Loopring Decentralized Exchange Ceases Trading Services

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 days ago

ETH+0.849%

LRC+0.4%

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Closure Due to Technical Limitations: Loopring has announced the immediate cessation of all trading services for its decentralized exchange, primarily due to its early zkRollup design lacking a virtual machine, which limited composability and hindered ecosystem growth, making it difficult to compete with newer technologies.
Team's Skillset Imbalance: The team admitted that their engineering capabilities surpassed their business development skills, and despite their significant efforts in creating the first zkRollup, they ultimately had to face reality and chose to shut down the service to avoid running a hollow operation.
User Funds Safety Assurance: Loopring stated that user funds remain safe and plans to handle asset distribution in a centralized manner, which, while more centralized, is deemed the simplest option for users, with the company covering all transaction fees.
Impact of Hacking Incident: In June 2024, Loopring's wallet suffered a hacking incident resulting in an estimated loss of $5 million, traced back to a flaw in the official recovery service's two-factor authentication system, which allowed attackers to impersonate wallet owners, further complicating the platform's situation.

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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	1211.64	1361.82	1507.29	1657.47	1802.94	1953.12	2098.59
Fibonacci	1361.82	1474.758	1544.532	1657.47	1770.408	1840.182	1953.12

About ETH

Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency, Ether. ETH works as a platform for numerous other cryptocurrencies, as well as for the execution of decentralized smart contracts.Ethereum was first described in a 2013 whitepaper by Vitalik Buterin. Buterin, along with other co-founders, secured funding for the project in an online public crowd sale in the summer of 2014. The project team managed to raise $18.3 million in Bitcoin, and Ethereum’s price in the Initial Coin Offering (ICO) was $0.311, with over 60 million Ether sold. Taking Ethereum’s price now, this puts the return on investment (ROI) at an annualized rate of over 270%, essentially almost quadrupling your investment every year since the summer of 2014.The Ethereum Foundation officially launched the blockchain on July 30, 2015, under the prototype codenamed “Frontier.” Since then, there has been several network updates — “Constantinople” on Feb. 28, 2019, “Istanbul” on Dec. 8, 2019, “Muir Glacier” on Jan. 2, 2020, “Berlin” on April 14, 2021, and most recently on Aug. 5, 2021, the “London” hard fork.Ethereum’s own purported goal is to become a global platform for decentralized applications, allowing users from all over the world to write and run software that is resistant to censorship, downtime and fraud.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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