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Ethereum (ETH) price is retesting a key demand zone after failure to break above the $1,900 resistance level. The smart contract cryptocurrency is changing hands at $1,787 on Thursday as the altcoin sell-off intensifies. The latest technical analysis suggests time is running out for the ETH maxis as the price hangs by a thread.

On Thursday, ETH to USD price plummeted to $1,775 before showing a brief recovery. This was the lowest level for the native asset of the top L1 platform since 21st June. On a weekly timeframe, the leading cryptocurrency is down 2.85% this week, which depicts the intensity of the downtrend.

The ETH/BTC pair shows Ethereums strength against Bitcoin. The following chart shows that the crypto pair has been trading sideways since June 2023 in a narrow trading range. The bottom of this trading range lies at 0.0605, and the top lies at 0.0645. Currently, the pair is retesting the mid of the trading range, which might act as a support level.

In case of a breakdown below the 0.0624 level, the next stop would be the range lows of $0.0605. For Ethereum price prediction to turn bullish, ETH must break above the range highs of 0.0645 soon. A failure to break above this level could send the leading L1 asset to its fresh yearly lows in the coming months.

According to the latest Ethereum news, the former president of the United States, Donald Trump, has been revealed to be holding $2.8M worth of ETH. The digital assets held inside his Ethereum wallet are much more than the previously disclosed figure of $250,000 to $500,000.

Most of the cryptocurrency in the wallet has been received through licensing fees from the Trump NFTs collection. The former president launched his NFT collection, Trump Digital Trading Cards, in December 2022. Till now, 14,303 ETH worth of these NFTs have been exchanged on the NFT marketplace Opensea.

A look at the following chart reveals that the Ethereum price is currently hovering within a significant demand zone. Price has retested this demand zone multiple times, resulting in solid rebounds. However, the support level is likely to break soon if the selling pressure keeps increasing in the coming days.

A breakdown below the $1,780 level will be very bearish for ETH price. Therefore, the bulls need to hold this level. On a higher timeframe, the biggest resistance remains the $2,100 level, which has resulted in multiple rejections this year. Close attention must also be given to the BTC price action, which precedes the altcoin price action.

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Ethereum Price Prediction Time Is Running Out For ETH Maxis - Analytics Insight

Coinbases new Ethereum (ETH) layer-2 scaling solution briefly surpassed Optimism (OP) and Arbitrum (ARB) this week in terms of daily transactions.

According to data provided by each scaling solutions respective block explorers, Base hit 617,330 transactions on August 13th, compared to 438,559 for Optimism and 544,575 for Arbitrum on the same day.

Both Optimism and Arbitrum have since surpassed Base in terms of daily transaction counts.

Bases all-time high level of daily transactions actually occurred three days earlier on August 10th, when it hit 757,294.

The new layer-2 project officially launched earlier this month and is powered by Optimism. Coinbase has previously said it hopes Base helps onboard over a billion people into the crypto economy.

The exchange has noted there are no plans to launch a network token associated with Base. The project is designed to be compatible with Ethereum, Ethereum layer-2s and alternative layer-1 blockchains.

Optimisms native token, OP, is trading at $1.38 at time of writing. The 42nd-ranked crypto asset by market cap is down nearly 1.5% in the past 24 hours and more than 13% in the past seven days.

Arbitrums native token, ARB, is trading around $0.987 at time of writing. The 39th-ranked crypto asset by market cap is down nearly 5.75% in the past day and nearly 18% in the past week.

Generated Image: Midjourney

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Coinbases New Ethereum Layer-2 Briefly Surpasses Optimism and Arbitrum in Daily Transactions: On-Chain Data - The Daily Hodl

08/16 update below. This post was originally published on August 15

BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies have been stuck in a rut recently, despite a "monster crypto killer-app" potentially priming the market.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster

The bitcoin price has almost doubled so far this year, rocketing as China stages a surprise crypto flip, Tesla billionaire Elon Musk pulls in the pin on a crypto grenade and the world's largest asset manager readies a bitcoin, ethereum and XRP bombshell.

Now, after payments giant PayPal surprisingly doubled down on crypto, one closely-watch bitcoin and crypto analyst has warned the Federal Reserve is about to trigger that "greatest rug pull ever" and could cause bitcoin price chaos later this year.

It's at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodexA daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market

"What were doing now is the greatest rug pull in liquidity ever after the biggest pump in liquidity ever," Bloomberg Intelligence senior macro strategist Mike McGlone told podcaster Scott Melker. "And the fact that I can say that and show the data is still shocking to me."

McGlone warned that as liquidity continues to decline through the rest of 2023, the bitcoin price could collapse, dragging on ethereum, XRP and the wider crypto market.

08/16 update: Federal Reserve officials on the interest rate-setting Federal Open Market Committee were worried the continued pace of inflation could require more rate hikes during the last meeting, details released today have shown.

"With inflation still well above the Committees longer-run goal and the labor market remaining tight, most participants continued to see significant upside risks to inflation, which could require further tightening of monetary policy," officials said during the July meeting, according to the minutes.

U.S. inflation is still far from the Fed's 2% target, with the July consumer price index (CPI) coming in at 3.2% over the same period last year, though that's down from its June 2022 9% peak.

The Fed began sucking liquidity out of the system in late 2021, when the bitcoin price peaked at almost $70,000 per bitcoin, and hiking interest rates to drive down soaring inflation in the aftermath of economic shocks caused by the Covid pandemic and global lockdowns.

"Lets picture ourselves in December. Recessions kicking in. People are hoping the Fed will ease and theyll probably going to say, 'No were not, because we still see high inflation,'" McGlone said, adding he's looking to bitcoin as an early indicator.

"What should be early indications of [recessionary times]? What was the biggest liquidity pump indicator, new technology ever for the last 10 years? Cryptos. The best indication should be bitcoin and thats where Im looking for the bleeding occasion from bitcoin and its still kind of showing what I expected. It got up to near $30,000 and its just not been able to get much above there."

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Officials are divided ahead of the Fed's next interest rate meeting, set for September, with many economists and central bank watchers predicting the Fed will hold rates steady at the highest level in just over 20 years.

"Inflation is still significantly above" the Feds 2% target, Fed governor Michelle Bowman said last week at an event in Atlanta, it was reported by CNN. "Given these developments, I supported raising the federal funds rate at our July meeting, and I expect that additional increases will likely be needed to lower inflation to the FOMCs goal."

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

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Greatest Rug Pull EverShocking Fed Warning Heralds Bitcoin, Ethereum, XRP And Crypto Price Chaos - Forbes

The U.S. Securities and Exchange Commission (SEC) is reportedly set to greenlight Ethereum futures exchange-traded funds (ETFs) in the coming months.

According to a Bloomberg report, which cites anonymous sources familiar with the matter, the regulator is not expected to block the applications of around twelve companies, including ProShares, Volatility Shares, Bitwise, and Valkyrie, that have recently applied to launch Ethereum futures ETFs.

Such an ETF would track the price of Ethereum futures that are traded on the Chicago Mercantile Exchange, rather than direct spot exposure to the digital asset.

While it is not clear which specific ETF applications will be approved, officials have reportedly indicated that some of the filings could receive approval as early as October.

The SEC and Valkyrie declined to comment. ProShares confirmed with Decrypt their application submission, adding that "we are in the quiet period and due to Securities and Exchange Commission (SEC) regulations are not allowed to discuss products currently in the registration period with the SEC."

BitWise and Volatility Shares did not immediately respond to Decrypt's request for comment.

Over a dozen applications for Ethereum futures ETFs hit the SECs door in recent weeks, with the Valkyries dual Bitcoin and Ether Strategy ETF, which is a proposed conversion of the financial services firms existing Valkyrie Bitcoin Strategy ETF, being first in the line for a possible launch as early as on or around October 3.

Earlier this week, Valkyrie also filed for its Ethereum Strategy ETF, however, the first pure Ethereum futures ETF sponsored by Volatility Shares could go live around October 11.

ETF analyst Eric Balchunas has meanwhile commented he was not surprised by the SEC's expected move to approve Ethereum futures ETFs.

This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views, policy, and tolerance can change, wrote Balchunas.

The SEC has thus far declined to approve any spot crypto ETFs. However, there has been a notable shift in the regulator's approach in late 2021, when the SEC greenlit several Bitcoin futures funds that invest in contracts trading on the Chicago Mercantile Exchange (CME).

Bloomberg analyst James Seyffart also pointed to Roundhill, which is also on the list of Ethereum futures ETF hopefuls, disclosing a 0.19% management fee for their proposed fund.

This is very low compared to BTC futures ETFs like Proshares' $BITO's 0.95%. And is still drastically lower than VanEck's $XBTF which at 0.76%. Fee war already starting in crypto ETFs, wrote Seyffart.

Despite the positive news of the potential approval of Ethereum futures ETFs, the worlds second-largest cryptocurrency last night experienced a significant price drop to its lowest levels since mid-June.

Amid the latest market sell-off, which also saw Bitcoin (BTC) plunge below $26,000, ETH dropped to as low as $1,576 before recovering to $26,533 at the time of writing.

Despite the recovery, Ethereum remains down 7% on the day, according to CoinGecko.

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SEC Expected to Approve Ethereum Futures ETFs by October: Report - Decrypt

An Optimism-based (OP) decentralized credit market protocol has been hacked to the tune of millions of dollars worth of Ethereum (ETH).

According to the security department of web3 protocol De.Fi, bad actors have stolen about $7.2 million worth of the leading smart contract platform by exploiting Exactly (EXA), an open-source credit market project.

After a thorough review of the Exactly protocol hack, we have concluded that the total of stolen amount up to date is ~$7.2 million (4,323.6 ETH) Eventually, they bridged ~1,490 ETH, using Across Protocol, and 2,832.92 ETH to Ethereum via Optimism Bridge.

According to Exactly, the protocol has been temporarily paused as the issue is investigated, though investors will still be able to withdraw funds.

Were actively investigating a security issue within our protocol. To ensure user safety, the protocol is temporarily paused (you can still withdraw assets). Our team is on top of this and will share more details as soon as possible.

Blockchain security firm Beosin explains how the hacker found a way to bypass the protocols security measures.

Root cause of the Exactly Protocol exploit: the market address in DebtManager contract could be manipulated. The attacker passed in a malicious market contract address, bypassing the permit check, and executed a malicious deposit function to steal the USDC deposited by users. Finally liquidated users assets to make a profit.

News of the hack had an impact on EXAs price as the altcoin fell sharply during the last 24 hours. EXA is trading for $4.28 at time of writing, a 32% decrease in the last day.

Generated Image: Midjourney

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Hacker Exploits Optimism-Based Decentralized Credit Market for $7,200,000 Worth of Ethereum (ETH) - The Daily Hodl