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Ethereum has become one of the most popular networks in the entire industry. Moreover, with the growing popularity of its native token, Ether (ETH), there exists a host of investment advice and tools to guide your purchasing. Specifically, we take a look at the Ethereum Rainbow chart and dissect just what it means.

The Bitcoin Rainbow Chart is an investment tool first created to identify the future price action of the asset. Thus, the Ethereum version of the chart provides the same insight into the potential future movement of the ETH based on logarithmic regression. Moreover, it aids investors in understanding market cycles to better assist their investments. Yet, like anything, rainbow charts are not the be-all and end-all of investment information.

The Ethereum rainbow chart is a visualization tool created by @rohmeo_de that seeks to inform investors about the future movement of Ethereums price. Subsequently, the tool utilized color-coded bands that visualized the price levels of ETH. Thus, informing a decision based on prediction and current standing.

The colors all signify different values of the asset; for example, some represent the asset as significantly undervalued or vice versa. Thus, investors have a clearer picture of when they should invest in a specific asset. By displaying the market cycle and a visual breakdown of price history, you can be more informed when making an investment decision.

Because the colors of a rainbow chart signify the ETH price, it is important to keep in mind what these colors mean. These color bands show the observer the specific level of valuation. Moreover, the colors range from red all the way to indigo.

The red zone represents a significantly overvalued level, while the orange zone represents an overvalued level. Moreover, the yellow zone indicates a slightly overvalued stance, while the green zone is indicative of a fairly overvalued stance. Finally, the blue zone represents an undervalued asset, while the indigo zone shows it to be significantly undervalued.

Like the BTC rainbow chart, the ETH rainbow chart is simply an investment tool. Meaning that the rainbow is indicating potential future price movement but is not assured of that movement. Therefore, it is important to combine this tool with other research for long-term investment success.

It is also incredibly important to remember that the Ethereum rainbow chart was not created to showcase specific price predictions. However, it was designed to showcase a visual reference point for the history of an asset. Subsequently, showcasing where the value of the asset was at any given time. Thus, being constructed based on logarithmic regression.

Usually, a bull cycle will see the price hit the top of the band before decreasing. Considering that, the ETH rainbow chart should predict a price higher than $25,000 within the next bull cycle.

The greatest benefit of the ETH rainbow chart tool is how easy it is to use. The color-coded nature of the tool makes it simple to decipher the level at a specific time. However, we cant stress enough how important it is to not rely solely on the chart. Conversely, to research other tools that could indicate more well-rounded predictive market sentiments

The rest is here:

What is the Ethereum Rainbow Chart? - Watcher Guru

Justin Drake, an Ethereum blockchain researcher, has proposed the burn of Maximum Extractable Value (MEV) from the ETH chain. Drake believes this action is likely to reduce incentives for the manipulation of the Ethereum blockchain in the long-term.

The altcoins price remains above the $1,800 level, as network researchers propose improvements to Ethers blockchain.

Also read: Dogecoin daily transactions hit record high surpassing Bitcoin, DOGE gears up for recovery

Justin Drake, researcher at the Ethereum Foundation and a Bitcoin entrepreneur, has released a continuation of the Ethereum Improvement Proposal (EIP-1559). Drake addressed the controversial issue of MEV, the value extracted from the blockchain by miners to earn extra income.

Drake said that the burn of MEV would prevent individual miners or verifiers from earning incentives through the manipulation of order transactions on the Ethereum blockchain.

Miners generate revenue from mining blocks on the Ethereum blockchain, essentially verifying transactions and earning incentives in return. However, this leaves miners in complete control of the sequence of transactions and by including, excluding or ordering them, they have the potential to extract higher value from the blockchain.

The value extracted from rearranging the sequence is in excess of the standard reward for mining each block, and the associated gas fees. This makes MEV lucrative to miners on the ETH blockchain.

Miners copy arbitrage trades on Automated Market Makers (AMM), a type of decentralized exchange, and select their transactions ahead of users to include in blocks, front-running and extracting maximum value. This is a manipulation of the Ethereum blockchain.

To understand this better, let's consider arbitrage trades by users. The settlement mechanism of decentralized exchanges allows for all transactions to be organized in batches and exposed, letting miners have a pick of the sequence and opening the block to manipulation.

Miners can copy arbitrageurs and execute their trades ahead of other users waiting for the block to be mined. This helps miners extract more value from each block while it thwarts the efforts of traders and manipulates the ETH blockchain.

JustinDrakes views on MEV burn

The MEV burn issue is a controversial one in the Ethereum community. Drake argued that ultra-sound builders in the network dont need to extract MEV and just need to predict base fee floor to earn revenue.

CometShock, a community member, commented on Drakes views and explained that capturing MEV spikes will differentiate verifiers on the Ethereum blockchain in the long-term. Miners that focus solely on base fee overbidding may not last very long in the face of few aggressive private-favoring proposers. This is a point of view that miners would share as well, given the opportunities that open up with extracting maximum value from each block during arbitrage trades or airdrops.

Therefore, while the proposal is focused on keeping the Ethereum blockchain secure and avoiding manipulation of the order of transactions, the issue is being debated in the developer community for long-term viability.

The Ethereum blockchain witnessed two outages on May 12, when transactions did not reach finality and the smooth processing of the blockchain was hampered. Ether is looked upon as a smart contract network that is reliable, secure and scalable, in the developer community.

The outage was the first of its kind and it raised concerns among developers in the crypto ecosystem. Proposals such as MEV burn, in continuation of a portion of Ethereum gas fees being burned with every transaction, are therefore key to the long-term security and stability of the ETH blockchain.

In addition to turning the Ethereum blockchain deflationary, EIP-1559 tackled the transaction fee spikes to a certain extent, making ETH lucrative for developers and users. A continuation of EIP-1559 through MEV burn proposes to make the chain stable, removing the incentive that miners derive from manipulating the Ethereum blockchain.

See the rest here:

Ethereum researcher proposes MEV burn to protect ETH blockchain from manipulation - FXStreet

The United States Department of Commerce has imposed a 10-year export privilege ban on Virgil Griffith, an Ethereum developer serving a five-year prison sentence. The ban restricts him from enjoying export privileges until April 12, 2032.

The export privilege banaffectshis ability to participate in international trade and business. On April 12, 2022, Virgil Griffith was convicted in the U.S. District Court for the Southern District of New York for breaching the International Emergency Economic Powers Act (IEEPA). Griffith was found guilty of unauthorized export of services to North Korea and circumventing U.S. sanctions imposed on the country.

U.S. Attorney Geoffrey Berman accused Griffith of knowingly sharing technical information with North Korea that could aid in money laundering and evading sanctions, according to a statement. As a result of his conviction, Griffith wassentenced to 63 monthsin prison, followed by three years of supervised release. He is also obligated to pay a $100 assessment and a criminal fine of $100,000.

Under the provisions of the Export Control Reform Act, individuals convicted of specific offenses, such as violating the IEEPA, may face a denial of export privileges for up to 10 years. This denial can lead to the revocation of licenses or authorizations previously granted by the Bureau of Industry and Security an agency of the Commerce Department.

As a result of the bar, Virgil Griffith will be restricted from engaging, directly or indirectly, in any transactions involving commodities, software or technology that fall under the jurisdiction of U.S. export regulations. This effectively entails the denial of his export privileges as a U.S. citizen.

Related: Two more charged with teaching North Koreans to evade US sanctions with crypto

He was initially denied bail but was finallygranted a bond order for $1 million at the end of December 2019. In October 2020, Griffith filed a motion to dismiss the conspiracy charges, claiming that his April 2019 conference presentation consisted of widely available public information; therefore, he was not providing a service to North Korean officials.

Magazine: North Korean crypto hacking: Separating fact from fiction

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US strips Ethereum dev Virgil Griffith of export privileges for 10 years - Cointelegraph

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Read more from the original source:

Ex-Ethereum developer calls OpenAI founders Worldcoin project unrealistic and scary - CryptoSlate

Jeff Dorman, the Chief Investment Officer (CIO) of Arca, has recently joined forces with renowned financial expert Raoul to analyse the aftermath of the persisting banking crisis. With extensive experience in the financial industry, Dorman brings a unique perspective to the table. During their discussion, Dorman expresses his optimism for Bitcoin and highlights why he believes it is a promising investment opportunity amidst the turbulent times. Drawing on the decentralised nature and limited supply of Bitcoin, Dorman explains how these attributes make it an attractive store of value and a hedge against inflation.

Furthermore, he emphasises the growing acceptance of cryptocurrencies in mainstream finance and the potential for Bitcoin to disrupt traditional banking systems. Dormans bullish stance on Bitcoin underscores his confidence in its resilience and its ability to provide stability in a tumultuous financial landscape. Ethereum is expected to follow the bullish trend. The new meme coin in the crypto market PAT WARS (PAWS) is seen creating an unprecedented buzz during its presale.

Bitcoin (BTC) is poised for a potential recovery as it nears a crucial turning point. The weekly Bearish Breaker, ranging from $29,247 to $41,273, led to increased selling pressure and a subsequent 16.50% decline between April 10 and May 8, landing Bitcoin in the weekly Fair Value Gap (FVG) between $22,591 and $26,591.

Although a clear bullish trend has yet to emerge, there are indicators that traders can monitor for early signs of a reversal. The Relative Strength Index (RSI) may dip slightly lower before bouncing off the mean level, while the Awesome Oscillator (AO) demonstrates a decline in bullish momentum but is nearing a reset at the zero-line.

Considering this potential momentum reset, investors should keep an eye on the support levels at $25,205 and $24,300 to accumulate BTC. A significant shift in momentum can be observed on the daily chart, and if buyers regain control, Bitcoin price will target a retest of the midpoint of the bearish breaker at $35,260. This would represent a substantial gain of 40% to 45% for investors, depending on their accumulation levels.

Its important to note that the aforementioned bullish scenario must be confirmed before taking action. If neither of the outlined indicators materialises, Bitcoin price could continue its descent, finding support at $17,605, which corresponds to the selling climax of the June 13 weekly candlestick.

Ethereum (ETH) awaits a signal from Bitcoin to initiate its own recovery. From January 14 to May 13, Ethereum price displayed a prolonged bearish divergence sell signal on the daily chart, resulting in a 17% crash over four weeks, bringing ETH down to $1,735. Although a recovery appears underway, investors should exercise patience and wait for Bitcoin to show its hand before considering altcoins like ETH.

For accumulation, investors can monitor the $1,705 support level, but in a worst-case scenario, a dip into the daily FVG between $1,478 and $1,563 could be plausible. Should Bitcoin initiate its recovery, Ethereum price could follow suit, aiming for a rally and a retest of $2,028.

Its worth mentioning that a daily candlestick close below $1,478 would invalidate the FVG and the bullish thesis for Ethereum price, potentially leading to a slide down to $1,249.

Pat Wars (PAWS) is an exciting meme coin that draws inspiration from Star Wars and cat lovers. The adorable and wise mascot, the PAT WARS clan of Jedi cats, takes the lead in this endeavour. But what exactly do they do? They are the brilliant minds behind the innovative PAT WARS platform, prioritising community above all else.

The dedicated development team devotes a significant amount of effort and time to fostering a thriving community. This commitment is evident through the implementation of features that promote decentralised governance and empower the community. For instance, the introduction of a DAO (Decentralised Autonomous Organization) allows community members to actively participate and vote on crucial decisions.

Additionally, PAT WARS boasts an impressive NFT collection, granting owners exclusive access to exciting events, captivating content, and unique opportunities. Powering the PAT WARS ecosystem is PAWS, the native utility token built on the Ethereum network as an ERC-20 token. This choice ensures outstanding speed and security, potentially positioning it as a competitor to industry leaders. With PAWS, the convergence of Star Wars enthusiasts and cat lovers creates a vibrant community driven by innovation and shared passion.

Website: https://www.patwars.com

Twitter: https://twitter.com/PATWARSOfficial

Telegram: https://t.me/PATWARSOfficial

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Jeff Dorman Bullish on Bitcoin, Ethereum Could Follow Suit As Pat ... - Analytics Insight