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  • Ethereum co-founder Joseph Lubin collaborates with art industry figures to launch Palm for NFTs.
  • Palm boasts of low gas fees and fast transactions, outdoing other proof-of-work protocols.
  • Ethereum engages reverse gears after hitting barrier at $1,850.

One of the leading Ethereum software developers, ConsenSys, plans to take over the non-fungible token (NFT) ecosystem with a storm as it launches a new platform referred to as Palm. The token-powered platform will feature low gas costs and support fast transaction finality.

ConsenSys introduces Palm NFT Studio

Joseph Lubin, the co-founder of Ethereum, is among the brains behind the project aiming to revolutionize the NFT ecosystem. Palm boasts 99% more energy efficiency compared to the proof-of-work system. Other collaborators in the Palm project are David Heyman, owner of Heyday Films, and Joe Hage, founder of leading art house HENI Group.

Damien Hirst will be the first artist to feature on the platform with his “The Currency Project.” According to Hirst, The Currency Project “challenges the concept of value through money and art.” It consists of 10,000 works on paper tied to the corresponding NFTs.

Ethereum uptrend to $2,000 hindered as correction begins

Ethereum spiked above $1,800 but lacked the audience to support the uptrend to $2,000. A bearish wave in the market has led to an ongoing correction. Ethereum is struggling to hold above $1,800 amid deteriorating technical levels.

The Moving Average Convergence Divergence (MACD) indicator on the four-hour chart appears to be flipping bearish at the time of writing. This indicator identifies positions to buy the dip and sell the top. For now, the MACD line (blue) has crossed below the signal line, reinforcing the bearish outlook.

ETH/USD four-hour chart

ETH/USD four-hour chart

If ETH closes the day under $1,800, massive orders will be triggered as the price drops to seek another support level. The 100 Simple Moving Average (SMA) on the four-hour chart is in line to offer anchorage at $1,750. Additionally, the 50 SMA and 200 SMA will prevent a downswing to the tentative buyer congestion zone at $1,665.

Looking at the other side of the fence

It is worth mentioning that Ethereum will resume the uptrend for gains above the challenging resistance around $1,580 if the ground above $1,800 is protected. Holding at this level would signify market stability, allowing bulls the opportunity to focus on making the ultimate break beyond $2,000.