Crypto Daily: BTC hash rate hits all-time high, Google launches countdown timer

Sep 12, 2022
10:09
2 min reading
Last Updated Apr 10, 2023

Choise.com team

Crypto Daily: BTC hash rate hits all-time high, Google launches countdown timer

Bitcoin hash rate has hit a new all-time high of 281.79 million. The next BTC halving is now projected to take place as early as Q4 2023.

The date for the next Bitcoin halving has been pulled forward as the hash rate has hit a new all-time high. The Bitcoin hash rate hit a raw value of 281.79 million on Sept. 11, which indicates that more people are jumping on board and is a good sign for the health of the network. The halving date was expected sometime in May of 2024, but at current levels, it is slated for the last quarter of 2023.

The rewards distribution for miners halves with every Bitcoin halving, and this event happens after every 210,000 blocks are mined. With more miners on board, more blocks are being mined, which pulls the halving date forward.

The next halving will reduce the Bitcoin block rewards to 3.125 Bitcoins. The whole halving process will continue until the year 2140 when it is estimated that all 21 million Bitcoins will be mined. This makes the network a deflationary one, and proponents argue that this will push the value of the asset up over time.

The next halving will take place in approximately 1.5 years, but if the current rate holds up, it could shave a few months from that timeline. The current block height is 753,742 and the halving will take place at a block height of 840,000.

Theprevious halving took place in May 2020, to much celebration. Between that event and the halving that took place in 2016, Bitcoin trading volume increased by 50x. There was some concern that the halving would result in decreased miner involvement, but those fears were dispelled.

Bitcoin price analysis

Bitcoin price remained well bid above the $20,000 level and started afresh increase. There was a clear move above the $21,000 and $21,200 resistance levels.

The price even surpassed the $21,500 resistance and spiked above the $22,000 resistance. A high was formed near $22,347 and the price recently started a downside correction. There was a move below the $22,000 and $21,850 levels. Besides, there is a key bullish trend lien forming with support near $21,600 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $22,000 level.If Bitcoin fails to gain pace above the $22,000 zone, it could start a downside correction to the $21,700 support zone.

Technical indicators

Hourly MACD – gaining pace in the bearish zone

Hourly RSI (Relative Strength Index) – above the 50 level

Major Support Levels – $21,700, $21,600

Major Resistance Levels – $22,000, $22,350 and $23,200

In support of the upcoming Ethereum Merge, the search engine giant Google has launched an easter egg in the time of a countdown timer.

The easter egg appears whenever a user searches for the term “Ethereum Merge” and other correlated search terms. For the past 30 days, search data for the Ethereum blockchain’s upcoming merge has been trending with a consistent trend score averaging over 50. The countdown ticker displays the estimated time left until the merge, with data on the current algorithmic difficulty, hashrate, and merge difficulty. The timer also features an image of two cartoon pandas each holding an object resembling Ethereum’s logo. According to its developers, the image of the cartoon pandas will grow closer and coincide with the merge.

This move by Google is a significant show of support for the Ethereum Merge. It comes at a time when crypto prices have been volatile, and investors are eagerly anticipating the next big thing in the crypto space. The Ethereum Merge has been highly anticipated by the crypto community, and it is good to see that Google is on board with the hype. At the time of writing, the merge difficulty for Ethereum is rated at 58750000 P, with a hash rate of 857 TH/s. The current layered difficulty is at 58524036 P.

A Google developer working for the firm’s Web3 team, revealed the easter egg via a Tweet to Vitalik Buterin and Ethereum’s core developers: “Hey VitalikButerin drakefjustin & other Ethereum folks, go google “the merge” for a fun little surprise & appreciation. Everyone is so excited for what is coming and appreciative of the work that has been going into this for years”. — Sam Padilla, September 9, 2022.

Ethereum price analysis

ETH was able to clear the key $1,700 resistance zone and the 100 hourly simple moving average. There was a clear move above the $1,750 resistance zone. A new multi-week high was formed near $1,788 and the pair is now correcting gains.

The price is now trading above $1,700 and the100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,725 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

On the upside, the next major resistance is near the $1,780 level. A clear break above $1,780 might send the price towards the $1,820 level. If the bulls remain in action, the price could pump towards the $2,000 level.

If Ethereum fails to rise above the $1,780 resistance, it could start a downside correction. An initial support on the downside is near the $1,720 zone.

Technical indicators

Hourly MACD –losing momentum in the bullish zone

Hourly RSI –below the 50 level

Major Support Level – $1,700

Major Resistance Level – $1,780

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