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Ethereum price started a fresh recovery wave above the $3,400 zone. ETH is consolidating and aims for a fresh increase above the $3,500 resistance.

• Ethereum started a decent recovery wave above the $3,450 zone.
• The price is trading above $3,420 and the 100-hourly Simple Moving Average.
• There is a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could gain bullish momentum if it clears the $3,500 resistance level.

Ethereum Price Rises Steadily

Ethereum price remained stable above the $3,320 level and extended its recovery wave like Bitcoin. ETH gained pace for a move above the $3,350 and $3,420 resistance levels.

The bulls were able to surpass the $3,450 resistance level. It opened the doors for a move toward the $3,500 level. A high was formed at $3,502 and the price is now consolidating gains. There was a minor dip below the 23.6% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.

Ethereum price is now trading above $3,400 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,420 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $3,480 level. The first major resistance is near the $3,500 level. The main resistance is now forming near $3,550. A clear move above the $3,550 resistance might send the price toward the $3,650 resistance.

An upside break above the $3,650 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,780 resistance zone or even $3,880 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $3,500 resistance, it could start another decline. Initial support on the downside is near the $3,420 level and the trend line. The first major support sits near the $3,400 or the 50% Fib retracement level of the upward move from the $3,310 swing low to the $3,502 high.

A clear move below the $3,400 support might push the price toward the $3,350 support. Any more losses might send the price toward the $3,280 support level in the near term. The next key support sits at $3,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $3,400

Major Resistance Level – $3,500

The initial distribution of cryptocurrencies such as XRP has always been a hot topic for investors in the crypto community. A lot of times, the discussions stem from the fact that investors believe there was some foul play at Genesis, where some people received an unfair share of the token supply.

The latest coin to come under scrutiny is the XRP token, with community members asking questions about some events that took place at Genesis. As a result, Ripple CTO David Schwartz has taken it upon himself to clarify these issues.

What Happened To The Genesis Block?

David Schwartz first drew criticism from the Bitcoin community with a tweet earlier this week where he mocked the opinion of a Bitcoin maxi he supposedly had a conversation with. This conversation, where the Bitcoin maxi had seemingly called XRP worthless, and Schwartz mocked the opinion as worthless, would quickly devolve into a debate for XRP’s legitimacy in no time.

Responding to Scwartz’s post, X user @MetaMan_X asked the Ripple CTO if there was any other blockchain that had lost its entire genesis block. Now, for those who do not know, the XRP Ledger starts at #32,569 instead of at #1 as would be expected from a blockchain. This has always been a point of contention as

The Ripple CTO, however, defended the XRP Ledger by saying “The choice of what to consider the genesis block is arbitrary.” He further compared the blockchain to that of the Ethereum blockchain, saying that the second-largest cryptocurrency in the world also had similar hiccups at the start.

He points to a single transaction carrying more than $6 million worth of ETH which apparently has no point of original. Schwartz explains that even Ethereum had transactions that were not on the blockchain, and he would know because this massive transaction was carried out by himself.

Token price struggles to keep up | Source: XRPUSD on Tradingview.com

How Was The XRP Supply Distributed At Genesis?

Schwartz further went on to defend the XRP Ledger from those who asked him to provide any transactions that were included in the genesis block. According to him, there were actually no transactions included in the Genesis block. Furthermore, out of the 32,570 ledgers that are currently missing from the blockchain, the Ripple CTO revealed that there were only 534 transactions in those blocks. So now, all of those transactions are presumed to be lost with those initial blocks.

Another piece of information that the Ripple CTO provides is how the total XRP supply was initially distributed at the start. Apparently, the founders had received 20% of the total supply at the start, with Jed McCaleb and Chris Larsen getting 9% of the total supply each. Then a third founder, Arthur Britto received 2%, completing the 20% allocation to founders.

The vast majority of the supply would go to the company, OpenCoin (now known as Ripple), with 99.99% sent to the company’s wallets. Then then remaining 0.013% would end up going to Beta testers and developers on the blockchain.

This revelation provides insight to how the XRP distribution was handled and why Ripple holds such a large chunk of the supply. Currently, the company releases one billion coins from escrow every month, with 200 million tokens kept for the cost of operations and 800 million sent back to escrow.

Featured image from YouTube, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

The good news for Ethereum investors is that the Merge came and went smoothly, without a hitch. Ethereum is now a Proof-of-Stake blockchain, meaning up to 99.95% lower energy consumption.

But it’s not all fun and games. The problem of centralisation is one that is much discussed, but when you jump on-chain and look at the statistics, it highlights quite how much of a problem it is.

To explain the issue in basic terms, in order to become a validator on the Ethereum network, now that mining has become obsolete after the Merge moved the blockchain to Proof-of-Stake, an investor needs to hold at least 32 ETH.

This is obviously a heavy chunk of change – worth $42,000 at time of writing – and hence not possible for the majority of investors. In fact, on-chain data below shows there are only 122,000 wallets holding greater than 32 ETH. That’s out of 86 million non-zero wallets.

So, enter staking pools.

In locking up their funds with a third party, investors can join pools with as little ETH as they like, with the third party gathering the funds to act as a validator. Think of it like buying equity in a company – you don’t own the whole company, but you get a percentage of the profits.

 Only problem is, these third parties then control huge amounts of the network.

In fact, narrowing in on the four biggest staking pools shows the problem. Out of 13.7 million total ETH currently staked, 4.2 million is via Lido, 1.9 million via Coinbase, 1.1 million via Kraken and 0.9 million via Binance. That’s 59% of the total value staked through those four providers alone.

The data explains simply why some are concerned that the Merge to Proof-of-Stake has led to greater centralisation of the Ethereum network. Because in truth, it has – and it’s hard to argue with the above numbers.

It’s sobering to think about what could happen if one of the above providers suddenly stopped performing their staking duties, for whatever reason. Perhaps some kind of scandal at the company, or a regulatory reason (remember Tornado Cash) or any other unpredictable happening.

With so much staked ETH funnelled through these providers, it’s an immense amount of value – and a key, central source of risk for the entire Ethereum blockchain.

A new study has revealed that 27 percent of Bitcoin is being controlled by just ONE percent of all holders. According to the National Bureau of Economic Research, the top 10,000 Bitcoin accounts hold 5 million Bitcoins, with a value of nearly $232 billion. They say this concentration could cause a price collapse if everyone sold their holdings at once.

Bitcoin has been at the center of many financial gains and losses

While Bitcoin has been around for more than a decade and as the hype continues to grow, it’s still a very tight ecosystem.

Bitcoin and other digital currencies have been at the center of many of this year’s craziest financial gains and losses. According to the Wall Street Journal, the top 1 percent of all households in the U.S. hold one-third of all wealth. Approximately 114 million individuals hold Bitcoin globally, but one-third of the value is held by one percent.

#Bitcoin “one percent” reportedly #controls a greater share of #BTC than the #richest U.S. #households control in #dollars.https://t.co/0zU1xgFvd4

— Seb (@SebRo01) December 22, 2021

Anyone used to be able to process transactions back in the day, but now it has become increasingly specialized, requiring massive computer power. The Bitcoin ecosystem is being dominated by miners, holders, and exchangers.

CBS News says the creation of Bitcoin will be capped algorithmically at 21 million. Currently, there are nearly 19 million Bitcoins in circulation, and the creation of new coins slows as time goes on.

The currency continues to be a target of major scams

The digital currency surged over the years but has since dropped off its record highs. The majority of bitcoin transactions come from two activities: network processing bitcoin transactions and the second transactions sent between wallets, in comparison scams, gambling sites, and other illegal activities, which rightfully concern law enforcement and government comprised less than 3%.

As the popularity of digital currencies continues to grow, they continue to be targets of scams. CipherTrace reports that crypto accounted for $681 million in scam losses between January and July. Forbes has reported that the Winklevoss twins became billionaires from investing in bitcoin.