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US Securities and Exchange Commission Gary Gensler recently reiterated that Proof-of-Stake cryptocurrencies like Ethereum may be securities. These statements from regulators have fueled an uncertainty among crypto market participants.

Also read: Ethereum layer-2 Arbitrums most awaited airdrop of 2023 is expected on March 23

The Securities and Exchange Commission Gensler commented on intensified scrutiny of Proof-of-Stake (PoS) cryptocurrencies. Gensler reiterated that PoS tokens like Ethereum may be securities as these coins are promoted by creators, offering returns.

Gensler said during an open meeting of the SEC on Wednesday,

I would suggest that each of these token operators, obviously consulting with the appropriate talent, seek to come into compliance.

Developers behind Ethereum Proof-of-Work (PoW) recently shared a proposal for the formation of an All-In-One Ecosystem DAO- EthereumPoW one.

Since the inception of the PoW project, NFTs and DeFi protocols have emerged in the ecosystem. Through these projects, PoW developers witnessed potential in the EthereumPoW ecosystem.

To encourage developers, projects and investors to participate in developing the EthereumPoW ecosystem, the team behind ETHW proposed the establishment of the DAO.

Ethereum Proof-of-Work token ETHW is gaining relevance and popularity in the crypto community. The token offered 4% gains since March 16, and ETHW climbed nearly 11% over the past week.

US regulators stance on PoS tokens and Ethereum is one of the drivers of rising market share and demand for ETHW.

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SECs Gary Gensler wants Proof-of-Stake Ethereum to be regulated as a security, will traders turn to ETHW? - FXStreet

Offchain Labs Inc., the developer of the Ethereum blockchain scaling solution Arbitrum, announced today that it will airdrop, or give away for free to select people, its new token $ARB, a new cryptocurrency that would be used for voting on two of its blockchain products.

The company also announced the launch of the Arbitrum Foundation and a DAO, or decentralized autonomous organization, to govern the development of Arbitrum One, its main blockchain, and Arbitrum Nova, which was designed for social media and gaming.

Steven Goldfeder, chief executive and co-founder of Offchain Labs said that the launch of the new organizations will lead the blockchains to greater decentralization.Through the community airdrop, the delegation process, and the introduction of the Security Council, community participation and control is at the forefront of todays announcement, and the requirements for receiving a share of Arbitrum governance have been crafted meticulously, optimizing for the longevity of the ecosystem and community, he said.

Decentralization is a fundamental tenet of blockchain technology and what is called Web3, which relies on multiple copies of ledgers to cryptographically protect transactions across its peer-to-peer network from potential tampering. Its use also gives rise to decentralized applications, or dapps, which run using self-executing code across networks without the need for central servers.With cryptocurrencies and tokens, developers have built entire decentralized economies, games, social networks and more using the blockchains as the foundation.

Holders of the tokens will be able to vote on proposals submitted to the DAO and decide on how development and governance decisions will proceed in the future. According to Goldfeder, this will further decentralize both the development and decision-making for the future of the blockchains.The tokens will be dropped on March 23.

Looking ahead, were moving closer and closer toward a decentralized financial system, with the Arbitrum technology at the very forefront of that, Goldfeder added.

Offchain Labs Arbitrum builds Layer 2 scaling solutions for Ethereum, which uses rollups technology to speed up transactions and lower fees. Layer 2 solutions execute transitions outside of Ethereum on their own blockchain and batch them together so they can be rolled up before sending them back to Ethereum so they can all be run at once.

Arbitrum One is the lead Layer 2 scaling solution for Ethereum with about $1.67 billion in total assets locked in the chain,according to DefiLlama. Offchain Labs raised $120 million in funding in August 2021 to launch its Arbitrium One mainnet, and its scaling solution was chosen by the internet social media giant Reddit for its blockchain-based Community Points program.

At the same time as the new foundation and the DAO, Offchain Labs also announced a new technology called Arbitrum Orbit a Layer 3 scaling solution that will allow developers to build their own scaling chains that will roll onto Arbitrum.

With Orbit, developers will gain access to permissionless scalable rollups blockchains that behave like Arbitrums other blockchains. For example, they can build Layer 3 Rollup chains with Ethereum-level security to maximize scalability similar to Arbitrum One, or they could aim for Layer 3 AnyTrust chains using minimal trust to enable high-volume and low transaction costs similar to Arbitrum Nova. All of these solutions run atop the core engine of Arbitrum Nitro, which means developers can customize their own Layer 3 solution for whatever application specific needs they may have.

The new scaling solution fully supports the Ethereum virtual machine, which means that developers can write and execute smart contracts. The company also said it will also support the upcoming release of Arbitrum Stylus, which will allow developers to use programming languages such as C, C++ and Rust for their chains, in addition to the traditional coding language Solidity to write code for dapps.

The launch of Arbitrum Orbit marks another step in the goal of growth through ecosystemexpansion by way of onboarding new developers, said Goldfeder. With todays announcement, developers now have another tool allowing them to not only build their own smart contracts, but to also launch their own L3 chains leveraging the best technology available.

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Ethereum scaling solution Arbitrum launches token and Layer 3 chains - SiliconANGLE News

One of Australias largest bank, National Australia Bank (NAB), has broken the blockchain barrier by becoming the first major financial institution to complete an intra-bank cross-border transaction on the Ethereum blockchain using its own NAB-issued stablecoin.

The successful pilot transaction on the Ethereum blockchain has utilized smart contracts for seven major global currencies, with NAB investing in the development of Australias safest, simplest, and most secure digital asset ecosystem.

The transactions success indicates the potential to significantly reduce the time and cost of cross-border transactions, benefiting NABs corporate and institutional clients operating in multiple jurisdictions and currencies.

Drew Bradford, NABs executive general manager of markets, said the bank is committed to pursuing the right digital asset opportunities with clear customer benefits.

The success of the transaction was achieved through the rigorous governance frameworks in place, ensuring that NAB can support the creation of a safe and reliable digital financial system.

NAB plans to fully back its Australian stablecoin, AUDN, one-for-one with the Australian dollar, and manage it as a liability of the bank.

This makes it the cornerstone for NABs ambitions in digital assets, and the bank aims to support select clients in transacting with digital assets by the end of 2023.

NAB collaborated with Blockfold and Fireblocks to build and deploy its stablecoins on the Ethereum blockchain. This involved utilizing their expertise in smart contract creation, secure minting and burning of stablecoins, and managing custody of digital assets on the blockchain.

BlockFold CEO and co-founder Francois Schonken said: NABs multi-currency cross-border settlement execution on a public blockchain is exhilarating.

The NAB eco-system of stablecoins puts in place cross-border payment rails that unlock tokenisation potential for both real world assets and financial products.

Michael Shaulov, CEO and co-founder of Fireblocks, said the successful trade execution marks the beginning of the evolution of financial services from Web2 to Web3, underpinned by blockchain technology, strong governance, and risk management.

The Ethereum blockchain transaction is a significant milestone for the banking sector, offering new ways to interact with customers, and drive engagement.

NABs ambition is to enable transactions across seven of the top globally utilized currencies: Australian, New Zealand, Singapore, and US dollars, Euro, Yen, and Pound Sterling.

As the first major financial institution to complete an intra-bank cross-border transaction on the Ethereum blockchain, NAB has taken a significant step forward in transforming financial services from Web2 to Web3.

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Australia's largest bank breaks blockchain barrier with Ethereum ... - Cryptopolitan

Ethereum price moving higher above the $1,640 resistance zone against the US Dollar. ETH must surpass $1,660 and $1,700 to gain bullish momentum.

Ethereum price declined again below the $1,620 level, but the bulls were active near the $1.600 support zone. ETH traded as low as $1,597 and recently started a fresh increase, similar to bitcoin.

The price climbed above the $1,620 and $1,630 resistance levels. There was a move above the 50% Fib retracement level of the downward move from the $1,665 swing high to $1,597 low. Besides, there was a break above a major declining channel with resistance near $1,640 on the hourly chart of ETH/USD.

Ether price is now trading above $1,640 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $1,665 swing high to $1,597 low.

Source: ETHUSD on TradingView.com

On the upside, the price is facing resistance near the $1,665 level. The first major resistance is near the $1,680 zone. The next major resistance is near the $1,700 zone. A close above the $1,700 resistance zone might start a steady increase towards the $1,740 level. Any more gains might open the doors for a move towards the $1,800 level.

If ethereum fails to clear the $1,665 resistance, it could start another decline. An initial support on the downside is near the $1,640 level.

The next major support is near the $1,600 zone. If there is a break below $1,600, the price might gain bearish momentum and decline towards the $1,565 support. Any more losses might call for a test of the $1,500 level.

Technical Indicators

Hourly MACD The MACD for ETH/USD is now gaining momentum in the bullish zone.

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

Major Support Level $1,600

Major Resistance Level $1,665

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Ethereum Price Regains Strength, Indicators Suggest High Chances of Upside Break - NewsBTC

Tethers recent mint of a billion USDT tokens might have momentarily caused FOMO among participants, but crypto markets quickly came to terms after clarifications from its CTO. Investors need to be cautious as matters could get dicey in the coming days due to the chaos caused by the collapse of traditional finance banks.

Also read:Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bullish momentum fades for BTC and ETH, XRP suffersSVBwoes

Tether minted a whopping $1 billion in USDT on Ethereum and TRON blockchains on March 15. The largest stablecoins market capitalization went from $72.1 billion to $74.6 billion between March 12 and March 14.

Over the last few weeks, USDT seems to be taking the front and center stage but not because of a lawsuit or FUD, but because other US-based stablecoins are taking hits due to the collapse of three banks in the United States.

To put things into perspective, Tethers market capitalization has skyrocketed from $66 billion at the start of 2023 to $73.6 billion as of March 15, denoting an addition of more than $7 billion.

Tethers CTO Paolo Ardoino clarified that the $2 billion minted on Ethereum and TRON blockchains were not issued transactions. He added,

this amount will be used as inventory for next period issuance requests and chain swaps.

The bankrupt crypto lender Voyager continues to offload its Ethereum holdings over the last few weeks. The latest sell orders suggest that the defunct company has sold a total of 130,000 ETH, worth roughly $220 million, valued at $1,700 per token.

This leaves the crypto lender with 17,000 ETH, worth roughly $29 million at the current price levels.

Voyagers ETH wallet balance

Also read:Ethereum holders could be in trouble if Voyager sells $151 million ETH in its holdings

With markets in turmoil, certain investors succumb to panic while others perceive the disorder and uncertainty as an opportunity. Binance CEO, Changpeng Zhao (CZ), seems to have taken the old adage, never let a good crisis go to waste, to heart as announced the conversion of $1 billion in Industry Recovery Fund into Bitcoin, Ethereum and Binance Coin.

To recap,

Considering these aspects, one can conclude that the buying pressure, although not here yet, is waiting to be triggered. Ethereum has a special reason to rally quicker and higher than most cryptocurrencies due to the aforementioned facts.

If macroeconomics is to be poured into the mix, investors will only get more bullish. The US year-on-year Consumer Price Index (CPI) print on March 14 was 6.0%as forecasted. It came in lower than Januarys 6.4%, suggesting disinflation.

A reduction in inflation would ease the pressure on the US Federal Reserve to raise interest rates at a faster pace. As a result, investors might have already priced in the 25 basis points (bps) hike for March. If true, then the worst is behind us and the bull rally is ready to resume.

However, not everything is certain, and things could change due to the chaotic nature of the markets and macroeconomic conditions. Therefore, investors should exercise caution even if they are bullish.

Also read:US inflation rate comes in at 6%, meets expectations; Bitcoin price climbs above $25,000

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Why Ethereum will emerge victorious in the ongoing bull rally as Tether mints $2 billion USDT - FXStreet