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Ethereum Price Analysis: After another rejection, ETH fights to maintain this critical support level

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ETH/USD – Will the 20-day MA Hold?

Key Support Levels: $3150, $3080, $3000, $2960.

Key Resistance Levels: $3190, $3350, $3400.

Despite ETH is up by a solid 47% over the past month and 6% weekly (according to CoinGecko), it failed in breaching the critical resistance at $3350. This resistance is provided by a bearish. 618 Fib Retracement level, and it prevented the market from pushing higher in mid-August.

After the previous failed attempt, ETH retraced into the 20-day MA (blue line on the following chart) support at $3000 (last week) but quickly pushed higher toward the resistance for a second attempt.

Yesterday, following a second failure, ETH rolled over from $3350 and headed sharply lower, breaking down critical 20-day MA support at $3150, and bottoming around $3080. This is the lowest price for ETH in the last 6 days.

As of writing these lines, ETH wicked nicely (4-hour candle is not closed yet), and facing the 20-day MA now as resistance. It will be crucial for ETH to maintain the MA-20 level by closing the daily candle above it.

ETH/USD Daily Chart. TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first supply/support level toward the downside lies at current levels of $3150 (where lies the 20-day MA). This is closely followed by support at $3080 (today’s low), $3000, $2960 (. 236 Fib), $2890 (June highs), $2720 (. 382 Fib), and $2600 (50-day MA).

On the other side, the first resistance lies at $3190 (short-term 0. 382 fib retracement level and local high from the first week of August). This is followed by $3350 (bearish . 618 Fib and August highest), $3400, and $3540 (1. 618 Fib Extension).

The RSI is continuing to make lower lows in its direction towards the midline. This indicates that the bullish momentum has waned. If it falls beneath the midline, the bears will take control of the momentum and could push ETH beneath $3000.

On top of that, there is a clear sign of bearish divergence on the daily and 4-hour chart, this might indicate that the bears are not done yet.

ETH/BTC – The Battle on the MA-100

Key Support Levels: 0. 0645 – 0. 065 BTC, 0. 0632 BTC, 0. 062 BTC.

Key Resistance levels: 0. 067 BTC, 0. 068 BTC, 0. 07 BTC.

ETH/BTC have made lower lows than before they fell below the symmetrical triangular pattern in August. Over the past week, ETH against BTC has been using the 100-day MA as support. It rebounded Monday from the moving average line but failed to maintain above 0. 067 BTC level.

It dropped from 0. 067 BTC yesterday and continued today to retest the 100-day MA support once again, which is further bolstered by a .5 Fib. ETH/BTC will look to close the day above the MA-100.

ethbtc-aug25-min
ETH/BTC Daily Chart. TradingView.

ETH-BTC Short Term Price Prediction

Moving forward the first support is at 0. 065 BTC (100-day MA & .5 Fib). Closely followed is 0. 0645 BTC (50-day MA), 0. 0632 BTC (. 618 Fib), and 0. 062 BTC.

The other side of the coin has the first resistance at 0. 067 BTC. Then, follow by 0. 068 BTC (20-day MA), 0. 07 BTC, and 0. 072 BTC (bearish . 618 Fib).

The daily RSI fell below the midline today, signaling that bears are trying to take control of market momentum.

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Cryptocurrency charts by TradingView.

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Ethereum

Gensler Criticizes Crypto Exchanges for Questionable Practices, Says Spot ETH ETFs Will ‘Take Some Time’

SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time.

Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum.

Gensler Criticizes Crypto Exchanges

Gensler stated that while the SEC had approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.”

He explained that the ETF applications are undergoing the normal procedural reviews, which inherently take time, but refrained from providing a specific timeline for their market debut.

However, Gensler soon turned his attention to the broader cryptocurrency market with a more critical perspective. He slammed the widespread unethical practices within crypto exchanges, stressing that the market is still plagued by fraud and manipulation.

“Crypto exchanges are engaging in practices that would never be allowed on the NYSE. Our laws don’t permit exchanges to trade against their customers, yet this is happening in the crypto space,” Gensler stated, drawing a line between crypto exchanges and traditional ones like the New York Stock Exchange.

Referencing recent high-profile failures like FTX and Celsius Network, Gensler stated that such illegal activities remain a big problem in the crypto market. He reaffirmed the SEC’s dedication to upholding market integrity through ongoing enforcement measures and highlighted the agency’s role as a civil law enforcement agency.

Gensler Highlights Regulatory Gaps in Crypto Market

While acknowledging some positive steps in regulation, Gensler voiced serious concerns about the inadequate disclosure and regulation in the cryptocurrency industry.

“These tokens, whether they’re well-known or obscure, have not provided the necessary disclosures required by law,” he noted, emphasizing that most cryptocurrencies do not meet the essential disclosure standards expected of regulated assets. This lack of transparency, Gensler argued, deprives investors of the crucial information needed to make informed decisions.

During the interview, Cramer also questioned Gensler about the possibility of ETFs for various lesser-known cryptocurrencies, including meme coins like SushiSwap (SUSHI) and Bonk (BONK), as well as other tokens such as Cardano, Cosmos, and MyNeighborAlice. Cramer pointed out that these tokens had traded millions of dollars in recent activity, asking whether they too should have their own ETFs.

While Gensler did not provide specific answers, he emphasized his stance on the inadequate disclosures of many crypto tokens, implying that these tokens are often unregistered securities.

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Ethereum

SEC Chair Gensler: Spot Ether ETFs ‘Will Take Some Time’ to Begin Trading

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has stated that spot ethereum exchange-traded funds (ETFs) “will take some time” to commence trading, highlighting the necessity for a thorough disclosure process. Additionally, Gensler emphasized the lack of proper disclosure provided by crypto exchanges to investors…
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Ethereum

Nibiru EVM to Transform Ethereum Capabilities for Tomorrow’s Web3

[PRESS RELEASE – Tortola, British Virgin Islands, June 5th, 2024]

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3.

Overcoming Ethereum’s Scalability Hurdles

Nibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.

Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.

To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.

Fueling Ecosystem Expansion and Enhanced Developer Experience

“Compatibility with Ethereum is a key driver for attracting liquidity and promoting ecosystem growth on Nibiru EVM. Launching a blockchain protocol is about building trust and showcasing real-world utility. Innovating and improving the EVM is a key part of our strategy,” explains Unique.

With Ethereum developers accounting for applications that make up over 90% of the total value locked (TVL) across smart contract ecosystems, Nibiru EVM significantly lowers barriers to entry and accelerates development timelines.

Nibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.

Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.

Nibiru in Early Innings

Since its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.

About Nibiru

Users can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals.

Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

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