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Ethereum is Struggling to Hold This Crucial Level Following Recent Rebound

Ethereum has been closely tracking Bitcoin’s price action throughout the past few days, which has caused it to bear witness to immense volatility The cryptocurrency’s price rocketed up to highs of $1,400 last week before facing intense inflows of selling pressure that sent it to $900 It has since recovered from this decline, and it […]

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  • Ethereum has been closely tracking Bitcoin’s price action throughout the past few days, which has caused it to » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear witness to immense volatility

  • The cryptocurrency’s price rocketed up to highs of $1,400 last week before facing intense inflows of selling pressure that sent it to $900
  • It has since recovered from this decline, and it now in the process of trying to flip $1,100 into a support level
  • This has become a key level for the cryptocurrency, and it is now in the process of trying to rally above this level one again
  • One trader explained in a recent tweet that flipping this level to support is vital for Ethereum to see any further upside in the mid-term
  • Ethereum has seen some mixed price action throughout the past 24 hours, with the crypto reeling to lows of $900 before rebounding to $1,200, before once again facing a rejection and drifting lower.

    Bulls are now trying to flip $1,100 into support, as this level has proven to be vital for the crypto throughout the past couple of days.

    It remains unclear whether or not they will be successful, and one trader is noting that a bull case can be made for ETH so long as it holds above $1,012 in the day ahead.

    Ethereum Reclaims $1,100 as Bulls Target Further Upside

    At the time of writing, Ethereum is trading up just under 2% at its current price of $1,110, which marks a notable surge from its 24-hour lows of $900.

    The cryptocurrency is now trying to flip $1,100 into support, but the selling pressure here indicates that it may see further near-term downside.

    A firm break below this level will likely lead it to re-test its $1,000 support, but where it trends next will undoubtedly depend largely on Bitcoin.

    Trader: ETH Needs to Defend $1,000 for Bull Thesis to Remain Intact

    One trader noted in a recent tweet that the lower-$1,000 region is the key level to be watching in the near-term.

    He believes that a continued defense of this level could allow the entire market to see significantly further momentum in the days to come.

    “ETH – Ethereum above $1,163 and my argument that the bottom is in is a lot stronger. Must hold $1,012 *if* retested as support for the argument to be valid as well. Overall, very bullish on Ethereum as I’ve mentioned quite a bit.”

    Ethereum

    Image Courtesy of UB. Source: ETHUSD on TradingView.

    Bitcoin will undoubtedly shape Ethereum’s short-term price action, making it vital that BTC continues finding stability in the mid-$30,000 region.

    Featured image from Unsplash.
    Charts from TradingView.

    Source: https://www.newsbtc.com/analysis/eth/ethereum-is-struggling-to-hold-this-crucial-level-following-recent-rebound/

    Blockchain

    $250M Fund to Invest in Polkadot and Cardano Launched in India

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    FD7 Ventures, the cryptocurrency-oriented fund that recently vowed to dispose of its BTC holdings for ADA and DOT, has set up a $250 million micro-fund focusing on investments in teams working on the ecosystems of Polkadot and Cardano.

    FD7 Goes to India for DOT and ADA

    Based in Dubai, UAE, FD7 is a crypto-oriented investment fund with over $1 billion in assets under management (AUM). The firm recently announced somewhat bold plans to dispose of $750 million of its BTC holdings and allocate the sizeable amount into ADA and DOT.

    At the time, the company’s Managing Director blasted the primary cryptocurrency and highlighted the potential for Cardano and Polkadot to further rise in popularity and utilization.

    FD7 Ventures doubled-down on its belief in the two projects, according to a more recent press release. It reads that the firm has opened an office in Bangalore, India, with the primary focus of offering financial assistance to Polkadot and Cardano.

    To do so, FD7 has established a micro-fund targeting $250 million to invest in teams working on the two projects. The statement described this move as part of the overall “strategic road map to build its presence in Bangalore” and further reaffirm its support for Polkadot and Cardano.

    “Positioning our new location where we have in Bangalore gives us a home-field advantage to tap into some of the world’s best future talent in blockchain and cryptocurrency development.” – commented Prakash Chand, Global Managing Director at the company.

    The new venture plans to invest $1-5 million across 50 companies yearly, with about “thirty percent of those Polkadot and Cardano ecosystem-based companies receiving secondary investments of $5-20 million.”

    NFTs Are the Future

    The statement also touched upon the growing craze of non-fungible tokens (NFT) and Polkadot’s role in some particular cases. More specifically, it breached the recent partnership between the famous YouTuber Paul Logan and Bondly, which resulted in an impressive popularity boost.

    “Just look at Bondly, which is built on Polkadot. It literally blew up overnight when YouTuber Paul Logan sold more than $5 million worth of NFTs in just 24 hours. This is not just a space to watch but one which is proving its investment-worthiness with almost daily records being set with increase use cases for non-fungible tokens that support cryptographic art, collectibles, gaming, and more.” – said Chand.

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    Source: https://cryptopotato.com/250m-fund-to-invest-in-polkadot-and-cardano-launched-in-india/

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    Blockchain

    China restricts crypto mining in Inner Mongolia

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    China has been at the forefront of developing its digital yuan or DECP [Digital Currency Electronic Payment] but has continued to maintain a distance from the cryptocurrency ecosystem. The growing crackdown on Bitcoin mining firms in China has been impacting the sentiment in the area and according to reports, it has now extended a ban on mining projects in Inner Mongolia.

    The country will end all cryptocurrency projects associated with mining. This decision followed China’s effort to meet energy efficiency targets. The large amounts of energy consumed by crypto and other industries like steel, coke, and methanol production have resulted in the government’s stringent decision to ban mining activity in the region.

    The autonomous region of Inner Mongolia has been a hub for cheap power due to which the mining industry was drawn to it.

    The aim of the region has been to cut emission per unit of gross domestic product by 3% this year and gradually control the massive boom in the consumption of standard coal. Although small, the region accounted for 8% of global Bitcoin mining hash power.

    China has a 65% hold of the total network hash power allotted to Bitcoin and the above map highlighted that among other regions Xinjiang was the highest contributor to the hash rate in a month.

    The abundant supply of coal and the relative remoteness of the region made it more convenient and cheap for miners to set base here. However, no strict actions have been taken to curb this problem by the Chinese government. If the country continued its mission to become more energy-efficient, it won’t be long before miners have to find alternatives to cheap electricity available in various regions in China.


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    Source: https://ambcrypto.com/china-restricts-crypto-mining-in-inner-mongolia

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    Blockchain

    Central bank digital currency a mixed blessing, says RBI

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    India’s central bank has recognized the potential benefits of central bank digital currencies but not without including a few pitfalls.

    The Reserve Bank of India offered its assessment of CBDCs as part of its report on currency and finance issued on Feb. 28.

    As part of the report, the RBI noted that several countries are exploring the creation of their own sovereign national digital currency.

    According to the central bank’s report, CBDCs can help to promote financial inclusion and transactional transparency. The RBI also stated that national digital currencies could be useful as an instrument of monetary transmission by helping to engineer public consumption towards specific categories of products and services.

    Detailing the benefits of CBDCs, the RBI also remarked that digital counterparts to sovereign fiat currency could be used by central banks to pump “helicopter money.”

    In its analysis, the RBI also expressed concerns about the potential negative impacts of CBDCs on the legacy financial system, noting:

    “CBDC is, however, not an unmixed blessing — it poses a risk of disintermediation of the banking system, more so if the commercial banking system is perceived to be fragile.”

    For countries with significant credit markets, the RBI argued that CBDCs could threaten the primacy of commercial banks as the primary channel for the transmission of monetary policy.

    As previously reported by Cointelegraph, India is looking to emulate China in creating its own CBDC. According to RBI governor Shaktikanta Das, the central bank is “very much in the game” of developing a digital rupee.

    However, the RBI report did not include any details about the central bank’s digital rupee project. In another portion of the document, the central bank did concede that internationalization of the rupee was inevitable but added that such a move would complicate monetary policy formulation and implementation.

    With several countries looking to create their own sovereign digital currencies, CBDC interoperability is becoming a concern among stakeholders. Meanwhile, reports indicate that China’s digital yuan will have a more domestic focus.

    Source: https://cointelegraph.com/news/central-bank-digital-currency-a-mixed-blessing-says-rbi

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