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Ethereum Indicators Suggest ETH at Potentially Significant Turning Point

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Ethereum
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Ethereum is slowly moving lower below $1,900 against the US Dollar. ETH must stay above $1,850 to avoid more losses in the near term.

  • Ethereum started a downside correction below the $1,920 level.
  • The price is now trading below $1,920 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if it stays below $1,900 and $1,950.

Ethereum Price Faces Resistance

Ethereum started a downside correction from well above the $2,000 resistance zone. ETH slowly moved lower below the $1,950 and $1,920 levels.

There was a clear move below the $1,900 level and the 100 hourly simple moving average. Ether price traded as low as $1,854 and remained stable above the $1,850 support zone. It is now consolidating losses above the $1,860 level.

An immediate resistance on the upside is near the $1,900 level and the 100 hourly simple moving average. It is near the 23.6% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low. There is also a key declining channel forming with resistance near $1,900 on the hourly chart of ETH/USD.

The first major resistance is near the $1,920 and $1,925 levels. The key breakout zone is forming near the $1,950 level or the 50% Fib retracement level of the recent drop from the $2,030 swing high to $1,854 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,950 resistance could start a steady increase to $2,000. If there are more upsides, the price may perhaps gain bullish momentum and test the $2,080 resistance zone in the near term.

More Losses in ETH?

If ethereum fails to rise above the $1,925 resistance, it could continue to move down. An initial support on the downside is near the $1,860 zone.

The next major support is near $1,850, below which there is a risk of a sharp decline. In the stated case, ether price may perhaps decline towards the $1,810 level. If the bears remain in action, the price could even drop towards the $1,750 level.

Technical Indicators

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

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

Major Support Level – $1,850

Major Resistance Level – $1,925

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Anonymous Group Accuses Yuga Labs and BAYC NFTs

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Anonymous Group Accuses Yuga Labs And Bayc Nfts
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  • Anonymous has pledged to deploy a team for more findings.
  • Yuga Labs co-founder Greg Solano denied all claims.

The most popular NFT project, Bored Apes Yacht Club powered by Yuga Labs, has been under scrutiny from the hacktivist group Anonymous for what the group claims is the use of racist, fascist, and even pedophilia-related symbolism in their digital artwork.

According to the organization, BAYC NFTs “are infected with not one or two but with dozens of examples of esoteric symbolism and dog whistles reflecting nazism, racism, simianization, and paedophilia support.”

Multiple Degree of Allegations

The statement claims that the group felt it necessary to consider “before publicly citing our take on the allegations” by reviewing extensive documentation and speaking with many key players.

This proves “beyond a shadow of a doubt” that the BAYC and Yuga Labs were responsible for the concealment of these mysterious signs as per the organization.  Furthermore, it said that individuals who dismiss its claims as “conspiracy theory” are “simply ignorant,” “not versed,” or “at a financial conflict of interest.”

In the video, Anonymous makes reference to holders, investors, partners, and prominent fans of BAYC and Yuga Labs.

Throughout the remainder of 2022 and into 2023, Anonymous has pledged to deploy a team “whose sole job will be to bring awareness to the findings and questions about the Bored Ape Yacht Club NFT collection.”

Andreessen Horowitz, Mark Cuban, Neymar Junior, Kevin Hart, Shaquille O’Neal, and other celebrities, as well as major corporations including Lion Tree, Adidas, Tiffany & Co., and others, were targeted for investment.

According to a Medium article published by Yuga Labs co-founder Greg Solano in June, the firm was falsely accused of employing “super-secret Nazis” since its members included Jews, Turks, Pakistanis, and Cubans.

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Russia Grants Former NSA Edward Snowden Citizenship

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Russia Grants Former Nsa Edward Snowden Citizenship
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