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Analysts See Gold Reaching $2,600 per Ounce Amid Strong Market Demand
While bitcoin experienced a 12% decrease following its all-time high last week, gold has shown relative stability over the past five days, with only a slight 1% decline in the same period. In a similar vein to crypto enthusiasts, advocates for gold predict that the metal will continue its upward trajectory, potentially reaching the ,600 […]
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Ethereum Price Rejects $2,600, Can Bulls Save This Key Support?
Ethereum price struggled to extend gains above ,600 and ,620. ETH trimmed gains and might struggle to stay above the ,500 support zone.
- Ethereum attempted a fresh increase but failed to surpass ,620.
- The price is trading below ,550 and the 100-hourly Simple Moving Average.
- There is a key bearish trend line forming with resistance near ,540 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair start another increase if the bulls protect the ,500 and ,470 support levels.
Ethereum Price Revisits Support
Ethereum price started a fresh increase above the ,520 resistance zone. ETH even climbed above the ,550 level, but the bears were active near ,600, like Bitcoin.
The price traded as high as ,614 and recently started a fresh decline. There was a move below the ,550 support zone. The price traded below the 61.8% Fib retracement level of the upward wave from the ,471 swing low to the ,614 high.
Ethereum is now trading below ,550 and the 100-hourly Simple Moving Average. The bulls seem to be currently active above the 76.4% Fib retracement level of the upward wave from the ,471 swing low to the ,614 high.
On the upside, the price is facing resistance near the ,540 level. There is also a key bearish trend line forming with resistance near ,540 on the hourly chart of ETH/USD. The next major resistance is now near ,580. A clear move above the ,580 level might start a decent increase. In the stated case, the price could rise toward the ,620 level.
Source: ETHUSD on TradingView.com
The next key hurdle sits near the ,650 zone. A close above the ,650 resistance could start another steady increase. The next key resistance is near ,720. Any more gains might send the price toward the ,800 zone.
Downside Break in ETH?
If Ethereum fails to clear the ,540 resistance, it could start another decline. Initial support on the downside is near the ,500 level.
The next key support could be the ,470 zone. A downside break below the ,470 support might send the price further lower. In the stated case, Ether could test the ,400 support. Any more losses might send the price toward the ,350 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.
Hourly RSI – The RSI for ETH/USD is now below the 50 level.
Major Support Level – ,500
Major Resistance Level – ,540
Ethereum Takes Flight: $2,600 Breach Paves The Way For ETH Ascent To $3,000
Ethereum has staged a remarkable coup, outshining Bitcoin with a 14% surge in just two weeks. This week, the digital currency shattered a key psychological barrier, surpassing ,600 for the first time since May 2022. This decisive breach, backed by strong fundamentals and an increasingly bullish sentiment, could pave the way for Ethereum’s ascent to a coveted ,000 mark.
Ethereum Breaches Critical Psychological Barrier
The ,600 level wasn’t just a random resistance point; it represented a critical psychological hurdle for Ethereum. Breaching this level not only confirmed the ongoing uptrend but also triggered a cascade of technical buy signals, propelling the price even higher. Analyzing the numbers paints a fascinating picture:
- Volume Spike: As Ethereum crossed ,600, trading volume surged by 42%, indicating strong buying pressure and investor confidence.
- Moving Average Convergence Divergence (MACD): The MACD, a momentum indicator, flashed a bullish crossover on the daily chart, further solidifying the upward momentum.
- Relative Strength Index (RSI): The RSI, which measures price momentum relative to recent price history, climbed above 60, entering the “overbought” zone, suggesting strong buying enthusiasm but also potential for a short-term correction.
Beyond technical indicators, Ethereum’s fundamentals paint an equally compelling picture:
- Staking Rewards: Unlike Bitcoin, Ethereum offers a 4.3% annual reward for staking, attracting yield-hungry investors and reducing circulating supply, which puts upward pressure on price.
- Deflationary Supply: With nearly 24% of ETH locked in staking contracts, the circulating supply is constantly shrinking, creating scarcity and potentially pushing the price higher.
- ETF Hopes: Anticipation for an Ethereum ETF is heating up, with BlackRock CEO Larry Fink expressing support. Regulatory approval could unlock a new wave of institutional investment, fueling further price appreciation.
Part 2: ETH ETF pic.twitter.com/qnmB7azyQN
— Cryptik1.eth |
(@Cryptik1E) January 12, 2024
Target Within Reach
While reaching ,000 might seem like a moonshot, historical data suggests it’s within reach. In May 2021, Ethereum soared to an all-time high of ,890, demonstrating its potential for explosive growth. The current market conditions, with strong fundamentals and bullish sentiment, could propel Ethereum towards that coveted ,000 mark, potentially even surpassing it.
However, caution remains key. The cryptocurrency market is notoriously volatile, and pullbacks are always a possibility. Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions.
Regardless of the short-term price fluctuations, one thing is clear: Ethereum is no longer playing second fiddle to Bitcoin. With its robust fundamentals, technical momentum, and the promise of an ETF, Ethereum is poised to claim its rightful place as the dominant force in the digital currency landscape.
The recent ,600 breach could be the first step on a journey towards even greater heights, and investors around the world are watching with bated breath.
Featured image from Pixabay
Bulls Charge As Ethereum Barrels Past $2,600 – Is An ETF The Secret Weapon?
Ethereum (ETH) continued its upward trajectory Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted ,600 mark. Market watchers attribute this surge to a confluence of factors, primarily fueled by anticipation of a forthcoming Ethereum exchange-traded fund (ETF) in the wake of the expected approval for a Bitcoin ETF in the US.
In a historic move that cryptocurrency aficionados hope will bring more individual and institutional investors into the market, the US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds on Thursday.
Ethereum ETF Buzz Sparks Strategic Moves
“There’s a noticeable trend towards frontrunning the ether ETF,” noted Alex Onufriychuk, CEO of Kaminari, in a Telegram message. This sentiment aligns with the prevailing belief that Ethereum, the second-largest cryptocurrency by market cap, would be the next candidate for an ETF after Bitcoin.
Adding fuel to the fire, a prominent investor, dubbed a “whale” in the crypto universe, made a strategic move by transferring 9,705 ETH (nearly million) from Binance to Compound. This was followed by a 12 million Tether (USDT) loan, seemingly used to further accumulate ETH. The whale subsequently executed three profitable ETH transactions, netting roughly million.
This decisive action signaled two things: confidence in Ethereum’s future and the potential for profit-taking, which could introduce short-term volatility. Despite the risk, the whale’s activity bolstered positive market sentiment.
Further validating this optimism, Ethereum’s network metrics experienced a surge. Both network growth and token velocity saw increases, indicating heightened interest from new addresses and more token movement. These on-chain metrics paint a promising picture for ETH’s future.
ETH Futures Surge Amid ETF Optimism
Also adding to the bullish case, Open Interest for ETH futures contracts jumped 15% in recent days, reaching .57 billion at the time of writing. This signifies more traders entering the market and anticipating significant price gains following a potential ETF approval.
According to reports, crypto traders expect Ethereum’s price to rise after a favorable ETF judgment, even though Bitcoin is getting more attention in the media. If this situation plays out, the price of ETH could soon go beyond ,600.
However, it’s crucial to remember that the cryptocurrency market remains volatile, and unforeseen factors could still impact prices.
The timeline for an Ethereum ETF approval is uncertain, and regulatory hurdles could create delays. Additionally, broader market conditions and news on Ethereum development could also play a role.
Investors should carefully consider their risk tolerance and conduct thorough research before making any investment decisions, particularly in the dynamic and unpredictable world of cryptocurrencies.
Featured image from Medium
Ethereum Price Momentum Reignites: Technical Signals Potential Surge To $2,600
Ethereum price retested the ,440 resistance zone. ETH is consolidating gains and might soon attempt a fresh increase toward the ,600 level.
- Ethereum gained strength for a move above the ,350 level.
- The price is trading above ,350 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support near ,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if there is a clear move above ,430 and ,440.
Ethereum Price Remains Supported
Ethereum price started a decent increase above the ,300 level, like Bitcoin. ETH gained pace for a move above the ,350 level to move into a positive zone.
The price even climbed above the ,400 level. However, the bears appeared near the ,440 resistance zone. A high was formed near ,430 and the price is now correcting gains. There was a move below the ,400 level. The price declined below the 23.6% Fib retracement level of the upward move from the ,260 swing low to the ,430 high.
However, Ethereum is still above ,350 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support near ,360 on the hourly chart of ETH/USD.
Source: ETHUSD on TradingView.com
On the upside, the price is facing resistance near the ,390 level. The first major resistance is now near ,440. A close above the ,440 resistance could send the price toward ,500. The next key resistance is near ,550. If there is a clear move above ,550, there could be a drift toward ,620. The next resistance sits at ,650, above which Ethereum might rally and test the ,800 zone.
More Downsides in ETH?
If Ethereum fails to clear the ,440 resistance, it could continue to move down. Initial support on the downside is near the ,360 level and the trend line.
The first key support could be the ,350 zone or the 50% Fib retracement level of the upward move from the ,260 swing low to the ,430 high. A downside break and a close below ,350 might start another steady decline. In the stated case, Ether could test the ,265 support. Any more losses might send the price toward the ,200 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,350
Major Resistance Level – ,440
Mawson Infrastructure Group Deploys 2,600 Bitcoin Miners at Newly Secured Pennsylvania Site
Mawson Infrastructure Group, a publicly-listed bitcoin mining operation, announced on Thursday that it has acquired a new mining site in Bellefonte, Pennsylvania. The company detailed that it has swiftly deployed 2,600 bitcoin miners at the location.
Mawson Secures Pennsylvania Site, Deploys 2,600 Bitcoin Miners for Self-Mining Operations
Bitcoin mining companies are experiencing ongoing expansion in 2023. This week, Mawson Infrastructure Group (NASDAQ: MIGI) disclosed the acquisition of a new mining site in Bellefonte, Pennsylvania. Mawson has already initiated mining operations in Pennsylvania, having announced the commencement of construction at a new site in Sharon in February. On Thursday, Mawson revealed the signing of a new long-term lease agreement for the recent undertaking in Bellefonte.
At present, the Bellefonte facility is powered by 8 megawatts (MW) of electricity, with 2,600 miners already operational. The newly launched location will function as a fully self-mining facility, with a potential capacity of up to 24 MW. Mawson revealed that upon the completion of the expansion, the new data center will be able to accommodate 7,200 bitcoin mining machines.
“This facility is an ideal opportunity for Mawson to continue to efficiently ramp our self-mining operations to increase bitcoin production,” Mawson’s CEO and president Rahul Mewawalla stated on Thursday. “This new site furthers Mawson’s focus on growth in markets where the energy mix, secure grid, favorable climate, robust communities, and local talent continue to be key drivers of our continued expansion.”
Shares of MIGI rose 1.96% on Thursday; however, they have declined by 20% over the past month. The six-month price statistics indicate a decrease of more than 7%, while the stock has experienced a significant decline of 69% over the past 12 months. In 2023, Bitcoin’s hashrate reached new heights, thanks to the introduction of more efficient mining rigs, the launch of numerous next-generation miners by various firms, and the expansion of companies into new territories. In May, Mawson announced its expansion to Corning, Ohio, which added an additional 1 exahash per second (EH/s) to its mining fleet.
What are your thoughts on Mawson Infrastructure Group’s expansion? Share your thoughts and opinions about this subject in the comments section below.
TA: Ethereum Consolidates Below $2600: What Could Trigger A Sharp Increase
Ethereum is consolidating below ,600 against the US Dollar. ETH price must clear ,600 and ,620 to start a major increase in the near term.
- Ethereum is still struggling to clear the ,600 and ,620 resistance levels.
- The price is now trading below ,600 and the 100 hourly simple moving average.
- There is a major contracting triangle forming with resistance near ,590 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must gain strength above ,620 to stat a steady increase in the coming sessions.
Ethereum Price Approaches Breakout
Ethereum remained below the key ,600 and ,620 resistance levels. However, ETH was also well bid above the ,500 support level.
The recent high was near ,595 before the price declined below ,550. It traded as low as ,538 and is currently consolidating losses. It is now trading below ,600 and the 100 hourly simple moving average. An immediate resistance on the upside is near the ,565 level.
The 50% Fib retracement level of the recent decline from the ,595 swing high to ,538 low is also near the ,565 level. Besides, there is a major contracting triangle forming with resistance near ,590 on the hourly chart of ETH/USD.
An intermediate resistance is near ,575 and the 100 hourly simple moving average. It is close to the 61.8% Fib retracement level of the recent decline from the ,595 swing high to ,538 low.
Source: ETHUSD on TradingView.com
Ether price must clear the ,575 and ,600 resistance levels to start a steady increase. An immediate barrier could ,620, above which the bulls might aim a strong increase.
Fresh Decline in ETH?
If ethereum fails to start a fresh increase above the ,600 level, it could start another decline. An initial support on the downside is near the ,540 level.
The next major support is near the ,500 level. A close below the ,500 support zone could out a lot of pressure on the bulls. The next major support might be near the ,420 level, below which there is a risk of a move towards the ,350 level in the coming days.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is now losing pace in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now just below the 50 level.
Major Support Level – ,500
Major Resistance Level – ,620
How Hackers Looted 2600 ETH In Rari Capital Cross-Chain Exploit
Ethereum (ETH) based yield aggregator Rari Capital was attacked this weekend by a group of bad actors. As a result, 2,600 in this cryptocurrency were stolen from the Rari Capital Ethereum Pool, as a post-mortem report released by core contributors confirmed.
The attack took place at around 1:48 PM UTC, May 8th, with a series of transactions that lasted for almost an hour. Rari Capital’s product deposits ETH into Alpha Homoras’ ibETH interest-bearing token as part of their strategy.
The protocol’s pool contract operates with the ibETH.totalETH()/ibETH.totalSupply(), used to calculate the exchange rate for the ibETH/ETH pair. A separate report from Alpha Finance Labs claims that this operation can “lead to incorrect assumption”. Rari Capital report stated the following:
According to Alpha Finance, `ibETH.totalETH()` is manipulatable inside the `ibETH.work` function, and a user of `ibETH.work` can call any contract it wants to inside `ibETH.work`, including the Rari Capital Ethereum Pool deposit and withdrawal functions.
On Ethereum, the attack began when the bad actors took a flash loan from protocol dYdX for around 59,000 in this cryptocurrency. The funds were into Rari’s Ethereum based pool with the correct conversion rate for the aforementioned trading pair.
Then, the attackers used the function “work” which enabled them to trigger their offensive by encoding an “evil” fToken contract. This allowed the hackers to artificially inflate their ibETH/ETH rate.
At 2:29 PM +UTC, the possible root of the exploits was discovered. At 2:34 PM +UTC, actions on Alpha Homora were paused. The losses represented around 60% of all users fund in this Ethereum-based Pool. However, only Rari’s funds were lost, as Alpha Finance’s report claims. Rari Capital said:
At the end of `ibETH.work`, the value of `ibETH.totalETH()` returns to its true value, leading the Rari Capital Ethereum Pool’s balances to values lower than they were before the attack as a result of the attacker withdrawing more than they deposited while their balance was artificially inflated.
ETH Funds Stolen From Binance Smart Chain
Researcher Igor Igamberdiev revealed that the exploit was far more complex than usual. According to a separate report made by Igamberdiev, the attack on Rari Capital is the first cross-chain exploit in the crypto space.
The researcher believes that the hackers first took funds from a Binance Smart Chain yield aggregator called Value DeFi. This protocol suffers multiple attacks on its products, VSafe and VSwap, and the bad actors looted 5,346 BNB which immediately were converted into 1,000 ETH.
![Ethereum ETH ETHUSD](https://www.newsbtc.com/wp-content/uploads/2021/05/Ethereum-ETH-ETHUSD-4.jpg)
On Binance Smart Chain, the hackers also created a fake token which was pool into exchange PancakeSwap. This allowed them to interact with protocol Alpaca Finance. Igamberdiev stated:
Interact with Alpaca Finance, where when calling approve() for a fake token, a payload is called, which allows an attacker to use VSafe through Codex farm to get vSafeWBNB. Convert vSafeWBNB to WBNB. All WBNB transferred to Ethereum through Anyswap.
To fight these types of attacks in the future, Rari Capital took additional security steps, such as place their protocol integration under review, check all invariants for potential malfunctions, and others. However, Igamberdiev concluded the following:
The interoperability between DeFi protocols is becoming more complex, which opens up new vectors of attacks. This attack was similar in difficulty to the Pickle Evil Jar and will become even more frequent in the future.
Ethereum trades at ,918 with a 2.1% profit in the daily chart and a 31.9% profit in the weekly chart.
![Ethereum ETH ETHUSD](https://www.newsbtc.com/wp-content/uploads/2021/05/Ethereum-ETH-ETHUSD-3-860x424.png)