Today’s Ethereum Price: $2,600
- The Ethereum Foundation has launched a $1 trillion security effort to expand Ethereum’s security for global adoption.
- Ethereum Foundation executives and key ecosystem participants are at the forefront of the initiative.
- ETH sees recovery above the $2,850 key level, but faces resistance at 50 weeks of SMA.
Despite the latest security initiatives from the Ethereum Foundation (EF), Ethereum (ETH) fell 2% on Wednesday.
The Ethereum Foundation has a global recruitment plan
The Ethereum Foundation has announced a “1 trillion dollar security initiative.” This is an effort to increase Ethereum’s security over traditional systems and make it a go-to platform to “turn the world on-chain.”
EF is looking to expand beyond the corridors of the crypto ecosystem, despite being the largest smart contract blockchain network (TVL) with a total of nearly $62 billion locked.
in Blog post On Wednesday, the foundation said it aims to expand Ethereum security to help billions of users and agencies that can hold more than $1 trillion on its network.
“Being the most secure platform in the crypto ecosystem is not enough,” writes EF. “Ethereum’s ambition is far greater: to be a civilised infrastructure that supports the Internet and the global economy safely and outweighs the safety and reliability of global legacy systems.”
The 1TS initiative follows a three-stage structure that investigates the current security status of Ethereum in several areas, corrects discovered issues, and creates reports that provide clear communication that will allow users to understand the security status of their networks.
Although participation is open to the public, Fredrik Svantes, EF Protocol Security Lead and Josh Stark of the EF Management team will lead the project. Advisors are Samczsun, founder of Mehdi Zerouali’s Security Alliance, co-founder of Sigma Prime, and Zach Obront, co-founder of Etherealize.
The announcement comes after the successful Pectra upgrade for Ethereum and the organizational restructuring at EF last Wednesday.
Ethereum price forecast: ETH EYES $2,850 key level, but faces resistance at 50 weeks of SMA
Ethereum saw $150 million in futures liquidation over the last 24 hours for each Coinglass data. The total amounts of long and short liquidations are $74.09 million and $30.98 million, respectively.
After rising to $2,750, ETH saw a rejection below the $2,850 resistance level on the 50-week Simple Moving Average (SMA). Following the rejection, ETH can find support near the $2,530 key level. This is strengthened by the convergence of SMAs for 100 and 200 weeks.
ETH/USDT Daily Chart
The advantage is that ETH can test $3,250 of resistance if it regains a psychological level of $3,000 and maintains the company’s movement beyond the $2,850 resistance level beyond the 50-week SMA.
The relative strength index (RSI) is slightly above its neutral level, while the stoch oscillator (Stoch) is testing the acquired area. A weekly candlestick above neutral levels can strengthen bullish momentum and could make ETH above $2,850.
A weekly Candlestick, below $2,110, could override the paper and send ETH to $1,688.
