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Ethereum

Ethereum Price Analysis: Breakdown Could Lead to $4K Retest

Ethereum had dropped below an ascending wedge structure, as shown in the blue chart. Since then, it has lost its short-term bullish momentum. ETH now faces a crucial support level, as explained below.

Key Support levels: $4,354, $4K

Key Resistance levels: $4,689; $5,075

Over the past week, amid a new ATH for ETH, the bulls were unable to push the coin above the coveted $5,000 mark. The current ATH lies at $4,878 (recorded on Wednesday). Since then, the price is trading sideways and appears to consolidate just above the support at $4,354. Bullish traders believe that ETH will retest the support before it can resume its multi-month-long uptrend.

This loss of momentum isn’t very alarming so long as ETH doesn’t drop below the key support. It can be taken as a healthy break from the uptrend.

ethusd-nov14-p1

The Technicals

Trading volume: Decreased volume on this pullback. This indicates that the bears don’t have any conviction in pushing ETH prices lower at this time.

RSI: The RSI is decreasing and there is a lot of room to go lower, considering it was hovering around 70 points not too long ago. It is unlikely that ETH will change its course in the near future.

MACD: The MACD histogram on the daily timeframe went through a bearish cross. Although this is not good news, it was followed by a drop in volume and little conviction. If the critical support holds then ETH will quickly recover and be back at ATH levels. It is best to wait until Monday’s price action.

ethusd-nov14-p2

Bias

The short-term bias of ETH is bearish because there is a high possibility that ETH will retest $4.3K as a key support level. If this level holds, ETH could return to the bullish trend and flip the bias to bullish. ETH remains bullish in the medium and long-term.

Short-Term Price Prediction for ETH

Ethereum lost momentum this weekend, breaking below the ascending wedge. This indicates that ETH is likely to go back to the support level at $4,354 in the near future.

As mentioned, ETH should not drop below this support. Otherwise, bears may be encouraged to take ETH lower towards $4K.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. This information does not reflect the views of CryptoPotato about whether to invest in, sell or hold investments. Before making any investment decision, you are strongly advised to do your own research. You are responsible for any use of the information. For more information, please refer to Disclaimer.

Cryptocurrency charts by TradingView.

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Ethereum

Gamestop Launches Web3 Ethereum wallet That Leverages Loopring’s ZK-Rollup Tech

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. It is currently available in beta and can be accessed via the firm’s web portal. The wallet stores crypto assets as well as non-fungible tokens. Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”

Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet

For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.

Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. It will let gamers store their in-game NFTs but also hold Ethereum-based crypto assets. Gamestop will launch its NFT marketplace in July. It aims to give power to the .”

players.

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

“Gamestop wallet is a secure and easy way to start with Web3. Your GameStop Wallet can be used to purchase, hold, swap or display Ethereum-based assets,” according to the wallet’s description. Gamestop Wallet can be used to buy, hold, swap, display and use Ethereum-based assets.” The wallet’s description also states that it is a self-custodial ethereum vault.

Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to lower gas fees and network congestion while still maintaining control over your funds.

Gamestop’s digital wallet is very similar to Metamask. It also offers a desktop version. The wallet technology was developed by Loopring, but the NFT marketplace will be using Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.

Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. According to the website, data collected includes “contact information and profile information”, display names, email addresses, profile biography, Ethereum public adres details and Twitter and Reddit usernames.” A iOS version of Gamestop’s wallet will be available soon.

What do you think about Gamestop’s ethereum wallet? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Bitcoin, Technical Analysis: BTC Recovers Above $30,000 As Weeklong Consolidation Continues

Sam Bankman-fried

This week’s whirlwind price swings in crypto markets continued on Friday, with BTC moving higher, following yesterday’s declines. Bitcoin has risen back above $30,000 on Friday, with ETH also climbing above its $2,000 point.

Bitcoin

Bitcoin was trading higher on Friday, as price uncertainty in crypto markets continued to grip traders, leading mainly to consolidation.

Following a decline to a low of $29,389. 44 during Thursday’s session, BTC/USD rose by over 3% on Friday, hitting a high of 30,664. 98 in the process.

The move comes as a floor in prices may have finally been found, as bulls lifted BTC from the $28,800 point, which many now consider to be the current support.

BTC/USD – Daily Chart

Friday’s surge took place as bullish pressure also led to a breakout of the 36 level on the 14-day RSI, which we marked as a key obstacle in the way of price gains.

As of writing, relative strength is now tracking at 37. 93, which is close to another ceiling at 40, which has dampened bullish hopes in the past.

Earlier gains have also eased, since prices passed the $30,500 resistance point, which some bulls are using as an ideal exit point.

Ethereum

Ethereum was once again trading above $2,000, following a breakout below this point over the course of Thursday’s session.

ETH/USD has so far risen to a peak of $2,054. 80 on Friday, which is roughly 4.5% higher than its peak the day before.

Similar to BTC, today’s move in ethereum comes after bulls used the current floor of $1,950 as a springboard to today’s heights.

ETH/USD – Daily Chart

However, since reaching these highs, price strength has slowed, with ETH now trading $20 lower than its earlier peak.

Although the RSI has also passed its own ceiling at 35, now tracking above the 36 level, prices are approaching a hard resistance at $2,060.

This point may have caused earlier bulls to vacate their positions, with those remaining likely to hold firm as we head into the week, unless bearish pressure resurfaces.

How high do you expect ETH to trade this weekend? Comment below to share your thoughts.

Eliman Dambell

Eliman has a unique perspective on market analysis, having been a broker director, retail trading educator, and market commentator for Crypto, Stocks, and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.

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New Milestones Revealed for Ethereum as Ropsten Private Testnet Merge Date

An Ethereum DevOps Engineer submitted a pull request for the Ropsten Merge configuration code earlier this week. It can be viewed in the GitHub repository. The Ropsten testnet, which was established by Ethereum Foundation almost five years ago, is one of the most reliable replicas of the Ethereum blockchain.

The Merge

The merge, which marks the end of the PoW-style architecture, will essentially combine the two layers in a single PoS-based chain. According to Prysmatic Labs’ Terence Tsao, the genesis for the Ropsten testnet Merge is slated for May 30.

Lead developer Tim Beiko earlier confirmed that the merge on the mainnet is likely to go live a few months after June and not anytime sooner.

But, the Ropsten merger will show the actual merging between Ethereum and Beacon Chain when the network completes its transition. Ethereum core developer Preston Van Loon also acknowledged that this event is a huge testing milestone towards ETH’s mainnet merge that is set to happen later this year.

The Merge is coming https://t.co/CL8zwgJDra

— sassal.eth (@sassal0x) May 18, 2022

However, as the merge is near, developers have been testing new infrastructures in order to study the network mechanics and client readiness.

For instance, the “Shadow fork” went live in April, a mechanism to “stress test our assumptions around syncing and state growth,” as Parithosh Jayanthi, an Ethereum Foundation developer, explained. This test allows developers to identify critical flaws in code that might otherwise go unnoticed by the devnets.

Ethereum Foundation Lifts the Ante

In light of the recent development and the upcoming merge, Ethereum Foundation also announced merging its PoW mainnet and PoS consensus layer bug bounty programs into one. The max reward has also been bumped up to $250,000 for reporting bugs on the Ethereum protocol. Rewards can also be doubled to $500,000 during crucial events.

” As the Execution Layer & Consensus Layer become increasingly interconnected, it becomes more valuable to combine security efforts across these layers. Client teams and the community have already organized multiple efforts to increase the knowledge and expertise of the layers. Unifying the Bounty Program will further increase visibility and coordination efforts on identifying and mitigating vulnerabilities.”

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