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Ethereum Could Rally If It Clears This Key Breakout Zone

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Ethereum Rally
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Ethereum dived towards $1,000 before it found support against the US Dollar. ETH is now correcting higher and facing a key hurdle near USD 1,125.

  • Ethereum extended decline towards $1,000 before it found support.
  • The price is now trading above $1,080 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it clears the $1,125 resistance zone.

Ethereum Price Finds Support

Ethereum remained in a bearish zone below the $1,100 support zone. ETH extended decline below the $1,050 and $1,040 levels. However, the bulls appeared above the $1,000 support zone.

A low was formed near $1,014 and the price started a fresh increase. The bulls gained strength for a move above the $1,050 and $1,060 resistance levels. Ether price climbed above the 23.6% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low.

Besides, there was a break above a key bearish trend line with resistance near $1,100 on the hourly chart of ETH/USD. Ether price is now trading above $1,080 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,125 level. The first major resistance is near the $1,145 zone. It is near the 50% Fib retracement level of the downward move from the $1,275 swing high to $1,014 low. A clear move above the $1,145 level could send the price higher.

Source: ETHUSD on TradingView.com

The next key barrier is near the $1,195 level, above which the price start a decent increase. In the stated case, the price could rise towards the $1,280 resistance zone.

Fresh Decline in ETH?

If ethereum fails to rise above the $1,145 resistance, it could start a fresh decline. An initial support on the downside is near the $1,090 zone. The next major support is near the $1,080 zone.

A downside break below the $1,080 support may perhaps spark another decline. In the stated case, the price could drop toward the $1,030 level, below which the bears might gain strength.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now losing momentum in the bullish zone.

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

Major Support Level – $1,080

Major Resistance Level – $1,145

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NFT Marketplace OpenSea Relists Azuki NFTs After Delisting

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Opensea Breach, Is Users' Data Trapped By Scammers?
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  • OpenSea had to cope with an email data breach and the delisting of BAYC NFTs in June.
  • Azuki’s floor price hardly budged from the time of the delisting fiasco.

Many of the Azuki NFTs that were delisted yesterday on the leading NFT marketplace OpenSea have been reinstated. After the marketplace discovered an error in their Trust & Safety flagging mechanism.

The team stated:

“Hey all, rough morning. There was an error in our Trust & Safety flagging system and a number of Azuki NFTs were briefly delisted. We DID work fast to resolve the issue + all impacted items have been relisted. Also, we’re in direct contact with the @AzukiOfficial team.”

When word spread that the Azuki NFTs had been delisted, the blue-chip NFT collection turned to Twitter to address the issue, stating that they had contacted OpenSea about the delisting emails that had been issued to Azuki holders and were waiting to hear back.

Not the First Time

The official announcement from OpenSea was released about two hours after the first issue was discovered. The NFT marketplace mentioned they did work rapidly to remedy the problem and they have been in direct communication with the Azuki team.

OpenSea further tweeted:

“We’re so sorry for any inconvenience and confusion this may have caused.” 

OpenSea has removed NFTs from a blue chip collection before. Recently, OpenSea had to cope with an email data breach and the delisting of Bored Ape Yacht Club (BAYC) NFTs in June. The situation was fixed in the same amount of time as Azuki’s.

Fortunately for Azuki’s, the floor price hardly budged from the time of the delisting fiasco on Friday and now, when it stands at 9.97 ETH as per recent data.

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Circle Partners With Truefi To Boost Usdc Adoption

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Firm Behind Usdc Stablecoin ‘Circle’ Announces Launch Of Euroc Stablecoin
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