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  • Ethereum Plunges, Can Buyers Save The Key $3K Support?

    Ethereum Plunges, Can Buyers Save The Key $3K Support?

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    Ethereum extended decline below the $3,100 support zone against the US Dollar. ETH price must stay above $3,000 to avoid a sharp decline.

    • Ethereum extended decline below the $3,120 and $3,100 levels.
    • The price is trading below $3,150 and the 100 hourly simple moving average.
    • There is a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could start a decent increase if there is a clear move above the $3,200 resistance zone.

    Ethereum Price Keeps Struggling

    Ethereum failed to settle above $3,200 and extended decline below the $3,120 support zone. ETH even broke the $3,080 level and settled below the 100 hourly simple moving average.

    A low is formed near $3,050 and currently correcting losses. There was a minor recovery wave above the $3,100 level. Ether price climbed above the 50% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.

    The first major resistance is near the $3,135 level. There is also a key bearish trend line forming with resistance near $3,140 on the hourly chart of ETH/USD. The trend line is near the 61.8% Fib retracement level of the recent decline from the $3,195 swing high to $3,050 low.

    Ethereum Price

    Source: ETHUSD on TradingView.com

    If there is an upside break above the trend line, the price could rise towards the $3,190 resistance zone and the 100 hourly simple moving average. The next major resistance is near the $3,200 level, above which ether price could gain bullish momentum. In the stated case, the price could rise towards $3,300 in the near term.

    More Losses in ETH?

    If ethereum fails to start a fresh increase above the $3,150 level, it could continue to move down. An initial support on the downside is near the $3,080 level.

    The first key support is now forming near the $3,050 level. A downside break below the $3,050 level might even spark a move below the $3,000 level. The next major support for the bulls may perhaps be near the $2,880 zone. Any more losses could push the price towards the $2,750 level.

    Technical Indicators

    Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.

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

    Major Support Level – $3,050

    Major Resistance Level – $3,150

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  • Can Bulls Save the Day?

    Can Bulls Save the Day?

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    Ethereum started another decline below the $3,400 support zone against the US Dollar. ETH price must stay above $3,150 to avoid more losses in the near term.

    • Ethereum started a fresh decline from the $3,500 and $3,550 resistance levels.
    • The price is now trading below $3,300 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
    • The pair could a steady increase as long as it is above the $3,150 support zone.

    Ethereum Price is Eyeing Decent Recovery

    Ethereum failed to clear the main $3,500 resistance zone. ETH started a major decline below the $3,400 support zone and the 100 hourly simple moving average, similar to bitcoin.

    The price traded below the $3,320 and $3,250 support levels. Finally, ether spiked below $3,200, but the bulls were active near the key $3,150 support zone. A low is formed near $3,156 and the price is now consolidating losses.

    An immediate resistance on the upside is near the $3,230 level. It is close to the 23.6% Fib retracement level of the recent drop from the $3,456 high to $3,156 low. The first major resistance is now forming near the $3,320 level (the last key support).

    Ethereum Price

    Source: ETHUSD on TradingView.com

    The 50% Fib retracement level of the recent drop from the $3,456 high to $3,156 low is also near $3,320. Besides, there is a major bearish trend line forming with resistance near $3,360 on the hourly chart of ETH/USD. A clear break and close above the $3,400 level could start another increase. The next major resistance sits near $3,500.

    More Losses in ETH?

    If ethereum fails to correct higher above the $3,250 and $3,320 resistance levels, it could start another decline. An initial support on the downside is near the $3,180 level.

    The next major support seems to be forming near the $3,150 level. A downside break below the $3,150 support zone could spark a sharp decline. The next major support is near the $3,000 level, below which ether price might decline towards the $2,880 support zone in the near term.

    Technical Indicators

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

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

    Major Support Level – $3,150

    Major Resistance Level – $3,320

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  • True decentralization is the only thing that will save DeFi projects

    True decentralization is the only thing that will save DeFi projects

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    Hester Pierce of the U.S. Securities and Exchange Commission — colloquially known as ‘Crypto Mom,’ has warned of rampant “shadow-centralization” within the decentralized finance (DeFi) sector.

    Speaking to outspoken DeFiWatch founder Chris Blec in an August 4 discussion streamed by The Defiant, the SEC commissioner noted that decentralized organizations and DeFi are new concepts for regulators and that: “having a peer-to-peer system that doesn’t have central intermediaries is very different from what we’re normally dealing with.”

    “If you want to be decentralized, you really need to be decentralized, and that is going to then put you in a different category from the perspective of regulators because that’s just not something that we’ve dealt with before.”

    “If regulators can find a centralized part or group of people that they can grab hold of, they will grab hold of them. So I think it’s just good to be cautious about how you build things because, down the road, it could have regulatory implications,” she added.

    Blec asked for Pierce’s opinion on the best route for developing decentralized protocols, asking if founders should strive to reach the same level of decentralization as Bitcoin, or start to build “really cautiously and then running towards regulation” to avoid running afoul of the law.

    The commissioner said that existing regulations have been designed so that “any entity or person that is involved in the financial industry is probably going to come under at least one regulatory framework.”

    Pierce urged DeFi founders who believe they are engaged in new activities that do not fall under the framework of existing legislation to engage regulators and “figure out if there’s an alternative way […] to comply.”

    “If you want to make a case that you’re something different than the CeFi or TradFi system, then you have to show that you’re doing something radically different, which from my perspective, requires decentralization.”

    “If the trust is really coming from the code, that’s something very different than if the trust is coming from one company or a group of people,” she added.

    The commissioner also noted the prevalence of “shadow-centralization” within the DeFi sector, where opaque governance structures can lead to a protocol being subject to centralized control despite wearing the banner of decentralization in its marketing.

    Related: SEC has no authority over crypto, CFTC commissioner argues

    However, Pierce urged regulators to adapt to decentralized innovation, stating: “regulators need to do a better job of figuring out how to work with innovators.”

    “That’s part of the reason our financial system is so concentrated,” she continued. “Because the only people who can afford to wait to get the approvals are people who have a lot of money already and who can have really good lawyers already.”

    On the question of what Satoshi Nakamoto’s experience would look like should they have engaged the SEC before launching Bitcoin, Pierce stated:

    “It’s 2021, it would be very likely that Satoshi would still be […] trying to get a no-action letter.”