Ethereum Slips to $3071 (Losing -3.75%) – Where to Buy ETH?

• During the early European session, the ETH/USD slipped to the $3071 level, losing -3.75% so far.
• Splinterlands has joyfully confirmed that they have recorded over 100K daily players.
• Forex trading participants may look for a buy trade above the $3,075 level to the target of $3,250. 

During the early European session, the ETH/USD slipped to the $3071 level, losing -3.75% so far. The day before, the ETH/USD closed at $3228.40 after placing a high of $3247.63 and a low of $3080.42. ETH/USD turned green on Wednesday and held on to its daily gains while the market was moving side-ways. If you are wondering what to expect and where to buy ETH, let’s find out below…

An Ethereum Virtual Machine audit identified the vulnerability.

A high-performance blockchain network, Telos, was recently audited. A high-priority critical bug was detected during the audit process for its brand new Ethereum fork, Layer 1. The Ethereum Virtual Machine audit reportedly identified the vulnerability by software security expert Guido Vraken. He is currently working for Sentnl and has been hired by the core development team of Telos. The company announced that the bug was discovered during a planned security audit for the Telos EVM.

The bug’s information was immediately reported to Ethereum developers by the Sentnl audit team as it could have potentially resulted in hundreds of millions of dollars lost by now. The estimate of lost dollars was calculated given the recent expansion of DeFi on the Ethereum network and that this was a high-priority bug. This news should have negatively impacted ETH prices, dragging the ETH/USD into a downward direction.

Splinterlands recorded over 100K daily players.

The NFT trading card game, Splinterlands, has joyfully confirmed that they have recorded over 100K daily players. The daily number of players increased by nine times during last month, which was 14,000 daily players. The game also recorded 4 million transactions per day, almost four times the daily transactions on the Ethereum network.

Splinterlands provides users with a highly engaged play-to-earn option compared to traditional games by assigning real and organic value to gaming items. The game players are reported to earn over $30,000 daily by renting out their cards and almost $250,000 in daily P2P market sales. This news also added to the rising prices of ETH/USD and pushed them higher.

Furthermore, one of the largest beer-selling companies in the United States, Budweiser, has announced an NFT purchase of art and an Ethereum domain name, “beer. eth”. The records at OpenSea, an NFT marketplace, showed that Budweiser spent about 8 ETH, equal to $25,704, on purchasing an NFT bottle rocket from the Tom Sachs Rocket Factory Collection. The company also bought the ENS domain for 30 ETH, equal to $100,000.

Ethereum Name Service

The Ethereum Name Service (ENS) is a new name system that is the blockchain’s version of the widely used Domain Name System (DNS). The Ethereum Network allows users to establish bespoke web pages or wallet names. 

Just like regular domain names, ENS can also be bought and sold on the internet as NFTs. This news underpins the ETH/USD prices. However, the pair is now taking a bearish reversal amid technical factors. Let’s take a look at technical analysis.

ETH Price Prediction – Technical Levels

Support Resistance

3123.33 3290.54

3018.27 3352.69

2956.12 3457.75

Pivot Point: 3185.48

ETH/USD Retests Upward Trendline at $3080 – Where to Buy ETH Now?

The ETH price prediction is bearish on Thursday as it has already violated an intraday pivot point level of $3185.48. On the 4 – hour chart, the ETH/USD pair shows a definite downward trend as it has formed “Three Black Crows” patterns.

On the 4 – hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) holds at the $3200 level, demonstrating a selling trend. Furthermore, the Stochastic RSI indicator holds in a selling zone, as its value is around 23. Moreover, the pair is also breaking below the upward trendline that’s likely to trigger another round of selling in ETH/USD.

On the bearish side, the support prevails at the 3,075 level and a breakout of this level can extend the selling trend until the 2,828 level. On the bullish side, the failure to break below the 3,075 level can trigger a bounce off until the 3,250 level. Therefore, forex trading participants may look for a buy trade above the $3,075 level to the target of $3,250. Alternatively, we can place a sell stop below $3,070. All the best.

Where to Buy ETH/USD?

You can buy it on eToro. It’s one of the trusted exchange platforms in the crypto space. eToro supports copy trading, which allows new traders to learn from market experts. eToro also charges low trading fees and commissions.

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