The offshore exchange rate of China’s fiat currency versus the U.S. dollar recently breached the 7:1 mark for the first time in over two years, after it touched a new 2022 low of 7.0188 yuan for every dollar on September 15. Similar to other global currencies that have depreciated in 2022, the yuan’s decline is […]
Before the Ethereum merge event, some experts and investors predicted a fall in the price of Ethereum and hence traded cautiously. Popular analysts referred to the merge hype as a buy the rumor, sell the news scenario. The Feds reserves tightening and other market factors added to the volatility recorded in the valuations of ETH, BTC, and other Altcoins. After the merge event, analysts’ predictions proved right as the ETH price crashed below the support level. As a result, several ETH investments got withdrawn, and a few additions were recorded after the merge. Related Reading: ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week According to reports, ETH investments were reduced by $15.4 million, while BTC investments increased by $17.4 million. The data could imply that investors pulled out from Ethereum to Bitcoin. Contrary to the hype that followed the Ethereum merge, the ETH price has plummeted seriously. Earlier in September, the merge supporters believed that Ethereum would receive more investments after the merge. However, the reverse seems to be the case with the number of outflows recorded last week despite a smooth transition. Ethereum Price Drop Taking track of ETH price from the time before the merge till today, ETH price crashed from $1,800 to $1,300. This kind of record can only imply that several investors who previously held onto their ETH holdings have sold the same. Such a price drop is critical for Ethereum as experts have forecasted a further fall to $1,000 if ETH breaks below $1,250. In the early hours of September 15, ETH/BTC exchange price was at 0.0817BTC on Binance. ETH value dropped hours later to 0.0746 BTC and continued to decline. ETH price didn’t only fall against BTC; ETH/USD exchange value dropped too. Although ETH holders were not pleased with the price drop, the majority are looking forward to recovery with time. Among the optimistic investors is Matthew Sigel, head of digital assets research at VanEck. Sigel compared the post-merge ETH/USD performance to what BTC experienced after significant changes. He believes ETH would stabilize but is unsure about the time. Proof-Of-Stake Cryptocurrencies May Be Considered Securities, Says SEC Last week, the Chairman of the Securities and Exchange Commission, Gary Gensler, commented on staked cryptocurrencies. The regulator said in a Wall Street Journal edition that staked cryptocurrencies might be subject to regulations. He further explained that Staked crypto might be seen as securities. Following Gensler’s comment, there may be regulatory uncertainties surrounding the new Ethereum proof-of-stake Token. As a result, corporate investors may not want to dive into ETH investment because of regulatory uncertainty. According to the Journal, Ethereum’s proof-of-stake caught SEC’s attention. He further noted that proof-of-stake coins have contract attributes and will require SEC regulations. Gensler’s comments came out hours after the completion of the Ethereum merge. Related Reading: Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming? Although Gary didn’t categorically point at Ethereum, his comment might have contributed to the fall in Ether price last week. Featured image from Pixabay, Chart: TradingView.com
We’re in a post-merge world, and the lessons keep arriving. As it turns out, the mythical Merge was a sell-the-news event for Ethereum. Technically, the event was a success and Ethereum kept a 100% uptime as optimistically predicted. Economically, the asset has been bleeding for the whole post-merge season. As a result, Ethereum lost ground against bitcoin, and bitcoin dominance is back up. Related Reading: Ethereum Price Is Declining Following The Merge, Vital Trading Levels To Follow Let’s go to Arcane Research’s The Weekly Update for the exact stats and numbers: “Since the merge, Ether (ETH) is down 17% in USD and down 13% compared to BTC, with ETHBTC currently trading at 0.07. ETH has found support at 0.07 ETHBTC, which represents the average ETHBTC price over the last 365 days.” Will this become a tendency or are these just the post-merge jitters? The Post-Merge Post-Mortem For a rational analysis, let’s quote The Weekly Update: “Ether traded idly after the merge, and volatility remained low until U.S. markets opened down. The ETH blow was related to a correlated environment to risk assets, but excess leverage from long traders contributed to exacerbating Ether’s relative underperformance versus BTC.” And the fact of the matter is that the old adage “buy the rumor, sell the news” applies perfectly here. Fuelled by hype, Ethereum’s price ballooned before the event. It was still far away from its all-time high of around $4,8K, but $1.7K was great for the market we’re in. The asset outperformed bitcoin and threatened its dominance. It was overbought, though. Post-merge, people sold and ETH is now in a downtrend. Textbook behavior that shouldn’t surprise a soul. The chart to watch, though, is that of Ethereum’s issuance. The main difference between the post-merge Ethereum and its predecessor is that the new coin will be much more scarce. And that could affect the price tremendously. ETH price chart for 09/21/2022 on Bittrex | Source: ETH/USD on TradingView.com State Of The Ethereum Forks One of the drivers of the pre-merge rally was the expectation that there might be forks and there might be airdrops. Two brand new Ethereum forks emerged from the messy situation. Those two suffered the most during this post-merge period. Back to The Weekly Update: “Ether has not struggled in isolation, Ether forks have experienced severe headwinds, and both ETHW and Poloniex’s competitor fork EthereumFair (ETF) have seen more than two-thirds of their valuation slashed since launch.” This brutal smackdown was to be expected. All forks generate something akin to an airdrop, as people received the equivalent to the ETH they had in ETHW and ETF. Users exchanged that free money for harder currencies pretty fast. And now it’s time for those forks, who the all-powerful stablecoins don’t support, to prove their worth. Related Reading: Bitcoin Dominance Reaches All-Time Lows As The Merge Nears An older fork was also in the news because of the merge and has been struggling as much as its cousins. “Ethereum Classic has also underperformed versus ETH. Amid the merge, many miners migrated to ETC, leading ETC’s hashrate to peak at 300 TH/s. However, as the difficulty has increased in ETC, the hashrate in ETC has declined to 186 TH/s” Some people thought that Ethereum Classic, who remains a Proof-Of-Work blockchain, was going to thrive post-merge. So far, they’ve been proven wrong. But we’re in the early innings and things might drastically change for old reliable Ethereum Classic. ETHBTC price chart on Binance | Source: The Weekly Update Conclusions Apparently, the merge was a success but the price didn’t hear the news. However, we should take into account that September is usually a bad month for cryptocurrencies in general. That, mixed with the classic “buy the rumor, sell the news” behavior have ETH against the ropes. For now. Featured Image by Gerd Altmann from Pixabay | Charts by TradingView and The Weekly Update
We are heading towards a global energy crisis. The power to operate our homes, never mind PoW networks, will become scarce. Ergo, ludicrously expensive! Banks will close, Supermarkets will close [see end], all that will remain are things which do not require vast amounts of energy. The merge happened just in time to save Ethereum…
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We have been talking trash about SEC, more so lately, for obvious reasons, but, this one struck as something we should praise SEC for 🙂 ——————- The United States Securities Exchange Commission (SEC) has filed a lawsuit against prominent crypto influencer, investor, and entrepreneur Ian Ballina over an initial coin offering (ICO) dating back to…
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Founder of fraud recovery law firm says the only other avenue available for investors would be to make reports to the Ontario Securities Commission or the police.
Binance, one of the biggest crypto exchanges by volume traded, has announced its expansion plans for Brazil. The exchange will open two new offices in the country to host 150 employees, who will be able to choose if they want to work in-office or remotely. The company also hinted at the launch of a debit […]
Ethereum is struggling to gain pace above $1,350 against the US Dollar. ETH must clear the $1,380 and $1,400 levels to start a steady increase. Ethereum is facing an increase in selling below the $1,400 level. The price is now trading below $1,400 and the 100 hourly simple moving average. There is a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD (data feed via Kraken). The pair could recover further if there is a clear move above the $1,400 resistance zone. Ethereum Price Recovers Slightly Ethereum formed a base above the $1,300 level and recently started an upside correction. ETH was able to recover above the $1,320 and $1,325 levels. There was a move above the $1,350 resistance. Ether price climbed above the 38.2% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. The price even spiked above the $1,375 level, but upsides were limited. The price failed to gain pace above the 50% Fib retracement level of the downward move from the $1,475 swing high to $1,282 low. It is now trading below $1,400 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,350 level. There is also a new connecting bearish trend line forming with resistance near $1,350 on the hourly chart of ETH/USD. The next major resistance is near $1,380 and the 100 hourly simple moving average. Source: ETHUSD on TradingView.com The main resistance sits near the $1,400 level. A clear break above $1,400 might start a decent increase towards the $1,450 level. Any more gains may perhaps open the doors for a move towards the $1,500 resistance. Fresh Decline in ETH? If ethereum fails to rise above the $1,350 resistance and the 100 hourly simple moving average, it could start a fresh decline. An initial support on the downside is near the $1,300 zone. The next major support is near $1,280. A downside break below the $1,280 support might increase selling pressure. In the stated case, ether price might drop towards the $1,200 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $1,300 Major Resistance Level – $1,400
The ethical exploiter thanked Arbitrium for the 400 ETH payday, but said such a find should be eligible for the max bounty of nearly 1,500 ETH, or $2 million.
KYC goes against everything that crypto stands for.The entire point behind creating cryptocurrencies was to prevent governments and other bodies of power from controlling our hard earned funds whether that’s with or without our consent) Every KYC platforms is government regulatory meaning that it should and will abide by the rules set by the government,…
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