Crypto News Ethereum

TA: Ethereum Bulls In Control, Why ETH Could Clear $1,300

Ethereum is slowly moving higher above the $1,200 zone against the US Dollar. ETH could continue to rise unless there is a clear move below the $1,150 support. Ethereum is facing resistance near the $1,250 and $1,280 levels. The price is now trading above $1,200 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,250 resistance. Ethereum Price Eyes More Gains Ethereum remained well supported above the $1,150 level. ETH gained pace for a move above the $1,200 resistance zone to move into a positive zone. There was also a spike above the $1,250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains. There was a move below the $1,250 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. Besides, there was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD. The price is now trading above $1,200 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,225 level. The next major resistance is near the $1,250 zone. A clear move above the $1,250 resistance zone could start a steady increase. In the stated case, the price could even surpass the $1,280 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,320 level. Any more gains could start a move towards the $1,440 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,250 resistance, it could start a fresh decline. An initial support on the downside is near the $1,200 zone and the 100 hourly simple moving average. The next major support is near the $1,115 zone. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. A close below the $1,150 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now near the 50 level. Major Support Level – $1,150 Major Resistance Level – $1,250

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Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem

The Top 5 cryptos featured in this article today are taking a heavy blow in the ongoing market pandemonium. Led by Bitcoin and Ethereum – two of the biggest cryptocurrencies in terms of market cap – these five cryptos have been hogging the headlines of late. Investors now wonder when a recovery will occur, as losses continue to mount, sending jitters across the broader crypto space and dampening investor spirit. Here’s a quick look at the Top 5 cryptocurrencies and how much they’ve lost so far: 1 – Bitcoin (BTC) Bitcoin takes the spot of the Top 5 cryptos with the most losses. Bitcoin is the largest and most popular cryptocurrency in the world. In November of last year, BTC surpassed a market capitalization of $1.27 trillion when one unit reached a price of $69,000, an all-time high. As of this writing, the price of Bitcoin hovers around $20,000. This year, it has lost 57.23 percent of its value. Bitcoin maintained $20,000 for another day on Thursday, despite calls for a 20 percent decline. Bitcoin has lost 57.23 percent of its value. Image: Coingape. 2 – Ether (ETH) Ether (ETH) – at No. 2 on this list – dropped below $1,000 for the first time this month after its value soared 386 percent in the previous year, reaching a record high of $4,812 in November 2021. ETH, the second largest cryptocurrency in the world with a market capitalization of $134 billion, has lost 70 percent of its value since the beginning of the year as of June 23. This year, Ether has experienced the same fate as Bitcoin and many other cryptocurrencies, bringing its price to its lowest level since January 2021. Suggested Reading | Cosmos (ATOM) Price Swells 12% – Can It Breach Resistance? 3 – Solana (SOL) Solana has lost 78 percent of its value this year, trading at $36.28 as of Thursday, a far cry from its November 2021 all-time high of $258. Solana (SOL) is the ninth largest cryptocurrency by market capitalization, at $12.46 billion. In the past 24 hours, SOL has lost 0.51 percent of its market capitalization. The intraday trading session has witnessed a 9.30 percent decline in trade volume. Crypto total market cap at $932 billion on the daily chart | Source: TradingView.com 4 – Terra (LUNA) On April 4, Luna reached an all-time high of $116, with a market capitalization of more than $40 billion. During the period between May 4 and 12, the price of the token plummeted from $86 to $0.0041. Do Kwon, co-founder of Terraform Labs, told the Wall Street Journal this week that he lost nearly all of his wealth in the market fall. As of Thursday, LUNA is currently valued at $0.00005682 and has been renamed Terra Classic. Suggested Reading | Stepn GST Token Slides 97% – Despite Fitness App Having 3M Users 5 – TerraUSD Last month, TerraUSD slipped below the US dollar, and attempts to return it to its $1 peg failed. It depreciated to $0.69 before entering what is known as a “death spiral” and lost all value. LUNA is now within the five decimal points adjacent to zero. Bloomberg reported on June 9 that the U.S. Securities and Exchange Commission is examining whether the marketing of TerraUSD prior to its collapse violated federal investor protection requirements. Featured image from Analytics Insight, chart from TradingView.com

Crypto News Ethereum

TA: Ethereum Key Indicators Suggest Strengthening Case For More Upsides

Ethereum is slowly moving higher above the $1,120 zone against the US Dollar. ETH could rally if there is a clear move above the $1,165 resistance level. Ethereum is facing resistance near the $1,165 and $1,190 levels. The price is now trading above $1,120 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,165 resistance. Ethereum Price Eyes Upside Break Ethereum started a downside correction below the $1,120 level. ETH even traded below the $1,080 level, but the bulls were active near the $1,050 support zone. The price traded as low as $1,048 and recently started a fresh increase. Ether price was able to surpass the $1,100 level. There was a move above the 50% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. Besides, there was a break above a major bearish trend line with resistance near $1,085 on the hourly chart of ETH/USD. The pair is now trading above $1,120 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,165 level. It is close to the 76.4% Fib retracement level of the downward move from the $1,192 swing high to $1,048 low. The next major resistance is near the $1,190 zone. A clear move above the $1,190 resistance zone could start a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,165 resistance, it could start a fresh decline. An initial support on the downside is near the $1,120 zone. The next major support is near the $1,100 zone and the 100 hourly simple moving average. A close below the $1,100 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Any more losses might call for a move towards the $1,000 support. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $1,100 Major Resistance Level – $1,165

Altcoins Bitcoin Crypto News

Are Small Cap Crypto Assets Rebounding A Sign Risk Appetite Returning?

The crypto market just saw some slight recovery, but the performances are upside down. Opposite to the way sellouts usually play out, the Bitcoin dominance dropped dramatically as the asset is underperforming the Small Cap index. From last November’s $3 trillion market cap, the crypto market is now down to around $800 billion: Smaller Altcoins Make A Strong Comeback Last week the crypto market saw its bottom, followed now by some slight recovery. As per Arcane Research’s latest weekly report, the smaller altcoins have also been seeing red numbers with the Small Cap index shedding 27%, but it has been the best performer overall. In contrast, Bitcoin had dropped 35%. Through this small window of relief during June, we have seen the blue-chip coin underperform all other indexes. As a result, BTC’s dominance in the market fell -1,51% this week to 43,5% while Ether fell -0,31. The latter has been declining since May from 19.5% to 15%. What’s Making This Crypto Winter Colder The report notes that the primary driver of this crypto crash has been the hedge fund Three Arrow Capital (3AC) collapse. Having invested over $200 million in Luna Foundation Guard’s token sale, 3AC’s liquidity ended up being wiped out and its margin call was the last straw for the already pressured market. Related Reading | How Long Will The CryptoWinter Last? Cardano Founder Provides Answers As per the Wall Street Journal, the crypto hedge fund hired legal and financial advisers to help work out a solution for its investors and lenders. The firm is looking for a way out, “including asset sales and a rescue by another firm”. The prognostic is not very positive at the moment, seeing the wave of liquidations and mitigations of losses by crypto exchanges that have followed the collapse. “We were not the first to get hit…This has been all part of the same contagion that has affected many other firms,” Kyle Davies, 3AC’s co-founder, said in an interview. Arcane Research explained that “In periods of insolvency, creditors unwind the most liquid assets first, which is likely the root cause of BTC and ETH’s relative underperformance in the last week.” The report adds that “illiquid altcoins are more challenging to sell at size, particularly during pressuring times, which explains why smaller coins have experienced less excessive selling pressure in the last week”. Meanwhile, Microstrategy CEO Michael Saylor described the events around this winter as a “parade of horribles” in which the consequences of lack of regulation in the crypto field have made it possible for wash trading and cross-collateralized altcoins to weigh down on Bitcoin. “What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin.” “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday,” Saylor added, slamming at the recent collapses and suggesting that future actions by regulators could prevent the level of volatility that BTC is now experiencing. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse

Crypto News Ethereum

TA: Ethereum Consolidates Below $1,100: What Could Trigger Sharp Decline

Ethereum is struggling below the $1,100 zone against the US Dollar. ETH could gain bearish momentum if it breaks the $1,030 support zone. Ethereum is facing resistance near the $1,100 and $1,120 levels. The price is now trading below $1,150 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD (data feed via Kraken). The pair could decline heavily if there is a clear move below the $1,030 and $1,000 levels. Ethereum Price Faces Hurdles Ethereum started a downside correction after it failed near $1,190 and $1,200. ETH corrected lower and traded below the $1,120 support zone. There was a clear move below the 23.6% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. Ether price even settled below the $1,150 zone and the 100 hourly simple moving average. However, the bulls were active above the $1,030 support. Ether price stayed above the 50% Fib retracement level of the upward wave from the $880 swing low to $1,192 high. An immediate resistance on the upside is near the $1,080 level. There is also a key bearish trend line forming with resistance near $1,080 on the hourly chart of ETH/USD. The next major resistance is near the $1,120 zone. The main resistance sits near the $1,150 level. A clear move above the $1,150 resistance zone could start a steady increase. Source: ETHUSD on TradingView.com The next major resistance is near the $1,200 level or the $1,192 high. Any more gains could start a move towards the $1,280 resistance in the near term. More Losses in ETH? If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,040 zone. The next major support is near the $1,030 zone. A close below the $1,030 level might push the price below $1,000. In the stated case, ether price may perhaps decline towards the $950 level. Any more losses might call for a move towards the $880 support zone 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 below the 50 level. Major Support Level – $1,030 Major Resistance Level – $1,120

Crypto News Ethereum

Ethereum (ETH) Market Cap Falls More Than $124 Billion In Six Weeks

Ethereum, the second-largest cryptocurrency by market capitalization, is currently in freefall. Over $124 billion in capital vanished from the Ethereum (ETH) decentralized finance (DeFi) in six weeks. Seven months ago, ETH reached its highest value ever at $4,891.70 on November 16, 2021. But it is now trading at around $1,100, which is less than 75.2% of its all-time high value. Related Reading | Controlling The Chaos: FTX Exchange Bails Out BlockFi With $250M The start of 2022 was unstable for the cryptocurrency market, particularly ETH, but in previous weeks, things have become much more complicated. However, the larger crypto market continues to fall due to macroeconomic uncertainty fueled by an unstable stock market, interest rate hikes, and the fear of crisis. The Ethereum DeFi Market Is Deleveraging Dramatically Glassnode, a blockchain analytics firm, released a report on June 17. The report was titled “The Great DeFi Deleveraging.” The report stated that over $124 billion in the capital had been drained out in only six weeks from the Ethereum DeFi market. As a result, its market value is deleveraging rapidly. According to their statement, many reasons have sparked a wide range of margin calls, liquidations, and deleveraging. These reasons include worldwide monetary policy tightening, the growing strength of the US dollar, and decreasing values of risk assets. Their analysis looks at some early warning signs that predict a drop in ETH usage and community demand after the November 2021 all-time high of ETH value. They claimed that on-chain activity and Ethereum gas prices had decreased over six months. This indicates a drop in overall Ethereum network activity.  As stated in the report: Across many facets of the Ethereum ecosystem, the demand profile has been waning, with general application usage in decline, and network congestion easing after the Nov 2021 ATH, and a cooling off of NFT markets becoming evident in recent weeks. TVL on Ethereum Dropped By 60% According to the report, Ethereum’s TVL (Total Value of All Ether) dropped by 60% in six weeks. The decline occurred in two stages. In May, the Terraforms Lab’s project collapsed and caused a $94 billion loss. And in June, ETH fell below $1,000, resulting in a $30 billion loss. By the report, there have only been two higher magnitude deleveraging events:  The first being -46.0% associated with the recent LUNA collapse and -37.5% during the sell-off from the then-ATH set in May 2021. The combined market valuation of the top four stablecoins USDT, USDC, BUSD, and DAI has now exceeded the market valuation of ETH by $3.0 billion.   Related Reading | Why The Inventor Of Ethereum Attacked This Bitcoin Pricing Model Glassnode stated that the deleveraging event taking place is painful and is similar to a mini-financial crisis. However, they added that although this is difficult, it provides an opportunity to eliminate excess leverage and rebuild healthily.   Featured image from Flickr and chart from TradingView.com

Crypto News

Dogecoin Price Jumps As Elon Musk Reiterates Support For Meme Crypto At Qatar Forum

Dogecoin, one of the most popular parody coins in the crypto market, is on a tear today. The crypto was up 13% at the time of publication. The move comes as Tesla CEO Elon Musk repeated his support for cryptocurrency on Tuesday at the Qatar Economic Forum in Doha. Musk stated at the Qatar Economic Forum that he buys and backs it because people “who are not that wealthy” have requested him to, according to Bloomberg News. Suggested Reading | Celsius (CEL) Price Scorches To 130% Rally Despite Frozen Network Accounts Dogecoin Gets Some Love From Musk Musk remarked during the forum in an interview with Bloomberg News Editor-in-Chief John Micklethwait: “I just know a lot of people who are not that wealthy who have encouraged me to buy and support Dogecoin. I’m responding to those people.” The coin began as a joke in 2013, but quickly grew into a major cryptocurrency thanks to a committed community and inventive memes. Dogecoin is vulnerable to devaluation since there is no restriction on the number of DOGE units that may be created, unlike other cryptos. In 2017, the price of Dogecoin was $0.0003. By June 1, 2022, its price had risen about 40,000% to $0.10. According to Coingecko data, DOGE is currently trading at $0.063348, up over 14 percent as of this writing. Musk also stated that his staff had requested that he promote the coin. “They urged me to endorse Dogecoin, and I am,” the billionaire explained. In addition to Dogecoin, the SpaceX founder has indicated support for other cryptocurrencies. Musk said in October that he owns Bitcoin, Ether, and DOGE. DOGE total market cap at $8.5 billion on the weekend chart | Source: TradingView.com Musk Social Media Comments Move DOGE Dogecoin frequently varies in response to Musk’s comments on it. On Monday, it rose 8.5 percent in a 24-hour period from near-record lows after the CEO stated that he will continue to promote and buy the meme token in the face of a large cryptocurrency sell-off. The dog-themed currency plummeted in May of last year after Musk called it a “hustle” on Saturday Night Live. Musk has recently stated that Dogecoin might compete with Bitcoin and be used for payments. Tesla stated in January that it would begin accepting Dogecoin payments for some products, implying that more could be added “down the line.” Musk was sued for $258 billion last week by a Dogecoin investor who claimed the tycoon was involved in a “pyramid scheme through pushing Dogecoin cryptocurrency.” Meanwhile, Musk intimated last week that if his attempt to buy Twitter is successful, cryptocurrency payments will be integrated into the platform. Suggested Reading | Shiba Inu Now The Largest ETH Whales’ Holding Despite Crypto Market Turmoil Featured image from NDTV Gadgets 360, chart from TradingView.com

Crypto News Ethereum

TA: Ethereum Tops Near $1,200, Why Dips Could Be Attractive

Ethereum started an upside correction above the $1,050 zone against the US Dollar. ETH traded close to the $1,200 resistance zone before it faced sellers. Ethereum started an upside correction above the $1,100 resistance zone. The price is now trading below $1,150 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,180 on the hourly chart of ETH/USD (data feed via Kraken). The pair could revisit the key $1,050 and $1,040 support levels in the near term. Ethereum Price Corrects Lower Ethereum was able to climb above the $1,050 resistance zone. ETH even recovered above the $1,120 resistance zone and settled above the 100 hourly simple moving average. Finally, the price surpassed the $1,150 resistance and traded close to the $1,200 level. A high was formed near $1,192 before the bears appeared. Ether price failed to continue higher and traded below the $1,150 level. There was a break below the 23.6% Fib retracement level of the upward move from the $880 swing low to $1,192 high. Besides, there was a break below a key bullish trend line with support near $1,180 on the hourly chart of ETH/USD. Ether price is now trading below $1,150 and the 100 hourly simple moving average. An immediate resistance is near the $1,120 level. The next major resistance is near the $1,150 zone. A clear move above the $1,150 resistance zone may perhaps push the price towards $1,200. Source: ETHUSD on TradingView.com The next major resistance is near the $1,250 level. Any more gains could start a move towards the $1,320 resistance in the near term. More Losses in ETH? If ethereum fails to rise above the $1,120 resistance, it could continue to move down. An initial support on the downside is near the $1,060 zone. The next major support is near the $1,050 zone. It is near the 50% Fib retracement level of the upward move from the $880 swing low to $1,192 high. Any more losses might call for a move towards the $1,000 support zone. 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 below the 50 level. Major Support Level – $1,050 Major Resistance Level – $1,150

Crypto News

Crypto Meltdown Calls for a Decentralized Compliance Layer to Protect User Interest

Over the last few weeks, the cryptocurrency market has been rocked by extreme volatility. There has been a steep decline in the price of digital assets. Such has been the meltdown in that the entire market cap has fallen under $1 trillion, which surpassed the $3 trillion mark at the peak of the bull cycle. Being a nascent market means high volatility is a common phenomenon at this stage of growth. That said, this volatility has made crypto so attractive to investors and speculators. However, volatility doesn’t always mean just a significant upside but also a remarkable downside. And that’s what we are seeing in this fourth crypto cycle, so all this carnage is not unprecedented. In fact, a 70% to 80% drop in Bitcoin and Ether prices from their all-time highs can be seen as a golden ‘buy the blood’ opportunity to plan for the future with a focus on research and only investing what you can afford to lose. However, we also witnessed this time that the significant drawdown in the crypto prices was exacerbated by the lack of proper risk management practices adopted by some of the biggest names in the industry. Extreme Market Conditions One of the biggest centralized lenders in the crypto space, Celsius Network, was among this torrent of bad news as it abruptly froze customer withdrawals, swaps, and transfers between accounts due to what it said were “extreme market conditions.” This pause in withdrawals resulted in more volatility and raised concerns about Celsius’ solvency. It was a liquidity issue, according to the experts, a classic banking problem. Just late last year, Celsius Network raised $400 million in a Series B funding round at a valuation of $3.5 billion. Back in October, the crypto lender had $25 billion in assets from more than 1.7 million users, which fell to around $11.8 billion as of last month. Besides spooking investors and the market, this is catching the attention of the administration and lawmakers during times of economic uncertainty, including high inflation and global market instability. State securities regulators in Washington, Alabama, Texas, Kentucky, and New Jersey are now investigating Celsius Network’s decision to suspend customer redemptions this week. It is expected the proposed regulations to regulate stablecoins by the President Working Group could extend to the entire crypto space in order to “mitigate the risks of these assets.” The PWG report calls for federal regulatory oversight, restricting institutions from lending customers’ digital assets out, and compliance with liquidity and capital requirements. Need for a Better Solution Much like a bank, the centralized lender Celsius was using the crypto deposits from over a million retail customers and investing them in the crypto market, including DeFi but did not apply proper risk management or provide any safety measures to its users. Thus, the market needs a truly decentralized solution that doesn’t obscure how they deal with their funds. Astra protocol is one such decentralized solution that provides a compliance layer for the Web3 economy. In the DeFi sector, undercollateralized loans have been gaining traction. Still, while they offer the benefit of no central control, they carry considerable risks in terms of a lack of asset liquidity and instant payment. Astra’s truly decentralized project onboards traditional players for funding, allowing for lending on the Astra network, and eliminating the need for these under-collateralized loans. By converging the power of Web3.0 and traditional financial ecosystems, Astra Network aims to create the next iteration of decentralization and become the largest network in the industry. Zurich, Switzerland-based Astra basically allows protocols to comply with society’s numerous regulations without giving up the benefits of decentralization or putting investors at risk. Decentralized Compliance Layer Amidst the mainstream global adoption of crypto and the regulatory challenges coming its way, Astra has designed its network to be the only fully KYC (know your customer) compliant decentralized blockchain ecosystem which is available worldwide with the protocol performing all compliance practices. This regulatory compliance is offered across a vast number of DeFi protocols to reassure users that their investments are completely protected while preserving their anonymity. The Astra network further offers its infrastructure to countries and their treasuries to issue financial products such as regulated and sustainable CBDCs bonds and financial instruments while taking advantage of the incredible yield available through digital assets. To achieve this, Astra has equipped all DeFi smart contracts with a fully decentralized compliance layer, including KYC & AML capabilities, and leveraging the expertise of trusted legal firms to resolve real-world compliance issues. To provide the best KYC/AML services available, Astra has developed a unique Decentralized Legal Network (DLN), an ecosystem that contains major, global legal and audit firms. In terms of consensus mechanism, the system that allows distributed systems to work together and stay secure, Astra is using the environmental-friendly Proof-of-Stake (PoS), which is the perfect fit to build a real-world solution for billions of users through its improved scalability and increased transactional throughput. A Vast Network Compliance is not the only feature offered by Astra. The project provides several other services, including enhanced vetting, a dispute resolution platform, AML, and reporting for process feedback and improved procedures. The demand for these services is increasing rapidly as the crypto market continues to onboard more and more people and capital invested in the sector skyrockets. Not to mention all the challenges faced by the industry, such as lack of certainty for smart contracts, recurring derivative contract disputes, high legal risks in connecting real-world assets to the blockchain, and poor management of claims disputes on-chain. Astra here certainly has the potential to gain market fit with its customizable services that offer security in retrieving incorrect transactions, create secure escrow accounts to prevent unexpected withdrawals, provide a decentralized legal layer for user protection, and equip insurance protocols with an in-built claim verification tool. Overall, with its KYC, KYB, and AML services for decentralized organizations, Astra aims to ensure that all DeFi and crypto platforms keep pace with the ever-changing regulatory landscape.   Image by Gerd Altmann from Pixabay