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ETH Backpedals After Hitting $1,800 Ahead Of Merge Last Week

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As the integration has progressed, Ethereum’s price has slid precipitously. Since the general financial markets are facing a period of extreme pessimism, ETH could continue to fall over the next few days.

On the morning of September 15th, the Merge went into effect. The price of ETH dropped 11.91 percent during the day, wiping off all of the gains it has made since September 14.

The outlook for ETH after the integration is bleak because it suggests the crypto winter will continue through the summer months.

In the time after this article was written, the coin’s price has found support near the 61.80 Fib level, at around $1,329.91. A portion of the Donchian channel’s lower section has also been explored by the bears. This shift indicates a deeper descending pressure.

ETH Rebound Still A Big Possibility

ETH’s recovery is feasible, but only in the far future, as the Merge raised more concerns than it answered, and the broader financial markets are still battling to reestablish confidence.

A positive outlook for Ethereum’s future is something this occasion is meant to instill in traders and investors. Traders and investors, however, believe that the proof-of-stake system is a wrong turn for ETH.

According to a post in r/CryptoCurrency on Reddit, the proof-of-stake mechanism benefits the wealthy at the expense of the poor. Investors and dealers are under increased pressure to sell because of the combination of current market circumstances and skepticism surrounding the upgrade.

Momentum and stochastic RSI indicators reveal this information. The present convergence of the Stoch RSI is bearish, indicating that investor sentiment is at an all-time low.

Ethereum Bulls Feeling The Pain

Additionally, ETH’s momentum is a staggering -410.90. The bulls are experiencing anxiety in the broader financial markets and the Merge.

Ethereum also closely follows Bitcoin. As of the time of writing, the correlation coefficient is 0.69, indicating that the price fluctuations of the two closely track one another.

With the crypto market on a downward trend, it is easy to assert that ETH’s investors and traders are in it for the long haul.

Gary Gensler, chairman of the Securities and Exchange Commission, stated that staking might classify Ethereum as a security, exposing ETH to legal difficulties.

Ethereum is not, however, the only cryptocurrency that uses proof-of-stake. ADA, SOL, and DOT are based on the proof-of-stake protocol.

If Ethereum is categorized as a security, the other currencies could be subject to regulatory investigation, leading to additional price declines for Ethereum and other proof-of-stake currencies.

In the short run, $1,329.91 has proven to be a price level that can survive a bearish assault. Only time will tell whether Ethereum will rebound from this decline.

ETH total market cap at $164.5 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, Chart: TradingView.com

(The analysis represents the author's personal views and should not be construed as investment advice).

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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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