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Ethereum Climbs To $1,900, Why $2K Could Be Next

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Ethereum
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Ethereum started a major increase above $1,800 against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

  • Ethereum found support near $1,680 and started a fresh increase.
  • The price is now trading above $1,800 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise further higher towards the $1,950 and $2,000 levels.

Ethereum Price Rallies 12%

Ethereum remained well bid above the $1,650 level. ETH formed a base and started a fresh increase above the $1,750 resistance zone. The bulls pumped the price above the $1,800 level.

The price climbed higher and even broke the $1,850 resistance. Finally, there was a move above the $1,900 and the price settled above the 100 hourly simple moving average. A high was formed near $1,919 and the price is now consolidating gains.

It is now trading well above $1,800 and the 100 hourly simple moving average. Ether price is also well above the 23.6% Fib retracement level of the upward move from the $1,655 low to $1,919 high.

Source: ETHUSD on TradingView.com

An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,950 level. A clear move above the $1,950 level could start a steady increase to $2,000. If the bulls remain in action, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Dips Supported in ETH?

If ethereum fails to rise above the $1,920 resistance, it could start a downside correction. An initial support on the downside is near the $1,850 zone. The next major support is near $1,800.

The main support is near the $1,780 level or the 50% Fib retracement level of the upward move from the $1,655 low to $1,919 high, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,750 support. Any more losses might call for a test of the $1,700 level.

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 65 level.

Major Support Level – $1,780

Major Resistance Level – $1,920

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CertiK Uncovers Suspicious $2.4M Payments Into Tornado Cash

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Certik Uncovers Suspicious $2.4M Payments Into Tornado Cash
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  • The money movement is linked to the October 2021 BXH Exchange breach.
  • GitHub reinstated the Tornado Cash code in “read-only” mode.

On Saturday, crypto security company CertiK said that it had uncovered a suspicious $2.4 million payment into the cryptocurrency mixer Tornado Cash. Information suggests the money movement is connected to the October 2021 BXH Exchange breach. It resulted in a loss of $139 million. Although the U.S. Treasury’s Office of Foreign Asset Control (OFAC) has placed sanctions on the crypto mixer. However, the exchange is still being used to move money.

The theft of over 4,000 ETH worth $139 million from the BXH Exchange at the end of October is likely connected to the transfer of funds.

Hackers Defying Sanctions

The address 0x158F5 is held by a third party and used the Binance Smart Chain and Avalanche staking contract’s privileged method to retrieve staked tokens and withdraw cash. The tokens were then transferred to Ethereum using the address.

CertiK reports that the staking contract holding the funds and locations was previously released by a Telegram group formed by persons affected by the BXH Exchange. Tokens with a bridging ERC-20 standard were converted to ETH at the address in question. To date, almost $2.4 million in value has been transferred into Tornado Cash, represented by 1865 ETH tokens.

Even after the Office of Foreign Asset Control at the U.S. Treasury banned suspicious transactions on Tornado Cash in August, the service is still accepting them. The crypto mixer platform has just received a transfer of 500 thousand DAI from EOA 0x0B789. The money transfer was associated with an exploit in DAO Maker.

After receiving confirmation from the Office of Foreign Asset Control of the United States Treasury, GitHub reinstated the Tornado Cash code in “read-only” mode.

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Whale Alert: 270 Million XRP ($130M) Bought by Whales

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Ripple (Xrp) Price Jumps To New Four-Month High
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  • The largest ever buy was on the Bitso crypto market for 54.1 million XRP.
  • XRP prices have increased by around 50% during the last week.

The native XRP token of Ripple has seen the most growth over the previous seven days. While Bitcoin and Ethereum have both had big price declines recently, XRP has seen a sharp increase. The current price increase of XRP may be attributed to a number of factors. Whales hoarding Ripple tokens is one instance.

Tokens worth around $130.2 million in XRP, almost 270M XRP have been transmitted from several cryptocurrency exchanges to many unknown addresses in the past 24 hours, according to data from Whale Alert. The largest ever buy was on the Bitso crypto market for 54.1 million XRP. Approximately $27.5 million worth of XRP coins were purchased by Whale all at once.

High Volatility Expected After Judgement

However, whales have been buying up XRP on the Bitstamp platform to the tune of nearly $84.1 million. To their XRP holdings, whales have just added more than $41.4 million over many trades. Meanwhile, a massive transaction involving 132 million XRP (about $62.1 million) was also spotted by the whale tracker.

Since the SEC and Ripple submitted their summary judgement papers, there has been a dramatic increase in the whale stockpiling of XRP tokens. The current increase was caused by new court documents. It also noted a surge in the number of active addresses holding between 1 and 10 million XRP tokens in late 2022.

On the other hand, XRP prices have increased by around 50% during the last week. Since word of the case’s resolution circulated favorably across the market, this is the result. At this moment, the price of XRP is $0.5015 as per CMC.

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California Governor Vetoes Crypto Regulation Bill

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Following Aftermath Of Recent Slump Bitpanda Announces Workforce Layoff
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