Hour Chart
Has Ethereum (ETH) Price Bottomed as MVRV Z-Score Spark Speculation?
The Ethereum MVRV Z-Score has plummeted to an extremely oversold region, a move that has historically formed a bottom for this altcoin. Looking at past trends, each time the ETH price entered this zone, it was followed by a notable surge in the price.
For instance, in 2023, the MVRV Z-Score reached a local bottom as ETH plummeted to around $1,500. As soon as this metric flashed an oversold signal, a parabolic rally ensued within three months to above $3,800. In 2020, the Ethereum price surged 5x from around $200 to above $1,000 shortly after this indicator also became oversold.
Ethereum MVRV Z-Score
If the above trend repeats, ETH price may have just found its local bottom within the $1,700 to $1,800 range, and it is now poised to make a bullish reversal.
Delta Growth Rate Signals ETH Recovery
At the same time, the Delta Growth Rate, a metric used to measure the ratio of ETH’s market cap against its realized cap has also plunged to bear market territory. Just like the MVRV Z-Score ratio, whenever this metric turns negative, it suggests that the Ethereum bottom is in, and the price eyes an upward trajectory.
Ethereum Delta Growth Rate
Besides on-chain metrics, analyst sentiment also supports a bullish Ethereum price prediction and the argument that ETH has indeed bottomed. Titan of Crypto noted that ETH’s “monthly RSI is back at the same level where the altcoin has historically bottomed. Merlin the Trader also opines,
“In 2020, Bitcoin consolidated at $8K… Most ignored it. Then it hit $64K. Today, Ethereum is showing the exact same structure. Accumulation. Compression. Explosion loading.”
The combination of these on-chain metrics and analysts’ views supports the argument that the bottom is in, and ETH price may breakout past $2,000 to multi-month highs is possible.
Ethereum Price Analysis as Rally to $3,000 Beckons
As on-chain metrics indicate that the Ethereum price bottom is in, a rally to $3,000 may be on the horizon, and the daily price chart supports the likelihood of this happening in the coming months.
ETH has broken out of a descending parallel channel, indicating that it wants to overcome the downward trend and push higher. A confirmation of this breakout will occur if ETH makes several decisive closes above the upper trendline and overcomes the first resistance level at $2,112.
If Ethereum can flip this first resistance level and also overcome the next hurdle at $2,472, it will be prime for the next run-up towards $3,064.
ETH/USDT: 1-day Chart
Technical indicators support this bullish thesis, with the RSI making higher highs as the CMF maintains levels above 50, indicating that sellers are not overpowering buyers despite market-wide uncertainty. However, this bullish thesis will be invalid if the Ethereum price slips below the mid-line of the descending channel.
The American State of Missouri is set to implement a crypto tax rule that will positively impact Bitcoin (BTC), Ethereum (ETH), XRP, and other top-risk assets. This unique move will also impact stocks as the State seeks to become one of the most friendly places for crypto firms to do business. Notably, it comes when many states consider holding Bitcoin as a strategic reserve asset.
Crypto Tax: Missouri Sets New Pace for Bitcoin
As reported by Fortune, it is worth noting that the State’s lawmakers have passed the Bill to enshrine this exemption. It has now been sent to Governor Mike Kehoe for final approval. This Bitcoin tax Bill secured only Republican support despite 10 Democrats voting “Present” at plenary this past Wednesday.
If signed into law, an estimated $430 million will be cut from State revenue as the law takes effect this year. The primary concern for Democrats is the shortfall in State funding, which will affect the budget. On the positive side, investors will benefit from the crypto tax allowance as they can hold their assets for much longer.
Many States in America are exploring ways to gain the upper hand in adopting digital currencies. Earlier this week, New Hampshire adopted BTC as a reserve asset after Governor Ayotte signed Bill HB 302 into law.
Under this provision, 5% of the State’s treasury funds can be invested in Bitcoin. Notably, any asset with a market capitalization above $500 billion may also benefit.
Crypto Gaining Traction In the US
The digital currency ecosystem is gaining significant traction, fueling the favorable consideration of Bitcoin and crypto tax laws. While states are championing new Bills to drive Bitcoin and crypto adoption, the focus is on regulation in DC.
Despite announcing a strategic crypto reserve, much has not been said in this regard. What is visible to the industry is the pivot by national regulatory agencies toward the nascent asset class. Although the Internal Revenue Service (IRS) has not given new guidance on Bitcoin and crypto tax, the OCC and Federal Reserve have withdrawn guidance restricting banks from engaging in digital currency activities.
This makes the Missouri Bitcoin tax move a strategic one. While the exemption might benefit investors in the short term, it may also attract new crypto companies to the state. This will ultimately position the State to benefit in other key areas in the long term.
With this pioneering move, other States may follow Missouri in the quest to become a Bitcoin tax haven.
Ethereum’s planned Pectra upgrade, the blockchain’s most significant update since 2022’s “The Merge,” launched today on the Sepolia testnet. However, the launch didn’t go smooth as it faced issues in its testnet release, further delaying mainnet launch. According to a recent tweet from the lead Ethereum developer, the team has identified the issue and rolled out a fix.
Quick Fix Applied to Sepolia Deposit Contract Issue
The Ethereum community employs testnets to experiment with significant updates in a secure environment before they are implemented on the primary blockchain, often referred to as the “mainnet.”
Despite these precautions, the rollout encountered some snags. Tim Beiko, a leading developer at the Ethereum Foundation, reported on Twitter that they were addressing a glitch related to the custom deposit contract on the Sepolia testnet.
He further explained that this glitch had impacted certain Execution Layer (EL) clients, leading to problems with processing transactions within blocks. EL clients are essential software that operates on the Ethereum network’s nodes.
Roughly six hours after the error was identified, Tim Beiko reported that a solution was in place. He stated, “Client teams have coordinated on a fix and are trying to deploy it to validators right now. If this works as expected, we’ll have a longer update out shortly.”
Tim Beiko stated that all node operators need to upgrade their nodes to the versions listed on the Ethereum website’s blog. He mentioned that validators had already upgraded, resulting in the chain operating normally again. However, he noted that explorers, wallets, and other infrastructure providers might encounter issues until they also perform their upgrades.
The Mainnet Release Might Get Delayed
Earlier in the day, the launch was hailed as a triumphant success. Terence, a leading Ethereum developer, shared on Twitter that the Pectra had “finalized with a perfect proposal rate” on the Sepolia testnet. This meant that every validator had flawlessly proposed their assigned blocks without fail.
However, this achievement came after a challenging period. Initially, the deployment of Pectra on Sepolia had caused significant disruptions, preventing transactions from being recorded and essentially bringing the testnet to a halt for around five hours.
The Pectra upgrade had encountered problems before. For example, a misconfiguration among validators caused a chain split during its deployment on the Holesky testnet on February 24, leading to a failed rollout. Ethereum developers now expect that it will take at least two more weeks to finalize this activation.
The plans for a mainnet launch of Pectra, which is one of the most significant forks since Ethereum transitioned to proof-of-stake, are dependent on successful upgrades of both the Holesky and Sepolia testnets.
Although the Ethereum Foundation had initially aimed for an early April release for the mainnet, this timeline might be stretched to ensure the issues observed in the testnets are thoroughly addressed and do not recur.
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Ethereum’s planned Pectra upgrade, the blockchain’s most significant update since 2022’s “The Merge,” launched today on the Sepolia testnet. However, the launch didn’t go smooth as it faced issues in its testnet release, further delaying mainnet launch. According to a recent tweet from the lead Ethereum developer, the team has identified the issue and rolled …
