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What Could Trigger A Sharp Decline?

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Ethereum
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Ethereum started a downside correction from the $2,000 resistance against the US Dollar. ETH is consolidating and might decline further towards $1,810.

  • Ethereum started a downside correction below the $1,950 level.
  • The price is now trading below $1,950 and the 100 hourly simple moving average.
  • There was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if it stays below the $1,950 pivot level.

Ethereum Price Dips

Ethereum made a couple of attempts to gain strength above the $2,000 resistance zone. However, ETH failed to extend gains and started a downside correction below the $1,950 level.

There was a clear move below the $1,920 level and the 100 hourly simple moving average. Besides, there was a break below a connecting bullish trend line with support near $1,925 on the hourly chart of ETH/USD. Ether price even declined below the $1,900 level.

A low is formed near $1,862 and the price is now consolidating losses. It is now trading below $1,950 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,900 level. It is near the 23.6% Fib retracement level of the recent decline from the $2,030 swing high to $1,862 low. The first major resistance is near the $1,945 and $1,950 levels.

Source: ETHUSD on TradingView.com

The 50% Fib retracement level of the recent decline from the $2,030 swing high to $1,862 low is also near the $1,950 level to act as key resistance. A clear move above the $1,950 level could start a steady increase to $2,000. If there are more upsides, the price may perhaps rise towards the $2,080 resistance zone in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,950 resistance, it could continue to move down. An initial support on the downside is near the $1,862 zone.

The next major support is near $1,850, below which there is a risk of a move towards the $1,810 level. If the bears remain in action, the price could even decline towards the $1,720 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 below the 50 level.

Major Support Level – $1,860

Major Resistance Level – $1,950

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Uniswap Striving for $100-$200M Funding at $1B Valuation

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Uniswap Community Votes In Favor Of Uniswap Foundation
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  • Uniswap (v3) has 45.2% of the market share in terms of the trading volume.
  • The native token UNI of the platform has recently outperformed the market.

Each company has taken its own unique approach to reach its ultimate objective, which may include anything from introducing new goods to raising capital or expanding into new markets. This new step is part of Uniswap’s master aim to consolidate even more power. TechCrunch claims Uniswap Labs is in the “early stages” of organizing a fresh fundraising round.

The company is apparently in talks with a number of investors, including Polychain and one of Singapore’s sovereign funds, in an effort to raise an equity round of $100 million to $200 million at a valuation of roughly $1 billion.

Plans to Increase Dominance

TechCrunch quotes unidentified sources as saying that the round’s negotiations had not yet reached a final level. Thus, the agreement’s future provisions are subject to change.

Uniswap Labs, backed by Andreessen Horowitz, closed an $11 million Series A fundraising round in August 2020. USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital all contributed as well.

Furthermore, Uniswap is very dominant in the DEX market. According to CoinGecko’s statistics, Uniswap (v3) has 45.2% of the market share in terms of trading volume, followed by Curve (Ethereum), PancakeSwap (v2), and DODO.

Actually, 5.2%, 2.8%, and 2.6% of all trading volume on decentralized exchanges occurs on Uniswap on Polygon, Optimism, and Arbitrum, respectively.

In a few cases, the volume settled on Uniswap has been comparable to the data provided by the centralized exchange Coinbase. Actually, they were both in the lead at the same time earlier in the month. Moreover, the native token UNI of the platform has recently outperformed the market. This occurred at the same time when the TVL of the DeFi market fell below $100 billion.

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MicroStrategy Recruiting for BTC Lightning Network Engineer

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Microstrategy Adds 301 Bitcoin (Btc) Worth Around $6 Million
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