Category: Cryptocurrency News

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Ethereum (ETH) enthusiasts have found a glimmer of hope in the recent bullish reversal as the entire crypto market appears to be headed for recovery. The second-largest cryptocurrency by market capitalization experienced a significant upturn, clawing its way back from the $1,550 support level just last week.  At the time of writing, ETH is trading at $1,655 according to CoinGecko, showcasing a commendable 5% uptick. This surge has bolstered investor confidence, prompting them to set their sights on challenging the overhead resistance trendline. Related Reading: BNB Trading Sideways In Last 30 Days – Is Stagnation Likely Until October? Battling The Resistance: A Critical Juncture The current phase in Ethereum’s price dynamics is marked by a descending resistance trendline. Over the past two months, the cryptocurrency has encountered this formidable resistance barrier twice, both instances leading to a sharp downturn in price. This pattern underscores the resurgence of selling pressure whenever the price nears this elusive boundary. Analysts are closely monitoring the situation, suggesting that should ETH breach the September 18 low of $1,610, it could open the floodgates for bears to push the asset below the $1,550 floor. Such a scenario could set the trajectory towards the $1,460 mark, representing a potential decline of 9.5%. The battle with overhead resistance remains a pivotal juncture for Ethereum, with both bulls and bears on edge. ETH market cap currently at $195 billion. Chart: TradingView.com Ethereum: Blockspace Profitability  Concurrently, Ethereum’s blockchain ecosystem is encountering a series of exceptional challenges. Insights from Blockworks data have illuminated a noteworthy aspect of Ethereum’s blockchain activity: it has consistently yielded profits since the network’s transition to a proof-of-stake consensus mechanism in September 2022. This transition was heralded as a pivotal moment in Ethereum’s evolution, aiming to enhance its scalability, security, and sustainability. Related Reading: Halving Hype: Bitcoin Gearing Up For A Parabolic Ride, Analyst Says Activity on the Ethereum network has dwindled, leading to September shaping up as the first month to post significant losses since the proof-of-stake upgrade. Throughout the month, Ethereum’s blockspace has recorded only one day of profitability, with losses accumulating to a staggering $15.9 million as of Monday. Source: Blockworks Analytics Meanwhile, this transformation in blockspace profitability aligns with an expansion in Ethereum’s circulating supply, which has increased by approximately 8,900 ETH this month, as reported by ultrasound.money.  Source: Ultrasound.money Ethereum’s price battle at the resistance trendline may determine its short-term fate, while the concerning decline in blockspace profitability highlights broader challenges for the network. ETH investors and enthusiasts are keenly observing these developments, hoping for a resurgence in both price and blockchain activity to regain their confidence in the platform’s future. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from E-Mountainbike Magazine

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Across their social media channels, Ethereum-based decentralized exchange (DEX) Balancer reported an attack against its front end. The platform confirmed that a Domain Name System (DNS) attack targeted the DEX, preventing users from accessing the DEX. Related Reading: Ripple Stirs Debate By Shuffling $260 Million In XRP: What’s Behind The Move? Ethereum DeFi Under Siege According to an official post, a team is investigating the DNS attack against Balancer. In the meantime, users were asked to avoid interacting with the DEX’s front end to prevent them from falling victim to the bad actors. In a DNS attack, bad actors can employ different strategies to compromise the security of a website and drain the users’ crypto wallets. Until the investigation is concluded, the team behind Balancer cannot guarantee that the attackers won’t target users. The team behind the DEX added the following, confirming the protocol’s Decentralized Autonomous Organization (DAO) involvement in resolving the current situation: The Balancer DAO is actively addressing the current DNS attack and is working with all relevant parties to ensure the full recovery of the Balancer UI. In the meantime, please DO NOT interact with http://balancer.fi or http://app.balancer.fi until further notice. Independent crypto investigator ZachXBT reported that over $238,000 had been stolen from the DEX. The investigator confirmed that the funds were sent to this Ethereum address: 0x645710Af050E26bB96e295bdfB75B4a878088d7E. Further data from Etherscan confirms that the bad actors have begun moving the funds. The individuals use Tornado Cash, another decentralized exchange, to “launder” the stolen funds to gain anonymity. Pseudonym user Defi_Hanzo was the first to report this development and the first to lose money to the hackers to confirm the DNS attack theory. As seen below, the bad actors took over the Balancer front-end and asked users to change input in the chain where they hold most of their funds. Once this transaction was completed, bad actors could drain the user’s wallet. DeFi_Hanzo asked the team behind Balancer for a refund after falling victim to the attack. DeFi’s Public Enemy Number One Balancer is just one of the many DEX or DeFi applications that have been the victim of some strategy to steal their funds. As Bitcoinist reported, hacks, scams, and other criminal activities in the nascent sector were up 75% by the end of H2 2023 compared to 2022. Bad actors stole over $650 million over that period, which has continued to rise in the coming months. Of all of the sectors in the crypto industry, DeFi has been the most affected. The different protocols and applications supported by DeFi platforms lost almost $300 million by the end of H2, 2023. The North Korean affiliate hacker group “Lazarus” has been responsible for many attacks. Related Reading: Is $10,000 Possible For XRP Price? Crypto Analysts Weigh In As of this writing, Ethereum (ETH) trades at $1,600 with sideways movement in the last 24 hours. Cover image from Unsplash, chart from Tradingview

Wormhole integrated with Circle’s Cross-Chain Transfer Protocol, allowing USDC to be sent between Ethereum, Avalanche, Arbitrum and Optimism.