Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips 273

Key Highlights

  • ETH price made a nice upside move and traded above the $740 level against the US Dollar.
  • There is a new connecting bullish trend line forming with support at $735 on the hourly chart of ETH/USD (data feed via SimpleFX).
  • The pair has to move above the $760 level in order to gain traction in the near term.

Ethereum price is moving nicely against the US Dollar and Bitcoin. ETH/USD has to clear sell offers near $760 to gain upside momentum.

Ethereum Price Trend

There is a decent price action forming above $710 in ETH price against the US Dollar. The price managed to slowly move higher above the $730 and $735 levels. However, the price is struggling to break the $760 resistance level, which is the final line of defense for sellers. Once there is a break and close above the $760 level, there can be more gains in the near term.

On the downside, there is a new connecting bullish trend line forming with support at $7350 on the hourly chart of ETH/USD. Below the trend line support, the 23.6% Fib retracement level of the last wave from the $598 low to $759 high is at $716 to prevent declines. Below the mentioned $716, the 100 hourly simple moving average is at $700 to act as a major support area for buyers. If at all sellers succeed in pushing the price below $700, the price can test $676. The stated $676 level is the 50% Fib retracement level of the last wave from the $598 low to $759 high.

The current price action is positive as of now above $715. However, buyers need to pierce the $760 level to gain further momentum in the near term.

Hourly MACD – The MACD is reducing its bullish slope, but it is still positive.

Hourly RSI – The RSI is still above the 50 level and is showing positive signs.

Major Support Level – $715

Major Resistance Level – $760

 

Charts courtesy – SimpleFX

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Gridex: An on-chain order book protocol, the catalyst for DeFi mass adoption 4159

With the increasing popularity of decentralized finance (DeFi), the demand for decentralized exchanges (DEXs) with a better user experience and lower costs has become one of the primary goals of many blockchain projects. Gridex Protocol has taken a step forward in addressing this need by launching an on-chain order book trading protocol that offers robust decentralized attributes.

A new type of trading protocol using a dual algorithm framework

The Gridex Protocol team has introduced a new type of DEX using their dual algorithm framework, providing a solution to the shortcomings of existing automated market maker models used by mainstream DEXs. The team designed the GMOB model and GPLM algorithm to solve the problems of impermanent loss and high slippage issues preventing users from entering DeFi.

Centralized exchanges (CEXs) usually use a CLOB model for the matching engine algorithms. However, the CLOB model requires significant resources, making it impossible for them to be deployed and run on blockchain networks. The GMOB model improves the resource consumption problem caused by CLOB, allowing order books to be on-chain.

GMOB limits maker orders to an extremely narrow price range based on percentage limits, adding them to the system order book instead of executing them immediately. This feature increases liquidity in the entire system, like a CEX. Gridex Protocol drives incentives by providing makers with negative transaction fees.

The GPLM algorithm mainly handles transaction execution and settlement, measuring linear proportional relationships between changes in token prices caused by takers within a specific price range and token purchase quantities. Even if all transactions are on-chain, the gas consumption for the Gridex Protocol remains the same as a constant function market maker without imposing a higher cost burden on users.

Gridex Protocol provides clear advantages for users

Gridex Protocol is taking the user experience to the next level with its innovative technology. In the early stages of DEX development, the focus was on decentralization and transparency, but as the market evolved, improving user experience became a top priority.

Gridex Protocol offers a smoother trading experience and lower costs than its competitors. Tests have shown that trading with Gridex Protocol costs the same as Uniswap v3, at around 120,000 gas. However, completing orders with the “collect maker order” feature can save users up to 60% of gas fees compared with adding or removing liquidity with Uniswap v3. This innovative feature means users can save up to 40% on transaction costs by switching from Uniswap v3 to the Gridex Protocol.

The Gridex Protocol order system provides users with three granular options to balance transaction efficiency and fee income: 0.01%, 0.05% and 0.3%. For stablecoin pairs and other trading pairs where quick execution is essential, users can choose finer granular modes. Coarser granular options are also available for high-volatility tokens to obtain increased transaction rewards.

Gridex Protocol‘s native token GDX will list on D5 Exchange on March 15

Gridex Protocol has announced that it will list GDX — its native token — on D5 Exchange on March 15. According to the team, a total number of 200 million GDX tokens will be issued, of which 70% will be distributed to the community for proof-of-stake (PoS) rewards, maker rewards and airdrop rewards. The remaining 30% will be used to reward core contributors and early investors, and for project development and marketing.

According to the development roadmap, the Gridex Protocol team expects to launch a PoS mainnet in the second quarter of 2024, supporting mainstream layer 1s and layer 2s, establishing cross-chain order books, with D5 Exchange becoming the DEX that aggregates liquidity from the entire network.

CME Group Announces First Day of Trading of Event Contracts on Bitcoin Futures 4280

CME Group, the world’s leading derivatives marketplace, today announced the first day of trading of event contracts on Bitcoin futures.

“Our new event contracts on Bitcoin futures provide a limited-risk, highly transparent way for a wide range of investors to access the bitcoin market via a fully regulated exchange,” said Tim McCourt, Global Head of Equity and FX Products at CME Group. “These cash-settled, daily expiring contracts will further complement our existing suite of 10 event contracts tied to our benchmark futures markets, which have traded more than 550,000 contracts to-date. In addition, these new contracts will offer an innovative, lower-cost way for investors to trade their views on the up or down price moves of bitcoin.”

CME Group offers event contracts on a growing number of its benchmark futures markets, including gold, silver, copper, crude oil, natural gas, E-mini S&P 500, E-mini Nasdaq-100, E-mini Dow Jones Industrial Average, E-mini Russell 2000 and euro-U.S. dollar foreign exchange futures. Valued up to $20 per contract, these daily options on futures enable participants to know their maximum profit or loss when entering a trade.

CME Group event contracts are listed with and subject to the rules of CME. For more information on this product, please see: www.cmegroup.com/eventcontracts.

As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. CME Group exchanges offer the widest range of global benchmark products across all major asset classes based on interest rates, equity indexes, foreign exchange, energy, agricultural products and metals. The company offers futures and options on futures trading through the CME Globex® platform, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates one of the world’s leading central counterparty clearing providers, CME Clearing.

Bank Accounts in Crypto Are Now Real: Meet the New BaaS Solution from Mercuryo 4445

Global payments infrastructure platform Mercuryo introduces the first Banking-as-a-Service product tailored to suit the needs of crypto market participants. Digital asset organisations, such as exchanges, wallet providers, NFT services, DeFi protocols, DAOs, and others can integrate the BaaS solution into their ecosystems and open full-fledged bank accounts. Doing so enables their customers to seamlessly store, transfer, spend, and convert fiat to crypto within a single platform.

BaaS is among the newest financial trends. Crypto organisations have long been struggling with the integration of fiat payments into their platforms. As this industry is still young and far from perfect, it’s difficult for CeFi and DeFi projects to integrate and work directly with traditional finance players.

As the first mover in this field, Mercuryo has identified this challenge and moved to provide an effective solution with its new BaaS product. Creating a seamless bridge between crypto and traditional finance, the integration empowers cryptocurrency users in the UK and the EU to access instant SEPA transfers via their own IBAN accounts for buying, selling, and storing digital assets with no to minimal commissions.

A major advantage of this product is that companies can offer banking products to their clients through integrations and without the trouble of having to receive their own licences. Instead, Mercuryo is responsible for handling all KYC and AML procedures.

“Mercuryo seeks to become a one-stop-shop for both conventional and crypto-native platforms that seek to seamlessly integrate financial infrastructure for crypto and fiat payments alike. Introduction of our BaaS product is a major step in bringing the two worlds together, and we are already seeing great demand for it among our partners and beyond,” says Petr Kozyakov, Mercuryo’s co-founder and CEO.

About Mercuryo

Mercuryo is a global payments infrastructure platform, reinventing the ease of making payments by providing businesses from both the fiat and crypto worlds with a wide range of financial services and products, accessible through single API integration. Since its inception in 2018, Mercuryo has been developing a holistic fintech platform with a wide array of products. The company secured partnerships with over 200 crypto players, working with leading industry names such as MetaMask, Trust Wallet, Ledger, Trezor, 1inch, Gate.io, Nexo, OKX, Bitcoin.com and Bybit.

Join the Plena Smart Wallet Referral Program and Win Big with $1,000,000 in PLENA Tokens! 4798

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Plena Smart Wallet, which is one of the first self-custodial wallets to support Account Abstraction is thrilled to unveil its hotly anticipated referral program that offers rewards worth up to $1,000,000 in $Plena tokens. The program aims to incentivize users to invite their friends and family to join the platform while offering them a chance to earn some significant rewards.

The rules are fairly simple and straightforward. To participate in the program, users simply need to share their referral link with their friends and family. Once a new user downloads the app and signs up through their referral link & successfully completes 3 Transactions on the Fantom chain, both the referring user and the new user will be earning 50 points each. Existing customers can make as many referrals as they like but they must be a new Plena App customer. This means that the more friends and family members you refer, the higher your chances of winning a significant reward.

The program has turned referrals into a game, where users can earn rewards in the form of $Plena tokens for each referral they make & track the leaderboard. ** Limited time offer** In addition to the exciting rewards for individual referrals, Plena Smart Wallet’s referral program offers users the opportunity to win even bigger rewards.The platform is giving away rewards worth up to $100,000 in $Plena tokens to the Top 100 on the leaderboard.

Plena Smart Wallet is a super-friendly self-custodial crypto wallet which offers native support for Account Abstraction. Its revolutionary approach to tackling persistent issues in the cryptocurrency market, such as poor user experience, is enhancing the accessibility of blockchain technology to the general public. Plena’s objective is to onboard the next billion users through its innovative smart contract wallet, which allows users to begin their cryptocurrency journey without requiring extensive knowledge of blockchain.

Say Goodbye to Poor User Experience and Hello to an Exciting Crypto Journey. Join the Next Billion Users Now!

Download The App Now: Playstore | AppStore

Presale for AltSignals New AI Trading Algorithm Raises Over $100k in 24 Hours 5109

After raising more than $100,000 in under 24 hours from their private sale, leading trading signals provider AltSignals is launching its highly anticipated public ASI token presale today (March 7th, 2023) at 12pm GMT. This follows the exciting announcement of ActualizeAI, a pioneering AI-powered trading tool that will soon be available to ASI holders. With the token providing access to the groundbreaking tool, demand is expected to be high when the presale opens.

There are 500 million ASI tokens in total, with 58% of these being made available during the presale event. The opening price is $0.012 per token and this will rise incrementally through 5 stages of the presale to $0.02274 in the final stage – almost a 90% increase from the starting price. The number of tokens available in each stage will decrease as the presale goes on, with 25% allocated to the opening round and just 7% in the closing stage.

With a community of 52,000 traders already behind AltSignals, news of the ASI presale has received an extremely warm reception. The exclusive members-only presale raised over $100,000 in under 24 hours, which is a promising precursor for the public presale. The native investment opportunity will allow AltSignals to put into motion the development of its innovative ActualizeAI trading stack and amplify the accuracy of the trading signals it delivers.

ASI token holders will be granted exclusive access to an AI trading indicator that is set to supercharge trading signals through the use of machine learning, predictive modeling, and NLP (natural language processing), as per the plans laid out in the whitepaper. AltSignals is dedicated to continually improving the volume and accuracy of the signals it provides, and its ActualizeAI tool will truly set it apart from other trading platforms.

Rod Phim, CEO at AltSignals, said, “The development of ActualizeAI could change the game for trading across the markets. We’re really excited to begin the product development that should see our signal accuracy go through the roof as we harness the power of AI to make more accurate predictions”.

Established in 2017, AltSignals first found its fame in the trading community for its AltAlgo™ Indicator, an indicator that uses predictive modeling and technical analysis to combine trading strategies and provide traders with optimal buy and sell opportunities.

The community has grown exponentially over the past five years with users from all over the world relying on and trusting the daily signals AltSignals provides on Forex, Crypto, Binance Futures, CFD, and shares. A wealth of trading reports are available on the AltSignals website, demonstrating the transparency and success of the platform.

Backtests from AltSignals indicators have shown an incredible 70-83% success rate on BTC and ETH trades, so it comes as no surprise that traders continue to return to AltSignals for essential trading alpha and to maintain an edge in the markets. The platform is also backed by almost 500 excellent reviews on Trustpilot, with an average score of 4.9/5.

AltSignals is offering investors holding certain levels of tokens lifetime access to the upcoming ActualizeAI signals service, once it has been developed. This “AI Members Club” will give members the chance to beta-test new tools and earn ASI tokens for their contributions to the club.

The high-utility ASI token is shaping up to be a valuable asset that will unlock indispensable trading tools and alpha for its holders. With the impending launch of ActualizeAI, a tool poised to provide life-changing trading opportunities, demand for the ASI token is expected to be high once the presale opens.

About AltSignals

AltSignals has been providing leading algorithm-based indicators & signals to its 52,000 members since 2017. Priding themselves on transparency, the strength of their service & indicators is backed up by almost 500 excellent reviews on Trustpilot, with an average score of 4.9/5.

AltSignals is most known for its cutting-edge AltAlgo™ indicator tool. This innovative trading indicator tool scans the market in real-time and shows traders at what price is optimal to buy and sell.

In 2023 they announced their plans to develop an AI-based trading algorithm to supercharge their current suite of tools, named ‘ActualizeAI’.

Sony Network Communications and Astar Network’s Joint Web3 Incubation Program Receives Over 150 Registrations 5075

Astar Network, the smart contract platform for multichain, is thrilled to announce that the Web3 Incubation Program it’s co-hosting with Sony Network Communications, Inc., an operating company of the Sony Group, has received an overwhelming response from developers worldwide.

The Incubation Program has received more than 150 registrations since it began accepting applications on February 17, 2023. Registrations are set to close at 11:59 PM Pacific Time on Monday, March 6th.

The Web3 Incubation Program powered by Sony Network Communications and Astar will run from mid-March to mid-June. Both Sony Network Communications and Astar Foundation will review all applications and decide 10 to 15 cohorts. Sony and Astar will be collaborating with Startale Labs, a Singapore-based company founded by Astar Network CEO Sota Watanabe, to organize the incubation program.

Sota Watanabe, CEO of Startale Labs and Astar Network, said, “I am amazed to see our developer community grow this quickly and welcome the new projects joining our Web3 Incubation Program with Sony Network Communications. I’m ready to begin the next stage of our program, when our incubated projects begin to work with an elite group of mentors from AWS, Polychain, Microsoft, and more.”

Sony Network Communications is exploring how blockchain technology can solve various problems in their industry. This Incubation program with Astar Network makes it possible for them to quickly find the relevant Web3 solutions. They will combine their resources and expertise to jointly nurture Web3 projects focused on the utility of NFTs and DAOs.

The program invites participants from around the world, regardless of their Web3 startup phase. It will include learning sessions with global VC firms such as Dragonfly, Fenbushi Capital, and Alchemy Ventures; and Web3 companies, as well as business and technology strategy workshops. The mentorship sessions will feature senior executives and industry veterans including:

  • Ryohei Suzuki, Director at Sony Network Communications Singapore
  • Teemu Pohjola, General manager at Sony R&D Center Brussels lab (Deputy Head)
  • Sota Watanabe, Founder of Astar Network, CEO at Startale Labs
  • Maarten Henskens, Chief Growth Officer at Astar Network
  • Andrew Vranjes, VP of Sales and GM for APAC at Blockdaemon
  • Ben Perszyk, Partner at Polychain
  • Bill Laboon, Head of Education and Grants at Web3 Foundation
  • Dmitry Lapidus, Investment Partner at Dragonfly
  • Wei Shi Khai, General Partner & COO at LongHash Ventures
  • Yuki Yuminaga, Investor & Researcher at Fenbushi Capital
  • Michael Smith Jr., GM, Microsoft for Startups APAC
  • Lillian So, Web3 Lead at AWS Singapore
  • Roy, Partner at HashKey Capital
  • Santiago Balaguer, Parity BD Lead

In mid-June, an offline demo day will be held at the Sony Group headquarters in Tokyo during Japan Blockchain Week. Promising companies will be considered for investment from Sony Network Communications.

About Sony Network Communications

The Sony Group operates a variety of businesses such as Game & Network Services, Music, Pictures, Entertainment Technology & Services, Imaging & Sensing Solutions, and Financial Services. As a business company of the Sony Group, Sony Network Communications is involved in the communication business, IoT business, AI business, and solution service business, and promotes new businesses by utilizing assets within the Sony Group. In April 2022, Sony Network Communications established Sony Network Communications Singapore Pte. Ltd. in Singapore to engage in NFT related development outsourcing and consulting businesses.

About Astar Network

Astar Network supports the building of dApps with EVM and WASM smart contracts and offers developers true interoperability with cross-consensus messaging (XCM) and a cross-virtual machine (XVM). Astar’s unique Build2Earn model empowers developers to get paid through a dApp staking mechanism for their code and the dApps they build.

One of the first parachains to come to the Polkadot ecosystem, Astar is a vibrant network that is supported by all major exchanges and tier 1 VCs. Astar offers the flexibility of all Ethereum and WASM toolings for developers to start building their dApps. To accelerate growth on Polkadot and Kusama Networks, Astar SpaceLabs offers an Incubation Hub for top TVL dApps.