The price of Ethereum was rejected by a downtrend line on Monday, falling 1% on Wednesday to $3,386. This downtrend line is drawn from joining multiple swing highs from June 9 to July 1.
The Relative Strength Index (RSI) and the impressive oscillator on the daily chart are below their neutral levels of 50 and zero. If Ethereum closes above $3,717, the June 9 high
On the other hand, if Ethereum daily candlesticks close below the $3240 level, it will result in a lower low and signal a break in the market structure. Such a move would invalidate the above bullish hypothesis, which could lead to a further 12% collapse to the previous support level of $2862.
Bitcoin (BTC) is facing resistance near the daily level of $64,000, which led to a 1.05% drop in trading on Wednesday. Ethereum (ETH) and Ripple (XRP) face similar resistance, resulting in declines of 1% and 0.5% respectively.
If Bitcoin closes below $58,375 and its daily timeframe lows form, it could indicate continued bearish sentiment. Such a development could cause Bitcoin’s price to fall 3%, returning to a low of $56,522 on May 1.
Ethereum (ETH) witnessed significant developments this week, influenced by multiple factors ranging from technical updates to market shifts to global economic news:
· The US Federal Reserve’s statements about the continuation of interest rate hikes negatively affected investors’ risk appetite, leading to selling pressure on Ethereum.
· Falling inflation in the United States has boosted confidence in digital assets, including Ethereum. This led to a temporary rise in demand and a slight increase in prices.
Cryptocurrency Market Updates: Bitcoin, Ethereum and XRP Decline
Bitcoin is trading at $59,922 on Binance, erasing nearly 4% of its value during the day. The largest crypto asset by market capitalization is likely to be affected by German government transfers and the activity of bitcoin miners. The German government transferred another 832.7 bitcoins on Tuesday, while on-chain data shows that bitcoin miners increased selling activity at the beginning of this week. Which increased the problems of traders. Bitcoin price struggles around $61,000 with German government transfers and miners’ activity weighed
Ethereum is trading at $3,301, down about 4% on the day despite optimism surrounding the expected approval of the Spot ETF by the U.S. Securities and Exchange Commission (SEC).Ethereum fails to overcome key resistance despite bullish sentiment surrounding ETH ETF
XRP is trading at $0.4829, while the altcoin erased nearly 1% of its value during the day, maintaining gains from the past seven days. The altcoin is holding above the key support level at $0.48 and is looking to return above the psychologically important $0.50 level. Ripple Billion XRP Guarantee opens on Monday as the altcoin price hovers above $0.47
Market Updates
Ethereum,Bitcoin, andTron networks collected the largest amount of fees, in that order, according to Lookonchain data.Ethereum collected $2.728 billion in fees, Bitcoin collected $1.302 billion, and Tron received $459.39 million in fees..
There are beliefs that the upcoming ETF fund for Ethereum could stimulate the relative strength of ETH. However, the altcoin is at risk of falling prices after the launch event..
In a recent tweet, Ethereum co-founder Vitalik Buterin identified prediction markets and community feedback as the two leading technologies of the twenties..
$1.5 billion in losses due to cryptocurrency hacks in 2024
The cryptocurrency market has made headlines recently due to the massive financial losses resulting from several hacking incidents.
This year saw Ethereum, Bitcoin, andXRP primarily targeted by cybercriminals, resulting in significant financial damage..
Experts have noted that a significant portion of the cryptocurrencies stolen in these attacks remain unrecoverable, exacerbating market vulnerabilities. The cryptocurrency industry has been subjected to a series of high-profile hacks, resulting in unprecedented losses of up to $1.5 billion.
Massive hacks trick the $1.5 billion crypto industry
The cryptocurrency market was severely disrupted in 2024, with more than 200 hacks resulting in losses estimated at around $1.5 billion. Ethereum, Bitcoin, andXRP have been the hardest hit, with hackers repeatedly targeting these key assets. The public security of cryptocurrency exchanges has come under intense scrutiny.
Alarming rise in crypto breaches
Data from Peck Shield Alert indicates that only $319 million of stolen funds were recovered. This figure represents a 293% increase in losses compared to 2023 when it saw a loss of $480 million. Decentralized finance (DeFi) protocols bore the brunt, accounting for 59% of the total value stolen. Ongoing targeting of Ethereum and BNB series confirms, responsible for 31.3% of breaches, for ongoing security issues.
One of the most significant violations of the year occurred on June 3, 2024, when DMM Bitcoin, a leading Japanese exchange, reported the theft of 4502.9 bitcoins, worth more than $300 million. This attack highlighted the extreme vulnerabilities of exchanges that handle large amounts of digital assets.
