Category: Cryptocurrency News

Ethereum price is consolidating gains above $2,400. ETH could start a major increase if there is a clear move above the $2,460 resistance. Ethereum is consolidating gains below the $2,460 resistance zone. The price is trading above $2,400 and the 100-hourly Simple Moving Average. There is a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh increase if there is a close above the $2,460 and $2,480 levels. Ethereum Price Aims Higher Ethereum price saw a steady increase after it broke the $2,350 resistance. ETH climbed above $2,400 and tested the $2,460 zone. A high was formed near $2,463 and the price is now consolidating gains, while Bitcoin extended its increase above the $45,000 level. Ether is trading above the 23.6% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. There is also a major bullish trend line forming with support at $2,435 on the hourly chart of ETH/USD. Ethereum is now trading above $2,400 and the 100-hourly Simple Moving Average. If there is a fresh increase, the price could surge above the $2,460 level. On the upside, the first major resistance is near the $2,500 level. The next major resistance is near $2,550, above which the price might rise and test the $2,620 resistance. Source: ETHUSD on TradingView.com If the bulls remain in action, they could even push the price above the $2,620 resistance. In the stated case, the price could rise toward the $2,700 level. Another Bearish Wave In ETH? If Ethereum fails to clear the $2,460 resistance, it could start a downside correction. Initial support on the downside is near the $2,435 level and the trend line. The next key support could be the $2,400 zone or the 50% Fib retracement level of the recent wave from the $2,352 swing low to the $2,463 high. A clear move below the $2,400 support might send the price toward $2,375. The main support could be $2,350. Any more losses might send the price toward the $2,240 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 – $2,400 Major Resistance Level – $2,460

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Bitcoin price is gaining pace above the $45,500 resistance. BTC tested $46,000 and could extend its rally toward the $48,000 resistance. Bitcoin price climbed higher above the $44,500 and $45,000 resistance levels. The price is trading above $45,000 and the 100 hourly Simple moving average. There is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to move up if it clears the $46,000 resistance zone. Bitcoin Price Jumps 5% Bitcoin price started a steady increase above the $43,500 resistance zone. BTC cleared a few hurdles near the $44,000 and $44,200 levels to move into a positive zone. The bulls gained strength and were able to pump the price above the $45,000 resistance. It traded close to the $46,000 level. A new multi-day high is formed near $45,955 and the price is showing signs of more gains in the near term. Bitcoin is trading well above the 23.6% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. It is also trading above $45,000 and the 100 hourly Simple moving average. Besides, there is a key connecting bullish trend line forming with support at $45,480 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $46,000 level. The next key resistance could be $46,200, above which the price could start another decent increase. Source: BTCUSD on TradingView.com The next stop for the bulls may perhaps be $46,850. A clear move above the $46,850 resistance could send the price toward the $47,500 resistance. The next resistance could be near the $48,000 level. Downside Correction In BTC? If Bitcoin fails to rise above the $46,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $45,500 level or the trend line. The first major support is $44,400 and the 50% Fib retracement level of the recent surge from the $42,765 swing low to the $45,955 high. If there is a close below $44,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $43,500 support. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $45,500, followed by $44,400. Major Resistance Levels – $46,000, $46,200, and $47,500.

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In a recently reviewed unpublished report by Reuters, United Nations (UN) sanctions monitors have alleged that North Korea engaged in a massive theft of crypto assets, raking in $3 billion through cyberattacks.  Nuclear Upgrades And Crypto Cyberattacks Unveiled According to Reuters, the independent panel of sanctions monitors revealed that despite international sanctions, North Korea continued to defy regulations by enhancing its nuclear arsenal and producing nuclear fissile materials.  The monitors further noted that the country conducted ballistic missile launches, deployed a “tactical nuclear attack submarine,” and even placed a satellite into orbit. Related Reading: Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks The UN report points to 58 suspected cyberattacks on crypto-related companies between 2017 and 2023, valued at approximately $3 billion. These attacks allegedly provided crucial funding for North Korea’s weapons of mass destruction (WMD) development.  The report states that hacking groups affiliated with the Reconnaissance General Bureau, North Korea’s primary foreign intelligence agency, were responsible for these cyber assaults. The monitors highlighted the increasing trend of North Korea targeting defense companies and supply chains and collaborating with other actors by sharing infrastructure and tools. The report also raises concerns about reports of North Korea supplying conventional arms and munitions, which contravenes existing sanctions. While the UN report is set to be released publicly later this month or early next, North Korea’s mission to the United Nations has not yet responded to requests for comment on the sanctions monitors’ allegations. The Security Council, traditionally deadlocked on the issue, is unlikely to take immediate action against North Korea, according to Reuters.  China and Russia have advocated for easing the sanctions to “persuade” North Korea to return to denuclearization talks. Furthermore, Russia and North Korea have recently pledged to strengthen military relations, although both countries deny allegations of weapons supply. North Korea’s Illicit Trade Per the report, North Korea has slowly begun to emerge despite the lockdown imposed amid the COVID-19 pandemic. The UN report reveals signs of trade recovery, with a higher trade volume in 2023 compared to 2022.  Notably, the United Nations monitors noted the reappearance of foreign consumer goods, including potential luxury items prohibited under Security Council sanctions. Related Reading: Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why The sanctions monitors also investigated reports of numerous North Korean nationals working overseas violating sanctions, particularly in information technology, restaurants, and construction sectors. These individuals were found to earn income that benefited the North Korean government. In addition, the report highlights North Korea’s continued access to the international financial system and engagement in illicit financial activities, including crypto assets, in defiance of UN Security Council resolutions. Featured image from Shutterstock, chart from TradingView.com

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Prometheum, an “alternative” trading platform for crypto “securities” assets, has recently announced the launch of its custodial services for Ethereum (ETH). This move has significant implications for the legal status of the second-largest cryptocurrency by market capitalization.  Fortune Magazine reported that the company’s strategy is to compel regulators, particularly the Securities and Exchange Commission (SEC), to recognize Ethereum as a security.  SEC Pressured To Settle Ethereum Legal Status Per the report, Prometheum, based in New York, has positioned itself as a compliant player in the crypto industry by claiming to have discovered a path to operate within existing laws.  The company received regulatory approval in 2021 to operate as an alternative trading platform for securities. It gained further attention when it obtained a special-purpose broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The license allows them to operate as a broker-dealer in “digital asset securities,” a designation no other firm has achieved. This has prompted crypto companies and even members of the US Congress to call for investigations into the firm’s activities. Related Reading: Analyst Reveals Potential Trigger For A 32% Cardano (ADA) Rally Previously, the SEC refrained from definitively classifying Ethereum as a security despite declaring several other cryptocurrencies as such.  Prometheum aligns with the SEC’s assessment that most cryptocurrencies are securities and argues that Ethereum can be listed as a security under an exemption called Rule 144, typically used for trading restricted stocks.  The embattled company claims it can use blockchain data to determine whether the assets have been circulating for over a year, a crucial factor in claiming the exemption. What’s interesting is that Prometheum’s custodial services for Ethereum could potentially force the SEC to determine Ethereum’s legal status. The company’s registered status with FINRA and the SEC, prominently displayed on its website, adds weight to its claim.  Legal experts and academics speculated that the SEC may be forced to rule on Ethereum’s classification due to Prometheum’s custodial launch. This decision could have far-reaching consequences for the crypto industry, challenging the industry’s argument that cryptocurrencies cannot operate under existing securities laws. Backlash Mounts As Prometheum Shakes Up Crypto Regulations SEC Chair Gary Gensler, who has intensified enforcement efforts following the collapse of FTX, has emphasized the sufficiency of existing rules while filing lawsuits against exchanges for failing to register with the agency.  Prometheum’s approach contrasts with other crypto exchanges like Coinbase, which argue that the existing rules are outdated. Prometheum’s strategy has drawn criticism from the crypto industry and Republican lawmakers who accuse Gensler of supporting the firm to advance his regulatory agenda. Related Reading: Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why Overall, Prometheum’s introduction of Ethereum custodial services has thrust the debate over Ethereum’s legal classification into the spotlight. This move could compel the SEC to decide whether Ethereum should be classified as a security, challenging the crypto industry’s argument for new laws.  While the success of Prometheum’s approach is still uncertain, it remains to be seen how subsequent SEC administrations will respond and whether institutional investors will be attracted to Prometheum’s compliant approach. Currently, ETH is trading at $2,428, reflecting a marginal 0.5% price increase in the last 24 hours. Featured image from Shutterstock, chart from TradingView.com