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  • Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

    Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

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    Ethereum price is struggling to climb again above $2,200 and $2,250. ETH could gain bearish momentum if there is a clear move below the $2,120 support.

    • Ethereum is struggling to gain pace for a move above the $2,150 resistance zone.
    • The price is trading below $2,200 and the 100-hourly Simple Moving Average.
    • There is a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could climb further higher if it clears the $2,210 resistance zone.

    Ethereum Price Faces Hurdles

    Ethereum price attempted a fresh increase above the $2,200 level. However, ETH failed to gain pace for a move above the $2,250 resistance. A high was formed near $2,253 and the price started a fresh decline, like Bitcoin.

    There was a drop below $2,200. A low was formed near $2,136 and the price is now attempting a fresh increase. There was a move above the $2,180 level. The price tested the 50% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

    Ethereum is now trading below $2,200 and the 100-hourly Simple Moving Average. There is also a connecting bearish trend line forming with resistance near $2,210 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $2,205 level. It is close to the 61.8% Fib retracement level of the recent decline from the $2,253 swing high to the $2,136 low.

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,220 level or the trend line. The main resistance is still near $2,250. A clear move above the $2,250 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,420 level, above which Ethereum might rally and test the $2,550 zone.

    More Losses in ETH?

    If Ethereum fails to clear the $2,210 resistance, it could start another decline. Initial support on the downside is near the $2,165 level.

    The first key support could be the $2,120 zone. A downside break and a close below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support. Any more losses might send the price toward the $1,880 level in the coming days.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,120

    Major Resistance Level – $2,250

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

    Ethereum Price Holds 100 SMA But Needs To Clear This For More Gains

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    Ethereum price is consolidating above $2,250. ETH could start a fresh increase if there is a clear move above the $2,320 resistance zone.

    • Ethereum started a fresh increase above the $2,200 and $2,220 levels.
    • The price is trading above $2,240 and the 100-hourly Simple Moving Average.
    • There is a key rising channel with support near $2,275 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a steady increase if there is a close above $2,320 and $2,350.

    Ethereum Price Eyes More Upsides

    Ethereum price started a steady increase above the $2,180 resistance. ETH gained bullish momentum after there was a close above the $2,200 resistance.

    The price even spiked above the $2,300 level and settled above the 100-hourly Simple Moving Average. A high was formed near $2,332 and the price is consolidating gains. There was a minor bearish wave below the $2,300 level. However, Ethereum is still above $2,240 and the 100-hourly Simple Moving Average.

    There is also a key rising channel with support near $2,275 on the hourly chart of ETH/USD. The channel support and the 100 hourly SMA are close to the 23.6% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,320 level. The next key resistance is near the $2,350 level. The main resistance is still near $2,400. A clear move above the $2,400 zone could send the price toward the $2,500 level. The next resistance sits at $2,520. Any more gains could start a wave toward the $2,580 level.

    Fresh Decline in ETH?

    If Ethereum fails to clear the $2,320 resistance, it could start a fresh decline. Initial support on the downside is near the $2,275 level or the 100-hourly Simple Moving Average and the channel trend line. The next key support is $2,165.

    The main support is now near $2,120 or the 61.8% Fib retracement level of the upward move from the $1,980 swing low to the $2,332 high. A downside break below $2,120 might start another major decline. In the stated case, Ether could revisit the $2,000 support.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,275

    Major Resistance Level – $2,320

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Aayush Jindal

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  • 2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

    2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

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    While the recent Bitcoin and crypto momentum is cooling off, Ethereum (ETH) rejects lower lows, especially against Bitcoin (BTC). Taking to X on December 8, decentralized finance (DeFi) researcher DefiIgnas shared insights that suggest ETH could be on the verge of a rally that would potentially see the second most valuable coin usurp BTC’s current position as the best-performing asset. 

    Reasons That Might Drive Ethereum Bulls

    The researcher observed that ETH is down 24% versus BTC in 2023. However, multiple fundamental indicators show that this is about to change. First, DefiIgnas noted that crypto investors are increasingly drawn to discounted Grayscale Ethereum Trust (GETH), which has been rallying over the past few months, outperforming Ethereum spot prices. 

    GETH surged by 298% in the past few months, while ETH only rose by around 100% in the same period. As GETH share prices increased, its discount with spot ETH decreased. This means more capital indirectly flowed into ETH, leading to higher demand.

    Money flowing into GETH | Source: @DefiIgnas on X

    Besides GETH rising, the researcher remains bullish on Ethereum because of the recent developments surrounding the approval of the first spot Bitcoin ETF. The crypto community expects the Securities and Exchange Commission (SEC) to authorize multiple products, including those proposed by Fidelity and BlackRock.

    In DefiIgnas’ assessment, once the spot Bitcoin ETF goes live, likely in early 2024, all “attention, narrative, and speculation” will shift toward the agency approving the first spot Ethereum ETF. BlackRock, the world’s largest asset manager, has already applied with the SEC to issue the first spot Ethereum ETF.

    The expected activation of the Cancun upgrade in H1 2024 will also likely support Ethereum prices. Over the years, Ethereum has integrated multiple upgrades. This includes shifting to proof-of-stake (PoS) from proof-of-work (PoW) and overhauling their fee auction mechanism, introducing ETH burning.

    However, with Cancun, the goal is to directly enhance the main net’s capabilities by activating several proposals, including EIP-4844 proto-dank sharding, which aims to reduce gas fees associated with rollups. This update will further cement Ethereum’s quest to significantly increase on-chain scalability and reduce gas fees over the years.

    ETH Looks Firm, Resistance At November Highs

    At spot rates, ETH is firm versus BTC, looking at the candlestick arrangement in the daily chart. How prices react in the days ahead remains to be seen.

    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView
    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView

    Even so, if there is confirmation of the December 7 gains, ETH might extend gains. In that case, it can break above the current consolidation as bulls aim to break above November 2023 highs of around 0.058 BTC.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

    Ethereum Price Bull Run Could Extend By 5%, Why ETH Could Rally To $2,500

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    Ethereum price is gaining pace above the $2,200 resistance. ETH is up over 8% and might continue to rise toward the $2,500 resistance in the coming days.

    • Ethereum is gaining pace and recently surpassed the $2,250 resistance.
    • The price is trading above $2,200 and the 100-hourly Simple Moving Average.
    • There is a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its rally if it clears the $2,275 resistance zone.

    Ethereum Price Follows Bitcoin

    Ethereum price started a strong increase above $2,000, like Bitcoin. ETH cleared many hurdles near $2,120 to enter a positive zone. The price even surged above the $2,200 level to set the tone for a larger increase.

    A new multi-month high was formed near $2,275 and the price is now consolidating gains. There was a minor move below the 23.6% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. However, Ethereum is still trading above $2,200 and the 100-hourly Simple Moving Average.

    There is also a key bullish trend line forming with support near $2,225 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $2,250 zone.

    Source: ETHUSD on TradingView.com

    The next key resistance is near the $2,275 level. A clear move above the $2,275 zone could send the price toward the $2,320 level. The next resistance sits at $2,350. Any more gains could start a wave toward the $2,500 level.

    Are Dips Limited in ETH?

    If Ethereum fails to clear the $2,250 resistance, it could start a downside correction. Initial support on the downside is near the $2,220 level and the trend line.

    The next key support is $2,175 or the 76.4% Fib retracement level of the upward move from the $2,148 swing low to the $2,275 high. The main support is now near $2,150 or the 100-hourly Simple Moving Average. A downside break below $2,150 might start a steady decline. The key support is now at $2,080, below which there is a risk of a move toward the $2,020 level in the near term.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $2,175

    Major Resistance Level – $2,250

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    Aayush Jindal

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  • Ethereum Price Makes New 2023 High, Sets Sights On $3,000

    Ethereum Price Makes New 2023 High, Sets Sights On $3,000

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    Ethereum price action is pushing higher over the weekend, setting a new 2023 high. The move is also a significant sign that an uptrend is forming. Could $3,000 be the next stop for Ether?

    Ethereum Sets New 2023 High, Uptrend In Progress

    ETHUSD has struggled to catch up to Bitcoin’s unstoppable dominance throughout most of 2023, but that could soon change.

    That’s because Ethereum is finally joining in on the bullish price action across crypto, making a new 2023 high.

    The move is also a local higher high. A series of higher lows and higher highs is the pure definition of an uptrend. Ether has also satisfied the increasingly higher low market structure.

    Ether makes new 2023 high, breaks up out of ascending triangle | ETHUSD on TradingView.com

    ETHUSD Ascending Triangle Targets $3,000 To $4,000

    Leaving $2,000 behind after weeks of consolidation above it immediately puts $3,000 in play. Ethereum is also breaking upward out of a 18-month-long ascending triangle pattern, with a target of $4,000 per ETH.

    If the top altcoin makes it back to such levels, it has a strong chance given the recent momentum in the crypto market, to reach new all-time highs.

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    Tony "The Bull" Severino

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  • Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

    Ethereum Whales Go On 9-Day Accumulation Spree: ETH Price Rally Incoming?

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    The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.

    Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge while offering insights into the future prospects of the cryptocurrency.

    On-Chain Data Shows Whales Continue To Buy ETH

    Renowned crypto analyst Ali Martinez, in a post on X, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.

    Ethereum whales increase balance for nine days in a row | Source: Ali_charts/X

    Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that “the increasing buying pressure could be a strong signal for ETH bullish price action.”

    Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.

    Another analyst offered a similar on-chain perspective to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).

    According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether’s circulating supply. 

    Ethereum Price – Where Next?

    While Ethereum’s price broke above the $2,100 mark on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.

    Many investors might want to keep an eye on the cryptocurrency’s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum’s price trajectory.

    As of this writing, ETH is currently valued at $2,086, reflecting a negligible 0.2% in the past 24 hours. Nevertheless, the cryptocurrency has managed to maintain most of its gain on the weekly timeframe, having swelled by more than 8% in the last seven days.

    Ethereum price revolves around the $2,100 mark on the daily timeframe | Source: ETHUSDT chart on TradingView

    Featured image from Unsplash, chart from TradingView

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    Opeyemi Sule

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  • Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

    Analyst Says Ethereum Is Seeing ‘Systemic Buying’, What This Means

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    A CryptoQuant Analyst has identified a significant systemic buying trend in Ethereum, suggesting a rising influx of strategic investments into the blockchain network. 

    Analyst Reveals Ethereum Systemic Buying Trend

    A crypto market observer and a contributing analyst at CryptoQuant, Maarten Regterschot has taken to X (formerly Twitter) to publish a systemic buying trend he witnessed in Ethereum. The analyst presented a chart indicating that one or more investors have been engaging in Time Weighted Average Price (TWAP) buying on Ethereum futures. 

    Regterschot stated that the linear increase in open interest in Ethereum suggests that there has been systemic buying of ETH assets for an extended period of time. He revealed that approximately $700 million has already been added to the market. 

    “Someone(s) are TWAP-buying on Ethereum futures. This linear growth in open interest indicates systematic buying over a certain period. There is $700 million added so far,” Regterschot said. 

    Systemic buying in this context involves crypto investments made at regular and periodic intervals. TWAP on the other hand is the measure of an asset’s average price over a specific time period.

    This systemic buying trend suggests a growing demand for ETH by investors over a long period. The trend also coincides with the latest Ethereum developments in the crypto space, including the growing applications on Ethereum Spot ETFs and its potential approval by the United States Securities and Exchange Commission (SEC). 

    The analyst has not revealed insights into the motives behind this systemic buying of Ethereum. However, the developments could become a catalyst for a potential bullish momentum for Ethereum (ETH).

    ETH Price Holds $2000 Mark

    The price of Ethereum has seen multiple upticks within the last few months, allowing the cryptocurrency to finally cross the $2,000 mark. According to CoinMarketCap, Ethereum’s price is up by 2.3% and trading at $2,062 at the time of writing. Although its overall market capitalization is down by 23.31%, the cryptocurrency has been experiencing a fair amount of price increases recently. 

    As the potential approval of Ethereum Spot ETFs by the US SEC looms next year, many investors are currently holding their crypto assets as they gear up for a possible bull run. There have also been several optimistic price projections for the ETH token. Some analysts have predicted that the price of the cryptocurrency will reach $2,250 if it succeeds in crossing multiple resistance levels. 

    ETH price falls to $2,055 | Source: ETHUSD on Tradingview.com

    Featured image from Decrypt, chart from Tradingview.com

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    Scott Matherson

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  • Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report

    Hashkey-Affiliated Wallet Sells Over $90 Million ETH In 10 Days – Report

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    A wallet linked to Hong Kong-based crypto exchange Hashkey has reportedly sold over $90 million worth of Ethereum in the past 10 days. This massive selling activity appears to have triggered a slight decline in the ETH market, sparking speculations on the token’s price trajectory.

    Crypto Whale Conducts Massive Ethereum Sell-Off

    According to a Sunday post on X  by blockchain analytics platform, Lookonchain, a crypto wallet with the address “0xD26e ” sold off 50,115 ETH, valued at $97.7 million, within a period of 10 days. Lookonchain notes that this wallet is related to Hashkey, having received a majority of the sold-off ETH from the Hong Kong-based exchange. 

    At an average selling price of $2,047, wallet “0xD26e” conducted its ETH sell-off on the Binance and OKX exchanges, withdrawing $89.6 million USDT and $12.95 million USDC in return. 

    As earlier stated, ETH dipped by over 4% in the last week, which is likely in response to such massive selling pressure. However, the second-largest cryptocurrency has now found some stability, gaining by 0.92% in the last day, as it attempts to breach the $2000 mark again.

    What’s Next For ETH? 

    Looking at ETH’s daily chart, it appears the selling spree by wallet “0xD26e” could be a precaution against an incoming significant decline in the token’s value.  After all, the Relative Strength Index indicates that ETH just left the overbought zone and could still experience more losses in the coming days. 

    Albeit, this downward trend is likely to be short-lived, considering the high level of investor interest currently around the altcoin due to the brimming Ether spot ETF race in the United States.

    On Friday, Fidelity Investments became the seventh and the latest asset management giant to join the brawl, having submitted its “Fidelity Ethereum Fund” proposal to the United States Securities and Exchange Commission (SEC).

    In addition to the Massachusetts-based company, other asset managers looking to launch an Ether Spot ETF include prominent names like  BlackRock, Hasdhdex, Grayscale, VanEck, and 21Shares and Ark. 

    It is expected that other asset managers will join the race over the next few weeks, which will lead to a rise in positive sentiments towards Ethereum. 

    While approval by the SEC is still very subjective and uncertain, the mere influx of Ether Spot ETF applications signals an increasing interest in the altcoin from traditional finance investors, which in turn boosts investments in any cryptocurrency. 

    For example, following reports of Blackrock’s filling on November 9, ETH gained by almost 13% to trade above the $2,130 mark in response to the buying pressure that followed.

    At the time of writing,  ETH trades at $1,950, with a 0.34% gain in the last hour, according to data from CoinMarketCap. Meanwhile, the token’s trading volume is down by 32.64% and valued at $7. 32 billion.

    ETH trading at $1.494 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from Expert Investor, chart from Tradingview

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    Semilore Faleti

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  • Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

    Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

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    BlackRock has joined the Ethereum Spot ETF race as the asset management company has officially applied to the US SEC and is currently waiting for approval. 

    BlackRock Files For An Ethereum Spot ETF

    Following its Spot Bitcoin ETF filing, BlackRock, an American investment company has taken the proactive step by filing an Ethereum Spot Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). 

    The asset management company submitted the application on November 15, however, BlackRock has stated it formed the Trust as early as November 9. 

    According to BlackRock, the iShares Ethereum Trust would be used to facilitate the ownership of Ether through the issuance of shares, allowing investors to own a fractional undivided beneficial interest in the net assets of the Trust.

    “The Trust was formed as a Delaware statutory trust on November 9, 2023. The purpose of the Trust is to own ether transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of ether held by the Ether Custodian on behalf of the Trust,” BlackRock said in its filing. 

    Presently, the US SEC has not approved any Ethereum Spot ETF filing as well as Spot Bitcoin ETF applications. The regulatory body has delayed multiple applications to be reviewed from January 2024. 

    The crypto community has remained enthusiastic that the regulatory agency would eventually approve the pending ETF applications, as this could significantly push the growth and development of the crypto ecosystem as well as the cryptocurrencies involved. 

    Ethereum Price Surges

    The price of Ethereum is on the rise following BlackRock’s Ethereum ETF filing. The cryptocurrency’s price climbed almost 2% moving to $2,080 at some point following the announcement of the filing.

    The sharp reaction has caused a stir in the cryptocurrency community, as investors gear up for a potential bull run if the US SEC gives its official authorization of Ethereum Spot ETFs. 

    The price of Bitcoin has also been growing steadily as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin’s price is trading at $36,408, while ETH is down from its initial surge and trading at $1,952.

    The crypto ecosystem is presently watching closely for more updates on the US SEC’s ETF filing approvals and the price changes that follow them.

    ETH price falls to $1,945 | Source: ETHUSD on Tradingview.com

    Featured image from Bitcoin News, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

    Ethereum Bulls May Propel Price To $3,100, Analyst Suggests

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    Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past month. The recent bullish rush in the crypto market, coupled with BlackRock’s involvement, has pushed ETH to its year-to-date high of $2,139.

    Ethereum Outshines Bitcoin And Altcoins

    According to market data provider Kaiko, ETH has outperformed BTC and many altcoins in recent weeks, signaling a shift in market dynamics.

    Kaiko’s report highlights how ETH struggled to gain momentum over the past year, despite successful upgrades such as The Merge in April. 

    However, the sentiment around ETH changed dramatically when BlackRock filed for a spot ETH exchange-traded fund (ETF), leading to a reversal in the ETH to Bitcoin (BTC) ratio.

    The impact on the market was substantial, with ETH prices surging above $2,000 for the first time since April. Additionally, daily spot trade volumes reached $7 billion, the highest level since the collapse of FTX. 

    ETH’s daily spot trading volume surged to $7 billion. Source: Kaiko

    The ETH ETF narrative provided further impetus to the ongoing rally, amplified by improved global risk sentiment and declining US Treasury yields.

    The dominance of altcoin + ETH volume relative to BTC has risen to 60%, marking its highest level in over a year. During bull rallies, altcoin volume typically increases relative to BTC. 

    This surge in demand has also led to rising leverage, as reflected in the recovery of ETH open interest to early August levels. Notably, BTC open interest has declined over the past month due to liquidations on Binance, resulting in the Chicago Mercantile Exchange (CME) outpacing Binance as the largest BTC futures market.

    Furthermore, ETH funding rates, a gauge of sentiment and bullish demand, have reached their highest levels in over a year, indicating a significant shift in sentiment. In November, both BTC and ETH 30-day volatility rose to 40% and 50% respectively, following a multi-year low of around 15% during the summer months.

    Crypto Expert Predicts ETH Breakout

    Renowned crypto expert Michael Van de Poppe believes that ETH is on the cusp of a significant breakthrough. According to Van de Poppe, if Ethereum manages to surpass the crucial $2,150 resistance level, it could signify the end of the bear market. 

    Drawing a parallel with Bitcoin’s critical $30,000 barrier, Van de Poppe suggests that breaching this level could pave the way for a substantial rally, potentially propelling Ethereum towards the price range of $3,100 to $3,600. 

    Ethereum
    ETH’s 2.5% price surge over the past 24 hours on the daily chart. Source: ETHUSDT on TradingView.com

    However, Ethereum has yet to touch the $2,150 resistance line, as it faces a pre-existing obstacle in the form of its yearly high of $2,139. This pivotal level has halted the cryptocurrency’s bullish momentum, acting as a formidable resistance. 

    As a result, Ethereum has been consolidating within a narrow range between $2,050 and $2,100 for the past three days.

    The forthcoming days will reveal whether Ethereum can overcome its immediate resistance levels and establish a consolidated position above them. Alternatively, it may face a fate similar to Bitcoin, which failed to surpass the $31,000 level for over seven months before reaching its current trading price of $36,000.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

    Ethereum Bulls Keeps Pushing, Why Rally Isn’t Over Yet

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    Ethereum price rallied steadily and surpassed the $2,000 resistance. ETH is consolidating above $2,000 and might start a fresh increase toward $2,120.

    • Ethereum rallied above the $2,000 and $2,050 levels before it corrected lower.
    • The price is trading above $2,020 and the 100-hourly Simple Moving Average.
    • There is a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a fresh increase if it clears the $2,085 resistance zone in the near term.

    Ethereum Price Holds Support

    This past week, we saw a strong increase in Ethereum above the $2,000 level. ETH outperformed Bitcoin and cleared many hurdles near the $2,050 level.

    It traded to a new multi-week high at $2,137 before there was a downside correction. The price declined below the $2,080 level. There was a move below the 23.6% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    Ethereum is still trading above $2,020 and the 100-hourly Simple Moving Average. There is also a key declining channel forming with support near $2,000 on the hourly chart of ETH/USD.

    Source: ETHUSD on TradingView.com

    On the upside, the price is facing resistance near the $2,060 level and the channel region. The next major resistance sits at $2,085, above which the price could accelerate higher. In the stated case, the price could rally toward the $2,120 resistance. The next key resistance is near $2,150, above which the price could aim for a move toward the $2,200 level.

    More Losses in ETH?

    If Ethereum fails to clear the $2,085 resistance, it could continue to move down. Initial support on the downside is near the $2,025 level and the 100-hourly Simple Moving Average. It is close to the 50% Fib retracement level of the upward move from the $1,906 swing low to the $2,137 high.

    The next key support is $2,000 and the channel zone. A downside break below the $2,000 support might spark bearish moves. In the stated case, Ether could drop toward the $1,930 support zone in the near term. Any more losses might call for a drop toward the $1,850 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $2,000

    Major Resistance Level – $2,085

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    Aayush Jindal

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  • $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

    $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

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    Following BlackRock’s official filing of Spot Ethereum with Nasdaq, reports have confirmed that BlackRock’s Ether ETF plan has been confirmed by Nasdaq and is on its way to the US SEC to gain final approval. 

    BlackRock Ethereum Spot ETF Confirmed

    American multinational investment company, BlackRock has been making waves in the crypto space after news spread of NASDAQ listing the investment firm’s Ethereum Spot ETF, iShares Ether Trust in Delaware.

    “BlackRock’s Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq,” Bloomberg Research Analyst, Jeff Seyffart stated. 

    While BlackRock’s Spot Bitcoin ETF proposal remains to be approved by the United States Securities and Exchange Commission (SEC), the $9 trillion asset management company has placed its focus on Ethereum Spot ETFs while it waits for the SEC’s final decision on Spot Bitcoin ETFs. 

    The news of the Nasdaq Ethereum ETF filing comes as a major development for BlackRock’s move into the ETF world. Although the investment company remains tight-lipped on the ETH ETF reports flowing through the space, the possibility of an Ether Spot ETF approval could be a sign of the SEC’s approval of Spot Bitcoin ETFs in the future. 

    Many crypto enthusiasts have predicted that the US SEC may continue its efforts to stop the growth of Spot Bitcoin ETFs by declining BlackRock’s Ether Spot ETF filing. 

    However, in the case the regulatory body does approve the asset management company’s Ethereum Spot ETF, the SEC could be faced with potential contradictions in its decision-making processes. The acceptance of ETH Spot ETFs would stand in stark contrast to the previous disapproval of Spot Bitcoin ETFs.

    Presently, the crypto community has been largely positive, as market metrics signal a potential rally for altcoins following BlackRock’s Ethereum Spot ETF confirmation. 

    A crypto member has stated that the asset management company’s move into Ether Spot ETFs indicates strategic confidence in securing approval for Spot Bitcoin ETF in the future. 

    ETH Price Skyrockets

    Following the news of NASDAQ registering BlackRock’s Ethereum Spot ETF, the price of ETH has increased by over 9% and is currently trading at $2,086.92 according to CoinMarketCap.

    Reports of the Ethereum Spot ETF filing have sparked a rally in the cryptocurrency, topping over $2,000 for the first time since April this year. ETH’s market volume has also increased by 171.53%.

    Many crypto investors are looking forward to more positive developments in the cryptocurrency regarding Ethereum Spot ETFs as an official approval may indicate a potential long-term bull run for ETH.

    ETH bulls retest $2,100 | Source: ETHUSD on Tradingview.com

    Featured image from BlockWorks, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

    Ethereum Long-Term Bull Crossover Imminent, What The Signal Means | Bitcoinist.com

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    Ethereum sentiment is at extreme lows despite an ongoing recovery in the cryptocurrency market. Controversy continues to keep the top altcoin from joining in the fun.

    But a rising tide lifts all boats, and Bitcoin’s breakout could have been enough to revive Ether, albeit later than other coins. The recent rise has been enough to put the top-ranked altcoin on the cusp of a long-term bullish crossover. Here’s what the signal means.

    Ethereum Readies Monthly Bullish LMACD Crossover

    Ethereum price has consistently made higher lows throughout 2023 and since its June 2022 bottom. Nearly 18 months later, ETHUSD is poised for a bullish crossover of the 1M LMACD — the logarithmic version of the Moving Average Convergence Divergence indicator.

    This version of the tool is used to better compare historical price movements with current price action. A bullish crossover represents a major momentum shift, made even more powerful due to the crossover taking place right at the zero line in the indicator. Passing above the zero line acts as a secondary signal, showing that momentum has strengthened into bullish territory.

    Such a crossover in the past has led to a sustained bull market for Ether and altcoins, especially the DeFi space. The last bullish crossover appeared in May 2020, lasting until a bearish crossover in January 2022 caused a lengthy crypto winter.

    Is a major trend change beginning? | ETHUSD on TradingView.com

    Domino Effect Could Trigger Triangle Breakout, Revisit ATHs

    The bullish crossover in the LMACD is not confirmed, but a breakout of the 1M On-Balance Volume (OBV) indicator could hint at the eventual outcome. OBV is called the “smart money” indicator, able to help traders spot moves early by tracking subtle changes in volume.

    All of these signals point to a possible breakout from an ascending triangle pattern that ETHUSD has been trading in for nearly 18 months. The target of the chart pattern projects Ethereum price revisiting all-time highs, making a breakout especially meaningful.

    If Ether joins in the ongoing bullish price action next to Bitcoin and other altcoins, it could provide more breadth necessary for a dramatic crypto bull run.

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    Tony "The Bull" Severino

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  • Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

    Ethereum Insider Drops Bombshell: ETH Founders’ Fraud Bigger Than FTX Fraud | Bitcoinist.com

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    An Ethereum insider has made allegations against Ethereum’s founders, claiming that their fraudulent activities far surpass those seen in the notorious FTX fraud case. 

    Ethereum’s Credibility Under Spotlight

    Attorney and former Advisor for ETH, Steven Nerayoff recently published a shocking piece about Ethereum in an X (formerly Twitter) post on Thursday. 

    The lawyer who has personal knowledge of ETH having worked for the blockchain network previously, has come forward with explosive allegations regarding the actions of Ethereum founders, Vitalik Buterin, and Joseph Lubin. 

    According to Nerayoff, these two Ethereum founders have allegedly orchestrated fraudulent activities regarding the ETH blockchain that exceed the scale of the actions committed by Former CEO and founder of FTX, Sam Bankman-Fried. 

    “Ethereum is the fraudulent elephant in the room in plain sight 1000x bigger than SBF,” Nerayoff stated. 

    The FTX case which has been in the headlines for about a year was one of the leading crypto fraud cases which resulted in the financial loss of many investors. About $8 billion in customer funds were found misappropriated in FTX accounts and millions were transferred into a subsidiary company, Alameda Research owned by Bankman-Fried. 

    The founder of FTX was recently found guilty on all seven charges of fraud and conspiracy on Thursday. Bankman-Fried also stands to serve potentially over 100 years in prison which is the amount the charges lead to. 

    Nerayoff has not provided any concrete evidence to support his claims against ETH founders’ alleged fraudulent activities. But this is also not the lawyer’s first time targeting ETH founders with corrupt accusations. 

    Earlier in September, the former Ethereum advisor accused Vitalik Buterin and his father, Dmitry Buterin of a combined effort to ruin his reputation by accusing him of the extortion of an ETH ICO. 

    Insider Says ETH Linked With Corrupt US Officials

    Following his statement of Ethereum allegedly being involved in fraudulent schemes higher than Sam Bankman-Fried’s FTX fraud case, Steven Nerayoff disclosed that founders Joseph Lubin and Vitalik Buterin have allegedly been colluding with corrupt US government officials from some of the highest federal agencies. 

    The former advisor mentioned prominent government figures that Ethereum may have had secret dealings with including present United States Securities and Exchange Commission (SEC) Chairman, Gary Gensler and former US SEC Chairperson Jay Clayton. 

    “Joe Lubin and Vitalik Buterin have been at the front with corrupt officials at the highest levels of federal agencies such as Clayton, Gensler & many others,” Nerayoff said. 

    Nerayoff’s allegations suggest that Ethereum’s corruption runs deep and high, allowing the platform to have an unfair advantage in the crypto space. The claims which are yet to be verified, have raised questions and concerns among many crypto community members. 

    ETH bulls maintain control | Source: ETHUSD on Tradingview.com

    Featured image from CoinGape, chart from Tradingview.com

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    Scott Matherson

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  • US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

    US Authorities Confiscate $54 Million In Ethereum From Convicted Drug Dealer

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    In recent developments, US authorities led by US Attorney Philip R. Sellinger successfully seized $54 million worth of Ethereum (ETH) from Christopher Castelluzzo, a convicted drug dealer operating in Lake Hopatcong, New Jersey. 

    Massive Crypto Bust

    The US Attorney’s Office filed a civil forfeiture action to recover previously seized cryptocurrency that was determined to be the proceeds of an illegal narcotics distribution scheme operating in and around New Jersey. 

    US Attorney Philip R. Sellinger emphasized law enforcement’s “commitment” to seizing financial gains from criminal activity, regardless of the form they take. Sellinger further stated:

    The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity. 

    According to the US Department of Justice’s (DOJ) press release on the case, the prosecution sheds light on using cryptocurrencies such as Bitcoin (BTC) and Ethereum by criminals on the darknet to evade detection.

    In addition, James E. Dennehy, Special Agent in Charge of the Federal Bureau of Investigation (FBI) in Newark, stated that the FBI played a critical role in uncovering the illegal conduct and ill-gotten proceeds.

    Drug Trafficker’s Ethereum Stash Seized

    According to court documents and the investigations conducted, Christopher Castelluzzo and his associates conspired to sell narcotics between 2010 and 2015. 

    In 2013, they allegedly began trading drugs on darknet platforms in exchange for Bitcoin. Castelluzzo, using proceeds from narcotics sales, participated in Ethereum’s Initial Coin Offering (ICO) in July 2014, acquiring 30,000 Ethereum. Additionally, Castelluzzo received 30,000 ETH Classic in 2016.

    Castelluzzo’s plan to move the funds to a tax haven in Ireland, Malta, or the Bahamas, or potentially keep them in USDT (Tether), was revealed in forfeiture documents. 

    However, a subsequent search warrant led to the raid of Brian Krewson’s residence, an associate of Castelluzzo. Police discovered the relevant crypto wallets under Krewson’s control, and after obtaining the necessary passwords, law enforcement executed the seizure of the Ethereum, valued at $31 million at the time.

    Currently serving concurrent 20-year federal and state prison sentences for drug distribution convictions, Castelluzzo attempted to evade taxes and transfer the 30,000 Ethereum out of the United States while incarcerated. 

    However, Castelluzzo’s plans were intercepted when recorded prison telephone calls exposed his efforts to launder the cryptocurrency. As a result, the United States intervened and seized Castelluzzo’s cryptocurrency holdings linked to his drug trafficking crimes.

    The current value of the 30,000 Ethereum stands at approximately $54 million, underscoring the significant impact of the seizure. 

    ETH’s bullish momentum continues, as seen in the 4-hour chart. Source: ETHUSDT on TradingView.com

    As of the time of writing, ETH is trading at $1,815, reflecting a 0.9% increase over the past 24 hours and a steady upward trend of over 2% in the past seven days, exhibiting strong bullish momentum in the market.

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

    Researcher Successfully Syncs Ethereum Node On PlayStation 4 | Bitcoinist.com

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    In a groundbreaking experiment, Mario Havel, a protocol supporter and researcher of the Ethereum (ETH) Foundation, has achieved the synchronization of an ETH node on an unlikely device – a PlayStation 4 gaming console. 

    According to a recent post, Havel’s journey began with delving into “PlayStation jailbreaking,” where he discovered vulnerabilities in older PlayStation 4 firmware that allowed for control takeover. 

    Jailbreaking refers to bypassing the restrictions imposed by the official software (firmware) of a device, in this case, a PlayStation 4 console. 

    By jailbreaking the console, the researcher, Mario Havel, gained unauthorized access to the system, allowing him to run custom software and applications and make modifications not typically allowed by the manufacturer.

    Armed with an “old PlayStation 4 machine” running firmware 9.00 or older, Havel embarked on a mission to transform the gaming console into a fully functional Ethereum node.

    From Gaming To Blockchain

    The initial challenge was to obtain a “suitable, hackable” PlayStation 4 console with the desired firmware version. Havel emphasized the importance of avoiding system updates, as newer firmware versions are incompatible with the exploit. 

    After acquiring the appropriate console, Havel manually installed the 9.00 firmware using a USB drive, ensuring the machine remained offline to prevent unwanted updates. 

    To prevent automatic updates while connected to the internet, Havel recommended using a custom domain name system (DNS) server that blocks updates and redirects the user guide homepage to an exploit host. 

    This setup allowed Havel to host a website locally or publicly, providing the necessary tools and resources for the PlayStation 4 jailbreaking process. 

    The jailbreaking process relied on an exploit discovered by comparing firmware versions 9.00 and 9.03. By exploiting a filesystem bug, Havel could trigger the vulnerability by inserting a specially formatted USB device immediately. 

    The exploit required an exfathax.IMG file, which could be downloaded and flashed onto a USB drive using software such as Balena Etcher, a cross-platform tool. Havel noted that the USB drive would be formatted during each jailbreaking session, and it was advisable to use a dedicated flash drive for this purpose.

    According to Havel, once the exploit was successfully activated, the PlayStation 4 gained new capabilities, allowing it to install various packages, tools, and games directly on the console. 

    Linux-Based Ethereum Node Hosting

    Havel mentioned the ability to install packages over a local network for a “smoother installation process.” He also highlighted the ability to run a GNU/Linux distribution – an operating system that can interact with computers and run other programs – on the PlayStation 4, turning it into a versatile personal computer.

    With Linux successfully running on the PlayStation 4, Havel set up an Ethereum node on the console. He recommended downloading portable versions or compiling Ethereum clients suitable for the PlayStation 4’s GNU/Linux environment. 

    Havel shared his experience with clients, highlighting the importance of optimizing resource consumption for smoother operations. He also mentioned monitoring applications to ensure optimal temperature and fan control.

    Having established secure shell (SSH) access over the local network, Havel could connect to his PlayStation 4 node from his laptop, treating it like any other server. 

    This setup allowed for continuous Ethereum synchronization and showcased the PlayStation 4’s potential as a dedicated node-hosting device.

    Ultimately, by repurposing a PlayStation 4 as an Ethereum node, Havel has opened up new possibilities for node hosting, decentralization, and utilizing existing hardware for blockchain network participation. 

    As the experimentation continues, researchers and enthusiasts will likely explore similar avenues, pushing the boundaries of what can be achieved with gaming consoles and decentralized technologies.

    ETH’s uptrend on the daily chart. Source: ETHUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Analyst: Using This Metric In Ethereum Is Flawed, What’s The Alternative?

    Analyst: Using This Metric In Ethereum Is Flawed, What’s The Alternative?

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    Going by the handle “@bkiepuszewski,” one X user contends that the transaction processing speed (TPS) metric analysts rely on to measure how fast a blockchain network like Ethereum or the BNB Chain processes transactions is flawed.

    Laying out reasons on X, the decentralized finance (DeFi) researcher is convinced that using an alternative metric, the User Ops per second (UOPS), could paint a clearer picture of how well a blockchain is utilized at all times. 

    Measuring Network Utilization

    Typically, blockchain utilization measures how much a given network, for instance, Bitcoin or Ethereum, is being used at a given point. This is critical because it can be used to measure adoption levels since those with higher utilization rates tend to have a broader, active base, which can make it successful over the long haul. 

    Ethereum price trends to the upside on the daily chart| Source: ETHUSDT on Binance, TradingView

    To gauge activity, this metric considers the number of transactions processed every second when dealing with simple transfers or the total value locked (TVL) when dealing with smart contracts deployed. 

    As of November 1, the average network utilization rate in Ethereum, based on Etherscan data, is around 50%, down from about 100% registered in 2021. Meanwhile, the Bitcoin Transactions Per Day as of early November stood above 433,000, a nearly 2X increase from late October.

    Usually, in the case of Bitcoin, considering it is a transactional layer, whenever prices rise, more BTC-related transactions are expected as users hope to increase the emerging trend. 

    Ethereum network utilization chart| Source: Etherscan
    Ethereum network utilization chart| Source: Etherscan

    Whether the UOPS system will be adopted in the long term remains to be seen. However, what’s clear is that the UOPS will consider the number of user operations that the network in question can process every second, all while factoring in the level of complexity of that transaction.

    Out of the UOPS, analysts will instantaneously know how well the blockchain can handle user load without the risk of congestion, as usually is the case in Ethereum when markets are trending higher.

    The Rise Of Ethereum Layer-2s

    At the same time, according to @bkiepuszewski, using UOPS instead of TPS brings clarity considering the widespread use of layer-2 solutions, including OP Mainnet, Base, and StarkNet, which bundles transactions offline before confirming them on the mainnet as a single transfer. The more dapps choose layer-2 solutions, the more flawed blockchain throughput calculation will be if TPS guides. 

    Presently, more developers are opting for layer-2 as their base to avoid scaling issues while accessing the latitude to deploy intensive dapps such as social media platforms, as seen with Friend.tech. According to L2Beat, Arbitrum and OP Mainnet have TVLs of over $6.5 and $2.9 billion, respectively.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Are Ethereum Venture Capitalists Losing Hope In ETH?

    Are Ethereum Venture Capitalists Losing Hope In ETH?

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    Ethereum venture capitalists (VCs) are “not stupid” and know that investing in the world’s largest smart contract platform won’t result in the “multiples” they desire, according to a crypto user. Going by the handle R89Capital, claims that VCs are now looking at Ethereum layer-2 assets as vehicles to exit the market, dumping “Ponzi tokens.”

    Ethereum VCs Exiting ETH For “Ponzi” Tokens?

    The user opines that the primary reason why ETH prices may not surge in multiples like emerging tokens, including meme coins like PEPE, for instance, is because of the relatively large market cap. 

    According to trackers on October 31, ETH has a market cap of over $215.8 billion and is the second largest after Bitcoin (BTC). Typically, coins with higher market caps are harder to manipulate and usually have found more institutional adoption than emerging tokens. 

    Ethereum price trends to the upside on the daily chart | Source: ETHUSDT on Binance, TradingView

    This is because projects with higher market cap are more liquid, have more name recognition, and have seen more adoption. Even so, while they are easier to buy in the second market due to the higher levels of liquidity, they tend to be less volatile than low market cap tokens. 

    These low-market tokens can also be held for speculative reasons primarily due to their upside potential, especially in trending markets. This means that low-market tokens, regardless of the issuing platform, appeal to profit-seeking speculators, not due to underlying fundamentals.

    R89Capital aligns with this preview to allege that VCs, looking to recoup their investment, are launching Ponzi tokens on general-purpose layer-2 platforms before dumping them for ETH and eventually exiting for USD. 

    In this case, Ponzi tokens, as claimed, are low-market coins that can be meme coins or other well-marketed projects. These tokens have higher upsides, are liquid enough, and can be sold for ETH in layer-2 decentralized exchanges or popular ramps like Binance or Coinbase. 

    The Ethereum Technical Debt: Scaling Remains A Big Issue

    Still, R89Capital didn’t mention which layer-2 projects are “Ponzis” but said the primary reason ETH is capped is due to Ethereum’s technical debt.

    Over the years, Ethereum developers have been launching new products and scaling solutions, of which the transition from a proof-of-work to a proof-of-stake system and adoption of layer-2 solutions stand out. Even so, scaling remains a challenge impacting user experience, especially when token prices begin rallying. 

    It is not unusual for gas fees on Ethereum to spike to double-digits in a bull market, discouraging deployment while catalyzing migration of some transactions to competing platforms like Solana or layer-2 scaling solutions like Base or Optimism.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

    Crypto Halloween Nightmare: MEME, MEMEPAD, And TITANX Tokens Collapse, Traders Lose 100%

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    In a chilling development on Halloween Day, the crypto community was hit with disturbing news as PeckShield, a renowned blockchain security company, revealed a series of rug pulls over the past few hours.

    Rug pulls, a form of cryptocurrency scam, involve sudden and deliberate value drops in specific tokens, accompanied by the perpetrators swapping the native tokens for Ethereum (ETH). The meme coins affected by the rug pulls were identified as MEME, MEMEPAD, and TITANX.

    Multiple Rug Pulls Shake Crypto Market On Halloween

    According to PeckShield’s X (formerly Twitter) post, the MEME token on the Ethereum blockchain experienced a jaw-dropping 100% drop in value. The address 0xBd72…5871 was responsible for swapping a staggering 4,854,740,126,240,000 MEME tokens for approximately 43.68 ETH. 

    It is important to note that the rug pull token shared the same name as the legitimate MEME token, adding to the confusion.

    Similarly, the MEMEPAD token on Ethereum suffered an identical 100% value drop. The address 0xBd72…5871 conducted a swap of 4,854,740,126,240,000 MEMEPAD tokens for around 44.84 ETH. 

    MEMEPAD’s rug pull. Source: MEMEPAD on TradingView.com

    Once again, the fraudulent crypto rug pull shared the same name as the genuine MEMEPAD token, compounding the deceitful nature of the scam.

    Additionally, the TITANX token launched two days ago, October 28, on Ethereum experienced a staggering 100% value decline. 

    The address 0xBd72…5871 executed a swap of 4,854,740,126,240,000 TITANX tokens for approximately 46 ETH. Mirroring the previous instances, the rug pull token masqueraded under the same name as the legitimate TITANX crypto token.

    Fantom Foundation Funds Vanish

    In alarming events, the Fantom (FTM) Foundation finds itself entangled in a harrowing tale of fund drains and swift token swaps. PeckShield has reported two significant incidents involving the Fantom Foundation’s finances, leaving the organization with substantial losses.

    The first incident occurred on October 17, 2023, when wallets associated with the Fantom Foundation were drained of approximately $7 million worth of cryptocurrencies, equivalent to around 4,500 ETH.

    Additionally, on October 26, the Fantom Foundation faced another devastating event. An unidentified entity, the “Fantom Foundation Drainer,” executed a bold move by swapping a staggering 8,087,377.97 DAI for 4,560.52 ETH. 

    The gravity of the situation intensified when the Fantom Foundation Drainer swiftly executed another swap on October 30, converting the 4,560.52 ETH back into approximately 8.3 million DAI within a mere 30 minutes. 

    The Fantom Foundation is now faced with the daunting task of investigating the breaches, identifying the culprits, and fortifying its security infrastructure to prevent future incidents. 

    Crypto
    FTM’s token uptrend over the past 30 days on the daily chart. Source: FTMUSDT on TradingView.com

    Despite recent developments, the native token of the Fantom protocol, FTM, is trading at $0.2388, reflecting a 1% increase in the past 24 hours. 

    Notably, the token has experienced a substantial surge across various time frames. Presently, it has maintained an upward trend, with gains of over 6% and 30% in the seven-day and fourteen-day periods, respectively. 

    Over the year-to-date period, the token has recorded a 5% increase. These figures indicate the token’s positive performance and growth trajectory.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

    Ethereum Price Faces Big Move – Can Bulls Send ETH To $2,000?

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    Ethereum price is consolidating gains below the $1,850 resistance against the US dollar. ETH must stay above the $1,750 support to start a fresh increase.

    • Ethereum is still struggling to gain pace for a move above $1,850.
    • The price is trading above $1,770 and the 100-hourly Simple Moving Average.
    • There is a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could extend its decline if it fails to stay above the $1,740 support.

    Ethereum Price Remains In Range

    Ethereum failed to continue higher above the $1,850 level and started a downside correction. ETH corrected lower below $1,800, but the bulls remained active near $1,750.

    A low was formed near $1,741 and the price is now making a fresh attempt to gain pace, like Bitcoin. There was a move above the $1,780 level. The price tested the 50% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Ethereum is now trading above $1,770 and the 100-hourly Simple Moving Average. There is also a key contracting triangle forming with support near $1,780 on the hourly chart of ETH/USD.

    On the upside, the price is facing resistance near the $1,800 level. The first major resistance is near the $1,815 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,866 swing high to the $1,741 low.

    Source: ETHUSD on TradingView.com

    A close above the $1,815 resistance could start a decent increase. In the stated case, Ether could revisit the $1,850 resistance. The next key resistance is near $1,865, above which the price could accelerate higher. In the stated case, the price could rise toward the $1,920 level. The main hurdle sits at $2,000.

    Another Decline in ETH?

    If Ethereum fails to clear the $1,815 resistance, it could start another decline. Initial support on the downside is near the $1,780 level, the 100-hourly Simple Moving Average, and the trend line.

    The next key support is $1,740. A downside break below the $1,740 support might send the price further lower. In the stated case, Ether could drop toward the $1,700 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

    Hourly RSI – The RSI for ETH/USD is now below the 50 level.

    Major Support Level – $1,720

    Major Resistance Level – $1,815

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    Aayush Jindal

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