Ethereum Is Down 5.63% – Time to Buy ETH?
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- Prada Joins Top Luxury Brands in Web3 with Ethereum NFTs: Time to Buy ETH?
- Ethereum Beacon Chain Launches on a New Testnet in Preparation for Upcoming Merge
- Fidelity to Offer Ethereum Trading and Custody
The crypto market’s modest rally has slowed. Ethereum saw a downtrend of 5.63%. Is this an ideal opportunity for investors to buy ETH and hold till the broader crypto market consolidates?
Ethereum is an open-source, decentralised blockchain technology, with Ether as its coin. It serves as a platform for various cryptocurrencies and decentralised smart contract execution.
Prada Joins Top Luxury Brands in Web3 with Ethereum NFTs
Cassius Hirst, Damien Hirst’s son, collaborates with Prada for its upcoming Timecapsule event. This event will be unique because it will feature a limited-edition shirt designed by the artist and NFTs to give the future owner an extra special touch.
The Hirsts are no strangers to NFTs. Damien’s debut collection, “The Currency”, was released in July of last year and has a current floor price of 5.6 ETH ($9,360) per NFT.
Reports indicate that Prada will release 100 Ethereum NFTs today to coincide with the release of its Timecapsule fashion collection. Each buyer will receive a non-fungible token (NFT) that represents the digital version of the actual product.
The Timecapsule event occurs on the first Thursday of each month, and the company will offer a limited-edition range of clothes or accessories for 24 hours only.
Ethereum Beacon Chain Launches on a New Testnet in Preparation for Upcoming Merge
Recently, leading Ethereum developer Tim Beiko stated that the Ropsten Beacon Chain had been established as a testnet for Ethereum users. This came just in time for The Merge, which will occur in August. The Merge will signify the end of Ethereum’s PoW design, and Ropsten will be the first long-running testnet to go through it.
📣 Ropsten Merge Announcement 📣
Ethereum's longest lived PoW testnet is moving to Proof of Stake! A new beacon chain has been launched today, and The Merge is expected around June 8th on the network.
Node Operators: this is the first dress rehearsal💃https://t.co/0fDHObLOmn
— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) May 30, 2022
The Ropsten testnet was developed about five years ago and is regarded as one of the most incredible clones of the Ethereum blockchain. It also matches features of the Ethereum mainnet, making it a test model for how the Proof-of-Stake network might look. As a result, developers and validators can peek into The Merge and see what code-related issues they might run into without harming the mainnet.
The “Bellatrix” upgrade, reported to be due today, will provide the groundwork for The Merge, according to Ethereum’s official blog article. A few days later, miners will decide on the Terminal Total Difficulty (TTD), a statistic gauging mining difficulty, to initiate the changeover. Then, miners will need to set the specified value in their nodes.
The Merge, the Ethereum community’s most anticipated event of the year, was announced earlier this year by Vitalik Buterin to take place in August.
At the Eth Shanghai Summit, Vitalik said that the Ethereum merge (POW to POS) is likely to happen in the summer in August, If there are some potential risks, September or October is also possible. Live：https://t.co/WSl2IpAyJW
— Wu Blockchain (@WuBlockchain) May 20, 2022
Converting Ethereum’s Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS) will make the network more energy-efficient and may burn more ETH than validator awards will generate. The second-largest cryptocurrency could become deflationary as a result of The Merge.
Fidelity to Offer Ethereum Trading and Custody
Fidelity Investments, a financial services company, is planning to expand its crypto assets segment aimed at institutional investors.
According to a recent statement from the Wall Street Journal (WSJ), Fidelity Digital Asset Services will expand its crypto-asset portfolio beyond Bitcoin (BTC) to include Ethereum (ETH), the top smart contract platform.
The report also indicated that Fidelity Digital Asset Services LLC, a subsidiary of Fidelity Investments, planned to recruit 110 blockchain experts, including developers and engineers, and 100 customer care representatives. This new personnel will be expected to contribute to developing the infrastructure required to support Ethereum services.
Tom Jessop, president of Fidelity Digital Assets, believes the firm has a broad vision beyond the crypto market’s recent collapse.
ETH Technical Analysis
At press time, Ethereum trades at $1,831. The digital has seen a 30 days downtrend of 36.2%. If you’re seeking to invest in cryptocurrency, this is a great time to buy ETH and gain when the crypto market is bullish.
The foremost smart contract network Ethereum is bullish at press time. The digital asset is trading on par with the 78.6% Fibonacci retracement level of $1,830. This indicator could pose a resistance level for the crypto asset in the short term. However, a bullish rebound might see ETH break above the current resistance indicator of $1,830 before the month’s end.
ETH’s Relative Strength Index (RSI) is 58.30. This value indicates that the digital asset is in the underbought zone. Therefore, this provides an excellent opportunity for investors planning to buy cryptocurrency to gain profits and rise with the broader crypto market.
Currently, the digital asset is trading above the 50-hour Simple Moving Average (SMA) indicator of $1,826, pointing to a bullish atmosphere.
Currently, the crypto asset’s moving average convergence and divergence (MACD) indicates a sell signal. This is in line with the broader crypto market, which is struggling with the bears. A return of the bulls would shift the MACD to a buy signal.
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