- Ethereum Co-Founder Joseph Lubin is working with arts industry figures to bring Palm for NFTs to market.
- Palm excels at low gas fees and fast transactions, and outperforms other proof-of-work protocols.
- Ethereum goes into reverse after hitting the barrier at $ 1,850.
One of the leading Ethereum software developers, ConsenSys, is planning to take over the NFT (Non-Fungible Token) ecosystem in a storm while a new platform called Palm is launched. The token operated platform offers low gas costs and supports fast transaction finalization.
ConsenSys introduces Palm NFT Studio
Joseph Lubin, co-founder of Ethereum, is one of the minds behind the project that aims to revolutionize the NFT ecosystem. Palm offers 99% more energy efficiency than the proof-of-work system. Other members of the Palm project are David Heyman, owner of Heyday Films, and Joe Hage, founder of the leading art house HENI Group.
Damien Hirst will be the first artist to be seen on the platform with his “The Currency Project”. According to Hirst, the currency project “questions the concept of value through money and art”. It consists of 10,000 works on paper that are tied to the corresponding NFTs.
Ethereum’s uptrend to $ 2,000 was hampered at the start of the correction
Ethereum surged above $ 1,800 but lacked the audience to support the uptrend to $ 2,000. A declining market wave has led to a sustained correction. Ethereum is struggling to hold above $ 1,800 amid deteriorating tech levels.
The Moving Average Convergence Divergence (MACD) indicator on the four-hour chart appears to be bearish at the time of writing. This indicator identifies positions to buy the dip and sell the top. Currently, the MACD line (blue) has fallen below the signal line, which reinforces the bearish outlook.
ETH / USD four-hour chart
When ETH closes below USD 1,800 for the day, massive orders are triggered when the price falls to reach another level of support. The 100 Simple Moving Average (SMA) on the four-hour chart is said to provide anchorage at $ 1,750. Additionally, the 50 SMA and 200 SMA prevent a downturn into the buyers’ temporary overload zone at $ 1,665.
Look at the other side of the fence
It’s worth noting that Ethereum will resume the uptrend for gains above the challenging resistance around $ 1,580 if the bottom is protected above $ 1,800. Holding at this level would mean market stability and allow the bulls to focus on making the ultimate break above $ 2,000.