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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

Originally posted here:

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

Continued here:

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

Editor's note: This story has been updated to include comments from BitGo.

The cryptography research team at blockchain infrastructure provider Fireblocks today released the details of avulnerability in BitGos Ethereum wallets that use the firms Threshold Signature Scheme (TSS).

The vulnerability first came to light in early December, just over a month after the service was made public.

After confirming the technical details of the vulnerability, BitGo suspended the service on December 10, releasing a patch update in February. The Palo Alto-based firm also required its clients to update to the latest version by March 17.

According to Fireblocks, the vulnerability could have enabled an attacker to extract a full private key using a single signature and a few seconds of computation, bypassing all of BitGo's security features.

Although Fireblocks claimed that it had followed a coordinated disclosure process between its research team and BitGos security team, BitGo strongly refuted Fireblocks' characterization of events. In a statement provided toDecrypt, BitGo accused Fireblocks of "turning a known gap into a publicity stunt," adding that, "This is not how coordinated disclosures are supposed to work."

BitGo stated that "The specific MPC wallet type in question is in early access and remains in early access, only unlocked for 20 developers." BitGo added that the wallet in question was a "pre-release product" and that Fireblocks had mischaracterized it as being in production, "because they tested it on mainnet using the BitGo website (ignoring all warnings about it being early-release)."

Digital asset custodian and security company BitGo, whose customers include some of the crypto industry's big names, such as Bitstamp, Pantera Capital, and eToro, among others, first introduced TSS wallets in June 2022, with support for Ethereum wallets added in October.

The vulnerabilitydubbed BitGo Zero Proof Vulnerabilitystemmed from a missing implementation of mandatory Zero-Knowledge Proofs in the BitGo TSS wallet protocol, which uses the Elliptic Curve Digital Signature Algorithm (ECDSA).

The Zero Proof vulnerability was initially discovered in BitGoJS, the SDK that BitGo clients use to interact with the BitGo API. BitGoJS is used for performing signatures on the client side.

Exploiting the vulnerability on the SDK allows an attacker to steal the private key share used by the client, regardless of their key storage methods and security measures.

Any patch introduced into the library should protect wallets that implement it," Fireblocks head of technology, research and innovation Arik Galansky told Decrypt. "However, it still leaves the concern if anyone has already exploited the vulnerability in the past and extracted the key while it was using a vulnerable library."

As attacks on the crypto industry continue to accelerate, licensed custodians are entrusted with securing billions of dollars in user funds, Fireblocks co-founder and CTO Idan Ofrat said in a statement shared with Decrypt. The vulnerability is a result of the wallet provider failing to follow a well-reviewed cryptographic standard.

Although wallets generated following the patch should be safe, according to Fireblocks, the keys of any BitGo Ethereum TSS wallet generated prior to the update should be considered potentially exposed. Any funds in those wallets should therefore be considered at risk and immediately moved to a secure wallet.

In a statement, BitGo accused Fireblocks of "a litany of false claims intended to damage BitGos reputation, as well as BitGos actual and potential commercial relationships," adding that the company is "pursuing all legal remedies, including but not limited to damages, injunctive relief, court costs and attorneys fees."

Visit link:

Fireblocks Discloses Critical Vulnerability in BitGo Ethereum Wallets - Decrypt

Ethereum price is moving lower below $1,600 against the US Dollar. ETH must stay above the $1,500 support zone to start a recovery wave.

Ethereum price failed to clear the $1,580 and $1,600 resistance levels. ETH formed a high near $1,565 and recently started a fresh decline. There was a move below the $1,545 support zone.

The price traded as low as $1,525 and the bulls were active above the $1,500 level. It is now consolidating losses below $1,560 and the 100 hourly simple moving average. Ether price corrected a few points above the $1,540 resistance zone.

It cleared the 23.6% Fib retracement level of the downward move from the $1,565 swing high to $1,525 low. On the upside, the price is facing resistance near the $1,550 zone. There is also a connecting bearish trend line forming with resistance near $1,550 on the hourly chart of ETH/USD.

The first major resistance is near the $1,560 zone. It is near the 76.4% Fib retracement level of the downward move from the $1,565 swing high to $1,525 low.

Source: ETHUSD on TradingView.com

The next major resistance is near the $1,575 level, above which the price might start a decent increase. The next major resistance is near the $1,600 zone. A close above the $1,600 resistance zone might start a major upward move. In this case, the price may perhaps rise towards the $1,650 level.

If ethereum fails to clear the $1,560 resistance, it could start another decline. An initial support on the downside is near the $1,525 level.

The next major support is near the $1,500 zone. If there is a break below $1,500, the price might drop towards $1,435. Any more losses might call for a test of the $1,400 level.

Technical Indicators

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

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

Major Support Level $1,500

Major Resistance Level $1,560

Original post:

Ethereum Price is Plunging, But Its Too Early to Say Bulls Have Given Up - NewsBTC

After the widely publicized collapse of the Silicon Valley Bank (SVB), accompanied by two other major banking institutions crashing and more at risk, investors seem to be increasingly flocking to the alternative solution cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).

As evident from the declining portion of Bitcoin and Ethereum reserves on crypto exchanges, investors are seeking refuge in these digital assets out of fear that the banking crisis could spread to crypto businesses, as noted by blockchain and financial analysis platform Glassnode in a weekly newsletter sent out on March 13.

Specifically, the report stated that around 0.144% of all BTC and 0.325% of all ETH in circulation was withdrawn from exchange reserves, demonstrating a similar self-custody response pattern to the collapse of the crypto trading platform FTX.

On top of that, the platforms team stressed that these numbers spoke volumes about the growing level of investor confidence in crypto in recent weeks:

On a USD basis, the last month saw over $1.8B in combined BTC and ETH value flow out of exchanges. This is not necessarily large in relative scale. However, observing net exchange withdrawals, especially within the current hostile regulatory environment, does speak to a degree of investor confidence that is worth noting.

Meanwhile, Bitcoin has put some breaks on its recent progress, gaining only 0.17% on the day and at press time trading at the price of $24,674, as it began to consolidate the weekly increases of 13.64% and of 13.14% on its monthly chart.

At the same time, Ethereum has lost 1.17% in the last 24 hours, trading at the price of $1,672, but still up 8.97% compared to the previous seven days and 11.02% across the last month, as per the latest information retrieved on March 16.

Whether crypto manages to retain investors interest remains to be seen and will largely depend on the developing situation in the banking sector, in addition to the developments directly related to the cryptocurrency market and the wider macroeconomic landscape.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

See more here:

Banking contagion sparks crypto frenzy: investors rush to 'HODL ... - Finbold - Finance in Bold