This Is Why Ethereum (ETH) Recovered Sharply From Below $1K

Ethereum (ETH) has recovered steadily after slumping below $1,000 earlier this month, as traders rushed in to accumulate the token at lower levels. ETH is trading at $1,225- up nearly 27% from a low of $897 touched earlier this month.

Timeline of Ethereum

Harmony hackers started laundering the stolen ETH from the Horizon bridge and sent $36 million of the $100 million to a mixing service so let's read more today in our latest cryptocurrency news. The hackers responsible for stealing $100 million in altcoins from the Harmony Horizon bridge started laundering the funds according to PeckShield.

MThe Ethereum network is scheduled to undergo the Gray Glacier upgrade at a block height of 15,050,000 — expected to occur on June 30 at approximately 11:00 BST. The post What does the Gray Glacier upgrade mean for the Ethereum Merge?

Ethereum price analysis shows that more buyers are willing to consolidate their positions near $1,000 support zone. The hourly timeframes show low volumes but the price is not dropping below $1,100 despite repeated attempts by the bears.

A new report from Morgan Stanley has revealed that if Ethereum switches to a proof-of-stake (PoS) consensus as planned, it will do away with the need for miners, reducing the demand for graphics processing units (GPUs), and significantly lower energy needs. Ethereum Miners Could Find Alternatives, Says Morgan Stanley GPU usage may decrease if Ethereum

The hacked XCarnival protocol was recently hacked after an attacker used a flaw in the smart contracts which showed released NFT as available for collateral to be used for borrowing as we reproted in our latest cryptocurrency news. the hacked XCarnival platform described itself as a metaverse Asset Bank and lost over 3087 ETH to

According to a Morgan Stanley analyst, demand for GPUs should reduce with Ethereum transitioning into a proof-of-stake network. The crypto drawdown has further reduced the profitability of Ethereum mining.

Past trend of the Ethereum value captured per byte metric suggests that a 50% drawdown from here is still possible for ETH. Ethereum Value Captured Per Byte Currently Stands At $0.30, Double The Previous Bear Bottoms As per the latest data released by Glassnode, ETH may still possibly have potential for a further 50% plummet

Although there are many liquidations and layoffs in the cryptocurrency industry, Ethereum developers are working toward the Merge, the blockchain network's planned transition to a [...]

What happened: On Sunday a total of 2,763.31 Ether (CRYPTO: ETH) worth $3,291,097, based on the current value of Ethereum at time of publication ($1,191.00), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Morgan Stanley expects the demand for graphics processing units (GPUs) to decline later this year. This could happen once the Ethereum blockchains planned switch to a proof-of-stake (PoS) model is completed.