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As the new week begins, Ethereum (ETH)—the second-largest cryptocurrency by market capitalization—has seen a significant decline, dropping nearly 10% below the critical support level of $2,500. However, amidst this downturn, prominent crypto analyst Doctor Profit has identified four compelling bullish indicators that suggest Ethereum may be poised for a resurgence, potentially inching closer to its all-time high and even surpassing it. Key Indicators Signal A Bullish Turn In a recent post on X (formerly Twitter), Doctor Profit shared insights from a detailed long-term analysis of Ethereum. He emphasizes that this evaluation is not about short-term hype or quick profits but focuses on the upcoming months. “Right now, ETH is the best opportunity in the market,” he stated, highlighting key indicators—technical, psychological, and on-chain—that support his bullish stance. Related Reading: Bitcoin Price Tumbles 5%—Key Support Levels in Focus Doctor Profit’s analysis is grounded in extensive price action data, with a focus on high-timeframe signals that typically indicate significant market moves. Here are the four major indicators he outlined: The 200-week Exponential Moving Average (EMA) has historically served as a critical support level for Ethereum. During past market downturns, such as the COVID crash in 2020 and the bear market in 2022, the price has quickly rebounded after dipping below this key threshold. Given that a few weeks ago, the price was merely 4% from this support, the risk-reward ratio for potential investment is compelling. Doctor Profit estimates a possible move toward the $8,000 to $10,000 range, representing an approximate 200% upside, while the worst-case scenario offers a mere 20% downside. Doctor Profit Sees Potential For Major Ethereum Price Surge The analyst further highlighted that ETH’s price has been trending within a long-term ascending channel, currently approaching its lower boundary—a historically favorable entry point for investors. Doctor Profit anticipates a breakout from this channel in the coming months, targeting the $4,000 mark, a level that has faced multiple rejections. However, the analyst assures that each failed attempt brings the Ethereum price closer to a definitive breakout, with potential targets reaching as high as $8,000 to $10,000. One of the most significant patterns currently forming is the weekly ascending triangle. This pattern has been consolidating since 2020, indicating a robust bullish setup. Related Reading: Is Toncoin Building a Foundation for a Long-Term Comeback? Analyst Weighs In Doctor Profit notes that moves stemming from such patterns often lead to substantial price expansions, similar to recent trends observed in XRP. The implications of this formation suggest that Ethereum may be on the brink of a powerful upward movement. A substantial liquidity zone exists around the $4,000 region, aligning perfectly with both the anticipated breakout from the ascending channel and the ascending triangle. This concentration of liquidity could facilitate a strong market response, according to the analyst, propelling Ethereum through this critical threshold and triggering a significant upward movement. Despite the current bearish sentiment surrounding Ethereum, characterized by retail disinterest and high fear, Doctor Profit emphasizes that institutional accumulation is on the rise. Record inflows into Ethereum exchange-traded funds (ETFs) and significant on-chain withdrawals further indicate that larger investors are positioning themselves for future gains. ETH is currently trading at $2,420, down as much as 10% over the past 24 hours and over the past week. Featured image from DALL-E, chart from TradingView.com
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Surprising Cost-Effective AI: Anthropic’s Claude 3.7 Sonnet Training Budget Revealed
In the fast-paced world of cryptocurrency and blockchain, advancements in Artificial Intelligence (AI) are creating ripples, impacting everything from trading algorithms to decentralized applications. The latest buzz surrounds Anthropic, a leading AI research company, and their newest flagship model, Claude 3.7 Sonnet. But here’s the surprising twist: training this cutting-edge AI might not have broken the bank, potentially signaling a new era of more accessible and cost-effective AI development. Unveiling the Surprising AI Model Training Cost of Claude 3.7 Sonnet Forget the astronomical figures you might associate with training state-of-the-art AI. According to Wharton professor Ethan Mollick, citing a clarification from Anthropic’s PR, Claude 3.7 Sonnet was trained for “a few tens of millions of dollars.” This figure is based on using less than 10^26 FLOPs of computing power. Let’s break down why this is noteworthy: Lower Than Expected Expenses: The “few tens of millions” price tag is surprisingly modest compared to the hundreds of millions spent on training previous generation models like GPT-4 and Gemini Ultra. Confirmation from Anthropic (Indirect): While Bitcoin World is awaiting direct confirmation from Anthropic, the information relayed by a reputable source like Professor Mollick adds credibility. Trend of Cost Reduction?: This potential lower AI expenses aligns with earlier statements from Anthropic CEO Dario Amodei, who indicated that Claude 3.5 Sonnet also had a similar training cost. While we await official confirmation from Anthropic, the information suggests a potentially significant shift in the landscape of AI model training cost . Is it becoming cheaper to build powerful AI? Let’s delve deeper. Comparing AI Expenses: Claude 3.7 Sonnet vs. Previous Giants To truly grasp the potential significance of Claude 3.7 Sonnet’s training cost, it’s essential to compare it with the reported AI expenses of other leading models: AI Model Company Estimated Training Cost Claude 3.7 Sonnet Anthropic “A few tens of millions of dollars” (Unconfirmed) Claude 3.5 Sonnet Anthropic “A few tens of millions of dollars” (Confirmed) GPT-4 OpenAI Over $100 million Gemini Ultra Google Close to $200 million As the table illustrates, the reported AI model training cost for Claude 3.7 Sonnet, and its predecessor Claude 3.5 Sonnet, appears significantly lower than the expenses associated with models like GPT-4 and Gemini Ultra. This raises some intriguing questions: Increased Efficiency? Are AI developers becoming more efficient in training models, requiring less computational power for similar or even improved performance? Different Architectural Choices? Could Anthropic be employing different model architectures or training methodologies that inherently reduce costs? Strategic Cost Management? Is Anthropic prioritizing cost-effective AI development, perhaps focusing on optimizing resources and infrastructure? The Future of AI Expenses: Will Cost-Effective AI Dominate? While the apparent cost-effective AI training of Claude 3.7 Sonnet is encouraging, it’s crucial to maintain a balanced perspective. Anthropic CEO Dario Amodei himself anticipates future AI models to require billions of dollars for training. Several factors contribute to the potential for rising costs in the long run: Increasing Model Complexity: As AI models become more sophisticated, demanding more parameters and requiring more data, training costs could naturally escalate. Reasoning and Long-Term Tasks: The industry is moving towards “reasoning” models capable of tackling complex problems over extended periods. This increased computational demand during operation will likely drive up overall AI expenses . Beyond Training Costs: It’s important to remember that training costs are just one piece of the puzzle. Significant investments are also required for safety testing, fundamental research, and ongoing model maintenance. Key Takeaways on AI Model Training Cost The information surrounding Claude 3.7 Sonnet’s training cost offers a glimpse into a potentially evolving landscape for AI model training cost . Here are some key takeaways: Potential for More Accessible AI: Lower training costs could democratize AI development, allowing more companies and researchers to create advanced models. Focus on Efficiency and Optimization: The industry may be entering an era where efficiency in training and resource utilization becomes paramount. Continued Investment Required: Despite potential cost reductions in training, substantial investment in AI research, development, and deployment remains crucial. For those in the cryptocurrency and blockchain space, the implications are significant. More cost-effective AI could accelerate the integration of AI into decentralized technologies, leading to innovative applications and potentially reshaping the future of finance and beyond. As we await further details from Anthropic, the Claude 3.7 Sonnet story serves as a compelling reminder that the AI revolution is not only about power but also about accessibility and efficiency. To learn more about the latest AI market trends, explore our article on key developments shaping AI features. NewsBTC
AVAX Shows Potential for Bullish Reversal Amid Rising Whale Activity and Fading Bearish Momentum
Avalanche (AVAX) is witnessing a notable turnaround as increased whale activity and trading volume signal a potential bullish reversal. Investors are showing renewed interest in AVAX, supported by key technical NewsBTC
