🔱 ETH heads for Paris

Aug 26, 2022 | Newsletter

Hello mates,

We are going to jump straight into it because this week has been another wild one, from the recent dip getting bought up (but dipping again!), Twitter takes on BitBoy and the UniSwap foundation vote gets the thumbs up

Plus Powell speaks in Jackson Hole, but the big question is will this be more hawkish news or has that been priced in?

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In Todays Enclosure

• Chart of the day – $ETH as the merge closes in
• Big new items – The merge narrative never left…
• Bitesized Bits – Bitboy gets blasted, the great federal tea party and Arbitrum season is coming
• Hidden Alpha – TLDR; go to the bottom


🛡Chart of the day: Ethereum

Send it back to $2,000 with haste!

Truth be told, when we were first writing today’s newsletter, Ethereum was clawing its way back up to there $2,000 mark….but in light of the Fed meeting in Jackson Hole today its tripped and currently falling off a cliff….again.

The daily chart, is all about reclaiming the 20EMA and making sure that RSI flips to the upside and again, but it looks like it tripped over and heading lower. This could be a healthy pull back after investors take profits on a 2x from the lows.

Is todays Fed meeting already priced in? or is this a last minute panic sell to front run even more hawkish news from the Fed?

Either way the chart needs to reclaim and hold the 20EMA in the short term. Keep an eye on the $DXY today as she could swing either way.

Ethereum Daily Chart | Tradingview.com

A quick look at ETH/BTC….still looking strong if we can hold this level and bounce off the 20EMA/upwards trend line then we could be in for a less rocky weekend…..come on devs….let’s get this pumping!

ETH/BTC | Tradingview.com

🔥 Hot news on the bloc

ETH 2.0…the narrative is back!

So we saw Ethereum rocket to $2,000 from its recent sub $900 lows so it only made sense that people took profits after a 2x on their investment.

And after a flurry of panic after it dipped the merge narrative is back in action. From Monday we saw the open interest flood back in as investors slurp the dip. But let’s explore it a little.

All hands on deck from September 6th, so add this to your diaries as this is the day that it is all set to begin. It will be done in two parts, the first being “Bellatrix” and then “Paris”.

Bellatrix brings Ethereum’s consensus layer, the Beacon Chain, into a ready state to merge. Following that, all eyes are on Paris as this is the merge itself and hot-swaps the Ethereum mainnet from Proof of Work (PoW) to Proof of Stake (PoW).

This will be triggered once the “Total Terminal Difficulty” TTD reaches 58,750,000,000,000,000,000,000 which will prompt the merge to actually happen which is expected sometime between 10-20th September…. it’s going to be a long 10 days of anticipation!

Ok Ok here’s a picture of what it actually looks like;

The story of the merge | blog.ethereum.org

Please devs, no bugs, let’s just have ONE thing in crypto that goes smooth! PS if you find one before the merge you could win a bug bounty of $1m.

Check this out for the full in-depth read from the Ethereum Foundation.


🗞 The Bitesized News Bits

A Federal Tea Party as all eyes are on J Powell today at the Jackson Hole retreat (sounds lovely!). Last week’s transcripts were hawkish and today’s meeting could cement the tone of what’s to come with a move to risk-off. Read the full Reuters article here.

BitBoy aka BitBustedAndBurned! As the notorious crypto-influencer (term used lightly!!) loses his lawsuit against YouTuber Atozy, claiming damages done. The lawsuit has drawn more attention to his pump-and-dump trading philosophy, some might say that there are other channels out there with your best interest at heart…

Twitter rallied, Cobie donated $100,000 to help out (see the full thread here) and then as if by magic, the charges were dropped… checkmate.

High 5 for UniSwap as the UniSwap Foundation gets 86m thumbs up to streamline the grants program (UPG) and reduce friction in the governance system. However, there’s always a counterargument as to how decentralised it will be under the control of UniLabs. Whale games make a mockery of governance.

Dev’s still in jail as Tornado cash dev, Alexey Pertsev is ordered to spend 90 more days behind bars. Originally arrested for “involvement in concealing criminal financial flows and facilitating money laundering” through Tornado cash.” Not all doom and gloom as a tech Professor uploads the code to Github to teach students.

→ SIGN THE PETITION TO DRAW ATTENTION TO THIS MESS – HERE

I promise you we aren’t ETH maxis…buuuut, Coinbase has just announced cbETH, a liquid staking token akin to Lido’s stETH, which can be accessed through Coinbase. Looks like they’re not too worried about the ongoing SEC investigations! For a deeper dive check this Twitter thread out.


🤝 Heres the Deel

and a quick word from our super awesome sponsors who help us make this all possible

If you are a builder in this space and are hiring a remote-first team take a look at one of our partners, Deel. They allow you to hire, manage, onboard and pay from anywhere in the world without the hassle. Yes, Deel allows you to pay your team in crypto too…


🦧 Updates from the bloc

The latest thread

ARRRRRRBBBBB SZN GO BRRRRR is fast approaching so here is a thread full of alpha, unreleased projects and cute memes because we all have short attention spans….its’s crypto after all.

Alpha: ATOM holders might be in for a chance for an airdrop and keep an eye on their Twitter account @SeiNetwork as they drop more alpha air token updates. You may also qualify by testing and using the network and Vortex Protocol could be a way to do this.


🎉 Win of the week

Safe to say Mr Douglas won the internet this week when he bought a left-facing Pudgy Penguin for 400 ETH and in real money approximately $680,000 or 3 Lambo Huracan’s or 2 bed LA condo….yeah, our thoughts too!

Twitter avatar for @KinkyBedBugsFUDrick Douglas @KinkyBedBugs

It’s home

Image

🕵️‍♂️ Hidden Alpha

Soooo you want a 5-minute head start against the rest of the market, well here are our picks to add to your watchlist:

Arbitrum ecosystem, ‘tis the season and having exposure to those ecosystems could be beneficial. Read the thread above or just click here.

HXRO, check the thread below for their August updates. Very bullish on this in the up and coming months.

Twitter avatar for @HxroNetworkHxro Network – Mainnet Alpha @HxroNetwork

Our August Community Update is here🦸Tap in for updates on:

💥Staking & Rewards integration
💥Hxro Derivatives USDC Collateral Live Alpha
💥New Parimutuel protocol mainnet integrations
💥Development roadmap through the end of Q3

And more! Check it out: docs.hxro.network/community-blog…Blog: Community Update 23/8/2022 – Hxro Networkdocs.hxro.network


🦍 The Ape Enclosure

We’re ready to ape in, at any time. Got a good idea that needs funding? Send us an email with all of the info to [email protected] – Equally, if you would like your project to be featured in our Sponsor Section, contact us and we will see if it is a good fit for our audience!

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