Kinto's Value Drops 81% as ETH L2 Prepares to Shut Down Following Hack Incident
Kinto Network Shutdown: The Kinto token has dropped over 80% following the announcement of the Kinto Network's shutdown due to financial struggles and a significant hack that drained $1.6 million from the protocol.
Recovery Efforts and Compensation: Kinto plans to distribute remaining assets to lenders and provide a goodwill grant to hack victims, while urging users to withdraw their assets by September 30.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1400.603 | 1600.301 | 1799.603 | 1999.301 | 2198.603 | 2398.301 | 2597.603 |
| Fibonacci | 1600.301 | 1752.719 | 1846.883 | 1999.301 | 2151.719 | 2245.883 | 2398.301 |
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