Ethereum is hovering near a critical technical threshold as market participants assess near term direction. The asset is currently under pressure due to a sharp decline in the past day, keeping market sentiment cautious. Market analysts have pointed out that the upcoming price action around important support levels could spark a short-term rebound attempt or further losses for the asset.
Ethereum price is currently at $2,736.52, down 7.15 percent in the past 24 hours. The asset is currently trading with a total volume of $48.12 billion. The market capitalization of the Ethereum network is $330.28 billion, accounting for 11.80 percent of the total market share.
The $2,800 level is being closely watched by technical analysts, who see it as a crucial level of support. In a post by Ali Charts, the level being held could potentially see a rebound attempt. But a breakdown below the level of support could see Ethereum face even stronger downward pressure in the coming trading sessions.
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Ethereum Ecosystem Gains From Redeployed DAO Assets
While price movements continue to be volatile, the ETH ecosystem has also seen a significant development in the governance side of things with the announcement of a new security initiative. Griff Green has announced that unclaimed assets from the 2016 DAO hack will be redeployed to improve the security infrastructure of Ethereum in a systematic and transparent manner that is in line with the foundation’s goals.
According to Griff Green, about 20% of the original refund pool has never been claimed by users. Initially valued at around $6 million, those assets have appreciated significantly and are now estimated at around $200 million. The amount will be pooled and staked, with the yield used to fund the security operations on the Ethereum network.
The initiative, announced on Thursday, will make use of over 70,500 ETH from legacy contracts that do not have clear claimants, as well as other assets from The DAO’s curator multisig. These assets will be managed through the Ethereum Foundation’s Trillion Dollar Security initiative, which will use community-friendly and systematic funding methods.
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