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Even with a significant run-up in 2023, the cryptocurrency market remains well off its peak valuation of $3 trillion in 2021. Investors just aren't as excited about the industry as they were just a couple of years ago, as higher interest rates and a softer macroeconomic backdrop make risky assets less attractive.

Recent regulatory actions by the Securities and Exchange Commission also cast a shadow over the industry's future.

Some of the most popular cryptocurrencies are also selling at steep discounts. Ethereum is 62%below its all-time high of about $4,900 in November 2021. Should investors buy the dip?

For those looking to put some money to work in this high-risk, high-reward asset, now might be a good time to do so. Let's take a closer look.

Image source: Getty Images.

Unlike Bitcoin, which lacks features in network functionality, Ethereum is built with smart contracts. These software programs run on its blockchain automatically when specific conditions are met.

This technological innovation allows its blockchain to be home to a bunch of decentralized applications (dApps), eliminating the need for intermediaries or sponsors. Examples of categories of dApps include gaming, social media, and gambling.

Decentralized finance (DeFi) protocols, like peer-to-peer lending and savings networks or decentralized exchanges, are some of the more popular kinds of dApps to keep an eye on.

The traditional financial-services industry is characterized by having lots of expensive intermediaries that extract fees. Although full of its own set of issues, mainly the lack of consumer protections, DeFi is a promising area to unleash cryptocurrency's potential because it could provide customers with better pricing and an improved user experience.

Ethereum is positioned well to continue being the leading blockchain platform when it comes to dApps. According to a report from Electric Capital, a venture investment firm, half of all DeFi developers were working just on Ethereum.

And Ethereum had the largest active developer community compared to any other cryptocurrency, almost triple the second best, Polkadot. This means there are lots of smart and dedicated computer scientists working to continuously improve Ethereum, which should help keep it in the lead.

The most recent upgrade, known as The Merge, transitioned Ethereum to a proof-of-stake consensus model. It's supposed to be more energy efficient, while setting the network up for greater scalability to handle more transactions, at lower costs, in the future.

There are many more upgrades planned over the next few years that should keep Ethereum at the cutting edge in the blockchain industry.

When investing in stocks, there is definitely a lot of uncertainty. That's because a company's future depends on a lot of variables that are hard to predict, like the state of the economy, the competitive landscape, management's decisions, and changes in consumer behavior.

This uncertainty is amplified when looking at cryptocurrencies. The technology is still so early in its adoption curve that it's really hard to tell what things will look like in five to 10 years. This creates a wide range of outcomes.

Moreover, the risks with cryptocurrencies include other factors like the unclear and developing regulatory framework, network and security threats, and whether this innovative technology is even needed by anyone. This means that investors should practice a lot of patience and adopt a really long time horizon to let things play out.

And when buying any cryptocurrency to add to your portfolio, including Ethereum, it's important to be ready for lots of volatility. Buying the dip on this digital asset might look like a good idea today. But it's not going to be a straight line to huge investment gains. It's best to be mentally prepared for this.

Read this article:

Ethereum: Buy the Dip? - The Motley Fool

Introduction

This comprehensive report analyzes Ethereums price dynamics on Binance, covering technical indicators, moving averages, and pivot points.

At the time of the report, Ethereum (ETH) was priced at $1,744.79, experiencing a decrease of $92.07 (-5.01%) compared to the previous period. The snapshot was taken at 21:56:06 UTC, with a trading volume of 646,759 units on Binance.

The RSI (14) is at 38.383, which is below the typical mid-point of 50, suggesting that Ethereum is potentially oversold. The STOCH (9,6) is at 38.050, which also suggests that the asset may be oversold. The STOCHRSI (14) is at 89.480, which is in the overbought territory, suggesting a potential price reversal. The MACD (12,26) is at -18.050, indicating a bearish trend as the MACD line is below the signal line. The ADX (14) is at 30.569, which is above 25, indicating a strong trend, but its neutral as it doesnt indicate the direction of the trend. The Williams %R is at -50.765, which is near the mid-point, suggesting a lack of clear direction in the market. The CCI (14) is at 48.0310, which is near the zero line, suggesting a lack of momentum. The ATR (14) is at 13.0657, suggesting less volatility. The Highs/Lows (14) is at 0.0000, indicating a neutral market. The Ultimate Oscillator is at 52.670, suggesting bullish momentum. The ROC is at 0.769, which also suggests bullish momentum. However, the Bull/Bear Power (13) is at -17.6740, suggesting bearish momentum. Overall, the technical indicators suggest a bearish trend with some signs of potential bullish reversal.

The Simple Moving Averages (SMA) and Exponential Moving Averages (EMA) for the 5-day and 10-day periods are mixed, with the 5D SMA suggesting a sell and the 5D and 10D EMA suggesting a buy. This indicates a potential trend reversal. However, the SMA and EMA for the 20-day, 50-day, 100-day, and 200-day periods are all suggesting a sell, indicating a bearish trend. Overall, the moving averages suggest a bearish trend with some signs of potential bullish reversal in the short term.

The pivot points suggest potential support and resistance levels. For the Classic pivot points, the pivot point is at 1742.74, with support levels at 1738.80 (S1), 1734.79 (S2), and 1730.85 (S3), and resistance levels at 1746.75 (R1), 1750.69 (R2), and 1754.70 (R3).

The Fibonacci pivot points suggest a pivot point at 1742.74, with support levels at 1739.70 (S1) and 1737.83 (S2), and resistance levels at 1745.78 (R1) and 1747.65 (R2). Fibonacci pivot points do not typically include a third level of support and resistance.

The Camarilla pivot points indicate a pivot point at 1742.74, with support levels at 1742.07 (S1), 1741.34 (S2), and 1740.61 (S3), and resistance levels at 1743.53 (R1), 1744.26 (R2), and 1744.99 (R3).

For the Woodies pivot points, the pivot point is at 1742.75, with support levels at 1738.82 (S1), 1734.80 (S2), and 1730.87 (S3), and resistance levels at 1746.77 (R1), 1750.70 (R2), and 1754.72 (R3).

The DeMarks pivot points suggest a potential resistance level at 1744.74 and a potential support level at 1736.79. DeMarks pivot points do not typically include a third level of support and resistance.

These levels indicate a narrow trading range, suggesting that the market is waiting for a catalyst to determine the next direction. Traders could use these levels to identify potential entry and exit points.

The comprehensive analysis of Ethereums price dynamics on the Binance exchange reveals a bearish trend in the market, as suggested by the majority of the technical indicators and moving averages. However, there are some signs of potential bullish reversal, particularly in the short term, as indicated by the 5-day and 10-day moving averages and some of the technical indicators, such as the Ultimate Oscillator and ROC.

The pivot points analysis provides potential support and resistance levels, which traders can use to identify potential entry and exit points. The narrow trading range suggested by these levels indicates that the market is waiting for a catalyst to determine the next direction.

While the analysis provides valuable insights into the potential price trends, it is crucial for traders and investors to conduct additional research and consider multiple factors before making investment decisions. This is because the analysis is based on historical data and does not guarantee future price movements. The volatile nature of the cryptocurrency market also necessitates a cautious approach to trading and investing.

Featured Image Credit:Photo / illustrationbyDylan CalluyviaUnsplash

Original post:

Ethereum (ETH/USD) Price Analysis - 10 June 2023 - CryptoGlobe

The ceaseless and cynical pumping of tokens devoid of value is an existential threat to Ethereums reputation.

This memecoin culture is populated by the most chronically clout-addled people in the crypto industry, who exist in the Influencer Pit of Despair. This is a deep, dark hole where grifter influencers clamber over one another to rob the nearest retail tourist. You can locate the Influencer Pit in the form of a Twitter Space. But not just any Twitter Space. More like Twitter Spaces experienced as a debilitating K-Hole in a Prague dive-bar. And youve lost your wallet.

Its a fundamental paradox that since anyone can use the Ethereum blockchain, anyone can use the Ethereum blockchain. If Ethereum were a local park, the memecoiners would be an unruly gang of teenagers listening to music on some god-forsaken Bluetooth speakers.

Paul Dylan-Ennis is a CoinDesk columnist and lecturer in the College of Business, University College Dublin.

Imagine youre working on Eigenlayer or zero-knowledge (ZK) proofs or youre an Arbitrum delegate. And while youre valiantly working away on something useful you cant help but grit your teeth to hear some braindead dolt just made a cool million by tweeting.

Memecoins will always be part of an open source network like Ethereum, but for cryptocurrency to be widely adopted the industry needs to find a way to collectively address its worst forms of valueless profit seeking.

There is something hopeless about how little is offered by the memecoin grift.

When pepe (PEPE) was created the team outright admitted that the project was pure memeology, propelled along by our favorite rehabilitated frog. There is, at this stage in the industrys cycle, something quite empty about returning to the meme well, eking out a living as bottom feeders on some anon teams larp. Its mindless algorithmic churn, like we invented the wheel but only used it to go in circles.

And those Spaces! My word. Memecoin Spaces seem to be required by law to have the most obnoxiously loud host, for no apparent reason. At least three of the speakers, sporting equally terrible NFT (non-fungible token) investments as their PFPs (profile pictures), will admit to several misdemeanors over the course of an hour. At least 75% of the audience has bought something from Supreme and made a loss on it.

Story continues

Before you feel bad, lets remember what the Influencer Pit does. It sucks in retail investors, selling them on the concept that financial nihilism is the truth. It contributes to the idea that blockchain (or crypto or Web3) is merely about speculation. It stipulates your only option in life is to hustle fast enough and hope you dont end up as fodder for a CoffeeZilla video.

The latest trend is painfully banal. Its such a low-brow grift Im embarrassed to even write about it. Influencer grifters, often double-dipping from prior shilling of memecoins, will simply post an Ethereum address and ask people to send ether (ETH) to it. One can only hope the IRS does not ENS. The wink and nod in this scam is the explicit promise of no return. You would, and I mean this quite literally, be just as well setting fire to your physical wallet than sending a transaction like this.

In Ethereum there are no police. In a decentralized, permissionless culture there is nobody who can sanction you like the law might IRL

Im not sure what the appropriate punishment should be for these crimes against humanity. First-time offenders might have to attend Bitcoin Miami wearing an Ethereum T-shirt. Serial offenders will need harsher punishments, perhaps trapped in a dark room with a Richard Heart monologue on repeat, for up to two years. We might instead decide to capture all the grifter influencers on an island somewhere. Perhaps we could create a fake conference, NFT Pitcairn Islands, and then create a decentralized autonomous organization (DAO) whose only purpose is to ensure no flight ever leaves, spending treasury funds on bribing the islanders to distract the influencers with shiny objects.

There is a real problem here. Influencer grifters tell us upfront "you will get nothing" and you will be happy. But underlying is a much darker message: We can do nothing. This is the paradox of permissionlessness intrinsic to blockchain communities. Permissionlessness is a red line, non-negotiable topic in Ethereum culture. Without wishing to get all esoteric, if you lost the property of permissionlessness you wouldnt have Ethereum at all.

With technical solutions verboten this leaves us only with social options. Imagine Ethereum as a cosmopolitan city. It has its Municipal Hall of developers, organizers and researchers. It has its finance district with decentralized finance (DeFi). It has its bohemian quarter of NFTs. It has its Average Joes living on Main Street. But it also has its shady downtown where the grifters live.

Downtown is not as bad as Skid Row where youll probably find people plotting to social engineer Bored Ape owners. Like any city you can silo yourself in the safe areas and hope the police might deal with it. Except in Ethereum there are no police. In a decentralized, permissionless culture there is nobody who can sanction you like the law might IRL (of course governments can outside Ethereum).

This means you have to create an atmosphere, a cultural context, where the message of long-term regen culture overshadows short-term degen culture, relegating it to an immature phase. The regens are those within Ethereum culture dedicated to ensuring the technology does not generate negative externalities, but instead positively impacts society over the long term. How do we, in the words of Gitcoin founder Kevin Owocki, funnel more Ethereans into regen than degen?

Here I advocate for something a little unorthodox. I believe Ethereum should introduce a Citizens Assembly. In my home country of Ireland, citizens are randomly selected to convene and discuss important issues relating to the Irish Constitution. In Ethereum, we dont have a Constitution but there could be value in an annual forum where various stakeholders in Ethereum meet to discuss important concerns.

See also: Paul Dylan-Ennis Who Is Building Ethereum's Public Goods? | Opinion

Similar to the open-source concept that many eyes can fix a problem quicker than a single pair can, the Ethereum Assembly could consider pressing issues (e.g. what to do about Lido, a decentralized service that is said to be dominating Ethereum staking) but also how to encourage people away from degen into regen with active efforts. Citizens from each stakeholder group, from validators to developers to application builders to Average Joes could come together and hash it out.

And the most important effect? I believe it would encourage a sense of responsibility over the protocol across the community spectrum, introducing social matters as important as technical ones.

Or we could just keep sending the grifters ETH

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The Memecoin Grift and How It Threatens Ethereum Culture - Yahoo Finance