HeroVerse is Revolutionising How People Play Blockchain Games
When we hear about revolutionization, we may think of public policy, trade agreements, immigration, and big business. But oftentimes, the connectivity of the world isn’t happening in board rooms – but in virtual environments accessed from across the world. Now, the world is seeing a gaming model known as Play-to-Earn, specifically in the blockchain universe. Blockchain has been used in gaming for a few years now, with Play-to-Earn embracing an open economy. Despite the popularity of the Play-to-Earn model, Heroverse Development pioneered a new trend and became the first vendor bringing Play-and-Earn business model to the blockchain space. What is HeroVerse? HeroVerse is the first pioneer to bring the Top Grossing Mobile Genre Game to the blockchain universe, which combines Match-3 Puzzle and RPG Strategy Play-and-Earn Game. Play-and-Earn is a business model that embraces the concepts of players’ gaming experience and open economy. Game Play Inspired by the concept of Match-3 Puzzles games like Candy Crush Saga, Empires & Puzzles, HeroVerse is a hyper-casual game that focuses on matching similar items to make them disappear. When the line or matches disappear, heroes will fight with their counterparts, and if they win, they are allowed to move up to the next level. This is when users can receive rewards for their achievements, which can be transferred to the real world as a valuable resource. Moreover, Heroverse also focuses on prominent RPG features: exploring and looting. Specifically, RPG is a role-playing genre where the gamer controls a character that undertakes a quest in an imaginary world. In HeroVerse, it is more about how the characters evolve as they interact with the narrative. Apart from casual game mode, HeroVerse also has Daily Raid mode where players can do daily missions to receive in-game tokens. Moreover, Heroverse Development Team is also working to develop more gaming modes such as Tower, PVP and Clan Event. Recently, it is recorded that Puzzle games are the most popular mobile genre in the market. In the US and UK, more than 60% of players are enjoying these games. In South Korea, it is the second most popular genre, with 45% of players. In Japan, 38% of gamers play puzzle games. Whereas, mobile RPGs are the most popular in Japan and South Korea. As a combination of Puzzle and RPG Strategy, HeroVerse is expected to be a unique game genre that will attract the attention of millions of players worldwide. Game Economy and Its Inflation Rate Controlling The Earning part of Heroverse is quite the same compared to the Play-to-Earn model. However, a key element making HeroVerse unique is that HeroVerse is controlling its in-game inflation rate by controlling its currency and hero generation. There are two types of tokens available in HeroVerse: HER and HES. HER are pre-minted tokens that the holders use to buy Heroes and Hero Box. Due to the limited feature of this token type, HeroVerse can control the pricing process of the pre-minted token during the project. To be more specific, the number of pre-minted tokens released has been decided at the beginning of the project, which means there will not be any situation of issuing more tokens during the whole process that might lead to the shrinkage of token price. HES is the in-game currency that players can earn while playing and can spend on almost all game features. HES is an unlimited token that Heroverse will continue releasing when users play the game. A part of HES can be withdrawn as real money. The other part can be used for in-game transactions such as hero upgradation. Heroverse controls HES by a burn mechanism in which Heroverse burns some percentage of this HES to create in-game balance. HeroVerse also comes with the hero generation mechanism. There are two ways to generate a new hero: Limited Hero Box and Summoning. A Limited Hero Box might generate a superhero or a normal hero. Likewise, Summoning generates a new hero by sacrificing some HER and 4 Hero Shards. In order to balance the supply of heroes in the market, Heroverse launched the Awaken System which helps maintain the hero’s supply power and reduces the hero’s inflation rate. Closing Thoughts The Play-and-Earn model is likely to become increasingly popular in every country during the Covid-19 pandemic as an entertaining platform and an extra income stream. As the pioneer in this business model, HeroVerse is expected to be a revenue boom this Autumn. Heroverse will launch its IDO on leading platforms – Red Kite and GameFi. The IDO will commence on 23rd September at 2:30 PM (14:30) UTC.
Messari Founder Ryan Selkis Announces Senate Run for 2024 — ‘Enough Talk’
Ryan Selkis, the founder of Messari, a cryptocurrency research company, has announced he will be running for the U.S. Senate in 2024. The entrepreneur made the announcement on Twitter after finding out one of the speakers at Messari’s Mainnet conference, whose identity could not be confirmed, was served with a subpoena by the SEC. This […
54% of Salvadorans are not familiar with Bitcoin, survey suggests
A new survey suggests that most Salvadorans still don’t have a clear understanding of Bitcoin or crypto.
NFTs could mark a resurgence in art galleries
Cointelegraph spoke to the founder of a London art gallery to discuss the cultural implications of welcoming NFTs into traditional art spaces.
Will Cardano Price Be Affected by Elrond Upgrades? ELGD Price Set to Hit $500!
The post Will Cardano Price Be Affected by Elrond Upgrades? ELGD Price Set to Hit $500! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto space is undergoing extreme volatility as the market lost nearly $150 billion. And the total liquidations recorded were more than $500 million in 24 hours soon after the economic turmoil from China’s real-estate giant Evergrande on 20th September. A huge crash has shaken Bitcoin price but Cardano (ADA) price and Elrond (ELRD) stood …
SEC registrants seek DeFi and physically-backed Bitcoin ETF approval
Amplify ETFs, Invesco and Galaxy submitted registrations to the U.S. SEC for Bitcoin and DeFi-based ETF offerings.
Will Bitcoin Price rally in Q4? Experts and Analysts Say Yes!
The post Will Bitcoin Price rally in Q4? Experts and Analysts Say Yes! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The crypto market underwent a severe fall in September after a good bull run in the latter month of August. Bitcoin (BTC) has dropped more than 20% from its September high of $52,701 to around $42,000 as of today. Over the last decade, September has been a month of high volatility, with Bitcoin and the …
HSBC CEO backs CBDCs against crypto and stablecoins
Banking giant HSBC echoes global stablecoin concerns, calling for regulation to be equivalent to its adoption level.
10% of early-stage startups working on blockchain: GSER 2021
Blockchain-based startups continue to account for a significant proportion of newly established business entities across the globe.
How NFTs are Impacting Artists’ Lives: Enter Bullseum
NFTs (Non-Fungible Tokens) are brought to the world by the blockchain. They are similar to cryptocurrencies, but NFTs are different. Unlike cryptocurrencies, NFTs are unique tokens. They display ownership, source and history on a permanent, transparent, decentralized, secure and open-source database. NFTs are disrupting or on the verge of disrupting numerous fields. To name but a few: Art Collectibles Gaming Real Estate Music Of all these fields, without a double leading the innovation in this space from the beginning are artists themselves. Many of these have had life-changing stories. There is Trevor Jones, the Canadian painter living in Scotland who went from working four jobs to support his art career to selling his Bitcoin Angel for $3.2 million in February, which was at the time a record for the “most expensive open-edition NFT artwork”. There is Ben Mauro, the artist who went from struggling to make ends meet to becoming a millionaire. Another star example is that of Blake Jamieson. He’s a 36-year-old Brooklyn artist whose career exploded when he made over $46,000 in NFTs sales in just over six weeks. He placed his artwork on platforms like SuperRare and OpenSea. He has since partnered with current and former NFL superstars Dez Bryant and Terrell Owens on NFT projects and is continuing to grow his brand. NFTs make this possible because of the decentralized nature of the blockchain. The legacy art industry would require hiring an agent and working to get approval to be displayed in an art gallery. The artist is dependent to a large extent on others to bring their works to the market. In the case of NFTs, any artist can mint their own NFTs and bring them to market. And with the internet, social media and the increasing popularity of NFTs, collectors around the world can connect with the artists they want to collect. From a markets standpoint, art is being connected to a liquid market that it has never seen before. In just the last month alone, on just one exchange, OpenSea, there has been over $4 billion in NFT sales, which is more than the worldwide NFT market size in the first half of 2021. What will the future hold for the red hot NFT space? While no one has a crystal ball, it is clear that there is a robust community of collectors, traders and investors that have brought a very liquid market into play. There will be bull markets and bear markets, but it’s clear that NFTs are here to stay. Enter Bullseum Bullseum is an art project in which 5,000 NFT collectibles were created. This is not a generative project, but instead, each was hand-drawn by a human artist. These collectible bull NFTs are part of a fantasy ecosystem with an ambitious roadmap that will continue to grow and increase in features. Some of what this will include: Artists competitions NFT airdrops A video game A cryptocurrency token One of the most attractive uses of blockchain is creating a fair decentralized economy where creators can be rewarded for their creations, instead of being dominated by central institutions, gatekeepers, and middlemen. Bullseum stays true to this by creating an ecosystem that incentivizes artists, investors and traders to participate in it. For investors, the project has an attractive aspect due to the fact that it is still very early. Those who want to participate in the ecosystem now can still get in at a floor price of 0.1 ETH. As part of the project’s roadmap as featured on their website, there will be a series of NFT airdrops that will give holders a chance to win more NFT collectibles. Holders also will be given an opportunity to vote in a series of community votes to help guide the direction of the project. As of this writing, the community is actively growing, with about 10,000 members on the Discord chat.
What Did The SEC’s G. Gensler Say To The WaPo About Stablecoins And Evergrande?
The Chairman of the Securities Exchange Commission, Gary Gensler, showed his cards. He spoke with legacy-media-operation The Washington Post and host David Ignatius for their series “The Path Forward” and spilled the beans. We at NewsBTC saw the whole interview so you don’t have to. We selected the most crucial quotes, and present them in all their splendor for you all to read them and reach your own conclusions. Of course, we’re going to offer our two cents. We’re not made of steel. In general, though, you’ll get Gary Gensler’s unadulterated words. They’re shocking enough as it is. Gary Gensler Is Looking Directly At Stablecoins Even though host David Ignatius had no questions about stablecoins, the topic was on Gensler’s mind. The SEC’s Chair brought it up a couple of times. First, he said: “On something called stablecoins, and how the banking agencies–and we, too, market agencies–coordinate because these stablecoins may have attributes of investment contracts, have some attributes like banking products, but the banking authorities right now don’t have the full gamut of what they need.” But his organization is not only thinking about stablecoins and trying to define them and isolate their attributes. They’re preparing a formal document: “We’re working right now under the guidance of Secretary Yellen and working on a report around stablecoins, and in the world of stablecoins, I do think that there would be some help from Congress.” This doesn’t seem that bad. Their report could conclude that stablecoins are a useful innovation and tool that the whole financial system can benefit from, right? Wrong. This is what Gensler and the SEC think about stablecoins, and pay attention to the language: “These stablecoins are acting almost like poker chips at the casino right now; so, add to the Wild West analogy. I mean, we’ve got a lot of casinos here in the Wild West and the poker chip is these stablecoins, you know, at the casino gaming tables.” Things are about to get interesting for stablecoins, it seems. USDT Market Cap by Cryptocap | Source: USDT on TradingView.com Does The SEC Want Crypto Exchanges To Register? Look, there are no two ways about this. Gary Gensler wants all exchanges, including decentralized ones, to register with the Securities Exchange Commission. To convince them, he asks for the exchanges to come to him: “I think it would be better–the platforms that are trading securities, the platforms that have lending products, who have what’s called “staking products,” and I’m glad to describe that for your listeners, but where you actually put a coin at the platform and you earn a return–that they come in and we sort through, figure out how best to get them within the perimeter.” And, you might ask, what perimeter is that? Well, this quote makes it very clear: “I think at $2 trillion, 5- or 6,000 projects, that it would be better to be inside investor-consumer protection, inside the tax compliance and anti-money laundering and financial stability.” This goes in line with recent declarations from Gensler about the need for crypto regulation: “Gensler believes that if the market is to grow, then it needs to embrace regulation. The SEC chairman explained that regulation would provide trust in the market, which is important if the market does not want to become irrelevant over time. “Finance is about trust, ultimately,” Gensler said. Gensler’s focus is mostly on trading platforms, given that this is where the majority (~95%) of activities in the crypto market are carried out.” Is Gary Gensler Even a Cryptocurrency Enthusiast? Since the new Head of the SEC once taught a class on Cryptocurrencies at MIT, people assumed he would be a pro-crypto legislator. Is he, though? Let’s read what he said about the subject specifically: “I do think this new technology is a very interesting–and whomever she was, Satoshi Nakamoto, it’s led to change. It’s pushing at the side of central banks around the globe to reconsider how to provide payment systems. It’s pushing on the side as a catalyst for change in finance, so-called “fintech,” the intersection of new technologies and finance.” So, a non-comital opinion. However, Gensler feels strongly about bringing cryptocurrencies into a public policy framework. So strongly, that he said, “I don’t think technologies long last outside of a social and public policy framework.” And then, “I think it’s better to bring it inside the public policy framework and ensure that we address these important public policy goals.” And later on one more time, “So, new technology is generally a good thing; it challenges the establishment. But I don’t think that new technologies really long exist outside of public policy frameworks.” Does Any Of This Have To Do With Evergrande? Days after our report about the situation, Evergrande became one of the biggest stories of the year. We explained that the company reportedly owes $300B, and the most likely cause for all that: “Apparently, China Evergrande was caught in a loop. The company was pre-selling apartments and using that money to fund other projects, in which they also pre-sold the apartments and the cycle started again. Evergrande bonds are suspended, and there’s a chance they won’t be active ever again. They might be worthless. The stock is near its all-time low, it has lost nearly 80% of its value this year.” Of course, The Washington Post’s Mr. Ignatius had to bring the subject up. He said that analysts are worried that there could be “contagion in financial markets, like what we remember from 2008 and the failure of Lehman Brothers.” Then, he asked: “Are you confident that our financial markets today are protected in the event that there was such a failure, not necessarily over this company but any large company with that level of debt?” Gensler refused to comment on a Chinese company, that’s out of his jurisdiction. To the question, he answered: “I do think the reforms after the 2008 crisis stood up a much stronger U.S. financial system. It doesn’t mean that there aren’t issues that we look at, at the SEC and other important regulators like the Federal Reserve and the bank regulators and CFTC, that I once was honored to chair. But I do think that we’re in better position in 2021 to absorb some of those shocks than we were prior to the ’08 crisis, but it doesn’t mean we’re isolated. Our economies are connected around the globe.” Featured Image: Screenshoot from the interview | Charts by TradingView
Iranian Lawmakers Oppose Crypto Restrictions, Call for Supportive Regulations
Members of the Iranian parliament, the Majlis, have voiced concerns over Tehran’s restrictive policies towards innovations such as cryptocurrencies. Following the release of a study recommending a new approach towards the crypto industry, the lawmakers have called for the adoption of friendlier regulations. Iranian MPs Urge for Change in Crypto Policies After Research Some parliamentarians […
Waggle Network Successfully Raises $3 Million Seed Round to Build Multi-Chain Marketplace for Strategic Token Sales
Waggle Network, a cross-chain protocol that unlocks liquidity for post-IDO tokens, has announced a $3 million seed raise by leading investors including (but not limited to) GBV, SVC, Genesis Block Capital, Basics Capital, Bixin Ventures, NGC, AU21, Gate.io labs, MEXC, HG Ventures and Spark Digital. Waggle has also announced the addition of strategic partners such as Solanium, Occam, and Poolz.finance to help foster the company’s multichain approach, as well as media partners Minted Labs, ODaily, CrryptoTimes, Bitcoin Addict, and Bigcoin Vietnam. With each investor and partner, Waggle unlocks the potential to tap into thousands of portfolio projects and deep industry expertise from top Web3 investors and builders. Waggle’s founding team brings heavy experience in DeFi along with the first-hand experience with some of the major pain points that inspired Waggle’s creation. Conventionally, projects have limited alternatives to raise funds after their IDO. Most projects will raise funds via OTC deals with institutional partners, which sometimes present them with less-than-favorable sales terms due to the illiquidity of such deals. Waggle saw these pain points and noticed the fervor of the communities of these projects. Waggle was therefore born to bridge this market inefficiency and facilitate fundraising through the project’s very own community. Not only is Waggle unlocking liquidity for projects to further their innovation, but the company will also bring deals, previously exclusive to institutional investors, to the community. A representative at VC fund AU21 says, “As the crypto market booms, and technological innovation within the sector reaches new heights, we feel that it is patently important for locked and restricted tokens to be valued in public markets. The Waggle Network introduces much-needed liquidity to assets held by project teams while keeping a close eye on project quality for prospective investors.” A representative at Genblock Capital adds, “The inability to unlock value from vested tokens is a challenge shared by many project founders and early supporters. Genblock is excited to be supporting the team at Waggle, who are building the protocols and tools that will enable project founders to access capital from their illiquid vested tokens. This will provide a new source of funding for early-stage projects, as well as widen access to exclusive private sales for the retail community.” Waggle will be announcing more details soon around upcoming challenges, airdrops, IDOs, and liquidity mining programs designed to provide a strong go-to-market launch for the company.
Maxim Magazine’s Official NFT Marketplace, MaximNFT, Partners with Leading Baseball Agency ACES to Create Athlete NFTs
Nasdaq listed engineering company ZK International (ZKIN) is proud to announce a partnership between xSigma collectibles–their blockchain-based subsidiary– and ACES, a top American baseball agency, to launch NFTs on behalf of their Athletes using MaximNFT. Formed in partnership between xSigma and Maxim magazine, MaximNFT is a marketplace for buying, selling, and creating new Non-Fungible Tokens (NFTs). Users can find the platform’s website at maximnft.com MaximNFT’s most recent deal will have ACES’s athletes represented on their platform through the power of NFTs. ACES is a Brooklyn-based agency representing some of baseball’s top talent. Forbes ranks them as one of the three most powerful in the sport while listing its co-owners Sam and Seth Levinson as some of the ten most powerful agents. ACES has spent over 30 years representing baseball professionals at varying points in their careers and has negotiated for over $4 billion in deals. ACES will work closely with the xSigma team– owners and operators of the MaximNFT platform– in the development and launch of these NFTs. xSigma is a blockchain R&D lab that includes former developers of top companies such as Google and Amazon. They will provide the creative and technical support of their veteran engineering team to help the agency navigate the novel and ever-changing NFT space. “This is a serious step and a great partnership for MaximNFT,” says Jon Orlando, CEO of MaximNFT. “ACES is one of the most powerful baseball agencies and we look forward to revolutionizing the industry of sports collectibles together.” Peter Pedalino, a principal at ACES, feels equally as excited for the opportunity NFTs can present to his agency. “The NFT Industry is clearly going to be a major component in the future of the Sports Collectible Space. We want to lead in this evolution, and we are happy to have support from the MaximNFT’s team on this path.” MaximNFT will go live with an exclusive NFT suite featuring top celebrities, brands, and athletes later this Fall. The collection will form a fitting thematic combination with the brand and promoter of the platform, Maxim Magazine. Maxim is a globally leading men’s lifestyle magazine of 25 years, covering the latest in cars, travel, wine, fashion, entertainment, and beautiful women. The publication will utilize its millions of readers in 75 countries to promote MaximNFT.com and its unique digital collection. About MaximNFT.com MaximNFT is an innovative new NFT marketplace for buying, selling and creating NFTs. It offers unique digital collectibles of high-profile brands and figures and is supported by never-before-seen NFT trading features. One of these features is known as “NFT tokenization” which lets users break down an otherwise unique digital collectible into fractional parts, and share it among the NFT community. NFTs bought and sold with MaximNFT can be exchanged on multiple top blockchains, including (but not limited to) Polkadot, Ethereum, and Binance Smart Chain. By combining xSigma’s masterful engineering with Maxim Magazine’s promotional power, MaximNFT is poised to make an important name for itself in the growing NFT markets, which have amassed billions of dollars in transaction volume in 2021. The marketplace will feature a special focus on celebrity, sports, and gaming-themed digital collectibles. Predicting a rise of NFT adoption within the gaming industry, xSigma already plans on developing AR and VR compatible NFTs. About xSigma xSigma was established as ZK International (Nasdaq: ZKIN)’s blockchain research and development arm in 2018, finding solutions to real-world infrastructure issues and assisting with supply-chain management. Today, however, xSigma has shifted towards independent DeFi, stablecoin, NFT, and DEX product developments. With an elite development team featuring former members of Google, Facebook, and RippleLabs, their goal today is to create financial tools that help the DeFi industry flourish. About Maxim Maxim is a world-renowned men’s lifestyle magazine of 25 years. They provide content covering cars, travel, and women, and their covers of featured A-list female celebrities including Megan Fox, Angelina Jolie, Shakira, Beyonce, and many more. The magazine is read by over 10 million men across 75 countries every month across Maxim’s print, social, and digital media outlets.
FortKnoxster(FKX) Blockchain Messenger- The Next Telegram
The post FortKnoxster(FKX) Blockchain Messenger- The Next Telegram appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Why Fortknoxster will be the most successful messaging app based on blockchain technology! FortKnoxster, the most secure communications and messaging platform in the world, represents one of the last remaining safe havens for companies, governments, financial institutions. The platform also allows individuals for free communication, among other blockchain features. In a digital era where all …
Bitcoin miner Genesis Digital Assets raises $431M
Genesis Digital previously raised $125 million in an equity funding round led by Kingsway Capital in July 2021.
Swap, Stake, And Yield Farm With ChilliSwap
The post Swap, Stake, And Yield Farm With ChilliSwap appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Decentralized exchanges act as traditional banks and ATMs for cryptocurrencies with better security, faster transactions, and cross-border operability. In spite of this, current DEX’s have one significant disadvantage that is inconvenient for traders and the community. There are fewer liquidity providers on these DEXs, resulting in a lack of adoption. ChilliSwap aims to enhance the …
Bitcoin bounces again after briefly losing $40K support — Watch these BTC price levels
The Chinese property developer will soon be a “non-event,” one analyst says, with markets already shrugging off the story.
Nifty News: Snoop's $17M NFT collection, movie sold as NFT, QAnon espouser sells tweets
NFT collector revealed to be Snoop Dogg, hybrid NFTs are coming, and an investor lost $300,000 in tokens to hackers.
Cardano Price could hit fresh highs! ADA Price to Hit $4 Says deVere Group CEO Nigel Green
The post Cardano Price could hit fresh highs! ADA Price to Hit $4 Says deVere Group CEO Nigel Green appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The broader cryptocurrency market seems to be clearing out weak hands as the turn down keeps wreaking havoc on the market. The total market value now stands at $1.9 trillion, down from a seven-day high of $2.2 trillion, recorded on September 16. Currently, The largest digital asset Bitcoin price is trading bearishly, recording a price …
Solana Price To Hit Back Harder Above $150 In The Next 7 Days
The post Solana Price To Hit Back Harder Above $150 In The Next 7 Days appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Solana price after the mesmerizing rally above $215, shed almost half of its gains within no time. The recent crash appears to have impacted the most as the SOL price was heading strongly towards the $183 resistance. Therefore, the price landed close to $116 while aiming to regain the lost positions above $200. Amid the …
Argentinian Exchange Ripio Raises $50 Million in Latest Funding Round Led by DCG
Ripio, a Latin American (Latam) exchange headquartered in Argentina, raised $50 million in its latest funding round, led by Digital Currency Group (DCG). The exchange, which has a stronghold in countries like Argentina and Brazil, will use these new funds to further expand to new countries in the area and consolidate its spot as one […
Commodity strategist predicts Bitcoin ETF could get the nod in US next month
A Bitcoin ETF could be approved by U.S. regulators by October. according to Bloomberg Intelligence Commodity Strategist Mike McGlone.
TA: Ethereum Topside Bias Vulnerable If It Struggles Below $3K
Ethereum settled below the $3,000 support zone against the US Dollar. ETH price could resume its decline unless there is a clear break above the $3,000 resistance zone. Ethereum started a fresh decline below the $3,100 and $3,000 support levels. The price is now trading below $3,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD (data feed via Kraken). The pair could resume its decline unless there is a clear break above the $3,000 resistance zone. Ethereum Price Remains At Risk Ethereum started another decline from the $3,100 resistance zone. ETH traded below many important support zones near $3,000 and the 100 hourly simple moving average, similar to bitcoin. The price even broke the $2,800 support level to move further into a bearish zone. A low is formed near $2,651 and the price is now correcting losses. There was a break above the $2,800 and $2,850 resistance levels. The price recovered above the 23.6% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. An immediate resistance on the upside is near the $2,880 level. There is also a major bearish trend line forming with resistance near $3,000 on the hourly chart of ETH/USD. Source: ETHUSD on TradingView.com The trend line is close to the 50% Fib retracement level of the recent drop from the $3,105 swing high to $2,651 low. A close above the $3,000 resistance could start a decent recovery. The next major resistance might be near the $3,105 level. A clear break and close above the $3,105 level could start a steady increase. The next major resistance sits near $3,135 and the 100 hourly SMA. More Losses in ETH? If ethereum fails to correct higher above the $2,880 and $3,000 resistance levels, it could start another decline. An initial support on the downside is near the $2,800 level. The next major support seems to be forming near the $2,650 level. A downside break below the $2,650 support zone could lead the price towards the $2,550 zone. The next major support is near the $2,500 level, below which ether price might decline towards the $2,420 support zone. Technical Indicators Hourly MACD – The MACD for ETH/USD is slowly losing pace in the bullish zone. Hourly RSI – The RSI for ETH/USD is still below the 50 level. Major Support Level – $2,650 Major Resistance Level – $3,000
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