Another big drop in the U.S. stock market could leave Ethereum's native token Ether (ETH) in a similar downside spell, according to the latest Bloomberg report on digital assets. Ethereum faces global recession risks Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, anticipates U.S. equities to face downside pressure against the prospects of the ongoing energy-price spikes and their ability to invoke a 2008-like global market recession "The war in Ukraine and spiking crude make a potent combination for a global recession," wrote McGlone in the report, adding that top cryptocurrencies like Bitcoin and Ether could also face initial …

Ethereum's native token Ether (ETH) will likely fall below $2,000, according to one popular market analyst. Ether paints a classic bearish continuation setup Pseudonymous market analyst Wolf shared the downside outlook on Monday as Ether's price rebounded by over 3% to nearly $2,650, a day after testing its upward sloping trendline near $2,500. Ignoring the intraday upside reversal, Wolf anticipated the Ether's decline to continue further. At the core of Wolf's analogy was a "symmetrical triangle," a classic technical analysis pattern that forms when the price fluctuates between two converging trendlines. In a "perfect" scenario, the price breaks out of …

Mirror Protocol, a decentralized finance (DeFi) protocol built on the Terra blockchain, was hit by one of the biggest collapses in financial history this week after Vladimir Putin ordered military strikes against Ukraine. Terra tokens rally Mirror Protocol's native token, MIR, dropped to $0.993 on Feb. 24, its worst level to date amid a selloff across the broader crypto market. But a sharp rebound ensued, taking the price to as high as $1.41 two days later, up more than 40% when measured from MIR's record low. Just like the drop, MIR's upside retracement came in the wake of similar recoveries …

Ether (ETH) reached a $3,280 local high on Feb. 10, marking a 51.5% recovery from the $2,160 cycle low on Jan. 24. That price was the lowest in six months, and it partially explains why derivatives traders’ main sentiment gauge plummeted to bearish levels. Ether’s futures contract annualized premium, or basis, reached 2.5% on Feb. 25, reflecting bearishness despite the 11% rally to $2,700. The worsening conditions depict investors’ doubts regarding the Ethereum network’s shift to a proof-of-stake (PoS) mechanism. As reported by Cointelegraph, the much-anticipated sharding upgrade that will significantly boost processing capacity should come into effect in late …

zkSync, a provider of zero-knowledge blockchain solutions, has announced the successful deployment of its Rollup protocol on the Ethereum (ETH) testnet. The deployment is seen as a positive development by proponents of Ethereum, as it removes the need for human operators to validate transactions. Last year, the creators of zkSync described their vision for a permissionless, Turing-complete rollout that allows decentralized applications (DApps) to be deployed in a low-cost and scalable layer-2 environment. Users will supposedly have "a better" experience on this network, according to the official announcement by Matter Labs. One of the major issues when utilizing the Ethereum …

Welcome to the latest edition of Cointelegraph’s decentralized finance newsletter. This week has been full of funding raises, innovations, service deployments, and a bit of volatile technical price action — for a change. Axelar Network attains $1B valuation following secondary raise The Axelar Network announced the completion of a $35-million Series B funding round this week, elevating its total market valuation to over $1 billion and establishing its status as a unicorn corporation. Major participants of the round include Dragonfly Capital, Polychain Capital and North Island Ventures, among others. The network has implemented partnership integrations with a suite of validators, …

Morgan Stanley’s wealth management global investment office has published a report on Ethereum (ETH) arguing that the blockchain’s dominance could dwindle if strong market competition emerges. The investment banking giant’s report is titled “Cryptocurrency 201: What Is Ethereum?” and it provides a detailed rundown of the ecosystem along with its advantages and disadvantages in relation to Bitcoin (BTC). “Due in part to its more ambitious addressable market, Ethereum faces more competitive threats, scalability issues, and complexity challenges than Bitcoin. Furthermore, Ether is more volatile than Bitcoin,” the report reads. Morgan Stanley argued that Ethereum may lose smart contract superiority to …

Avalanche (AVAX), a Layer-1 proof-of-stake (PoS) blockchain network, gets a new cross-chain bridge from Umbria Network to help traders transfer liquidity between Ethereum mainnet and the Avalanche blockchain. Avalanche blockchain supports multiple virtual machines, including WebAssembly (WASM) and Ethereum Virtual Machine (EVM), allowing different sub-chains to incorporate a specific way of operations. Multiple virtual machine support enables easy connection with Avalanche. The network launched its official Ethereum bridge in 2021 to allow the two-way transfer of ERC-20 and ERC-721 tokens across the two blockchains. But its growth as a network, along with its native token AVAX seeing serious gains over …

Over the previous year, Ether (ETH) has increased in value to the point that it significantly outperformed Bitcoin (BTC) in terms of returns. The rise of Ethereum has made mining on its network more lucrative over time. This appears to have resulted in additional miners, resulting in an expansion of the network's hash rate. The hash rate for Ethereum has hit a new high, approaching record levels of 1.11 PH/s according to data from Glassnodes on Jan. 27. The previous ATH was reached previously on Jan. 13, when the ETH price fell from $4,460 to $3,160. When the hash rate …

Ether (ETH) price tumbled below the $3,000 support on Jan. 21 as regulatory uncertainty continues to weigh down the sector and rumors that the United States Securities and Exchange Commission is reviewing DeFi’s high-yield crypto lending products continue to circulate. On Jan. 27, the Russian Finance Ministry submitted a crypto regulatory framework for review. The proposal suggests that crypto operations are carried out within the traditional banking infrastructure and that mechanisms to identify traders’ personal data are included. Further bearish news came as Ryan Korner, a top special agent from the United States Internal Revenue Service (IRS) Criminal Investigation’s Los …

The Ethereum Foundation has removed all references to Eth1 and Eth2 in favor of calling the original blockchain the “execution layer” and the upgraded Proof of Stake chain the “consensus layer.” Ethereum’s long-awaited transition from a Proof-of-work mining model to a Proof-of-Stake (PoS) consensus mechanism is expected to go live around in the second or third quarter of this year. Announcing the change the foundation cited a number of rationales including a “broken mental model for new users,” scam prevention, inclusivity and staking clarity. In a Jan.24 blog post, the Ethereum Foundation noted that the branding of Eth2 failed to …

With two more weeks left in Jan., NFT marketplace OpenSea has seen its monthly trade volume in Ether (ETH) exceed $3.5 billion for the first time ever. According to data from Dune Analytics, OpenSea has now surpassed the all-time high of $3.42 billion set in Aug. 2021 to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume. OpenSea's record-high volume on Jan. 9, as per Dune Analytics, was $261 million. Thus far in Jan., OpenSea has broken $169 million in trading volume for each day. The surge in NFT trade volume appears to be fueled …