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Ethereum Price Roadblocks: What’s Hindering A Fresh Increase? | MATIC News
Ethereum price struggled to recover above the $3,420 resistance zone. ETH is consolidating and might decline again if there is a move below $3,320.
- Ethereum is struggling to gain pace for a move above the $3,420 zone.
- The price is trading below $3,400 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair must clear the $3,400 and $3,425 resistance levels to continue higher.
Ethereum Price Faces Hurdles
Ethereum price started a decent recovery wave above the $3,320 level. ETH even cleared the $3,350 level but the bears were active near $3,420. A high was formed at $3,426 and the price corrected gains like Bitcoin.
There was a move below the $3,380 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high. The bulls are now trying to protect more downsides below the $3,320 level.
Ethereum is still trading below $3,400 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the trend line and $3,400. There is also a connecting bearish trend line forming with resistance near $3,400 on the hourly chart of ETH/USD.
The first major resistance is near the $3,420 level. The main resistance is near the $3,450 level. A close above the $3,450 level might send Ether toward the $3,550 resistance.
The next key resistance is near $3,620. An upside break above the $3,620 resistance might send the price higher. The next hurdle sits at $3,680, above which the price might gain traction and rise toward the $3,720 level. Any more gains could send Ether toward the $3,880 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $3,400 resistance, it could start another decline. Initial support on the downside is near $3,350. The first major support sits near the $3,320 zone and the 50% Fib retracement level of the upward move from the $3,230 swing low to the $3,426 high.
A clear move below the $3,320 support might push the price toward $3,250. Any more losses might send the price toward the $3,200 level in the near term.
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 zone.
Major Support Level – $3,320
Major Resistance Level – $3,400
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Avalanche Gains Momentum As AVAX Sets Sights On $30.34 Resistance | MATIC News
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I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
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SEC Serves Fresh Lawsuit To Metamask Developer Consensys | MATIC News
The US Securities and Exchange Commission (SEC) has instituted a lawsuit against Metamask developer, Consensys. The Commission alleges that the crypto firm violated securities laws by acting as an unregistered securities broker.
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SEC Accuses Consensys Of Violating Securities Laws Using Metamask
According to the court document, the SEC claims that Consensys has acted “as an unregistered broker of crypto asset securities through its MetaMask Swaps service” since October 2020. The Commission also accused the crypto firm of engaging in the unregistered offer and sale of securities through crypto staking programs.
The SEC stated that Consensys has brokered over 36 million crypto transactions since 2020 through its MetaMask Swaps, at least 5 million involving crypto asset securities. Metamask is known as one of the most widely used crypto wallets. In addition to storing their crypto assets on the application, users can buy and sell cryptocurrencies by swapping one crypto asset for the other.
This ‘Swap’ service forms the focal point of the SEC’s enforcement action. The SEC claims that some of these crypto assets are securities, and by enabling users to swap these securities, Consensys acted as an unregistered securities broker, thereby violating securities laws in the process.
The SEC went further to list Polygon (MATIC), Decentraland (MANA), Chiliz (CHZ), The Sandbox (SAND), and Luna (LUNA) as the crypto securities that were made available for trading on Metamask’s swap platform.
Additionally, the SEC accused Consensys of performing a “traditional function of the securities market” by offering and selling securities for Lido and Rocket Pool. The Commission claimed that the staking programs offered by Lido and Rocket Poo are investment contracts and that Consensys was in the wrong by offering these securities through unregistered transactions on its ‘MetaMask Staking’ platform.
The Genesis Of The Legal Battle Between SEC And Consensys
Interestingly, the SEC’s lawsuit against Consensys comes just months after the crypto firm filed a lawsuit against the Commission, accusing the SEC of an “unlawful seizure of authority.” Consensys sought Judicial relief against a potential action from the SEC. They also asked the court to declare that Ethereum wasn’t a security and that the SEC had no jurisdiction over crypto-related matters.
The crypto firm looked to have won that battle, considering that the SEC dropped its investigation into Ethereum’s status as a security. However, in the letters informing Consensys about the Commission’s decision to drop its investigation into Ethereum, the SEC had warned the crypto firm that they could bring enforcement actions against them relating to other issues, which they have now done.
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Reacting to the SEC’s lawsuit, Consensys stated that it would “vigorously pursue” the lawsuit it had initially filed against the SEC. The crypto firm also remarked that they had fully expected” the SEC to follow through with its threat of claiming that MetaMask had to be registered as a securities broker.
Featured image from CNBC, chart from TradingView
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Analyst Bullish On Crypto’s 240% Rally | MATIC News
The cryptocurrency market has been a rollercoaster ride in 2024, with many tokens experiencing significant losses. However, amidst the chaos, XRP, the native token of Ripple, has stood out as a beacon of stability. While not immune to the overall market dip, XRP has remained relatively range-bound, minimizing losses and sparking renewed optimism among analysts and investors alike.
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Stability Breeds Bullish Sentiment
While Bitcoin and Ethereum have taken significant hits this year, XRP has displayed remarkable resilience. This stability is attributed to several factors, including its utility-driven nature. The altcoin is designed to facilitate faster and cheaper cross-border transactions, a function that remains valuable regardless of market sentiment. Additionally, Ripple’s ongoing partnerships with financial institutions continue to provide a level of stability for the token.
The coin’s recent performance is a testament to its underlying strength. The token’s ability to hold its ground during a bearish market suggests it has a strong foundation and could be well-positioned for future growth.
Analyst Predicts 240% Surge Against Bitcoin
Adding fuel to the bullish fire, prominent crypto analyst Javon Marks has made a bold prediction for XRP. Marks, known for his accurate forecasts, believes the crypto is on the cusp of a major breakout against Bitcoin.
$XRP / #BTC has, on a Logarithmic Scale, broken out of a notable, near year long resisting trend and this can be a sign of a major bullish reversal to come in.
With this breakout, a follow through can result in XRP outrunning Bitcoin by more than 243%!
In Mid 2023, XRP moved… pic.twitter.com/84Aqlp3rLI
— JAVON⚡️MARKS (@JavonTM1) June 27, 2024
According to some analysts, we’ve recently witnessed a significant technical development for XRP. The token has broken a year-long resistance trend on the logarithmic scale, indicating a potential major uptrend in the making. If this momentum continues, XRP could experience a staggering 243% surge against Bitcoin.
This prediction echoes a similar price rise XRP experienced in mid-2023. During that period, the token saw a remarkable 100% increase, while the XRP/BTC pair gained a respectable 63%. If Marks’ prediction holds true, the potential gains for XRP could significantly surpass those seen last year.
A New Dawn For XRP?
The analyst community is closely monitoring these developments with growing excitement. XRP’s potential to outperform Bitcoin is seen as a harbinger of a renewed bullish sentiment in the crypto market. With market dynamics shifting and investor confidence potentially returning, XRP could be poised to redefine its position within the cryptocurrency landscape.
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Despite the inherent volatility of the crypto market, XRP’s recent resilience and potential for significant gains have captured the attention of investors. As the market navigates these uncertain times, XRP’s journey will be one to watch closely.
Featured image from Lockheed Martin, chart from TradingView
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