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INJ Price Soars 13% As Injective Unveils ‘inEVM,’ Ethereum And Solana Integration Expected

In a recent announcement, Layer 2 (L2) protocol Injective (INJ) has reached a major milestone with the launch of its inEVM Layer 2 rollup solution on the mainnet. This technology introduces an Ethereum Virtual Machine (EVM) environment to the Injective ecosystem, opening up new prospects for developers and blockchain interoperability.

By integrating with Ethereum (ETH), Cosmos (ATOM), and Solana (SOL), inEVM establishes a multi-chain ecosystem that combines the advantages of different virtual machine environments.

inEVM For Ethereum, Cosmos, And Solana

According to the March 7 announcement, InEVM, which stands for inEVM Layer 2 rollup solution, allows developers to build applications using the Ethereum programming language Solidity within Injective’s platform.

This technology connects different blockchain networks by achieving composability across Cosmos and Solana. InEVM leverages Caldera as the rollup provider, Hyperlane as the messaging layer, LayerZero for data and asset transfer, Celestia as the Data Availability (DA) layer, and Pyth as the Oracle provider.

These collaborations were reportedly designed to ensure a “secure and robust” environment for developers to deploy their projects.

Furthermore, by incorporating inEVM, Injective will enable Ethereum developers to onboard onto its platform while retaining compatibility with the broader blockchain space. 

As announced, developers can now take advantage of Injective’s benefits, including the protocol’s transaction speeds, near-zero fees, and access to the Inter-Blockchain Communication (IBC) network.

The protocol also claims that InEVM will serve as a sandbox for developers to become familiar with the broader Injective ecosystem, providing a bridge between Ethereum’s EVM world and Injective’s WebAssembly (WASM) backbone.

TimeSwap And Thetanauts Make Waves In Injective Platform

Another key feature of Injective’s inEVM is its stated integration with Caldera, Hyperlane, LayerZero, Celestia, and Pyth, ensuring compatibility with existing smart contract standards, infrastructure, and oracles. 

This integration aims to facilitate interoperability and collaboration across virtual machine environments, paving the way for a “unified blockchain ecosystem.” 

The release states that developers will also benefit from the ability to create synergies and leverage the strengths of Ethereum, Cosmos, and Solana while maintaining true composability and interoperability.

Lastly, the protocol has announced that several projects have already adopted inEVM and deployed on the Injective platform. Notable among them is the TimeSwap lending protocol, which has raised significant funding of over $200 million from investors, including Polychain Capital, Delphi Digital, and Bain Capital Crypto. In addition, Thetanauts, an on-chain options protocol, has also chosen to build on the inEVM.

Injective

Currently, Injective’s native token INJ has seen a notable uptick in price after stagnating and dropping 3% over the past seven days. Currently, INJ is trading at $43.20, up over 13% on announcing the launch of Injective’s inEVM. 

This marks the continuation of the token’s upward trend registered over the rest of the time frames. The token recorded a tremendous surge of over 1240% year-to-date, 37% in the past 30 days, and 23% in the past fourteen days, which led the token to reach its current all-time high (ATH) of $46 on March 2nd.

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Ethereum: Balancing Act At $2,300 – Scaling The Heights Or Facing A Looming Drop?

The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum’s price surged towards critical resistance levels near $2,500.

Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum’s long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?

Ethereum Rises: Growth, Innovations, And Challenges

Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum’s impressive 87% year-on-year market cap surge, catapulting it from $140 billion to a hefty $267 billion, paints a picture of robust growth.

The Merge upgrade, a landmark event streamlining Ethereum’s blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.

However, lurking beneath this facade is a critical bottleneck: Ethereum’s Layer 1 scalability limitations. The network’s notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.

As of writing, on this 26th of December, Ethereum’s price hovers around $2,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further intrigue to the complex dance Ethereum is performing near the critical $2,500 resistance level.

This delicate dance between bullish aspiration and bearish pressure underscores the fragile equilibrium in the market. On one hand, the optimism surrounding Ethereum’s future potential continues to draw in traders.

On the other hand, the specter of high transaction fees and scalability woes, alongside whispers of a potential bear market, keeps selling pressure simmering just below the surface.

Ethereum At $2,300: Bulls’ Battle, Bears’ Threats

For Ethereum bulls, the $2,300 level is a crucial battleground. If they can muster enough buy-side force to sustain a climb above this mark, it could pave the way for a surge towards the coveted $2,500 resistance level. This breakthrough would be a significant psychological victory, injecting fresh confidence into the market and potentially triggering a new upward trend phase.

However, the bears are not out for the count. Their sights are set on breaching the $2,200 support level, which would solidify their grip and potentially trigger a more substantial decline. Should this scenario unfold, the $2,000 mark could come into play, with further losses possible if selling pressure remains unchecked.

Adding to the intrigue is the factor of exchange supply. A recent increase in Ethereum tokens on exchanges indicates more readily available ETH for sellers, potentially amplifying downward pressure. This highlights the delicate balance between market sentiment and technical factors in determining Ethereum’s future trajectory.

Meanwhile, the ETH traders’ profit-taking is evident in the Network Realized Profit/Loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.

Ethereum’s Critical Crossroads Ahead

Looking ahead, Ethereum’s path hinges on its ability to navigate this complex landscape. Addressing its scalability issues through Layer 2 solutions and potential future upgrades will be crucial for maintaining and expanding its DeFi dominance.

Rekindling developer and user confidence by reducing transaction fees and improving network throughput is also paramount. Only by tackling these internal challenges and adapting to the ever-evolving crypto sphere can Ethereum truly reclaim its throne as the king of DeFi.

The next few weeks are likely to be pivotal for Ethereum. Will it scale the $2,500 height and cement its position as a leader in the crypto revolution? Or will internal limitations and external pressures force it to face a precipitous drop?

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Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack

Hardware wallet manufacturer Ledger has responded to a recent security breach resulting in the theft of $600,000 worth of user assets. 

The company has pledged to enhance its security protocols by eliminating Blind Signing, a process where transactions are displayed in code rather than plain language, by June 2024.

Ledger Takes Responsibility For ConnectKit Attack

In a statement, Ledger emphasized its focus on addressing the recent security incident and preventing similar occurrences in the future. 

The company acknowledged the approximately $600,000 in assets that were impacted by the ConnectKit attack, particularly affecting users blind signing on Ethereum Virtual Machine (EVM) decentralized applications (dApps). 

Furthermore, Ledger pledged to make sure affected victims are fully compensated, including non-Ledger customers, with CEO & Chairman Pascal Gauthier personally overseeing the restitution process. 

According to the statement, Ledger has already initiated contact with affected users and is actively working with them to resolve their specific cases.

In addition, by June 2024, blind signing will no longer be supported on Ledger devices, contributing to a “new standard of user protection” and advocating for “Clear Signing,” which refers to a process that allows users to verify transactions on their Ledger devices before signing them across dApps.

On this matter, Ledger’s CEO Pascal Gauthier stated: 

My personal commitment: Ledger will dedicate as much internal and external resources as possible to help the affected individuals recover their assets.

Heightened dApp Security Measures

According to an incident report released by the hardware wallet manufacturer, the attack exploited the Ledger Connect Kit, injecting malicious code into dApps utilizing the kit. 

This malicious code redirected assets to the attacker’s wallets, tricking EVM dApp users into “unknowingly signing transactions” that drained their wallets. 

Ledger addressed the attack by deploying a genuine fix for the Connect Kit within 40 minutes of detection. The compromised code remained accessible for a limited time due to the nature of content delivery networks (CDNs) and caching mechanisms.

Ledger acknowledged the risks faced by the entire industry in safeguarding users and emphasized the need to continually raise the bar for security in dApps. 

The company plans to strengthen its access controls, conduct audits of internal and external tools, reinforce code signing, and improve infrastructure monitoring and alerting systems. 

Additionally, Ledger will educate users on the importance of Clear Signing and the potential risks associated with blind signing transactions without a secure display.

Notably, with Clear Signing, users are presented with a clear and readable representation of the transaction details, enabling them to review and validate the transaction before providing their signature. 

This added layer of transparency and verification helps users mitigate the risks associated with front-end attacks or malicious code injected into decentralized applications

Ledger

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Ethereum Whales Scoop Up $230 Million In ETH In One Week – Price Hike Next?

In the past week, some of the biggest Ethereum whales, those with holdings ranging from 1 million to 10 million ETH, have accumulated an impressive 100,000 ETH, valued at a staggering $230 million.

This active buying stance by influential investors highlights their unwavering belief in the long-term potential of Ethereum, even in the face of recent price corrections.

Despite the recent downtrend in prices, indications from recent Ethereum whale activities suggest a persistent confidence in a bullish market continuation.

Wealthy Traders Accumulate Millions In Ethereum

Subsequent to the promising start in the initial days of December 2023, various cryptocurrency assets, notably Ethereum, displayed robust performance.

Crypto whales have reportedly devoured hundreds of millions of dollars’ worth of Ether, the leading altcoin, during the past seven days, according to a well respected expert.

On the social networking site X, cryptocurrency strategist Ali Martinez informs his 36,100 followers in a new thread that wealthy traders have amassed tens of thousands of Ethereum during the previous seven days.

Price rallies are usually the result of heavy purchasing demand from wealthy investors, and the recent whale accumulation indicates that this is the case.

On December 7, Santiment Feed connected a whale accumulation pattern to ETH’s surge, which culminated in a 19-month high over the $2,350 price point.

As a rule, whale activity affects cryptocurrency asset prices. Recent activity among ETH whales indicates that a price rally may be approaching.

Although there is a lot of buying pressure in the market right now, caution is advised because the bottom could not have yet been achieved.

RSI And Stochastic Neutral, Ethereum Uncertainty

Relative Strength Index (RSI) and stochastic are both currently in neutral territory, according to data from CryptoQyant. There is still uncertainty regarding the market’s genuine bottom notwithstanding the buying activity.

We looked at the liquidation heatmap to try and estimate Ethereum’s possible support levels. Based on the analysis, there was a rise in liquidations in the $2,140–$2,170 range.

This implies that before Ethereum’s price initiates its next bullish rebound, it is likely to drop below these levels. But in the event of a rally, Ethereum would have to overcome a significant resistance level close to $2,380.

Ethereum’s near-term price changes are difficult to forecast because to the complex interaction of market indicators and liquidation data.

Meanwhile, the $2,148 price mark appears to be the asset’s short-term support, according to an analysis of the ETH daily price chart. In order to increase the likelihood of one more rise before the end of 2023, bulls will hope that this level holds.

If there is a break below, it may indicate the construction of a more intricate bullish continuation chart pattern, similar to a bull flag. On smaller time frames, this pattern may resemble a descending channel and undermine expectations for another significant rise in 2023.

Ether and other cryptocurrency values are sensitive to a number of external variables, including generalized macroeconomic sentiment. Ethereum has already risen 81% year-to-date at its current price.

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Ethereum Price Soars To Over $2,300 – Is $3,000 Next?

The market performance of Ethereum has been steadily rising since October, marking a positive and long-lasting trend. Increased buying activity has been the main driver of this positive momentum that has persisted over time, pushing the cryptocurrency beyond the vaunted $2,000 resistance mark and igniting a continuing rally.

The value of Ethereum has sharply grown as a direct result of this increased demand and market optimism, with its sights set on breaking through the crucial resistance region at $2,300. This upward trend serves as another evidence of the increasing investor trust and general bullishness surrounding Ethereum, thereby solidifying its place in the changing cryptocurrency market.

Ethereum Hits 18-Month Highs, Targets $3,000

Ethereum, the second-largest cryptocurrency in the world, is rising quickly and has reached levels not seen in the previous 18 months. With a market valuation of $285 billion, ETH is now trading 5.7% higher at $2,375 as of the time of publication. Some speculators have even shared $3,000 price predictions for ETH amid the latest market breakout.

Ethereum’s approaching resistance level poses a huge challenge to buyers of the altcoin, including the fixed barrier at $2.5K, which has frequently shown to be a significant roadblock. But if the market is able to recapture this critical area, Ethereum may go on to reach the $2.5K – or even $3.000 — in the future.

As Ethereum breaks down further obstacles, investors and market watchers are keeping a close eye on the situation. A notable indication of the increased interest from institutional investors is the eagerness with which major players like VanEck, BlackRock, and Grayscale are awaiting clearance for Spot Ethereum ETFs.

According to Santiment, an on-chain data service, Ethereum has reached $2,349, its highest price since June 2022. The amalgamation of the positive long-term trend indicating a rise in wealth for the leading non-exchange whale wallets and a decrease in sell-off power for the leading exchange whale wallets presents a propitious situation for a steady upward trend.

Ethereum’s Non-Exchange Holdings Surge To 55M ETH

A recent tweet from Santinment highlights some intriguing variations in Ethereum’s wallet mechanics. Exchange wallets saw a five-year low of 9.3 million ETH, while top non-exchange wallets are building up to a record 54.6 million ETH. This move points to upward trends, with wealth building through non-exchange transactions and decreased selling pressure.

Over the course of two months, a bearish divergence between the price and the RSI indicator grew, pointing to a possible overvaluation of Ethereum at this point. Given the current characteristics of the market, even if buyers seem to be in charge and overall sentiment is bullish, there is a significant likelihood of a brief corrective phase that involves consolidation and higher volatility in the near future.

Meanwhile, a recent ACDE meeting provided information about the impending Dencun fork of Ethereum, which is set to occur in January 2024. The Goerli network testnet fork was well-prepared for by development teams, opening the door for a larger Goerli shadow network fork in the coming weeks.

By using proto-danksharding, Dencun is expected to greatly increase data availability for layer-2 rollups. This improvement should result in lower rollup transaction costs, which will eventually help end customers.

Dencun’s overall effects include rollups that increase Ethereum’s scalability, gas fee optimization, improved network security, and the deployment of several housekeeping upgrades.

As Ethereum’s price surges to surpass the $2,300 milestone, speculation intensifies about the cryptocurrency’s potential to reach the next significant threshold of $3,000. The recent upward trajectory reflects the market’s confidence in Ethereum’s underlying technology and its role in the evolving digital landscape.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Ethereum Breaks Through $2,200 Ceiling, Investors Expect $3,000 This Week

The price of Ethereum (ETH) has risen sharply today, hitting a new 2023 high of $2,250 as the cryptocurrency market continued to trend higher toward a successful year-end.

The recent strong upward trend in Ethereum aligns with Bitcoin’s continuous attempt to break above $41,000, which it did today. As of the time of writing, the price of bitcoin was $41.437.

Analysts say the approval of a BlackRock spot ether instrument would result in an influx of institutional capital into Ethereum, the second-largest cryptocurrency network globally.

Ethereum’s Price Surge

The most recent charts show an upward trajectory that has many analysts and investors upbeat about the cryptocurrency hitting the coveted $3,000 barrier in the upcoming weeks or months.

As this transpired, a crucial on-chain trade statistic reveals that, just 24 hours prior to the most recent price breakout, Ethereum 2.0 stakers made an unexpected $330 million move.

On December 2, investors pulled out a massive 169,220 ETH (about $337 million) from ETH 2.0 beacon chain Proof of Stake contracts, according to IntoTheBlock.

Interestingly, since the Ethereum Shapella Upgrade enabled withdrawals in April 2023, this is the second-highest staking withdrawal amount.

Resilient Rebound And Bullish Market Signals

Today, when the price of Bitcoin broke beyond the coveted $41,000 barrier, the cryptocurrency market is starting to feel more optimistic again.

The price of ETH recovered from the psychologically critical $2,000 threshold in response to this positive change, showing an 8% weekly increase to its current trading price of $2,250.

The classic sign of a bull market is a sequence of higher lows and higher highs, which is what we observe when we look at Ethereum’s daily chart. The 50-day and 100-day moving averages served as dynamic resistance, but the price has now overcome both.

“On the basis of lower yields, cryptocurrency has been going pleasantly higher, along with Gold,” crypto data firm Amberdata stated in a newsletter on Sunday.

In a note, Lucy Hu, Senior Analyst at Metalpha, stated that there is increasing market expectation for a rate reduction in the coming year.

Investor optimism on the potential for Bitcoin ETF applications from significant asset management firms is also growing.

She states:

“This is an official declaration of a bull run, and there may be additional price increases in the upcoming weeks.”

Meanwhile, laws may also have an impact on Ethereum’s price in the future; although favorable developments may encourage investment, harsher laws may provide risks. Important factors also include investor sentiment and the state of the economy.

It’s unclear if ETH will overtake Bitcoin in market valuation; this will depend on things like adoption rates and network improvements. Right now, Bitcoin is in the lead with a far larger market capitalization.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Ethereum ATH: Exploring The Possibility Of Ether’s New Peaks In 2024

Ethereum (ETH), the world’s second-largest cryptocurrency, is demonstrating robust momentum as its price stages a resurgence, reclaiming levels above $2,000.

This bullish trend gains traction concurrently with significant developments in the US Securities and Exchange Commission (SEC). The regulatory authority is engaging in discussions regarding the potential approval of a spot Ethereum Exchange-Traded Fund (ETF).

This pivotal development has injected optimism into the Ethereum market, as the prospect of an ETF introduces new possibilities for mainstream adoption and investment, further fueling the current upward trajectory of Ether’s value.

Ethereum’s Ascending Triangle: Bullish Breakout Potential

Over the course of several months, the price of Ethereum has been in a consolidation trend that has resulted in the formation of an ascending triangle. Although the technical formation is bullish by nature, this is only true following a profitable breakout.

Trend lines connect the equal highs and higher lows of the ascending triangle configuration. This arrangement indicates that investors are growing more confident and buying the dips at a faster pace.

Interestingly, today’s charts show there are no “dips” to buy, as Ethereum broke past the vaunted $2,000 level to welcome December on a high note.

Ethereum is not only keeping up, but also rising to unprecedented heights. The price of ETH is currently up 3% at $2,100, and investors and enthusiasts are excited about the possibility of a rally to $3,000 or even higher.

Ether’s impressive success against Bitcoin, outperforming the alpha cryptocurrency by almost 5%, is a major indicator of this. Important on-chain signals imply that ETH may continue to outperform BTC this month.

Fidelity Filing Fuels Ethereum Optimism

The first indication of a bullish move was a breakout over the psychological $2,000 barrier, although there has been a lot of see-saw motion around this level. More specifically, ETH is trading between the weekly support level at $1,930 and the high for the second quarter at $2,140. This is the fourth week in a row that this has been happening.

Crypto analyst Michael van de Poppe has voiced his optimism for Ethereum in light of the Fidelity filing. Given this submission, he affirms his conviction that after Bitcoin’s rapid increase, Ethereum is positioned to attain $3,500 throughout the initial quarter of 2024.

In a related development, research shows there has been a significant increase in Ethereum whale accumulation. On-chain data indicates that the biggest Ethereum wallets, according to Santiment, are showing a positive pattern that suggests a big change.

Meanwhile, Ethereum has an amazing 30-day Average Intra-Day Volatility score of 0.45%, surpassing Bitcoin’s 0.32%, a recent research by IntoTheBlock shows.

Investment strategies may need to change as a result of this change in volatility dynamics, which would highlight the Ethereum market’s dynamic prospects.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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NEAR Foundation And Eigen Labs Team Up To Improve Web3 Transactions On Ethereum Rollups

The NEAR Foundation has announced a strategic partnership with Eigen Labs, a startup focused on building the Ethereum restaking protocol Eigen Layer. 

While addressing the challenges of liquidity fragmentation between Layer 2 (L2) solutions, the collaboration aims to reinvent Ethereum (ETH) roll-up transactions, making them “more cost-effective and efficient.”

Rapid And Affordable Ethereum Transactions? 

In a joint statement released on November 10, the NEAR Foundation and Eigen Labs unveiled their plans to develop a “fast finality layer” to power rapid and inexpensive transactions for Ethereum rollups, including cross-rollup transactions. 

Per the announcement, the collaboration seeks to significantly reduce transaction processing times to a mere 3-4 seconds, a notable improvement compared to the minutes, hours, or even days it currently takes. Moreover, it aims to make transactions 4000 times cheaper than existing options, providing a cost advantage for users.

Furthermore, one of the partnership’s key objectives is to establish “secure and low-latency” cross-rollup communication, resolving the challenges faced by developers and founders working with rollups. 

As announced, the Fast Finality Layer will maintain the “security guarantees” of Ethereum while introducing additional guarantees from the NEAR and EigenLayer technologies.

Both protocols believe this solution promises to enhance liquidity by reducing fragmentation between Layer-2 solutions, empowering developers to make informed decisions regarding the sequencers they prefer for transaction processing.

NEAR And Eigen Labs Partnership For ‘Seamless Web3 Integration’

Illia Polosukhin, co-founder of NEAR Protocol, expressed pride in partnering with Eigen Labs, emphasizing that the fast finality layer showcases the technological strengths of NEAR while making the Open Web more user-friendly. Polosukhin further stated:

NEAR Foundation is proud to partner with such an excellent team as Eigen Labs to offer a fast finality layer for ETH rollups. The fast finality layer showcases the strengths of NEAR’s technology while making the Open Web more usable, which has always been the core goal for NEAR. It will also help defragment liquidity for Ethereum rollups and make all of Web3 more interoperable as a result.

For his part, Sreeram Kannan, founder of Eigen Labs, shared his enthusiasm for the partnership and highlighted the mutual benefits it brings. In his words, the collaboration will leverage the innovative technologies of both NEAR and EigenLayer, enabling faster, cheaper, and easier development on the Ethereum network.

The collaboration between NEAR and Eigen Labs marks a significant milestone for EigenLayer, as it enables fast settlement for cross-rollup transactions and demonstrates wider adoption of restaking across the Ethereum ecosystem and beyond. 

For NEAR, the partnership extends to enhancing the NEAR-Ethereum Rainbow Bridge by transitioning it to an actively validated service (AVS). This transition is expected to enhance bridging capabilities between NEAR and Ethereum, enabling faster transaction finality, increased security guarantees, and improved decentralization.

The collaboration is expected to launch a testnet in Q1 2024, and further details will be shared then. This partnership between the NEAR Foundation and Eigen Labs holds great promise for advancing Ethereum rollup transactions, improving liquidity, and driving the broader adoption of Web3 technologies.

NEAR

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

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. 

Ethereum

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.

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Trademark Tussle: Trader Joe’s Grocery Slaps Lawsuit On DEX Trading Platform

Trader Joe’s, a well-known supermarket chain in the United States, has taken legal action against a decentralized exchange (DEX) platform named Trader Joe, alleging that it has violated federal trademark laws. 

The DEX platform, which operates under the domain name traderjoexyz.com, not only shares the same name as the supermarket but, according to recent reports, also appears to be trying to leverage the supermarket’s established brand and reputation. 

US Supermarket Giant Locks Horns With Trader Joe DEX

Trader Joe’s has gained popularity in the digital realm by initially launching on the Avalanche (AVAX) network and later expanding its presence to BNB Chain, Arbitrum (ARB), and Ethereum (ETH). 

It currently holds over $77 million worth of tokens across various chains and has processed trades amounting to $25 million in September alone. 

However, its success has been overshadowed by a heated dispute regarding the origin of its brand and allegations of fraudulent attempts to misrepresent its origins.

Trader Joe’s supermarket chain has grown increasingly frustrated by the lack of response to its requests to cease the misuse of its trademark. As a result, the matter has escalated internationally, and a complaint was filed with the World Intellectual Property Organization (WIPO) in May 2022 to force the crypto entity to relinquish its domain name.

Furthermore, recently filed court documents in the US District Court for the Central District of California shed light on the proceedings at WIPO. According to these documents, the defendants presented a false narrative that distorted the true origins of “Trader Joe’s.” 

They claimed that the platform was named after the co-founder’s brother, a claim that Trader Joe’s supermarket chain has vehemently denied.

JOE Token Plummets In Value Amidst Legal Battle

Trader Joe DEX has recently seen notable variations in several critical metrics, with shifts in trading volume, market capitalization, revenue, and total value locked.

Over the past 24 hours, Trader Joe’s experienced a decline of 1.68% in its performance. This short-term dip in value has been reflected in the platform’s seven-day performance, with a 3.85% decrease. 

However, despite these recent setbacks, the DEX has managed to maintain relative stability over 30 days, with a modest decline of 1.04%.

Trader Joe

According to Token Terminal data, one of the most striking figures is the platform’s 180-day performance, which shows a significant drop of 60.82%.

Nevertheless, when considering market capitalization, Trader Joe’s DEX boasts a circulating market cap of $90.84 million, indicating its prominence within the DEX ecosystem. 

Moreover, the platform has shown a positive trend, with a recent increase of 2.26%. Total value locked (TVL) is another crucial metric used to assess the health and popularity of a DEX platform. Despite the recent market fluctuations, Trader Joe DEX continues demonstrating a TVL of $78.66 million. 

However, it experienced a decline of 4.54%, suggesting a potential shift in user participation and liquidity within the platform.

Finally, trading volume, an essential measure of a platform’s activity, has witnessed a significant annualized decrease of 18.45%, amounting to $7.61 billion. This decline in trading volume raises concerns about engagement and participation on the Trader Joe DEX platform.

Featured image from Shutterstock chart from TradingView.com 

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Ethereum ETFs Face Lackluster Debut From Small Investors: Is The Hype Fizzling Out?

Yesterday’s launch of futures-based Ethereum (ETH) exchange-traded funds (ETFs) delivered underwhelming results, with shallow trading volumes indicating a deficient demand for ETH exposure.

Furthermore, a recent report by The Wall Street Journal report by The Wall Street Journal, it was revealed that the launch of the first Ethereum exchange-traded funds on Monday generated little interest from small investors. 

These ETFs provided individual investors access to the second-largest cryptocurrency through brokerage accounts. However, per the report, most of the futures-based Ether ETFs ended the day in the red, with a combined trading volume of less than $2 million.

Red Flags For Ethereum ETFs?

The Ether ETFs, offered by prominent asset management firms such as ProShares, VanEck, and Bitwise Asset Management, are entering a highly competitive market. Experts believe these funds will have to compete fiercely in cost and marketing strategies to attract investors amidst the crowded landscape.

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, expressed his concerns regarding the funds, stating: 

A lot of these funds are going to struggle to get assets. There’s probably only room for one stud in this race.

During a Bloomberg TV appearance, Balchunas emphasized the relatively low trading volume of the Ethereum ETFs compared to BITO, a Bitcoin (BTC) ETF that tracks the price of BTC using Bitcoin Futures launched in 2021. 

Notably, the trading environment for the first futures-based Ether ETFs differs significantly from the first futures-based Bitcoin ETFs. ProShares’ initial Bitcoin ETF (BITO) debut, which took place during the peak of the crypto bull market, was one of the most highly traded ETF launches ever. 

Conversely, on the inaugural trading day of Ether future ETFs, the value traded amounted to nearly $1.9 million by noon, with Valkyrie emerging as the frontrunner in the race for Ether futures ETFs. Initially focused on Bitcoin futures and later expanded to include Ether, the fund experienced a 3.9% increase.

VanEck’s EFUT managed to generate some volume by launching ahead of its competitors. However, volumes quickly dwindled, with a staggering 49% of EFUT’s daily volume occurring within its first trading minute. 

Disappointing Launch Day For Futures-Based ETH

Senior analyst of k33 research, Vetle Lunde, suggests that this lackluster launch points to more choppy market conditions ahead. The highly anticipated launch day failed to meet market expectations, reminiscent of the underwhelming debut of Bakkt. 

This sheds light on a seemingly “non-existent” demand for additional crypto exposure, indicating a continuation of the current consolidation range in the market.

In defense of the lackluster ETF launch, it is worth noting that activity in crypto ETFs has been consistently shallow in recent months. BITO, for example, has witnessed consistent outflows since mid-July and experienced its third-lowest average daily volume (ADV) in September 2023, surpassed only by volumes in August and December 2022.

The Ethereum futures products launched on Monday, along with their respective net expense ratios, include:

  • BitWise Ethereum Strategy ETF (AETH) – 0.85%
  • Bitwise Bitcoin and Ether Equal Weight Strategy ETF (BTOP) – 0.85%
  • ProShares Ether Strategy ETF (EETH) – 0.95%
  • ProShares Bitcoin & Ether Equal Weight Strategy ETF (BETE) – 0.95%
  • Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) – 0.95%
  • VanEck Ethereum Strategy ETF (EFUT) – 0.66%.

Ethereum

The disappointing debut of futures-based ETH ETFs underscores the challenges in generating substantial investor interest in crypto ETFs. As the crypto market continues to evolve, market participants will closely monitor developments and assess the impact on investor sentiment and the future of crypto ETFs.

Featured image from Shutterstock, chart from TradingView.com 

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ETH Price Rally On The Horizon: Ether Futures ETFs Poised For October 3 Approval

In an unexpected turn of events, Ethereum (ETH) Futures Exchange Traded Funds (ETFs) are drawing closer to fruition, potentially becoming available for trading as early as October 3, which could be a significant catalyst for ETH price.

Renowned Bloomberg ETF expert Erich Balchunas recently shared insights indicating that the Securities and Exchange Commission (SEC) might expedite its approval process to avoid potential disruptions caused by a looming government shutdown.

SEC Considers Fast-Tracking Ether ETFs

A government shutdown, which could go into effect if Congress and President Biden fail to reach an agreement on a budget or a short-term continuing resolution by September 30, entails suspending most federal government functions. 

The implications of a shutdown extend beyond its duration, as services provided by the U.S. Department of Housing and Urban Development (HUD) may experience disruptions and delays, affecting citizens both during the shutdown and while federal agencies strive to regain momentum once it ends.

NBC reports that a government shutdown is increasingly likely if Congress does not take swift action. While Congress convened on Wednesday, progress in breaking the impasse has been limited. 

President Joe Biden expressed optimism, stating that a shutdown is not inevitable and urging House Republicans to fulfill their responsibilities by funding the government. 

In light of these developments, Erich Balchunas believes that recent actions taken by the SEC indicate its intention to expedite decision-making processes, as evidenced by the postponement of several spot Bitcoin ETFs weeks ahead of schedule. 

To potentially preempt the impact of an impending shutdown, the SEC may aim to accelerate the launch schedule for Ethereum ETFs. If this occurs, ETF issuers would likely need to submit their final prospectus this week to allow for an effective launch as early as October 2.

Supporting Balchunas’ perspective, Bloomberg Intelligence analyst James Seyffart concurred: 

Nothing yet but watching for filings to indicate Ethereum Futures ETFs are indeed being accelerated for launch next week. We expect a lot more filings from the SEC today as they continue to clear their desks as much as possible before the shut down. Normalcy is out the window

These updates reinforce the notion that Ether futures ETFs are likely to receive approval immediately, aligning with a recent Bloomberg report that posited a 90% chance of their launch in October.

However, until the SEC officially announces its decision, the crypto community remains on tenterhooks, eagerly anticipating the potential groundbreaking debut of Ether Futures ETFs by October 3.

ETH Price Shows Resilience With Upward Momentum 

Ethereum (ETH) has exhibited a significant upward movement in the past week, marking a positive trend extending into the past 24 hours. 

Over the past seven days, ETH has recorded a gain of over 4%, while within the last 24 hours, it has seen a rise of more than 3%. As of the latest update, ETH is currently trading at $1,662. This notable surge in price comes at a crucial juncture, with the monthly close approaching. 

A favorable outcome for Ethereum in these time frames could potentially set the stage for bullish price action in October, particularly with the prospective approval of Ether Futures Exchange Traded Funds (ETFs).

ETH Price

Although breaking the overall downtrend structure has proven challenging for bullish investors, a close above the $1,650 mark would position the cryptocurrency favorably for a bullish October. This is a critical resistance level to overcome, and surpassing it would instill renewed optimism in the market.

Featured image from iStock, chart from TradingView.com 

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BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow

According to a recent FOX Business report, Valkyrie Investments has secured approval from the Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) featuring Ethereum (ETH) futures. 

This achievement positions Valkyrie as the frontrunner among nine issuers seeking to provide investors with an opportunity to speculate on the future price of the world’s second-largest digital asset through an ETF.

Valkyrie Emerges As First Mover In Ethereum Futures ETF Race

Ether, the native token of the Ethereum blockchain, currently holds a value of approximately $1,659 per token. Valkyrie aims to enhance retail participation in the crypto market by introducing an ETF that tracks Ether futures. 

Ethereum

According to FOX, Valkyrie Investments plans to merge its existing Bitcoin (BTC) futures ETF with the newly introduced Ether futures ETF, creating a combined fund named “the Valkyrie Bitcoin and Ether Strategy ETF”. 

Notably, the ETF’s Nasdaq ticker, BTF, will remain unchanged. The fund’s strategy includes opportunistically purchasing Ethereum futures, reflecting the growing interest in this digital asset over the past year.

Originally scheduled to commence trading on October 3, Valkyrie expedited its launch in response to the possibility of a government shutdown on Friday, a development that would limit SEC operations. 

With nearly two million federal workers facing layoffs without a funding agreement, Gensler has urged companies planning to go public to expedite their offerings before the shutdown occurs. 

The fate of the Ether futures applicants remains uncertain, as the SEC has requested that they update their filings with any additional information by Friday afternoon.

Lastly, Steven McClurg, Chief Investment Officer at Valkyrie, expressed enthusiasm about being at the forefront of offering Ethereum futures to investors, recognizing the exponential growth in interest surrounding this asset class. 

Featured image from Shutterstock, chart from TradingView.com 

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Huobi Hacked For $8 Million Worth Of ETH, Offers Hacker 5% Bounty

According to Arkham Intel, the Huobi crypto exchange platform (HTX) fell victim to a hacking incident resulting in the theft of 5000 ETH, valued at approximately $8 million. The hacker reportedly moved 1,000 ETH to a separate wallet, 0x799, shortly after compromising the platform and has since remained silent.

Huobi Resolves Breach, Offers Hacker Lucrative Deal For Stolen ETH

Justin Sun, the Founder of TRON and an Advisor to Huobi, confirmed the incident on X (formerly Twitter), stating that HTX suffered a loss of 5,000 ETH due to the hack. Sun stated:

HTX has suffered a loss of 5,000 ETH ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are SAFU and the platform is operating completely normally.

Sun reassured users that HTX had fully covered the losses and resolved all related issues. He emphasized that user assets were secure and that the platform operated normally. 

According to Sun, the stolen amount of $8 million represents a relatively small fraction compared to the $3 billion worth of assets held by HTX users and is equivalent to just two weeks’ revenue for the platform.

Sun further stated that the hack was detected immediately after the incident on September 24th. HTX swiftly took action to prevent further losses and promptly addressed all issues, restoring the platform to its normal state immediately. Trading operations have continued without interruption.

Notably, as an incentive for the hacker to return the stolen funds, HTX offers a 5% white hat reward of $400,000. Additionally, if the hacker returns the funds, they will be considered for a position as a security white hat advisor for HTX. On this matter, Sun claimed: 

We are willing to offer 5% of the stolen amount (400,000 USD) as a white hat reward to encourage the hacker to return the stolen funds. If the hacker returns the funds, we will also hire them as a security white hat advisor for HTX.

However, if the hacker fails to return the funds within seven days, HTX will transfer the information to law enforcement authorities for further action and potential prosecution.

Overall, Justin Sun’s statement regarding the recent hack suffered by Huobi’s HTX platform reassured users that the losses incurred had been fully covered and all related issues had been successfully resolved.
Huobi

The native token of the exchange, HT, is currently trading at $2.44, reflecting a 1.3% decline in the past 24 hours following the revelation of the hack that occurred on Sunday. 

Featured image from Shutterstock, chart from TradingView.com 

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Celo Considers Transitioning To Ethereum Layer-2 With Polygon Chain

Celo, a blockchain platform, is exploring migrating from its standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network. Originally, Celo had planned to utilize Optimism’s OP Stack, a customizable toolkit similar to Polygon (MATIC) but based on Optimism’s technology. 

However, Sandeep Nailwal, co-founder of Polygon Labs, has proposed an alternative solution to the Celo community. Nailwal suggests leveraging Polygon’s Chain Development Kit (CDK), an open-source toolset that enables the creation of customizable Layer-2 chains powered by zero-knowledge (ZK) technology.

Celo’s Potential Move To Ethereum Layer-2 Via Polygon

In a recent blog post, Polygon Labs suggested Celo could consider deploying an Ethereum Layer-2 solution using Polygon CDK. 

According to Polygon Labs co-founder Nailwal, this strategy would allow Celo to leverage the benefits of being an Ethereum Layer-2 platform while preserving the characteristics that have contributed to its success.

The proposal emphasizes several key advantages of adopting Polygon CDK. Firstly, it enables cross-community collaboration by integrating with an ecosystem of Layer-2 solutions powered by zero-knowledge technology. 

Polygon CDK enhances compatibility with Ethereum by providing an environment equivalent to the Ethereum Virtual Machine (EVM). This alignment ensures a seamless transition for Celo, closely matching Ethereum’s technical infrastructure and tooling.

Furthermore, according to Nailwal, deploying with the protocol’s CDK offers increased security for Celo. It allows Celo to leverage Ethereum’s proven consensus layer while incorporating the security benefits of zero-knowledge proofs. 

Regarding fees and scalability, Celo can benefit from low fees by utilizing the zkEVM validium architecture and off-chain data availability supported by Polygon CDK. These features contribute to cost-efficient transactions while enabling scalability for Celo’s network.

Moreover, according to Nailwal, Celo gains access to a unified Layer-2 economy by becoming a part of the Polygon ecosystem by combining Ethereum’s mainnet with Polygon’s ecosystem. This integration creates a seamless experience for developers and users, facilitating interaction with both networks.

Fast Transactions And Lower Fees? 

With zero-knowledge technology, Celo users can enjoy near-instant withdrawals, faster finality times, and instant cross-chain interactivity. 

According to the blog post, these features enhance the speed, efficiency, and security of transactions, ultimately improving the user experience.

Through Polygon CDK, chains can achieve near-instant cross-chain interactivity with Ethereum, leveraging the power of ZK proofs to establish a secure and interconnected network.

Overall, the proposed migration to Polygon CDK represents an opportunity for Celo to transition to an Ethereum Layer-2 solution while harnessing the advantages offered by Polygon’s ZK-powered technology. The proposal aims to initiate discussions between the Celo and Polygon communities to explore the potential benefits for all stakeholders involved.

It is important to note that no final decision has been made at this stage, and the proposal signifies the beginning of discussions between the Celo and Polygon communities.

Polygon

Featured image from iStock, chart from TradingView.com

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PancakeSwap V3 Takes The Stage On Ethereum’s Layer 2 Linea Mainnet

PancakeSwap, a leading decentralized finance (DeFi) platform, has officially launched its anticipated Version 3 (V3) on the Linea Mainnet. 

According to the announcement, the collaboration between PancakeSwap and Linea aims to provide a seamless trading experience with lower fees, increased liquidity provider returns, and enhanced capital efficiency.

PancakeSwap V3 On Linea

Linea, formerly known as ConsenSys zkEVM, stands as Layer 2 scaling solution powered by ConsenSys. Linea achieves faster transaction speeds and reduced gas costs while ensuring security by utilizing zero-knowledge proofs and maintaining full Ethereum Virtual Machine (EVM) equivalence.

Developers can seamlessly create or migrate Ethereum apps without code modification or smart contract rewriting. With native integrations of popular tools like MetaMask and Truffle, Linea empowers developers with flexibility and scalability on the zkEVM.

The collaboration has provided PancakeSwap users with insights into Layer 2 scaling solutions and the Linea platform, contributing to the development and adoption of decentralized financial solutions.

Per the announcement, PancakeSwap v3 on Linea introduces two key features: advanced Swap and Liquidity Provision functionalities. These features enable users to trade tokens and participate in liquidity provision directly on the platform. 

The core principle of PancakeSwap v3 is maximizing capital efficiency, allowing liquidity providers to concentrate their capital within specific price ranges where most trading occurs. 

By optimizing asset utilization, liquidity providers can enhance their earnings. PancakeSwap v3 enables liquidity providers to achieve a capital multiplier of up to 4000x compared to its predecessor, v2, thus maximizing returns.

While the provision of Linea incentives to PancakeSwap has not been communicated at this point, if they are provided, PancakeSwap intends to share them with various stakeholders, including the CAKE community, CAKE stakers, projects contributing to PancakeSwap’s development, and ecosystem contributors. The protocol’s “Chefs” concluded the announcement by stating: 

We anticipate the exciting opportunities ahead as PancakeSwap v3 takes its momentous leap onto Linea. We are thrilled to work hand in hand with other projects, developers, builders, and our vibrant community as we continue to push the boundaries of Multichain DeFi. Together, we can foster innovation, drive adoption, and shape the future of decentralized finance. We invite you all to join us on this remarkable journey as we unlock new realms of possibility and create a thriving ecosystem that benefits everyone involved.

PancakeSwap

Currently priced at $1.28, PancakeSwap’s token (CAKE) has experienced a slight downward movement in the past 24 hours, with a decrease of 0.02%. 

Over 7 days, it has seen a decline of 7.89%, and over 30 days, a decrease of 13.85%. Looking at a longer timeframe, PancakeSwap has encountered significant volatility, with a decline of 68.79% over the past 180 days.

Featured image from Unsplash, chart from TradingView.com

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Ethereum Hits Monthly High And Turns Deflationary Again

The Ethereum price rally is on an upward trajectory since the last fortnight. Performing a little over Bitcoin’s growth, Ethereum gained 30%. On the morning of 16th January, Ethereum woke up to exciting news as Ethereum is riding high on the $1600 market price. 

This comes after several contributory factors play a role in the price increase. From the accumulation of assets, particularly by Shark Addresses, it crossed above $1400 for the first time since 7th November on 12th January. 

Shark Addresses are also the highest in this period, with Santiment observing 3000 new Shark Addresses, taking the total tally to the highest since February 2021. 

Ethereum Graph

Ethereum Bullish Momentum Before The Shanghai Upgrade

Ethereum is two months away from the Shanghai Upgrade, and the prices have surged to the highest in ten weeks. After this upgrade, Ethereum will implement EIP Proposal 4895, enabling consensus layer withdrawals. 

Following the Shanghai Upgrade, the users can withdraw staked ETH tokens on the Beacon chain for over 2 years. This upgrade is going to streamline the ETH withdrawal and will improve the exit process. 

This upgrade is going to benefit ETH liquid staking platforms. Simply put, liquid staking is locking up funds to generate rewards. However, in this, the users can still access their locked funds. Given the fact that with the upgrade, the users can withdraw their staked amounts, subject to the correct exit process, which will be an attractive factor. 

Lido is one of the platforms allowing liquid staking, and its performance is great. The amount of ETH staked on Lido crosses a cumulative value of $22.5 billion. Crypto experts believe that after the new upgrade, ETH will be staked to leverage better yield opportunities. 

More Ethereum Is Burning Than Produced

Ethereum’s performance in 2022 was not good. However, come 2023, the ETH holders are in a celebratory mood as the coin’s price increases amidst a deflationary trend. As the on-chain fundamentals strengthen ETH issue goes into a deflationary mood as the current supply growth reduces by -0.10%, according to the latest trends by Ultrasound Money.

According to the same source, 732,000 ETH was burned, and 622,000 ETH was issued. The overall trend in the market is still bearish, but seeing the current upward trend in ETH and its price increase, the market is expected to take a bullish turn. Moreover, with the gas price increase, the burn rate will increase further. 

Consequently, the higher deflation rate will lead to a shrinking supply. As compared to Bitcoin, Ethereum has a higher value settlement. This is an interesting trend for the future as ETH holders stand to gain more than BTC holders in the future when the contracts mature. 

Observing the growth in ETH, the loss of momentum in the crypto market facilitated by the FTX crash is coming back. Moreover, across the crypto market, trends are rising with an overall gain of 1.3%, totalling a value of $1.3 trillion. 

 

 

 

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Ethereum Protects $1,200 with Blood, Will This Region Hold?

  • ETH price holds above $1,200 as bulls don’t want to let go of a price below key support 
  • Price continues to trade below 50 and 200 Exponential Moving Average (EMA) on the daily timeframe. 
  • ETH price bounced on the four-hourly chart after a bullish divergence appeared.

The price of Ethereum (ETH) has shown less bullish sentiment after its much anticipated “Ethereum Merge.” Ethereum saw its price plummet against tether (USDT) following the Federal Open Market Committee news (FOMC). The Federal Reserve raised its target interest rate by 75 bps, negatively affecting the price of ETH. (Data from Binance)

Ethereum (ETH) Price Analysis On The Weekly Chart 

The price of ETH continues to struggle to keep its head afloat after seeing the weekly candle closing bearish, with the new week looking more bearish ahead of the expected FOMC meeting. 

ETH price tried showing some relief bounce ahead of the new week as price moved to a region of $1,370, but this bounce was cut short as the news of an increased rate hike harmed the price seeing the price of ETH to a weekly low of $1,250 before bouncing off that region as price reclaimed $1,300. 

The price of ETH needs to move to a high of $1,500 to remain safe from falling lower to its crucial support. If the price of ETH continues with this structure, we could see the price of ETH breaking the support of $1,200 and going lower to a region of $1,024, where there is more demand for ETH price.

The price of ETH is currently faced with resistance to breaking above $1,324; If ETH fails to break and hold above this support zone, we could see the price going lower to its $1,200 key support and lower if this support fails to hold off sell orders. 

Weekly resistance for the price of ETH – $1,324.

Weekly support for the price of ETH – $1,200.

Price Analysis Of ETH On The Four-Hourly (4H) Chart
Four-Hourly ETH Price Chart | Source: ETHUSDT On Tradingview.com

The 4H timeframe for ETH prices continues to move in range as price retested a low of $1,250; the price of ETH bounced from this region after forming a bullish divergence as price rallied to a high of $1,320 before facing resistance to breaking higher. 

The price of ETH needs to reclaim $1,400 for a chance to trend higher.

On the 4H timeframe, the price of ETH is currently trading at $1,310, just below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for ETH price. The price of $1,400 and $1,540 corresponds to the resistance at 50 and 200 EMA for the price of ETH. The price of ETH needs to reclaim 50 EMA for a chance to trend to $1,500.

The Relative Strength Index of ETH is below 50, indicating fewer buy orders.

Four-hourly resistance for the ETH price – $1,400.

Four-hourly support for the ETH price – $1,200.

Featured Image From Istock, Charts From Tradingview

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Ethereum Faces Test Of Survival After Merge, Can $1,400 Support Hold?

After showing so much strength as the price rallied from $1,024 to a region of $2,000 against tether (USDT) ahead of the anticipated merge, many call for a bull run and a $4,000 Ethereum price at the end of the “Ethereum Merge.” The price of Ethereum has not shown that run it showed in recent months as the price has struggled to break above $1,800. (Data from Binance)

Ethereum (ETH) Token Price Analysis On The Weekly Chart 

ETH saw a decline in its price from $4,500 to around $1,024, with an over 70% drop from its all-time high despite having good fundamentals. The price of ETH bounced off after touching a weekly low of $1,024, and the price rallied to $2,000, showing some great strength ahead of the scheduled merge, but the price was quickly rejected as this area acts as resistance for the price of ETH.

The price of ETH on the weekly chart formed an uptrend line as the price continued to respect this support line bouncing off to maintain its bullish run, but the price of ETH broke this trendline after a while, creating mixed feelings in the heart of many holders of ETH.

ETH’s price is trading above the key support of $1,400; the price of ETH needs to hold above this support to avoid the price going lower to its weekly low. With the price of ETH holding this support, we could have the chance of trading higher to a region of $1,630. A break below $1,400 would mean retesting the key weekly support at lower regions of $1,200 and $1,000.

For ETH’s price to restore its bullish move price need to break and hold above $1,700 with good volume. A break and close above $1,700 give ETH price the boost it needs to rally to a region of $1,900 and possibly $2,000. 

Weekly resistance for the price of ETH – $1,630-$1,700.

Weekly support for the price of ETH – $1,400-$1,200.

Price Analysis Of ETH On The Daily (1D) Chart
Daily ETH Price Chart | Source: ETHUSDT On Tradingview.com

The daily timeframe for ETH prices continues to weaken as prices break to the downside of an asymmetric triangle signaling a downtrend to the next support area is ideal for bulls to build more buy orders as prices continue to range in this zone. 

A break and close below $1,400 for the price of ETH on the daily timeframe would send the price of ETH to a region of $1,300-$1,200, where it seems to be a good zone for more buy orders and demand.

ETH price needs to hold above $1,400; breaking below this zone will flip the price into a resistance making it harder to trend to higher heights.

On the daily timeframe, the price of ETH is currently trading at $1,450 below the 50 and 200 Exponential Moving Average (EMA), acting as resistance for ETH price. The price of $1,620 and $2,000 corresponds to the resistance at 50 and 200 EMA for the price of ETH. The price of ETH needs to reclaim 50 EMA for a chance to trend to $2,000; for the price of ETH to have a better chance to reclaim 50 EMA price needs to hold $1,400 support. 

The Relative Strength Index (RSI) for ETH is above 40 on the daily chart, indicating more sell order volume. 

Daily resistance for the ETH price – $1,620, $2,000.

Daily support for the ETH price – $1,400.

Featured Image From zipmex, Charts From Tradingview and Messari

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Ethereum Bulls And Bears At Crossed Road – Is $1,000 The Next Target?

Ethereum  price got rejected from $2,000 despite showing strong bullish signs against Tether (USDT) ahead of “The Merge.” The price of Ethereum has struggled to regain its bullish momentum as this has created a mixed feeling between Ethereum bulls and bears. (Data from Binance)

Price Analysis Of ETH On The Four-Hourly (4H) Chart
Four Hourly ETH Price Chart Analysis | Source: ETHUSDT On Tradingview.com

The price of ETH on the 4H chart has continued to look bullish, trying to hold above the support area at $1,500. ETH price trades below the 50 EMA on the 4H chart, with more buy orders in this region.

After forming a bullish divergence on the 4H chart as the price was oversold, the ETH price rallied to $1,600, trying to break above the 50 EMA, acting as resistance for the ETH price.

The 50 EMA price corresponds to the resistance at $1,620.

The Relative Strength Index (RSI) for ETH on the 4H chart is above 45, indicating moderate buy volume for ETH price.

Four-Hourly (4H) resistance for ETH price – $1,620.

Four-Hourly (4H) support for ETH price – $1,500.

Price Analysis Of ETH On The Weekly (1W) Chart
Weekly ETH Price Chart Analysis | Source: ETHUSDT On Tradingview.com

The price of ETH found its weekly low at $1,000 and quickly bounced off the area where it has formed good support; ETH price rallied to a region of $2,030 as the price was rejected, preventing ETH price from trending higher.

Despite showing great bullish signs, ETH is trading at $1,540 below the 50 and 200 Exponential Moving Averages (EMA), acting as resistance for the price of ETH to break higher. 

The 50 and 200 EMA correspond to prices of $2,200 and $1,580, respectively; for ETH to trend higher, it must break through this region, which acts as resistance for ETH prices.

A break and close above the 50-day moving average would indicate a short-term relief bounce and the possibility of price trending to $3,500

Weekly (1W) resistance for ETH price – $1,580, $2,200.

Weekly (1W) support for ETH price – $988.

Ethereum (ETH) Price Analysis On The Monthly Chart 

The price of ETH saw a bullish price movement in the previous month, closing with so many bullish sentiments, with talks focused on a rally to its all-time high of $4,000.

With previous month’s candle closed bullish but was soon followed by a bearish candle which saw the price of ETH showing bullish signs short-lived. 

As the price of ETH comes to a monthly close, ETH needs to close at $1,700 to have a better chance of trending higher, with many hoping ETH prices outperform the market in the coming days.

Monthly resistance for the price of ETH – $2,200.

Weekly support for the price of ETH – $988.

Featured Image From Coinpedia, Charts From TradingView.com