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Ethereum Price Could Start 2024 With A Strong Increase If It Holds This Support

Ethereum price is correcting gains below the $2,350 zone. ETH could attempt a fresh increase unless there is a close below the $2,200 support.

Ethereum is correcting gains and trading below the $2,350 level.
The price is trading below $2,320 and the 100-hourly Simple Moving Average.
There is a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if there is a close above the $2,350 level.
Ethereum Price Eyes Fresh Increase
Ethereum price struggled to clear the $2,440 resistance zone and started a fresh decline. ETH declined below the $2,350 support zone to move into a short-term bearish zone, like Bitcoin.

There was a close below the $2,320 level. A low was formed near $2,258 and the price is now consolidating losses. Ethereum is now trading below $2,320 and the 100-hourly Simple Moving Average. There is also a key bearish trend line forming with resistance near $2,300 on the hourly chart of ETH/USD.

The first major resistance is now near $2,350 or the 50% Fib retracement level of the downward move from the $2,445 swing high to the $2,258 low. A close above the $2,350 resistance could send the price toward $2,400. The next key resistance is near $2,440. A clear move above the $2,440 zone could start another increase. The next resistance sits at $2,500, above which Ethereum might rally and test the $2,550 zone.

More Losses in ETH?
If Ethereum fails to clear the $2,300 resistance, it could continue to move down. Initial support on the downside is near the $2,250 level.

The first key support could be the $2,240 zone. A downside break and a close below $2,240 might start another major decline. In the stated case, Ether could test the $2,200 support. Any more losses might send the price toward the $2,120 level.

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Binance's 2023 Report: A Comprehensive Overview

In its latest annual report, leading Web3 firm Binance delves into key metrics, events, and investments shaping the cryptocurrency landscape in 2023.Binance's 2023 Report: A Comprehensive Overview
The Figures Tell the Story
Notably, a staggering 30% surge in user base, with 40 million new additions, has propelled the total user count to 170 million.

Binance's product portfolio witnessed significant expansion, with support for 69 fiat currencies on centralized exchanges and 30 fiat channels globally. P2P crypto trading, emphasizing intermediary-free transactions, experienced an 18% uptick in transactions and a 39% rise in user participation compared to 2022.

Flagship Product Performance Unveiled
The report highlights the success of Binance Square, a burgeoning social content platform, boasting a ninefold increase in creators since 2022 and a substantial surge in daily users.

Binance Earn, a suite enabling passive income from cryptocurrency investments, reported remarkable growth, with a 35% surge in users since 2022 and a 16.8% increase in total value locked in TVL.

The retrospective also touches upon the launch of Binance Web3 wallet, a self-custodial solution witnessing the creation of millions of Web3 wallets since its inception.

Binance Boosts Investment in Compliance and Transparency
The report extensively explores the company's dedication to compliance amid a challenging year. Binance's investment in 2023 has surged to a substantial 213 million USD, marking a notable 35% increase from the previous year. The document outlines additional measures taken to enhance market surveillance.

Against the backdrop of ongoing regulatory scrutiny, particularly in the United States, Binance faces challenges related to rule violations in both spot and derivatives trading activities.

Binance emphasizes its commitment to maintaining the transparency of user funds, citing a proof of reserve report that now supports 31 tokens in 2023, a significant increase from the 9 tokens at the end of 2022.

The US Court Continues to Deny CZ's Application to Return to the UAE

Binance cryptocurrency exchange founder Changpeng Zhao (CZ) is still ordered by the court to remain in the US until his sentencing date in February 2024.The US Court Continues to Deny CZ's Application to Return to the UAE
The US court continues to deny CZ's application to return to the UAE

According to a new announcement published on the morning of December 30, the Western Washington District Court in Seattle (USA) denied the request to return to the UAE of former Binance CEO, Changpeng Zhao (CZ).

This is the second time the court has denied the Binance founder's request to move, after the first time in early December. The court did not clearly state the reason when CZ asked to return to the UAE, other than wanting to reunite with his family, including "wife and 3 children". Mr. Zhao has been in the US since late November until now.

As reported by AZC.News, CZ pleaded guilty in a US court to violating anti-money laundering regulations. He had to resign as CEO of Binance, was banned from holding management positions at the exchange for 3 years, and had to pay a fine of 50 million USD. He faces a sentence of 18 months to 10 years in prison, with sentencing expected at the end of February 2024.

This is part of the settlement agreement between Binance and the US government. Binance has agreed to pay $4.3 billion to end the investigation by the US Department of Justice. In addition, Binance is also banned from operating in the US market.

Although CZ's bail application was approved with a guarantee value of up to 150 million USD, the US prosecutor proposed that the court keep CZ in US territory instead of returning him to the UAE where he currently resides residence. The reason is because the US is concerned that CZ may flee and not return to bear legal responsibility. The US does not have an extradition treaty with the UAE, and there is no way to freeze the Binance founder's assets because they are largely outside US jurisdiction.

Related: Binance CZ's Wealth Soars $24.6B Despite $4.3B Fine

Ethereum Whales Sell $136M ETH on Binance

The Ethereum price surge paused as whales moved $136 million worth of ETH to exchanges, triggering a decline in the cryptocurrency's value.Ethereum Whales Sell $136M ETH on Binance
Ethereum's robust momentum hit a roadblock on December 29, 2023, as the cryptocurrency, following an impressive rally, experienced a setback with losses extending into Friday. The surge on Thursday drove Ethereum's price above the significant $2,445 threshold, marking a noteworthy achievement. However, this upward momentum was short-lived, with the crypto slipping to around $2,350.

The downturn is attributed to substantial whale transfers, indicating a move by these large holders to secure profits from the recent price surge. Over the last 24 hours, whales have unloaded more than $136 million worth of ETH across various crypto exchanges.

Whale Alert on X reported three significant Ethereum whale transactions post the recent price surge, totaling $136.18 million. The latest transaction, occurring approximately four hours ago, involved the transfer of 10,000 ETH from an unknown wallet to Gate.io, amounting to $23.26 milli.

In another notable transaction, 14,612 ETH, valued at $34.11 million, was dumped to Coinbase from an undisclosed wallet. The largest dump, recorded about 15 hours ago, involved 33,400 ETH, worth $78.81 million, directed towards Binance from an unidentified wallet.

Ethereum's Latest Market Update
As of the latest market update, the price of Ethereum (ETH) has experienced a 1.19% decline, settling at $2,353.05 as of press time on Friday. This follows a notable 30-day high of $2,445.02 achieved on Thursday, December 28. Despite the current dip, the cryptocurrency has seen a commendable 3% gain over the last seven days, attributed to the recent bullish trend.

Ethereum has demonstrated a robust 1-month gain, exceeding 14%. TradingView analytics reveal that the current ETH price is well above the 50-day EMA of 2156.90, indicating a prevailing bullish sentiment despite the recent pullback. The RSI value remains neutral at 59.5.

India Blocks Binance and 8 Other Cryptocurrency Exchanges

India to Block Nine Crypto Exchanges for Non-Compliance with Anti-Money Laundering Rules, per FIU IND Directives.India Blocks Binance and 8 Other Cryptocurrency Exchanges
India has issued a directive to block access to Binance and eight other cryptocurrency exchanges, according to a decision by the national financial agency, the Financial Intelligence Unit of India.

A press release from this agency states that this action is a consequence of the exchanges' failure to adhere to the regulations outlined in the Anti-Money Laundering Act. Additionally, the Indian financial agency has announced the initiation of a notice of reasons for complaint against these nine cryptocurrency exchanges.

The list of blocked cryptocurrency exchanges includes Binance, Kraken, Bitfinex, Bittrex, Gate.io, Kucoin, Huobi, Bitstamp, and MEXC. According to the provisions of the Anti-Money Laundering Act, both domestic and international exchanges must register with the regulatory authority.

Currently, 31 cryptocurrency exchanges have registered; however, some, particularly those with a large user base from India, have yet to comply with the regulations concerning anti-money laundering and counter-terrorism financing.

Related: BNB Regained the Top 4 in the Market Capitalization Rankings from Solana

In addition to promoting the registration process, India has also implemented a stringent tax system for cryptocurrency investors. The Indian Ministry of Finance has passed a law mandating a 1% withholding tax on transactions exceeding $600 in an accounting period. Furthermore, the government imposes a 30% tax on profits derived from buying and trading cryptocurrencies.

Thunder Terminal Hacked - Attacker Provocative⚠️⚠️

The on-chain Thunder Terminal platform was hacked, affecting 114 wallet addresses but still preserving user assets.Thunder Terminal Hacked - Attacker Provocative
Thunder Terminal Hacked - Attacker Provocative

On the morning of December 27, on-chain trading platform Thunder Terminal faced an attack. According to confirmation from Thunder Terminal on social networking platform X (Twitter), the incident affected 114 wallets but luckily their assets were still preserved.

According to ZachXBT's investigation, the attacker took 86.5 ETH (equivalent to about 192,000 USD) and transferred this amount to Railgun.

Immediately afterward, Thunder Terminal promptly prevented the security incident, affirming that no wallet had its private key compromised and pledging to refund money to those affected.

In the announcement, they wrote:

Only 114 wallets out of more than 14,000 wallets were compromised. The funds are safe and we stopped the attack in less than 9 minutes.

Related: DEX OKX Is Suspected Of Being Hacked For More Than 400,000 USD

Attacker's provocation
After Thunder Terminal was hacked, the attacker also provoked with on-chain messages, denouncing that notifications from Thunder were fake. They also threatened to delete all Thunder user data if they did not receive the 50 ETH amount. The project side has not had any feedback on this situation.

Polygon's 9% Price Surge Sparks Speculation on 2024 Outlook

Last week witnessed a surge in Polygon's TVL, indicating expansion in the DeFi sector. Meanwhile, MATIC experienced an impressive 9% increase over the past seven days.Polygon's 9% Price Surge Sparks Speculation on 2024 Outlook
As 2023 draws to a close, Polygon's [MATIC] momentum remains steadfast, showcasing robust performance across various fronts in the past week. MATIC's price action has notably embraced a bullish trajectory.

Polygon Achieves Record Highs
Recent updates on Polygon's achievements surfaced on Today In Polygon, an influential X (formerly Twitter) account, highlighting the blockchain's noteworthy accomplishments. The tweet spotlighted Polygon PoS surpassing 3.4 billion total transactions, marking a significant milestone. Furthermore, the gaming user base on Polygon experienced a noteworthy surge of over 30% in the past 30 days.

AZC News delved into Artemis' data to gain deeper insights into the blockchain's network activity. Surprisingly, despite a considerable uptick in transactions, the network activity on the blockchain witnessed a decline in the last week. Daily Active Addresses and Daily Transactions on Polygon both experienced reductions. Nevertheless, MATIC's performance in the DeFi sector exhibited growth, with a substantial increase in Total Value Locked (TVL) during this period.

The NFT ecosystem on Polygon remained dynamic, with FIFA successfully selling out a collection of 900 digital collectibles on the platform, as mentioned in Today In Polygon's tweet.

Related: What is Polygon (MATIC)? How Does It Work?

Turning attention to MATIC's NFT performance, our analysis revealed a notable spike in the total number of NFT trades in the past week. A parallel trend was observed in Polygon's NFT trade volume in USD, with data from CryptoSlam indicating a more than 55% increase in the number of NFT buyers and sellers.

Despite these positive trends in various NFT metrics, Polygon experienced a concern-worthy drop of over 32% in total sales volume.

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Bitcoin Hash Rate Peaks, Profits Plunge

Bitcoin's hash rate achieves record-breaking 540+ EH/s, yet hash price and profitability decline persist.Bitcoin Hash Rate Peaks, Profits Plunge
Bitcoin's mining hash rate soared to an unprecedented peak on Christmas day, reaching 544 exahashes per second (EH/s), as reported by Blockchain.com and confirmed by Bitinfocharts. This milestone, marking a 130% increase in hash rates since January, aligns with Bitcoin's price surge, which has mirrored the upward trajectory, soaring over 150% since the beginning of 2023.

Reflexivity Research co-founder Will Clemente, analyzing the hash rate on a logarithmic scale, downplayed the impact of the 2021 China mining ban, stating, "The summer 2021 China mining ban is barely a blip." He expressed confidence in Bitcoin as the most secure and decentralized open-source monetary network.

While a high hash rate may theoretically bode well for models like implied hash-adjusted price, it presents challenges for miners. The intensified computational effort required to secure the next block poses a conundrum for miners in the face of diminishing profitability.

Hash price, a key profitability metric, has seen a decline in the past week, dropping to $0.09 per terahashes per second per day, according to HashrateIndex. This represents a 34% decrease from its peak of $0.136/TH/s/day on December 17, 2023. The cooling of the BRC-20 ordinal inscription trend has contributed to this decline in hash price.

The sustained pressure on transaction fees, evident in the failure to fully clear Bitcoin mempools for almost a year, has been observed since February. Glassnode analyst "Checkmatey" noted the prolonged elevated fee pressure, emphasizing the impact on the network.

Related: Bitcoin Poised for a Potential 2-Year Bullish Surge

Notably, the network hash rate surpassed the 500 EH/s milestone in late November, underscoring the continued growth and resilience of the Bitcoin ecosystem despite challenges in mining profitability.

Xai Announced the Airdrop before Entering 2024
By AZC News | 12 hours ago

According to the latest information, Layer - 3 Xai Platform has announced that it will airdrop tokens to users before entering the new year 2024.Xai Announced the Airdrop before Entering 2024
Xai announced the airdrop before entering 2024

Xai, a layer-3 solution focused on the gaming sector developed by Offchain Labs based on Arbitrum's Orbit toolkit.

Xai layer-3 network launched in June 2023 and has finalized the token airdrop schedule for the first season. According to the announcement on their Twitter page, Xai Games will distribute the airdrop on December 27, 2023.

Offchain Labs, the organization that develops Xai and Arbitrum, announced that the XAI token will be used to pay transaction fees on the network and be the primary currency used to pay for NFTs and in-game items.

Xai's airdrop is available to Odyssey Legendaries and Vanguards NFT owners. At the same time, holders of Sentry Keys, used to run nodes on the Xai network, will also receive an airdrop. The project notes that, although there is no time to buy Odyssey Legendaries or Vanguards, the project has not yet taken a snapshot of the wallet holding the Sentry Key. Furthermore, the project will announce the time to list XAI tokens on exchanges after completing the airdrop.

As of the time of writing, Xai Foundation has not yet completed the project's tokenomics. Arbitrum-compatible Ethereum wallets can connect and use Xai tokens. In the future, the platform hopes to launch a single-sign wallet solution of its own

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Positive Price Prospects for XRP in 2024

XRP has seen marginal gains, surpassing the 1% mark only three times in the past fortnight, while more than 80% of its circulating supply continues to register profits.Positive Price Prospects for XRP in 2024
After experiencing a surge a few weeks ago, Ripple (XRP) has found stability, but its momentum appears subdued compared to other altcoins. Despite briefly securing its position as the fourth-largest asset, the current outlook prompts a closer examination of its standing in the market.

The bearish trend persists for XRP, evident in its daily timeframe chart over the last 14 days, where it recorded price increases of just over 1% on three occasions. Following a notable 6% decline on December 11th, the subsequent sluggish performance underscores the challenges faced in recent weeks.

As of the latest analysis, XRP is trading at approximately $0.61, with a marginal increase of less than 1%. The short moving average (depicted by the yellow line) has emerged as immediate resistance, hovering around $0.63 and hindering any significant upward movement.

Adding to the cautious sentiment is the Relative Strength Index (RSI), indicating a persistently weak trend. The RSI has remained below the neutral line for nearly two weeks, underscoring the lack of strong bullish momentum.

While XRP enjoyed a positive market ranking a few weeks ago, recent market dynamics have caused a slip in its position. Formerly occupying the fourth spot based on market capitalization according to CoinMarketCap, it now sits at the sixth position with a market capitalization of approximately $33.8 billion.

Despite the sluggish price movement, a significant portion of XRP's circulating supply remains in a profitable position. Analyzing the total supply in profit on Santiment reveals that over 86 billion of the altcoin's overall supply, constituting over 86%, is currently in a profitable state. This indicates that a substantial number of XRP holders are still experiencing positive returns despite the coin's restrained market performance.

KyberSwap (KNC) Announced a 50% Reduction

After the $56 million hack that shocked the cryptocurrency community, KyberSwap recently announced staff cuts and upcoming project plans.

KyberSwap (KNC) announced a 50% reduction in staff

KyberSwap's upcoming plans are determined as follows:

Implemented the KyberSwap Elastic Exploit Treasury Grant Program to cover up to 100% of losses for users affected by the hack.

Aggregator & Limit Order functions on the platform still maintain normal operation.

Will soon launch Zap API - Solution to connect users with dApps, tywr Wallet and DeFi projects.

Decision to downsize: Cut 50% of staff, pause KyberAI implementation and other liquidity initiatives. Retrenched employees will be supported in finding new jobs in the Web3 space.

As AZC.News reported, the Kyber Network team announced via Twitter that KyberSwap Elastic experienced a security incident with an estimated total loss of $56 million.

On November 30, KyberSwap attackers shared the message on the address chain to all relevant and interested parties. The attacker made specific demands, including full control of the company's operations, temporary ownership and governance of the KyberDAO governance mechanism, as well as all information related to its establishment, structure, operations, revenue, profits, expenses, assets, obligations, investors, salaries and other factors of the Kyber company.

Kyber then indirectly rejected this unique offer from the hacker.

Related: KyberSwap Hackers Start Laundering Money Through Tornado Cash

Accordingly, Kyber Network has decided to release funds to compensate 100% of the value of users' lost assets in the attack. Users will be refunded an amount corresponding to the value of lost assets at the time of the incident. The detailed compensation process will be announced within the next 2 weeks. At the same time, Kyber Network pledges to cooperate closely with authorities to hunt down the mastermind and recover the appropriated money.

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#MyFirstFeedPost Hello, Binance Square!
My first post!!
I'm a person like everyone else, I don't know much about crypto, but I'm learning, and I will with all of you. I will put everything I find interesting in the posts and you can give your opinion and exchange ideas in the comments!
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