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TA: Ethereum Gearing For Another Lift-Off to $2k: Rally Isn’t Over Yet

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Ethereum
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Ethereum gained pace and cleared the $1,800 resistance against the US Dollar. ETH is rising and might continue to rise towards the $2,000 resistance zone.

  • Ethereum remained well bid above the $1,800 support and climbed further higher.
  • The price is now trading above $1,820 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise further higher towards the $1,980 and $2,000 levels.

Ethereum Price Eyes More Upsides

Ethereum remained well bid above the $1,750 level. ETH gained pace after there was a clear move above the $1,800 resistance zone. It even climbed above the $1,880 level.

There was a spike above the $1,920 resistance and the price traded as high as $1,943. Recently, there was a downside correction below the $1,900 level. Ether price tested the 23.6% Fib retracement level of the recent increase from the $1,655 low to $1,943 high.

However, the price remained well bid above the $1,880 level. There is also a key bullish trend line forming with support near $1,880 on the hourly chart of ETH/USD.

Source: ETHUSD on TradingView.com

Ether price is now trading above $1,820 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,920 level. The first major resistance is near the $1,940 level. A clear move above the $1,940 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,120 resistance zone in the near term.

Dips Limited in ETH?

If ethereum fails to rise above the $1,940 resistance, it could start a downside correction. An initial support on the downside is near the $1,880 zone and the trend line. The next major support is near $1,855.

The main support is near the $1,800 level or the 50% Fib retracement level of the recent increase from the $1,655 low to $1,943 high, below which there is a risk of more losses. In the stated case, ether price may perhaps decline towards the $1,765 support. Any more losses might call for a test of the $1,720 level.

Technical Indicators

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

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

Major Support Level – $1,800

Major Resistance Level – $1,940

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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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