14 hours ago

Ethereum Price Attempts a Comeback: Is a Rebound Imminent?

Ethereum price extended losses and dropped below the $3,450 zone. ETH is now recovering some losses and might rise if it clears the $3,445 resistance. Ethereum started a fresh decline below the $3,500 zone. The price is trading below $3,450 and the 100-hourly Simple Moving Average. There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a decent increase if it clears the $3,450 and $3,500 resistance levels. Ethereum Price Stays Above $3,200 Ethereum price struggled to start a fresh increase above the $3,500 level and extended losses like Bitcoin . ETH gained bearish momentum below the $3,400 level and traded below $3,320. The price is now consolidating above the $3,220 and $3,200 support levels. A low was formed at $3,220 and the price is now consolidating losses. There was a break above the $3,250 level. The price cleared the 50% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low. There was a break above a connecting bearish trend line with resistance at $3,300 on the hourly chart of ETH/USD. Ethereum price is now trading below $3,450 and the 100-hourly Simple Moving Average . On the upside, the price seems to be facing hurdles near the $3,445 level. It is close to the 61.8% Fib retracement level of the downward move from the $3,553 swing high to the $3,220 low. The first major resistance is near the $3,480 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,720 resistance zone or even $3,800. Another Decline In ETH? If Ethereum fails to clear the $3,445 resistance, it could continue to move down. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,220 zone. A clear move below the $3,200 support might push the price toward the $3,120 support. Any more losses might send the price toward the $3,050 support level in the near term. The next key support sits at $3,000. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 zone. Major Support Level – $3,220 Major Resistance Level – $3,445

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Russia Implements New Restrictions on Cryptocurrency Mining to Conserve Energy

The Russian government restricts cryptocurrency mining to conserve energy resources. The ban targets energy-intensive mining activities and lasts until March 2031. Continue Reading: Russia Implements New Restrictions on Cryptocurrency Mining to Conserve Energy The post Russia Implements New Restrictions on Cryptocurrency Mining to Conserve Energy appeared first on COINTURK NEWS . NewsBTC

Here’s what’s happening with Rumble (RUM) stock this week

Rumble Inc. (NASDAQ: RUM ), a video-sharing platform, made headlines this week as its stock surged over 100% on December 23, reaching $14.30. The rally comes on the back of a $775 million investment announcement from Tether, the issuer of the leading stablecoin USDT , marking Rumble’s highest close since September 2022. As of press time, Rumble’s stock is trading at $13.30, reflecting a five-day gain of 63%. On a year-to-date basis, the stock has surged an impressive 206%, reflecting heightened investor interest. Rumble year-to-date price chart. Source: Finbold Tether’s $775 million investment on Rumble The announcement revealed that Tether has agreed to purchase approximately 103.3 million shares of Rumble’s Class A Common Stock at $7.50 per share. This transaction will generate gross proceeds of $775 million, significantly strengthening Rumble’s financial position, which already benefits from holding more cash than debt. Rumble has outlined a clear plan for utilizing the funds. Of the total, $250 million will support growth initiatives aimed at enhancing platform engagement and monetization, while $525 million will finance a self-tender offer to repurchase up to 70 million shares of Class A Common Stock at the same $7.50 price offered to Tether. This tender offer is designed to provide liquidity to stockholders and reinforce shareholder value. “I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”- Chris Pavlovski, Rumble’s Chairman and CEO, Interestingly, this agreement comes shortly after Rumble’s board approved allocating a portion of its cash reserves to Bitcoin ( BTC ), with plans to purchase up to $20 million in the cryptocurrency. Revenue growth and user metrics The recent surge in Rumble’s stock price has brought renewed attention to the company, which competes with major players like YouTube and Odysee. Rumble’s revenue has shown consistent growth, with the company reporting $25.06 million for the quarter ending September 30, 2024, a 39.34% year-over-year increase. Over the past 12 months, Rumble’s revenue climbed to $85.65 million, up 6.36% compared to the prior year. The platform’s global monthly active users (MAUs) have also increased , rising to an average of 67 million in Q3 2024 from 53 million in Q2 2024. However, the average revenue per user (ARPU) dropped to $0.33 in Q3 from $0.37 in the previous quarter, indicating room for improvement in monetization. Analyst views and valuation concerns Despite the excitement surrounding Tether’s investment, questions remain about Rumble’s valuation and growth prospects. Oppenheimer analyst Jason Helfstein notes that while the $775 million equity investment strengthens Rumble’s balance sheet and alleviates liquidity concerns, the valuation appears ahead of its current advertising and subscription revenue performance. Analysts, including Wedbush’s Scott Devitt, have revised their outlook on Rumble, raising the price target from $8 to $10 but maintaining a neutral stance on the stock. While Tether’s $775 million investment is a major vote of confidence in Rumble’s potential, the company’s ability to sustain this momentum and deliver on its growth plans will be closely watched by investors. Featured image from Shutterstock. The post Here’s what’s happening with Rumble (RUM) stock this week appeared first on Finbold . NewsBTC