Ethereum Price Prediction INR India 6th October 2022
The current price of Ethereum on 6th October 2022 (07:30 AM IST) is INR 1,12,062 with a change of +1.87% in the last 24 hours. Ethereum price forecast for 7th October 2022 will be between INR 101937.51 and INR 117281.19
TradingView trading analysis shows 10 metrics indicating NEUTRAL. Oscillators > Relative Strength Index (14) is 47.82 which indicates NEUTRAL.
Coincodex technical analysis shows 52% bullish sentiments whereas 48% bearish! Meanwhile the Fear & Greed Index is 26 indicating FEAR InvestingCom’s hourly analysis is STRONG BUY!
Overall sentiment is bullish for the week, as the ETH has seen a modest surge in the last 24 hours Hopefully the coin sustains this momentum
ETH shifted its protocol to Proof-of-Stake from Proof-of-Work This has impacted the valuation of the coin momentarily with hopes of further recovery sooner After the last week’s Monday mayhem, the coin has been rather bearish
According to crypto analysts at CryptoPotato, the coin has peaked its highest against BTC since December 2021 and it remains to be seen if it can sustain the momentum
Overall sentiment for the coin is Neutral now
ETH has been on a tailspin ever since the crypto market has plunged in the last quarter It remains to be seen if ETH holds resistance at its current benchmark Despite swinging negative, some analysts are hopeful ETH will bounce again to its former glory
Meanwhile hoping this month sees an end to the rather prolonged bear market
Cryptos are taxable in India effective April 01 2022 Click here to know more about the crypto taxations
Disclaimer: This forecast is based on several independent sources on the internet and is not intended to be used as financial, legal or tax advice
What is an Ethereum?
The second most popular crypto in the world, Ethereum first went live for mining in July 2015 However in 2014 the native coin Ether was pre-launched via Initial Coin Offering (ICO) During the ICO about 50 million ETHs were sold at a price of $0
31 per coin
Until 2017, ETH’s price swinged between $070 to $21
Ethereum’s decentralised framework can run multiple applications including DeFi apps and services through the use of ‘smart contracts’
Ethereum has enabled the creation and exchange of NFTs too Many new tokens and cryptocurrencies are built on an Ethereum framework
The Ethereum cryptocurrency is denoted by a Ξ and abbreviated as ETH
Smallest unit of an Ether is Wei named after Wei Dei, a crypto pioneer One of the most noteworthy contributions of Wei Dei was his paper on b-money in 1998, that laid the foundation for cryptocurrencies as we see now
Ethereum is derived from the word Ether which essentially was used to describe exotic invisible elements that were believed to have filled the void in space
Like all cryptocurrencies Ethereum is still very much in a developmental phase
Ethereum 20 dubbed Serenity is all set to launch this year
We’ll keep ya’ll posted on each update
Who created Ethereum?
In 2013, Vitalik Buterin, a 19 year old programmer first proposed Ethereum blockchain in his whitepaper Later in 2014 along with a long list of co-founders Vitalik set crowdfund for the development of Ethereum protocol On july 30, 2015 the Ethererum network was open for mining
Born in Kolomna, Russia, Vitalik emigrated with parents to Canada at the age of six At the age of 17, he learned about Bitcoin from his father, a computer scientist
Vitalik had always been a bright student
He won a bronze in the International Olympiad in Informatics in 2012
A year before Ethereum went live, in 2014, Vitalik dropped out of university when he was granted Thiel fellowship $1 million
Vitalik has been featured in Times 100 in 2021 He is involved in lots of philanthropy work In 2017 donated $763,970 worth of Ether to the Machine Intelligence Research Institute
He contributed substantially towards the India Covid relief fund too in 2021 He has also donated millions worth of Ether to SENS Research Foundation and Methuselah Foundation, both working towards rejuvenation biotechnologies and expanding human lifespan
How Ethereum works?
Fundamentally Ethereum works like Bitcoin with its own Blockchain with ‘nodes’ interconnected globally maintaining records of transactions Since it’s accessible to all, anyone can run an Ethereum node
Three types of nodes operate in an Ethereum blockchain
Full node – Full nodes copy and verify all transactions and execute smart contracts called ‘opcodes’
Light node – Light nodes do the function of full nodes partially on lighter devices like mobile phones
Full archive node – These nodes archive each state of the Ethereum
Each node stores the following data – Accounts, Smart Contract Code and Smart Contract State
You will need a significant amount of storage to run a Full node in Ethereum
Smart Contracts
Smart Contracts can be written in any high level language
However the most popular language used to deploy Smart Contracts is Solidity Ethereum Virtual Machine (EVM) converts these into low level languages via machine translation
Smart Contracts led to the development of DeFi
Shift From Proof-of-Work to Proof-of-Stake
Ethereum shifted its mechanism from Proof-of-Work to Proof-of-Stake on 15th September 2022 This will now enable the ETH to reduce carbon emissions by 99% and also make the coin more efficient
How to use Ethereum?
For starters you can buy ETH from crypto exchanges like Binance or Coinbase too These exchanges will enable you to open a wallet with them
Once your account is set up, you can buy as many Ethers via wire transfer Viola! It’s that simple
And you don’t have to be a crypto miner to mint the coin of your choice
Ethereum can be used for payment of goods and services wherever ETH is sanctioned
Since it’s the second most popular crypto currency, ETH has many adopters globally You can also trade ETH for Stable coins like BUSD, USDC etc
Top platforms and apps in India to trade Ethereum
What’s So Special About Cryptocurrencies? Cryptos are global, highly secure, private and irreversible About 20 million Indians currently hold cryptocurrency
60% of the total crypto investors are between 18-34 year old
India is also the second in fastest adoption of cryptos followed by Vietnam Although the Indian government has introduced 30% taxes on all forms of VDAs (Virtual Digital Assets), Cryptos still doesn’t have a legal status in the country
However with growing consensus and further amendments, digital currencies will become a norm
If you are looking to make an investment in Cryptos then the best way is through a Crypto Exchange
Here are some of the top crypto exchanges available in India
Binance
Coinbase
WazirX
CoinDCX
Unocoin
Zebpay
CoinSwitch Kuber
OKEx
BuyUCoin
Bitbns
Explore Ethereum here ht
