The Ethereum Foundation (EF) has come under investigation by an undisclosed “state authority,”. As per a commit message on GitHub, the EF received a “voluntary inquiry” from the authority, accompanied by a confidentiality requirement. The details and scope of the investigation remain undisclosed, leading to speculation and uncertainty within the Ethereum community. However, this is […]
Ethereum price extended its decline below $3,200. ETH is struggling and it seems like the bears are now aiming for a move toward the $3,000 support zone. Ethereum started a downside correction below the $3,350 zone. The price is trading below $3,350 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline if it stays below the $3,420 and $3,500 resistance levels. Ethereum Price Breaks Support Ethereum price remained in a short-term bearish zone below the $3,550 and $3,500 levels, like Bitcoin. ETH declined below the $3,350 support level to move further in a short-term bearish zone. Finally, the price traded below the $3,200 support. A low was formed at $3,162 and the price is now consolidating losses. It is showing a few bearish signs below the 23.6% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low. Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,280 level. The first major resistance is near the $3,350 level. The next key resistance sits at $3,420. There is also a major bearish trend line forming with resistance at $3,420 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the downward wave from the $3,675 swing high to the $3,162 low. Source: ETHUSD on TradingView.com The next major resistance is near $3,550, above which the price might gain bullish momentum. In the stated case, Ether could rally toward the $3,650 level. If there is a move above the $3,650 resistance, Ethereum could even rise toward the $3,800 resistance. Any more gains might call for a test of $4,000. More Losses In ETH? If Ethereum fails to clear the $3,420 resistance, it could continue to move down. Initial support on the downside is near the $3,260 level. The first major support is near the $3,200 zone. The next key support could be the $3,120 zone. A clear move below the $3,120 support might send the price toward $3,050. Any more losses might send the price toward the $3,000 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 – $3,260 Major Resistance Level – $3,420
ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on Binance on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors. Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions. Price Concerns For ETHFI In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform. According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units. Related Reading: AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens. In the final step of the observed activity, Arrington XRP Capital sent the entire balance of ETHFI tokens to the Binance cryptocurrency exchange, potentially for selling purposes, which could put further pressure on ETHFI. However, the Ether.fi team has responded to the speculation surrounding the on-chain movements made by Arrington XRP Capital. Ether.fi Clarifies According to Ether.fi, Arrington XRP Capital has been a consistent investor in the platform and has provided significant support since its inception. The statement further noted that as early adopters and active stakers, the Arrington team has actively staked its assets on Ether.fi, contributing to the platform’s growth. The multi-wallet distribution observed in recent activity did not surprise Ether.fi, as they were reportedly informed of this approach in advance. Ether.fi claimed that splitting the assets into multiple wallets did not provide additional benefits or change the distribution outcome. The protocol alleged that consolidating the assets into a single wallet would have produced the same results. The protocol alleged that these assets are part of their liquid funds, which are “actively traded.” The decision to transfer the assets to the Binance cryptocurrency exchange was motivated by the nature of their trading activities and liquidity needs, the Ether.fi team concluded. Arrington Capital Addresses Speculations The Arrington Capital team also clarified the context through a social media post. They clarified that they had been long-term investors, staking over $50 million of ETH since February 2023. The company claimed that the recent sale of a “small percentage” of its initial airdrop tokens amounted to less than $700,000, allegedly representing only 0.1% of the day’s trading volume. Related Reading: Crypto Report Says ‘Alameda Gap’ Is Gone After Bitcoin Rally, What This Means Ultimately, Arrington Capital emphasized that their actions were not a “Sybil attack” and did not exploit the protocol’s distribution methodology. They wrapped up their response by claiming that airdrop distribution follows a linear model that is “unaffected” by distribution across multiple wallets. Featured image from Shutterstock, chart from TradingView.com
Leading international cross-border bank, Standard Chartered has made another bullish prediction for Ethereum. According to analysts from the bank, ETH could see a rise to new all-time highs, driven by the potential introduction of Spot ETH Exchange Traded Funds (ETFs). ETH Price Set To Rise To $14,000 Analysts at Standard Chartered Bank have maintained an […]
Spot Ethereum Exchange-Traded Funds (ETFs) may be witnessing a decline in approval odds, but there is still a wave of optimism among several financial management firms applying for the products. Fidelity Amends Its Ethereum Spot ETF Application Amid the anticipation encompassing the Ethereum spot ETFs, financial management giant Fidelity has recently amended its application for […]
Binance Smart Chain (BSC), commonly known as BNB Chain, has announced the “BEP 336 upgrade”, inspired by Ethereum’s Dencun upgrade (EIP 4844), which aims to optimize data storage and processing on the blockchain. The upgrade is expected to significantly reduce transaction costs, improve network performance, and drive the price of Binance Coin (BNB) towards its previous all-time high (ATH) of $686, reached in May 2021. BNB Smart Chain Cost-Effective Data Solution According to the protocol’s announcement, BEP 336 introduces an innovative concept called “Blob-Carrying Transactions” (BlobTx) that will change how large data blocks are handled. These temporary and cost-effective memory segments, known as blobs, can capture data blocks as large as 128 KB. By streamlining the transaction verification process, the network only needs to verify that the attached blob contains the correct data rather than verifying each transaction within a block. Related Reading: Zooming NEAR: Solid 75% Growth Sparks Crypto Frenzy The introduction of blob transactions within the BSC, which is particularly beneficial for opBNB – the layer 2 network of the BNB ecosystem – offers several advantages. Blobs reduce network space consumption, resulting in lower storage costs and more affordable gas fees for users, similar to Etherem’s Dencun upgrade. This storage strategy allows for efficient data handling while managing blockchain bloat, ensuring data integrity and availability throughout its lifetime on the chain. BEP 336 also includes two additional components. The Blob Market establishes a fee market for blobs, ensuring regulated storage and transmission costs based on network demand. The Precompile Contract adds a layer of security by verifying that the data in a blob matches the reference in the blob-bearing transaction. While BEP 336 draws inspiration from Ethereum’s EIP 4844, it is tailored to meet BSC’s unique requirements. Notably, BSC’s design mandates that blobs be managed exclusively by the BSC client, distinguishing it from Ethereum’s approach. Moreover, BSC implements a dynamic gas pricing mechanism for blobs, ensuring reasonable transaction costs with minimum and maximum thresholds. BEP 336 Integration With Phased Roadmap BSC has outlined a phased roadmap for the integration of BEP 336. Beginning with the Testnet launch in April, developers can test and interact with the upgrade in a “controlled environment” to address potential issues. The subsequent Magnet phase in May will focus on further testing and optimization to ensure the “robustness” and “scalability” of BEP 336. Finally, in June, the mainnet hard fork will mark the official deployment of BEP 336 on the BSC mainnet, ushering in a new era of efficiency and cost-effectiveness for the network. Related Reading: Ethereum Is Not Done: Crypto Analyst Sets New $5,000 Target According to the announcement, the benefits of BEP 336 are expected to impact developers and users within the BSC ecosystem significantly. Gas fees will be reduced considerably as certain data types no longer require permanent storage, making transactions more affordable. The temporary storage mechanism will keep the blockchain lean and bloat-free, enhancing overall network performance. With lower costs and improved efficiency, BEP 336 aims to make the BSC ecosystem more accessible to a wider audience, including developers and newcomers to blockchain technology. The announcement has boosted Binance Coin’s (BNB) price by over 8%, resulting in a current trading price of $588, just 15% below its all-time high of $686. In case of further price gains, the next resistance walls for the BNB price are placed at the $600 level and the $608 mark, which could prevent the token from further price appreciation in its mission to reach its current ATH. Featured image from Shutterstock, chart from TradingView.com