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Ethereum Price Falls 5%: Correction or Start of a Bigger Slide?

Ethereum price started a sharp decline below the $3,880 zone. ETH is down over 5% and is showing bearish signs below the $3,680 level. Ethereum started a fresh decline below the $3,800 zone. The price is trading below $3,680 and the 100-hourly Simple Moving Average. There is a new connecting bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue to move down if it fails to stay above the $3,550 support zone. Ethereum Price Dives Below $3,800 Ethereum price struggled to stay above the $3,880 level and started a fresh decline like Bitcoin . ETH gained bearish momentum below the $3,800 level and dived below $3,680. It even dived below $3,600 and spiked below the $3,550 level. A low was formed at $3,543 and the price is now consolidating losses . There is also a new connecting bearish trend line forming with resistance at $3,800 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,620 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,670 level. It is close to the 23.6% Fib retracement level of the downward move from the $4,105 swing high to the $3,537 low. The first major resistance is near the $3,800 level or the 50% Fib retracement level of the downward move from the $4,107 swing high to the $3,837 low. The main resistance is now forming near $3,880. A clear move above the $3,880 resistance might send the price toward the $4,000 resistance. An upside break above the $4,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,150 resistance zone or even $4,220. More Losses In ETH? If Ethereum fails to clear the $3,680 resistance, it could continue to move down. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,500 zone. A clear move below the $3,500 support might push the price toward the $3,450 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $3,550 Major Resistance Level – $3,680 CoinOtag

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Nexo donates 1 BTC to secure the bitcoin network & fund core development

On HODL Day, a celebration of resilience and long-term commitment, Nexo proudly announces its donation of 1 BTC (~$105K) to Brink , a leading non-profit funding Bitcoin Core development. Nexo has generously donated $105,000 to Brink , a non-profit organization dedicated to open-source Bitcoin development. Like any complex system, Bitcoin requires ongoing care and improvement to function optimally. As the network grows, so do the maintenance and development demands. Brink’s mission is to foster a thriving community of Bitcoin developers. This donation will enable them to expand their educational and mentorship programs, empowering the next generation of developers to contribute to Bitcoin’s future. Bitcoin Core development is the backbone of the Bitcoin network. By continually refining the underlying code, developers help ensure the network’s security, reliability, and scalability. Brink’s efforts in fuzz testing, bug fixing, and secure updates are crucial to maintaining Bitcoin’s strength and resilience for millions of users worldwide. 1 BTC donation covers ~7% of Brink’s $1.5M 2024 funding goal. Transaction: https://www.blockchain.com/explorer/transactions/btc/15aeb76eb864296de1e957234d2460ef94a4740bcee5bd7020900151f826c220 Nexo’s generous donation of 1 BTC to Brink represents a substantial step towards securing Bitcoin’s future. This contribution covers roughly 7% of Brink’s $1.5 million funding goal for 2024. By supporting Brink, Nexo directly empowers a global community of developers working tirelessly to enhance Bitcoin’s security and reliability. This funding will enable developers to address emerging vulnerabilities, conduct rigorous code reviews, and implement critical updates that safeguard the network. “Brink is very grateful for this 1 BTC contribution from Nexo to our developer funding efforts! The funds will be used to support our engineers’ work of securing Bitcoin software through their efforts of fuzz testing, code review, and other projects outlined in our recent annual report . Thank you Nexo! — [Mike Schmidt, Executive Director, Brink] Thanks to community donations, Brink has become a bug-hunting force, actively identifying and fixing critical vulnerabilities in the Bitcoin software. Recent disclosures on BitcoinCore.org offer a glimpse into the types of threats Brink and Bitcoin Core developers tirelessly combat, ensuring the network’s robustness for everyone. “Bitcoin Core developers are Bitcoin’s unsung guardians. By supporting their work, we help ensure that Bitcoin remains the most secure, innovative, and decentralized asset for future generations. This donation will directly fund Brink’s developers and is a testament to our shared responsibility to safeguard Bitcoin’s future. Stepping in to support critical development work that relies on contributions like these to move forward is crucial for the digital asset industry and we hope it inspires others to recognize the importance of funding Bitcoin Core development for securing the network’s future for millions worldwide.“ — [Elitsa Taskova, CPO, Nexo] This dedication to Bitcoin’s health isn’t lost on Nexo, a platform founded by “HODLers” (long-term Bitcoin believers). Nexo has a history of supporting Brink , and this HODL Day they’re making another significant contribution. This isn’t just a one-time act; Nexo is committed to Bitcoin’s future, ensuring its security for generations of HODLers to come. The collaboration between Nexo and Brink extends beyond finance. Earlier this year, they fostered a sense of community through the Bitcoin emoji initiative . This act signifies their commitment not just to Bitcoin’s security but also to its global impact. CoinOtag