Ethereum price found support near the $3,400 zone and recovered. ETH is struggling to settle above $3,700 and might dip once again.

• Ethereum started a fresh increase above the $3,440 and $3,500 levels.
• The price is trading below $3,620 and the 100-hourly Simple Moving Average.
• There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a fresh increase if it remains supported above the $3,500 zone in the near term.

Ethereum Price Dips Below $3,600

Ethereum price started a fresh increase from the $3,365 support zone, beating Bitcoin. ETH price was able to recover above the $3,400 and $3,500 resistance levels.

There was a move above the 50% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low. The bulls even pushed the price above the $3,700 resistance zone. However, the bears remained active near the $3,750 zone.

The 61.8% Fib retracement level of the downward move from the $3,877 swing high to the $3,369 low acted as a resistance. The price started another decline below $3,700. There was a break below a key bullish trend line with support at $3,620 on the hourly chart of ETH/USD.

Ethereum price is now trading below $3,600 and the 100-hourly Simple Moving Average. On the upside, the price could face resistance near the $3,620 level. The next key resistance is near the $3,700 level.

The first major resistance is near the $3,750 level. A clear move above the $3,750 resistance might send the price toward the $3,820 resistance. An upside break above the $3,820 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,000 resistance zone or even $4,120 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,620 resistance, it could start a fresh decline. Initial support on the downside is near the $3,550 level. The first major support sits near the $3,510 zone.

A clear move below the $3,510 support might push the price toward the $3,420 support. Any more losses might send the price toward the $3,350 support level in the near term. The next key support sits at $3,220.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,550

Major Resistance Level – $3,750

A fast‑moving fight over mining power consumed Monero’s weekend after Sergey Ivancheglo used X to promote an “economic” campaign to dominate the network’s hashrate, which was met by community resistance.

The fight escalated after Ivancheglo, the figure behind Qubic and better known as Come‑from‑Beyond (CFB), confirmed the takeover intentions with an incentive-driven 51% attack.

As a response, the community gathered in the “supportxmr.com” pool to hold the majority of Monero’s mining capacity.

The 51% takeover plan

Qubic’s plan surfaced across X and Reddit as a pay‑to‑switch mining campaign. By offering richer payouts than ordinary pools, Qubic aims to attract enough Monero miners to its pool to surpass 51% of the network hash, a threshold that would enable it to orphan rivals’ blocks, delay confirmations, and potentially censor transactions. 

Ivancheglo publicly flagged Aug. 2 to Aug. 31 as a window of elevated risk and urged exchanges to raise Monero deposit confirmations, framing the move as a precaution during their “test.”

On Reddit, Monero miners and users viewed the campaign as a live 51% attack attempt, driven by incentives rather than a code exploit. Posts in forums dedicated to the Monero community on Reddit tracked Qubic’s pool share and warned that concentration could enable orphaned blocks, delayed confirmations, or transaction censorship. 

A thread titled “Qubic/Sergey Ivancheglo 51% attack plans” complained of “silence from most devs,” while another, “The timeline for the 51% attack is August,” claimed the pool had mined 31 of the last 100 blocks and urged a community response.

Community reaction

Analyst Dan Dadybayo explained on an X thread how Monero was under attack through an incentive campaign, arguing that intent is secondary to the risk of centralization when a single pool can outbid the rest of the network for hashpower. 

His follow‑ups described why Monero’s CPU‑friendly RandomX and highly mobile miners make such an attack plausible if incentives are aligned. 

The Monero subreddit’s tone oscillated between alarm and organization.

Members of the Monero community highlighted on X and Reddit Qubic’s rise into the top tier of pools through richer payouts and warned that waiting for 40% and 50% dominance would be too late.

The reaction led to the community rallying behind the mining pool “supportxmr.com” to battle Qubic in an attempt to lead Monero’s mining capacity. As of press time, the 4,970 miners composing the pool accounted for 28.7% of the network hash rate, having mined 36 out of the last 100 blocks.

Nevertheless, a Qubic spokesperson told CryptoSlate that the 51% takeover will still be attempted, adding:

“The goal is not to harm, such as tx reversals, but to make every miner on the Monero network join the QUBIC mining pool.”

Furthermore, Qubic highlighted a June proposal in which the community must decide whether other blocks should be orphaned in the event of a 51% attack. Among what the proposal portrays as benefits are reduced fees for Monero users, boosted revenue for miners, integration with Qubic miners, and a “practical test of a 51% attack and possibility to analyze its impact on XMR price.”

As of press time, there is no commentary in the proposal.

Benevolent attack

Ivancheglo dismissed alarm as “fear‑mongering,” even as his project urged exchanges to increase Monero confirmation thresholds, escalating concern across Reddit and crypto Twitter. 

He framed the effort as industry research. He said he was “trying to find a countermeasure to Qubic’s 51% domination,” a claim that did little to calm Monero users who worried the “demo” could do real damage. 

In addition, Ivancheglo said:

“This is very important to the #cryptocurrency industry because one day we all may face a non-benevolent attack.”

The uneven tone has led to rampant speculation that Qubic may want to normalize a majority‑hash posture while portraying it as benevolent.

The episode highlights that proof-of-work networks can be pressured not only by raw hashrate rentals but also by token-driven incentive loops that outpay organic mining.

Mentioned in this article

A non-fungible token (NFT) marketplace built over the smart contract platform Solana (SOL) is seeing red after abruptly gaining support from the world’s largest crypto exchange by volume.

In a new announcement, Binance says it’s adding the NFT ecosystem Doodles (DOOD) to Binance Alpha, a platform within the Binance wallet that showcases early-stage digital assets and offers futures contracts for them.

“Binance is excited to announce that Doodles (DOOD) will open for trading on Binance Alpha at 2025-05-09 13:00 (UTC). In addition, Binance Futures will launch DOODUSDT Perpetual Contract with up to 50x leverage at 2025-05-09 13:30 (UTC).”

Despite the news, DOOD fell through the floor, as the digital asset went from a price tag of $0.00807 on the morning of May 9th to a low of $0.00686, a 12.8% decrease during the last 24 hours.

Doodles is a collection of 10,000 unique NFTs that launched in 2021, created by the pseudonymous Canadian artist Burnt Toast. According to its website, it has since expanded into live storytelling and gaming as well.

“Within the Stoodio, Doodles’ proprietary fandom hub, users can create and customize their own Doodles avatars, collect digital items from online and real life experiences, connect with a global community, and unlock award-winning content based on their engagement.”

Last year, Doodles – in collaboration with artists Lil Wayne, Lil Yachty and Pharrell Williams – released a music video in the art style of the brand.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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