Ethereum News: Price Consolidates at Support Level, Signaling Potential Upward Momentum

Ethereum price is currently consolidating above the $2,500 support level, indicating a possible bullish momentum if it can break through the $2,700 resistance zone. Despite a recent decline below $2,650, analysts remain optimistic about the cryptocurrency's future performance.

Ethereum Price Consolidates at Support—Will It Fuel the Next Move?

Ethereum price is consolidating above the $2,500 zone, with a possible bullish momentum if it clears the $2,700 resistance zone. The price has started a fresh decline below $2,650 and is trading below $2,680 and the 100-hourly Simple Moving Average. A bearish trend line is forming with resistance at $2,690 on the hourly chart of ETH/USD. If the pair settles above $2,700 and $2,735, it could start a decent upward move. Ethereum price has dipped and tested the 50% Fib retracement level of the upward wave, finding support at around $2,500.

zkLend Hacked: Hacker Offered 10% Bounty for Return of Funds

zkLend, a cryptocurrency lending platform, has been hacked, and the hacker has offered to return 90% of the stolen funds in exchange for a 10% bounty. The zkLend team has urged the hacker to keep 10% of the funds and return the remaining 3,300 ETH. If the hacker complies, the team has stated that they will treat it as a whitehat incident and will not pursue legal action. The hacker has been given a deadline of 00:00 UTC on February 14th, 2024, to take action. After that, the team will proceed with steps to prosecute. The team is actively tracking the funds and pursuing the identification of the hacker.

Uniswap Launches Ethereum Layer-2 Unichain to Public

On Feb. 11, Uniswap announced the launch of Unichain, its Ethereum layer-2 solution marking its first foray into the crowded L2 ecosystem. Unichain boasts performance improvements like one-second block times, targeting 250 milliseconds. Users and developers have processed over 88 million test transactions and 12 million test smart contracts on Unichain’s testnet, deployed in October. The platform allows swapping, bridging, and providing liquidity directly from the Uniswap web app and the latest wallet version.

Ethereum’s Growth Potential Amidst Changing Metrics

Despite a recent decline in Ethereum's 'ultra sound money' narrative, new data suggests strong potential for upward movement. CryptoQuant's analysis highlights a realized price of $2,200, lower than the market value of $2,600, indicating an undervalued state. This, coupled with other factors, points to possible growth.