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  • Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

    Ethereum is Primed For a Rally And Only 1 Thing is Holding it Back

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    Ethereum extended its rally above $3,600 level against the US Dollar. ETH price is consolidating gains and it might surge again if it clears $3,575.

    • Ethereum started a fresh increase above the $3,550 resistance level.
    • The price is now trading above $3,500 and the 100 hourly simple moving average.
    • There is a short-term bearish trend line forming with resistance near $3,575 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could continue to rise as long as it is above the $3,420 support zone in the near term.

    Ethereum Price Remains In Uptrend

    Ethereum extended its increase above the $3,500 resistance zone. ETH was able to climb above the $3,550 level and the 100 hourly simple moving average.

    During the increase, there was a break above a key bearish trend line with resistance near $3,475 on the hourly chart of ETH/USD. The pair even cleared the $3,600 zone. A high is formed near $3,628 and it is now correcting gains.

    Ether corrected lower below the $3,600 level. It traded below the 23.6% Fib retracement level of the recent wave from the $3,343 swing low to $3,628 high.

    It is now consolidating near the $3,500 zone. An immediate resistance on the upside is near the $3,550 level. The first major resistance is near the $3,575 level. There is also a short-term bearish trend line forming with resistance near $3,575 on the same chart.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The next major resistance is near the $3,600 level, above which the price might accelerate higher. In the stated case, the price may possibly rise towards the $3,700 level. The next key resistance could be $3,800.

    Dips Limited in ETH?

    If ethereum fails to continue higher above the $3,550 and $3,575 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $3,500 level.

    The first key support is now forming near the $3,480 level. It is close to the 50% Fib retracement level of the recent wave from the $3,343 swing low to $3,628 high. Any more losses could lead ether price towards the $3,425 support zone and the 100 hourly simple moving average.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is slowly moving in the bearish zone.

    Hourly RSI – The RSI for ETH/USD is now above the 50 level.

    Major Support Level – $3,425

    Major Resistance Level – $3,575

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  • Why Is XRP Price Holding onto Yearly Gains despite Ripple’s Legal Issues?

    Why Is XRP Price Holding onto Yearly Gains despite Ripple’s Legal Issues?

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    XRP as a cryptocurrency keeps catching the attention of global companies, as the firm behind the blockchain, Ripple, is broadening its business fronts within the sphere. As a digital asset, it remains in sixth place in the ranking of the largest cryptos by market capitalization, with a figure of $44.46 billion as of press time, according to Coinmarketcap.

    Although it has not brought too many gains so far from a yearly perspective, XRP has managed to overcome the hurdles amid the legal issues faced by Ripple Inc. in the United States. The San Francisco-based blockchain firm recently launched a fund worth $250 million to support the creation of non-fungible tokens (NFTs) on the XRP Ledger.

    Ripple and the NFT Market

    Such a manoeuvre will allow the company to incentivize brands, marketplaces and creators to explore new use cases for the NFT market amid the current hype this sector has been undergoing nowadays.

    “Since day one, we’ve viewed crypto and blockchain as powerful levelers, unlocking access and equity for everyone. The growth of NFTs is an important part of that vision, helping build a tokenized future that will allow new business models to prosper and people to engage more deeply with the communities and things they care most about,” Ripple noted in a blog post. This announcement propelled XRP price to test fresh highs and skyrocketed by 7.5%.

    Current Status of the US SEC vs. Ripple Legal Battle

    But, what had happened with the legal battle against the US Securities and Exchange Commission? It was recently revealed that the US watchdog did not always consider XRP a security, which is the hot potato of the legal tussle. Only until 2018 XRP was included within the list of securities of the SEC.

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    When the news crossed the wires, XRP price skyrocketed by 10% in September because it contradicted the initial statement from the regulators that XRP cryptocurrency was a security from the beginning. Thus, the US SEC used such assertion to argue that Ripple was allegedly engaged in illicit securities sales from the early days.

    Former US Treasurer Talks about XRP’s Purpose

    The strain of positive news did not stop during September for Ripple and XRP, as Rosie Rios, the 43rd Treasurer of the United States from 2009 to 2016 under President Barack Obama, issued her definition of XRP, which does not align with the SEC’s assertions: “XRP’s primary purpose is facilitating cross-border payments while other #Cryptos find their value in speculation. China’s latest move brings this point home.”

    XRP Price Analysis

    So far, from a broad perspective based on the daily chart, XRP keeps its yearly gains at the end of September above the $0.9000 critical level. This is because XRP was hit hard by the sell-off seen at the start of September, combined with China’s tussles on the regulatory crackdown towards the crypto industry. However, losses were capped by such a psychological area.

    XRP Price Analysis
    XRP Daily Chart

    As a result, the 200-day simple moving average has provided dynamic support across the board, and the RSI indicator keeps trending upwards. The next critical resistance levels lie at $1.018 and $1.123. Should the lows from September give up in order to open the doors for further declines toward a critical resistance, now support, placed at around $0.7643.



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  • Vitalik thinks token-based decentralized governance is holding DeFi back

    Vitalik thinks token-based decentralized governance is holding DeFi back

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    Ethereum co-founder Vitalik Buterin has taken a deep dive into token-based decentralized governance, suggesting that existing voting mechanisms are flawed and may be holding the DeFi sector back from realizing its full potential.

    In a lengthy blog post published Aug. 16, Buterin stated the crypto community needs to “move beyond coin voting as it exists in its present form.”

    Currently, the majority of decentralized finance (DeFi) projects manage their protocol upgrades, reward issuance, and other facets of governance elections where votes are distributed among token holders according to the size of their holdings.

    However, many projects have come under fire for allowing their voting process to be dominated by whales holding vast swathes of the governance tokens, allowing them to vote in support of their personal interests.

    Buterin highlighted two issues relating to token-based governance, emphasizing the risk of incentives misaligning among community members, and its vulnerability to “vote-buying” and “outright attacks” influencing the outcome of governance votes. He added:

    “The most important thing that can be done today is moving away from the idea that coin voting is the only legitimate form of governance decentralization.”

    Buterin noted the prevalence of “unbundling,” whereby “vote-buying” can be achieved and governance systems can be manipulated by borrowing on crypto collateral and using the tokenized assets to vote.

    In the context of unbundling, “the borrower has governance power without economic interest, and the lender has economic interest without governance power,” he added.

    Looking beyond token-based governance, Buterin advocated the exploration of “Proof-of-Humanity”-based governance systems where one vote is allocated per each of a protocol’s users.

    Buterin also offered “Proof-of-Participation” as a possible solution, where voting is limited to the users of a protocol that have contributed work to the benefit of a project or its community, suggesting voting rights could be exclusively distributed to addresses that complete a specific task.

    Ethereum’s co-founder also suggested quadratic voting — where the power of a single voter is proportional to the square root of the economic resources that they commit to a decision — could offer unique solutions to decentralized governance.

    Related: Can DeFi and on-chain governance change human nature?

    He also suggests a “skin in the game” approach that makes individual voters responsible for their decisions, stating:

    “Coin voting fails because while voters are collectively accountable for their decisions (if everyone votes for a terrible decision, everyone’s coins drop to zero), each voter is not individually accountable.”