ETH

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

Published

2 weeks ago

June 29, 2022

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Ethereum has been closing red week after red week for the past 11 weeks. It is the longest red streak that has been recorded in the history of the cryptocurrency, hence, it carried significant implications for the digital asset. Through the decline, it has been one of the worst-hit coins, performing poorly compared to the other cryptocurrencies at this time. However, the digital asset has now closed its first weekly green candle in three months and things are looking up.

Better Days Ahead

With this recovery has come a renewed interest in the digital asset. Coupled with the fact that the digital asset is now trading above its 50-day moving average, it has now solidified a bull trend for the short term. The activity on the network, though reduced, remains high enough to strike renewed faith in the heart of investors.

However, there are still things that threaten the price of the cryptocurrency going on another bull rally. The Celsius debacle had been one of the major reasons behind the drawdown below $1,000 and remains a very real threat. The lending protocol which has found itself in a tight spot due to some bad trades remains at risk of being liquidated, and rumors continue to circulate that Celsius is planning to file for bankruptcy, which would mean users would not be able to get their tokens back.

ETH price sees first green weekly close after three months | Source: ETHUSD on TradingView.com

Additionally, Three Arrows Capital’s insolvency had hit the market hard but there is still more to come. This is because it is the leading crypto fund and as such had its hand in a large number of projects in the space, especially DeFi, the majority of which would be significantly affected by the 3AC insolvency.

Ethereum To $1,500

Presently, the price of the digital asset is still trailing $1,200 but there are some things rumored in the market that will likely promote a pump in price. One of these is FTX’s supposed acquisition of the trading platform, Robinhood.

Now, Robinhood is one of the most popular platforms when it comes to trading crypto. However, it has drawn the ire of the community in the past due to its practices. As such, if it were to be acquired by FTX, a trusted crypto exchange, it would mean that FTX would be bringing Robinhood’s massive user base of more than 22 million to the broader crypto community.

There is nothing definite regarding the acquisition yet but the sentiment among investors regarding it has been good so far. A rally resulting from such an acquisition could easily see Ethereum grow more than 20% and that would put the digital asset above the $1,500 level once more.

ETH is trading at $1,221 at the time of this wring. It remains the second-largest cryptocurrency in the space with a market cap of $148 billion.

Featured image from CoinMarketCap, chart from TradingView.com

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ETH

Ethereum Bears Are Back, Why ETH Could Dive Below $1K

Published

2 hours ago

July 13, 2022

admin

Ethereum extended losses and traded below $1,100 against the US Dollar. ETH could accelerate lower if there is a close below $1,000.

Ethereum started a fresh decline below the $1,120 and $1,100 levels.
The price is now trading below $1,100 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $1,115 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to decline if there is a close below the $1,000 level.

Ethereum Price Extends Losses

Ethereum remained in a bearish zone below the $1,150 support zone. ETH extended decline below the $1,120 and $1,100 levels. It opened the doors for more losses and the price even moved below $1,080.

The price is now trading below $1,100 and the 100 hourly simple moving average. It traded as low as $1,033 and the price is now consolidating losses. An immediate resistance on the upside is near the $1,060 level. The first major resistance is near the $1,090 zone.

The 23.6% Fib retracement level of the downward move from the $1,275 swing high to $1,033 low is also near the $1,090 level. Besides, there is a major bearish trend line forming with resistance near $1,115 on the hourly chart of ETH/USD. The trend line is near the 100 hourly simple moving average.

Source: ETHUSD on TradingView.com

The next key barrier is near the $1,150 level or the 50% Fib retracement level of the downward move from the $1,275 swing high to $1,033 low, above which the price start a decent increase. In the stated case, the price could rise towards the $1,200 resistance zone.

More Losses in ETH?

If ethereum fails to rise above the $1,090 resistance, it could continue to move down. An initial support on the downside is near the $1,035 zone. The next major support is near the $1,000 zone.

A downside break below the $1,000 support may perhaps spark a sharp decline. In the stated case, the price could drop toward the $965 level. Any more losses below the $965 level may perhaps call for a move towards the $880 level in the coming sessions.

Technical Indicators

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

Hourly RSI – The RSI for ETH/USD is now near the 40 level.

Major Support Level – $1,000

Major Resistance Level – $1,090

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coinshares

Institutional investor sentiment about ETH improves as Merge approaches

Published

5 hours ago

July 13, 2022

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Ethereum prices may have dipped again today, but there are signs that professional investors are warming to the asset as the highly anticipated Merge draws closer.

In its digital asset fund flows weekly report, fund manager CoinShares reported that Ethereum-based products saw inflows for the third consecutive week. There was an inflow of $7.6 million for institutional Ethereum funds, whereas those for Bitcoin continued to outflow with a loss of $1.7 million.

Referring to the Ethereum funds CoinShares stated: “The inflows suggest a modest turnaround in sentiment, having endured 11 consecutive weeks of outflows that brought 2022 outflows to a peak of US$460M.” It added that the change in sentiment may be due to the increasing probability of the Merge happening later this year.

The Merge is a highly anticipated Ethereum upgrade that changes its consensus mechanism from proof-of-work to proof-of-stake. It is currently preparing for one final testrun and the Merge proper is expected before October.

In late June, institutional investors started introducing capital back into Ethereum-based funds during a week that saw record outflows of $423 million, the majority from Bitcoin-based funds.

For the period, there was an overall inflow of $14.6 million but short Bitcoin funds made up $6.3 million, suggesting investors were still bearish on the king of crypto. U.S. funds and exchanges saw inflows totaling $8.2 million, with 76% of them comprising short positions, a similar percentage to the week ending July 8.

The warming of institutional investors to Ethereum has not been reflected in the asset’s spot price today. ETH is currently trading down 2.9% over the past 24 hours at $1,047, having lost 28% over the past month, according to CoinGecko.

Related: Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Crypto Twitter has been busy debating whether Ethereum should be classed as a security or not, with the specter of tribalism raising its ugly head again. Bitcoin maximalists have sided with MicroStrategy CEO Michael Saylor who said that ETH was “obviously” a security last week.

However, this has been widely disputed by Ethereum proponents, including co-founder Vitalik Buterin who offered his take on the dispute on July 12.

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C-Buzz

How a Presale Ethereum Wallet Containing 1000 ETH Was Recovered by KeychainX

Published

20 hours ago

July 12, 2022

admin

An Ethereum enthusiast contacted KeychainX some months ago with a singular story.

He was a part of the Ethereum presale in 2014 and assembled an incredible 1000 ETH nowadays price concerning four million USD for a mere 300USD – an astonishing 13000x increase in worth.

The story began once Alex sent the KeychainX team an issue concerning whether or not if the team forbidden broken wallets. Alex suspected the billfold to be corrupt or the encoding to be wrong, as he had the positive identification saved in Splash ID along with alternative passwords and wont to copy-paste it into the pre-sale webpage to affix within the Ethereum token sale.

He was disturbed that mistreatment multiple systems like iPad, mac and phone and varied language setups (Alex was [*fr1] French), there could be some hiccup or language character cryptography errors.

Since the password was pretty long (99 characters) and contained many special or non-ASCII characters, it absolutely was a devious task. However, inserting a random character at a whimsical position is accomplishable for shorter passwords. For an almost virtually 100-character-long password, it absolutely was not possible.

But Alex was pretty certain of the password, thus KeychainX “just” had to appear up what was wrong. Of course, the positive identification was conjointly sexual, thus writing the assorted positive identification deviations mistreatment sexually specific language was screaming.

Although the words didn’t use S/M code words like one amongst KeychainX’s city shoppers, they contained the words p*ssy and c*ck. very little did the team shrewdness on the brink of the matter and much away it absolutely was.

Being stubborn, the KeychainX team started by adding random characters at the positions the team suspected were those with attainable issues. as an example, sometimes, if a personality were non-English, the code would translate it to a double character, that ultimately would cause the search area to extend dramatically. thus doing that created no result.

So the team went back to appear at the Splash ID source code and tried to reverse engineer it to breed the matter. there have been several versions of Splash ID, and their page didn’t provide it to be open supply. No luck.

Then some weeks later, a Russian consumer contacted KeychainX with a very totally different billfold mistreatment Cyrillic characters. Most of KeychainX’s custom-written tools were written for English or Latin passwords, therefore the team had to appear into a recent tool’s source code and create a way to translate those to suit the system.

It gave a thought for Alex’s billfold.

What if the tools used, and also the distinctive characters that encrypted his wallet, were translated through the encoding package similar to Cyrillic characters.

Going back to the Presale billfold, the team attacked those special characters positions mistreatment constant approach as if they were Cyrillic. Boom! the team found the password; but, there was a difficulty.

Most billfold package that may usually import the billfold and show the personal key didn’t work, and also the positive identification wasn’t obtaining accepted since the special characters were outside the boundaries of their several code or listing. Instead, the team had to manually decrypt the wallet to export the personal key mistreatment of the foreign listing.

After moving out the funds, KeychainX tried to decision Alex multiple times, however it unbroken aiming to his electronic device. therefore the team armoured Alex, and nonetheless still no answer.

It took virtually 3 days before he got in to KeychainX, that was a touch stressful sitting on someone’s four million USD while not knowing wherever the person was. Ethereum worth conjointly swung heaps, therefore the worth captive many thousands daily in each directions.

So the team transferred Alex his share of the funds, aforementioned sensible luck and keep safe, then ne’er detected from him any further. KeychainX hopes he has fun together with his fresh recovered, long-lost fortune.

The post How a Presale Ethereum Wallet Containing 1000 ETH Was Recovered by KeychainX first appeared on BTC Wires.

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