Ethereum price is rising and trading above $1,700 against the US Dollar. ETH could gain bullish momentum if it clears the $1,720 resistance zone.

Ethereum price started a downside correction below the $1,700 support zone. ETH traded below the $1,650 level before the bulls appeared near $1,620, similar to bitcoin.

The price traded as low as $1,616 and recently started a fresh increase. There was a clear move above the $1,650 and $1,665 resistance levels. The price cleared the 50% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low.

Ether price is now trading above $1,650 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $1,675 on the hourly chart of ETH/USD.

On the upside, the price is facing resistance near the $1,720 zone. It is near the 61.8% Fib retracement level of the downward move from the $1,784 swing high to $1,616 low. The next major resistance is near the $1,745 zone. A close above the $1,745 resistance zone might start another major increase.

Source: ETHUSD on TradingView.com

In this case, the price may perhaps rise towards the $1,800 resistance level. Any more gains might send the price towards $1,880.

If ethereum fails to clear the $1,720 resistance, it could correct gains. An initial support on the downside is near the $1,680 level and the trend line zone.

The next major support is near the $1,640 zone and the 100 hourly SMA. If there is a break below $1,640, the price might drop towards $1,615. Any more losses might call for a test of the $1,550 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 $1,640

Major Resistance Level $1,720

Excerpt from:

Ethereum Price Seems Ready For Another Leg Higher Over $1,750 - NewsBTC

Toronto, Ontario--(Newsfile Corp. - March 20, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) (the "Company" or "WonderFi") is excited to announce the upcoming launch of a groundbreaking Ethereum rewards program for Bitbuy Technologies Inc. ("Bitbuy") users. Called "Bitbuy Boosts", the program, which is expected to go live on April 1, 2023, will be the first of its kind in Canada for a registered crypto trading platform.

Under this innovative rewards program, users will be able to earn up to 5% in rewards yearly in Ethereum (ETH) by maintaining a minimum monthly cash balance in their account while remaining an active user on the Bitbuy crypto trading platform.

"We are thrilled to be launching this rewards program for Bitbuy users," said Dean Skurka, Interim CEO of WonderFi. "This program advances our efforts to educate users on our products and blockchain technology and digital assets in general."

Bitbuy, a subsidiary of WonderFi, is a leading cryptocurrency exchange that offers its users trading and staking for a wide range of digital assets, including Bitcoin, Ethereum and more. With this new rewards program, Bitbuy intends to drive greater engagement with its products and build a stronger community.

As Skurka explains, "We see this rewards program as just the beginning of what we hope to be a more engaging experience for Bitbuy users, while giving our users access to high quality financial products."

The launch of this Ethereum rewards program comes on the heels of Bitbuy's successful launch of cryptocurrency staking in late 2022 which has seen a 30%+ adoption rate among active monthly users.

To learn more about the upcoming Bitbuy Boosts program visit bitbuy.ca/boosts.

WonderFi Technologies Inc.President and Interim CEO, WonderFiDean Skurkadean.skurka@wonder.fi

Media Contact:Binu Koshy, Communications Directorbinu@wonder.fi

ABOUT WONDERFI

WonderFi is a leading technology company with the mission of creating better, unified access to digital assets through centralized and decentralized platforms. WonderFi's executive team and Board of Directors have an established track record in finance and crypto. WonderFi's core team of engineers and technologists believe that everyone should have equal access to finance, and are aligned in the mission to empower people around the world to access finance in a simple, smart and secure way. For more information, visit http://www.wonder.fi.

Story continues

Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "estimated", or variations of such words.

By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability of the Company to earn and pay rewards, the ability of the Company to meet its expected go-live timing for the rewards program, any additional regulatory or other approvals which may in the future further become required in connection therewith, the ability of the Company to work effectively with its partners and changes in general economic, business and political conditions. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. A more fulsome description of risk factors that may impact our business, financial condition and results of operation is set out in our management's discussion and analysis and financial statements for the for the period ended September 30, 2022, as well as our annual information form, available on SEDAR.

Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward- looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

The Toronto Stock Exchange has not approved or disapproved of the information contained in this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/159047

Original post:

Bitbuy Announces "Bitbuy Boosts" Ethereum Reward Program - Yahoo Finance

Bitcoin and Ether. Source: Adobe

The exchange rate between Bitcoin (BTC), the worlds first and largest cryptocurrency by market capitalization, and Ether (ETH), the worlds second-largest cryptocurrency by market capitalization that powers the Ethereum blockchain, has fallen rapidly in recent weeks.

ETH/BTC was last changing hands on Binance (as per TradingView) around 0.0625, down around 15% from earlier monthly highs in the 0.0735 area and at its lowest level since July 2022.

ETH/BTCs downside isnt a result of Ether performing poorly. On the contrary, at current levels in the $1,750s, Ether is up just shy of 10% this month and is up over 27% versus earlier monthly lows under $1,400.

The problem for Ether is that it, like most other cryptocurrencies, hasnt been able to keep pace with Bitcoin. Bitcoin has been leading a charge higher in cryptocurrency markets amid what analysts have referred to as a safe haven bid as cracks form in the global banking system.

After three major regional US banks went under earlier this month, Credit Suisse was bought out by Swiss rival UBS over the weekend. Meanwhile, a consortium of US banks came together last week to provide a $30 billion bailout for US bank First Republic.

Despite efforts from authorities to calm the situation, investors remain on edge that more banks, in the US and elsewhere, might be about to go under. And while this is hampering sentiment in US stock markets, it is helping safe haven assets like gold, and also appears to be helping cryptocurrencies like Bitcoin.

Gold formed the bedrock of most civilizations financial systems for thousands of years, hence when troubles in the fiat-based, central bank-centered fractional reserve banking system surface, many investors like to flock back to gold, which many view as the ultimate haven.

But Bitcoin, which many refer to as digital gold, is increasingly viewed as a safe haven. After all, it is a highly robust, highly decentralized payment system that operates entirely separately from the traditional financial system.

Ether can also make the claim to be robust, decentralized, and independent of the traditional financial system. Indeed, given its smart programmability, it arguably goes beyond Bitcoin in that an independent decentralized finance ecosystem can be built directly on top of its blockchain (and already is being built).

But Ether is only about half the age of Bitcoin. In the eyes of many investors, Bitcoin has more trust, particularly given that its future prospects dont depend on the efforts of programmers (like the Ethereum Foundation who are still working to upgrade the Ethereum blockchain). Bitcoin is expected to remain pretty much exactly how it is right now, more or less like gold.

Even though the Feds rate hiking cycle might not yet be over (they could hike rates by 25 bps this week), markets are already placing bets on the cutting cycle, with many expecting it to come soon amid turbulence in the banking sector. Easing financial conditions could well help lift cryptocurrencies broadly (including Ether), though Bitcoin is likely to maintain its lead on the added safe-haven bid.

Just as investors increasingly turn to Bitcoin as a safe haven, various core on-chain activity metrics are trending higher, showing a growing demand for network utilization. On many of the same metrics, the Ethereum blockchain is showing no such pick-up in activity.

While this probably wont outright prevent Ether from continuing to rally (not if the broader crypto market keeps pumping), it may make it difficult for ETH to keep up with Bitcoin, meaning potential further downside for the ETH/BTC exchange rate.

The first metric of note is the number of transactions taking place on a daily basis. As can be seen in the below graphs presented by The Block, this metric recently hit its highest level since early 2021 for the Bitcoin network, but remains subdued and within recent levels for the Ethereum network.

Meanwhile, though the rise in the number of active addresses on the Bitcoin network in recent weeks hasnt been quite as impressive, the metric is still close to multi-month highs. The same cannot be said for the number of active addresses on the Ethereum network.

Elsewhere, the rate at which new addresses are interacting with the Bitcoin network for the first time has also been trending higher. The same cannot be said for the Ethereum network, with new addresses remaining close to multi-year lows.

Excerpt from:

Divergent On-chain Trends Within Ethereum/Bitcoin Network Add to ... - Cryptonews

Ethereums developers have locked in a date for the networks next big upgrade, dubbed Shanghai: April 12. While ETH fans will laud the update for introducing the ability to unstake ETH, it couldnt be happening at a worse time.

SEC chair Gary Genslerindicated again this week that proof-of-stake modelslike those used by Ethereumare securities. Meanwhile, the NYAG filed charges against the KuCoin exchange for illegally selling securities and specifically named ETH as a security in large part due to the fact that Ethereum is not decentralized after all.

Add to that the fact that the past 12-24 months have seen legislators, regulators, and law enforcement all clamp down on illegalities within the industry in different ways. For instance, in January, theSEC took actionagainst lend-to-earn programs jointly operated by Genesis and Gemini on the basis that they amounted to illegal securities offerings. Nexo Capital paid the SEC a$45 million dollar settlement over its lend-to-earn program around the same time.

Most notable about these actions is that they confirm that the SEC is beginning to deconstruct themyth of decentralizationand the role it plays in determining whether a given asset offering amounts to a security. Look at the language used by Gensler in aninterviewwith The Block in 2021, right as the SEC began to look at lend-to-earn products:

I would note to your readers that if youre investing on a centralized exchange or a centralized lending platform, you no longer own your token. Youve transferred ownership to the platform. All you have is a counterparty risk. And that platform might be saying, as many of them do, well give you a four percent or seven percent return if you stake your coins with us or you actually transfer ownership and we the platform will stake your tokens. That takes on all the indicia of what Congress is trying to protect under the securities laws.

This should represent an enormous red flag for Ethereum and BTCtwo projects that the SEC has long considered the rare exceptions to its general position that most digital assets are, in fact, securities. Thats because these exceptions arise from the SECs assumption that both projects are decentralized: without a centralized body governing projects like these, according to the SECs logic, it cant be said that investors had a reasonable expectation of profits relying on theefforts of others, as is required by the Howey test for securities (their belief that BTC is not a security is also based on a misguided interpretation of that projects history).

These exceptions were always highly tenuous and at odds with reality. As time has gone on, they have become increasingly difficult to justify. Now, it seems, regulators and law enforcement have finally seen the lie for what it is.

Ethereum was always a securitybut now its obvious

The idea that Ethereum is anything but a security has always been a sham. This was obvious from Buterins own marketing at the time of the ETH ICO right through to the language used on Ethereum websites today. The point is made repeatedly: ETH production will slow dramatically over time, increasing scarcity and, as a consequence, value.

The Ethereum foundation website alsorefersto the fact that ETH is viewed as an investment.

But the biggest lie of all was that Ethereum is or has ever been decentralized. This was obvious back in 2016 when a decentralized autonomous organization (DAO) holding almost 15% of all ETH in circulation was hacked. Ethereums developers, led by founder Vitalik Buterin, proposed, approved, and implemented the solution to fork the network and recover the stolen assets. There was the charade of a vote on the proposal, but just 6% of all ether holders participated, and 25% of the votes came from a single address, while the proposals at the heart of the vote were still authored by Ethereums core team. This can be seen again as recently as this week with the Shanghai update announcement: If Ethereum is decentralized, then who is designing, proposing, and implementing these radical upgrades? That would be the very same people that intervened after the DAO hack, of course. This is not decentralization by any realistic definition.

The notoriousEthereum 2.0 upgrade, which moved the networks consensus mechanism from Proof-of-Work to Proof-of-Stake, did nothing to change this reality. If anything, the migration to Proof-of-Stake moved Ethereum even deeper into security territory. In contrast to Proof-of-Work, where miners are at least undertaking work of their own in solving hash puzzles, those staking under a Proof-of-Stake system are relying entirely on the work of others to deliver profits on whatever coins have been staked. In fact, this week, Gensler again indicated that Proof-of-Stake networks are likely to trigger U.S. securities laws, saying:

Whatever theyre promoting and putting into a protocol, and locking up their tokens in a protocol, a protocol thats often a small group of entrepreneurs and developers are developing, I would just suggest that each of these token operators seek to come into compliance, and the same with the intermediaries, he said,reportedby The Block.

Authorities are already taking action on the basis that ETH is a security

This sea change by authorities is not just a speculation over some hypothetical future enforcement drive. Instead, the enforcement drive is already here.

Last week, the New York Attorney Generalfiledcharges againstexchangeKuCoin over failing to register as a securities and commodities broker-dealer: ETH, which is listed by the exchange, was expressly labeled a security in the charges. The language used by the NYAG couldnt be clearer:

ETHs development and management is largely driven by a small number of developers who hold positions in ETH and stand to profit from the growth of the network and the related appreciation of ETH.

Further down:

Buterin and the Ethereum Foundation retain significant influence over Ethereum and are often a driving force behind major initiatives on the Ethereum blockchain that impact the functionality and price of ETH.

The language could have been taken straight fromHowey: ETH is not decentralized, and the continued development of the network is closely governed by a core group of developers who promote the asset on the basis that its value will increase over time. It is a classic security.

The NYAGs action is against KuCoin rather than anyone directly connected to Ethereum, but between Ethereums recent upgrades, Genslers public statements on centralization and the SECs recent enforcement actions, it seems that the SEC charges against Ethereum and its developers directly cant be far away. The ramifications of an SEC case against Ethereum can be much wider reaching: the SEC is empowered to levy fines and penalties against those violating the U.S. securities regime, including disgorgement of all profits made in connection with an unregistered securities offering and injunctions against carrying on further business. In short, it could spell the end of Ethereum altogether.

And if the myth of decentralization with respect to ETH has finally been pierced, then you can bet that BTC is up for the same treatment.

FollowCoinGeeks Crypto Crime Cartelseries, which delves into the stream of groupsfromBitMEXtoBinance,Bitcoin.com,Blockstream,ShapeShift,Coinbase,Ripple,Ethereum,FTXandTetherwho have co-opted the digital asset revolution and turned the industry into a minefield for nave (and even experienced) players in the market.

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

Original post:

NYAG calls Ethereum a security and destroys decentralization myth - CoinGeek

Bitcoin price has reached a crucial resistance level of around $28k as traders await tomorrows Federal interest rates. With over $126 million liquidated in the past 24 hours, Bitcoins volatility is expected to increase before and after the FOMC statement. The Bitcoin market continues to enjoy a bullish sentiment fueled by the increased fear of a global banking crisis.

The pressure on Jerome Powell to save the banking industry and reduce the dollar inflation to 2 percent has fueled the recent Bitcoin pump. Moreover, Bitcoin has annual inflation of less than 2 percent, and next years halving event will reduce the figure much lower. As such, institutional investors and retail traders have gained confidence in stashing more Bitcoins to flee the inflationary fiat market.

Furthermore, Bitcoin price has rallied over 70 percent YTD while the United States Dollar DXY index and the DOW Jones are down 0.41 and 2.69 percent, respectively, in the same timeline.

A recent report by CoinShares has, however, indicated a rather intriguing phenomenon. Reportedly, Bitcoin recorded a total of $113 million in outflows despite a 17 percent spike during the week. Notably, CoinShares reported that the overall outflow in the Bitcoin market was due to the need for liquidity rather than the negative sentiment.

In stack contrast to the broader market, Bitcoin remained the focus of negative sentiment, seeing outflows in investment products totaling $113 million last week, with the last six weeks outflows totaling $424 million, CoinShares noted.

Notably, the altcoin market, except Ethereum, which registered an outflow of $13 million last week, generally posted cash inflows of approximately $1.3 million. This is despite the fact that the number of Non-Zero Ethereum addresses just reached an ATH.

Read more:

Institutional Investors Shift Focus On These Altcoins, Sell off Bitcoin and Ethereum - Coinpedia Fintech News