Ethereum

Coinbase Announces It Will ‘Evaluate Any Ethereum Fork Tokens Following the Merge’

Coinbase Discloses It Will 'Evaluate Any ETH Fork Tokens Following The Merge'

Coinbase Global, a publicly traded company, has announced that it will evaluate any forks that may arise from The Merge, the forthcoming Ethereum upgrade. Coinbase Global recently posted that a new Ethereum proof of work (PoW token) will be created and “will be evaluated with the same rigore as any other asset listed on the exchange.”

Coinbase Informs the Public about the Possibility for an Ethereum Fork Arising Post-Merge

The Merge is coming soon and data shows it is roughly 16 days away from now. The Merge is Ethereum’s plan to move from a proof of work (PoW), consensus algorithm to a proof-of stake (PoS), consensus scheme. Now despite the fact that a PoW network similar to ETH already exists in Ethereum Classic (ETC), there’s been talk of creating a new PoW fork when The Merge is implemented.

Coinbase Discloses It Will 'Evaluate Any ETH Fork Tokens Following The Merge' — ETHW market data via coinmarketcap.com on August 28, 2022 at 11: 00 a.m. (EST).

The proposed ETH PoW fork has gained market traction as a number of crypto exchanges have created IOU token versions called ETHW. At the time of writing, ETHW is changing hands for $49 per unit and its up close to 5% during the past 24 hours. This past week on August 25, Coinbase Global (Nasdaq: COIN) updated a blog post that was originally published on August 16. The latest update concerns the possibility of an ETH PoW fork arising from The Merge.

The intentions of the blog post explained how Coinbase plans to pause any Ethereum or ERC20-based transactions amid The Merge. The recent update says: “Should an ETH PoW fork arise following The Merge, this asset will be reviewed with the same rigor as any other asset that is listed on our exchange.” Coinbase also tweeted about the update on Twitter the same day.

“Coinbase’s goal is to list all assets that are legal and safe to list,” the exchange said in a tweet. “We will evaluate any ETH fork tokens following The Merge on a case-by-case basis in alignment with our standard asset listing policy. All potential forked tokens of Ethereum will be subject to the same listing review as any other asset on our exchange, Coinbase said.

It’s well-known that exchanges can take as long and as they wish to distribute forked assets. Some trading platforms, however, have not offered support for specific cryptoforks. Coinbase made similar decisions in the Ethereum Classic and Bitcoin Cash forks. Veteran crypto participants know that it is best to hold assets that might experience a fork in non-custodial ways. This is to ensure you get a forked asset if a split occurs.

This story contains tags

bitcoin cash, Blog Post, Blog Post Update, COIN, Coinbase, coinbase global, coinbase listings, Coinbase Update, ETC, ETH, ETH fork, ETH PoW Fork, ether, Ethereum, Ethereum (ETH), Ethereum Classic, ETHW, ETHW markets, ETHW value, Fork Listing, Forked Token, market value ETHW, Merge Update, Nasdaq: COIN, The Merge

What do you think about Coinbase’s decision about possibly listing the proposed PoW version of Ethereum called ETHW? 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Ethereum

Ethereum Traders Just Flipped Bullish, But History Says This Is a Major Red Flag

Ethereum’s bounce toward $3,500 triggered instant FOMO, but Santiment says extreme optimism usually means price is about to disappoint.

Ethereum traders have swung sharply from extreme bearishness to extreme bullishness within just a few days, based on social media sentiment.

But fresh data suggest that when ETH nearly rebounded to $3,500 on Thursday, the crowd interpreted the move as a confirmation that the asset was “back in business.”

ETH Trader FOMO

Santiment warned that this sudden pivot is similar to the same pattern seen earlier in the week, when retail panic selling actually contributed to the rebound. Now, the rapid return of FOMO could similarly stall further upside.

According to the analytics platform, prices have shown a tendency to move in the opposite direction of the crowd, and that more neutral sentiment phases have proven to be stronger buy signal environments than euphoric ones.

Crypto trader Ted Pillows also noted that even though the altcoin is showing some rebound after this week’s sharp decline, the recovery lacks conviction. According to Pillows, the current move higher, though modest, is being driven largely by short positions being closed rather than new spot buyers stepping in. He added that Ethereum needs to reclaim the $3,600-$3,700 price range with meaningful inflows to establish strength and dismiss the risk of further downside. Without that confirmation, Pillows believes the odds still favor lower prices from here.

Despite the near-term uncertainty, some traders say the bigger picture is still pointing toward a substantial upside scenario. For instance, crypto trader “Trader Tradigrade” said that ETH’s monthly chart is currently developing what he describes as a massive Inverse Head and Shoulders pattern, with a potential price target of $14,000 once confirmed.

“Wet Blanket” Phase

As the crypto market remains sluggish, Galaxy CEO Mike Novogratz believes that this could be due to long-term holders rebalancing their net worths and diversifying away from massive concentrated holdings after a very long bull market. Novogratz deems this to be a healthy sign in the medium and long term as these positions get distributed. In the short run, however, he said that “it’s a proverbial wet blanket” and has weighed on prices.

About the author

Chayanika has been working as a financial journalist for six years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm.

Ethereum

Ethereum Price Analysis: Will $3K Hold as ETH’s Bearish Momentum Intensifies?

Ethereum has slipped below the $3,300 mark, indicating persistent selling pressure in this zone. While bears aren’t showing strong momentum just yet, the fact that the price declined following a major liquidation event, one that already cleared out many over-leveraged longs, raises the risk of further downside. This hints that spot sellers could now be in control, opening the door for a deeper short-term correction.

Technical Analysis

By Shayan

The Daily Chart

On the daily chart, ETH dropped below the channel and has fallen slightly beneath the 200-day moving average. It is currently breaking below the $3,300 demand zone too. This is a key level Ethereum is now losing, as the 200-day moving average is known as one of the most critical indicators for determining whether the overall market phase is bullish or bearish.

The RSI also remains weak at 32, showing the market is not bound for recovery yet. For buyers to regain control, ETH needs to break back above $3,500 and flip that region and the 200-day moving average into support. Until then, the price is sitting in a vulnerable zone, which could push the price lower toward the $3,000 support level in the coming days.

The 4-Hour Chart

The 4-hour chart shows a quick rejection from the lower boundary of the broken channel and the previous support zone, around $3,400. The price is currently hovering around the level and has yet to form a convincing rebound or create a higher low.

The RSI is also stabilizing below the 50% level, as the momentum is clearly bearish. With ETH breaking the $3,300 to the downside once more, the next sweep toward the $3,000 zone and lower could come fast.

Sentiment Analysis

Long Liquidations

Sentiment-wise, liquidations wiped out a large portion of late long entries, creating a cleaner slate for the price to stabilize. The chart shows a major liquidation spike right before the small bounce, confirming the shakeout.

With many positions flushed and the RSI nearing oversold regions across multiple timeframes, the market might soon be due for a reset. Yet, traders are likely to stay cautious, waiting for clearer strength and a break back above $3,500 before reloading on longs.

On the other hand, a drop toward the $3,000 level could ignite another liquidation cascade and lead to an even more significant liquidation event, which could result in another flash crash in the upcoming weeks.

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Cryptocurrency charts by TradingView.

Ethereum

Argentine Exchange Ripio Launches Digital Peso as Part of Latam’s Stablecoin Rollout

Ripio stated that the Argentine peso stablecoin, wARS, would be available on Ethereum, World Chain, and Base, as a key element to expand the exchange’s infrastructure in Latam. It stated that additional local stablecoins would be launched to support several use cases using blockchain tech. Ripio Debuts Digital Peso in Argentina…
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