Rodeo Social NFT Platform to Shut Down
- Shutdown Announcement: Rodeo has announced it will shut down on March 10, 2023, due to its inability to achieve sustainable growth, despite attracting a dedicated user base with its social NFT experience that failed to reach the necessary scale for long-term operation.
- Asset Migration Support: Before the shutdown, Rodeo will facilitate users in migrating their assets and data to Arweave, providing an asset migration assistant to ensure a smooth transfer of NFTs, thereby minimizing user losses during the transition.
- Market Environment Impact: The closure highlights the overall downturn in the NFT market, with trading activity significantly declining since the 2022 crash, where Ethereum's monthly trading volume peaked at nearly $5 billion in early 2022, plummeting to just $159.2 million by January 2023.
- Organizational Changes and Future: Tehranian also announced the transfer of ownership of the NFT artist platform Foundation to digital art company Blackdove, which has facilitated approximately $230 million in primary sales since its launch, indicating a commitment to continue operations under new leadership focused on its long-term future.
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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 3 technical signals, shows that 0 indicators are flashing buy, while 3 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 stock.
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 | 733.165 | 1240.482 | 1700.005 | 2207.322 | 2666.845 | 3174.162 | 3633.685 |
| Fibonacci | 1240.482 | 1609.815 | 1837.989 | 2207.322 | 2576.655 | 2804.829 | 3174.162 |
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