Crypto News Ethereum

Ethereum Price Broke Out Of Descending Channel, What’s Next?

Ethereum price has been trading within a descending trendline, which is a sign of bearishness. Over the last 24 hours, the Ethereum price has been different as the coin registered a 6% appreciation. As the coin appreciated, it broke outside of the descending channel. Over the last week, the Ethereum price lost more than 7% of its value. The buyers have entered the market, which has helped Ethereum climb on its chart. Although buyers are attempting to make a comeback, the sellers continue to drive the price action on the one-day chart. The $1,400 price mark continues to remain a tough resistance zone for Ethereum price. A break past from the aforementioned support line will help ETH revisit its next price ceiling. The technical outlook for Ethereum continues to remain bearish at the time of writing. Bitcoin’s price recovery has helped major altcoins pick pace over the last 24 hours. Ethereum Price Analysis: One Day Chart ETH was trading at $1,340 at the time of writing. In the past 24 hours, the buyers have helped the coin break outside of the descending trendline. The immediate and strong resistance remained at $1,400. The altcoin has struggled to break past that level over the last couple of weeks. Once the $1,400 mark is broken, Ethereum can attempt to trade close to $1,700. On the other hand, a fall from the $1,340 price mark will push ETH down to $1,100 and then to the $1,000 level. The past trading session for Ethereum was green, signifying an increase in the number of buyers. Technical Analysis On its chart, ETH was attempting to recover. However, the buyers have remained low at the time of writing. Technical indicators have pointed towards a bearish outlook. The Relative Strength Index was below the half-line, which also indicated that buyers were fewer in number than sellers. Ethereum price was below the 20-SMA line, which signified low demand. It also meant that sellers were driving the price momentum in the market. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? ETH’s other indicators have also shown that the sellers were in control of the market at the time of writing. The demand for the coin has to go up in order for the coin to touch its next resistance mark. The Moving Average Convergence Divergence indicates the price momentum and overall price action. MACD witnessed a bearish crossover and formed red histograms at the time of writing. This reading is connected to the sell signal for the coin. The Chaikin Money Flow displays the capital inflows and capital outflows at a given period in time. The CMF was below the half-line and that points towards low capital inflows, although there was an uptick on the indicator. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? Featured image from UnSplash, Chart: TradingView.com

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Fall Of Crypto King, A Canadian Driven-Lambo Records $35M Losses

A self-acclaimed Crypto King has witnessed piles of demands from 140 of his investment clients. The 23-year-old tycoon runs a personal company known as AP Private Equity Limited. His investors want a part of his firm’s total of $35 million. The CBC report stated that the creditors claimed they gave their funds to Aiden Pleterski. The aim was for investment in cryptocurrency and foreign exchange on their behalf. Hence, they must uncover where the Crypto King has laid all their money. Related Reading: Polygon (MATIC) Downward Trajectory Faces Resistance At $0.94 Level Investigation Counsel PC has made a series of complaints regarding Pleterski. These include a bankruptcy trustee’s report, court filings, creditors meeting minutes, and other complaints. Investigation Uncovers Luxury Lifestyle Of Pleterski The investigation revealed that Pleterski has 11 vehicles and leased four luxury cars. Also, he resides in an expensive lakefront mansion rented for $45,000 per month. In addition, he frequently uses private jets to fly around without stress. The founder of Investigation Counsel PC, and the fraud recovery law company, Norman Groot, reacted to their discovery. He noted that Pleterski’s extravagant lifestyle does not provide the exact cumulative amount of missing money. Groot mentioned that the investors had warning signs of massive yields that could have cautioned them. He highlighted that the 5% weekly interest doesn’t exist in an open market. Also, a 23-year-old will not turn into the next Bill Gates. So, it is best to communicate with a conservative person while getting another opinion. Presently, some assets worth about $2 million has been confiscated from Pleterski. These include a Lamborghini, two BMWs, and two McLarens. The bank accounts and assets of Pleterski were frozen due to an initial lawsuit raised against him. The present bankruptcy proceedings have superseded the freeze. It serves as a suitable option for the investors for the recovery process. This is because bankruptcy proceedings are superior when it comes to civil claims. One of the creditors, Diane Moore, commented on her $60,000 investment contract. She stated that it would yield up to 10% – 20% fortnightly. Also, she was to receive a considerable share of a 70-30 split on all capital gains. She said the entire investment depends on trust and claimed to be about $50,000 pocket out. Pleterski Disputes Crypto Investment Claims Micheal Simaan, the lawyer for Pleterski, disputed the accusation against his client. Simaan stated that his client has fully cooperated with the bankruptcy proceedings. The lawyer reported that Pleterski’s into crypto began from his teenage age. By making massive success through the bull markets, many investors became interested and offered their money for investment to get rich. Related Reading: Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally? On his part, Pleterski stated that the problem with his investment firm is bad trades and margin calls. The effect became intense due to the prevailing crypto winter and the price crash in the market. He reported that he lost all the money from his investors from late 2021 to the beginning of 2022. Featured image from Pixabay, Chart: TradingView.com

Crypto News

XRP Price At $0.40, Can It Hold Onto Its Bullish Revival?

At the time of writing, the XRP price noticed upward movement on its chart. After the asset consolidated for a few days, it finally travelled north. Over the last 24 hours, the XRP price registered a 6% appreciation. In the past week, the coin has rallied by over 20%. Buyers were attempting to push the price up, and they finally succeeded over the last 24 hours. XRP was stuck at the $0.38 price mark for a considerably long period of time, but buyers rescued the altcoin despite broader market weakness. Continued pressure from the buyers could make XRP move past its immediate resistance, which would make it invalidate its bearish thesis. On the other hand, if the bulls fail to defend the present price level, then the sellers will take over. If the sellers take over, then XRP could be pushed close to the $0.30 price mark. At the current moment, XRP rests in a crucial support zone. XRP Price Analysis: One Day Chart The altcoin was trading at $0.40 at the time of writing. The XRP price had witnessed weeks of consolidation on its chart. Finally, buyers pushed the price above the next resistance mark. Over the past week, XRP has broken past many resistance lines. The immediate price ceiling for the coin rests at $0.44 as the altcoin has had difficulty moving past that price level for multiple months now. On the flip side, the closest support to XRP was at $0.38, and a fall from that level would bring XRP to $0.30. If buyers remain steady, then XRP could push past $0.42 with a chance of toppling above the tough resistance of $0.44. The amount of XRP traded in the last session declined slightly, indicating that the number of buyers also dropped to a small extent. Technical Analysis Buying strength recovered considerably over the last week, which slowly helped XRP travel upwards on its chart. The Relative Strength Index was almost about to touch the overbought zone but it noted a downtick. Despite the downtick, buyers have substantially outnumbered sellers in the market. Usually, an increased number of buyers creates a price pullback. In the event of that, XRP could rest at $0.38 before it picks up momentum again. The XRP price was above the 20-SMA line, which signalled that buyers were driving the price momentum in the market. Related Reading: Post-Merge Profit-Taking Cuts 13% Off Ethereum Ratio Against BTC The altcoin seems to be registering an increased buy signal on the one-day chart. Moving Average Convergence Divergence depicts the market momentum and the price action of the altcoin. The MACD underwent a bullish crossover and formed green signal bars, which were buy signal for the coin. The increase in the size of the signal bars indicates that XRP will travel up on its chart. The Parabolic SAR also determines the overall market direction, and the dotted lines below the price candlestick signify bullish momentum. Related Reading: XRP Braces For Turbulence Amid Looming Fed Hike, Ongoing Ripple-SEC Court War Featured image from Pixabay, Chart: TradingView.com

Crypto News Ethereum

Near Protocol Supports Tether USDT, Stablecoin Is Now Hosted on 14 Blockchain Networks

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On Monday, the stablecoin issuer Tether Operations Limited announced that the stablecoin tether is now supported by the Near blockchain network. Following a number of recent implementations, Near will be the 14th blockchain network that hosts the largest stablecoin by market capitalization. Tether Connects With the Near Protocol Tether has revealed that tether (USDT) is More

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DeFi Total Value Locked on Ethereum and Other Chains Decreasing to ‘Alarming’ Levels: DappRadar Report

A new DappRadar report is sounding the alarm over the sharp decrease of capital residing in the decentralized finance (DeFi) subsector. The report highlights that the total value locked (TVL) in the DeFi space witnessed a massive 70% decline in just eight months. According to the data acquisition and analysis firm, DeFi’s TVL hovered around […]

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