Ethereum News: Positive Signals Indicate Potential Recovery and Growing Adoption

A summary of recent developments and positive indicators for Ethereum’s future.

Ethereum’s Path to Recovery Highlighted by Positive Signals

Ethereum faces resistance at $2,160, with a breakout potentially signaling a bullish reversal. 72.91% of Binance’s top traders remain in long positions, showing confidence in Ethereum’s future. The Stochastic indicator suggests ETH is oversold, hinting at a possible bottom. Network activity has surged 17% in 24 hours, reflecting growing adoption despite a recent price drop. These positive signals could suggest that ETH is preparing for a bullish recovery.

Hyperliquid Hit by $4 Million Loss Due to High-Risk Trading Incident

Hyperliquid, the largest decentralized perpetual exchange by trading volume, reported a $4 million loss in its Liquidity Provider (HLP) vaults within 24 hours following a major liquidation event involving a high-risk trader. The trader using wallet address 0xf3f4 held a large Ethereum (ETH) long position, specifically a 50x Leveraged long position of 175,000 ETH valued at approximately $340 million. This incident caused Hyperliquid’s HYPE token to drop over 3% in the past 24 hours, reaching a low of $12.80 before rebounding slightly to $13.90.

Ethereum Foundation Suspected of Secretly Transferring 30,098 ETH

A controversy surrounded an Ethereum transaction worth 30,098 ETH, deposited into a lending platform called Sky. Many speculated that the Ethereum Foundation (EF) was secretly lending money to pay their bills. However, key members of the Ethereum team dismissed the claims, stating that an early Ethereum investor owned the wallet. The deposit, worth around $56 million, raised some eyebrows, with some suggesting the EF was raising liquidity through lending to avoid selling Ethereum tokens directly. Eric Conner, an Ethereum community member, disputed the claims, reasoning that the Ethereum addresses used were not associated with the EF but more likely to belong to an early investor.

Ethereum News: Addresses Surge, Price Disconnection?

Ethereum’s network is experiencing a surge in activity, with active addresses jumping 22.3% in three days and 17% in the last 24 hours. Despite this increase in network usage, ETH’s price has dropped, leading traders to speculate whether this is a temporary disconnect or a sign of an upcoming rebound. With Q2 historically being a strong period, traders are closely watching for a potential breakout.