EtherLite Stays Under Pressure While Ethereum Moves Closer To All-Time Highs

EtherLite Must Attract More Traders To Gain Traction

EtherLite failed to gain upside momentum and remains under pressure while Ethereum is moving towards all-time high levels.

EtherLite is a hard fork of Ethereum which has began to trade on exchanges this summer. Often, such projects benefit from the popularity of the original project as traders rush to buy all coins that look “similar” to the original coin, sometimes without digging deep into fundamentals and relying solely on hype.

However, Ethereum’s popularity failed to provide any support to EtherLite in recent weeks. Ethereum has recently managed to settle above the resistance at $3,775 and moved towards the psycologically important $4,000 level. Ethereum has already made several attempts to settle above $4,000 but failed to develop sufficient upside momentum.

Meanwhile, Bitcoin managed to get above the key resistance level at $50,000 and is testing the next resistance at $51,500. A move above this level should provide broad support to crypto markets, but it remains to be seen whether it will help EtherLite which suffers from lack of popularity.

Technical Analysis

etl usd september 6 2021

The market for EtherLite is fragmented and trading volume is low, so it’s hard to talk about significant technical levels. At the same time, it should be noted that EtherLite is trading close to a material support level, and a move below this level may trigger and additional sell-off, although it remains to be seen whether there is a sufficient number of active traders to make fast moves possible.

EtherLite project needs to attract more traders to have a chance to gain upside momentum. At this point, the trading volume is so low that it cannot attract a sufficient number of speculators who prefer more established coins. This is true for hundreds of similar projects that fight for traders’ attention – if they cannot attract some “critical mass” of trading volume, they fail.

In this environment, Ethereum’s strength may even serve as a bearish catalyst for EtherLite as traders have no reason to prefer the illiquid coin to an established and highly liquid project which is racing towards its all-time high levels.

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EtherLite Looks to Bridge to More Blockchains

Ethereum might be one of the most popular blockchains in the world, but it’s far from being the only one. EtherLite is a recently launched Ethereum fork that seeks to address some of the issues plaguing its parent network’s performance, such as slow and pricey transactions. ETL is the newer blockchain’s native token, and the price has yet to reach its stride, having shaved 30% off its value in the last 30 days.

Meanwhile, the price of Ether, which is the native cryptocurrency of the Ethereum network, is currently hovering above USD 3K. This is a significant physiological milestone for the second-biggest cryptocurrency, today’s 5% declines notwithstanding. Ethereum bulls believe Ether is poised to go even higher given the declining supply and rising demand dynamics for the coin.

Blockchain Bridge

While Ethereum is transitioning from a proof-of-work (PoW) model to a proof-of-stake (PoS) consensus algorithm, EtherLite has adopted the staking approach from the getgo. Its users are already staking ETL rewards, which they can withdraw as frequently as weekly.

The newer project was built for interoperability and is compatible with the Ethereum network. EtherLite doesn’t want to stop there, however, and is also eyeing other blockchains to bridge to. Blockchains are generally built in an isolated manner, and a bridge allows different networks, say Ethereum and EtherLite, to interact with one another to move tokens or smart contracts, for example.

In a recent Bitcoin.com podcast, EtherLite head of communications, Jean Auditor, discussed the project’s roadmap. She said that EtherLite is “not trying to kill off other blockchains” and instead is interested in offering “alternative blockchains.”

The way that the EtherLite team sees it, more blockchains translates to less congestion on these networks. Besides, users tend to have biases toward their favorite blockchain anyway, Auditor said. She added that EtherLite will be able to bridge to more blockchains, making it easier for their users to use ETL on multiple blockchains.

According to EtherLite’s Twitter account, the blockchain has supported more than 70,000 transactions so far. The project is also gaining more exposure slowly but surely. Most recently, cryptocurrency exchange Changelly Pro announced that its users now have access to EtherLite’s ETL and touted the platform for building decentralized applications (Dapps). If more developers flock to EtherLite to build, the ETL token could benefit.

EtherLite Sees Launch of New DEX as Ecosystem Grows

Now that EtherLite has introduced its blockchain platform, the project’s ecosystem is beginning to take shape. EtherLite is a hard fork of the Ethereum network, and as such seeks to tackle some of the issues its much larger peer has faced surrounding scalability and speed, for instance.

Not surprisingly, there are some parallels between Ethereum and newcomer EthereumLite. For example, Ethereum has a foundation that supports the project as well as “related technologies.” EtherLite similarly has a foundation that is there to support projects that want to build on the EtherLite blockchain.

Most recently, a decentralized exchange (DEX) and automated market maker called Etherlite Exchange has launched on the EtherLite network. The DEX is one of the projects being supported by the EtherLite Foundation through a recently introduced SmartGrant investment fund, according to the EtherLite website. Other projects being supported by the foundation include Noften, which appears to be dedicated to non-fungible tokens (NFTs), and Battleship, a blockchain-fueled lottery system.

Etherlite DEX

The Etherlite DEX is already live, where users can trade ETL, the native cryptocurrency of the EtherLite network. The DEX team also has several additions in the works, including the following:

  • Rewards system featuring the DEX’s goverance token, ELX
  • “Alpha-hunting tools” such as charts and market data
  • Yield generation
  • Analytics

While the EtherLite ecosystem is shaping up to resemble that of Ethereum in some ways and is even compatible with the Ethereum Virtual Machine, it has some catching up to do. Ethereum is the leading platform in the decentralized finance (DeFi) space, where the total value locked (TVL) currently exceeds USD 107 billion, according to Defi Llama.

Other DEXs such as PancakeSwap and Uniswap boast USD 3.76 billion and USD 3.69 billion in TVL, respectively.

Price Point

The bitcoin market downturn has taken altcoins along for the ride, and Ethereum has not gone unscathed. The second-biggest cryptocurrency has shaved 10% off its value in the month of July so far.

The EtherLite price had a rocky weekend and is down roughly 25% in the last 24-hour period alone. Investors who are focused on the building out of the EtherLite ecosystem do not appear fazed, based on social media comments. Others are finding the latest declines tough to ignore, and are looking to the EtherLite team for answers.

 

Crypto Exchange Listings Begin to Take Shape for EtherLite

The broader cryptocurrency market continues to feel the heat, and EtherLite has not been left unscathed. The newly launched cryptocurrency, which was created as a hard fork of Ethereum, is down by a double-digit percentage in the last 24-hour period despite a couple of catalysts that should help with liquidity.

Exchange Listings

Cryptocurrency exchanges are starting to line up to list EtherLite, two of which are launching the coin on July 14.

  • BitForex in the ETH pair
  • P2PB2B in a trio of trading pairs: ETL/BTC, ETL/ETH and ETL/USDT

EtherLite on its Telegram channel also teased additional cryptocurrency exchange listings that are in the pipeline. These include Bitcoin.com, Changelly and HitBTC, which are targeting the second half of July for the listings. EtherLite could also make an appearance on decentralized exchange (DEX) Uniswap.

Meanwhile, some EtherLite users are clamoring for better marketing of the project so that it can reach its full potential. The EtherLite team has responded to those worries, assuring followers on its Telegram channel by saying,

“Funds are not an issue. There is no point in putting an ad on Burj Khalifa & Times Square just to be listed on small exchanges, right? ๐Ÿ™‚ I hope you get the point Iโ€™m trying to convey. We will get there very soon.”

EtherLite also has an airdrop in the works, a chance to receive free coins that tends to drum up excitement in the cryptocurrency community. Both ETH and social airdrops are on the roadmap, with a start date of July 30. The EtherLite team has already captured snapshots on May 1 of non-custodial wallets with ETH balances.

Altcoin Slump

Nothing seems to be lifting altcoins out of the doldrums lately. Even Dogecoin, a favorite of billionaire Elon Musk, has been stuck in a rut. The meme coin is up fractionally today but has shed about 15% in the month of July alone.ย 

Dogecoin is increasingly making its way into the mainstream as its users eagerly await wide-scale adoption. Most recently, consumer products company AXE, which makes men’s deodorant, has jumped on the Dogecoin bandwagon. The company in a tweet teased the Doge army, asking, “Who’s ready for the Dogecan?”

The tweet has received hundreds of responses so far as the Dogecoin community looks to send the DOGE price to the moon.

EtherLite Finds Its Sea Legs as Team Outlines Ambitious Targets

Its’ been about a week since EtherLite started trading on crypto exchanges, but apparently, there is much more ahead for this burgeoning project. EtherLite, which was created from a hard fork of the larger Ethereum network, has already started trading on several exchanges, including HitBTC, but an eager community is clamoring for more.

Fortunately for them, the project is quick to engage with users on social media, including their Telegram channel, where the team has revealed some details. And while the ETL market is active, investors are waiting for the next big thing involving decentralized exchanges (DEXs) and decentralized applications (Dapps) in hopes of driving up the price further.

The EtherLite price is volatile, as is the case with many cryptocurrencies, especially newer ones. But ETL has managed to surpass its pre-ICO price.

DEX and Dapps

One thing investors want to know is when they will be able to trade on DEX Uniswap and stake their ETL tokens. Along these lines, they have their sights set on swapping tokens to wrapped ETL (WETL), which is needed in order to trade on the DEX.

EtherLite has yet to tip its hand as to the steps that will be involved in the process, nor has it sent the contract to wrapped ETL. While ETL is live on Uniswap, investors can’t trade it until liquidity is added. They are preparing for users to both “hold and stake EtherLite” in the hopes of reaching wide-scale adoption.

The EtherLite team is currently in negotiations to list ETL on “major to exchanges,” according to the community leader on Telegram. They are also looking to raise EtherLite’s profile for Dapps, a use case for which Ethereum is currently out front. EtherLite is targeting more than 100 Dapps on its platform including at least “three large scale” ones. The community lead hinted that Dapps will be revealed in the next few weeks.

EtherLite Blockchain

While it was born from Ethereum, EtherLite has set out to solve all of the larger network’s issues surrounding scalability and fees, to name a couple. The project has captured the attention of South African cricketer David Miller, who recently tweeted that the EtherLite blockchain “looks interesting.”

The EtherLite Foundation is behind the EtherLite blockchain, and they are looking to make it fully decentralized in the next couple of years.

EtherLite Price Soars Following Trading Debut

The price of EtherLite has soared massively over the past few days. The rally came after the cryptocurrency started trading on cryptocurrency exchanges.

Ethereum Hardfork Ethereum Begins Trading

EtherLite started trading on cryptocurrency exchanges earlier this month. The cryptocurrency is a hardfork of Ethereum, the worldโ€™s second-largest crypto by market cap. The Ethereum hardfork token uses the proof-of-stake (PoS) consensus model, ensuring that it uses less energy than the proof-of-work protocols and provides investment opportunities for stakeholders.

EtherLite was created following a major hardfork on the Ethereum blockchain in May. Since its debut, the developers have been going through the various events on the roadmap. The cryptocurrency finally began trading on trading platforms earlier this month after an airdrop and an initial exchange offering.

EtherLite token (ETL) began trading at $0.2495 per coin. However, its price has since surged, rising by over 300% within the space of a few hours. The coin dipped for a brief period during the weekend. However, it regained its momentum and is now trading close to the $0.9 mark.

ETL/USD chart. Source: FXEMPIRE

The rally by ETL over the past few days means that the cryptocurrency has given investors over 300% return on investment within five days.

EtherLite Is Compatible With The Ethereum Virtual Machine (EVM)

The Ethereum blockchain is transitioning from a proof-of-work (PoW) to a PoS consensus model. However, EtherLite is already using the PoS protocol. Despite that, a key feature of the EtherLite is that it is compatible with the EVM.

The compatibility implies that developers can use the decentralized applications (dApps) and smart contracts hosted on the Ethereum blockchain on EtherLite. This feature is crucial to the ecosystem due to Ethereumโ€™s position as the number one trading platform for dApps and smart contracts in the world.

The EtherLite blockchain seeks to be an improvement to Ethereum by offering low transaction and gas fees, staking features, and faster transaction speed. ETL holders can use the tokens for several activities, such as network governance.

Ethereum Hard Fork EtherLite Nears Next Milestone on Roadmap

There is no shortage of cryptocurrencies for investors to trade, with roughly a couple thousand circulating in the market. Investors can add one more name to the list, now that ETL, the native token on the new decentralized EtherLite blockchain, is poised for public trading.

EtherLite uses the coveted proof-of-stake (PoS) consensus model as it seeks to pick off where its much larger peer, Ethereum, leaves off. In fact, EtherLite is a hard fork of Ethereum, representing a major change in the code of the larger blockchain that took place in May.

EtherLite has been moving through its roadmap, which in addition to the hard fork has included an air drop and an initial exchange offering. Now it’s time for the token to hit exchanges.

The EtherLite team says that ETL has been audited by “top core experts” and is poised to begin trading on exchanges in July. They are quite ambitious and are calling it the “year of EtherLite.”

EtherLite vs. Ethereum

It bears repeating that EtherLite is a hard fork of Ethereum, which is the go-to blockchain for smart contracts, DeFi, non-fungible tokens (NFTs) and more. The up-and-coming chain is designed to address some of the shortcomings still plaguing the Ethereum network. While there is only one Ethereum, EtherLite has the advantage of hindsight. It boasts features such as:

  • Fast โ€” The EtherLite network has block times of five seconds and more than 10,000 transactions per second.
  • Low fees โ€” High fees have been a stumbling block on Ethereum, causing some creators and developers to move to other blockchains.
  • Staking โ€” Users can stake their ETL to help maintain network security in exchange for rewards. Ethereum is transitioning from a proof-of-work (PoW) to a PoS consensus model.

One of EtherLite’s key features is that it is compatible with the Ethereum Virtual Machine (EVM), according to the project’s website. This means that developers can also use their decentralized apps (dApps) and smart contracts built on Ethereum on EtherLite. EtherLite makes it easy for devs to “port their existing Ethereum-based dApps in a matter of minutes,” according to the project’s website.

The ETL token has a couple of use cases in the project’s ecosystem, including network governance as well as for fees on the EtherLite blockchain.

Public Trading

Trading in EtherLite commences on July 1. The pipeline of cryptocurrency exchanges that plan to support the new coin is growing, as is the excitement in the community based on social media chatter.

On social media, the EtherLite account boasts nearly 70,000 followers, and the coin has yet to make its debut on cryptocurrency exchanges. If trading in Ethereum’s native token, Ether, is any indication, EtherLite could have a wild ride in store.

HitBTC and Bibox Exchange are planning to list ETL, according to the project’s Twitter account.